<Page>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File No. 811-6670
-------------------------------------------------
CREDIT SUISSE INSTITUTIONAL FUND, INC.
---------------------------------------------------
(Exact Name of Registrant as Specified in Charter)
466 Lexington Avenue, New York, New York 10017-3140
---------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Hal Liebes, Esq.
Credit Suisse Institutional Fund, Inc.
466 Lexington Avenue
New York, New York 10017-3140
Registrant's telephone number, including area code:(212) 875-3500
Date of fiscal year end: October 31, 2003
Date of reporting period: November 1, 2002 to October 31, 2003
ITEM 1. REPORTS TO STOCKHOLDERS.
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[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE INSTITUTIONAL FUND
ANNUAL REPORT
OCTOBER 31, 2003
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 OCTOBER 31, 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.
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT
October 31, 2003 (Unaudited)
November 17, 2003
Dear Shareholder:
For the 12 months ended October 31, 2003, Credit Suisse Institutional
Fund, Inc. -- International Focus Portfolio(1) (the "Portfolio") had a gain of
24.90%, versus an increase of 30.41% for the Morgan Stanley Capital
International ACWI (All Country World Index) Free Ex-USA Index(2).
The period was a positive one for most stock markets around the world. While
markets initially struggled, due largely to shifting perceptions of how a war
with Iraq might proceed, they began to recover in late March on progress made by
the U.S. and its allies. When the war came to a swift and seemingly successful
end in April, a major cloud of uncertainty lifted and investors embraced risk.
Optimism over a potential recovery in the U.S. economy -- and by extension, the
global economy -- also supported equities. Grounds for this optimism included
historically low interest rates, a significant tax-reduction package, and an
upturn in leading economic indicators in the U.S., Europe and Asia.
For dollar-based investors, returns were enhanced by a strengthening in
major currencies vs. the U.S. dollar. The yen and the euro both rose more than
10% vs. the U.S. dollar, although that trend hampered the stocks of certain
Japanese and European exporting companies late in the period.
The Portfolio participated in the global rally but underperformed its
benchmark. Factors that hindered the Portfolio's relative return included its
underweighting in or avoidance of certain Canadian, Australian and non-Japan
Asian stocks that had strong rallies. The Portfolio's underexposure to the euro
during much of the period also hampered its performance. On the positive side,
stock selection in Japan was a positive for the Portfolio, as it was in Europe
as a whole.
In terms of recent noteworthy portfolio activity, we reduced our exposure to
Japan while selectively adding to Europe and non-Japan Asia. Our selling focus
in Japan was on exporters (e.g., auto companies) that had become more richly
valued, and that we view as having a clouded revenue and earnings picture going
forward due to the yen's rise. When the yen/dollar ratio declined through the
115 levels, we deemed that to be a significant event in terms of the ability of
Japan's exporters to compete in foreign markets.
Also in Japan, we reduced, but did not eliminate, our exposure to companies
that manufacture components used in liquid crystal display products. These
stocks have performed well this year, and we pared the positions on a
1
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valuation basis. That said, we see more upside potential for these companies,
which are key players in a rapidly growing industry.
Our purchase activity in Europe was based largely on company-specific
factors. The main macro factor in our view is the potential for Europe's
economies to benefit from a U.S. recovery over the intermediate-to-longer term.
Interest rates have become less of a story to us. While the lack of necessity
for Europe's monetary authorities to raise rates is noteworthy, we do not
foresee much in the way of rate stimulus from here. Our view is that rates will
hover near current levels for a spell, and investors might begin to discount the
possibility of rate increases, perhaps in the first quarter of 2004.
One sector in Europe that we have made adjustments to recently is financial
services. We sold certain bank stocks that have rallied strongly this year,
directing the proceeds into companies with more exposure to capital markets.
These moves reflect our belief that growth in Europe will improve over time and
that the interest-rate story has become less compelling for banks.
We are maintaining a position in the U.K., which we view as a more-defensive
market, although we are monitoring macroeconomic trends for possible warning
signs. We note a recent uptick in the country's inflation rate; this may prove
temporary, but it adds to our belief that the U.K.'s central bank is more likely
to raise interest rates going forward than to lower them. We will continue to be
very stock specific here, not looking to play an economy that has outperformed
Europe over the past year.
Within non-Japan Asia, one market we have added to, and may look to further
increase, is Hong Kong. Its economy has been idling for some time, but the
picture has brightened somewhat lately, helping to ease the threat of deflation.
We view Hong Kong as being geared to a U.S. recovery, and the continued growth
in China, a key trading partner, augurs well for certain Hong Kong companies in
our judgment. Our focus here has shifted from defensive companies in favor of
more aggressive names with better growth potential.
We continue to view emerging markets in general as attractive, and are
maintaining a weighting of approximately 9%. These stocks continue to trade at
valuations below those offered by developed market stocks, and, more importantly
in our view, they are reasonably priced compared with their own historical
cycles.
From a global sector standpoint, two areas we would highlight are energy,
where we have retained an underweight position for much of the year, and
telecommunications, where we have maintained a significant overweighting.
2
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Starting with the former, we do not believe that the recent spike in oil prices
will substantially change oil companies' longer-term prospects, which are fairly
modest in our view. That said, we may tactically add to our oil holdings in the
near term, while remaining underweighted in energy as a whole. In telecom, we
are more likely to lower our exposure than increase it over the next few months.
Valuations have become full in certain cases (e.g., fixed-wire telecom issues in
China), and while we still see interesting restructuring plays in Europe,
current valuation levels there are on the high side as well. The third component
of our telecom exposure is a play on the solid growth potential for wireless
demand in Mexico.
THE CREDIT SUISSE INTERNATIONAL EQUITY TEAM
Nancy Nierman
Greg Norton-Kidd
Anne S. Budlong
Harry M. Jaffe
INTERNATIONAL INVESTING ENTAILS SPECIAL RISK CONSIDERATIONS, INCLUDING
CURRENCY FLUCTUATIONS, LOWER LIQUIDITY, ECONOMIC AND POLITICAL RISKS, AND
DIFFERENCES IN ACCOUNTING METHODS. THE PORTFOLIO'S 15 LARGEST HOLDINGS MAY
ACCOUNT FOR 40% OR MORE OF THE PORTFOLIO'S ASSETS. AS A RESULT OF THIS STRATEGY,
THE PORTFOLIO MAY BE SUBJECT TO GREATER VOLATILITY THAN A PORTFOLIO THAT INVESTS
IN A LARGER NUMBER OF ISSUERS.
IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING
STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKET,
INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT REGULATION AND
THEIR POTENTIAL IMPACT ON THE PORTFOLIO'S INVESTMENTS. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
3
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[CHART]
COMPARISON OF CHANGE IN VALUE OF $3,000,000 INVESTMENT IN THE CREDIT SUISSE
INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO(1) AND THE MSCI ALL
COUNTRY WORLD FREE EX-USA INDEX(2) FOR TEN YEARS.
<Table>
<Caption>
CREDIT SUISSE INSTITUTIONAL FUND, INC. MSCI ALL COUNTRY WORLD
INTERNATIONAL FOCUS PORTFOLIO(1) FREE EX-USA INDEX(2)
10/93 $ 3,000,000 $ 3,000,000
11/30/93 $ 2,951,075 $ 2,771,526
12/31/93 $ 3,368,001 $ 2,987,694
1/31/94 $ 3,694,445 $ 3,233,399
2/28/94 $ 3,615,648 $ 3,208,948
3/31/94 $ 3,318,472 $ 3,061,968
4/30/94 $ 3,395,017 $ 3,165,843
5/31/94 $ 3,509,835 $ 3,166,906
6/30/94 $ 3,467,060 $ 3,189,366
7/31/94 $ 3,588,632 $ 3,241,225
8/31/94 $ 3,748,477 $ 3,350,286
9/30/94 $ 3,660,675 $ 3,267,353
10/31/94 $ 3,678,686 $ 3,355,176
11/30/94 $ 3,523,343 $ 3,193,329
12/31/94 $ 3,396,952 $ 3,185,857
1/31/95 $ 3,108,152 $ 3,041,362
2/28/95 $ 3,053,706 $ 3,024,720
3/31/95 $ 3,247,818 $ 3,195,617
4/30/95 $ 3,351,975 $ 3,320,274
5/31/95 $ 3,351,975 $ 3,305,605
6/30/95 $ 3,321,201 $ 3,259,879
7/31/95 $ 3,527,149 $ 3,444,991
8/31/95 $ 3,574,493 $ 3,325,460
9/30/95 $ 3,654,978 $ 3,382,289
10/31/95 $ 3,574,493 $ 3,291,921
11/30/95 $ 3,624,205 $ 3,369,235
12/31/95 $ 3,733,613 $ 3,502,451
1/31/96 $ 3,846,160 $ 3,550,565
2/29/96 $ 3,851,053 $ 3,550,703
3/31/96 $ 3,882,860 $ 3,616,799
4/30/96 $ 4,117,740 $ 3,726,529
5/31/96 $ 4,034,553 $ 3,670,568
6/30/96 $ 4,090,826 $ 3,689,182
7/31/96 $ 3,892,646 $ 3,566,535
8/31/96 $ 3,922,006 $ 3,587,456
9/30/96 $ 3,988,066 $ 3,676,543
10/31/96 $ 3,948,920 $ 3,639,730
11/30/96 $ 4,122,633 $ 3,780,144
12/31/96 $ 4,152,984 $ 3,736,370
1/31/97 $ 4,140,284 $ 3,667,732
2/28/97 $ 4,193,625 $ 3,734,991
3/31/97 $ 4,168,224 $ 3,727,163
4/30/97 $ 4,249,506 $ 3,758,594
5/31/97 $ 4,544,152 $ 3,990,755
6/30/97 $ 4,742,276 $ 4,210,945
7/31/97 $ 4,894,679 $ 4,296,204
8/31/97 $ 4,500,971 $ 3,958,239
9/30/97 $ 4,711,795 $ 4,172,237
10/31/97 $ 4,193,625 $ 3,817,017
11/30/97 $ 4,084,402 $ 3,769,319
12/31/97 $ 4,046,179 $ 3,812,700
1/31/98 $ 4,088,036 $ 3,926,750
2/28/98 $ 4,375,455 $ 4,188,762
3/31/98 $ 4,623,806 $ 4,333,492
4/30/98 $ 4,732,635 $ 4,364,529
5/31/98 $ 4,729,844 $ 4,285,382
6/30/98 $ 4,587,530 $ 4,269,273
7/31/98 $ 4,671,244 $ 4,309,853
8/31/98 $ 3,998,741 $ 3,702,077
9/30/98 $ 3,814,570 $ 3,623,875
10/31/98 $ 4,021,065 $ 4,003,468
11/30/98 $ 4,233,141 $ 4,218,615
12/31/98 $ 4,294,887 $ 4,363,959
1/31/99 $ 4,314,601 $ 4,359,285
2/28/99 $ 4,165,336 $ 4,261,681
3/31/99 $ 4,334,316 $ 4,467,439
4/30/99 $ 4,399,091 $ 4,690,887
5/31/99 $ 4,249,826 $ 4,470,556
6/30/99 $ 4,593,417 $ 4,675,978
7/31/99 $ 4,860,967 $ 4,785,648
8/31/99 $ 4,970,804 $ 4,802,250
9/30/99 $ 5,069,375 $ 4,834,727
10/31/99 $ 5,308,762 $ 5,014,753
11/30/99 $ 5,877,659 $ 5,215,268
12/31/99 $ 6,772,708 $ 5,712,658
1/31/2000 $ 6,421,071 $ 5,402,667
2/29/2000 $ 6,970,688 $ 5,548,598
3/31/2000 $ 6,811,122 $ 5,757,414
4/30/2000 $ 6,208,316 $ 5,436,070
5/31/2000 $ 6,001,470 $ 5,297,015
6/30/2000 $ 6,178,766 $ 5,522,552
7/31/2000 $ 5,821,219 $ 5,304,527
8/31/2000 $ 6,075,344 $ 5,370,128
9/30/2000 $ 5,652,788 $ 5,072,247
10/31/2000 $ 5,203,638 $ 4,911,030
11/30/2000 $ 4,943,604 $ 4,690,702
12/31/2000 $ 5,123,934 $ 4,850,894
1/31/2001 $ 5,213,250 $ 4,923,653
2/28/2001 $ 4,672,652 $ 4,533,847
3/31/2001 $ 4,282,481 $ 4,213,368
4/30/2001 $ 4,479,917 $ 4,499,931
5/31/2001 $ 4,409,404 $ 4,375,666
6/30/2001 $ 4,357,694 $ 4,207,846
7/31/2001 $ 4,282,481 $ 4,114,226
8/31/2001 $ 4,160,258 $ 4,012,045
9/30/2001 $ 3,671,369 $ 3,586,411
10/31/2001 $ 3,821,797 $ 3,686,895
11/30/2001 $ 4,000,429 $ 3,855,526
12/31/2001 $ 4,103,848 $ 3,905,197
1/31/2002 $ 4,038,036 $ 3,737,949
2/28/2002 $ 4,047,438 $ 3,764,866
3/31/2002 $ 4,273,079 $ 3,985,020
4/30/2002 $ 4,263,677 $ 4,010,911
5/31/2002 $ 4,254,276 $ 4,054,602
6/30/2002 $ 4,085,045 $ 3,879,528
7/31/2002 $ 3,657,267 $ 3,501,449
8/31/2002 $ 3,671,369 $ 3,501,666
9/30/2002 $ 3,238,890 $ 3,130,594
10/31/2002 $ 3,379,916 $ 3,298,541
11/30/2002 $ 3,488,036 $ 3,457,165
12/31/2002 $ 3,379,239 $ 3,345,478
1/31/2003 $ 3,232,522 $ 3,228,329
2/28/2003 $ 3,180,460 $ 3,162,917
3/31/2003 $ 3,109,468 $ 3,101,562
4/30/2003 $ 3,436,033 $ 3,400,429
5/31/2003 $ 3,601,682 $ 3,617,057
6/30/2003 $ 3,701,072 $ 3,717,173
7/31/2003 $ 3,795,728 $ 3,815,466
8/31/2003 $ 3,937,713 $ 3,929,171
9/30/2003 $ 3,937,713 $ 4,039,192
10/31/2003 $ 4,221,600 $ 4,284,300
</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.
AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2003(1)
<Table>
<Caption>
1 YEAR 5 YEARS 10 YEARS SINCE INCEPTION(3)
------ ------- -------- -----------------
21.58% 0.64% 3.27% 5.38%
</Table>
AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 2003(1)
<Table>
<Caption>
1 YEAR 5 YEARS 10 YEARS SINCE INCEPTION(3)
------ ------- -------- -----------------
24.90% 0.98% 3.48% 6.00%
</Table>
- ----------
(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) Inception date 9/1/92.
4
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CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2003
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- -------------
COMMON STOCKS (97.3%)
BRAZIL (2.2%)
METALS & MINING (1.0%)
Companhia Vale do Rio Doce ADR 36,298 $ 1,660,633
-------------
OIL & GAS (1.2%)
Petroleo Brasileiro SA ADR 82,530 1,939,455
-------------
TOTAL BRAZIL 3,600,088
-------------
CANADA (1.0%)
DIVERSIFIED TELECOMMUNICATION SERVICES (1.0%)
Telus Corp. 89,150 1,688,916
-------------
TOTAL CANADA 1,688,916
-------------
CHINA (1.1%)
DIVERSIFIED TELECOMMUNICATION SERVICES (1.1%)
China Telecom Corporation, Ltd. ADR 54,220 1,761,608
-------------
TOTAL CHINA 1,761,608
-------------
FINLAND (3.2%)
COMMUNICATIONS EQUIPMENT (1.4%)
Nokia Oyj 139,370 2,367,078
-------------
PAPER & FOREST PRODUCTS (1.8%)
Stora Enso Oyj 212,340 2,888,089
-------------
TOTAL FINLAND 5,255,167
-------------
FRANCE (13.2%)
AUTOMOBILES (1.8%)
Renault SA 43,510 2,878,024
-------------
BANKS (3.6%)
BNP Paribas SA 64,134 3,369,921
Credit Agricole SA ~ 115,340 2,449,692
-------------
5,819,613
-------------
CONSTRUCTION & ENGINEERING (1.7%)
Vinci SA ~ 38,773 2,810,340
-------------
DIVERSIFIED TELECOMMUNICATION SERVICES (1.7%)
France Telecom SA* 111,165 2,690,554
-------------
MEDIA (1.7%)
Lagardere S.C.A. 56,685 2,851,334
-------------
MULTILINE RETAIL (1.6%)
Pinault-Printemps-Redoute SA 26,045 2,653,807
-------------
TEXTILES & APPAREL (1.1%)
LVMH Moet Hennassy Louis Vuitton SA ~ 24,950 1,724,310
-------------
TOTAL FRANCE 21,427,982
-------------
</Table>
See Accompanying Notes to Financial Statements.
5
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- -------------
COMMON STOCKS
GERMANY (8.2%)
CHEMICALS (1.7%)
BASF AG 61,503 $ 2,821,281
-------------
DIVERSIFIED FINANCIALS (1.8%)
Deutsche Boerse AG 53,120 2,952,981
-------------
ELECTRIC UTILITIES (1.3%)
E.ON AG 42,126 2,129,280
-------------
INDUSTRIAL CONGLOMERATES (1.8%)
Siemens AG 43,585 2,938,719
-------------
MACHINERY (1.6%)
MAN AG 90,900 2,519,202
-------------
TOTAL GERMANY 13,361,463
-------------
HONG KONG (2.1%)
BANKS (0.0%)
Hang Sang Bank, Ltd. 12 150
-------------
INDUSTRIAL CONGLOMERATES (2.1%)
Hutchison Whampoa, Ltd. 430,000 3,322,302
-------------
TOTAL HONG KONG 3,322,452
-------------
IRELAND (1.3%)
BANKS (1.3%)
Bank of Ireland 166,112 2,064,295
-------------
TOTAL IRELAND 2,064,295
-------------
ITALY (2.6%)
OIL & GAS (2.6%)
Eni SPA* 267,870 4,253,709
-------------
TOTAL ITALY 4,253,709
-------------
JAPAN (19.1%)
CHEMICALS (0.6%)
JSR Corp. 42,000 890,162
-------------
ELECTRICAL EQUIPMENT (1.6%)
Nitto Denko Corp. 48,100 2,524,555
-------------
ELECTRONIC EQUIPMENT & INSTRUMENTS (2.1%)
Omron Corp. 152,200 3,336,535
-------------
HOUSEHOLD PRODUCTS (2.1%)
Uni-Charm Corp. 74,400 3,471,797
-------------
LEISURE EQUIPMENT & PRODUCTS (4.1%)
Konica Corp. 220,000 2,891,709
Yamaha Corp. 188,900 3,806,008
-------------
6,697,717
-------------
</Table>
See Accompanying Notes to Financial Statements.
6
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- -------------
COMMON STOCKS
JAPAN
MACHINERY (1.8%)
THK Company, Ltd. ~ 147,000 $ 2,981,853
-------------
MARINE (1.9%)
Nippon Yusen Kabushiki Kaisha 715,266 3,044,931
-------------
SPECIALTY RETAIL (1.6%)
Yamada Denki Company, Ltd. 83,000 2,642,471
-------------
TRADING COMPANIES & DISTRIBUTORS (2.1%)
Sumitomo Corp. 490,000 3,400,828
-------------
WIRELESS TELECOMMUNICATION SERVICES (1.2%)
NTT DoCoMo, Inc. 896 1,939,764
-------------
TOTAL JAPAN 30,930,613
-------------
MEXICO (1.7%)
WIRELESS TELECOMMUNICATION SERVICES (1.7%)
America Movil SA de CV ADR 114,240 2,718,912
-------------
TOTAL MEXICO 2,718,912
-------------
NETHERLANDS (6.0%)
DIVERSIFIED FINANCIALS (1.9%)
ING Groep NV 150,220 3,118,905
-------------
FOOD PRODUCTS (1.5%)
Koninklijke Numico NV* ~ 107,990 2,436,700
-------------
MEDIA (1.8%)
VNU NV 94,610 2,881,584
-------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (0.8%)
ASML Holding NV* 69,126 1,199,760
-------------
TOTAL NETHERLANDS 9,636,949
-------------
NORWAY (1.8%)
BANKS (1.8%)
DnB Holding ASA ~ 500,257 2,921,446
-------------
TOTAL NORWAY 2,921,446
-------------
SINGAPORE (2.1%)
BANKS (2.1%)
United Overseas Bank, Ltd. 425,205 3,321,628
-------------
TOTAL SINGAPORE 3,321,628
-------------
SOUTH KOREA (3.4%)
DIVERSIFIED TELECOMMUNICATION SERVICES (1.2%)
KT Corp. ADR 95,120 1,874,815
-------------
</Table>
See Accompanying Notes to Financial Statements.
7
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- -------------
COMMON STOCKS
SOUTH KOREA
SEMICONDUCTOR EQUIPMENT & PRODUCTS (2.2%)
Samsung Electronics Company, Ltd. 4,440 $ 1,763,245
Samsung Electronics Company, Ltd. GDR, Rule 144A ++ 8,956 1,791,200
-------------
3,554,445
-------------
TOTAL SOUTH KOREA 5,429,260
-------------
SPAIN (1.4%)
ELECTRIC UTILITIES (1.4%)
Endesa SA* 143,834 2,282,376
-------------
TOTAL SPAIN 2,282,376
-------------
SWEDEN (1.3%)
MACHINERY (1.3%)
SKF AB Class B 61,250 2,167,072
-------------
TOTAL SWEDEN 2,167,072
-------------
SWITZERLAND (7.4%)
BANKS (2.1%)
UBS AG 54,830 3,366,952
-------------
FOOD PRODUCTS (2.0%)
Nestle SA 14,702 3,236,895
-------------
INSURANCE (1.7%)
Zurich Financial Services AG 21,450 2,746,808
-------------
PHARMACEUTICALS (1.6%)
Novartis AG 69,220 2,638,483
-------------
TOTAL SWITZERLAND 11,989,138
-------------
TAIWAN (1.4%)
SEMICONDUCTOR EQUIPMENT & PRODUCTS (1.4%)
Taiwan Semiconductor Manufacturing Company, Ltd. 1,174,200 2,315,567
-------------
TOTAL TAIWAN 2,315,567
-------------
UNITED KINGDOM (16.8%)
BANKS (3.1%)
HSBC Holdings PLC 132,862 1,995,321
Royal Bank of Scotland Group PLC 114,100 3,057,289
-------------
5,052,610
-------------
BEVERAGES (1.6%)
Diageo PLC 212,875 2,503,379
-------------
COMMERCIAL SERVICES & SUPPLIES (1.6%)
Capita Group PLC 595,500 2,498,543
-------------
FOOD PRODUCTS (1.3%)
Cadbury Schweppes PLC 330,480 2,118,451
-------------
</Table>
See Accompanying Notes to Financial Statements.
8
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- -------------
COMMON STOCKS
UNITED KINGDOM
INDUSTRIAL CONGLOMERATES (1.5%)
FKI PLC 1,254,731 $ 2,459,242
-------------
OIL & GAS (1.4%)
BP PLC 331,200 2,298,700
-------------
PHARMACEUTICALS (4.6%)
AstraZeneca PLC 89,000 4,180,467
GlaxoSmithKline PLC 152,690 3,269,932
-------------
7,450,399
-------------
WIRELESS TELECOMMUNICATION SERVICES (1.7%)
Vodafone Group PLC 1,339,114 2,812,105
-------------
TOTAL UNITED KINGDOM 27,193,429
-------------
TOTAL COMMON STOCKS (Cost $131,221,302) 157,642,070
-------------
PREFERRED STOCK (0.9%)
BRAZIL (0.9%)
METALS & MINING (0.9%)
Companhia Vale do Rio Doce ADR Class A (Cost $863,398) 34,900 1,409,960
-------------
RIGHTS (0.0%)
FRANCE (0.0%)
BANKS (0.0%)
Credit Agricole SA, strike $16.07 expires November 2003 (Cost $0) ~ 115,340 26,817
-------------
<Caption>
PAR
(000)
---------
SHORT-TERM INVESTMENTS (7.9%)
State Street Bank and Trust Co. Euro Time Deposit,
0.750%, 11/03/03 $ 4,170 4,170,000
Suntrust Bank Time Deposit, 1.031%, 11/03/03 ~~ 8,656 8,656,299
-------------
TOTAL SHORT-TERM INVESTMENTS (Cost $12,826,299) 12,826,299
-------------
TOTAL INVESTMENTS AT VALUE (106.1%) (Cost $144,910,999) 171,905,146
LIABILITIES IN EXCESS OF OTHER ASSETS (-6.1%) (9,934,167)
-------------
NET ASSETS (100.0%) $ 161,970,979
=============
</Table>
INVESTMENT ABBREVIATIONS
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
* Non-income producing security.
++ Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At October 31,
2003, this security amounted to a value of $1,791,200 or 1.1% of net
assets.
~ Security or portion thereof is out on loan.
~~ Represents security purchased with cash collateral received for securities
on loan.
See Accompanying Notes to Financial Statements.
9
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
October 31, 2003
<Table>
ASSETS
Investments at value, including collateral for securities
on loan of $8,656,299 (Cost $144,910,999) (Note 1) $ 171,905,146(1)
Cash 531
Foreign currency at value (Cost $531,724) 529,809
Receivable for investments sold 2,052,690
Dividend and interest receivable 569,513
Receivable for fund shares sold 739
Prepaid expenses and other assets 11,904
--------------
Total Assets 175,070,332
--------------
LIABILITIES
Advisory fee payable (Note 2) 104,191
Administrative services fee payable (Note 2) 29,528
Payable upon return of securities loaned (Note 1) 8,656,299
Payable for investments purchased 4,266,664
Directors' fee payable 852
Payable for fund shares redeemed 214
Other accrued expenses payable 41,605
--------------
Total Liabilities 13,099,353
--------------
NET ASSETS
Capital stock, $0.001 par value (Note 5) 18,158
Paid-in capital (Note 5) 305,607,497
Undistributed net investment income 821,351
Accumulated net realized loss on investments and foreign currency transactions (171,516,385)
Net unrealized appreciation from investments and foreign currency translations 27,040,358
--------------
Net Assets $ 161,970,979
==============
Shares outstanding 18,157,612
--------------
Net asset value, offering price, and redemption price per share $ 8.92
==============
</Table>
(1) Including $8,290,557 of securities on loan.
See Accompanying Notes to Financial Statements.
10
<Page>
STATEMENT OF OPERATIONS
For the Year Ended October 31, 2003
<Table>
INVESTMENT INCOME (Note 1)
Dividends $ 1,566,807
Interest 20,004
Securities lending 18,732
Foreign taxes withheld (204,005)
--------------
Total investment income 1,401,538
--------------
EXPENSES
Investment advisory fees (Note 2) 528,052
Administrative services fees (Note 2) 108,630
Legal fees 36,993
Custodian fees 30,491
Audit fees 23,748
Registration fees 20,742
Insurance expense 9,459
Transfer agent fees 4,115
Directors' fees 3,180
Printing fees (Note 2) 2,502
Interest expense 2,231
Miscellaneous expense 2,216
--------------
Total expenses 772,359
Less: fees waived (Note 2) (145,298)
--------------
Net expenses 627,061
--------------
Net investment income 774,477
--------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS AND
FOREIGN CURRENCY RELATED ITEMS
Net realized gain from investments 2,187,643
Net realized gain on foreign currency transactions 46,874
Net change in unrealized appreciation (depreciation) from investments 15,445,792
Net change in unrealized appreciation (depreciation) from foreign currency translations 38,953
--------------
Net realized and unrealized gain from investments and foreign currency related items 17,719,262
--------------
Net increase in net assets resulting from operations $ 18,493,739
==============
</Table>
See Accompanying Notes to Financial Statements.
11
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE YEAR FOR THE YEAR
ENDED ENDED
OCTOBER 31, 2003 OCTOBER 31, 2002
---------------- ----------------
FROM OPERATIONS
Net investment income $ 774,477 $ 556,353
Net realized gain (loss) from investments and foreign
currency transactions 2,234,517 (17,923,041)
Net change in unrealized appreciation (depreciation) from
investments and foreign currency translations 15,484,745 12,080,198
---------------- ----------------
Net increase (decrease) in net assets resulting from operations 18,493,739 (5,286,490)
---------------- ----------------
FROM DIVIDENDS
Dividends from net investment income (296,819) --
---------------- ----------------
FROM CAPITAL SHARE TRANSACTIONS (Note 5)
Proceeds from sale of shares 118,120,791 47,787,175
Exchange value of shares due to merger 100,609,127 --
Reinvestment of dividends 294,006 --
Net asset value of shares redeemed (119,814,684) (93,557,377)
---------------- ----------------
Net increase (decrease) in net assets from capital share transactions 99,209,240 (45,770,202)
---------------- ----------------
Net increase (decrease) in net assets 117,406,160 (51,056,692)
NET ASSETS
Beginning of year 44,564,819 95,621,511
---------------- ----------------
End of year $ 161,970,979 $ 44,564,819
================ ================
Undistributed Net Investment Income $ 821,351 $ 296,819
================ ================
</Table>
See Accompanying Notes to Financial Statements.
12
<Page>
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Year)
<Table>
<Caption>
FOR THE YEAR ENDED OCTOBER 31,
-----------------------------------------------------------------
2003 2002 2001 2000 1999
--------- --------- --------- --------- ---------
PER SHARE DATA
Net asset value, beginning of year $ 7.19 $ 8.13 $ 17.61 $ 18.85 $ 14.41
--------- --------- --------- --------- ---------
INVESTMENT OPERATIONS
Net investment income 0.09(1) 0.07(1) 0.09 0.22(1) 0.20(1)
Net gain (loss) on investments
and foreign currency related items
(both realized and unrealized) 1.69 (1.01) (3.18) (0.46) 4.38
--------- --------- --------- --------- ---------
Total from investment operations 1.78 (0.94) (3.09) (0.24) 4.58
--------- --------- --------- --------- ---------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.05) -- (0.21) (0.78) (0.14)
Distributions from net realized gains -- -- (6.18) (0.22) --
--------- --------- --------- --------- ---------
Total dividends and distributions (0.05) -- (6.39) (1.00) (0.14)
--------- --------- --------- --------- ---------
NET ASSET VALUE, END OF YEAR $ 8.92 $ 7.19 $ 8.13 $ 17.61 $ 18.85
========= ========= ========= ========= =========
Total return(2) 24.90% (11.56)% (26.56)% (1.98)% 32.02%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 161,971 $ 44,565 $ 95,622 $ 356,004 $ 551,830
Ratio of expenses to average net assets(3) 0.95% 0.95% 0.95% 0.97% 0.96%
Ratio of net investment income to average
net assets 1.17% 0.87% 0.61% 0.74% 1.23%
Decrease reflected in above operating
expense ratios due to waivers/reimbursements 0.22% 0.39% 0.23% 0.19% 0.17%
Portfolio turnover rate 151% 161% 134% 111% 120%
</Table>
(1) Per share information is calculated using the average shares outstanding
method.
(2) Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the years shown, total returns would have been lower.
(3) Interest earned on uninvested cash balances may be used to offset portions
of the transfer agent expense. These arrangements resulted in a reduction
to the net expense ratio by .02% and .01% for the years ended October 31,
2000 and 1999, respectively. The net operating expense ratio after these
arrangements was .95% for the years ended October 31, 2000 and 1999,
respectively. For the years ended October 31, 2003, 2002 and 2001, there
was no effect on the net operating expense ratio because of transfer agent
credits.
See Accompanying Notes to Financial Statements.
13
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
October 31, 2003
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.
Effective as of the close of business on August 22, 2003, the Portfolio
acquired all of the net assets of Credit Suisse Institutional International Fund
("International Fund") in a tax-free exchange of shares. The Portfolio was also
the accounting survivor in the tax-free exchange. The shares exchanged were
12,106,921 shares (valued at $100,609,127) of the Portfolio for 10,766,487
shares of International Fund. The International Fund's net assets of
$100,609,127 at that date, which included $13,928,022 of unrealized
appreciation, were combined with those of the Portfolio. The aggregate net
assets of International Fund and the Portfolio immediately before the
acquisition were $100,609,127 and $50,947,690, respectively, and the combined
net assets of the Portfolio after the acquisition were $151,556,817.
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.
(the "Exchange") 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 at the time of valuation (the "Valuation Time"). If no sales
are reported, equity investments are generally valued at the most recent bid
quotation as of the Valuation Time or at the lowest asked quotation in the case
of a short sale of securities. Debt securities with a remaining maturity greater
than 60 days are valued in accordance with the price supplied by a pricing
service, which may use a matrix, formula or other objective method that takes
into consideration market indices, yield curves and other specific adjustments.
Securities and other assets for which market quotations are not readily
available, or whose values have been materially affected by events occurring
before the Portfolio's Valuation Time but after the close of the securities'
primary markets, are valued at fair value as determined in good faith by the
Board of Directors under procedures established by the Board of Directors. Debt
obligations that will mature in 60 days or less are valued on the basis of
amortized cost, which approximates market value, unless it is determined that
this method would not represent fair value.
14
<Page>
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 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
15
<Page>
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, pools available cash
into either a short-term variable rate time deposit issued by State Street Bank
and Trust Company ("SSB"), the Portfolio's custodian, or a money market fund
advised by CSAM. The short-term time deposit issued by SSB is a variable rate
account classified as a short-term investment.
H) FORWARD FOREIGN CURRENCY CONTRACTS -- 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 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 October 31, 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 is pooled together with cash collateral for other funds/portfolios
advised by CSAM and may be invested in a variety of investments, including
certain CSAM-advised funds, money market instruments and 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.
16
<Page>
The market value of securities on loan to brokers and the value of collateral
held by the Portfolio with respect to such loans at October 31, 2003 is as
follows:
<Table>
<Caption>
MARKET VALUE OF VALUE OF
SECURITIES LOANED COLLATERAL RECEIVED
----------------- -------------------
$ 8,290,557 $ 8,656,299
</Table>
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, 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.
17
<Page>
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 year
ended October 31, 2003, investment advisory fees earned and voluntarily waived
were as follows:
<Table>
<Caption>
GROSS NET
ADVISORY FEE WAIVER ADVISORY FEE
------------ ------------- --------------
$ 528,052 $ (145,298) $ 382,754
</Table>
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 year ended October 31, 2003, co-administrative services fees
earned by CSAMSI were $66,007.
For its co-administrative services, SSB receives a fee, exclusive of
out-of-pocket expenses, based upon the following fee schedule calculated in
total for all the Credit Suisse funds/portfolios co-administered by SSB and
allocated based upon relative average net assets of each fund/portfolio, subject
to an annual minimum fee.
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ -----------
First $5 billion 0.050% of average daily net assets
Next $5 billion 0.035% of average daily net assets
Over $10 billion 0.020% of average daily net assets
</Table>
For the year ended October 31, 2003, co-administrative services fees earned
by SSB (including out-of-pocket expenses) were $42,623.
For the year ended October 31, 2003 CSFB received $6,299 in fees for its
securities lending activities.
18
<Page>
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Portfolio to provide certain financial printing and fulfillment services.
For year ended October 31, 2003, Merrill was paid $9,853 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 $100 million
committed, unsecured line of credit facility ("Credit Facility") for temporary
or emergency purposes with Deutsche Bank, A.G. as administrative agent and
syndication agent and SSB as operations agent. Under the terms of the Credit
Facility, the Participating Funds pay an aggregate commitment fee at a rate of
0.10% per annum on the average unused amount of the Credit Facility, which is
allocated among the Participating Funds in such manner as is determined by the
governing Boards of the Participating Funds. In addition, the Participating
Funds pay interest on borrowings at the Federal Funds rate plus 0.50%. At
October 31, 2003 the Portfolio had no loans outstanding under the Credit
Facility. During the year ended October 31, 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 year ended October 31, 2003, purchases and sales of investment
securities (excluding short-term investments) were $101,485,710 and
$101,766,023, 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.
19
<Page>
Shares of eight 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 YEAR ENDED
-----------------------------------
OCTOBER 31, 2003 OCTOBER 31, 2002
---------------- ----------------
Shares sold 14,590,640 5,543,906
Shares exchanged due to merger 12,106,921 --
Shares issued in reinvestment of dividends 40,891 --
Shares redeemed (14,776,756) (11,109,322)
----------- -----------
Net increase (decrease) 11,961,696 (5,565,416)
=========== ===========
</Table>
On October 31, 2003, the number of shareholders that held 5% or more of the
outstanding shares of the Portfolio were as follows:
<Table>
<Caption>
NUMBER OF APPROXIMATE PERCENTAGE
SHAREHOLDERS OF OUTSTANDING SHARES
------------ ----------------------
5 71%
</Table>
Some of the shareholders are omnibus accounts, which hold shares on behalf of
individual shareholders.
NOTE 6. FEDERAL INCOME TAXES
Income and capital gain distributions are determined in accordance with
federal income tax regulations, which may differ from GAAP. These differences
are primarily due to differing treatments of foreign currency transactions,
losses deferred due to wash sales, and capital loss carryforwards.
The tax characteristics of dividends paid during the years ended October 31,
2003 and 2002, respectively, by the Portfolio were as follows:
<Table>
<Caption>
ORDINARY INCOME
-----------------------
2003 2002
--------- --------
$ 296,819 $ --
</Table>
At October 31, 2003, the components of distributable earnings on a tax basis
for the Portfolio were as follows:
<Table>
Undistributed ordinary income $ 4,848,401
Undistributed long-term gain 227,908
Accumulated realized loss (174,831,611)
Unrealized appreciation 26,100,626
-------------
(143,654,676)
=============
</Table>
20
<Page>
At October 31, 2003, the Portfolio had capital loss carryforwards available
to offset possible future capital gains as follows:
<Table>
<Caption>
EXPIRES OCTOBER 31,
--------------------------------------------------------
2008 2009 2010
-------------- -------------- -------------
$ 3,128,855 $ 97,181,268 $ 74,521,488
</Table>
Included in the Portfolio's capital loss carryforwards which expire in 2009
is $12,092,776 and in 2010 is $3,586,266 acquired in the Credit Suisse
International Fund merger which is subject to IRS limitations.
At October 31, 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 as follows:
$145,850,731, $26,427,561, $(373,146) and $26,054,415, respectively.
At October 31, 2003, the Portfolio reclassified $46,874 to undistributed net
investment income and $129,132,471 to paid-in capital from accumulated net
realized loss from investments, to adjust for current period permanent book/tax
differences which arose principally from differing book/tax treatments of
foreign currency transactions, capital loss carryforwards expired as a result of
the merger and wash sales from a fund acquisition. Net assets were not affected
by these reclassifications.
NOTE 7. CONTINGENCIES
In the normal course of business, the Portfolio may provide general
indemnifications pursuant to certain contracts and organizational documents. The
Portfolio's maximum exposure under these arrangements is dependent on future
claims that may be made against the Portfolio and, therefore, cannot be
estimated; however, based on experience, the risk of loss from such claims is
considered remote.
21
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
REPORT OF INDEPENDENT AUDITORS
To the Board of Directors of
Credit Suisse Institutional Fund, Inc. and Shareholders of
Credit Suisse Institutional Fund, Inc. -- International Focus Portfolio:
In our opinion, the accompanying statement of assets and liabilities,
including the schedule of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Credit Suisse Institutional Fund,
Inc. -- International Focus Portfolio (a portfolio of Credit Suisse
Institutional Fund, Inc., hereafter referred to as the "Fund") at October 31,
2003, the results of its operations for the year then ended, the changes in its
net assets for each of the two years in the period then ended and the financial
highlights for each of the years presented, in conformity with accounting
principles generally accepted in the United States of America. These financial
statements and financial highlights (hereafter referred to as "financial
statements") are the responsibility of the Fund's management; our responsibility
is to express an opinion on these financial statements based on our audits. We
conducted our audits of these financial statements in accordance with auditing
standards generally accepted in the United States of America, which require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audits, which included confirmation
of securities at October 31, 2003 by correspondence with the custodian and
brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 23, 2003
22
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
INFORMATION CONCERNING DIRECTORS AND OFFICERS (UNAUDITED)
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH FUND SERVED PAST FIVE YEARS DIRECTOR HELD BY DIRECTOR
- ----------------- ----------- ------------ -------------------- ------------- ----------------
INDEPENDENT DIRECTORS
Richard H. Francis Director, Since Currently retired 44 None
c/o Credit Suisse Asset Nominating 1999
Management, LLC and Audit
466 Lexington Avenue Committee
New York, New York Member
10017-3140
Date of Birth: 04/23/32
Jeffrey E. Garten Director, Since Dean of Yale 43 Director of
Box 208200 Nominating 1998 School of Aetna, Inc.
New Haven, Connecticut and Audit Management and (insurance
06520-8200 Committee William S. Beinecke company);
Member Professor in the Director of
Date of Birth: 10/29/46 Practice of Calpine
International Corporation
Trade and Finance (energy
(11/95 - present) provider);
Director of
CarMax Group
(used car
dealers)
Peter F. Krogh Director, Since Dean Emeritus and 43 Director of
301 ICC Nominating 2001 Distinguished Professor Carlisle
Georgetown University and Audit of International Affairs Companies
Washington, DC 20057 Committee at the Edmund A. Incorporated
Member Walsh School of (diversified
Date of Birth: 02/11/37 Foreign Service, manufacturing
Georgetown University company);
(6/95 - present); Member of
Moderator of PBS Selection
foreign affairs Committee for
television Truman
series (1988 - 2000) Scholars
and Henry Luce
Scholars; Senior
Associate of
Center for
Strategic and
International
Studies; Trustee
of numerous
world affairs
organizations
</Table>
- ----------
(1) Each Director and Officer serves until his or her respective successor has
been duly elected and qualified.
23
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH FUND SERVED PAST FIVE YEARS DIRECTOR HELD BY DIRECTOR
- ----------------- ----------- ------------ -------------------- ------------- ----------------
INDEPENDENT DIRECTORS
James S. Pasman, Jr. Director, Since Currently retired 45 Director of
c/o Credit Suisse Asset Nominating 1999 Education
Management, LLC and Audit Management
466 Lexington Avenue Committee Corp.
New York, New York Member
10017-3140
Date of Birth: 12/20/30
Steven N. Rappaport Director, Since Partner of Lehigh 45 None
Lehigh Court, LLC Nominating 1999 Court, LLC and RZ Capital
40 East 52nd Street Committee (private investment
New York, New York Member and firms) (7/02 - present);
10022 Audit Consultant to
Committee SunGard Securities
Date of Birth: 07/10/48 Chairman Finance, Inc. from
February 2002 to
July 2002; President
of SunGard Securities
Finance, Inc. from 2001
to February 2002;
President of Loanet, Inc.
(on-line accounting
service) from 1997
to 2001
INTERESTED DIRECTORS
Joseph D. Gallagher(2) Director, Since Managing Director and 46 None
Credit Suisse Asset Chairman of 2003 Chief Executive Officer
Management, LLC the Board and of CSAM since 2003;
466 Lexington Avenue Chief Global Chief Financial
New York, New York Executive Officer, Credit Suisse
10017-3140 Officer Asset Management since
1999; Chief Executive
Date of Birth: 12/14/62 Officer and Director
of Credit Suisse Asset
Management Limited,
London, England, from
June 2000 to 2003;
Director of Credit Suisse
Asset Management Funds
(UK) Limited, London,
England, from June 2000
to 2003; Managing
Director, Head -- Asian
Corporate Finance and
M&A, Credit Suisse First
Boston, Hong Kong,
China, from January 1998
to May 1999
</Table>
- ----------
(2) Mr. Gallagher is a Director who is an "interested person" of the Fund as
defined in the 1940 Act, because he is an officer of CSAM.
24
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH FUND SERVED PAST FIVE YEARS DIRECTOR HELD BY DIRECTOR
- ----------------- ----------- ------------ -------------------- ------------- ----------------
INTERESTED DIRECTORS
William W. Priest, Jr.(3) Director Since Co-Managing Partner, 50 Director of Globe
Steinberg Priest & Sloane 1999 Steinberg Priest & Wireless, LLC
Capital Management, LLC Sloane Capital (maritime
12 East 49th Street Management LLC since communications
12th Floor March 2001; Director company);
New York, New York of Globe Wireless; a Director of
10017 maritime communications InfraRed X
company; Director of (medical device
Date of Birth: 09/24/41 InfraRed X; a medical company)
device company;
Chairman and Managing
Director of CSAM from
2000 to February 2001,
Chief Executive Officer
and Managing Director
of CSAM from 1990 to
2000
</Table>
- ----------
(3) Mr. Priest is a Director who is an "interested person" of the Fund as
defined in the 1940 Act, because he provided consulting services to CSAM
within the last two years (ended 12/31/02).
25
<Page>
<Table>
<Caption>
TERM
OF OFFICE(1)
AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH FUND SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- ----------------- ----------- ------------ ----------------------------------------------
OFFICERS
Hal Liebes Vice President Since Managing Director and Global General Counsel of
Credit Suisse Asset and Secretary 1999 CSAM; Associated with CSAM since 1997; Officer of
Management, LLC other Credit Suisse Funds
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 07/06/64
Michael A. Pignataro Chief Since Director and Director of Fund Administration of
Credit Suisse Asset Financial 1999 CSAM; Associated with CSAM since 1984; Officer of
Management, LLC Officer and other Credit Suisse Funds
466 Lexington Avenue Treasurer
New York, New York
10017-3140
Date of Birth: 11/15/59
Gregory N. Bressler Assistant Since Director and Deputy General Counsel of CSAM;
Credit Suisse Asset Secretary 2000 Associated with CSAM since January 2000; Associated with
Management, LLC the law firm of Swidler Berlin Shereff Friedman LLP
466 Lexington Avenue from 1996 to 2000; Officer of other Credit Suisse Funds
New York, New York
10017-3140
Date of Birth: 11/17/66
Rocco A. Del Guercio Assistant Since Vice President of CSAM; Associated with CSAM
Credit Suisse Asset Treasurer 1999 since June 1996; Officer of other Credit Suisse Funds
Management, LLC
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 04/28/63
Joseph Parascondola Assistant Since Assistant Vice President of CSAM; Associated
Credit Suisse Asset Treasurer 2000 with CSAM since April 2000; Assistant Vice
Management, LLC President, Deutsche Asset Management from
466 Lexington Avenue January 1999 to April 2000; Assistant Vice
New York, New York President, Weiss, Peck & Greer LLC from
10017-3140 November 1995 to December 1998; Officer of other
Credit Suisse Funds
Date of Birth: 06/05/63
</Table>
26
<Page>
<Table>
<Caption>
TERM
OF OFFICE(1)
AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH FUND SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- ----------------- ----------- ------------ ----------------------------------------------
OFFICERS
Robert M. Rizza Assistant Since Assistant Vice President of CSAM;
Credit Suisse Asset Treasurer 2002 Associated with CSAM since 1998; Officer of
Management, LLC other Credit Suisse Funds
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 12/09/65
</Table>
The Statement of Additional Information includes additional information about
the Directors and is available, without charge, upon request, by calling
800-222-8977.
27
<Page>
CREDIT SUISSE INSTITUTIONAL FUND -- INTERNATIONAL FOCUS PORTFOLIO
TAX INFORMATION LETTER (UNAUDITED)
October 31, 2003
IMPORTANT TAX INFORMATION FOR CORPORATE SHAREHOLDERS
For the fiscal year ended October 31, 2003 certain dividends paid by the
Portfolio may be subject to a maximum tax rate of 15%, as provided for by the
Jobs and Growth Tax Relief Reconciliation Act of 2003. Complete information will
be reported in conjunction with your 2003 Form 1099-DIV.
28
<Page>
P.O. BOX 55030, BOSTON, MA 02205-5030
800-222-8977 - www.csam-americas.com [CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. CSINI-2-1003
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE
INSTITUTIONAL FUND
ANNUAL REPORT
OCTOBER 31, 2003
CREDIT SUISSE INSTITUTIONAL FUND, INC.
- - LARGE CAP VALUE PORTFOLIO
- - SMALL CAP 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 PROSPECTUSES, 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.
<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 LETTERS AND
PORTFOLIO HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF OCTOBER 31, 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
ANNUAL INVESTMENT ADVISER'S REPORT
October 31, 2003 (Unaudited)
November 18, 2003
Dear Shareholder:
For the 12 months ended October 31, 2003, Credit Suisse Institutional Fund,
Inc. -- Large Cap Value Portfolio(1) (the "Portfolio") had a gain of 15.48%, vs.
an increase of 22.88% for the Russell 1000(R) Value Index.(2)
The 12 month period was a positive one for the U.S. stock market, though
equities struggled early on. The market reached its low point for the period in
early March, hurt by a great deal of uncertainty regarding a looming conflict
with Iraq and a related decline in consumer sentiment. Stocks began to recover,
however, rising rapidly in 2003's second quarter, then continuing to rally in a
more subdued manner. When the war came to a swift and seemingly successful end
in April, a major cloud of uncertainty lifted and investors embraced risk.
Optimism over a potential economic recovery also supported equities. Grounds for
this optimism included historically low interest rates, a significant
tax-reduction package, and an upturn in leading economic indicators around the
world.
The Portfolio participated in the market's rally, but it underperformed its
benchmark, which we attribute in large part to our focus on high quality
companies with relatively stable profits. The market's upward move was paced by
"high beta" stocks (i.e., stocks that tend to outperform in rallying markets),
representing companies with lackluster or even negative earnings. This was
particularly true among information technology companies, which benefited from
speculation that an improving economy would aid these long-struggling stocks.
The outperformance of lower-tier stocks for the period notwithstanding, we
continue to adhere to a discipline of owning profitable companies generating
current free cash flows, in the belief that this strategy will provide
competitive results over time.
Another factor that hindered the Portfolio was its underweighting in the
financial-services sector. The sector, which accounts for about a third of the
Portfolio's benchmark, outperformed the broader market for the 12 months.
In terms of noteworthy sector allocations, we ended the period with
overweighted positions in the materials and producer durables areas. This is
based in part on evidence that capital spending appears to be improving.
Elsewhere of note, we intend to remain underweighted in the financial-services
sector over the next 12 months. Given the early stages of an economic rebound,
combined with burdensome budget and trade deficits and a weakening dollar, we
expect to see upward pressure on interest rates. While we do not believe there
will be a dramatic rise in rates, any increase might significantly hinder
earnings growth for certain financial companies.
1
<Page>
Our search for opportunities in the technology sector continues, though
valuations have become more lofty here. We may selectively add technology stocks
if and when market volatility results in what we consider to be compelling
valuation stories.
The Credit Suisse Value Team
Stanley A. Nabi
Scott T. Lewis
Robert E. Rescoe
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.
2
<Page>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $1,000,000 INVESTMENT IN THE
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- LARGE CAP VALUE PORTFOLIO(1) AND
THE RUSSELL 1000 VALUE INDEX(2) FROM INCEPTION (06/30/97).
<Table>
<Caption>
CREDIT SUISSE INSTITUTIONAL FUND, INC. --
LARGE CAP VALUE PORTFOLIO(1) RUSSELL 1000 VALUE INDEX(2)
6/30/97 $ 1,000,000 $ 1,000,000
7/31/97 $ 1,079,000 $ 1,075,230
8/31/97 $ 1,056,000 $ 1,036,920
9/30/97 $ 1,109,000 $ 1,099,591
10/31/97 $ 1,064,000 $ 1,068,868
11/30/97 $ 1,091,000 $ 1,116,123
12/31/97 $ 1,119,272 $ 1,148,703
1/31/98 $ 1,127,375 $ 1,132,449
2/28/98 $ 1,203,344 $ 1,208,685
3/31/98 $ 1,251,964 $ 1,282,608
4/30/98 $ 1,264,119 $ 1,291,189
5/31/98 $ 1,260,067 $ 1,272,040
6/30/98 $ 1,272,222 $ 1,288,348
7/31/98 $ 1,238,796 $ 1,265,609
8/31/98 $ 1,058,497 $ 1,077,286
9/30/98 $ 1,090,910 $ 1,139,122
10/31/98 $ 1,167,892 $ 1,227,404
11/30/98 $ 1,237,783 $ 1,284,601
12/31/98 $ 1,273,132 $ 1,328,278
1/31/99 $ 1,283,374 $ 1,338,886
2/28/99 $ 1,251,623 $ 1,319,982
3/31/99 $ 1,262,890 $ 1,347,305
4/30/99 $ 1,411,404 $ 1,473,123
5/31/99 $ 1,428,817 $ 1,456,933
6/30/99 $ 1,474,907 $ 1,499,242
7/31/99 $ 1,422,671 $ 1,455,329
8/31/99 $ 1,395,017 $ 1,401,332
9/30/99 $ 1,356,095 $ 1,352,362
10/31/99 $ 1,364,289 $ 1,430,197
11/30/99 $ 1,359,168 $ 1,419,002
12/31/99 $ 1,312,316 $ 1,425,849
1/31/2000 $ 1,250,822 $ 1,379,366
2/29/2000 $ 1,184,094 $ 1,276,879
3/31/2000 $ 1,343,718 $ 1,432,672
4/30/2000 $ 1,347,643 $ 1,416,053
5/31/2000 $ 1,397,362 $ 1,430,978
6/30/2000 $ 1,334,559 $ 1,365,596
7/31/2000 $ 1,330,634 $ 1,382,681
8/31/2000 $ 1,413,062 $ 1,459,628
9/30/2000 $ 1,413,062 $ 1,473,056
10/31/2000 $ 1,440,539 $ 1,509,293
11/30/2000 $ 1,376,851 $ 1,453,298
12/31/2000 $ 1,491,489 $ 1,526,109
1/31/2001 $ 1,507,701 $ 1,531,908
2/28/2001 $ 1,523,913 $ 1,489,321
3/31/2001 $ 1,459,065 $ 1,436,748
4/30/2001 $ 1,523,913 $ 1,507,149
5/31/2001 $ 1,572,548 $ 1,541,059
6/30/2001 $ 1,523,913 $ 1,506,848
7/31/2001 $ 1,507,701 $ 1,503,683
8/31/2001 $ 1,475,277 $ 1,443,386
9/30/2001 $ 1,361,794 $ 1,341,771
10/31/2001 $ 1,378,006 $ 1,330,232
11/30/2001 $ 1,459,065 $ 1,407,519
12/31/2001 $ 1,506,568 $ 1,440,666
1/31/2002 $ 1,473,816 $ 1,429,558
2/28/2002 $ 1,490,192 $ 1,431,846
3/31/2002 $ 1,539,319 $ 1,499,572
4/30/2002 $ 1,490,192 $ 1,448,136
5/31/2002 $ 1,490,192 $ 1,455,377
6/30/2002 $ 1,408,313 $ 1,371,839
7/31/2002 $ 1,310,059 $ 1,244,258
8/31/2002 $ 1,293,683 $ 1,253,714
9/30/2002 $ 1,162,677 $ 1,114,301
10/31/2002 $ 1,244,556 $ 1,196,871
11/30/2002 $ 1,293,683 $ 1,272,273
12/31/2002 $ 1,239,024 $ 1,217,057
1/31/2003 $ 1,205,983 $ 1,187,604
2/28/2003 $ 1,189,463 $ 1,155,895
3/31/2003 $ 1,205,983 $ 1,157,860
4/30/2003 $ 1,272,064 $ 1,259,752
5/31/2003 $ 1,338,146 $ 1,341,132
6/30/2003 $ 1,354,666 $ 1,357,896
7/31/2003 $ 1,354,666 $ 1,378,128
8/31/2003 $ 1,371,186 $ 1,399,627
9/30/2003 $ 1,371,186 $ 1,385,911
10/31/2003 $ 1,437,268 $ 1,470,729
</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.
AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2003(1)
<Table>
<Caption>
1 YEAR 5 YEARS SINCE INCEPTION
- ------ ------- ---------------
17.93% 4.68% 5.18%
</Table>
AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 2003(1)
<Table>
<Caption>
1 YEAR 5 YEARS SINCE INCEPTION
- ------ ------- ---------------
15.48% 4.24% 5.89%
</Table>
- ----------
(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.
3
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SMALL CAP GROWTH PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT
October 31, 2003 (Unaudited)
November 18, 2003
Dear Shareholder:
For the 12 months ended October 31, 2003, Credit Suisse Institutional Fund,
Inc. -- Small Cap Growth Portfolio(1) (the "Portfolio") had a gain of 47.36%,
versus an increase of 46.55% for the Russell 2000(R) Growth Index.(2)
The period was a positive one for the U.S. stock market, though equities
struggled early on. The market reached its low point for the period in early
March, hurt by a great deal of uncertainty regarding a looming conflict with
Iraq and a related decline in consumer sentiment. Stocks began to recover,
however, rising rapidly in 2003's second quarter, then continuing to rally in a
more subdued manner. When the war came to a swift and seemingly successful end
in April, a major cloud of uncertainty lifted and investors embraced risk.
Optimism over a potential economic recovery also supported equities. Grounds for
this optimism included historically low interest rates, a significant
tax-reduction package, and an upturn in leading economic indicators around the
world.
Within this environment of lowered risk thresholds, small-cap growth stocks
performed well in both absolute terms and relative to larger-cap growth stocks
and value stocks across the market-capitalization spectrum.
The Portfolio performed approximately in line with its benchmark in the
period. Stocks that aided the Portfolio's return included its technology,
financial-services and transportation holdings. On the negative side, relatively
speaking, while the Portfolio's consumer-discretionary and materials stocks had
gains, they lagged their respective components in the Portfolio's benchmark.
In terms of sector positioning, the main areas of focus in the Portfolio
remained the health-care, consumer-discretionary and technology sectors.
Regarding the last, our exposure was roughly evenly divided between software and
electronics companies. Both areas, we believe, could continue to benefit from a
re-commitment to corporate capital spending. Our overweighting in the
consumer-discretionary area reflects the number of interesting company-specific
opportunities we continue to see here, ranging from media stocks to niche retail
names.
Within health care, one move we made late in the period was to trim our
exposure to HMOs. We decided to scale this exposure back based on valuations --
these stocks have performed well over the past year -- along with a likely
slowdown in the rate of HMO premium growth. These
4
<Page>
companies have been able to raise premium prices by 10% to 15% annually for
several years, and we think such growth may be less robust going forward. That
said, we still favor certain health-care service companies, such as hospitals,
where new technologies are being employed that could boost productivity over
time.
We are generally optimistic that the economy could show sustained,
significant growth, aided by the considerable amount of monetary and fiscal
stimulus in the system. And since inventories have now declined to noteworthy
lows across almost all industries, re-stocking could be another source of growth
during the next few quarters; we will monitor this trend carefully. Finally, we
note that merger and acquisition activity appears to be picking up again after a
long lull. We expect to see a trend in which more large companies acquire small,
growing companies as they shift their focus away from cost-cutting and toward
growth-generating strategies. For our part, we will remain focused on companies
we deem to have healthy balance sheets and executable business plans.
The Credit Suisse Small/Mid-Cap Growth Team
Sammy Oh
Roger M. Harris
Robert S. Janis
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.
5
<Page>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $1,000,000 INVESTMENT IN THE
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SMALL CAP GROWTH PORTFOLIO(1) AND
THE RUSSELL 2000 GROWTH INDEX(2) FROM INCEPTION (12/29/95).
<Table>
<Caption>
CREDIT SUISSE INSTITUTIONAL FUND, INC. --
SMALL CAP GROWTH PORTFOLIO(1) RUSSELL 2000 GROWTH INDEX(2)
12/29/95 $ 1,000,000 $ 1,000,000
12/31/95 $ 1,000,000 $ 1,000,000
1/31/96 $ 985,000 $ 991,720
2/29/96 $ 1,036,000 $ 1,036,942
3/31/96 $ 1,128,000 $ 1,057,443
4/30/96 $ 1,250,000 $ 1,138,623
5/31/96 $ 1,325,000 $ 1,197,011
6/30/96 $ 1,282,000 $ 1,119,229
7/31/96 $ 1,163,000 $ 982,594
8/31/96 $ 1,246,000 $ 1,055,335
9/30/96 $ 1,330,000 $ 1,109,685
10/31/96 $ 1,292,000 $ 1,061,813
11/30/96 $ 1,294,000 $ 1,091,342
12/31/96 $ 1,331,000 $ 1,112,624
1/31/97 $ 1,369,000 $ 1,140,417
2/28/97 $ 1,284,000 $ 1,071,547
3/31/97 $ 1,178,000 $ 995,928
4/30/97 $ 1,158,000 $ 984,405
5/31/97 $ 1,315,000 $ 1,132,361
6/30/97 $ 1,373,000 $ 1,170,760
7/31/97 $ 1,437,000 $ 1,230,749
8/31/97 $ 1,480,000 $ 1,267,684
9/30/97 $ 1,652,000 $ 1,368,845
10/31/97 $ 1,589,000 $ 1,286,632
11/30/97 $ 1,560,000 $ 1,255,959
12/31/97 $ 1,551,000 $ 1,256,662
1/31/98 $ 1,522,000 $ 1,239,899
2/28/98 $ 1,650,000 $ 1,349,369
3/31/98 $ 1,740,000 $ 1,405,975
4/30/98 $ 1,720,000 $ 1,414,594
5/31/98 $ 1,585,000 $ 1,311,824
6/30/98 $ 1,603,000 $ 1,325,230
7/31/98 $ 1,436,000 $ 1,214,574
8/31/98 $ 1,133,000 $ 934,202
9/30/98 $ 1,228,000 $ 1,028,920
10/31/98 $ 1,289,000 $ 1,082,589
11/30/98 $ 1,382,000 $ 1,166,565
12/31/98 $ 1,489,000 $ 1,272,128
1/31/99 $ 1,553,000 $ 1,329,348
2/28/99 $ 1,400,000 $ 1,207,739
3/31/99 $ 1,466,000 $ 1,250,759
4/30/99 $ 1,464,000 $ 1,361,213
5/31/99 $ 1,473,000 $ 1,363,364
6/30/99 $ 1,619,000 $ 1,435,186
7/31/99 $ 1,622,000 $ 1,390,810
8/31/99 $ 1,612,000 $ 1,338,794
9/30/99 $ 1,661,000 $ 1,364,619
10/31/99 $ 1,789,000 $ 1,399,567
11/30/99 $ 2,062,000 $ 1,547,557
12/31/99 $ 2,558,032 $ 1,820,314
1/31/2000 $ 2,491,384 $ 1,803,367
2/29/2000 $ 3,363,104 $ 2,222,938
3/31/2000 $ 3,002,356 $ 1,989,263
4/30/2000 $ 2,556,975 $ 1,788,407
5/31/2000 $ 2,322,118 $ 1,631,814
6/30/2000 $ 2,676,519 $ 1,842,612
7/31/2000 $ 2,431,083 $ 1,684,700
8/31/2000 $ 2,756,920 $ 1,861,914
9/30/2000 $ 2,543,222 $ 1,769,414
10/31/2000 $ 2,380,303 $ 1,625,791
11/30/2000 $ 1,977,238 $ 1,330,596
12/31/2000 $ 2,155,942 $ 1,412,015
1/31/2001 $ 2,130,123 $ 1,526,303
2/28/2001 $ 1,811,065 $ 1,317,047
3/31/2001 $ 1,563,934 $ 1,197,301
4/30/2001 $ 1,814,754 $ 1,343,851
5/31/2001 $ 1,796,311 $ 1,375,028
6/30/2001 $ 1,812,910 $ 1,412,567
7/31/2001 $ 1,715,164 $ 1,292,075
8/31/2001 $ 1,610,041 $ 1,211,320
9/30/2001 $ 1,324,180 $ 1,015,813
10/31/2001 $ 1,499,385 $ 1,113,534
11/30/2001 $ 1,654,303 $ 1,206,514
12/31/2001 $ 1,790,779 $ 1,281,632
1/31/2002 $ 1,728,074 $ 1,236,031
2/28/2002 $ 1,571,311 $ 1,156,060
3/31/2002 $ 1,709,631 $ 1,256,522
4/30/2002 $ 1,667,213 $ 1,229,381
5/31/2002 $ 1,558,402 $ 1,157,462
6/30/2002 $ 1,410,861 $ 1,059,309
7/31/2002 $ 1,180,328 $ 896,494
8/31/2002 $ 1,163,729 $ 896,045
9/30/2002 $ 1,112,090 $ 831,351
10/31/2002 $ 1,187,705 $ 873,417
11/30/2002 $ 1,279,918 $ 959,973
12/31/2002 $ 1,196,926 $ 893,735
1/31/2003 $ 1,172,951 $ 869,425
2/28/2003 $ 1,152,664 $ 846,211
3/31/2003 $ 1,165,574 $ 858,989
4/30/2003 $ 1,246,721 $ 940,250
5/31/2003 $ 1,390,574 $ 1,046,216
6/30/2003 $ 1,405,328 $ 1,066,408
7/31/2003 $ 1,519,672 $ 1,147,028
8/31/2003 $ 1,606,352 $ 1,208,624
9/30/2003 $ 1,571,311 $ 1,178,045
10/31/2003 $ 1,750,205 $ 1,279,828
</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.
AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2003(1)
<Table>
<Caption>
1 YEAR 5 YEARS SINCE INCEPTION
- ------ ------- ---------------
41.29% 5.05% 6.00%
</Table>
AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 2003(1)
<Table>
<Caption>
1 YEAR 5 YEARS SINCE INCEPTION
- ------ ------- ---------------
47.36% 6.31% 7.40%
</Table>
- ----------
(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 the Frank
Russell Company. Investors cannot invest directly in an index.
6
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SELECT EQUITY PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT
October 31, 2003 (Unaudited)
November 18, 2003
Dear Shareholder:
For the 12 months ended October 31, 2003, Credit Suisse Institutional Fund,
Inc. -- Select Equity Portfolio(1) (the "Portfolio") had a gain of 15.61%,
versus an increase of 20.80% for the Standard & Poor's 500 Index.(2)
The period was a positive one for the U.S. stock market, though equities
struggled early on. The market reached its low point for the period in early
March, hurt by a great deal of uncertainty regarding a looming conflict with
Iraq and a related decline in consumer sentiment. Stocks began to recover,
however, rising rapidly in 2003's second quarter, then continuing to rally in a
more subdued manner. When the war came to a swift and seemingly successful end
in April, a major cloud of uncertainty lifted and investors embraced risk.
Optimism over a potential economic recovery also supported equities. Grounds for
this optimism included historically low interest rates, a significant
tax-reduction package, and an upturn in leading economic indicators around the
world.
The Portfolio underperformed its benchmark for the period. We attribute this
largely to investors' preference for companies with less-compelling economic
profit characteristics, on speculation that an improving economy might benefit
such companies the most. This trend was particularly acute in the second quarter
of 2003, and it persisted through the end of the period. Because we focus on
companies with good and/or improving economic profitability, we did not own
stocks that generally outperformed for the 12 months.
In terms of sector attribution, stocks that hindered the Portfolio's relative
return included its consumer-discretionary (including media), financial-services
and technology holdings. On the positive side, the Portfolio's consumer-staples
and industrial stocks outperformed, and the Portfolio was aided by its
underweighting in the telecommunications area (the Portfolio had no exposure to
telecom companies as of the end of the period), which lagged the broader market.
Recent market trends and the Portfolio's underperformance notwithstanding, we
have not veered from our investment discipline. Indeed, working closely with our
team of sector-specialist analysts, we have relied even more heavily on our
economic profit discipline, placing greater emphasis on holdings we believe have
the strongest economic profit characteristics and that were "left behind" in
this year's market rally.
7
<Page>
Concurrently, we reduced or eliminated holdings with weakening or
decelerating economic profit trends and/or valuation concerns, replacing them
with companies we believe have greater performance potential. For example,
within the financial services sector, we sold a company whose
return-on-invested-capital may wane along with the slowing rate of mortgage
refinancing. In its place, we established positions in financial companies
focused on investment servicing and investment management. We think they can
improve their return-on-invested-capital as the number of financial transactions
increases, assets under management rise and the effects of cost cutting are
realized.
The consequence of these adjustments is a more concentrated portfolio, yet
one we view as being still well-diversified, with larger position sizes in fewer
names. The Portfolio currently numbers approximately 40 stocks, which is the low
end of our historical range of 40 to 60 holdings.
In closing, we believe that the Portfolio's holdings reflect our thorough
research and best judgment. While the market has not cooperated with us in the
recent past, we have every reason to believe that well managed, profitable
companies with sound fundamentals could again enjoy stronger valuations than
those that have performed well lately.
D. Susan Everly
Co-Portfolio Manager
Margaret D. Miller
Co-Portfolio Manager
Sheryl M. Hempel
Co-Portfolio Manager
Sarah J. Dyer
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.
8
<Page>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $1,000,000 INVESTMENT IN THE
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SELECT EQUITY PORTFOLIO(1) AND THE
S&P 500 INDEX(2) FROM INCEPTION (01/31/02).
<Table>
<Caption>
CREDIT SUISSE INSTITUTIONAL FUND, INC. --
SELECT EQUITY PORTFOLIO(1) S&P 500 Index(2)
1/31/2002 $ 1,000,000 $ 1,000,000
2/28/2002 $ 971,000 $ 980,720
3/31/2002 $ 1,004,000 $ 1,017,605
4/30/2002 $ 948,000 $ 955,908
5/31/2002 $ 962,000 $ 948,862
6/30/2002 $ 885,000 $ 881,266
7/31/2002 $ 809,000 $ 812,571
8/31/2002 $ 809,000 $ 817,909
9/30/2002 $ 720,000 $ 729,019
10/31/2002 $ 787,000 $ 793,187
11/30/2002 $ 839,000 $ 839,874
12/31/2002 $ 786,445 $ 790,532
1/31/2003 $ 765,380 $ 769,820
2/28/2003 $ 757,355 $ 758,272
3/31/2003 $ 767,386 $ 765,628
4/30/2003 $ 813,529 $ 828,715
5/31/2003 $ 843,623 $ 872,389
6/30/2003 $ 852,651 $ 883,555
7/31/2003 $ 873,716 $ 899,106
8/31/2003 $ 881,741 $ 916,638
9/30/2003 $ 862,682 $ 906,922
10/31/2003 $ 909,800 $ 958,200
</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.
AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2003(1)
<Table>
<Caption>
SINCE
1 YEAR INCEPTION
------ ---------
19.82% (8.49%)
</Table>
AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 2003(1)
<Table>
<Caption>
SINCE
1 YEAR INCEPTION
------ ---------
15.61% (5.25%)
</Table>
- ----------
(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. It includes reinvestment of
dividends, and is a registered trademark of McGraw-Hill Co., Inc. Investors
cannot invest directly in an index.
9
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- CAPITAL APPRECIATION PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT
October 31, 2003 (Unaudited)
November 18, 2003
Dear Shareholder:
For the 12 months ended October 31, 2003, Credit Suisse Institutional Fund,
Inc. -- Capital Appreciation Portfolio(1) (the "Portfolio") had a gain of 17.37%
versus an increase of 21.82% for the Russell 1000(R) Growth Index.(2)
The period was a positive one for the U.S. stock market, though equities
struggled early on. The market reached its low point for the period in early
March, hurt by a great deal of uncertainty regarding a looming conflict with
Iraq and a related decline in consumer sentiment. Stocks began to recover,
however, rising rapidly in 2003's second quarter, then continuing to rally in a
more subdued manner. When the war came to a swift and seemingly successful end
in April, a major cloud of uncertainty lifted and investors embraced risk.
Optimism over a potential economic recovery also supported equities. Grounds for
this optimism included historically low interest rates, a significant
tax-reduction package, and an upturn in leading economic indicators around the
world.
The Portfolio underperformed its benchmark for the 12 months. The stronger
performance of the Portfolio's benchmark was partly driven by a surge in "second
tier" technology companies and other high volatility stocks to which the
Portfolio had less exposure during the period. The uneven nature of the recovery
in advertising revenues also hindered some of our media holdings. On the
positive side, stocks that aided the Portfolio's performance included its
health-care and producer durables holdings and the technology names that we did
own.
In terms of sector allocation, we remained fairly well diversified, holding a
mix of defensive stocks and economically sensitive stocks. We made a gradual
shift in favor of the latter in the second half of the period, based on
increasing evidence (positive earnings surprises) that the economy was starting
to benefit specific companies. One noteworthy overweighting in the Portfolio (as
of October 31, 2003) was the consumer-discretionary area, including media
companies. We were about neutrally weighted in the technology sector, and we
continue to seek purchase candidates there. We trimmed our exposure to the
health-care sector late in the period, as certain holdings rose to approach or
reach our sell targets. As a result, the Portfolio was roughly neutrally
weighted there as of the end of the period.
We have a cautiously positive view on stocks generally. While we are
encouraged by the impressive U.S. GDP annualized third-quarter growth rate
10
<Page>
of 8.20%, and by the amount of monetary and fiscal stimulus in the country, we
believe that a number of stocks may have gotten ahead of near-term fundamentals.
Hence we will remain highly selective as we seek to increase the Portfolio's
cyclicality on the margin, focusing on company fundamentals.
Jeffrey T. Rose
Co-Portfolio Manager
Marian U. Pardo
Co-Portfolio Manager
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.
11
<Page>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $1,000,000 INVESTMENT IN THE
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- CAPITAL APPRECIATION PORTFOLIO(1)
AND THE RUSSELL 1000 GROWTH INDEX(2) FROM INCEPTION (01/31/02).
<Table>
<Caption>
CREDIT SUISSE INSTITUTIONAL FUND, INC. --
CAPITAL APPRECIATION PORTFOLIO(1) RUSSELL 1000 GROWTH INDEX(2)
1/31/2002 $ 1,000,000 $ 1,000,000
2/28/2002 $ 950,000 $ 958,500
3/31/2002 $ 973,000 $ 991,664
4/30/2002 $ 897,000 $ 910,744
5/31/2002 $ 878,000 $ 888,704
6/30/2002 $ 790,000 $ 806,499
7/31/2002 $ 740,000 $ 762,142
8/31/2002 $ 743,000 $ 764,428
9/30/2002 $ 684,000 $ 685,157
10/31/2002 $ 737,000 $ 747,986
11/30/2002 $ 765,000 $ 788,601
12/31/2002 $ 716,000 $ 734,109
1/31/2003 $ 707,000 $ 716,270
2/28/2003 $ 702,000 $ 712,975
3/31/2003 $ 704,000 $ 726,237
4/30/2003 $ 747,000 $ 779,906
5/31/2003 $ 783,000 $ 818,823
6/30/2003 $ 804,000 $ 830,123
7/31/2003 $ 832,000 $ 850,793
8/31/2003 $ 840,000 $ 871,977
9/30/2003 $ 818,000 $ 862,647
10/31/2003 $ 865,000 $ 911,100
</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.
AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2003(1)
<Table>
<Caption>
SINCE
1 YEAR INCEPTION
------ ---------
19.59% (11.36%)
</Table>
AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 2003(1)
<Table>
<Caption>
SINCE
1 YEAR INCEPTION
------ ---------
17.37% (7.95%)
</Table>
- ----------
(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.
12
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- HARBINGER PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT
October 31, 2003 (Unaudited)
November 18, 2003
Dear Shareholder:
Credit Suisse Institutional Fund, Inc. -- Harbinger Portfolio(1) (the
"Portfolio") had a gain of 36.80% for the period beginning January 15, 2003 (the
Portfolio's inception date) and ending October 31, 2003. By comparison, the
Russell 2000(R) Growth Index(2) and the Russell 2500(TM) Growth Index(2) had
same-period increases of 37.77% and 36.15%, respectively.
The period was a positive one for the U.S. stock market, though equities
struggled early on. The market reached its low point for the period in early
March, hurt by a great deal of uncertainty regarding a looming conflict with
Iraq and a related decline in consumer sentiment. Stocks began to recover,
however, rising rapidly in 2003's second quarter, then continuing to rally in a
more subdued manner. When the war came to a swift and seemingly successful end
in April, a major cloud of uncertainty lifted and investors embraced risk.
Optimism over a potential economic recovery also supported equities. Grounds for
this optimism included historically low interest rates, a significant
tax-reduction package, and an upturn in leading economic indicators around the
world.
Within this environment of lowered risk thresholds, aggressive-growth stocks
performed well in both absolute terms and relative to the broader market across
the market-capitalization spectrum. In this environment, a number of the
Portfolio's holdings had good showings for the period, including certain
electronics, software, financial-services companies and health-care stocks.
The Portfolio was invested in a range of sectors during the period, with an
emphasis on technology, health-care-services and financial-services companies.
We also maintained meaningful exposure to specialty retail stocks.
While we are encouraged by the strong third-quarter U.S. GDP growth rate and
by some recent improvements in the employment picture, a good deal of optimism
may already be priced into the market. Stock selection should prove key to
performance going forward, and we will remain focused on what we believe to be
well-managed companies with healthy finances and compelling longer-term business
models.
13
<Page>
Robert S. Janis
Portfolio Manager
Calvin E. Chung
Assistant 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.
IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING
STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKET,
INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT REGULATION AND
THEIR POTENTIAL IMPACT ON THE PORTFOLIO'S INVESTMENTS. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
14
<Page>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $1,000,000 INVESTMENT IN THE
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- HARBINGER PORTFOLIO(1),
THE RUSSELL 2000(R) GROWTH INDEX(2) AND RUSSELL 2500(TM) GROWTH INDEX(2)
FROM INCEPTION (01/15/03).
<Table>
<Caption>
CREDIT SUISSE INSTITUTIONAL FUND, INC. --
HARBINGER PORTFOLIO(1) RUSSELL 2000 GROWTH INDEX(2) RUSSELL 2500 GROWTH INDEX(2)
1/15/2003 $ 1,000,000 $ 1,000,000 $ 1,000,000
1/31/2003 $ 929,000 $ 935,900 $ 942,100
2/28/2003 $ 899,000 $ 910,911 $ 920,149
3/31/2003 $ 878,000 $ 924,666 $ 932,295
4/30/2003 $ 970,000 $ 1,012,140 $ 1,013,591
5/31/2003 $ 1,074,000 $ 1,126,208 $ 1,121,032
6/30/2003 $ 1,143,000 $ 1,147,944 $ 1,144,125
7/31/2003 $ 1,194,000 $ 1,234,728 $ 1,220,324
8/31/2003 $ 1,268,000 $ 1,301,033 $ 1,285,733
9/30/2003 $ 1,240,000 $ 1,268,117 $ 1,258,090
10/31/2003 $ 1,368,000 $ 1,377,700 $ 1,361,500
</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.
CUMULATIVE RETURNS AS OF SEPTEMBER 30, 2003(1)
<Table>
<Caption>
SINCE
INCEPTION
---------
24.00%
</Table>
CUMULATIVE RETURNS AS OF OCTOBER 31, 2003(1)
<Table>
<Caption>
SINCE
INCEPTION
---------
36.80%
</Table>
- ----------
(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.
15
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE
FIXED INCOME PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT
October 31, 2003 (Unaudited)
November 18, 2003
Dear Shareholder:
For the 12 months ended October 31, 2003, the Credit Suisse Institutional
Fund, Inc. -- Investment Grade Fixed Income Portfolio(1) (the "Portfolio")
returned 4.37%, versus a same-period gain of 4.91% for the Lehman Brothers U.S.
Aggregate Bond Index(2).
The investment environment for fixed income was favorable throughout most of
the Portfolio's fiscal year, in two key ways. First, monetary policy was
accommodative, so much so that perhaps the key influence on trading activity was
the widespread perception that interest rates (which were already historically
low) were likely to continue to decline. The Federal Reserve cut its benchmark
fed funds rate twice in the period, by a total of 75 basis points, to 1.00%, the
lowest such level in over 40 years. The Fed additionally helped to fuel the
perception that rates would fall further via highly publicized comments
regarding its concerns about deflation.
Second, falling rates helped to motivate investors to look for comparatively
higher yields. This, in turn, meant that riskier debt sectors performed best,
whether in absolute or relative terms. Returns were thus highest among
lower-quality corporate bonds, and longer-maturity instruments more broadly.
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 fiscal year and had a negative impact on the Fund'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.
16
<Page>
- We enjoyed good security selection in securitized debt. This was
especially true in mortgage-backed securities, in which we focused on the
identification of areas of the mortgage market with pricing anomalies that
we considered sizable (e.g., newly issued mortgage pools and pools with
low loan balances).
- We briefly held a small allocation to 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 at
the time proved on target, as nominal inflation moved higher in early 2003
and TIPS prices gained accordingly.
- In the second half of the fiscal year we held a small currency allocation
to euros, which appreciated substantially versus the U.S. dollar. We also
owned some German government bonds that outperformed their U.S.
counterparts.
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 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.
17
<Page>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $1,000,000 INVESTMENT IN THE
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE FIXED INCOME
PORTFOLIO(1) AND THE LEHMAN BROTHERS U.S. AGGREGATE BOND INDEX(2)
FROM INCEPTION (05/01/02).
<Table>
<Caption>
CREDIT SUISSE INSTITUTIONAL FUND, INC. --
INVESTMENT GRADE FIXED INCOME PORTFOLIO(1) LEHMAN BROTHERS U.S. AGGREGATE BOND INDEX(2)
5/1/2002 $ 1,000,000 $ 1,000,000
5/31/2002 $ 1,002,143 $ 1,008,500
6/30/2002 $ 1,006,227 $ 1,017,274
7/31/2002 $ 1,012,171 $ 1,029,583
8/31/2002 $ 1,028,983 $ 1,046,983
9/30/2002 $ 1,043,762 $ 1,063,944
10/31/2002 $ 1,041,524 $ 1,059,050
11/30/2002 $ 1,047,327 $ 1,058,732
12/31/2002 $ 1,069,991 $ 1,080,648
1/31/2003 $ 1,054,942 $ 1,081,621
2/28/2003 $ 1,058,873 $ 1,096,547
3/31/2003 $ 1,073,530 $ 1,095,670
4/30/2003 $ 1,082,373 $ 1,104,764
5/31/2003 $ 1,103,010 $ 1,125,312
6/30/2003 $ 1,099,622 $ 1,123,077
7/31/2003 $ 1,060,379 $ 1,085,320
8/31/2003 $ 1,068,659 $ 1,092,483
9/30/2003 $ 1,096,995 $ 1,121,400
10/31/2003 $ 1,087,000 $ 1,111,000
</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.
AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2003(1)
<Table>
<Caption>
SINCE
1 YEAR INCEPTION
------ ---------
5.10% 6.74%
</Table>
AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 2003(1)
<Table>
<Caption>
SINCE
1 YEAR INCEPTION
------ ---------
4.37% 5.70%
</Table>
- ----------
(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. It 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.
18
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- LARGE CAP VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2003
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------------- ---------------
COMMON STOCKS (97.0%)
AEROSPACE & DEFENSE (6.1%)
Alliant Techsystems, Inc.* 6,300 $ 326,088
General Dynamics Corp. 4,400 368,280
United Technologies Corp. 13,000 1,100,970
---------------
1,795,338
---------------
AUTO COMPONENTS (3.0%)
Johnson Controls, Inc. 3,800 408,614
Lear Corp.* 8,000 464,720
---------------
873,334
---------------
BANKS (11.1%)
Bank of America Corp. 9,100 689,143
Charter One Financial, Inc. 11,255 359,710
Mellon Financial Corp. 14,500 433,115
Wachovia Corp. 10,600 486,222
Washington Mutual, Inc. 11,100 485,625
Wells Fargo & Co. 14,400 811,008
---------------
3,264,823
---------------
BEVERAGES (1.0%)
Anheuser-Busch Companies, Inc. 5,800 285,708
---------------
BUILDING PRODUCTS (2.6%)
American Standard Companies, Inc.* 8,000 765,600
---------------
CHEMICALS (2.2%)
International Flavors & Fragrances, Inc. 10,300 340,930
PPG Industries, Inc. 5,500 317,075
---------------
658,005
---------------
COMMERCIAL SERVICES & SUPPLIES (3.3%)
Avery Dennison Corp. 8,100 425,898
Cendant Corp.* 27,400 559,782
---------------
985,680
---------------
COMPUTERS & PERIPHERALS (3.5%)
Hewlett-Packard Co. 29,844 665,819
Seagate Technology 15,400 353,892
---------------
1,019,711
---------------
DIVERSIFIED FINANCIALS (9.1%)
Citigroup, Inc. 27,000 1,279,800
Freddie Mac 10,500 589,365
Lehman Brothers Holdings, Inc. 5,800 417,600
Morgan Stanley 7,000 384,090
---------------
2,670,855
---------------
DIVERSIFIED TELECOMMUNICATION SERVICES (3.9%)
ALLTEL Corp. 6,600 311,982
BellSouth Corp. 15,000 394,650
</Table>
See Accompanying Notes to Financial Statements.
19
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------------- ---------------
COMMON STOCKS
DIVERSIFIED TELECOMMUNICATION SERVICES
Verizon Communications, Inc. 13,400 $ 450,240
---------------
1,156,872
---------------
ELECTRIC UTILITIES (0.9%)
Progress Energy, Inc. 6,500 280,150
---------------
ELECTRICAL EQUIPMENT (1.8%)
Emerson Electric Co. 9,600 544,800
---------------
FOOD PRODUCTS (2.9%)
Dean Foods Co.* 9,800 296,450
General Mills, Inc. 12,500 560,625
---------------
857,075
---------------
HEALTHCARE PROVIDERS & SERVICES (2.6%)
Aetna, Inc. 8,600 493,726
Cardinal Health, Inc. 4,500 267,030
---------------
760,756
---------------
HOUSEHOLD DURABLES (2.0%)
Newell Rubbermaid, Inc. 25,700 585,960
---------------
HOUSEHOLD PRODUCTS (1.9%)
Kimberly-Clark Corp. 10,400 549,224
---------------
INDUSTRIAL CONGLOMERATES (3.4%)
Textron, Inc. 8,700 432,303
Tyco International, Ltd. 27,300 570,024
---------------
1,002,327
---------------
INSURANCE (4.2%)
Hartford Financial Services Group, Inc. 12,200 669,780
St. Paul Companies, Inc. 15,000 571,950
---------------
1,241,730
---------------
IT CONSULTING & SERVICES (1.7%)
Unisys Corp.* 31,900 489,984
---------------
MACHINERY (3.2%)
Eaton Corp. 6,600 661,584
Harsco Corp. 7,100 272,001
---------------
933,585
---------------
MEDIA (3.1%)
Gannett Company, Inc. 3,900 328,029
Tribune Co. 6,900 338,445
Viacom, Inc. Class B 6,100 243,207
---------------
909,681
---------------
MULTI-UTILITIES (1.5%)
Calpine Corp.* 95,400 439,794
---------------
</Table>
See Accompanying Notes to Financial Statements.
20
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------------- ---------------
COMMON STOCKS
OIL & GAS (7.8%)
Apache Corp. 4,000 $ 278,880
ConocoPhillips 13,200 754,380
Devon Energy Corp. 7,700 373,450
Exxon Mobil Corp. 17,300 632,834
Noble Energy, Inc. 6,900 274,068
---------------
2,313,612
---------------
PAPER & FOREST PRODUCTS (1.0%)
MeadWestvaco Corp. 11,300 292,896
---------------
PHARMACEUTICALS (6.7%)
Abbott Laboratories 10,300 438,986
Bristol-Myers Squibb Co. 12,500 317,125
Johnson & Johnson 12,300 619,059
Pfizer, Inc. 18,680 590,288
---------------
1,965,458
---------------
ROAD & RAIL (2.6%)
Burlington Northern Santa Fe Corp. 26,500 766,910
---------------
SOFTWARE (1.0%)
Microsoft Corp. 11,200 292,880
---------------
TOBACCO (2.9%)
Altria Group, Inc. 10,700 497,550
R.J. Reynolds Tobacco Holdings, Inc. 7,200 345,816
---------------
843,366
---------------
TOTAL COMMON STOCKS (Cost $27,592,566) 28,546,114
---------------
<Caption>
PAR
(000)
---------------
SHORT-TERM INVESTMENT (1.0%)
State Street Bank and Trust Co. Euro Time
Deposit, 0.750%, 11/03/03 (Cost $302,000) $ 302 302,000
---------------
TOTAL INVESTMENTS AT VALUE (98.0%)
(Cost $27,894,566) 28,848,114
OTHER ASSETS IN EXCESS OF LIABILITIES (2.0%) 596,527
---------------
NET ASSETS (100.0%) $ 29,444,641
===============
</Table>
* Non-income producing security.
See Accompanying Notes to Financial Statements.
21
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SMALL CAP GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2003
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------------- ---------------
COMMON STOCKS (96.9%)
AGRICULTURE (0.9%)
Delta and Pine Land Co. 9,900 $ 226,314
---------------
AUTO COMPONENTS (1.7%)
BorgWarner, Inc. 3,000 238,770
Quantum Fuel Systems Technologies Worldwide,
Inc.* 21,000 191,730
---------------
430,500
---------------
BANKS (0.9%)
IndyMac Bancorp, Inc. 8,400 246,960
---------------
BIOTECHNOLOGY (2.0%)
BioMarin Pharmaceutical, Inc.* 16,400 114,800
Cubist Pharmaceuticals, Inc.* 21,700 252,154
Nabi Biopharmaceuticals* 13,600 150,008
---------------
516,962
---------------
BUILDING PRODUCTS (1.0%)
Griffon Corp.* 13,200 255,420
---------------
CHEMICALS (0.6%)
Airgas, Inc. 8,700 166,605
---------------
COMMERCIAL SERVICES & SUPPLIES (2.7%)
Headwaters, Inc.* 17,600 329,824
Kroll, Inc.* 9,400 218,644
Pegasus Solutions, Inc.* 13,300 145,236
---------------
693,704
---------------
COMMUNICATIONS EQUIPMENT (2.4%)
Extreme Networks, Inc.* 21,100 181,460
InterDigital Communications Corp.* 13,300 225,967
Polycom, Inc.* 11,300 226,339
---------------
633,766
---------------
COMPUTERS & PERIPHERALS (2.2%)
Avid Technology, Inc.* 10,900 563,966
---------------
CONTAINERS & PACKAGING (0.8%)
Crown Holdings, Inc.* 26,100 206,190
---------------
DIVERSIFIED FINANCIALS (3.6%)
Affiliated Managers Group, Inc.* 5,200 377,000
Jefferies Group, Inc. 9,200 285,200
Raymond James Financial, Inc. 6,700 273,293
---------------
935,493
---------------
ELECTRONIC EQUIPMENT & INSTRUMENTS (1.1%)
Lexar Media, Inc.* 12,500 286,375
---------------
ENERGY EQUIPMENT & SERVICES (1.3%)
FMC Technologies, Inc.* 10,000 200,800
Newpark Resources, Inc.* 37,300 149,946
---------------
350,746
---------------
</Table>
See Accompanying Notes to Financial Statements.
22
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------------- ---------------
COMMON STOCKS
FOOD & DRUG RETAILING (0.7%)
Performance Food Group Co.* 5,100 $ 189,975
---------------
FOOD PRODUCTS (1.1%)
Hain Celestial Group, Inc.* 13,600 286,960
---------------
HEALTHCARE EQUIPMENT & SUPPLIES (3.7%)
Fisher Scientific International, Inc.* 6,200 249,550
SonoSite, Inc.* 12,100 238,975
Therasense, Inc.* 15,300 279,684
Wilson Greatbatch Technologies, Inc.* 4,900 184,730
---------------
952,939
---------------
HEALTHCARE PROVIDERS & SERVICES (8.1%)
Accredo Health, Inc.* 23,500 751,060
Apria Healthcare Group, Inc.* 8,200 237,800
Centene Corp.* 11,400 348,954
Community Health Systems, Inc.* 12,900 309,858
LifePoint Hospitals, Inc.* 17,500 449,925
---------------
2,097,597
---------------
INSURANCE (1.7%)
HCC Insurance Holdings, Inc. 8,800 256,432
U.S.I. Holdings Corp.* 13,900 176,391
---------------
432,823
---------------
INTERNET & CATALOG RETAIL (0.4%)
ValueVision Media, Inc. Class A* 6,400 104,000
---------------
INTERNET SOFTWARE & SERVICES (8.3%)
Ask Jeeves, Inc.* 15,600 298,896
Chordiant Software, Inc.* 115,500 508,200
DoubleClick, Inc.* 26,100 217,413
MatrixOne, Inc.* 50,700 280,878
Openwave Systems, Inc.* 40,933 534,180
RealNetworks, Inc.* 19,100 127,015
webMethods, Inc.* 21,300 184,884
---------------
2,151,466
---------------
IT CONSULTING & SERVICES (1.0%)
CACI International, Inc. Class A* 5,200 257,556
---------------
MEDIA (4.0%)
Cumulus Media, Inc. Class A* 20,200 378,346
Emmis Communications Corp. Class A* 16,900 374,842
Getty Images, Inc.* 6,500 290,550
---------------
1,043,738
---------------
METALS & MINING (0.7%)
GrafTech International, Ltd.* 18,400 191,176
---------------
MULTILINE RETAIL (1.2%)
BJ's Wholesale Club, Inc.* 12,100 310,849
---------------
</Table>
See Accompanying Notes to Financial Statements.
23
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------------- ---------------
COMMON STOCKS
OIL & GAS (3.3%)
Remington Oil & Gas Corp.* 12,000 $ 214,200
Spinnaker Exploration Co.* 7,800 199,602
Stone Energy Corp.* 7,100 256,594
Tom Brown, Inc.* 6,900 186,438
---------------
856,834
---------------
PHARMACEUTICALS (7.1%)
Angiotech Pharmaceuticals, Inc.* 6,600 301,818
Inspire Phamaceuticals, Inc.* 14,900 277,438
K-V Pharmaceutical Co. Class A* 13,200 316,800
Medicis Pharmaceutical Corp. Class A 7,700 487,795
Sepracor, Inc.* 17,300 460,699
---------------
1,844,550
---------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (11.3%)
Actel Corp.* 14,200 383,116
Axcelis Technologies, Inc.* 36,500 386,170
Brooks Automation, Inc.* 12,080 301,396
Cymer, Inc.* 7,200 328,752
Entegris, Inc.* 23,500 309,260
Integrated Device Technology, Inc.* 18,700 293,590
OmniVision Technologies, Inc.* 3,600 204,480
Semtech Corp.* 11,700 259,740
Varian Semiconductor Equipment Associates, Inc.* 10,000 483,500
---------------
2,950,004
---------------
SOFTWARE (12.1%)
Activision, Inc.* 18,200 274,638
Agile Software Corp.* 20,900 229,273
Documentum, Inc.* 13,300 395,675
FileNET Corp.* 11,900 317,968
Hyperion Solutions Corp.* 15,400 515,746
Informatica Corp.* 34,400 374,960
Manugistics Group, Inc.* 28,500 206,910
QRS Corp.* 9,699 98,639
Radiant Systems, Inc.* 23,350 155,511
Take-Two Interactive Software, Inc.* 10,700 423,185
Verisity, Ltd.* 12,600 157,374
---------------
3,149,879
---------------
SPECIALTY RETAIL (9.3%)
Aeropostale, Inc.* 8,600 265,310
American Eagle Outfitters, Inc.* 11,300 180,687
AnnTaylor Stores Corp.* 8,800 315,040
Cost Plus, Inc.* 7,000 321,090
Guitar Center, Inc.* 7,100 231,105
Gymboree Corp.* 16,400 270,600
Hot Topic, Inc.* 9,950 285,664
</Table>
See Accompanying Notes to Financial Statements.
24
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------------- ---------------
COMMON STOCKS
SPECIALTY RETAIL
Linens 'n Things, Inc.* 10,600 $ 312,912
Movie Gallery, Inc.* 11,500 237,820
---------------
2,420,228
---------------
TEXTILES & APPAREL (0.9%)
Tommy Hilfiger Corp.* 15,800 232,102
---------------
TRADING COMPANIES & DISTRIBUTORS (0.8%)
MSC Industrial Direct Company, Inc. Class A 9,300 219,945
---------------
TOTAL COMMON STOCKS (Cost $18,113,922) 25,205,622
---------------
PREFERRED STOCKS (0.1%)
INTERNET SOFTWARE & SERVICES (0.1%)
Planetweb, Inc.*,++ 165,400 11,578
Prescient Systems, Inc.*,++ 31,075 11,040
---------------
TOTAL PREFERRED STOCKS (Cost $2,913,163) 22,618
---------------
WARRANTS (0.0%)
ELECTRONIC EQUIPMENT & INSTRUMENTS (0.0%)
APW, Ltd. expires 7/31/09*,^(Cost $0) 45 0
---------------
<Caption>
PAR
(000)
----------
SHORT-TERM INVESTMENT (2.2%)
State Street Bank and Trust Co. Euro Time Deposit,
0.750%, 11/03/03 (Cost $576,000) $ 576 576,000
---------------
TOTAL INVESTMENTS AT VALUE (99.2%)
(Cost $21,603,085) 25,804,240
---------------
OTHER ASSETS IN EXCESS OF LIABILITIES (0.8%) 198,100
---------------
NET ASSETS (100.0%) $ 26,002,340
===============
</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.
See Accompanying Notes to Financial Statements.
25
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SELECT EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2003
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------------- ---------------
COMMON STOCKS (99.0%)
AEROSPACE & DEFENSE (5.2%)
Lockheed Martin Corp. 8,500 $ 394,060
United Technologies Corp. 2,000 169,380
---------------
563,440
---------------
BANKS (7.5%)
Bank of America Corp. 4,800 363,504
Mellon Financial Corp. 4,000 119,480
Wachovia Corp. 7,200 330,264
---------------
813,248
---------------
BUILDING PRODUCTS (1.1%)
American Standard Companies, Inc.* 1,200 114,840
---------------
CHEMICALS (5.9%)
Du Pont (E. I.) de Nemours & Co. 7,300 294,920
PPG Industries, Inc. 5,900 340,135
---------------
635,055
---------------
COMMERCIAL SERVICES & SUPPLIES (5.4%)
Cendant Corp.* 17,000 347,310
Cintas Corp. 2,600 110,916
Monster Worldwide, Inc.* 4,800 122,256
---------------
580,482
---------------
COMPUTERS & PERIPHERALS (1.4%)
Seagate Technology 6,700 153,966
---------------
DIVERSIFIED FINANCIALS (6.3%)
Citigroup, Inc. 8,349 395,743
State Street Corp. 5,500 287,980
---------------
683,723
---------------
ELECTRICAL EQUIPMENT (0.9%)
Emerson Electric Co. 1,748 99,199
---------------
FOOD & DRUG RETAILING (3.4%)
CVS Corp. 10,500 369,390
---------------
HEALTHCARE EQUIPMENT & SUPPLIES (6.7%)
Biomet, Inc. 9,800 351,428
Medtronic, Inc. 8,200 373,674
---------------
725,102
---------------
HEALTHCARE PROVIDERS & SERVICES (2.5%)
UnitedHealth Group, Inc. 5,200 264,576
---------------
HOUSEHOLD DURABLES (2.5%)
Newell Rubbermaid, Inc. 11,900 271,320
---------------
HOUSEHOLD PRODUCTS (3.0%)
Clorox Co. 7,100 321,630
---------------
</Table>
See Accompanying Notes to Financial Statements.
26
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------------- ---------------
COMMON STOCKS
INSURANCE (7.1%)
Chubb Corp. 3,400 $ 227,154
Hartford Financial Services Group, Inc. 5,900 323,910
Prudential Financial, Inc. 5,700 220,248
---------------
771,312
---------------
MACHINERY (3.5%)
Illinois Tool Works, Inc. 5,200 382,460
---------------
MEDIA (9.3%)
Gannett Company, Inc. 3,200 269,152
General Motors Corp. Class H* 24,100 395,963
Tribune Co. 7,000 343,350
---------------
1,008,465
---------------
MULTILINE RETAIL (3.8%)
Federated Department Stores, Inc. 8,500 404,175
---------------
OIL & GAS (4.0%)
Devon Energy Corp. 4,600 223,100
Exxon Mobil Corp. 5,600 204,848
---------------
427,948
---------------
PAPER & FOREST PRODUCTS (1.2%)
International Paper Co. 3,400 133,790
---------------
PERSONAL PRODUCTS (1.5%)
Estee Lauder Companies, Inc. Class A 4,200 157,038
---------------
PHARMACEUTICALS (6.8%)
Abbott Laboratories 9,200 392,104
Eli Lilly and Co. 2,200 146,564
Pfizer, Inc. 6,200 195,920
---------------
734,588
---------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (2.9%)
Intel Corp. 9,300 307,365
---------------
SOFTWARE (7.1%)
Adobe Systems, Inc. 5,300 232,352
Microsoft Corp. 14,924 390,262
VERITAS Software Corp.* 4,100 148,215
---------------
770,829
---------------
TOTAL COMMON STOCKS (Cost $9,538,884) 10,693,941
---------------
TOTAL INVESTMENTS AT VALUE (99.0%) (Cost $9,538,884) 10,693,941
OTHER ASSETS IN EXCESS OF LIABILITIES (1.0%) 109,657
---------------
NET ASSETS (100.0%) $ 10,803,598
===============
</Table>
* Non-income producing security.
See Accompanying Notes to Financial Statements.
27
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- CAPITAL APPRECIATION PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2003
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------------- ---------------
COMMON STOCKS (97.8%)
AEROSPACE & DEFENSE (1.9%)
United Technologies Corp. 2,100 $ 177,849
---------------
BANKS (3.2%)
Mellon Financial Corp. 5,800 173,246
Wachovia Corp. 2,900 133,023
---------------
306,269
---------------
BEVERAGES (2.1%)
PepsiCo, Inc. 4,200 200,844
---------------
BIOTECHNOLOGY (6.7%)
Amgen, Inc.* 3,000 185,280
Chiron Corp.* 800 43,704
Genentech, Inc.* 3,100 254,107
Gilead Sciences, Inc.* 2,800 152,824
---------------
635,915
---------------
CHEMICALS (1.0%)
Du Pont (E. I.) de Nemours & Co. 2,300 92,920
---------------
COMMERCIAL SERVICES & SUPPLIES (3.0%)
Apollo Group, Inc. Class A* 2,700 171,531
Monster Worldwide, Inc.* 4,500 114,615
---------------
286,146
---------------
COMMUNICATIONS EQUIPMENT (6.3%)
Cisco Systems, Inc.* 10,700 224,486
Corning, Inc.* 17,000 186,660
Motorola, Inc. 13,700 185,361
---------------
596,507
---------------
COMPUTERS & PERIPHERALS (5.7%)
Dell, Inc.* 5,400 195,048
EMC Corp.* 3,400 47,056
International Business Machines Corp. 1,000 89,480
Seagate Technology 9,300 213,714
---------------
545,298
---------------
DIVERSIFIED FINANCIALS (4.8%)
Ameritrade Holding Corp.* 3,300 45,012
Capital One Financial Corp. 4,000 243,200
Morgan Stanley 3,000 164,610
---------------
452,822
---------------
HEALTHCARE EQUIPMENT & SUPPLIES (1.6%)
St. Jude Medical, Inc.* 2,700 157,032
---------------
HEALTHCARE PROVIDERS & SERVICES (6.2%)
Anthem, Inc.* 2,200 150,546
Caremark Rx, Inc.* 3,700 92,685
Omnicare, Inc. 5,700 218,538
</Table>
See Accompanying Notes to Financial Statements.
28
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------------- ---------------
COMMON STOCKS
HEALTHCARE PROVIDERS & SERVICES
WebMD Corp.* 15,800 $ 123,082
---------------
584,851
---------------
INDUSTRIAL CONGLOMERATES (2.8%)
General Electric Co. 5,800 168,258
Tyco International, Ltd. 4,800 100,224
---------------
268,482
---------------
INTERNET & CATALOG RETAIL (3.8%)
eBay, Inc.* 2,000 111,880
InterActiveCorp* 6,700 245,957
---------------
357,837
---------------
INTERNET SOFTWARE & SERVICES (1.9%)
Yahoo!, Inc.* 4,100 179,170
---------------
IT CONSULTING & SERVICES (1.2%)
Accenture, Ltd. Class A* 4,900 114,660
---------------
MACHINERY (1.6%)
Danaher Corp. 1,800 149,130
---------------
MEDIA (13.2%)
Clear Channel Communications, Inc. 2,100 85,722
Comcast Corp. Special Class A* 9,000 293,580
E.W. Scripps Co. Class A 1,000 92,910
General Motors Corp. Class H* 12,300 202,089
Time Warner, Inc.* 10,900 166,661
Univision Communications, Inc. Class A* 6,200 210,490
Viacom, Inc. Class B 5,200 207,324
---------------
1,258,776
---------------
MULTILINE RETAIL (2.2%)
Wal-Mart Stores, Inc. 3,500 206,325
---------------
OIL & GAS (1.1%)
XTO Energy, Inc. 4,600 108,882
---------------
PERSONAL PRODUCTS (1.8%)
Estee Lauder Companies, Inc. Class A 4,700 175,733
---------------
PHARMACEUTICALS (5.9%)
Allergan, Inc. 1,200 90,744
Eli Lilly and Co. 2,200 146,564
Watson Pharmaceuticals, Inc.* 3,400 133,518
Wyeth 4,200 185,388
---------------
556,214
---------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (8.7%)
Analog Devices, Inc.* 4,100 181,753
Applied Materials, Inc.* 5,600 130,872
Intel Corp. 11,900 393,295
</Table>
See Accompanying Notes to Financial Statements.
29
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------------- ---------------
COMMON STOCKS
SEMICONDUCTOR EQUIPMENT & PRODUCTS
Maxim Integrated Products, Inc. 2,400 $ 119,304
---------------
825,224
---------------
SOFTWARE (4.0%)
Microsoft Corp. 7,000 183,050
VERITAS Software Corp.* 5,500 198,825
---------------
381,875
---------------
SPECIALTY RETAIL (2.9%)
Bed Bath & Beyond, Inc.* 2,300 97,152
Lowe's Companies, Inc. 3,000 176,790
---------------
273,942
---------------
TEXTILES & APPAREL (1.2%)
Coach, Inc.* 3,300 117,051
---------------
WIRELESS TELECOMMUNICATION SERVICES (3.0%)
Nextel Communications, Inc. Class A* 7,500 181,500
Sprint Corp. (PCS Group)* 23,300 101,355
---------------
282,855
---------------
TOTAL COMMON STOCKS (Cost $8,387,883) 9,292,609
---------------
<Caption>
PAR
(000)
---------------
SHORT-TERM INVESTMENT (3.6%)
State Street Bank and Trust Co. Euro Time
Deposit, 0.750%, 11/03/03 (Cost $343,000) $ 343 343,000
---------------
TOTAL INVESTMENTS AT VALUE (101.4%)
(Cost $8,730,883) 9,635,609
LIABILITIES IN EXCESS OF OTHER ASSETS (-1.4%) (133,728)
---------------
NET ASSETS (100.0%) $ 9,501,881
===============
</Table>
* Non-income producing security.
See Accompanying Notes to Financial Statements.
30
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- HARBINGER PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2003
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------------- ---------------
COMMON STOCKS (98.7%)
DIVERSIFIED FINANCIALS (9.6%)
E*TRADE Group, Inc.* 13,700 $ 141,110
Franklin Resources, Inc. 2,000 94,840
---------------
235,950
---------------
ELECTRONIC EQUIPMENT & INSTRUMENTS (10.1%)
Sanmina-SCI Corp.* 13,100 138,205
Solectron Corp.* 19,500 108,030
---------------
246,235
---------------
FOOD & DRUG RETAILING (3.5%)
Wild Oats Markets, Inc.* 8,300 86,154
---------------
HEALTHCARE PROVIDERS & SERVICES (23.2%)
Accredo Health, Inc.* 3,300 105,468
Centene Corp.* 4,150 127,032
Community Health Systems, Inc.* 3,900 93,678
Pediatrix Medical Group, Inc.* 1,500 80,175
Triad Hospitals, Inc.* 2,800 86,044
United Surgical Partners International, Inc.* 2,500 75,400
---------------
567,797
---------------
HOTELS, RESTAURANTS & LEISURE (1.3%)
California Pizza Kitchen, Inc.* 1,700 31,620
---------------
INTERNET SOFTWARE & SERVICES (1.1%)
Digitas, Inc.* 3,100 26,970
---------------
MEDIA (5.0%)
Clear Channel Communications, Inc. 1,600 65,312
Journal Register Co.* 2,800 56,084
---------------
121,396
---------------
MULTILINE RETAIL (4.4%)
Dollar Tree Stores, Inc.* 2,800 106,904
---------------
OIL & GAS (2.8%)
Newfield Exploration Co.* 1,700 67,541
---------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (2.0%)
GlobespanVirata, Inc.* 7,800 48,048
---------------
SOFTWARE (28.0%)
Activision, Inc.* 7,350 110,911
Amdocs, Ltd. 4,800 103,008
Compuware Corp.* 8,900 50,018
JDA Software Group, Inc.* 7,500 160,575
Lawson Software, Inc.* 9,300 77,562
Siebel Systems, Inc.* 6,700 84,353
THQ, Inc.* 5,600 99,344
---------------
685,771
---------------
</Table>
See Accompanying Notes to Financial Statements.
31
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------------- ---------------
COMMON STOCKS
SPECIALTY RETAIL (7.7%)
Aeropostale, Inc.* 2,900 $ 89,465
Gymboree Corp.* 3,100 51,150
Hot Topic, Inc.* 1,650 47,372
---------------
187,987
---------------
TOTAL COMMON STOCKS (Cost $1,745,896) 2,412,373
---------------
TOTAL INVESTMENTS AT VALUE (98.7%)
(Cost $1,745,896) 2,412,373
OTHER ASSETS IN EXCESS OF LIABILITIES (1.3%) 32,137
---------------
NET ASSETS (100.0%) $ 2,444,510
===============
</Table>
* Non-income producing security.
See Accompanying Notes to Financial Statements.
32
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE
FIXED INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2003
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ----- -----
CORPORATE BONDS (28.7%)
AEROSPACE & DEFENSE (0.5%)
$ 45 Lockheed Martin Corp., Bonds (BBB , Baa2) 12/01/29 8.500 $ 58,683
------------
AUTOMOBILE MANUFACTURERS (0.2%)
20 Ford Motor Co., Unsecured Notes (BBB , Baa1) 07/16/31 7.450 18,015
10 General Motors Corp., Global
Debentures (BBB , Baa1) 07/15/33 8.375 10,581
------------
28,596
------------
BANKS (0.1%)
10 Bank of America Corp., Series MTN,
Senior Notes (A+ , Aa2) 03/01/04 5.750 10,146
------------
DIVERSIFIED FINANCIALS (10.6%)
130 American International Group, Inc.,
Rule 144A, Notes++ (AAA , Aaa) 05/15/13 4.250 122,711
30 Bear Stearns Companies, Inc.,
Global Notes (A , A1) 07/02/08 2.875 28,919
25 Capital One Bank, Subordinated Notes (BB+ , Baa3) 06/13/13 6.500 25,814
50 CIT Group, Inc., Global Senior Notes (A , A2) 04/02/12 7.750 58,446
75 Countrywide Home Loans, Inc.,
Global Notes (A , A3) 12/19/07 4.250 76,526
25 Countrywide Home Loans, Inc.,
Series MTN, Global Notes (A , A3) 05/21/08 3.250 24,395
15 ERAC USA Finance Co., Rule 144A,
Notes++ (BBB+ , Baa1) 05/15/06 6.625 16,256
10 FMR Corp., Rule 144A, Notes++ (AA , Aa3) 03/01/13 4.750 9,909
90 Ford Motor Credit Co., Global
Bonds (BBB , A3) 02/01/11 7.375 91,761
75 Ford Motor Credit Co., Global Notes (BBB , A3) 02/01/06 6.875 78,535
5 Ford Motor Credit Co., Global
Notes (BBB , A3) 10/28/09 7.375 5,178
75 General Electric Capital Corp.,
Series MTNA, Global Notes (AAA , Aaa) 06/15/12 6.000 80,845
75 General Motors Acceptance Corp.,
Global Bonds (BBB , A3) 11/01/31 8.000 77,349
45 General Motors Acceptance Corp.,
Global Notes (BBB , A3) 02/01/07 6.125 47,288
25 Goldman Sachs Group, Inc., Global
Bonds (A+ , Aa3) 01/15/11 6.875 28,314
75 Goldman Sachs Group, Inc., Global
Notes (A+ , Aa3) 04/01/13 5.250 75,521
105 Household Finance Corp., Global
Notes (A , A1) 01/30/07 5.750 113,449
25 Household Finance Corp., Global
Notes (A , A1) 07/15/10 8.000 29,730
35 MBNA America Bank, Rule 144A,
Subordinated Notes++ (BBB , Baa2) 03/15/08 6.750 39,026
60 Merrill Lynch & Company, Inc.,
Series MTNB, Notes (A+ , Aa3) 11/04/10 4.500 59,680
65 Morgan Stanley, Global Notes (A+ , Aa3) 03/01/13 5.300 66,087
15 Textron Financial Corp., Notes# (A- , A3) 10/06/06 1.500 14,998
50 Textron, Inc., Senior Notes (A- , A3) 08/01/10 4.500 49,765
------------
1,220,502
------------
ELECTRIC (4.4%)
40 American Electric Power Company,
Inc., Series A, Global Notes (BBB , Baa3) 05/15/06 6.125 42,992
45 Cilcorp, Inc., Bonds (BBB+ , Baa2) 10/15/29 9.375 59,268
</Table>
See Accompanying Notes to Financial Statements.
33
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ----- -----
CORPORATE BONDS
ELECTRIC
$ 40 Cincinnati Gas & Electric Co.,
Notes (BBB , Baa1) 09/15/12 5.700 $ 41,771
45 Consolidated Edison Company of
New York, Debentures (A+ , A1) 02/01/13 4.875 45,069
15 Constellation Energy Group, Inc.,
Notes (BBB+ , Baa1) 04/01/07 6.350 16,363
45 Constellation Energy Group, Inc.,
Notes (BBB+ , Baa1) 04/01/12 7.000 51,096
20 Dominion Resources, Inc., Series B,
Global Senior Notes (BBB+ , Baa1) 07/15/05 7.625 21,791
55 Energy East Corp., Notes (BBB , Baa2) 06/15/12 6.750 59,947
10 FPL Group Capital, Inc.,
Company Guaranteed Notes (A- , A2) 09/15/06 7.625 11,294
60 FPL Group Capital, Inc., Notes (A- , A2) 04/11/06 3.250 60,745
15 Ohio Edison Co., Rule 144A,
Senior Notes++ (BBB- , Baa2) 05/01/08 4.000 14,881
15 Oncor Electric Delivery Co.,
Global Secured Notes (BBB , Baa1) 05/01/32 7.000 16,413
5 Progress Energy, Inc., Senior
Notes (BBB- , Baa2) 03/01/06 6.750 5,445
55 Public Service Company of Colorado,
Global Collateral Trust Notes (BBB+ , Baa1) 10/01/12 7.875 66,562
------------
513,637
------------
ENVIRONMENTAL CONTROL (0.6%)
10 Waste Management, Inc., Global
Company Guaranteed Notes (BBB , Baa3) 05/15/32 7.750 11,752
50 Waste Management, Inc., Senior
Notes (BBB , Baa3) 08/01/10 7.375 57,900
------------
69,652
------------
FOOD (1.8%)
30 ConAgra Foods, Inc., Notes (BBB+ , Baa1) 09/15/11 6.750 33,818
30 ConAgra Foods, Inc., Notes (BBB+ , Baa1) 09/15/30 8.250 37,875
40 General Mills, Inc., Global Notes (BBB+ , Baa2) 02/15/12 6.000 42,835
40 Kellogg Co., Global Senior Notes (BBB , Baa2) 06/01/08 2.875 38,533
45 Kellogg Co., Series B, Global
Notes (BBB , Baa2) 04/01/11 6.600 50,352
------------
203,413
------------
GAS (0.5%)
15 KeySpan Corp., Senior Notes (A , A3) 11/15/30 8.000 19,072
35 Sempra Energy, Notes (BBB+ , Baa1) 12/01/05 6.950 38,198
------------
57,270
------------
HEALTHCARE PRODUCTS (0.4%)
45 Baxter International, Inc., Notes (A , A3) 05/01/07 5.250 48,138
------------
HEALTHCARE SERVICES (0.3%)
35 HCA, Inc., Notes (BBB- , Ba1) 07/01/07 7.000 37,704
------------
INSURANCE (0.5%)
55 MetLife, Inc., Debentures (A , A2) 05/15/05 3.911 56,819
------------
</Table>
See Accompanying Notes to Financial Statements.
34
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ----- -----
CORPORATE BONDS
INTERNET SOFTWARE & SERVICES (0.2%)
$ 25 Thomson Corp., Global Notes (A- , A3) 01/05/12 6.200 $ 27,391
------------
MEDIA (2.2%)
55 Comcast Cable Communications, Inc.,
Senior Notes (BBB , Baa3) 01/30/11 6.750 60,986
70 Liberty Media Corp., Global
Senior Notes# (BBB- , Baa3) 09/17/06 2.640 69,776
30 News America Holdings, Inc.,
Company Guaranteed Notes (BBB- , Baa3) 02/01/13 9.250 38,697
35 News America, Inc., Company
Guaranteed Notes (BBB- , Baa3) 11/30/28 7.625 39,959
35 Time Warner, Inc., Global Company
Guaranteed Notes (BBB+ , Baa1) 04/15/31 7.625 39,253
5 Time Warner, Inc., Global Notes (BBB+ , Baa1) 05/01/12 6.875 5,547
------------
254,218
------------
OIL AND GAS PRODUCERS (0.6%)
30 Enterprise Products Operations,
Company Guaranteed Notes (BBB , Baa2) 02/01/11 7.500 34,637
30 Phillips Petroleum Co., Global
Notes (A- , A3) 05/25/05 8.500 33,004
------------
67,641
------------
PACKAGING & CONTAINERS (0.4%)
15 Sealed Air Corp., Rule 144A,
Notes++ (BBB , Baa3) 05/15/09 6.950 16,584
25 Sealed Air Corp., Rule 144A,
Senior Notes++ (BBB , Baa3) 04/15/08 5.375 26,010
------------
42,594
------------
PIPELINES (0.2%)
25 Duke Energy Corp., First Mortgage
Notes (A- , A3) 10/01/15 5.300 25,077
------------
REAL ESTATE (0.5%)
5 EOP Operating LP, Notes (BBB+ , Baa1) 01/15/04 6.500 5,047
25 EOP Operating LP, Notes (BBB+ , Baa1) 06/15/04 6.500 25,743
20 EOP Operating LP, Senior Notes (BBB+ , Baa1) 02/15/05 6.625 21,118
------------
51,908
------------
RETAIL (0.5%)
50 Target Corp., Notes (A+ , A2) 08/15/10 7.500 59,322
------------
SAVINGS & LOANS (0.3%)
30 Washington Mutual, Inc., Global
Senior Notes (BBB+ , A3) 01/15/07 5.625 32,341
------------
TELECOMMUNICATIONS (3.9%)
36 AT&T Broadband Corp., Global
Company Guaranteed Notes (BBB , Baa3) 03/15/13 8.375 43,605
65 AT&T Corp., Global Senior Notes (BBB , Baa2) 11/15/31 8.500 73,958
45 AT&T Wireless Services, Inc.,
Global Senior Notes (BBB , Baa2) 03/01/11 7.875 51,508
15 AT&T Wireless Services, Inc.,
Global Senior Notes (BBB , Baa2) 03/01/31 8.750 18,101
5 Citizens Communications Co.,
Global Senior Notes (BBB , Baa2) 08/15/31 9.000 6,491
15 Citizens Communications Co., Notes (BBB , Baa2) 05/15/06 8.500 16,955
</Table>
See Accompanying Notes to Financial Statements.
35
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ----- -----
CORPORATE BONDS
TELECOMMUNICATIONS
$ 15 Cox Communications, Inc., Notes (BBB , Baa2) 06/15/05 6.875 $ 16,117
45 Sprint Capital Corp., Global Company
Guaranteed Notes (BBB- , Baa3) 03/15/32 8.750 51,358
20 Verizon Global Funding Corp.,
Global Notes (A+ , A2) 06/15/12 6.875 22,269
80 Verizon Global Funding Corp.,
Global Notes (A+ , A2) 12/01/30 7.750 92,941
10 Verizon Global Funding Corp.,
Global Notes (A+ , A2) 06/15/32 7.750 11,635
40 Verizon Wireless Capital, Inc.,
Global Notes (A+ , A3) 12/15/06 5.375 42,756
------------
447,694
------------
TOTAL CORPORATE BONDS (Cost $3,266,825) 3,312,746
------------
ASSET BACKED SECURITIES (19.7%)
30 Aesop Funding II LLC,
Series 2003-2A Class A2# (AAA , Aaa) 06/20/07 1.370 30,135
88 Ameriquest Mortgage Securities,
Inc., Series 2003-6, Class AF1 (AAA , Aaa) 11/25/19 1.862 87,738
113 Ameriquest Mortgage Securities, Inc.,
Series 2003-AR2, Class A4# (AAA , Aaa) 05/25/33 1.470 112,698
110 Bank One Issuance Trust,
Series 2002-A1, Class A1# (AAA , Aaa) 01/15/10 1.230 110,262
100 Carmax Auto Owner Trust,
Series 2001-2, Class A4# (AAA , Aaa) 12/15/06 3.940 102,794
105 Citibank Credit Card Issuance
Trust, Series 2000-A3, Class A3 (AAA , Aaa) 11/16/09 6.875 119,656
65 Citibank Credit Card Issuance
Trust, Series 2002-A1, Class A1 (AAA , Aaa) 02/09/09 4.950 69,044
125 Citibank Credit Card Issuance
Trust, Series 2002-A9, Class A9# (AAA , Aaa) 12/17/07 1.180 125,082
86 Countrywide Asset-Backed
Certificates, Series 2003-BC1,
Class A1# (AAA , Aaa) 03/25/33 1.520 86,569
70 Countrywide Home Equity Loan
Trust, Series 2002-C, Class A# (AAA , Aaa) 05/15/28 1.360 70,020
125 First USA Credit Card Master
Trust, Series 2001-1, Class A# (AAA , Aaa) 09/19/08 1.270 125,412
100 Ford Credit Auto Owner Trust,
Series 2003-A, Class A4B# (AAA , Aaa) 06/15/07 1.210 100,063
59 Greenpoint Home Equity Loan Trust,
Series 2003-1, Class A# (AAA , Aaa) 04/15/29 1.390 58,470
95 Honda Auto Receivables Owner
Trust, Series 2001-1, Class A4# (AAA , Aaa) 06/19/06 5.560 96,154
100 Honda Auto Receivables Owner
Trust, Series 2001-2, Class A4 (AAA , Aaa) 10/18/06 5.090 101,965
125 MBNA Credit Card Master Note
Trust, Series 2002-A4, Class A4# (AAA , Aaa) 08/17/09 1.230 125,329
120 MBNA Master Credit Card Trust,
Series 1996-G, Class A# (AAA , Aaa) 12/15/08 1.300 120,529
</Table>
See Accompanying Notes to Financial Statements.
36
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ----- -----
CORPORATE BONDS
$ 100 MBNA Master Credit Card Trust,
Series 1997-J, Class A# (AAA , Aaa) 02/15/07 1.240 $ 100,098
150 MBNA Master Credit Card Trust,
Series 1998-G, Class A# (AAA , Aaa) 02/17/09 1.250 150,481
110 Residential Asset Mortgage
Products, Inc., Series 2003-RS3,
Class AI2 (AAA , Aaa) 03/25/29 3.380 110,980
100 SLM Student Loan Trust,
Series 2000-1, Class A2L# (AAA , Aaa) 01/25/13 1.341 100,422
125 SLM Student Loan Trust,
Series 2003-1, Class A2# (AAA , Aaa) 06/17/13 1.180 125,092
46 Vanderbilt Mortgage Finance,
Series 1998-C, Class 1B1 (BBB , Baa1) 02/07/15 6.970 46,886
------------
TOTAL ASSET BACKED SECURITIES (Cost $2,275,154) 2,275,879
------------
MORTGAGE-BACKED SECURITIES (48.1%)
35 Fannie Mae Global Bonds (AAA , Aaa) 01/15/08 3.250 34,919
200 Fannie Mae Global Notes (AAA , Aaa) 06/15/06 5.250 214,259
115 Fannie Mae Global Notes (AAA , Aaa) 05/15/11 6.000 126,973
75 Fannie Mae Pool #254658 (AAA , Aaa) 02/01/33 7.000 78,749
31 Fannie Mae Pool #254702 (AAA , Aaa) 03/01/33 7.000 32,609
60 Fannie Mae Pool #254982 (AAA , Aaa) 11/01/33 0.990 58,993
26 Fannie Mae Pool #589625 (AAA , Aaa) 11/01/24 6.500 26,700
66 Fannie Mae Pool #662830 (AAA , Aaa) 10/01/32 7.500 71,190
110 Fannie Mae Pool #667742 (AAA , Aaa) 04/01/33 6.000 112,847
99 Fannie Mae Pool #674585 (AAA , Aaa) 12/01/32 6.500 102,603
20 Fannie Mae Pool #678886 (AAA , Aaa) 01/01/33 7.000 20,724
25 Fannie Mae Pool #685447 (AAA , Aaa) 02/01/33 7.000 26,595
30 Fannie Mae Pool #696915 (AAA , Aaa) 04/01/33 6.000 30,366
80 Fannie Mae Pool #702129 (AAA , Aaa) 03/01/33 6.500 83,251
105 Fannie Mae Pool #702130 (AAA , Aaa) 03/01/33 7.000 110,899
108 Fannie Mae Pool #703443 (AAA , Aaa) 05/01/18 5.000 110,207
108 Fannie Mae Pool #703444 (AAA , Aaa) 05/01/18 5.000 110,254
164 Fannie Mae Pool #704674 (AAA , Aaa) 04/01/18 5.500 169,530
157 Fannie Mae Pool #708487 (AAA , Aaa) 04/01/33 6.000 160,888
71 Fannie Mae Pool #708704 (AAA , Aaa) 06/01/33 6.000 73,337
24 Fannie Mae Pool #712118 (AAA , Aaa) 05/01/33 6.000 25,148
110 Fannie Mae Pool #748643# (AAA , Aaa) 09/01/33 4.190 111,821
69 FHLMC TBA (AAA , Aaa) 11/03/33 5.000 70,078
180 FNMA TBA (AAA , Aaa) 11/03/18 4.500 179,831
105 FNMA TBA (AAA , Aaa) 11/03/18 5.000 106,674
50 FNMA TBA (AAA , Aaa) 11/03/18 5.500 51,484
225 FNMA TBA (AAA , Aaa) 11/03/18 6.000 234,070
180 FNMA TBA (AAA , Aaa) 11/03/33 5.000 118,387
540 FNMA TBA (AAA , Aaa) 11/03/33 5.500 545,063
240 FNMA TBA (AAA , Aaa) 11/03/33 6.000 246,450
330 FNMA TBA (AAA , Aaa) 11/03/33 6.500 342,891
</Table>
See Accompanying Notes to Financial Statements.
37
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ----- -----
CORPORATE BONDS
$ 55 Freddie Mac Global Notes (AAA , Aaa) 01/15/05 1.875 $ 55,213
185 Freddie Mac Global Notes (AAA , Aaa) 09/15/07 3.500 187,814
85 Freddie Mac Global Notes (AAA , Aaa) 01/15/13 4.500 83,956
225 Freddie Mac Global Notes (AAA , Aaa) 07/15/13 4.500 220,499
245 Freddie Mac Global Notes^^ (AAA , Aaa) 11/15/13 4.875 246,132
110 Freddie Mac Pool #1B1275# (AAA , Aaa) 10/01/33 4.238 111,036
31 Ginnie Mae Pool #598105 (AAA , Aaa) 03/15/33 6.000 31,632
29 Ginnie Mae Pool #598128 (AAA , Aaa) 03/15/33 6.000 29,749
26 Ginnie Mae Pool #598145 (AAA , Aaa) 03/15/33 6.000 26,927
16 Ginnie Mae Pool #600025 (AAA , Aaa) 03/15/33 6.000 16,182
24 Ginnie Mae Pool #604205 (AAA , Aaa) 04/15/33 6.500 24,891
105 GNMA TBA (AAA , Aaa) 11/03/33 5.500 106,017
25 GNMA TBA (AAA , Aaa) 11/03/33 6.000 25,820
175 GNMA TBA (AAA , Aaa) 11/03/33 6.500 183,258
221 LB-UBS Commercial Mortgage Trust,
Series 2003-C3, Class A1 (AAA , Aaa) 05/15/27 2.599 217,255
45 Master Adjustable Rate Mortgages
Trust, Series 2003-6, Class 7A1 (AAA , Aaa) 12/01/33 3.865 45,450
45 Master Adjustable Rate Mortgages
Trust, Series 2003-6, Class 8A1 (AAA , Aaa) 12/01/33 4.587 45,450
115 Morgan Stanley Capital I,
Series 2003-T11, Class A4# (AAA , Aaa) 06/13/41 5.150 115,431
------------
TOTAL MORTGAGE-BACKED SECURITIES (Cost $5,566,401) 5,560,502
------------
FOREIGN BONDS (2.6%)
ASSET BACKED SECURITIES (0.2%)
20 Compania Nacional de Transmision
Electrica SA, Global Senior Notes
(Chile) (A- , Baa1) 04/15/11 7.875 22,790
------------
ELECTRIC (0.5%)
55 Pacificorp Australia, Rule 144A,
Bonds (Australia)++ (AAA , Aaa) 01/15/08 6.150 59,815
------------
MINING (0.3%)
35 Corporacion Nacional del Cobre -
Codelco, Rule 144A, Notes (Chile)++ (A- , A2) 10/15/13 5.500 35,239
------------
MISCELLANEOUS MANUFACTURING (0.4%)
30 Norsk Hydro ASA, Yankee
Debentures (Norway) (A , A2) 06/15/23 7.750 35,983
10 Norsk Hydro ASA, Yankee
Debentures (Norway) (A , A2) 11/15/25 7.150 11,388
------------
47,371
------------
OIL AND GAS PRODUCERS (0.2%)
15 Petroleos Mexicanos, Series REGS,
Euro Company Guaranteed Notes
(Mexico) (BBB- , Baa1) 06/01/07 9.000 17,316
------------
SOVEREIGN (0.7%)
60 Republic of Poland, Global
Unsubordinated Notes (Poland) (BBB+ , A2) 01/15/14 5.250 59,700
15 United Mexican States, Global
Bonds (Mexico) (BBB- , Baa2) 09/15/16 11.375 21,113
------------
80,813
------------
</Table>
See Accompanying Notes to Financial Statements.
38
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ----- -----
FOREIGN BONDS
TELECOMMUNICATIONS (0.3%)
$ 35 Deutsche Telekom International Finance,
Global Company Guaranteed Notes
(Germany)# (BBB+ , Baa3) 06/15/05 8.250 $ 38,257
------------
TOTAL FOREIGN BONDS (Cost $303,744) 301,601
------------
UNITED STATES TREASURY OBLIGATIONS (7.0%)
65 United States Treasury Bonds^^ (AAA , Aaa) 02/15/23 7.125 80,445
20 United States Treasury Bonds^^ (AAA , Aaa) 08/15/23 6.250 22,578
50 United States Treasury Notes^^ (AAA , Aaa) 09/30/05 1.625 49,863
95 United States Treasury Notes^^ (AAA , Aaa) 08/15/06 2.375 95,327
175 United States Treasury Notes^^ (AAA , Aaa) 10/15/08 3.125 174,084
190 United States Treasury Notes (AAA , Aaa) 08/15/11 5.000 202,803
180 United States Treasury Notes^^ (AAA , Aaa) 08/15/13 4.250 179,325
------------
TOTAL UNITED STATES TREASURY OBLIGATIONS
(Cost $807,945) 804,425
------------
<Caption>
NUMBER
OF
SHARES
------
PREFERRED STOCK (0.2%)
TELECOMMUNICATIONS (0.2%)
20 Centaur Funding Corp.,
Series B, Rule 144A++(Cost $23,257) 23,956
------------
<Caption>
PAR
(000)
-----
SHORT-TERM U.S. TREASURY OBLIGATION (0.4%)
UNITED STATES TREASURY BILLS (0.4%)
$ 50 United States Treasury Bills++++
(Cost $49,993) (AAA , Aaa) 11/06/03 0.860 49,997
------------
SHORT-TERM INVESTMENT (13.3%)
1,530 State Street Bank and Trust Co.
Euro Time Deposit^^
(Cost $1,530,000) 11/03/03 0.750 1,530,000
------------
TOTAL INVESTMENTS AT VALUE (120.0%) (Cost $13,823,319) 13,859,106
LIABILITIES IN EXCESS OF OTHER ASSETS (-20.0%) (2,309,500)
------------
NET ASSETS (100.0%) $ 11,549,606
============
</Table>
INVESTMENT ABBREVIATIONS
TBA = To Be Announced
+ Credit ratings given by the Standard & Poor's Division of The McGraw-Hill
Companies, Inc. ("S&P") and Moody's Investors Service, Inc. ("Moody's") are
unaudited.
++ Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified 31, 2003, these institutional buyers.
At October securities amounted to a value of $364,387 or 3.15% of net
assets.
++++ Collateral segregated for futures contracts.
^^ Collateral segregated for TBA securities.
# Variable rate obligations - The interest rate shown is the rate as of
October 31, 2003.
See Accompanying Notes to Financial Statements.
39
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2003
<Table>
<Caption>
LARGE CAP VALUE SMALL CAP GROWTH
PORTFOLIO PORTFOLIO
--------------- ----------------
ASSETS
Investments at value (Cost $27,894,566, $21,603,085,
$9,538,884, $8,730,883, $1,745,896, and
$13,823,319, respectively) (Note 1) $ 28,848,114 $ 25,804,240
Cash 378 143
Receivable for investments sold 1,093,103 496,560
Receivable for fund shares sold 54,750 --
Dividend and interest receivable 50,603 552
Receivable from investment adviser (Note 2) -- --
Unrealized appreciation on forward currency contracts (Note 1) -- --
Variation margin receivable (Note 1) -- --
Prepaid expenses 7,685 12,570
--------------- ----------------
Total Assets 30,054,633 26,314,065
--------------- ----------------
LIABILITIES
Advisory fee payable (Note 2) 8,188 15,136
Administrative services fee payable (Note 2) 5,732 6,096
Payable for investments purchased 579,207 272,330
Directors' fee payable 852 852
Unrealized depreciation on forward currency contracts (Note 1) -- --
Other accrued expenses payable 16,013 17,311
--------------- ----------------
Total Liabilities 609,992 311,725
--------------- ----------------
NET ASSETS
Capital stock, $0.001 par value (Note 6) 33,746 2,740
Paid-in capital (Note 6) 33,585,951 71,556,954
Undistributed net investment income 322,116 --
Accumulated net realized gain (loss) on investments,
futures contracts and foreign currency transactions (5,450,720) (49,758,509)
Net unrealized appreciation from investments,
futures contracts and foreign currency transactions 953,548 4,201,155
--------------- ----------------
Net Assets $ 29,444,641 $ 26,002,340
=============== ================
Shares outstanding 33,745,626 2,740,377
--------------- ----------------
Net asset value, offering price and redemption price per share $ 0.87 $ 9.49
=============== ================
</Table>
See Accompanying Notes to Financial Statements.
40
<Page>
<Table>
<Caption>
CAPITAL
SELECT EQUITY APPRECIATION
PORTFOLIO PORTFOLIO
------------- --------------
ASSETS
Investments at value (Cost $27,894,566, $21,603,085,
$9,538,884, $8,730,883, $1,745,896, and
$13,823,319, respectively) (Note 1) $ 10,693,941 $ 9,635,609
Cash 52,878 369
Receivable for investments sold 230,599 98,867
Receivable for fund shares sold 3,317 2,721
Dividend and interest receivable 10,121 2,115
Receivable from investment adviser (Note 2) -- --
Unrealized appreciation on forward currency contracts (Note 1) -- --
Variation margin receivable (Note 1) -- --
Prepaid expenses 3,673 4,368
------------- --------------
Total Assets 10,994,529 9,744,049
------------- --------------
LIABILITIES
Advisory fee payable (Note 2) 217 463
Administrative services fee payable (Note 2) 2,208 2,087
Payable for investments purchased 171,400 223,581
Directors' fee payable 852 852
Unrealized depreciation on forward currency contracts (Note 1) -- --
Other accrued expenses payable 16,254 15,185
------------- --------------
Total Liabilities 190,931 242,168
------------- --------------
NET ASSETS
Capital stock, $0.001 par value (Note 6) 1,191 1,099
Paid-in capital (Note 6) 10,163,332 11,339,098
Undistributed net investment income 55,073 1,292
Accumulated net realized gain (loss) on investments,
futures contracts and foreign currency transactions (571,055) (2,744,334)
Net unrealized appreciation from investments,
futures contracts and foreign currency transactions 1,155,057 904,726
------------- --------------
Net Assets $ 10,803,598 $ 9,501,881
============= ==============
Shares outstanding 1,191,299 1,098,873
------------- --------------
Net asset value, offering price and redemption price per share $ 9.07 $ 8.65
============= ==============
<Caption>
INVESTMENT
HARBINGER GRADE FIXED
PORTFOLIO INCOME PORTFOLIO
--------------- ----------------
ASSETS
Investments at value (Cost $27,894,566, $21,603,085,
$9,538,884, $8,730,883, $1,745,896, and
$13,823,319, respectively) (Note 1) $ 2,412,373 $ 13,859,106
Cash 40,250 815
Receivable for investments sold 15,084 299,990
Receivable for fund shares sold -- --
Dividend and interest receivable -- 90,449
Receivable from investment adviser (Note 2) 4,734 2,821
Unrealized appreciation on forward currency contracts (Note 1) -- 4,788
Variation margin receivable (Note 1) -- 1,109
Prepaid expenses 9,337 11,058
--------------- ----------------
Total Assets 2,481,778 14,270,136
--------------- ----------------
LIABILITIES
Advisory fee payable (Note 2) -- --
Administrative services fee payable (Note 2) 862 6,838
Payable for investments purchased 10,223 2,695,586
Directors' fee payable 852 852
Unrealized depreciation on forward currency contracts (Note 1) -- 828
Other accrued expenses payable 25,331 16,426
--------------- ----------------
Total Liabilities 37,268 2,720,530
--------------- ----------------
NET ASSETS
Capital stock, $0.001 par value (Note 6) 179 1,135
Paid-in capital (Note 6) 1,777,854 11,071,778
Undistributed net investment income -- --
Accumulated net realized gain (loss) on investments,
futures contracts and foreign currency transactions -- 423,567
Net unrealized appreciation from investments,
futures contracts and foreign currency transactions 666,477 53,126
--------------- ----------------
Net Assets $ 2,444,510 $ 11,549,606
=============== ================
Shares outstanding 178,635 1,134,814
--------------- ----------------
Net asset value, offering price and redemption price per share $ 13.68 $ 10.18
=============== ================
</Table>
See Accompanying Notes to Financial Statements.
41
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
STATEMENTS OF OPERATIONS
For the Year Ended October 31, 2003
<Table>
<Caption>
LARGE CAP VALUE SMALL CAP GROWTH
PORTFOLIO PORTFOLIO
--------------- ----------------
INVESTMENT INCOME (Note 1)
Dividends $ 610,906 $ 54,821
Interest 10,479 28,520
--------------- ----------------
Total investment income 621,385 83,341
--------------- ----------------
EXPENSES
Investment advisory fees (Note 2) 232,256 411,630
Administrative services fees (Note 2) 52,961 79,199
Legal fees 36,360 34,464
Audit fees 25,997 27,347
Registration fees 15,411 18,397
Printing fees (Note 2) 14,244 4,344
Transfer agent fees (Note 2) 3,746 2,691
Custodian fees 3,690 16,495
Directors' fees 3,180 3,180
Miscellaneous expense 14,105 16,688
--------------- ----------------
Total expenses 401,950 614,435
Less: fees waived and expenses reimbursed (Note 2) (169,694) (161,642)
--------------- ----------------
Net expenses 232,256 452,793
--------------- ----------------
Net investment income (loss) 389,129 (369,452)
--------------- ----------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS,
FUTURES CONTRACTS AND FOREIGN CURRENCY RELATED ITEMS
Net realized gain (loss) from investments (3,118,350) 1,444,617
Net realized loss from futures contracts -- --
Net realized gain from foreign currency transactions -- --
Net change in unrealized appreciation (depreciation)
from investments 7,451,678 15,538,493
Net change in unrealized appreciation (depreciation) from
futures contracts -- --
Net change in unrealized appreciation (depreciation) from
foreign currency translations -- --
--------------- ----------------
Net realized and unrealized gain from investments,
futures contracts and foreign currency related items 4,333,328 16,983,110
--------------- ----------------
Net increase in net assets resulting from operations $ 4,722,457 $ 16,613,658
=============== ================
</Table>
(1) For the period January 15, 2003 (inception date) through October 31, 2003
See Accompanying Notes to Financial Statements.
42
<Page>
<Table>
<Caption>
CAPITAL
SELECT EQUITY APPRECIATION
PORTFOLIO PORTFOLIO
------------- --------------
INVESTMENT INCOME (Note 1)
Dividends $ 149,275 $ 65,829
Interest 3,566 4,299
------------- --------------
Total investment income 152,841 70,128
------------- --------------
EXPENSES
Investment advisory fees (Note 2) 52,601 45,913
Administrative services fees (Note 2) 19,709 18,754
Legal fees 38,664 38,684
Audit fees 23,350 23,346
Registration fees 14,909 12,584
Printing fees (Note 2) 4,840 4,773
Transfer agent fees (Note 2) 2,516 3,158
Custodian fees 10,938 5,984
Directors' fees 3,180 3,180
Miscellaneous expense 8,671 7,246
------------- --------------
Total expenses 179,378 163,622
Less: fees waived and expenses reimbursed (Note 2) (100,478) (94,754)
------------- --------------
Net expenses 78,900 68,868
------------- --------------
Net investment income (loss) 73,941 1,260
------------- --------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS,
FUTURES CONTRACTS AND FOREIGN CURRENCY RELATED ITEMS
Net realized gain (loss) from investments 59,434 (1,163,407)
Net realized loss from futures contracts -- --
Net realized gain from foreign currency transactions -- --
Net change in unrealized appreciation (depreciation)
from investments 1,454,640 2,698,825
Net change in unrealized appreciation (depreciation) from
futures contracts -- --
Net change in unrealized appreciation (depreciation) from
foreign currency translations -- --
------------- --------------
Net realized and unrealized gain from investments,
futures contracts and foreign currency related items 1,514,074 1,535,418
------------- --------------
Net increase in net assets resulting from operations $ 1,588,015 $ 1,536,678
============= ==============
<Caption>
INVESTMENT
HARBINGER GRADE FIXED
PORTFOLIO(1) INCOME PORTFOLIO
--------------- ----------------
INVESTMENT INCOME (Note 1)
Dividends $ 939 $ 1,430
Interest 433 377,364
--------------- ----------------
Total investment income 1,372 378,794
--------------- ----------------
EXPENSES
Investment advisory fees (Note 2) 14,838 34,051
Administrative services fees (Note 2) 3,695 38,241
Legal fees 24,445 37,611
Audit fees 20,660 25,150
Registration fees 22,662 16,844
Printing fees (Note 2) 5,977 8,601
Transfer agent fees (Note 2) 638 907
Custodian fees 1,258 18,300
Directors' fees 2,720 3,052
Miscellaneous expense 2,705 8,279
--------------- ----------------
Total expenses 99,598 191,036
Less: fees waived and expenses reimbursed (Note 2) (78,824) (145,635)
--------------- ----------------
Net expenses 20,774 45,401
--------------- ----------------
Net investment income (loss) (19,402) 333,393
--------------- ----------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS,
FUTURES CONTRACTS AND FOREIGN CURRENCY RELATED ITEMS
Net realized gain (loss) from investments 12,435 482,434
Net realized loss from futures contracts -- (28,824)
Net realized gain from foreign currency transactions -- 14,903
Net change in unrealized appreciation (depreciation)
from investments 666,477 (182,668)
Net change in unrealized appreciation (depreciation) from
futures contracts -- (2,378)
Net change in unrealized appreciation (depreciation) from
foreign currency translations -- 3,960
--------------- ----------------
Net realized and unrealized gain from investments,
futures contracts and foreign currency related items 678,912 287,427
--------------- ----------------
Net increase in net assets resulting from operations $ 659,510 $ 620,820
=============== ================
</Table>
See Accompanying Notes to Financial Statements.
43
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
LARGE CAP SMALL CAP
VALUE PORTFOLIO GROWTH PORTFOLIO
----------------------------------- -----------------------------------
FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR
ENDED ENDED ENDED ENDED
OCTOBER 31, 2003 OCTOBER 31, 2002 OCTOBER 31, 2003 OCTOBER 31, 2002
---------------- ---------------- ---------------- ----------------
FROM OPERATIONS
Net investment income (loss) $ 389,129 $ 218,798 $ (369,452) $ (687,862)
Net realized gain (loss) from investments,
futures contracts and foreign currency transactions (3,118,350) (2,320,985) 1,444,617 (12,823,636)
Net change in unrealized appreciation (depreciation)
from investments, futures contracts and
foreign currency translations 7,451,678 (6,690,935) 15,538,493 7,910,400
---------------- ---------------- ---------------- ----------------
Net increase (decrease) in net assets
resulting from operations 4,722,457 (8,793,122) 16,613,658 (5,601,098)
---------------- ---------------- ---------------- ----------------
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
Proceeds from sale of shares 2,320,484 46,426,583 8,064,919 13,121,626
Reinvestment of dividends and distributions 280,013 32,547 -- --
Net asset value of shares redeemed (9,697,114) (8,539,237) (46,454,273) (79,580,255)
---------------- ---------------- ---------------- ----------------
Net increase (decrease) in net assets from
capital share transactions (7,096,617) 37,919,893 (38,389,354) (66,458,629)
---------------- ---------------- ---------------- ----------------
Net increase (decrease) in net assets (2,654,173) 29,094,224 (21,775,696) (72,059,727)
NET ASSETS
Beginning of period 32,098,814 3,004,590 47,778,036 119,837,763
---------------- ---------------- ---------------- ----------------
End of period $ 29,444,641 $ 32,098,814 $ 26,002,340 $ 47,778,036
================ ================ ================ ================
Undistributed Net Investment Income $ 322,116 $ 213,130 $ -- $ --
================ ================ ================ ================
</Table>
(1) For the period January 31, 2002 (inception date) through October 31, 2002
(2) For the period January 15, 2003 (inception date) through October 31, 2003
(3) For the period May 1, 2002 (inception date) through October 31, 2002
44
<Page>
<Table>
<Caption>
SELECT EQUITY CAPITAL APPRECIATION
PORTFOLIO PORTFOLIO
-------------------------------------- -------------------------------------
FOR THE YEAR FOR THE PERIOD FOR THE YEAR FOR THE PERIOD
ENDED ENDED ENDED ENDED
OCTOBER 31, 2003 OCTOBER 31, 2002(1) OCTOBER 31, 2003 OCTOBER 31, 2002(1)
---------------- ------------------- ---------------- -------------------
FROM OPERATIONS
Net investment income (loss) $ 73,941 $ 19,138 $ 1,260 $ (5,054)
Net realized gain (loss) from investments,
futures contracts and foreign currency transactions 59,434 (630,489) (1,163,407) (1,580,927)
Net change in unrealized appreciation (depreciation)
from investments, futures contracts and
foreign currency translations 1,454,640 (299,583) 2,698,825 (1,794,099)
---------------- ---------------- ---------------- ----------------
Net increase (decrease) in net assets
resulting from operations 1,588,015 (910,934) 1,536,678 (3,380,080)
---------------- ---------------- ---------------- ----------------
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
Proceeds from sale of shares 856,357 13,778,575 1,053,045 17,428,603
Reinvestment of dividends and distributions 38,005 -- -- --
Net asset value of shares redeemed (3,367,323) (1,141,092) (2,398,763) (4,737,602)
---------------- ---------------- ---------------- ----------------
Net increase (decrease) in net assets from
capital share transactions (2,472,961) 12,637,483 (1,345,718) 12,691,001
---------------- ---------------- ---------------- ----------------
Net increase (decrease) in net assets (922,951) 11,726,549 190,960 9,310,921
NET ASSETS
Beginning of period 11,726,549 -- 9,310,921 --
---------------- ---------------- ---------------- ----------------
End of period $ 10,803,598 $ 11,726,549 $ 9,501,881 $ 9,310,921
================ ================ ================ ================
Undistributed Net Investment Income $ 55,073 $ 19,137 $ 1,292 $ --
================ ================ ================ ================
<Caption>
HARBINGER INVESTMENT GRADE FIXED
PORTFOLIO INCOME PORTFOLIO
------------------- --------------------------------------
FOR THE PERIOD FOR THE YEAR FOR THE PERIOD
ENDED ENDED ENDED
OCTOBER 31, 2003(2) OCTOBER 31, 2003 OCTOBER 31, 2002(3)
------------------- ---------------- -------------------
FROM OPERATIONS
Net investment income (loss) $ (19,402) $ 333,393 $ 217,165
Net realized gain (loss) from investments,
futures contracts and foreign currency transactions 12,435 468,513 199,517
Net change in unrealized appreciation (depreciation)
from investments, futures contracts and
foreign currency translations 666,477 (181,086) 234,212
---------------- ---------------- ----------------
Net increase (decrease) in net assets
resulting from operations 659,510 620,820 650,894
---------------- ---------------- ----------------
FROM DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income -- (361,256) (217,685)
Distributions from net realized gains -- (216,079) --
---------------- ---------------- ----------------
Net decrease in net assets from dividends
and distributions -- (577,335) (217,685)
---------------- ---------------- ----------------
FROM CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares 1,785,000 9,157,866 16,255,673
Reinvestment of dividends and distributions -- 559,163 217,685
Net asset value of shares redeemed -- (14,772,568) (344,907)
---------------- ---------------- ----------------
Net increase (decrease) in net assets from
capital share transactions 1,785,000 (5,055,539) 16,128,451
---------------- ---------------- ----------------
Net increase (decrease) in net assets 2,444,510 (5,012,054) 16,561,660
NET ASSETS
Beginning of period -- 16,561,660 --
---------------- ---------------- ----------------
End of period $ 2,444,510 $ 11,549,606 $ 16,561,660
================ ================ ================
Undistributed Net Investment Income $ -- $ -- $ --
================ ================ ================
</Table>
See Accompanying Notes to Financial Statements.
45
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- LARGE CAP VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Year)
<Table>
<Caption>
FOR THE YEAR ENDED OCTOBER 31,
-------------------------------------------------------------
2003 2002 2001 2000 1999
--------- --------- --------- --------- ---------
PER SHARE DATA
Net asset value, beginning of year $ 0.76 $ 0.85 $ 11.01 $ 13.32 $ 11.53
--------- --------- --------- --------- ---------
INVESTMENT OPERATIONS
Net investment income 0.01 0.01 0.01(1) 0.24 0.16
Net gain (loss) on investments
(both realized and unrealized) 0.11 (0.09) (0.28) 0.31 1.76
--------- --------- --------- --------- ---------
Total from investment operations 0.12 (0.08) (0.27) 0.55 1.92
--------- --------- --------- --------- ---------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.01) (0.01) (0.03) (0.22) (0.13)
Distributions from net realized gains -- -- (9.86) (2.64) --
--------- --------- --------- --------- ---------
Total dividends and distributions (0.01) (0.01) (9.89) (2.86) (0.13)
--------- --------- --------- --------- ---------
NET ASSET VALUE, END OF YEAR $ 0.87 $ 0.76 $ 0.85 $ 11.01 $ 13.32
========= ========= ========= ========= =========
Total return(2) 15.48% (9.68)% (4.34)% 5.59% 16.82%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 29,445 $ 32,099 $ 3,005 $ 3,112 $ 36,332
Ratio of expenses to average net assets(3) 0.75% 0.75% 0.75% 0.77% 0.76%
Ratio of net investment income to average
net assets 1.26% 0.85% 1.16% 1.28% 1.01%
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 0.55% 0.63% 2.17% 1.36% 0.39%
Portfolio turnover rate 56% 72% 45% 218% 79%
</Table>
(1) Per share information is calculated using the average shares outstanding
method.
(2) Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been lower.
(3) Interest earned on uninvested cash balances may be used to offset portions
of the transfer agent expense. These arrangements resulted in a reduction to
the Portfolio's net expense ratio by .02% and .01% for the years ended
October 31, 2000 and 1999, respectively. The Portfolio's operating expense
ratio after reflecting these arrangements was .75% for each of the years
ending October 31, 2000 and 1999, respectively. For the years ended October
31, 2003, 2002 and 2001, there was no effect on the net operating expense
ratio because of transfer agent credits.
See Accompanying Notes to Financial Statements.
46
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SMALL CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Year)
<Table>
<Caption>
FOR THE YEAR ENDED OCTOBER 31,
-------------------------------------------------------------
2003 2002 2001 2000 1999
--------- --------- --------- --------- ---------
PER SHARE DATA
Net asset value, beginning of year $ 6.44 $ 8.13 $ 22.50 $ 17.89 $ 12.89
--------- --------- --------- --------- ---------
INVESTMENT OPERATIONS
Net investment loss (0.13) (0.09) (0.08) (0.15) (0.12)
Net gain (loss) on investments
(both realized and unrealized) 3.18 (1.60) (5.27) 5.98 5.12
--------- --------- --------- --------- ---------
Total from investment operations 3.05 (1.69) (5.35) 5.83 5.00
--------- --------- --------- --------- ---------
LESS DISTRIBUTIONS
Distributions from net realized gains -- -- (9.02) (1.22) --
--------- --------- --------- --------- ---------
NET ASSET VALUE, END OF YEAR $ 9.49 $ 6.44 $ 8.13 $ 22.50 $ 17.89
========= ========= ========= ========= =========
Total return(1) 47.36% (20.79)% (37.01)% 33.05% 38.79%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 26,002 $ 47,778 $ 119,838 $ 274,009 $ 236,679
Ratio of expenses to average net assets(2) 0.99% 0.99% 0.99% 1.01% 1.00%
Ratio of net investment loss to average
net assets (0.81)% (0.84)% (0.68)% (0.57)% (0.68)%
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 0.35% 0.29% 0.20% 0.16% 0.19%
Portfolio turnover rate 65% 70% 80% 88% 108%
</Table>
(1) Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been lower.
(2) Interest earned on uninvested cash balances may be used to offset portions
of the transfer agent expense. These arrangements resulted in a reduction to
the Portfolio's net expense ratio by .02% and .01% for the years ended
October 31, 2000 and 1999, respectively. The Portfolio's operating expense
ratio after reflecting these arrangements was .99% for each of the years
ending October 31, 2000 and 1999, respectively. For the years ended October
31, 2003, 2002 and 2001, there was no effect on the net operating expense
ratio because of transfer agent credits.
See Accompanying Notes to Financial Statements.
47
<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 YEAR
ENDED OCTOBER 31,
---------------------
2003 2002(1)
--------- ---------
PER SHARE DATA
Net asset value, beginning of period $ 7.87 $ 10.00
--------- ---------
INVESTMENT OPERATIONS
Net investment income 0.06 0.01
Net gain (loss) on investments
(both realized and unrealized) 1.17 (2.14)
--------- ---------
Total from investment operations 1.23 (2.13)
--------- ---------
LESS DIVIDENDS
Dividends from net investment income (0.03) --
--------- ---------
NET ASSET VALUE, END OF PERIOD $ 9.07 $ 7.87
========= =========
Total return(2) 15.61% (21.30)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 10,804 $ 11,727
Ratio of expenses to average net assets(3) 0.75% 0.75%(4)
Ratio of net investment income to average net assets 0.70% 0.56%(4)
Decrease reflected in above operating
expense ratios due to waivers/reimbursements 0.96% 1.74%(4)
Portfolio turnover rate 107% 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
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been lower.
Total returns for periods less than one year are not annualized.
(3) Interest earned on uninvested cash balances may be used to offset portions
of the transfer agent expense. For the periods ended October 31, 2003 and
2002, there was no effect on the net operating expense ratio because of
transfer agent credits.
(4) Annualized.
See Accompanying Notes to Financial Statements.
48
<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 YEAR
ENDED OCTOBER 31,
---------------------
2003 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) 1.28 (2.63)
--------- ---------
Total from investment operations 1.28 (2.63)
--------- ---------
NET ASSET VALUE, END OF PERIOD $ 8.65 $ 7.37
========= =========
Total return(3) 17.37% (26.30)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 9,502 $ 9,311
Ratio of expenses to average net assets(4) 0.75% 0.75%(5)
Ratio of net investment income (loss)
to average net assets 0.01% (0.07)%(5)
Decrease reflected in above operating
expense ratios due to waivers/reimbursements 1.03% 0.76%(5)
Portfolio turnover rate 108% 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
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been lower.
Total returns for periods less than one year are not annualized.
(4) Interest earned on uninvested cash balances may be used to offset portions
of the transfer agent expense. For the periods ended October 31, 2003 and
2002, there was no effect on the net operating expense ratio because of
transfer agent credits.
(5) Annualized.
See Accompanying Notes to Financial Statements.
49
<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 ENDED
OCTOBER 31, 2003(1)
-------------------
PER SHARE DATA
Net asset value, beginning of period $ 10.00
--------
INVESTMENT OPERATIONS
Net investment loss (0.11)
Net gain on investments
(both realized and unrealized) 3.79
--------
Total from investment operations 3.68
--------
NET ASSET VALUE, END OF PERIOD $ 13.68
========
Total return(2) 36.80%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 2,445
Ratio of expenses to average net assets(3),(4) 1.40%
Ratio of net investment loss to average
net assets(4) (1.31)%
Decrease reflected in above operating expense
ratios due to waivers/reimbursements(4) 5.31%
Portfolio turnover rate 42%
</Table>
(1) For the period January 15, 2003 (inception date) through October 31, 2003.
(2) Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the period shown, total returns would have been lower.
Total returns for periods less than one year are not annualized.
(3) Interest earned on uninvested cash balances may be used to offset portions
of the transfer agent expense. For the period ended October 31, 2003, there
was no effect on the net operating expense ratio because of transfer agent
credits.
(4) Annualized.
See Accompanying Notes to Financial Statements.
50
<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 YEAR
ENDED OCTOBER 31,
-----------------------
2003 2002(1),(2)
--------- -----------
PER SHARE DATA
Net asset value, beginning of period $ 10.24 $ 10.00
--------- -----------
INVESTMENT OPERATIONS
Net investment income 0.34 0.17
Net gain on investments, futures, and foreign
currency related items (both realized and unrealized) 0.09 0.24
--------- -----------
Total from investment operations 0.43 0.41
--------- -----------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.36) (0.17)
Distributions from net realized gains (0.13) --
--------- -----------
Total dividends and distributions (0.49) (0.17)
--------- -----------
NET ASSET VALUE, END OF PERIOD $ 10.18 $ 10.24
========= ===========
Total return(3) 4.37% 4.15%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 11,550 $ 16,562
Ratio of expenses to average net assets(4) 0.40% 0.40%(5)
Ratio of net investment income to average net assets 2.94% 3.27%(5)
Decrease reflected in above operating
expense ratios due to waivers/reimbursements 1.28% 1.05%(5)
Portfolio turnover rate 629% 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
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been lower.
Total returns for periods less than one year are not annualized.
(4) Interest earned on uninvested cash balances may be used to offset portions
of the transfer agent expense. For the periods ended October 31, 2003 and
2002, there was no effect on the net operating expense ratio because of
transfer agent credits.
(5) Annualized.
See Accompanying Notes to Financial Statements.
51
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS
October 31, 2003
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, 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.
(the "Exchange") on each day the Exchange is open for business. Each Portfolio's
equity investments are valued at market value, which is generally determined
using the closing price on the Exchange or market on which the security is
primarily traded at the time of valuation (the "Valuation Time"). If no sales
are reported, equity investments are generally valued at the most recent bid
quotation as of the Valuation Time or at the lowest asked quotation in the case
of a short sale of securities. Debt securities with a remaining maturity greater
than 60 days are valued in accordance with the price supplied by a pricing
service, which may use a matrix, formula or other objective method that takes
into consideration market indices, yield curves and other specific adjustments.
Securities and other assets for which market quotations are not readily
available, or whose values have been materially affected by events occurring
before the Fund's Valuation Time but after the close of the securities' primary
markets, are valued at fair value as determined in good faith under procedures
established by the Board of Directors. Debt obligations that will mature in 60
days or less are valued on the basis of amortized cost, which approximates
market value, unless it is determined that this method would not represent fair
value.
B) FOREIGN CURRENCY TRANSACTIONS -- The books and records of the Portfolios
are maintained in U.S. dollars. Transactions denominated in foreign currencies
are recorded at the current prevailing exchange rates. All assets and
liabilities denominated in foreign currencies are translated into U.S. dollar
amounts at the current exchange rate at the end of the period.
52
<Page>
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.
Distributions of net realized capital gains, if any, are declared and paid at
least annually 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.
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.
53
<Page>
G) SHORT-TERM INVESTMENTS -- The Portfolios, together with other
funds/portfolios advised by Credit Suisse Asset Management, LLC ("CSAM"), an
indirect, wholly-owned subsidiary of Credit Suisse Group, pool available cash
into either a short-term variable rate time deposit issued by State Street Bank
and Trust Company ("SSB"), the Portfolios' custodian, or a money market fund
advised by CSAM. The short-term time deposit issued by SSB is a variable rate
account classified as a short-term investment.
H) FORWARD FOREIGN CURRENCY CONTRACTS -- Each Portfolio may enter into
forward foreign currency contracts for the purchase or sale of a specific
foreign currency at a fixed price on a future date. Risks may arise upon
entering into these contracts from the potential inability of counterparties to
meet the terms of their contracts and from unanticipated movements in the value
of a foreign currency. 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 October 31, 2003, Investment Grade Fixed Income had the following open
forward foreign currency contracts:
<Table>
<Caption>
EXPIRATION FOREIGN CURRENCY CONTRACT CONTRACT UNREALIZED
FORWARD FOREIGN CURRENCY CONTRACT DATE TO BE PURCHASED/(SOLD) AMOUNT VALUE GAIN (LOSS)
- --------------------------------- ---------- ---------------------- ---------- ---------- -----------
Australian Dollar 1/5/2004 A$ 86,000 $ 57,914 $ 60,469 $ 2,555
Canadian Dollar 1/5/2004 C$ 76,000 57,380 57,442 62
Canadian Dollar 1/5/2004 C$ (76,000) (57,770) (57,443) 327
European Economic Unit 1/5/2004 EURO 99,000 115,431 114,726 (705)
European Economic Unit 1/5/2004 EURO (50,000) (58,769) (57,943) 826
Japanese Yen 1/5/2004 Y 9,700,000 87,395 88,290 895
---------- ---------- -----------
$ 201,581 $ 205,541 $ 3,960
========== ========== ===========
</Table>
I) TBA PURCHASE COMMITMENTS -- Each Portfolio may enter into "TBA" (to be
announced) purchase commitments to purchase securities for a fixed price at a
future date, typically not exceeding 45 days. TBA purchase commitments may be
considered securities in themselves, and involve a risk of loss if the value of
the security to be purchased declines prior to settlement date. This risk is in
addition to the risk of decline in each Portfolio's other assets. Unsettled TBA
purchase commitments are valued at the current market value of the underlying
securities, according to the procedures described under "Security Valuation"
above.
54
<Page>
J) FUTURES -- Each Portfolio may enter into futures contracts to the extent
permitted by its investment objectives and policies. Upon entering into a
futures contract, a Portfolio is required to deposit cash or pledge U.S.
Government securities as initial margin. Subsequent payments, which are
dependent on the daily fluctuations in the value of the underlying instrument,
are made or received by the Portfolio each day (daily variation margin) and are
recorded as unrealized gains or losses until the contracts are closed. When the
contracts are closed, the Portfolio records a realized gain or loss equal to the
difference between the proceeds from (or cost of) the closing transactions and
the Portfolio's basis in the contract. Risks of entering into futures contracts
for hedging purposes include the possibility that a change in the value of the
contract may not correlate with the changes in the value of the underlying
instruments. In addition, the purchase of a futures contract involves the risk
that the Portfolio could lose more than the original margin deposit and
subsequent payments required for a futures transaction. At October 31, 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 1 12/30/03 $ 212,850 $ 214,469 $ 1,619
U.S. Treasury
5 Year Notes Futures 1 12/19/03 110,803 111,813 1,010
U.S. Treasury
Bonds Futures 5 12/19/03 524,561 543,594 19,033
---------- ---------- --------------
$ 848,214 $ 869,876 $ 21,662
========== ========== ==============
U.S. Treasury
10 Year Notes Futures (8) 12/19/03 $ (890,093) $ (898,375) $ (8,282)
========== ========== ==============
</Table>
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 is pooled together with cash collateral for other funds/portfolios
advised by CSAM and may be invested in a variety of investments, including
certain CSAM -- advised funds, money market instruments and the AIM
Institutional Funds -- Liquid Asset Portfolio. However, in the event of default
or bankruptcy by the other party to the
55
<Page>
agreement, realization and/or retention of the collateral may be subject to
legal proceedings. The Portfolios had no securities out on loan during the year
ended October 31, 2003.
Credit Suisse First Boston ("CSFB"), an affiliate of CSAM, has been engaged
by the Portfolios to act as each Portfolio's 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. No Portfolio received income from securities lending
for the year ended October 31, 2003.
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.
Each Portfolio may invest up to 15% (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.
56
<Page>
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 schedules:
<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 year ended October 31, 2003 investment advisory fees earned,
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 $ 232,256 $ (169,694) $ 62,562 $ --
Small Cap Growth 411,630 (161,642) 249,988 --
Select Equity 52,601 (52,601) -- (47,877)
Capital Appreciation 45,913 (45,913) -- (48,841)
Harbinger 14,838 (14,838) -- (63,986)
Investment Grade
Fixed Income 34,051 (34,051) -- (111,584)
</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.
For the year ended October 31, 2003, co-administration services fees earned
by CSAMSI were as follows:
<Table>
<Caption>
PORTFOLIO CO-ADMINISTRATION FEE
--------- ---------------------
Large Cap Value $ 30,967
Small Cap Growth 45,737
Select Equity 10,520
Capital Appreciation 9,183
Harbinger 1,484
Investment Grade Fixed Income 11,350
</Table>
For its co-administrative services, SSB receives a fee, exclusive of
out-of-pocket expenses, based upon the following fee schedule calculated in
total for all the Credit Suisse funds/portfolios co-administered by SSB and
allocated based upon relative average net assets of each fund/portfolio, subject
to an annual minimum fee.
57
<Page>
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ -----------
First $5 billion 0.050% of average daily net assets
Next $5 billion 0.035% of average daily net assets
Over $10 billion 0.020% of average daily net assets
</Table>
For the year ended October 31, 2003, co-administration services fees earned
by SSB (including out-of-pocket fees) were as follows:
<Table>
<Caption>
PORTFOLIO CO-ADMINISTRATION FEE
--------- ---------------------
Large Cap Value $ 21,994
Small Cap Growth 33,462
Select Equity 9,189
Capital Appreciation 9,571
Harbinger 2,211
Investment Grade Fixed Income 26,891
</Table>
For the year ended October 31, 2003, Large Cap Value paid $440 in brokerage
commissions from portfolio transactions with CSFB.
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Portfolios to provide certain financial printing and fulfillment services.
For the year ended October 31, 2003, Merrill was paid for its services by the
Portfolios as follows:
<Table>
<Caption>
PORTFOLIO AMOUNT
--------- --------
Large Cap Value $ 5,938
Small Cap Growth 5,938
Select Equity 5,938
Capital Appreciation 5,938
Harbinger 2,388
Investment Grade Fixed Income 5,875
</Table>
NOTE 3. LINE OF CREDIT
The Portfolios, together with other funds/portfolios advised by CSAM
(collectively, the "Participating Funds"), participate in a $100 million
committed, unsecured line of credit facility ("Credit Facility") for temporary
or emergency purposes with Deutsche Bank, A.G. as administrative agent and
syndication agent and SSB as operations agent. Under the terms of the Credit
Facility, the Participating Funds pay an aggregate commitment fee at a rate of
0.10% per annum on the average unused amount of the Credit Facility, which is
allocated among the Participating Funds in such manner as is determined by the
governing Boards of the Participating Funds.
58
<Page>
In addition, the Participating Funds pay interest on borrowings at the Federal
Funds rate plus 0.50%. At October 31, 2003, the Portfolios had no loans
outstanding under the Credit Facility. During the year ended October 31, 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
--------- ------------- -------- -----------
Large Cap Value $ 1,738,167 1.553% $ 1,823,000
Small Cap Growth 1,414,000 1.375% 1,414,000
Select Equity 876,455 1.767% 1,067,000
</Table>
NOTE 4. PURCHASES AND SALES OF SECURITIES
For the year ended October 31, 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 $ 16,660,054 $ 24,151,830 $ -- $ --
Small Cap Growth 27,311,831 62,936,860 -- --
Select Equity 10,881,825 13,162,886 -- --
Capital Appreciation 9,508,398 10,636,670 -- --
Harbinger 2,524,646 791,186 -- --
Investment Grade Fixed Income 74,013,331 79,575,904 65,225,181 71,183,457
</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 under procedures established by
the Board of Directors. The table below shows the number of shares held, the
acquisition dates, aggregate costs, fair value as of October 31, 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 9/08/00 $ 898,389 $ 11,578 $ 0.07 0.04%
Prescient Systems Pfd Stock 31,075 2/23/98 2,014,773 11,040 0.36 0.04%
-------- ----------- --------- ----
196,475 $ 2,913,162 $ 22,618 0.08%
======== =========== ========= ====
</Table>
59
<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 YEAR ENDED FOR THE YEAR ENDED
OCTOBER 31, 2003 OCTOBER 31, 2002
------------------------------------------
Shares sold 3,078,570 49,010,573
Shares issued in
reinvestment of distributions 368,438 35,766
Shares redeemed (12,005,818) (10,286,028)
----------- -----------
Net increase (decrease) (8,558,810) 38,760,311
=========== ===========
<Caption>
SMALL CAP GROWTH PORTFOLIO
------------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
OCTOBER 31, 2003 OCTOBER 31, 2002
------------------------------------------
Shares sold 1,247,916 1,843,056
Shares redeemed (5,924,329) (9,175,441)
----------- -----------
Net decrease (4,676,413) (7,332,385)
=========== ===========
<Caption>
SELECT EQUITY PORTFOLIO
--------------------------------------------
FOR THE YEAR ENDED FOR THE PERIOD ENDED
OCTOBER 31, 2003 OCTOBER 31, 2002(1)
--------------------------------------------
Shares sold 108,916 1,616,060
Shares issued in
reinvestment of distributions 4,652 --
Shares redeemed (411,717) (126,613)
----------- -----------
Net increase (decrease) (298,149) 1,489,447
=========== ===========
<Caption>
CAPITAL APPRECIATION PORTFOLIO
--------------------------------------------
FOR THE YEAR ENDED FOR THE PERIOD ENDED
OCTOBER 31, 2003 OCTOBER 31, 2002(1)
--------------------------------------------
Shares sold 146,668 1,813,764
Shares redeemed (310,425) (551,134)
----------- -----------
Net increase (decrease) (163,757) 1,262,630
=========== ===========
<Caption>
HARBINGER PORTFOLIO
---------------------
FOR THE PERIOD ENDED
OCTOBER 31, 2003(2)
---------------------
Shares sold 178,635
-----------
Net increase 178,635
===========
</Table>
60
<Page>
<Table>
<Caption>
INVESTMENT GRADE FIXED INCOME PORTFOLIO
--------------------------------------------
FOR THE YEAR ENDED FOR THE PERIOD ENDED
OCTOBER 31, 2003 OCTOBER 31, 2002(3)
--------------------------------------------
Shares sold 899,738 1,630,312
Shares issued in
reinvestment of distributions 54,682 21,463
Shares redeemed (1,437,039) (34,342)
---------- ---------
Net increase (decrease) (482,619) 1,617,433
========== =========
</Table>
(1) For the period January 31, 2002 (inception date) through October 31, 2002.
(2) For the period January 15, 2003 (inception date) through October 31, 2003.
(3) For the period May 1, 2002 (inception date) through October 31, 2002.
On October 31, 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 5 80%
Select Equity 6 95%
Capital Appreciation 2 94%
Harbinger 3 94%
Investment Grade Fixed Income 2 99%
</Table>
Some of the shareholders are omnibus accounts, which hold shares on behalf of
individual shareholders.
NOTE 7. FEDERAL INCOME TAXES
Income and capital gain distributions are determined in accordance with
federal income tax regulations, which may differ from GAAP. These differences
are primarily due to differing treatments of foreign currency transactions,
losses deferred due to wash sales and paydowns.
The tax characteristics of dividends and distributions paid during the years
ended October 31, 2003 and 2002 were as follows:
<Table>
<Caption>
ORDINARY INCOME LONG-TERM CAPITAL GAIN
----------------------- ------------------------
FUND 2003 2002 2003 2002
--------- ---------- ---------- ----------
Large Cap Value $ 280,013 $ 32,547 $ -- $ --
Small Cap Growth -- -- -- --
Select Equity 38,005 -- -- --
Capital Appreciation -- -- -- --
Harbinger -- -- -- --
Investment Grade Fixed Income 560,526 217,686 16,809 --
</Table>
61
<Page>
At October 31, 2003, the components of distributable earnings on a tax
basis were as follows:
<Table>
<Caption>
INVESTMENT
LARGE CAP SMALL CAP SELECT CAPITAL GRADE FIXED
VALUE FUND GROWTH EQUITY APPRECIATION HARBINGER INCOME
------------- -------------- ---------- ------------- ---------- -----------
Undistributed
ordinary income $ 322,116 $ -- $ 55,073 $ 1,292 $ -- $ 442,513
Accumulated
realized gain/(loss) (5,448,568) (49,072,530) (427,367) (2,661,827) -- --
Unrealized appreciation/
(depreciation) 951,396 3,515,176 $ 1,011,368 822,219 666,477 34,180
------------- -------------- ----------- ------------- ---------- -----------
$ (4,175,056) $ (45,557,354) $ 639,074 $ (1,838,316) $ 666,477 $ 476,693
============= ============== =========== ============= ========== ===========
</Table>
At October 31, 2003, the Portfolios had capital loss carryforwards available
to offset possible future capital gains as follows:
<Table>
<Caption>
EXPIRES OCTOBER 31,
-------------------------------------------------
2009 2010 2011
------------- ------------- -------------
Large Cap Value $ (3,303) $ (2,326,470) $ (3,118,795)
Small Cap Growth (36,696,289) (12,376,241) --
Select Equity -- (367,021) (60,346)
Capital Appreciation -- (1,485,750) (1,176,077)
Harbinger -- -- --
Investment Grade Fixed Income -- -- --
</Table>
As of October 31, 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 as follows:
<Table>
<Caption>
GROSS GROSS NET UNREALIZED
IDENTIFIED UNREALIZED UNREALIZED APPRECIATION/
FUND COST APPRECIATION (DEPRECIATION) (DEPRECIATION)
------ ------------ ------------ -------------- --------------
Large Cap Value $ 27,896,718 $ 2,394,949 $ (1,443,553) $ 951,396
Small Cap Growth 22,289,064 6,804,748 (3,289,572) 3,515,176
Select Equity 9,682,572 1,118,111 (106,743) 1,011,368
Capital Appreciation 8,813,390 1,062,445 (240,226) 822,219
Harbinger 1,745,896 671,605 (5,128) 666,477
Investment Grade
Fixed Income 13,824,927 95,819 (61,639) 34,180
</Table>
At October 31, 2003, accumulated undistributed net investment income,
accumulated net realized gain (loss) from investments and paid-in capital have
been adjusted for current period permanent book/tax differences, which arose
principally from differing book/tax treatments of paydowns,
62
<Page>
defaulted bonds and forward foreign currency contracts. Net assets were not
affected by these reclassifications:
<Table>
<Caption>
INCREASE (DECREASE)
-------------------------------------------------
ACCUMULATED NET
UNDISTRIBUTED NET REALIZED GAIN
PAID-IN INVESTMENT (LOSS) ON
FUND CAPITAL INCOME (LOSS) INVESTMENTS
---- --------- ----------------- ---------------
Large Cap Value -- (130) 130
Small Cap Growth (369,452) 369,452 --
Select Equity -- -- --
Capital Appreciation (32) 32 --
Harbinger (6,967) 19,402 (12,435)
Investment Grade Fixed Income -- 27,863 (27,863)
</Table>
NOTE 8. CONTINGENCIES
In the normal course of business, each Portfolio may provide general
indemnifications pursuant to certain contracts and organizational documents. The
Portfolios' maximum exposure under these arrangements is dependent on future
claims that may be made against the Portfolios and, therefore, cannot be
estimated; however, based on experience, the risk of loss from such claims is
considered remote.
63
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
REPORT OF INDEPENDENT AUDITORS
To the Board of Directors of Credit Suisse Institutional Fund, Inc. and
Shareholders of
Credit Suisse Institutional Fund, Inc. -- Large Cap Value Portfolio;
Credit Suisse Institutional Fund, Inc. -- Small Cap Growth Portfolio;
Credit Suisse Institutional Fund, Inc. -- Select Equity Portfolio;
Credit Suisse Institutional Fund, Inc. -- Capital Appreciation Portfolio;
Credit Suisse Institutional Fund, Inc. -- Harbinger Portfolio;
Credit Suisse Institutional Fund, Inc. -- Investment Grade Fixed
Income Portfolio:
In our opinion, the accompanying statements of assets and liabilities,
including the schedules of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Credit Suisse Institutional Fund,
Inc. -- Large Cap Value Portfolio, Credit Suisse Institutional Fund, Inc. --
Small Cap Growth Portfolio, Credit Suisse Institutional Fund, Inc. -- Select
Equity Portfolio, Credit Suisse Institutional Fund, Inc. -- Capital Appreciation
Portfolio, Credit Suisse Institutional Fund, Inc. -- Harbinger Portfolio and
Credit Suisse Institutional Fund, Inc. -- Investment Grade Fixed Income
Portfolio (hereafter referred to as the "Funds") at October 31, 2003, the
results of their operations for the year (or period) then ended, the changes in
their net assets for each of the two years (or periods) in the period then ended
and the financial highlights for each of the years (or periods) presented, in
conformity with accounting principles generally accepted in the United States of
America. These financial statements and financial highlights (hereafter referred
to as "financial statements") are the responsibility of the Funds' management;
our responsibility is to express an opinion on these financial statements based
on our audits. We conducted our audits of these financial statements in
accordance with auditing standards generally accepted in the United States of
America, which require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at October 31, 2003 by
correspondence with the custodian and brokers, provide a reasonable basis for
our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 23, 2003
64
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
INFORMATION CONCERNING DIRECTORS AND OFFICERS (UNAUDITED)
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH FUND SERVED PAST FIVE YEARS DIRECTOR HELD BY DIRECTOR
- ----------------- ----------- ------------ -------------------- ------------- ----------------
INDEPENDENT DIRECTORS
Richard H. Francis Director, Since Currently retired 44 None
c/o Credit Suisse Asset Nominating 1999
Management, LLC and Audit
466 Lexington Avenue Committee
New York, New York Member
10017-3140
Date of Birth: 04/23/32
Jeffrey E. Garten Director, Since Dean of Yale 43 Director of
Box 208200 Nominating 1998 or School of Aetna, Inc.
New Haven, Connecticut and Audit Fund Management and (insurance
06520-8200 Committee Inception William S. Beinecke company);
Member Professor in the Director of
Date of Birth: 10/29/46 Practice of Calpine
International Corporation
Trade and Finance (energy
(11/95 -- present) provider);
Director of
CarMax Group
(used car
dealers)
</Table>
- ----------
(1) Each Director and Officer serves until his or her respective successor has
been duly elected and qualified.
65
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH FUND SERVED PAST FIVE YEARS DIRECTOR HELD BY DIRECTOR
- ----------------- ----------- ------------ -------------------- ------------- ----------------
INDEPENDENT DIRECTORS
Peter F. Krogh Director, Since Dean Emeritus and 43 Director of
301 ICC Nominating 2001 Distinguished Professor Carlisle
Georgetown University and Audit of International Affairs Companies
Washington, DC 20057 Committee at the Edmund A. Walsh Incorporated
Member School of Foreign (diversified
Date of Birth: 02/11/37 Service, Georgetown manufacturing
University (6/95 -- company);
present); Moderator of Member of
PBS foreign affairs Selection
television series Committee for
(1988 -- 2000) Truman
Scholars and
Henry Luce
Scholars; Senior
Associate of
Center for
Strategic and
International
Studies; Trustee
of numerous
world affairs
organizations
James S. Pasman, Jr. Director, Since Currently retired 45 Director of
c/o Credit Suisse Asset Nominating 1999 Education
Management, LLC and Audit Management
466 Lexington Avenue Committee Corp.
New York, New York Member
10017-3140
Date of Birth: 12/20/30
</Table>
66
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH FUND SERVED PAST FIVE YEARS DIRECTOR HELD BY DIRECTOR
- ----------------- ------------ ------------ ------------------------ ------------- ----------------
INDEPENDENT DIRECTORS
Steven N. Rappaport Director, Since Partner of Lehigh Court, 45 None
Lehigh Court, LLC Nominating 1999 LLC and RZ Capital
40 East 52nd Street Committee (private investment
New York, New York Member and firms) (7/02 -- present);
10022 Audit Consultant to SunGard
Committee Securities Finance, Inc.
Date of Birth: 07/10/48 Chairman from February 2002
to July 2002;
President of SunGard
Securities Finance, Inc.
from 2001 to
February 2002;
President of
Loanet, Inc. (on-line
accounting service)
from 1997 to 2001
INTERESTED DIRECTORS
Joseph D. Gallagher(3) Director, Since Managing Director and 46 None
Credit Suisse Asset Chairman of 2003 Chief Executive Officer
Management, LLC the Board of CSAM since 2003;
466 Lexington Avenue and Chief Global Chief Financial
New York, New York Executive Officer, Credit Suisse
10017-3140 Officer Asset Management
since 1999; Chief
Date of Birth: 12/14/62 Executive Officer and
Director of Credit
Suisse Asset Management
Limited, London,
England, from
June 2000 to 2003;
Director of Credit
Suisse Asset Management
Funds (UK) Limited,
London, England, from
June 2000 to 2003;
Managing Director,
Head -- Asian Corporate
Finance and M&A,
Credit Suisse First
Boston, Hong Kong,
China, from
January 1998 to
May 1999
</Table>
- ----------
(3) Mr. Gallagher is a Director who is an "interested person" of the Fund as
defined in the 1940 Act, because he is an officer of CSAM.
67
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH FUND SERVED PAST FIVE YEARS DIRECTOR HELD BY DIRECTOR
- ----------------- ------------ ------------ ------------------------ ------------- ----------------
INTERESTED DIRECTORS
William W. Priest, Jr.(4) Director Since Co-Managing Partner, 50 Director of
Steinberg Priest & Sloane, 1999 Steinberg Priest & Globe Wireless,
Capital Management, LLC Sloane Capital LLC (a maritime
12 East 49th Street Management, LLC communications
12th Floor since March 2001; company);
New York, New York Chairman and Managing Director of
10017 Director of CSAM from InfraRed X
2000 to February 2001, (a medical
Date of Birth: 09/24/41 Chief Executive Officer device company)
and Managing Director
of CSAM from 1990
to 2000; Director of
Globe Wireless,
L.L.C. -- a maritime
communications
company; Director of
InfraRed X -- a medical
device company
</Table>
- ----------
(4) Mr. Priest is a Director who is an "interested person" of the Fund as
defined in the 1940 Act, because he provided consulting services to CSAM
within the last two years (ended 12/31/02).
68
<Page>
<Table>
<Caption>
TERM
OF OFFICE(1)
AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH FUNDS SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- ----------------- ----------- ------------ ----------------------------------------------
OFFICERS
Hal Liebes Vice Since Managing Director and Global General Counsel of CSAM;
Credit Suisse Asset President 1999 Associated with CSAM since 1997; Officer of other Credit
Management, LLC and Suisse Funds
466 Lexington Avenue Secretary
New York, New York
10017-3140
Date of Birth: 07/06/64
Michael A. Pignataro Chief Since Director and Director of Fund Administration of CSAM;
Credit Suisse Asset Financial 1999 Associated with CSAM since 1984; Officer of other Credit
Management, LLC Officer and Suisse Funds
466 Lexington Avenue Treasurer
New York, New York
10017-3140
Date of Birth: 11/15/59
Gregory N. Bressler Assistant Since Director and Deputy General Counsel of CSAM; Associated
Credit Suisse Asset Secretary 2000 with CSAM since January 2000; Associated with the law
Management, LLC firm of Swidler Berlin Shereff Friedman LLP from 1996 to
466 Lexington Avenue 2000; Officer of other Credit Suisse Funds
New York, New York
10017-3140
Date of Birth: 11/17/66
</Table>
69
<Page>
<Table>
<Caption>
TERM
OF OFFICE(1)
AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH FUNDS SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- ----------------- ------------ ------------ ----------------------------------------------
OFFICERS
Rocco A. Del Guercio Assistant Since Vice President of CSAM; Associated with CSAM since
Credit Suisse Asset Treasurer 1999 June 1996; Officer of other Credit Suisse Funds
Management, LLC
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 04/28/63
Joseph Parascondola Assistant Since Assistant Vice President of CSAM; Associated with CSAM
Credit Suisse Asset Treasurer 2000 since April 2000; Assistant Vice President, Deutsche Asset
Management, LLC Management from January 1999 to April 2000; Assistant
466 Lexington Avenue Vice President, Weiss, Peck & Greer LLC from
New York, New York November 1995 to December 1998; Officer of other Credit
10017-3140 Suisse Funds
Date of Birth: 06/05/63
Robert M. Rizza Assistant Since Assistant Vice President of CSAM; Associated with CSAM
Credit Suisse Asset Treasurer 2002 since 1998; Officer of other Credit Suisse Funds
Management, LLC
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 12/09/65
</Table>
The Statement of Additional Information includes additional information about
the Directors and is available, without charge, upon request, by calling
800-222-8977.
70
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
TAX INFORMATION LETTER (UNAUDITED)
October 31, 2003
IMPORTANT TAX INFORMATION FOR CORPORATE SHAREHOLDERS
Corporate shareholders should note for the year ended October 31, 2003, the
percentage of the Investment Grade Fixed Income's investment income (i.e., net
investment income plus short-term capital gains) that qualified for the
intercorporate dividends received deduction is 0.11%.
For the fiscal year ended October 31, 2003 certain dividends paid by each
Portfolio may be subject to a maximum tax rate of 15%, as provided for by the
Jobs and Growth Tax Relief Reconciliation Act of 2003. Complete information will
be reported in conjunction with your 2003 Form 1099-DIV.
IMPORTANT TAX INFORMATION FOR SHAREHOLDERS
During the year ended October 31, 2003, the Investment Grade Fixed Income
declared dividends of $16,810 that were designated as long-term capital gains
dividends.
71
<Page>
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<Page>
P.O. BOX 55030, BOSTON, MA 02205-5030
800-222-8977 - www.csam-americas.com [CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. CSILC-2-1003
<Page>
ITEM 2. CODE OF ETHICS.
The registrant has adopted a code of ethics applicable to its Chief Executive
Officer, President, Chief Financial Officer and Chief Accounting Officer, or
persons performing similar functions. A copy of the code is filed as Exhibit
11(a)(1) to this Form. There were no amendments to the code during the fiscal
year ended October 31, 2003. There were no waivers or implicit waivers from the
code granted by the registrant during the fiscal year ended October 31, 2003.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant's governing board has determined that it has three audit
committee financial experts serving on its audit committee: Richard H. Francis,
James S. Pasman, Jr., and Steven N. Rappaport. Each audit committee financial
expert is "independent" for purposes of this item.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Form N-CSR disclosure requirement is not yet effective with respect to the
registrant.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to the registrant.
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. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable to the registrant.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
N-CSR disclosure requirement not yet effective with respect to the registrant.
ITEM 10. CONTROLS AND PROCEDURES.
(a) As of a date within 90 days from the filing date of this report, the
principal executive officer and principal financial officer concluded that the
registrant's disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940 (the "Act")) were effective based on
their evaluation of the disclosure controls and procedures required by Rule
30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934.
(b) There were no changes in registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the
registrant's second fiscal half-year that have materially affected, or are
reasonably likely to materially affect, the registrant's internal control over
financial reporting.
ITEM 11. EXHIBITS.
(a)(1) The registrant's code of ethics is an exhibit to this report.
<Page>
(a)(2) The certifications of the registrant as required by Rule 30a-2(a) under
the Act are exhibits to this report.
(a)(3) Not applicable.
(b) The certifications of the registrant as required by Rule 30a-2(b) under
the Act are an exhibit to this report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934 and the Investment Company Act of 1940, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.
CREDIT SUISSE INSTITUTIONAL FUND, INC.
/s/ Joseph D. Gallagher
-----------------------
Name: Joseph D. Gallagher
Title: Chief Executive Officer
Date: January 5, 2004
Pursuant to the requirements of the Securities Exchange Act of
1934 and the Investment Company Act of 1940, this report has been signed below
by the following persons on behalf of the registrant and in the capacities and
on the dates indicated.
/s/ Joseph D. Gallagher
-----------------------
Name: Joseph D. Gallagher
Title: Chief Executive Officer
Date: January 5, 2004
/s/ Michael A. Pignataro
------------------------
Name: Michael A. Pignataro
Title: Chief Financial Officer
Date: January 5, 2004