<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. 811-06670
----------------------------------------------------
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, 2004
Date of reporting period: November 1, 2003 to April 30, 2004
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ITEM 1. REPORTS TO STOCKHOLDERS.
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[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE INSTITUTIONAL FUND
SEMIANNUAL REPORT
APRIL 30, 2004
(UNAUDITED)
CREDIT SUISSE INSTITUTIONAL FUND, INC.
- - INTERNATIONAL FOCUS PORTFOLIO
THE PORTFOLIO'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES (WHICH SHOULD
BE CONSIDERED CAREFULLY BEFORE INVESTING), AND MORE COMPLETE INFORMATION ABOUT
THE FUND, ARE PROVIDED IN THE PROSPECTUS, WHICH SHOULD BE READ CAREFULLY BEFORE
INVESTING. YOU MAY OBTAIN ADDITIONAL COPIES BY CALLING 800-222-8977 OR BY
WRITING TO CREDIT SUISSE FUNDS, P.O. BOX 55030, BOSTON, MA 02205-5030.
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR, IS LOCATED AT 466
LEXINGTON AVE., NEW YORK, NY 10017-3140. CREDIT SUISSE INSTITUTIONAL FUND IS
ADVISED BY CREDIT SUISSE ASSET MANAGEMENT, LLC.
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THE VIEWS OF THE PORTFOLIO'S MANAGEMENT ARE AS OF THE DATE OF THE LETTER AND THE
PORTFOLIO HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF APRIL 30, 2004; THESE
VIEWS AND PORTFOLIO HOLDINGS MAY HAVE CHANGED SUBSEQUENT TO THESE DATES. NOTHING
IN THIS DOCUMENT IS A RECOMMENDATION TO PURCHASE OR SELL SECURITIES.
PORTFOLIO SHARES ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF CREDIT SUISSE ASSET
MANAGEMENT, LLC ("CSAM") OR ANY AFFILIATE, ARE NOT FDIC-INSURED AND ARE NOT
GUARANTEED BY CSAM OR ANY AFFILIATE. PORTFOLIO INVESTMENTS ARE SUBJECT TO
INVESTMENT RISKS, INCLUDING LOSS OF YOUR INVESTMENT.
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CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
SEMIANNUAL INVESTMENT ADVISER'S REPORT
April 30, 2004 (unaudited)
May 28, 2004
Dear Shareholder:
For the six months ended April 30, 2004, Credit Suisse Institutional Fund,
Inc. -- International Focus Portfolio(1) (the "Portfolio") had a gain of 7.53%,
versus an increase of 11.69% for the Morgan Stanley Capital International ACWI
(All Country World Index) Free Ex-USA Index(2).
The period was a volatile, though ultimately positive, one for equity markets
around the world. Stocks initially rose, continuing a rally begun in March 2003
on hopes that a reviving U.S. economy would support growth globally. Markets
finished the period on a weak note, however, hurt by fears of rising U.S.
interest rates, worries that China's strong growth would be reined in (China has
been a source of growth for a number of markets in Asia and elsewhere), and
renewed geopolitical concerns.
The Portfolio trailed its benchmark, in part due to underperformance of its
Japan holdings. Selected via our bottom-up investment process, these holdings
are what we consider to be higher-quality stocks representing companies with
above average earnings potential. However, such stocks performed poorly in the
period as a whole, in many instances for technical reasons (such as cross
shareholding and pension-related selling overhangs). That notwithstanding, we
believe our companies in Japan have good long-term prospects. The Portfolio's
European holdings modestly underperformed as a group. On the positive side, the
Portfolio's telecommunications holdings (especially within Latin America), aided
its performance, as did its materials and energy holdings in general.
In terms of noteworthy recent portfolio activity, one move we made was to
increase our exposure to the energy area. We ended the period roughly neutrally
weighted here, after being underweighted through much of 2003. Our decision to
add was based on relative valuations -- energy stocks underperformed last year
- -- combined with our more bullish outlook on energy prices. We believe that OPEC
is determined to support relatively high oil prices, with firmer oil revenues
needed to address local social concerns.
Elsewhere, we selectively added some technology stocks, taking advantage of
market pullbacks. Our view is that earnings could actually be quite strong in
certain areas of technology as the year progresses. Our goal was to purchase
these stocks prior to any positive earnings surprises that may be announced. In
the consumer area, we purchased shares of a U.K. tobacco company that we feel is
attractively valued, offers a relatively high dividend yield, and does not
present the litigation risk associated with U.S. tobacco companies. We reduced
1
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our exposure to the materials and consumer discretionary sectors as individual
stocks began to reach our price targets.
Late in the period we eliminated our direct exposure to China. Our view is
that investor sentiment is tending toward a hard landing scenario for the
Chinese economy, and that the market will likely be quite vulnerable to any
disappointing data in the intermediate term. We also started to narrow our
underweighting in the European pharmaceutical industry, where we think the
risk/reward profile has improved.
Looking ahead, we believe that the quality and consistency of earnings will
likely be drivers of stock performance this year. In that context, we will
continue to adhere to our discipline, focusing on what we deem to be profitable
companies with sustainable earnings growth potential.
The Credit Suisse International Equity Team
Nancy Nierman
Anne S. Budlong
Emily Alejos
Harry M. Jaffe
Chris Matyszewski
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.
2
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AVERAGE ANNUAL RETURNS AS OF MARCH 31, 2004(1)
<Table>
<Caption>
SINCE INCEPTION
1 YEAR 5 YEARS 10 YEARS INCEPTION DATE
------ ------- -------- --------- ---------
50.86% 1.59% 3.52% 6.75% 9/1/92
</Table>
AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2004(1)
<Table>
<Caption>
SINCE INCEPTION
1 YEAR 5 YEARS 10 YEARS INCEPTION DATE
------ ------- -------- --------- ---------
32.12% 0.63% 2.95% 6.40% 9/1/92
</Table>
RETURNS REPRESENT PAST PERFORMANCE AND INCLUDE CHANGE IN SHARE PRICE AND
REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. PAST PERFORMANCE CANNOT GUARANTEE
FUTURE RESULTS. DUE TO MARKET VOLATILITY, THE PERFORMANCE OF THE PORTFOLIO MAY
BE LOWER OR HIGHER THAN THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL
FLUCTUATE, AND REDEMPTION VALUE MAY BE MORE OR LESS THAN ORIGINAL COST. THE
PERFORMANCE RESULTS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER
WOULD PAY ON PORTFOLIO DISTRIBUTIONS OR THE REDEMPTION OF PORTFOLIO SHARES.
PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH-END IS AVAILABLE AT
www.csam.com/us.
- ----------
(1) Fee waivers and/or expense reimbursements reduced expenses for the
Portfolio, without which performance would be lower. Waivers and/or
reimbursements may be discontinued at any time.
(2) The Morgan Stanley Capital International ACWI (All Country World Index)
Free Ex-USA Index is a free float-adjusted market capitalization index that
is designed to measure equity-market performance in the global developed
and emerging markets, excluding the U.S. It is the exclusive property of
Morgan Stanley Capital International Inc. Investors cannot invest directly
in an index.
3
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CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
SCHEDULE OF INVESTMENTS
April 30, 2004 (unaudited)
<Table>
<Caption>
NUMBER OF
SHARES VALUE
---------- -------------
COMMON STOCKS (94.9%)
BRAZIL (1.0%)
OIL & GAS (1.0%)
Petroleo Brasileiro SA - Petrobras ADR^ 54,170 $ 1,565,513
-------------
TOTAL BRAZIL 1,565,513
-------------
FINLAND (2.2%)
PAPER & FOREST PRODUCTS (2.2%)
Stora Enso Oyj 249,560 3,365,552
-------------
TOTAL FINLAND 3,365,552
-------------
FRANCE (12.7%)
AUTOMOBILES (3.0%)
PSA Peugeot Citroen^ 32,860 1,765,502
Renault SA^ 36,490 2,722,964
-------------
4,488,466
-------------
BANKS (2.9%)
BNP Paribas SA^ 48,063 2,886,539
Credit Agricole SA^ 62,344 1,538,044
-------------
4,424,583
-------------
DIVERSIFIED TELECOMMUNICATION SERVICES (1.7%)
France Telecom SA* 104,465 2,520,829
-------------
INSURANCE (2.2%)
Axa 156,470 3,295,578
-------------
MEDIA (1.5%)
Lagardere S.C.A.^ 36,920 2,223,958
-------------
TEXTILES & APPAREL (1.4%)
LVMH Moet Hennessy Louis Vuitton SA^ 30,270 2,133,627
-------------
TOTAL FRANCE 19,087,041
-------------
GERMANY (6.1%)
BANKS (1.4%)
Bayerische Hypo-und Vereinsbank AG* 120,260 2,087,462
-------------
DIVERSIFIED FINANCIALS (1.3%)
Deutsche Boerse AG*,^ 35,920 1,975,552
-------------
ELECTRIC UTILITIES (1.7%)
E.ON AG^ 39,586 2,624,192
-------------
ELECTRICAL EQUIPMENT (1.7%)
Siemens AG 35,700 2,578,422
-------------
TOTAL GERMANY 9,265,628
-------------
HONG KONG (0.0%)
BANKS (0.0%)
Hang Seng Bank, Ltd. 12 152
-------------
TOTAL HONG KONG 152
-------------
</Table>
See Accompanying Notes to Financial Statements.
4
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<Table>
<Caption>
NUMBER OF
SHARES VALUE
---------- -------------
COMMON STOCKS
IRELAND (1.4%)
BANKS (1.4%)
Bank of Ireland 179,242 $ 2,172,300
-------------
TOTAL IRELAND 2,172,300
-------------
ITALY (4.4%)
BANKS (2.1%)
SanPaolo IMI SpA^ 273,320 3,187,961
-------------
OIL & GAS (2.3%)
Eni SpA*,^ 170,390 3,464,167
-------------
TOTAL ITALY 6,652,128
-------------
JAPAN (19.9%)
AUTO COMPONENTS (2.4%)
Stanley Electric Company, Ltd. 194,800 3,680,468
-------------
DIVERSIFIED FINANCIALS (2.4%)
Nikko Cordial Corp. 632,000 3,596,538
-------------
ELECTRICAL EQUIPMENT (1.7%)
Nitto Denko Corp. 45,200 2,510,770
-------------
ELECTRONIC EQUIPMENT & INSTRUMENTS (3.8%)
Omron Corp. 115,900 2,825,164
Rohm Company, Ltd. 22,900 2,857,442
-------------
5,682,606
-------------
HOUSEHOLD PRODUCTS (2.0%)
Uni-Charm Corp. 64,700 3,060,432
-------------
MACHINERY (3.2%)
Komatsu, Ltd. 382,000 2,177,319
THK Company, Ltd. 138,000 2,669,838
-------------
4,847,157
-------------
SPECIALTY RETAIL (1.4%)
Yamada Denki Company, Ltd. 59,400 2,040,016
-------------
TRADING COMPANIES & DISTRIBUTORS (1.9%)
Sumitomo Corp. 379,000 2,908,912
-------------
WIRELESS TELECOMMUNICATION SERVICES (1.1%)
NTT DoCoMo, Inc. 842 1,670,953
-------------
TOTAL JAPAN 29,997,852
-------------
MEXICO (1.4%)
WIRELESS TELECOMMUNICATION SERVICES (1.4%)
America Movil SA de CV ADR, Series L 60,310 2,038,478
-------------
TOTAL MEXICO 2,038,478
-------------
</Table>
See Accompanying Notes to Financial Statements.
5
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<Table>
<Caption>
NUMBER OF
SHARES VALUE
---------- -------------
COMMON STOCKS
NETHERLANDS (5.8%)
BANKS (1.5%)
ABN AMRO Holding NV^ 100,360 $ 2,182,362
-------------
DIVERSIFIED FINANCIALS (1.9%)
ING Groep NV 134,300 2,878,540
-------------
FOOD PRODUCTS (1.7%)
Koninklijke Numico NV* 91,980 2,547,030
-------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (0.7%)
ASML Holding NV* 69,126 1,100,445
-------------
TOTAL NETHERLANDS 8,708,377
-------------
NORWAY (1.7%)
BANKS (1.7%)
DnB Holding ASA 399,597 2,533,869
-------------
TOTAL NORWAY 2,533,869
-------------
RUSSIA (1.3%)
WIRELESS TELECOMMUNICATION SERVICES (1.3%)
AO VimpelCom ADR*,^ 21,720 1,949,587
-------------
TOTAL RUSSIA 1,949,587
-------------
SINGAPORE (2.6%)
BANKS (2.6%)
United Overseas Bank, Ltd.^ 490,205 3,947,109
-------------
TOTAL SINGAPORE 3,947,109
-------------
SOUTH KOREA (2.8%)
BANKS (1.5%)
Industrial Bank of Korea 319,180 2,206,119
-------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (1.3%)
Samsung Electronics Company, Ltd. 4,170 1,979,537
-------------
TOTAL SOUTH KOREA 4,185,656
-------------
SWEDEN (4.0%)
MACHINERY (4.0%)
Sandvik AB 96,040 3,124,039
SKF AB Class B^ 86,000 2,949,427
-------------
TOTAL SWEDEN 6,073,466
-------------
SWITZERLAND (6.0%)
BANKS (2.4%)
UBS AG^ 51,449 3,656,506
-------------
FOOD PRODUCTS (1.4%)
Nestle SA^ 8,137 2,058,411
-------------
</Table>
See Accompanying Notes to Financial Statements.
6
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
---------- -------------
COMMON STOCKS
SWITZERLAND
PHARMACEUTICALS (2.2%)
Novartis AG 73,910 $ 3,294,769
-------------
TOTAL SWITZERLAND 9,009,686
-------------
TAIWAN (2.4%)
COMPUTERS & PERIPHERALS (1.0%)
Compal Electronics, Inc. 1,277,000 1,437,682
-------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (1.4%)
Taiwan Semiconductor Manufacturing Company, Ltd. 1,227,200 2,124,142
-------------
TOTAL TAIWAN 3,561,824
-------------
UNITED KINGDOM (19.2%)
BANKS (1.5%)
HSBC Holdings PLC 150,000 2,192,364
-------------
COMMERCIAL SERVICES & SUPPLIES (1.8%)
Capita Group PLC 498,228 2,738,953
-------------
FOOD PRODUCTS (1.5%)
Cadbury Schweppes PLC 282,006 2,242,930
-------------
INDUSTRIAL CONGLOMERATES (1.4%)
FKI PLC 1,055,994 2,125,456
-------------
OIL & GAS (4.9%)
BP PLC 480,330 4,152,495
Shell Transportation & Trading Company PLC 468,000 3,228,422
-------------
7,380,917
-------------
PHARMACEUTICALS (4.5%)
AstraZeneca PLC 73,380 3,431,490
GlaxoSmithKline PLC 162,740 3,367,906
-------------
6,799,396
-------------
TOBACCO (1.5%)
Imperial Tobacco Group PLC 103,000 2,281,364
-------------
TRANSPORTATION INFRASTRUCTURE (2.1%)
BAA PLC 341,440 3,148,564
-------------
TOTAL UNITED KINGDOM 28,909,944
-------------
TOTAL COMMON STOCKS (Cost $125,097,295) 143,024,162
-------------
</Table>
See Accompanying Notes to Financial Statements.
7
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
---------- -------------
SHORT-TERM INVESTMENTS (26.1%)
State Street Navigator Prime Fund^^ 36,841,138 $ 36,841,138
-------------
<Caption>
PAR
VALUE
----------
State Street Bank and Trust Co. Euro Time Deposit, 0.750%, 5/03/04 $ 2,522 2,522,000
-------------
TOTAL SHORT-TERM INVESTMENTS (Cost $39,363,138) 39,363,138
-------------
TOTAL INVESTMENTS AT VALUE (121.0%) (Cost $164,460,433) 182,387,300
LIABILITIES IN EXCESS OF OTHER ASSETS (-21.0%) (31,636,509)
-------------
NET ASSETS (100.0%) $ 150,750,791
=============
</Table>
INVESTMENT ABBREVIATIONS
ADR = American Depository Receipt
* Non-income producing security.
^ 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.
8
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CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
April 30, 2004 (unaudited)
<Table>
ASSETS
Investments at value, including collateral for securities
on loan of $36,841,138 (Cost $164,460,433) (Note 1) $ 182,387,300(1)
Cash 353
Foreign currency at value (Cost $1,124,007) 1,124,072
Receivable for investments sold 5,364,455
Dividend and interest receivable 835,016
Receivable for fund shares sold 2,583
Prepaid expenses and other assets 27,455
--------------
Total Assets 189,741,234
--------------
LIABILITIES
Advisory fee payable (Note 2) 74,001
Administrative services fee payable (Note 2) 27,334
Payable upon return of securities loaned (Note 1) 36,841,138
Payable for investments purchased 1,994,835
Directors' fee payable 120
Other accrued expenses payable 53,015
--------------
Total Liabilities 38,990,443
--------------
NET ASSETS
Capital stock, $0.001 par value (Note 5) 16,217
Paid-in capital (Note 5) 287,051,899
Undistributed net investment income 731,612
Accumulated net realized loss on investments and foreign currency transactions (154,970,516)
Net unrealized appreciation from investments and foreign currency translations 17,921,579
--------------
Net Assets $ 150,750,791
==============
Shares outstanding 16,217,052
--------------
Net asset value, offering price, and redemption price per share $ 9.30
==============
</Table>
(1) Including $34,990,901 of securities on loan.
See Accompanying Notes to Financial Statements.
9
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STATEMENT OF OPERATIONS
For the Six Months Ended April 30, 2004 (unaudited)
<Table>
INVESTMENT INCOME (Note 1)
Dividends $ 1,685,822
Interest 10,661
Securities lending 25,405
Foreign taxes withheld (220,911)
--------------
Total investment income 1,500,977
--------------
EXPENSES
Investment advisory fees (Note 2) 648,244
Administrative services fees (Note 2) 127,113
Custodian fees 50,257
Legal fees 18,991
Insurance expense 8,825
Transfer agent fees 8,790
Audit fees 8,452
Printing fees (Note 2) 6,182
Registration fees 5,726
Interest expense (Note 3) 2,566
Directors' fees 1,637
Commitment fees (Note 3) 1,563
Miscellaneous expense 8,670
--------------
Total expenses 897,016
Less: fees waived (Note 2) (127,790)
--------------
Net expenses 769,226
--------------
Net investment income 731,751
--------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS AND
FOREIGN CURRENCY RELATED ITEMS
Net realized gain from investments 20,763,977
Net realized gain on foreign currency transactions 36,920
Net change in unrealized appreciation (depreciation) from investments (9,067,279)
Net change in unrealized appreciation (depreciation) from foreign currency
translations (51,500)
--------------
Net realized and unrealized gain from investments and foreign currency related items 11,682,118
--------------
Net increase in net assets resulting from operations $ 12,413,869
==============
</Table>
See Accompanying Notes to Financial Statements.
10
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE SIX MONTHS
ENDED FOR THE YEAR
APRIL 30, 2004 ENDED
(UNAUDITED) OCTOBER 31, 2003
------------------ ----------------
FROM OPERATIONS
Net investment income $ 731,751 $ 774,477
Net realized gain from investments and foreign
currency transactions 20,800,897 2,234,517
Net change in unrealized appreciation (depreciation) from
investments and foreign currency translations (9,118,779) 15,484,745
------------- -------------
Net increase in net assets resulting from operations 12,413,869 18,493,739
------------- -------------
FROM DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (821,490) (296,819)
Distributions from net realized gains (4,255,028) --
------------- -------------
Net decrease in net assets from dividends and distributions (5,076,518) (296,819)
------------- -------------
FROM CAPITAL SHARE TRANSACTIONS (Note 5)
Proceeds from sale of shares 1,112,572 118,120,791
Exchange value of shares due to merger -- 100,609,127
Reinvestment of dividends and distributions 4,833,577 294,006
Net asset value of shares redeemed (24,503,688) (119,814,684)
------------- -------------
Net increase (decrease) in net assets from capital share transactions (18,557,539) 99,209,240
------------- -------------
Net increase (decrease) in net assets (11,220,188) 117,406,160
NET ASSETS
Beginning of period 161,970,979 44,564,819
------------- -------------
End of period $ 150,750,791 $ 161,970,979
============= =============
Undistributed Net Investment Income $ 731,612 $ 821,351
============= =============
</Table>
See Accompanying Notes to Financial Statements.
11
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CREDIT SUISSE INSTITUTIONAL FUND, INC.-- INTERNATIONAL FOCUS PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE YEAR ENDED OCTOBER 31,
APRIL 30, 2004 -------------------------------------------------------------------
(UNAUDITED) 2003 2002 2001 2000 1999
-------------- --------- ---------- ---------- --------- ---------
PER SHARE DATA
Net asset value, beginning of period $ 8.92 $ 7.19 $ 8.13 $ 17.61 $ 18.85 $ 14.41
--------- --------- --------- --------- --------- ---------
INVESTMENT OPERATIONS
Net investment income 0.05 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) 0.62 1.69 (1.01) (3.18) (0.46) 4.38
--------- --------- --------- --------- --------- ---------
Total from investment operations 0.67 1.78 (0.94) (3.09) (0.24) 4.58
--------- --------- --------- --------- --------- ---------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.05) (0.05) -- (0.21) (0.78) (0.14)
Distributions from net realized gains (0.24) -- -- (6.18) (0.22) --
--------- --------- --------- --------- --------- ---------
Total dividends and distributions (0.29) (0.05) -- (6.39) (1.00) (0.14)
--------- --------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 9.30 $ 8.92 $ 7.19 $ 8.13 $ 17.61 $ 18.85
========= ========= ========= ========= ========= =========
Total return(2) 7.53% 24.90% (11.56)% (26.56)% (1.98)% 32.02%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period
(000s omitted) $ 150,751 $ 161,971 $ 44,565 $ 95,622 $ 356,004 $ 551,830
Ratio of expenses to average
net assets(3) 0.95%(4) 0.95% 0.95% 0.95% 0.97% 0.96%
Ratio of net investment income to
average net assets 0.90%(4) 1.17% 0.87% 0.61% 0.74% 1.23%
Decrease reflected in above
operating expense ratios due to
waivers/reimbursements 0.16%(4) 0.22% 0.39% 0.23% 0.19% 0.17%
Portfolio Turnover Rate 56% 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 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. 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 six months ended April 30, 2004, and the years ended
October 31, 2003, 2002 and 2001, there was no effect on the net operating
expense ratio because of transfer agent credits.
(4) Annualized.
See Accompanying Notes to Financial Statements.
12
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CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
April 30, 2004 (unaudited)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Credit Suisse Institutional Fund, Inc. (the "Fund"), is registered under the
Investment Company Act of 1940, as amended, as an open-end management investment
company and currently offers eight 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.
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. 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, or under the direction of, the Board of
Directors under procedures established by the Board of Directors. The Portfolio
may utilize a service provided by an
13
<Page>
independent third party which has been approved by the Board of Directors to
fair value certain portfolio securities.
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
14
<Page>
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from these estimates.
G) SHORT-TERM INVESTMENTS -- The Portfolio, together with other
funds/portfolios advised by Credit Suisse Asset Management, LLC ("CSAM"), an
indirect, wholly-owned subsidiary of Credit Suisse Group, 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 April 30, 2004,
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, funds advised by SSB, the
Portfolio's securities lending agent or money market instruments. However, in
the event of default or bankruptcy by the other party to the agreement,
realization and/or retention of the collateral may be subject to legal
proceedings.
15
<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 April 30, 2004 is as
follows:
<Table>
<Caption>
MARKET VALUE OF VALUE OF
SECURITIES LOANED COLLATERAL RECEIVED
----------------- -------------------
$ 34,990,901 $ 36,841,138
</Table>
Prior to March 17, 2004, Credit Suisse First Boston ("CSFB"), an affiliate of
CSAM, had been engaged by the Portfolio to act as the Portfolio's securities
lending agent.
Effective March 17, 2004, SSB has been engaged by the Portfolio to act as the
Portfolio's securities lending agent. The Portfolio's securities lending
arrangement provides that the Portfolio and SSB will share the net income earned
from securities lending activities, with the Portfolio receiving 70% and SSB
receiving 30% of the earnings from the investment of cash collateral or any
other securities lending income in accordance with the provisions of the
securities lending agency agreement. Securities lending income is accrued as
earned.
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.
16
<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 six
months ended April 30, 2004, investment advisory fees earned and voluntarily
waived were $648,244 and $127,790, respectively.
Credit Suisse Asset Management Limited (CSAM U.K.) ("CSAM Ltd. U.K."), Credit
Suisse Asset Management Limited (CSAM Japan) ("CSAM Ltd. Japan") and Credit
Suisse Asset Management Limited (CSAM Australia) ("CSAM Ltd. Australia"), each
an affiliate of CSAM, are sub-investment advisers to the Portfolio. CSAM Ltd.
U.K., CSAM Ltd. Japan, and CSAM Ltd. Australia's sub-investment advisory fees
are paid by CSAM out of CSAM's net investment advisory fee and are not paid by
the Portfolio.
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of
CSAM, and SSB serve as co-administrators to the Portfolio.
For its co-administrative services, CSAMSI currently receives a fee
calculated at an annual rate of 0.10% of the Portfolio's average daily net
assets. For the six months ended April 30, 2004, co-administrative services fees
earned by CSAMSI were $81,031.
For its co-administrative services, SSB receives a fee, exclusive of
out-of-pocket expenses, based upon the following fee schedule calculated in
total for all the Credit Suisse funds/portfolios co-administered by SSB and
allocated based upon relative average net assets of each fund/portfolio, subject
to an annual minimum fee.
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ -----------
First $5 billion 0.050% of average daily net assets
Next $5 billion 0.035% of average daily net assets
Over $10 billion 0.020% of average daily net assets
</Table>
For the six months ended April 30, 2004, co-administrative services fees
earned by SSB (including out-of-pocket expenses) were $46,082.
For the period November 1, 2003 to March 16, 2004, CSFB received $4,865 in
fees for its securities lending activities.
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Portfolio to provide certain financial printing and fulfillment services.
For six months ended April 30, 2004, Merrill was paid $6,780 for its services to
the Portfolio.
17
<Page>
NOTE 3. LINE OF CREDIT
The Portfolio, together with other funds/portfolios advised by CSAM
(collectively, the "Participating Funds"), participates in a $75 million
committed, unsecured line of credit facility ("Credit Facility") for temporary
or emergency purposes with Deutsche Bank, A.G. as administrative agent and
syndication agent and SSB as operations agent. Under the terms of the Credit
Facility, the Participating Funds pay an aggregate commitment fee at a rate of
0.10% per annum on the average unused amount of the Credit Facility, which is
allocated among the Participating Funds in such manner as is determined by the
governing Boards of the Participating Funds. In addition, the Participating
Funds pay interest on borrowings at the Federal Funds rate plus 0.50%. At April
30, 2004 the Portfolio had no loans outstanding under the Credit Facility.
During the six months ended April 30, 2004, the Portfolio had borrowings under
the Credit Facility as follows:
<Table>
<Caption>
AVERAGE DAILY WEIGHTED AVERAGE MAXIMUM DAILY
LOAN BALANCE INTEREST RATE % LOAN OUTSTANDING
------------- ---------------- ----------------
$ 5,421,000 1.549% $ 8,671,000
</Table>
NOTE 4. PURCHASES AND SALES OF SECURITIES
For the six months ended April 30, 2004, purchases and sales of investment
securities (excluding short-term investments) were $87,017,731 and $114,769,114,
respectively.
At April 30, 2004, the identified cost for federal income tax purposes, as
well as the gross unrealized appreciation from investments for those securities
having an excess of value over cost, gross unrealized depreciation from
investments for those securities having an excess of cost over value and the net
unrealized appreciation from investments were $164,460,433, $20,898,949,
$(2,972,082) and $17,926,867, respectively.
NOTE 5. CAPITAL SHARE TRANSACTIONS
The Fund is authorized to issue up to sixteen billion full and fractional
shares of common stock of separate series having a $.001 par value per share.
Shares of eight series have been classified, one of which constitutes the
18
<Page>
interest in the Portfolio. Transactions in capital shares of the Portfolio were
as follows:
<Table>
<Caption>
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2004 (UNAUDITED) OCTOBER 31, 2003
-------------------------- ------------------
Shares sold 1,112,572 14,590,640
Shares exchanged due to merger -- 12,106,921
Shares issued in reinvestment
of dividends and distributions 4,833,577 40,891
Shares redeemed (24,503,688) (14,776,756)
------------ ------------
Net increase (decrease) (18,557,539) 11,961,696
============ ============
</Table>
On April 30, 2004, 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 80%
</Table>
Some of the shareholders are omnibus accounts, which hold shares on behalf of
individual shareholders.
NOTE 6. 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.
19
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
PRIVACY POLICY NOTICE (unaudited)
IMPORTANT PRIVACY CHOICES FOR CONSUMERS
We are committed to maintaining the privacy of every current and prospective
customer. We recognize that you entrust important personal information to us,
and we wish to assure you that we take seriously our responsibilities in
protecting and safeguarding this information.
In connection with making available investment products and services to
current and potential customers, we may obtain nonpublic personal information
about you. This information may include your name, address, e-mail address,
social security number, account number, assets, income, financial situation,
transaction history and other personal information.
We may collect nonpublic information about you from the following sources:
- Information we receive on applications, forms, questionnaires, web sites,
agreements or in the course of establishing or maintaining a customer
relationship; and
- Information about your transactions with us, our affiliates, or others.
We do not disclose any nonpublic personal information about our customers or
former customers to anyone, except with your consent or as otherwise permitted
by law.
RESTRICT INFORMATION SHARING WITH AFFILIATES: In cases where we believe that
additional products and services may be of interest to you, we may share the
information described above with our affiliates unless you say "No."
/ / No, please do not share personal and financial information with your
affiliated companies. [If you check this box, you must send this notice
back to us with your name, address and account number to Credit Suisse
Funds, 466 Lexington Avenue, New York, New York 10017.]
We may also disclose this information to firms that perform services on our
behalf. These agents and service providers are required to treat the information
confidentially and use it only for the purpose for which it is provided.
We restrict access to nonpublic personal information about you to those
employees, agents or other parties who need to know that information to provide
products or services to you or in connection with your investments with or
through us. We maintain physical, electronic and procedural safeguards that
comply with federal standards to guard your nonpublic personal information.
NOTE: THIS NOTICE IS PROVIDED TO CLIENTS AND PROSPECTIVE CLIENTS OF CREDIT
SUISSE ASSET MANAGEMENT, LLC ("CSAM"), CSAM CAPITAL INC., AND CREDIT SUISSE
ASSET MANAGEMENT SECURITIES, INC., AND SHAREHOLDERS AND PROSPECTIVE SHAREHOLDERS
IN CSAM-SPONSORED AND -ADVISED INVESTMENT COMPANIES, INCLUDING CREDIT SUISSE
FUNDS, AND OTHER CONSUMERS AND CUSTOMERS, AS APPLICABLE. THIS NOTICE IS NOT
INTENDED TO BE INCORPORATED IN ANY OFFERING MATERIALS BUT IS MERELY A STATEMENT
OF OUR CURRENT PRIVACY POLICY, AND MAY BE AMENDED FROM TIME TO TIME UPON NOTICE
TO YOU. THIS NOTICE IS DATED AS OF MAY 19, 2004.
20
<Page>
PROXY VOTING (unaudited)
The policies and procedures that the Portfolio uses to determine how to vote
proxies relating to its portfolio securities are available:
- By calling 1-800-222-8977
- On the Fund's website, www.csam.com/us
- On the website of the Securities and Exchange Commission,
http://www.sec.gov.
21
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
P.O. BOX 55030, BOSTON, MA 02205-5030
800-222-8977 - www.csam.com/us
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. CSINI-3-0404
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE
INSTITUTIONAL FUND
SEMIANNUAL REPORT
APRIL 30, 2004
(UNAUDITED)
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
THE PORTFOLIOS' INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES (WHICH SHOULD
BE CONSIDERED CAREFULLY BEFORE INVESTING), AND MORE COMPLETE INFORMATION ABOUT
THE FUND, IS PROVIDED IN THE PROSPECTUS, WHICH SHOULD BE READ CAREFULLY BEFORE
INVESTING. YOU MAY OBTAIN ADDITIONAL COPIES BY CALLING 800-222-8977 OR BY
WRITING TO CREDIT SUISSE INSTITUTIONAL FUNDS, P.O. BOX 55030, BOSTON, MA
02205-5030.
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR, IS LOCATED AT 466
LEXINGTON AVE., NEW YORK, NY 10017-3140. CREDIT SUISSE INSTITUTIONAL FUND IS
ADVISED BY CREDIT SUISSE ASSET MANAGEMENT, LLC.
<Page>
THE VIEWS OF THE PORTFOLIOS' MANAGEMENT ARE AS OF THE DATE OF THE LETTERS AND
PORTFOLIOS HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF APRIL 30, 2004; THESE
VIEWS AND PORTFOLIOS HOLDINGS MAY HAVE CHANGED SUBSEQUENT TO THESE DATES.
NOTHING IN THIS DOCUMENT IS A RECOMMENDATION TO PURCHASE OR SELL SECURITIES.
PORTFOLIOS 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. PORTFOLIOS' INVESTMENTS ARE SUBJECT TO
INVESTMENT RISKS, INCLUDING LOSS OF YOUR INVESTMENT.
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- LARGE CAP VALUE PORTFOLIO
SEMIANNUAL INVESTMENT ADVISER'S REPORT
April 30, 2004 (unaudited)
May 18, 2004
Dear Shareholder:
For the six months ended April 30, 2004, Credit Suisse Institutional Fund,
Inc. -- Large Cap Value Portfolio(1) (the "Portfolio") had a gain of 7.15%,
versus an increase of 8.15% for the Russell 1000(R) Value Index.(2)
The period was a mostly positive one for the U.S. stock market, though stocks
became increasingly volatile. In general, the market was aided by optimism that
a reviving U.S. economy would lead to better corporate earnings results in due
course. In fact, earnings reported late in the period exceeded expectations in
many cases. However, the period ended on an uncertain note in the stock market.
While the economic news remained generally good, inflation pressures appeared to
be building. The Federal Reserve hinted that rate hikes could therefore come
sooner rather than later, and stocks gave back some gains in March and April.
The Portfolio underperformed its benchmark for the period, attributable in
large part to its general avoidance of lower-quality stocks -- e.g., those
representing companies with little or no earnings and leveraged balance sheets
- -- which had strong showings in the October-through-January span. The Portfolio
outperformed its benchmark in the period's second half, as higher-quality stocks
began to gain favor in the market. Stocks that hampered the Portfolio included
its energy and technology holdings. On the positive side, the Portfolio's
financial services, healthcare and consumer staples stocks aided its return.
With regard to portfolio activity, we increased our exposure to the energy
sector, based on valuations, along with our contrarian view on oil and gas
prices. While we expect energy prices to decline from current levels, we think
that relatively high -- and higher-than-consensus -- forecast prices will likely
prevail. We also believe that energy services companies could benefit from
increased spending by exploration and production companies.
Elsewhere of note, we ended the period overweighted in the healthcare and
producer durables sectors, and underweighted in the utilities and
consumer-discretionary areas. We continued to underweight the financial-services
sector -- which accounts for more than 30% of the Portfolio's benchmark -- in
order to avoid excessive interest-rate risk.
Going forward, we will continue to focus on companies that, in our view, put
their cash to productive use. We look for companies that use excess cash
accumulated in the ongoing economic upturn in ways that can add to shareholder
value via share buybacks, higher dividend payouts or investments in organic
growth.
1
<Page>
The Credit Suisse Value Team
Stephen J. Kaszynski
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>
AVERAGE ANNUAL RETURNS AS OF MARCH 31, 2004(1)
<Table>
<Caption>
1 YEAR 5 YEARS SINCE INCEPTION INCEPTION DATE
------ ------- --------------- --------------
30.48% 4.50% 6.94% 6/30/97
</Table>
AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2004(1)
<Table>
<Caption>
1 YEAR 5 YEARS SINCE INCEPTION INCEPTION DATE
------ ------- --------------- --------------
21.07% 1.76% 6.52% 6/30/97
</Table>
RETURNS REPRESENT PAST PERFORMANCE AND INCLUDE CHANGE IN SHARE PRICE AND
REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. PAST PERFORMANCE CANNOT GUARANTEE
FUTURE RESULTS. DUE TO MARKET VOLATILITY, THE PERFORMANCE OF THE PORTFOLIO MAY
BE LOWER OR HIGHER THAN THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL
FLUCTUATE, AND REDEMPTION VALUE MAY BE MORE OR LESS THAN ORIGINAL COST. THE
PERFORMANCE RESULTS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER
WOULD PAY ON PORTFOLIO DISTRIBUTIONS OR THE REDEMPTION OF PORTFOLIO SHARES.
PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH-END IS AVAILABLE AT
www.csam.com/us.
- ----------
(1) Fee waivers and/or expense reimbursements 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
SEMIANNUAL INVESTMENT ADVISER'S REPORT
April 30, 2004 (unaudited)
May 18, 2004
Dear Shareholder:
For the six months ended April 30, 2004, Credit Suisse Institutional Fund,
Inc. -- Small Cap Growth Portfolio(1) (the "Portfolio") had a gain of 22.66%,
versus an increase of 4.02% for the Russell 2000(R) Growth Index.(2)
The period was a mostly positive one for the U.S. stock market, though stocks
became increasingly volatile. In general, the market was aided by optimism that
a reviving U.S. economy would lead to better corporate earnings results in due
course. In fact, earnings reported late in the period exceeded expectations in
many cases. The period ended on an uncertain note in the stock market. While the
economic news remained generally good, inflation pressures appeared to be
building. The Federal Reserve hinted that rate hikes could therefore come sooner
rather than later, and stocks gave back some gains in April.
The Portfolio's outperformance was largely attributable to a sharp increase
in value of its holding of Prescient Systems, Inc. ("Prescient"), a privately
held concern that provides supply chain software. Because the Portfolio is small
(only about $2 million in net assets as of April 30, 2004), the increase had a
significant impact on the Portfolio's net asset value. On the last day of the
period covered by the report, Prescient represented about 16% of the Portfolio's
assets. Such outperformance is not necessarily representative of the Portfolio's
long-term performance. The Portfolio also benefited from good stock selection in
the consumer discretionary, healthcare and energy sectors.
The Portfolio remained well-diversified by sector, with overweightings in the
consumer discretionary and energy sectors as of the end of the period, along
with a modest underweighting in the healthcare and financial services areas.
With respect to noteworthy recent portfolio activity, new purchases included a
company that provides physical intellectual property components for the design
and manufacture of complex integrated circuits. The company offers libraries
that facilitate semiconductor design, demand for which should increase as
leading edge technologies become more expensive to develop. We also added to a
video game manufacturer whose products are entering a favorable cycle in our
view. On the sell side, our activity included eliminating certain technology,
energy and healthcare stocks based on valuations, in the wake of strong
performance.
Going forward, while our general view on the U.S. economy and corporate
profits is positive, we believe that market volatility could remain high for a
spell, with stocks vulnerable to interest-rate worries and the ever-present
4
<Page>
threat of geopolitical tensions. Still, on a company-specific basis, we also
believe that good opportunities exist in a variety of sectors, and we will
remain focused on companies we deem to be well-managed companies with healthy
finances and compelling longer-term business models.
The Credit Suisse Small/Mid-Cap Growth Team
Marian U. Pardo
Leo M. Bernstein
Calvin E. Chung
THE PORTFOLIO HAS BEEN CLOSED TO NEW INVESTMENTS SINCE APRIL 28, 2004.
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>
AVERAGE ANNUAL RETURNS AS OF MARCH 31, 2004(1)
<Table>
<Caption>
1 YEAR 5 YEARS SINCE INCEPTION INCEPTION DATE
------ ------- --------------- --------------
65.03% 5.58% 8.25% 12/29/95
</Table>
AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2004(1)
<Table>
<Caption>
1 YEAR 5 YEARS SINCE INCEPTION INCEPTION DATE
------ ------- --------------- --------------
72.19% 7.96% 9.59% 12/29/95
</Table>
RETURNS REPRESENT PAST PERFORMANCE AND INCLUDE CHANGE IN SHARE PRICE AND
REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. PAST PERFORMANCE CANNOT GUARANTEE
FUTURE RESULTS. DUE TO MARKET VOLATILITY, THE PERFORMANCE OF THE PORTFOLIO MAY
BE LOWER OR HIGHER THAN THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL
FLUCTUATE, AND REDEMPTION VALUE MAY BE MORE OR LESS THAN ORIGINAL COST. THE
PERFORMANCE RESULTS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER
WOULD PAY ON PORTFOLIO DISTRIBUTIONS OR THE REDEMPTION OF PORTFOLIO SHARES.
PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH-END IS AVAILABLE AT
www.csam.com/us.
- ----------
(1) Fee waivers and/or expense reimbursements 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
SEMIANNUAL INVESTMENT ADVISER'S REPORT
April 30, 2004 (unaudited)
May 18, 2004
Dear Shareholder:
For the six months ended April 30, 2004, Credit Suisse Institutional Fund,
Inc.-- Select Equity Portfolio(1) (the "Portfolio") had a gain of 3.24%, vs. an
increase of 6.27% for the Standard & Poor's 500 Index.(2)
The period was a mostly positive one for the U.S. stock market, though stocks
became increasingly volatile. In general, the market was aided by optimism that
a reviving U.S. economy would lead to better corporate earnings results in due
course. In fact, earnings reported late in the period exceeded expectations in
many cases. The period ended on an uncertain note in the stock market. While the
economic news remained generally good, inflation pressures appeared to be
building. The Federal Reserve hinted that rate hikes could therefore come sooner
than later, and stocks gave back some gains in March and April.
The Portfolio underperformed its benchmark, attributable in large part to the
market's rally (over the October-through-January span) being paced by stocks of
companies with lackluster or even negative economic profit. However, our focus
remained on companies we deemed to have compelling economic profit
characteristics -- i.e., those that earn a return-on-invested-capital that
exceed their cost of capital or have improving profitability trends. While the
trend reversed late in the period, lower-quality stocks nonetheless outperformed
for the six months as a whole.
We maintained a bottom-up stock selection process, and as such remained
focused on company selection. Recent activity in the Portfolio involved the
purchase and sale of stocks on company-specific factors. On the purchase side,
new positions included a leading provider of securities custody services. We
believe it stands to benefit from increased activity in a recovering stock
market. We also took a position in a conglomerate whose leading position in a
number of industries has generated substantial cashflow and profit. Our sales
included a department-store retailer whose stock, after a lengthy rally, had
reached fair value in our estimation. As a result of our recent strategic
trading activity, we ended the period with overweights in the industrials,
consumer discretionary, and materials sectors; and underweights in the consumer
staples, healthcare, information technology, and telecommunications sectors.
Going forward, we will continue to adhere to our bottom-up investment
approach. Our efforts will remain focused on striving to identify companies with
the strongest economic profit characteristics and compelling valuation. We
believe that over time economic profit provides a reliable, objective gauge
7
<Page>
of corporate performance and that over time the market tends to reward
outstanding performance.
D. Susan Everly Sheryl M. Hempel
Co-Portfolio Manager Co-Portfolio Manager
Margaret D. Miller Sarah J. Dyer
Co-Portfolio Manager Co-Portfolio Manager
THE PORTFOLIO IS PERMITTED TO INVEST A GREATER PROPORTION OF ITS ASSETS IN
THE SECURITIES OF A SMALLER NUMBER OF ISSUERS. AS A RESULT, THE PORTFOLIO MAY BE
SUBJECT TO GREATER VOLATILITY.
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>
AVERAGE ANNUAL RETURNS AS OF MARCH 31, 2004(1)
<Table>
<Caption>
1 YEAR SINCE INCEPTION INCEPTION DATE
------ --------------- --------------
23.85% (2.32%) 1/31/02
</Table>
AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2004(1)
<Table>
<Caption>
1 YEAR SINCE INCEPTION INCEPTION DATE
------ --------------- --------------
15.46% (2.75%) 1/31/02
</Table>
RETURNS REPRESENT PAST PERFORMANCE AND INCLUDE CHANGE IN SHARE PRICE AND
REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. PAST PERFORMANCE CANNOT GUARANTEE
FUTURE RESULTS. DUE TO MARKET VOLATILITY, THE PERFORMANCE OF THE PORTFOLIO MAY
BE LOWER OR HIGHER THAN THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL
FLUCTUATE, AND REDEMPTION VALUE MAY BE MORE OR LESS THAN ORIGINAL COST. THE
PERFORMANCE RESULTS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER
WOULD PAY ON PORTFOLIO DISTRIBUTIONS OR THE REDEMPTION OF PORTFOLIO SHARES.
PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH-END IS AVAILABLE AT
www.csam.com/us.
- ----------
(1) Fee waivers and/or expense reimbursements 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
SEMIANNUAL INVESTMENT ADVISER'S REPORT
April 30, 2004 (unaudited)
May 18, 2004
Dear Shareholder:
For the six months ended April 30, 2004, Credit Suisse Institutional Fund,
Inc. -- Capital Appreciation Portfolio(1) (the "Portfolio") had a gain of 3.48%,
versus an increase of 4.14% for the Russell 1000(R) Growth Index.(2)
The period was a mostly positive one for the U.S. stock market, though stocks
became increasingly volatile. In general, the market was aided by optimism that
a reviving U.S. economy would lead to better corporate earnings results in due
course. In fact, earnings reported late in the period exceeded expectations in
many cases. The period ended on an uncertain note in the stock market. While the
economic news remained generally good, inflation pressures appeared to be
building. The Federal Reserve hinted that rate hikes could therefore come sooner
rather than later, and stocks gave back some gains in March and April.
The Portfolio slightly trailed its benchmark for the period; the
underperformance occurred in the period's first half, in part due to the
Portfolio's underweighting or avoidance of certain higher-risk stocks (e.g.,
stocks of companies with low or no earnings), as such stocks initially rallied
on expectations that an improving economy would benefit them the most. However,
these types of stocks underperformed over the February-through-April span, a
period in which the Portfolio's relative performance improved. From a sector
perspective, its healthcare, consumer discretionary and transportation stocks
aided its performance, while the Portfolio's consumer staples, producer
durables, and technology holdings hampered return.
In terms of sector allocation, which results from our bottom-up
stock-selection process, we maintained a significant overweight in the consumer
discretionary area, where our adjustments included establishing a position in a
food/beverage retail chain exhibiting solid growth in the U.S. and abroad.
Within the media subsector, which we also continued to overweight, we shifted a
little more toward "new media" companies. We believe that these companies have
the potential for strong growth rates as advertisers allocate more dollars to
Internet ad campaigns over time.
Elsewhere of note, we remained underweight in the consumer staples sector,
where we continue to see relatively few compelling growth stories. We became
somewhat more underweighted in technology, paring exposure to certain names
based on valuations and company growth prospects. We also became a little more
underweighted in financial services, where we sold an asset management stock
that had become richly valued in the wake of good
10
<Page>
performance. However, we continued to see opportunities in the sector as well.
We established a position in an outsourcing services company that we believe
stands to benefit from an improving labor market. We continued to slightly
overweight the producer durables sector, reflecting our view that the group is
well leveraged to an expanding economy and a recovery in industrial America.
Our investment process remains bottom-up and focused on stock selection. We
continue to look for companies we think are leveraged to benefit from an
improving economy along with companies leveraged to secularly improving
businesses.
Jeffrey T. Rose Marian U. Pardo
Co-Portfolio Manager 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>
AVERAGE ANNUAL RETURNS AS OF MARCH 31, 2004(1)
<Table>
<Caption>
1 YEAR SINCE INCEPTION INCEPTION DATE
------ --------------- --------------
28.57% (4.50%) 1/31/02
</Table>
AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2004(1)
<Table>
<Caption>
1 YEAR SINCE INCEPTION INCEPTION DATE
------ --------------- --------------
19.83% (4.81%) 1/31/02
</Table>
RETURNS REPRESENT PAST PERFORMANCE AND INCLUDE CHANGE IN SHARE PRICE AND
REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. PAST PERFORMANCE CANNOT GUARANTEE
FUTURE RESULTS. DUE TO MARKET VOLATILITY, THE PERFORMANCE OF THE PORTFOLIO MAY
BE LOWER OR HIGHER THAN THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL
FLUCTUATE, AND REDEMPTION VALUE MAY BE MORE OR LESS THAN ORIGINAL COST. THE
PERFORMANCE RESULTS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER
WOULD PAY ON PORTFOLIO DISTRIBUTIONS OR THE REDEMPTION OF PORTFOLIO SHARES.
PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH-END IS AVAILABLE AT
www.csam.com/us.
- ----------
(1) Fee waivers and/or expense reimbursements 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
SEMIANNUAL INVESTMENT ADVISER'S REPORT
April 30, 2004 (unaudited)
May 18, 2004
Dear Shareholder:
For the six months ended April 30, 2004, Credit Suisse Institutional Fund,
Inc. -- Harbinger Portfolio(1) (the "Portfolio") had a gain of 3.87%, versus an
increase of 4.56% for the Russell 2500(TM) Growth Index.(2)
The period was a volatile, though ultimately positive, one for most global
equity markets. Stocks initially rose, continuing a rally begun in March 2003 on
improvements in U.S. economic data and corporate profits. Markets finished the
period on a weak note, however, hurt by fears of rising U.S. interest rates,
worries that China's strong growth would be reined in, and renewed geopolitical
concerns.
The Portfolio trailed its benchmark for the period, due primarily to the
underperformance of its consumer-discretionary holdings. On the positive side,
factors that helped the Portfolio included its overweighting in the healthcare
sector, which had good performance for the six months.
In terms of noteworthy recent strategies, we have been adjusting our exposure
to semiconductor stocks, which had strong performance in 2003 due to an increase
in global demand for semiconductors and electronic components. We believe that
growth for electronic components should moderate going forward. In that context,
we decided to sell certain stocks, such as a large manufacturer of commodity
memory components, after they appreciated to reach our price target.
Going forward, while our general view on the U.S. economy and corporate
profits is positive, we believe that market volatility could remain high for a
spell, with stocks vulnerable to interest-rate worries and the ever-present
threat of geopolitical tensions. Still, on a company-specific basis, we also
believe that good opportunities exist in a variety of sectors, and we will
remain focused on companies we believe have the financial wherewithal to execute
their longer-term business models.
The Credit Suisse Small/Mid-Cap Growth Team
Marian U. Pardo
Leo M. Bernstein
Calvin E. Chung
13
<Page>
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>
AVERAGE ANNUAL RETURNS AS OF MARCH 31, 2004(1)
<Table>
<Caption>
1 YEAR SINCE INCEPTION INCEPTION DATE
------ --------------- --------------
67.43% 37.48% 1/15/03
</Table>
AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2004(1)
<Table>
<Caption>
1 YEAR SINCE INCEPTION INCEPTION DATE
------ --------------- --------------
46.49% 31.24% 1/15/03
</Table>
RETURNS REPRESENT PAST PERFORMANCE AND INCLUDE CHANGE IN SHARE PRICE AND
REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. PAST PERFORMANCE CANNOT GUARANTEE
FUTURE RESULTS. DUE TO MARKET VOLATILITY, THE PERFORMANCE OF THE PORTFOLIO MAY
BE LOWER OR HIGHER THAN THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL
FLUCTUATE, AND REDEMPTION VALUE MAY BE MORE OR LESS THAN ORIGINAL COST. THE
PERFORMANCE RESULTS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER
WOULD PAY ON PORTFOLIO DISTRIBUTIONS OR THE REDEMPTION OF PORTFOLIO SHARES.
PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH-END IS AVAILABLE AT
www.csam.com/us.
- ----------
(1) Fee waivers and/or expense reimbursements reduced expenses for the
Portfolio, without which performance would be lower. Waivers and/or
reimbursements may be discontinued at any time.
(2) The Russell 2500(TM) Growth Index measures the performance of those
companies in the Russell 2500(TM) Index with higher price-to-book ratios
and higher forecasted growth values. It is an unmanaged index of common
stocks that includes reinvestment of dividends and is compiled by Frank
Russell Company. Investors cannot invest directly in an index.
15
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE
FIXED INCOME PORTFOLIO
SEMIANNUAL INVESTMENT ADVISER'S REPORT
April 30, 2004 (unaudited)
May 18, 2004
Dear Shareholder:
For the six months ended April 30, 2004, the Credit Suisse Institutional
Fund, Inc. -- Investment Grade Fixed Income Portfolio(1) (the "Portfolio")
returned 1.17%, versus a same-period gain of 1.25% for the Lehman Brothers U.S.
Aggregate Bond Index.(2)
As we see it, activity in the fixed income market during the Portfolio's
fiscal half-year can be viewed as having occurred in two distinct periods.
Sentiment and perceptions were fairly consistent in November through March, and
then shifted abruptly in April. In each case, expectations regarding the
directional trend of interest rates appeared to be the key influence on market
returns.
The November-March period was generally characterized by stable-to-falling
bond yields even as the economic backdrop continued to strengthen. While many
indicators of economic activity prompted jitters that the Federal Reserve might
raise rates, the collective impact of others (I.E., low inflation, weak jobs
growth, high productivity) seemed to leave enough slack in the economy for rates
to remain unchanged. Prices of Treasury securities additionally benefited from
significant purchases by foreign central banks and risk aversion in response to
terrorist attacks in Spain and the Middle East.
All of this changed rapidly, however, with the release of the March payroll
report on April 2. This better-than-expected measure of employment, coupled with
rising inflation metrics, a surge in oil prices, and remarks by Fed Chairman
Alan Greenspan, was widely interpreted as signalling that the Fed would most
likely be compelled to tighten monetary policy. Investors re-evaluated their
interest-rate expectations and began to sell bonds aggressively. By the end of
April, yields had risen sharply across the maturity spectrum.
We attribute the Portfolio's mild underperformance versus the benchmark in
the half-year mainly to two aspects of our strategy:
- We kept the portfolio's average duration somewhat shorter than that of the
benchmark out of concern that improving economic activity might push bond
yields higher. As we have described, though, yields declined in much of the
period, and the Portfolio's relative return was hurt accordingly.
- We held small positions in foreign currencies. While these positions
augmented performance early in the period, unanticipated appreciation in
the U.S. dollar at the end of the period meant that our currency holdings
made a modestly negative contribution to performance in the half-year as a
whole.
16
<Page>
On the positive side of the ledger, the Portfolio's relative return benefited
from our positions in investment-grade corporate bonds. We overweighted
corporates, which outperformed the benchmark, and emphasized comparatively
lower-quality issues, which fared especially well. We also held a small exposure
to German government bonds that outperformed their U.S. Treasury counterparts.
Credit Suisse Fixed Income Management Team
Jo Ann Corkran
Michael Buchanan
Kevin D. Barry
Suzanne E. Moran
Craig Ruch
David N. Fisher
IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING
STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKET,
INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT REGULATION AND
THEIR POTENTIAL IMPACT ON THE PORTFOLIO'S INVESTMENT PORTFOLIO. THESE STATEMENTS
ARE SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
17
<Page>
AVERAGE ANNUAL RETURNS AS OF MARCH 31, 2004(1)
<Table>
<Caption>
1 YEAR SINCE INCEPTION INCEPTION DATE
------ --------------- --------------
5.35% 6.63% 5/01/02
</Table>
AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2004(1)
<Table>
<Caption>
1 YEAR SINCE INCEPTION INCEPTION DATE
------ --------------- --------------
1.60% 4.87% 5/01/02
</Table>
RETURNS REPRESENT PAST PERFORMANCE AND INCLUDE CHANGE IN SHARE PRICE AND
REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. PAST PERFORMANCE CANNOT GUARANTEE
FUTURE RESULTS. DUE TO MARKET VOLATILITY, THE PERFORMANCE OF THE PORTFOLIO MAY
BE LOWER OR HIGHER THAN THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL
FLUCTUATE, AND REDEMPTION VALUE MAY BE MORE OR LESS THAN ORIGINAL COST. THE
PERFORMANCE RESULTS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER
WOULD PAY ON PORTFOLIO DISTRIBUTIONS OR THE REDEMPTION OF PORTFOLIO SHARES.
PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH-END IS AVAILABLE AT
www.csam.com/us.
- ----------
(1) Fee waivers and/or expense reimbursements 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 US Aggregate Bond Index is composed of the Lehman
Brothers Government/Corporate Bond Index and the Lehman Brothers
Mortgage-Backed Securities Index. It includes US Treasury and agency
issues, corporate bond issues and mortgage-backed securities rated
investment-grade or higher by Moody's Investors Service; the Standard &
Poor's division of The McGraw-Hill Companies, Inc.; or Fitch IBCA Inc.
Investors cannot invest directly in an index.
18
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- LARGE CAP VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS
April 30, 2004 (unaudited)
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------- -------------
COMMON STOCKS (98.8%)
AEROSPACE & DEFENSE (5.3%)
Boeing Co. 7,700 $ 328,713
Lockheed Martin Corp. 12,700 605,790
United Technologies Corp. 6,800 586,568
-------------
1,521,071
-------------
AUTO COMPONENTS (3.3%)
Johnson Controls, Inc. 7,600 416,936
Lear Corp. 8,700 527,394
-------------
944,330
-------------
BANKS (13.6%)
Bank of America Corp. 17,700 1,424,673
Charter One Financial, Inc.# 8,955 298,828
Fifth Third Bancorp 5,500 295,130
Wachovia Corp. 15,600 713,700
Washington Mutual, Inc. 11,100 437,229
Wells Fargo & Co. 13,300 750,918
-------------
3,920,478
-------------
BUILDING PRODUCTS (2.2%)
American Standard Companies, Inc.* 6,100 641,659
-------------
CHEMICALS (3.3%)
Du Pont (E. I.) de Nemours & Co. 14,600 627,070
PPG Industries, Inc. 5,500 326,205
-------------
953,275
-------------
COMMERCIAL SERVICES & SUPPLIES (1.0%)
Cendant Corp. 12,100 286,528
-------------
COMPUTERS & PERIPHERALS (3.2%)
Hewlett-Packard Co. 26,344 518,977
Seagate Technology# 31,300 391,563
-------------
910,540
-------------
DIVERSIFIED FINANCIALS (4.3%)
Lehman Brothers Holdings, Inc. 5,800 425,720
Morgan Stanley 5,300 272,367
State Street Corp. 11,000 536,800
-------------
1,234,887
-------------
DIVERSIFIED TELECOMMUNICATION SERVICES (3.6%)
ALLTEL Corp.# 6,600 332,244
BellSouth Corp. 11,900 307,139
Verizon Communications, Inc. 10,900 411,366
-------------
1,050,749
-------------
ELECTRIC UTILITIES (2.6%)
Calpine Corp.*,# 109,500 475,230
Progress Energy, Inc.# 6,500 278,005
-------------
753,235
-------------
</Table>
See Accompanying Notes to Financial Statements
19
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------- -------------
COMMON STOCKS
ELECTRICAL EQUIPMENT (1.0%)
Emerson Electric Co. 4,800 $ 289,056
-------------
ENERGY EQUIPMENT & SERVICES (2.0%)
BJ Services Co.* 6,800 302,600
Weatherford International, Ltd.*,# 6,500 282,620
-------------
585,220
-------------
FOOD PRODUCTS (3.1%)
Dean Foods Co. 9,800 329,084
General Mills, Inc. 11,300 550,875
-------------
879,959
-------------
HEALTHCARE PROVIDERS & SERVICES (2.3%)
Aetna, Inc. 4,000 331,000
Cardinal Health, Inc.# 4,500 329,625
-------------
660,625
-------------
HOUSEHOLD DURABLES (1.5%)
Newell Rubbermaid, Inc. 17,700 418,428
-------------
INDUSTRIAL CONGLOMERATES (4.0%)
Textron, Inc. 7,500 413,850
Tyco International, Ltd. 27,300 749,385
-------------
1,163,235
-------------
INSURANCE (8.2%)
Allstate Corp. 9,000 413,100
Hartford Financial Services Group, Inc. 12,200 745,176
Prudential Financial, Inc. 13,200 580,008
St. Paul Companies, Inc. 15,000 610,050
-------------
2,348,334
-------------
IT CONSULTING & SERVICES (1.4%)
Unisys Corp.* 31,900 415,657
-------------
MACHINERY (3.6%)
Eaton Corp. 10,600 629,428
ITT Industries, Inc. 5,000 396,450
-------------
1,025,878
-------------
MEDIA (4.7%)
Comcast Corp. Special Class A* 10,100 292,799
Gannett Company, Inc. 3,900 338,052
Tribune Co. 5,800 277,704
Viacom, Inc. Class B 11,600 448,340
-------------
1,356,895
-------------
OIL & GAS (9.7%)
Apache Corp. 8,000 334,960
ConocoPhillips 11,800 841,340
Exxon Mobil Corp. 15,100 642,505
</Table>
See Accompanying Notes to Financial Statements.
20
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------- -------------
COMMON STOCKS
OIL & GAS
Murphy Oil Corp.# 5,000 $ 342,500
Noble Energy, Inc. 6,900 318,090
Royal Dutch Petroleum Co. NY Shares# 6,500 316,290
-------------
2,795,685
-------------
PAPER & FOREST PRODUCTS (2.0%)
MeadWestvaco Corp. 21,500 562,225
-------------
PHARMACEUTICALS (6.1%)
Abbott Laboratories 7,400 325,748
Bristol-Myers Squibb Co. 10,000 251,000
Johnson & Johnson 11,300 610,539
Pfizer, Inc. 16,180 578,597
-------------
1,765,884
-------------
ROAD & RAIL (2.7%)
Burlington Northern Santa Fe Corp. 23,700 774,990
-------------
SPECIALTY RETAIL (1.0%)
TJX Companies, Inc. 12,000 294,840
-------------
TOBACCO (3.1%)
Altria Group, Inc. 10,700 592,566
R.J. Reynolds Tobacco Holdings, Inc.# 4,800 310,896
-------------
903,462
-------------
TOTAL COMMON STOCKS (Cost $26,179,642) 28,457,125
-------------
SHORT-TERM INVESTMENTS (11.6%)
State Street Navigator Prime Fund## 3,018,770 3,018,770
-------------
<Caption>
PAR
(000)
-------------
State Street Bank and Trust Co. Euro Time Deposit,
0.750%, 5/03/04 $ 334 334,000
-------------
TOTAL SHORT-TERM INVESTMENTS (Cost $3,352,770) 3,352,770
-------------
TOTAL INVESTMENTS AT VALUE (110.4%) (Cost $29,532,412) 31,809,895
LIABILITIES IN EXCESS OF OTHER ASSETS (-10.4%) (3,000,469)
-------------
NET ASSETS (100.0%) $ 28,809,426
=============
</Table>
* Non-income producing security.
# 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.
21
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SMALL CAP GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS
April 30, 2004 (unaudited)
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------- -------------
COMMON STOCKS (79.1%)
AGRICULTURE (0.9%)
Delta and Pine Land Co. 800 $ 19,408
-------------
AUTO COMPONENTS (0.7%)
Quantum Fuel Systems Technologies Worldwide, Inc.*,# 2,200 13,376
-------------
BANKS (0.8%)
Boston Private Financial Holdings, Inc.# 700 16,310
-------------
BIOTECHNOLOGY (2.1%)
BioMarin Pharmaceutical, Inc.*,# 1,200 8,304
Cubist Pharmaceuticals, Inc.*,# 1,500 14,910
Nabi Biopharmaceuticals*,# 1,200 19,620
-------------
42,834
-------------
BUILDING PRODUCTS (1.0%)
Griffon Corp.* 900 19,755
-------------
COMMERCIAL SERVICES & SUPPLIES (2.4%)
Headwaters, Inc.*,# 400 9,196
Kroll, Inc.* 1,000 29,640
Pegasus Solutions, Inc.*,# 1,000 10,700
-------------
49,536
-------------
COMMUNICATIONS EQUIPMENT (2.1%)
Extreme Networks, Inc.*,# 1,600 8,848
InterDigital Communications Corp.* 1,200 20,916
Polycom, Inc.* 700 13,356
-------------
43,120
-------------
COMPUTERS & PERIPHERALS (1.9%)
Avid Technology, Inc.* 800 38,376
-------------
CONTAINERS & PACKAGING (0.8%)
Crown Holdings, Inc.* 1,900 16,036
-------------
DIVERSIFIED FINANCIALS (5.0%)
Affiliated Managers Group, Inc.* 650 31,655
eSPEED, Inc. Class A* 1,000 17,600
Jefferies Group, Inc. 700 23,870
Nelnet, Inc. Class A*,# 500 10,175
Raymond James Financial, Inc.# 750 18,840
-------------
102,140
-------------
ENERGY EQUIPMENT & SERVICES (2.3%)
FMC Technologies, Inc.* 800 21,800
Grey Wolf, Inc.*,# 2,200 8,756
Newpark Resources, Inc.*,# 3,000 17,190
-------------
47,746
-------------
</Table>
See Accompanying Notes to Financial Statements.
22
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------- -------------
COMMON STOCKS
FOOD PRODUCTS (2.1%)
American Italian Pasta Co. Class A# 300 $ 9,288
Hain Celestial Group, Inc.*,# 1,100 21,780
John B. Sanfilippo & Son, Inc.* 400 12,548
-------------
43,616
-------------
HEALTHCARE EQUIPMENT & SUPPLIES (2.6%)
I-Flow Corp.* 1,200 17,568
SonoSite, Inc.* 900 19,368
Wilson Greatbatch Technologies, Inc.*,# 500 17,250
-------------
54,186
-------------
HEALTHCARE PROVIDERS & SERVICES (4.7%)
Accredo Health, Inc.* 900 34,785
Apria Healthcare Group, Inc.* 600 17,304
Centene Corp.*,# 900 30,150
Kindred Healthcare, Inc.* 300 14,694
-------------
96,933
-------------
INSURANCE (1.3%)
Direct General Corp. 300 10,725
U.S.I. Holdings Corp.* 1,000 15,150
-------------
25,875
-------------
INTERNET SOFTWARE & SERVICES (7.9%)
24/7 Real Media, Inc.* 3,300 17,886
Ask Jeeves, Inc.*,# 1,100 39,017
Chordiant Software, Inc.*,# 4,500 17,550
Digitas, Inc.* 300 2,973
DoubleClick, Inc.*,# 1,900 15,333
FileNET Corp.*,# 300 8,238
MatrixOne, Inc.*,# 3,700 22,237
Openwave Systems, Inc.*,# 1,933 16,469
RealNetworks, Inc.*,# 1,000 5,750
webMethods, Inc.*,# 1,900 16,340
-------------
161,793
-------------
IT CONSULTING & SERVICES (1.3%)
CACI International, Inc. Class A*,# 600 27,300
-------------
MEDIA (4.1%)
aQuantive, Inc.*,# 1,700 17,085
Cumulus Media, Inc. Class A*,# 1,500 31,530
Emmis Communications Corp. Class A*,# 1,500 35,100
-------------
83,715
-------------
METALS & MINING (0.6%)
GrafTech International, Ltd.*,# 1,500 13,305
-------------
</Table>
See Accompanying Notes to Financial Statements.
23
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------- -------------
COMMON STOCKS
OIL & GAS (2.2%)
Remington Oil & Gas Corp.* 700 $ 15,330
Stone Energy Corp.* 600 29,520
-------------
44,850
-------------
PHARMACEUTICALS (6.2%)
Angiotech Pharmaceuticals, Inc.* 900 18,765
Inspire Phamaceuticals, Inc.*,# 1,000 16,440
K-V Pharmaceutical Co. Class A*,# 800 19,216
Medicis Pharmaceutical Corp. Class A 900 38,628
Sepracor, Inc.*,# 700 33,467
-------------
126,516
-------------
ROAD & RAIL (0.6%)
Pacer International, Inc.* 700 13,160
-------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (7.9%)
Actel Corp.* 900 17,928
Artisan Components, Inc.*,# 1,000 23,400
Asyst Technologies, Inc.*,# 2,500 16,525
Axcelis Technologies, Inc.*,# 2,700 28,377
Cymer, Inc.* 500 15,990
Entegris, Inc.*,# 1,300 13,195
MKS Instruments, Inc.* 600 11,532
OmniVision Technologies, Inc.* 600 13,381
Semtech Corp.*,# 700 14,714
Varian Semiconductor Equipment Associates, Inc.* 200 6,512
-------------
161,554
-------------
SOFTWARE (7.9%)
Activision, Inc.* 2,400 36,144
Agile Software Corp.*,# 1,800 13,590
Hyperion Solutions Corp.* 900 34,542
Informatica Corp.*,# 1,600 11,584
Radiant Systems, Inc.*,# 1,550 6,898
Take-Two Interactive Software, Inc.*,# 700 20,223
THQ, Inc.*,# 1,000 18,540
TIBCO Software, Inc.* 2,800 21,000
-------------
162,521
-------------
SPECIALTY RETAIL (8.4%)
Aeropostale, Inc.* 1,200 26,388
American Eagle Outfitters, Inc.* 900 23,121
AnnTaylor Stores Corp.* 500 20,265
Cost Plus, Inc.*,# 600 21,720
Guitar Center, Inc.* 600 24,912
Gymboree Corp.* 1,100 19,415
J. Jill Group, Inc.* 600 12,708
Linens 'n Things, Inc.* 700 22,708
-------------
171,237
-------------
</Table>
See Accompanying Notes to Financial Statements.
24
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------- -------------
COMMON STOCKS
TEXTILES & APPAREL (1.3%)
Tommy Hilfiger Corp.*,# 1,700 $ 26,520
-------------
TOTAL COMMON STOCKS (Cost $1,234,251) 1,621,718
-------------
PREFERRED STOCKS (16.1%)
INTERNET SOFTWARE & SERVICES (16.1%)
Planetweb, Inc.*,++ 165,400 3,854
Prescient Systems, Inc.*,++ 31,075 325,601
-------------
TOTAL PREFERRED STOCKS (Cost $2,913,163) 329,455
-------------
WARRANT (0.0%)
ELECTRONIC EQUIPMENT & INSTRUMENTS (0.0%)
APW, Ltd. expires 7/31/09*,^ (Cost $0) 45 0
-------------
SHORT-TERM INVESTMENTS (26.6%)
State Street Navigator Prime Fund## 443,342 443,342
-------------
<Caption>
PAR
(000)
-------------
State Street Bank and Trust Co. Euro Time Deposit,
0.750%, 5/03/04 $ 103 103,000
-------------
TOTAL SHORT-TERM INVESTMENTS (Cost $546,342) 546,342
-------------
TOTAL INVESTMENTS AT VALUE (121.8%) (Cost $4,693,756) 2,497,515
LIABILITIES IN EXCESS OF OTHER ASSETS (-21.8%) (446,977)
-------------
NET ASSETS (100.0%) $ 2,050,538
=============
</Table>
* Non-income producing security.
# Security or portion thereof is out on loan.
++ Restricted security, not readily marketable; security is valued at fair value
as determined in good faith by, or under the direction of, the Board of
Directors.
^ Not readily marketable security; security is valued at fair value as
determined in good faith by the Board of Directors.
## Represents security purchased with cash collateral received for securities on
loan.
See Accompanying Notes to Financial Statements.
25
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SELECT EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS
April 30, 2004 (unaudited)
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------- -------------
COMMON STOCKS (94.5%)
AEROSPACE & DEFENSE (3.9%)
Lockheed Martin Corp. 8,100 $ 386,370
United Technologies Corp. 2,400 207,024
-------------
593,394
-------------
BANKS (7.9%)
Bank of America Corp. 2,800 225,372
Bank of New York Company, Inc. 14,100 410,874
Fifth Third Bancorp 2,700 144,882
Northern Trust Corp. 3,100 131,068
Wachovia Corp. 6,600 301,950
-------------
1,214,146
-------------
BIOTECHNOLOGY (1.0%)
Amgen, Inc.* 2,600 146,302
-------------
BUILDING PRODUCTS (1.4%)
American Standard Companies, Inc.* 2,000 210,380
-------------
CHEMICALS (6.1%)
Du Pont (E. I.) de Nemours & Co. 11,300 485,335
PPG Industries, Inc. 7,600 450,756
-------------
936,091
-------------
COMMERCIAL SERVICES & SUPPLIES (5.7%)
Cendant Corp. 22,300 528,064
Cintas Corp. 3,400 152,864
Monster Worldwide, Inc.* 7,400 189,514
-------------
870,442
-------------
COMMUNICATIONS EQUIPMENT (1.7%)
Cisco Systems, Inc.* 12,500 260,875
-------------
DIVERSIFIED FINANCIALS (5.2%)
Citigroup, Inc. 7,849 377,458
State Street Corp.# 8,400 409,920
-------------
787,378
-------------
FOOD & DRUG RETAILING (2.5%)
CVS Corp. 9,900 382,437
-------------
FOOD PRODUCTS (0.7%)
Dean Foods Co.* 3,100 104,098
-------------
HEALTHCARE EQUIPMENT & SUPPLIES (3.5%)
Medtronic, Inc. 10,700 539,922
-------------
HEALTHCARE PROVIDERS & SERVICES (2.0%)
UnitedHealth Group, Inc. 5,000 307,400
-------------
HOTELS, RESTAURANTS & LEISURE (1.5%)
McDonald's Corp. 8,500 231,455
-------------
</Table>
See Accompanying Notes to Financial Statements.
26
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------- -------------
COMMON STOCKS
HOUSEHOLD DURABLES (3.4%)
Black & Decker Corp.# 2,900 $ 167,765
Newell Rubbermaid, Inc. 15,000 354,600
-------------
522,365
-------------
INDUSTRIAL CONGLOMERATES (5.7%)
General Electric Co. 14,200 425,290
Honeywell International, Inc. 4,300 148,694
Tyco International, Ltd. 10,700 293,715
-------------
867,699
-------------
INSURANCE (6.0%)
Allstate Corp. 6,600 302,940
Hartford Financial Services Group, Inc. 2,400 146,592
Prudential Financial, Inc. 10,700 470,158
-------------
919,690
-------------
MACHINERY (1.4%)
Caterpillar, Inc. 2,800 217,644
-------------
MEDIA (8.1%)
DIRECTV Group, Inc.* 7,355 131,655
Gannett Company, Inc. 4,200 364,056
Tribune Co. 9,200 440,496
Viacom, Inc. Class B 7,600 293,740
-------------
1,229,947
-------------
MULTILINE RETAIL (4.7%)
J.C. Penney Company, Inc. 8,900 301,354
Nordstrom, Inc.# 5,500 195,965
Wal-Mart Stores, Inc. 3,900 222,300
-------------
719,619
-------------
OIL & GAS (3.3%)
Exxon Mobil Corp. 11,800 502,090
-------------
PAPER & FOREST PRODUCTS (1.8%)
International Paper Co. 3,500 141,120
MeadWestvaco Corp. 5,200 135,980
-------------
277,100
-------------
PERSONAL PRODUCTS (2.3%)
Avon Products, Inc. 2,300 193,200
Estee Lauder Companies, Inc. Class A 3,600 164,556
-------------
357,756
-------------
PHARMACEUTICALS (3.0%)
Abbott Laboratories 5,600 246,512
Eli Lilly and Co. 2,900 214,049
-------------
460,561
-------------
</Table>
See Accompanying Notes to Financial Statements.
27
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------- -------------
COMMON STOCKS
SEMICONDUCTOR EQUIPMENT & PRODUCTS (1.7%)
Applied Materials, Inc.* 3,900 $ 71,097
Intel Corp. 7,300 187,829
-------------
258,926
-------------
SOFTWARE (9.0%)
Adobe Systems, Inc.# 4,000 165,360
BEA Systems, Inc.*,# 28,400 324,044
Electronic Arts, Inc.* 2,900 146,798
Microsoft Corp. 19,524 507,038
VERITAS Software Corp.* 8,700 232,029
-------------
1,375,269
-------------
SPECIALTY RETAIL (1.0%)
Best Buy Company, Inc. 2,800 151,900
-------------
TOTAL COMMON STOCKS (Cost $13,298,877) 14,444,886
-------------
SHORT-TERM INVESTMENTS (5.2%)
State Street Navigator Prime Fund## 745,350 745,350
-------------
<Caption>
PAR
(000)
-------------
State Street Bank and Trust Co. Euro Time Deposit,
0.750%, 5/03/04 $ 58 58,000
-------------
TOTAL SHORT-TERM INVESTMENTS (Cost $803,350) 803,350
-------------
TOTAL INVESTMENTS AT VALUE (99.7%) (Cost $14,102,227) 15,248,236
-------------
OTHER ASSETS IN EXCESS OF LIABILITIES (0.3%) 42,966
-------------
NET ASSETS (100.0%) $ 15,291,202
=============
</Table>
* Non-income producing security.
# 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.
28
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- CAPITAL APPRECIATION PORTFOLIO
SCHEDULE OF INVESTMENTS
April 30, 2004 (unaudited)
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------- -------------
COMMON STOCKS (96.4%)
AEROSPACE & DEFENSE (1.6%)
United Technologies Corp. 1,700 $ 146,642
-------------
AUTO COMPONENTS (1.0%)
Autoliv, Inc. 2,200 93,566
-------------
BANKS (1.5%)
Wachovia Corp. 2,900 132,675
-------------
BEVERAGES (1.5%)
Coca-Cola Co. 2,600 131,482
-------------
BIOTECHNOLOGY (9.3%)
Amgen, Inc.* 2,900 163,183
Biogen Idec, Inc.*,# 1,700 100,300
Genentech, Inc.* 2,300 282,440
Genzyme Corp.*,# 2,600 113,256
Gilead Sciences, Inc.*,# 2,800 170,324
-------------
829,503
-------------
CHEMICALS (1.9%)
Dow Chemical Co. 1,800 71,442
Du Pont (E. I.) de Nemours & Co. 2,300 98,785
-------------
170,227
-------------
COMMERCIAL SERVICES & SUPPLIES (4.0%)
Apollo Group, Inc. Class A* 2,000 181,760
Automatic Data Processing, Inc. 4,000 175,240
-------------
357,000
-------------
COMMUNICATIONS EQUIPMENT (7.8%)
Cisco Systems, Inc.* 10,700 223,309
Comverse Technology, Inc.*,# 3,800 62,168
Corning, Inc.* 14,400 158,832
Motorola, Inc. 13,600 248,200
-------------
692,509
-------------
COMPUTERS & PERIPHERALS (2.3%)
Dell, Inc.* 2,700 93,717
EMC Corp.* 9,800 109,368
-------------
203,085
-------------
DIVERSIFIED FINANCIALS (3.5%)
Capital One Financial Corp.# 3,400 222,802
Morgan Stanley 1,700 87,363
-------------
310,165
-------------
ENERGY EQUIPMENT & SERVICES (1.3%)
BJ Services Co.* 2,600 115,700
-------------
FOOD PRODUCTS (0.5%)
Dean Foods Co.*,# 1,300 43,654
-------------
</Table>
See Accompanying Notes to Financial Statements.
29
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------- -------------
COMMON STOCKS
HEALTHCARE EQUIPMENT & SUPPLIES (4.0%)
Guidant Corp. 2,100 $ 132,321
St. Jude Medical, Inc.* 3,000 228,780
-------------
361,101
-------------
HEALTHCARE PROVIDERS & SERVICES (4.9%)
Anthem, Inc.*,# 1,300 115,154
Caremark Rx, Inc.* 6,700 226,795
Omnicare, Inc.# 2,200 91,256
-------------
433,205
-------------
HOTELS, RESTAURANTS & LEISURE (2.6%)
Starbucks Corp.*,# 5,900 229,274
-------------
INDUSTRIAL CONGLOMERATES (5.4%)
General Electric Co. 8,400 251,580
Tyco International, Ltd. 8,400 230,580
-------------
482,160
-------------
INSURANCE (1.0%)
Progressive Corp. 1,000 87,520
-------------
INTERNET & CATALOG RETAIL (4.0%)
eBay, Inc.* 2,300 183,586
InterActiveCorp*,# 5,500 175,285
-------------
358,871
-------------
INTERNET SOFTWARE & SERVICES (3.1%)
VeriSign, Inc.*,# 2,600 41,938
Yahoo!, Inc.*,# 4,600 232,116
-------------
274,054
-------------
MACHINERY (3.2%)
Caterpillar, Inc. 600 46,638
Danaher Corp.# 2,100 194,292
Deere & Co. 600 40,824
-------------
281,754
-------------
MEDIA (7.9%)
Clear Channel Communications, Inc. 2,100 87,129
E.W. Scripps Co. Class A# 1,100 116,105
News Corporation, Ltd. ADR 2,777 93,724
Time Warner, Inc.* 10,800 181,656
Viacom, Inc. Class B 5,900 228,035
-------------
706,649
-------------
MULTILINE RETAIL (1.0%)
Wal-Mart Stores, Inc. 1,600 91,200
-------------
OIL & GAS (1.8%)
XTO Energy, Inc.# 5,925 158,197
-------------
</Table>
See Accompanying Notes to Financial Statements.
30
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------- -------------
COMMON STOCKS
PERSONAL PRODUCTS (2.4%)
Avon Products, Inc. 1,200 $ 100,800
Estee Lauder Companies, Inc. Class A 2,400 109,704
-------------
210,504
-------------
PHARMACEUTICALS (6.8%)
Allergan, Inc. 1,100 96,855
Pfizer, Inc. 5,700 203,832
Teva Pharmaceutical Industries, Ltd. ADR# 3,000 184,680
Watson Pharmaceuticals, Inc.* 3,300 117,513
-------------
602,880
-------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (4.7%)
Analog Devices, Inc.# 3,300 140,580
Applied Materials, Inc.* 5,500 100,265
Intel Corp. 5,500 141,515
KLA-Tencor Corp.* 800 33,336
-------------
415,696
-------------
SOFTWARE (4.2%)
BEA Systems, Inc.*,# 7,500 85,575
Microsoft Corp. 11,000 285,670
-------------
371,245
-------------
SPECIALTY RETAIL (3.2%)
Best Buy Company, Inc. 1,700 92,225
The Gap, Inc.# 4,200 92,442
TJX Companies, Inc. 4,200 103,194
-------------
287,861
-------------
TOTAL COMMON STOCKS (Cost $7,588,848) 8,578,379
-------------
SHORT-TERM INVESTMENTS (24.4%)
State Street Navigator Prime Fund## 1,838,701 1,838,701
-------------
<Caption>
PAR
(000)
-------------
State Street Bank and Trust Co. Euro Time Deposit,
0.750%, 5/03/04 $ 331 331,000
-------------
TOTAL SHORT-TERM INVESTMENTS (Cost $2,169,701) 2,169,701
-------------
TOTAL INVESTMENTS AT VALUE (120.8%) (Cost $9,758,549) 10,748,080
-------------
LIABILITIES IN EXCESS OF OTHER ASSETS (-20.8%) (1,847,333)
-------------
NET ASSETS (100.0%) $ 8,900,747
=============
</Table>
INVESTMENT ABBREVIATIONS
ADR = American Depository Receipt
* Non-income producing security.
# 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.
31
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- HARBINGER PORTFOLIO
SCHEDULE OF INVESTMENTS
April 30, 2004 (unaudited)
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------- -------------
COMMON STOCKS (95.3%)
DIVERSIFIED FINANCIALS (12.7%)
Affiliated Managers Group, Inc.* 950 $ 46,265
E*TRADE Financial Corp.* 11,400 129,504
Franklin Resources, Inc. 1,700 93,211
-------------
268,980
-------------
ELECTRONIC EQUIPMENT & INSTRUMENTS (5.2%)
Sanmina-SCI Corp.* 11,000 110,220
-------------
FOOD & DRUG RETAILING (4.6%)
Wild Oats Markets, Inc.*,# 7,000 96,600
-------------
HEALTHCARE PROVIDERS & SERVICES (28.0%)
Accredo Health, Inc.* 2,800 108,220
Centene Corp.*,# 3,550 118,925
Community Health Systems, Inc.* 3,500 90,265
Pediatrix Medical Group, Inc.* 1,300 92,950
Triad Hospitals, Inc.* 3,100 105,431
United Surgical Partners International, Inc.*,# 2,100 76,062
-------------
591,853
-------------
HOTELS, RESTAURANTS & LEISURE (1.6%)
Buffalo Wild Wings, Inc.* 400 13,272
Panera Bread Co. Class A*,# 500 20,435
-------------
33,707
-------------
INTERNET SOFTWARE & SERVICES (6.6%)
Check Point Software Technologies, Ltd.* 3,400 79,662
Corillian Corp.* 11,600 50,112
Openwave Systems, Inc.* 1,000 8,520
-------------
138,294
-------------
MEDIA (9.2%)
Clear Channel Communications, Inc. 1,400 58,086
Journal Register Co.* 2,400 47,592
Netflix, Inc.*,# 3,500 88,515
-------------
194,193
-------------
OIL & GAS (3.7%)
Newfield Exploration Co.* 1,500 79,020
-------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (2.0%)
Artisan Components, Inc.* 1,200 28,080
Conexant Systems, Inc.* 3,344 14,546
-------------
42,626
-------------
SOFTWARE (11.6%)
Amdocs, Ltd.* 4,000 106,200
JDA Software Group, Inc.* 6,300 82,719
Lawson Software, Inc.* 7,800 55,302
-------------
244,221
-------------
</Table>
See Accompanying Notes to Financial Statements.
32
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------- -------------
COMMON STOCKS
SPECIALTY RETAIL (7.5%)
Aeropostale, Inc.* 4,350 $ 95,657
Brookstone, Inc.* 1,500 29,835
Hot Topic, Inc.* 1,450 32,277
-------------
157,769
-------------
WIRELESS TELECOMMUNICATION SERVICES (2.6%)
Crown Castle International Corp.* 3,900 54,405
-------------
TOTAL COMMON STOCKS (Cost $1,462,128) 2,011,888
-------------
SHORT-TERM INVESTMENT (12.1%)
State Street Navigator Prime Fund##
(Cost $256,486) 256,486 256,486
-------------
TOTAL INVESTMENTS AT VALUE (107.4%) (Cost $1,718,614) 2,268,374
LIABILITIES IN EXCESS OF OTHER ASSETS (-7.4%) (156,922)
-------------
NET ASSETS (100.0%) $ 2,111,452
=============
</Table>
* Non-income producing security.
# 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.
33
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE
FIXED INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
April 30, 2004 (unaudited)
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ----- -----
CORPORATE BONDS (23.6%)
AEROSPACE & DEFENSE (1.0%)
$ 65 Goodrich Corp., Notes (BBB- , Baa3) 04/15/08 7.500 $ 72,560
45 Lockheed Martin Corp., Bonds (BBB , Baa2) 12/01/29 8.500 57,118
-------------
129,678
-------------
AUTOMOBILE MANUFACTURERS (0.1%)
10 General Motors Corp., Global Debentures (BBB , Baa1) 07/15/33 8.375 10,846
-------------
COMMERCIAL SERVICES (0.1%)
15 Erac USA Finance Co., Rule 144A, Notes++ (BBB+ , Baa1) 05/15/06 6.625 16,039
-------------
COSMETICS/PERSONAL CARE (0.3%)
45 Procter & Gamble Co., Bonds~ (AA- , Aa3) 02/01/34 5.500 42,697
-------------
DIVERSIFIED FINANCIALS (7.1%)
45 Capital One Bank, Subordinated Notes (BB+ , Baa3) 06/13/13 6.500 47,016
40 Citigroup, Inc., Global Notes (AA- , Aa1) 05/05/14 5.125 39,718
75 Countrywide Home Loans, Inc., Global Notes (A , A3) 12/19/07 4.250 76,295
25 Countrywide Home Loans, Inc., Series MTNL,
Global Company Guaranteed Notes (A , A3) 03/22/11 4.000 23,631
40 FMR Corp., Rule 144A, Notes++ (AA , Aa3) 03/01/13 4.750 38,925
70 Ford Motor Credit Co., Global Bonds (BBB- , A3) 02/01/11 7.375 74,952
40 Ford Motor Credit Co., Global Notes (BBB- , A3) 02/01/06 6.875 42,357
75 General Electric Capital Corp., Series MTNA,
Global Notes (AAA , Aaa) 06/15/12 6.000 80,100
25 General Motors Acceptance Corp., Global Bonds (BBB , A3) 11/01/31 8.000 26,461
55 General Motors Acceptance Corp.,
Series MTN, Notes (BBB , A3) 12/10/07 4.375 55,021
40 Glencore Funding LLC, Rule 144A,
Company Guaranteed Notes++ (BBB , Baa3) 04/15/14 6.000 37,870
25 Goldman Sachs Group, Inc., Global Bonds (A+ , Aa3) 01/15/11 6.875 27,855
105 Household Finance Corp., Global Notes (A , A1) 12/15/08 4.125 105,064
25 Household Finance Corp., Global Notes (A , A1) 07/15/10 8.000 29,467
45 Lehman Brothers Holdings, Inc., Series MTNG,
Global Notes (A , A1) 11/30/10 4.375 44,225
35 MBNA America Bank, Rule 144A,
Subordinated Notes++ (BBB , Baa2) 03/15/08 6.750 38,573
60 Merrill Lynch & Company, Inc., Series MTNO,
Senior Unsubordinated Notes (A+ , Aa3) 02/03/14 5.000 58,394
60 SLM Corp., Series MTNA, Notes (A , A2) 01/15/09 4.000 59,677
10 Textron Financial Corp., Global Notes (A- , A3) 06/01/07 5.875 10,789
15 Textron Financial Corp., Series MTNE, Notes# (A- , A3) 10/06/06 1.460 15,043
-------------
931,433
-------------
ELECTRIC (3.3%)
40 American Electric Power Company, Inc.,
Series A, Global Notes (BBB , Baa3) 05/15/06 6.125 42,559
40 Cincinnati Gas & Electric Co., Notes (BBB , Baa1) 09/15/12 5.700 41,405
</Table>
See Accompanying Notes to Financial Statements.
34
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ----- -----
CORPORATE BONDS
ELECTRIC
$ 45 Consolidated Edison Company of New York,
Debentures (A , A1) 02/01/13 4.875 $ 44,678
15 Constellation Energy Group, Inc., Notes (BBB+ , Baa1) 04/01/07 6.350 16,130
20 Dominion Resources, Inc., Series B,
Global Senior Notes (BBB+ , Baa1) 07/15/05 7.625 21,276
25 Duke Energy Corp., First Mortgage Notes (BBB+ , A3) 10/01/15 5.300 24,671
55 Energy East Corp., Notes (BBB , Baa2) 06/15/12 6.750 60,100
10 FPL Group Capital, Inc., Company
Guaranteed Notes (A- , A2) 09/15/06 7.625 11,038
60 FPL Group Capital, Inc., Notes (A- , A2) 04/11/06 3.250 60,679
15 Oncor Electric Delivery Co.,
Global Secured Notes (BBB , Baa1) 05/01/32 7.000 16,295
60 Pacific Gas & Electric Co., First Mortgage Notes (BBB , Baa2) 03/01/34 6.050 56,931
30 Pinnacle West Capital Corp., Senior Notes
(Callable 11/01/04 @ $100.00)# (BBB- , Baa2) 11/01/05 1.931 30,035
5 Progress Energy, Inc., Senior Notes (BBB- , Baa2) 03/01/06 6.750 5,344
-------------
431,141
-------------
ENTERTAINMENT (0.3%)
35 International Speedway Corp.,
Rule 144A, Notes++ (BBB- , Baa2) 04/15/14 5.400 34,801
-------------
ENVIRONMENTAL CONTROL (0.5%)
10 Waste Management, Inc., Global Company
Guaranteed Notes (BBB , Baa3) 05/15/32 7.750 11,509
50 Waste Management, Inc., Senior Notes (BBB , Baa3) 08/01/10 7.375 56,914
-------------
68,423
-------------
FOOD (1.5%)
30 ConAgra Foods, Inc., Notes (BBB+ , Baa1) 09/15/11 6.750 33,185
30 ConAgra Foods, Inc., Notes (BBB+ , Baa1) 09/15/30 8.250 36,998
40 General Mills, Inc., Global Notes (BBB+ , Baa2) 02/15/12 6.000 42,477
40 Kellogg Co., Global Senior Notes (BBB , Baa2) 06/01/08 2.875 38,491
45 Kellogg Co., Series B, Global Notes (BBB , Baa2) 04/01/11 6.600 50,056
-------------
201,207
-------------
GAS (0.5%)
25 KeySpan Corp., Senior Notes (A , A3) 11/15/30 8.000 31,100
35 Sempra Energy, Notes (BBB+ , Baa1) 12/01/05 6.950 37,182
-------------
68,282
-------------
HEALTHCARE PRODUCTS (0.4%)
45 Baxter International, Inc., Notes (A- , A3) 05/01/07 5.250 47,314
-------------
HOME BUILDERS (0.4%)
55 Centex Corp., Senior Notes (BBB , Baa2) 05/15/14 5.700 54,688
-------------
</Table>
See Accompanying Notes to Financial Statements.
35
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ----- -----
CORPORATE BONDS
INSURANCE (2.2%)
$ 130 American International Group, Inc.,
Global Notes# (AAA , Aaa) 05/15/13 4.250 $ 122,066
35 Florida Windstorm Underwriting Association,
Rule 144A, Senior Notes++ (A- , A3) 08/25/07 6.850 39,064
65 MetLife, Inc., Senior Notes (A , A2) 11/24/13 5.000 64,128
70 Nationwide Mutual Insurance Co., Rule 144A,
Bonds (Callable 04/15/14 @ $100.00)++ (A- , A2) 04/15/34 6.600 67,296
-------------
292,554
-------------
MEDIA (2.2%)
36 Comcast Cable Communications Holdings, Inc.,
Global Company Guaranteed Notes (BBB , Baa3) 03/15/13 8.375 43,022
55 Comcast Cable Communications, Inc.,
Senior Notes (BBB , Baa3) 01/30/11 6.750 60,356
15 Cox Communications, Inc., Notes (BBB , Baa2) 06/15/05 6.875 15,750
40 Liberty Media Corp., Global Senior Notes# (BBB- , Baa3) 09/17/06 2.610 40,727
30 News America Holdings, Inc.,
Company Guaranteed Notes~ (BBB- , Baa3) 02/01/13 9.250 38,143
35 News America, Inc., Company Guaranteed Notes (BBB- , Baa3) 11/30/28 7.625 39,774
35 Time Warner, Inc., Global Company
Guaranteed Notes (BBB+ , Baa1) 04/15/31 7.625 38,418
5 Time Warner, Inc., Global Notes (BBB+ , Baa1) 05/01/12 6.875 5,475
-------------
281,665
-------------
MINING (0.2%)
25 Phelps Dodge Corp., Bonds (BBB- , Baa3) 03/15/34 6.125 23,689
-------------
MISCELLANEOUS MANUFACTURING (0.4%)
50 Textron, Inc., Senior Notes (A- , A3) 08/01/10 4.500 49,859
-------------
OIL & GAS (0.6%)
30 Phillips Petroleum Co., Global Notes (A- , A3) 05/25/05 8.500 32,034
40 SEACOR Holdings, Inc., Notes (BBB , Baa3) 10/01/12 5.875 40,606
-------------
72,640
-------------
PACKAGING & CONTAINERS (0.3%)
15 Sealed Air Corp., Rule 144A, Notes++ (BBB , Baa3) 05/15/09 6.950 16,691
25 Sealed Air Corp., Rule 144A, Senior Notes++ (BBB , Baa3) 04/15/08 5.375 26,044
-------------
42,735
-------------
REAL ESTATE (0.4%)
25 EOP Operating LP, Notes (BBB+ , Baa1) 06/15/04 6.500 25,145
20 EOP Operating LP, Senior Notes (BBB+ , Baa1) 02/15/05 6.625 20,709
-------------
45,854
-------------
RETAIL (0.4%)
50 Target Corp., Notes (A+ , A2) 08/15/10 7.500 58,173
-------------
</Table>
See Accompanying Notes to Financial Statements.
36
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ----- -----
CORPORATE BONDS
TELECOMMUNICATIONS (1.4%)
$ 10 AT&T Corp., Global Senior Notes# (BBB , Baa2) 11/15/31 8.750 $ 10,612
10 AT&T Wireless Services, Inc.,
Global Senior Notes (BBB , Baa2) 03/01/31 8.750 12,235
55 Sprint Capital Corp., Global Company
Guaranteed Notes (BBB- , Baa3) 03/15/32 8.750 65,890
20 Verizon Global Funding Corp., Global Notes (A+ , A2) 06/15/12 6.875 22,212
30 Verizon Global Funding Corp., Global Notes (A+ , A2) 06/15/32 7.750 34,479
40 Verizon Wireless Capital LLC, Global Notes (A+ , A3) 12/15/06 5.375 42,234
187,662
-------------
TOTAL CORPORATE BONDS (Cost $3,094,812) 3,091,380
-------------
ASSET BACKED SECURITIES (18.0%)
30 Aesop Funding II LLC, Series 2003-2A,
Class A2# (AAA , Aaa) 06/20/07 1.350 30,094
85 Ameriquest Mortgage Securities, Inc.,
Series 2003-AR2, Class A4# (AAA , Aaa) 05/25/33 1.440 85,069
110 Bank One Issuance Trust, Series 2002-A1,
Class A1# (AAA , Aaa) 01/15/10 1.210 110,302
130 Capital One Master Trust, Series 2001-1,
Class A# (AAA , Aaa) 12/15/10 1.300 130,766
100 Carmax Auto Owner Trust, Series 2001-2,
Class A4# (AAA , Aaa) 12/15/06 3.940 101,751
130 Chase Credit Card Master Trust, Series 2003-2,
Class A# (AAA , Aaa) 07/15/10 1.210 130,331
125 Citibank Credit Card Issuance Trust,
Series 2002-A9, Class A9# (AAA , Aaa) 12/17/07 1.150 125,126
61 Countrywide Asset-Backed Certificates,
Series 2003-BC1, Class A1# (AAA , Aaa) 03/25/33 1.500 61,624
55 Countrywide Home Equity Loan Trust,
Series 2002-C, Class A# (AAA , Aaa) 05/15/28 1.340 55,328
125 Discover Card Master Trust I, Series 2003-4,
Class A1# (AAA , Aaa) 05/15/11 1.210 125,273
125 First USA Credit Card Master Trust,
Series 2001-1, Class A# (AAA , Aaa) 09/19/08 1.250 125,381
130 Fleet Credit Card Master Trust, Series 2002-B,
Class A# (AAA , Aaa) 04/15/10 1.240 130,394
100 Ford Credit Auto Owner Trust, Series 2003-A,
Class A4B# (AAA , Aaa) 06/15/07 1.190 100,109
41 Greenpoint Home Equity Loan Trust,
Series 2003-1, Class A# (AAA , Aaa) 04/15/29 1.370 41,176
94 Honda Auto Receivables Owner Trust,
Series 2001-2, Class A4 (AAA , Aaa) 10/18/06 5.090 94,619
125 MBNA Credit Card Master Note Trust,
Series 2002-A4, Class A4# (AAA , Aaa) 08/17/09 1.210 125,329
</Table>
See Accompanying Notes to Financial Statements.
37
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ----- -----
ASSET BACKED SECURITIES
$ 120 MBNA Master Credit Card Trust,
Series 1996-G, Class A# (AAA , Aaa) 12/15/08 1.280 $ 120,500
100 MBNA Master Credit Card Trust, Series 1997-J,
Class A#,~ (AAA , Aaa) 02/15/07 1.220 100,109
150 MBNA Master Credit Card Trust, Series 1998-G,
Class A# (AAA , Aaa) 02/17/09 1.230 150,450
110 Residential Asset Mortgage Products, Inc.,
Series 2003-RS3, Class AI2 (AAA , Aaa) 03/25/29 3.380 110,945
84 SLM Student Loan Trust, Series 2000-1,
Class A2L# (AAA , Aaa) 01/25/13 1.350 84,732
125 SLM Student Loan Trust, Series 2003-1,
Class A2# (AAA , Aaa) 06/17/13 1.150 125,074
65 SLM Student Loan Trust, Series 2003-8,
Class A1# (AAA , Aaa) 06/16/08 1.120 65,190
33 Vanderbilt Mortgage Finance, Series 1998-C,
Class 1B1 (BBB , Baa1) 02/07/15 6.970 33,474
-------------
TOTAL ASSET BACKED SECURITIES (Cost $2,363,410) 2,363,146
-------------
MORTGAGE-BACKED SECURITIES (46.8%)
200 Fannie Mae Global Notes^^ (AAA , Aaa) 06/15/06 5.250 210,863
125 Fannie Mae Global Notes~ (AAA , Aaa) 02/15/09 3.250 121,202
115 Fannie Mae Global Notes~ (AAA , Aaa) 05/15/11 6.000 125,062
44 Fannie Mae Pool #662830 (AAA , Aaa) 10/01/32 7.500 46,947
106 Fannie Mae Pool #667742 (AAA , Aaa) 04/01/33 6.000 108,060
62 Fannie Mae Pool #702130 (AAA , Aaa) 03/01/33 7.000 65,584
97 Fannie Mae Pool #703443 (AAA , Aaa) 05/01/18 5.000 97,497
98 Fannie Mae Pool #703444 (AAA , Aaa) 05/01/18 5.000 98,687
154 Fannie Mae Pool #704674 (AAA , Aaa) 04/01/18 5.500 157,889
44 Fannie Mae Pool #741351 (AAA , Aaa) 12/01/33 5.500 43,970
55 Fannie Mae Pool #748560 (AAA , Aaa) 01/01/34 5.500 54,694
106 Fannie Mae Pool #748643# (AAA , Aaa) 09/01/33 4.190 107,513
39 Fannie Mae Pool #757490 (AAA , Aaa) 01/01/34 5.500 39,222
75 Fannie Mae Pool #759766 (AAA , Aaa) 02/01/34 5.500 74,690
85 Fannie Mae Pool #763847 (AAA , Aaa) 02/01/34 5.500 84,699
84 Fannie Mae Pool #769201 (AAA , Aaa) 01/01/34 6.500 87,822
94 FHLMC TBA (AAA , Aaa) 05/03/19 5.000 94,646
135 FNMA TBA (AAA , Aaa) 05/03/19 4.000 129,769
200 FNMA TBA (AAA , Aaa) 05/03/19 4.500 196,875
105 FNMA TBA (AAA , Aaa) 05/03/19 5.000 105,623
100 FNMA TBA (AAA , Aaa) 05/03/19 5.500 102,625
125 FNMA TBA (AAA , Aaa) 05/03/19 6.000 130,391
470 FNMA TBA (AAA , Aaa) 04/30/34 5.000 455,459
575 FNMA TBA (AAA , Aaa) 04/30/34 5.500 573,742
645 FNMA TBA (AAA , Aaa) 04/30/34 6.000 659,916
275 FNMA TBA (AAA , Aaa) 04/30/34 6.500 286,258
55 Freddie Mac Global Notes^^ (AAA , Aaa) 01/15/05 1.875 55,189
</Table>
See Accompanying Notes to Financial Statements.
38
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ----- -----
MORTGAGE-BACKED SECURITIES
$ 185 Freddie Mac Global Notes~ (AAA , Aaa) 09/15/07 3.500 $ 186,280
540 Freddie Mac Global Notes~ (AAA , Aaa) 11/15/13 4.875 536,081
106 Freddie Mac Pool #1B1275#,^^ (AAA , Aaa) 10/01/33 4.228 106,629
53 Freddie Mac Pool #B11354^^ (AAA , Aaa) 12/01/18 5.000 53,801
23 Ginnie Mae Pool #598105 (AAA , Aaa) 03/15/33 6.000 23,917
25 Ginnie Mae Pool #598128 (AAA , Aaa) 03/15/33 6.000 25,851
19 Ginnie Mae Pool #598145 (AAA , Aaa) 03/15/33 6.000 19,510
12 Ginnie Mae Pool #600025 (AAA , Aaa) 03/15/33 6.000 12,472
17 Ginnie Mae Pool #604205 (AAA , Aaa) 04/15/33 6.500 18,000
140 GNMA TBA (AAA , Aaa) 04/30/34 5.500 140,043
60 GNMA TBA (AAA , Aaa) 04/30/34 6.000 61,519
225 GNMA TBA (AAA , Aaa) 04/30/34 6.500 235,055
209 LB-UBS Commercial Mortgage Trust,
Series 2003-C3, Class A1 (AAA , Aaa) 05/15/27 2.599 204,515
120 LB-UBS Commercial Mortgage Trust,
Series 2004-C2, Class A4 (AAA , Aaa) 03/15/36 4.367 112,650
41 Master Adjustable Rate Mortgages Trust,
Series 2003-6, Class 7A2 (AAA , Aaa) 12/25/33 3.859 41,304
44 Master Adjustable Rate Mortgages Trust,
Series 2003-6, Class 8A1 (AAA , Aaa) 12/25/33 4.588 44,193
-------------
TOTAL MORTGAGE-BACKED SECURITIES (Cost $6,209,213) 6,136,714
-------------
FOREIGN BONDS (3.1%)
BEVERAGES (0.2%)
35 Diageo Finance BV, Global Company
Guaranteed Notes (Netherlands) (A , A2) 04/01/11 3.875 33,288
-------------
ELECTRIC (0.2%)
20 Compania Nacional de Transmision Electrica SA,
Global Senior Notes (Chile) (A- , Baa1) 04/15/11 7.875 22,741
-------------
HOLDING COMPANIES-DIVERSIFIED (0.4%)
55 Pacificorp Australia, Rule 144A,
Bonds (Australia)++ (AAA , Aaa) 01/15/08 6.150 58,652
-------------
MEDIA (0.2%)
25 Thomson Corp., Global Notes (Canada) (A- , A3) 01/05/12 6.200 27,061
-------------
MINING (0.3%)
35 Corporacion Nacional del Cobre - Codelco,
Rule 144A, Notes (Chile)++ (A , A2) 10/15/13 5.500 34,884
-------------
OIL & GAS (0.5%)
30 Norsk Hydro ASA, Yankee Debentures (Norway) (A , A2) 06/15/23 7.750 35,702
10 Norsk Hydro ASA, Yankee Debentures (Norway) (A , A2) 11/15/25 7.150 11,279
15 Petroleos Mexicanos, Series REGS,
Company Guaranteed Notes (Mexico) (BBB- , Baa1) 06/01/07 9.000 16,996
-------------
63,977
-------------
</Table>
See Accompanying Notes to Financial Statements.
39
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ----- -----
FOREIGN BONDS
SOVEREIGN (1.0%)
$ 45 Export-Import Bank of Korea, Rule 144A,
Notes (South Korea)++ (A- , A3) 02/10/14 5.250 $ 44,317
30 Republic of Poland, Global Unsubordinated
Notes (Poland) (BBB+ , A2) 01/15/14 5.250 29,850
35 United Mexican States, Global Notes (Mexico) (BBB- , Baa2) 01/14/11 8.375 40,337
20 United Mexican States, Global Notes (Mexico) (BBB- , Baa2) 04/08/33 7.500 19,850
-------------
134,354
-------------
TELECOMMUNICATIONS (0.3%)
35 Deutsche Telekom International Finance BV,
Global Company Guaranteed Notes
(Netherlands)# (BBB+ , Baa2) 06/15/05 8.250 37,266
-------------
TOTAL FOREIGN BONDS (Cost $423,331) 412,223
-------------
UNITED STATES TREASURY OBLIGATIONS (8.3%)
265 United States Treasury Bonds~ (AAA , Aaa) 02/15/23 7.125 322,534
15 United States Treasury Bonds^^ (AAA , Aaa) 02/15/31 5.375 15,202
90 United States Treasury Notes~ (AAA , Aaa) 11/30/05 1.875 89,779
75 United States Treasury Notes~ (AAA , Aaa) 02/15/07 2.250 74,010
145 United States Treasury Notes^^ (AAA , Aaa) 04/15/09 3.125 141,856
355 United States Treasury Notes~ (AAA , Aaa) 08/15/11 5.000 373,360
80 United States Treasury Notes++++ (AAA , Aaa) 02/15/14 4.000 76,875
-------------
TOTAL UNITED STATES TREASURY OBLIGATIONS (Cost $1,108,423) 1,093,616
-------------
<Caption>
NUMBER OF
SHARES
---------
PREFERRED STOCK (0.2%)
TELECOMMUNICATIONS (0.2%)
20 Centaur Funding Corp., Series B,
Rule 144A++ (Cost $23,257) 25,388
-------------
SHORT-TERM INVESTMENTS (35.5%)
1,755,601 State Street Navigator Prime Fund~~ 1,755,601
-------------
<Caption>
PAR
(000)
-----
$ 2,854 State Street Bank and Trust Co.
Euro Time Deposit^^ 05/03/04 0.750 2,854,000
50 United States Treasury Bills^^ (AAA , Aaa) 07/29/04 0.970 49,883
-------------
TOTAL SHORT-TERM INVESTMENTS (Cost $4,659,484) 4,659,484
-------------
TOTAL INVESTMENTS AT VALUE (135.5%) (Cost $17,881,930) 17,781,951
LIABILITIES IN EXCESS OF OTHER ASSETS (-35.5%) (4,657,337)
-------------
NET ASSETS (100.0%) $ 13,124,614
=============
</Table>
See Accompanying Notes to Financial Statements.
40
<Page>
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 institutional buyers. At April 30,
2004, these securities amounted to a value of $478,544 or 3.65% of net
assets.
~ Security or portion thereof is out on loan.
# Variable rate obligations - The interest rate shown is the rate as of April
30, 2004.
^^ Collateral segregated for TBA securities.
++++ Collateral segregated for futures contracts.
~~ Represents security purchased with cash collateral received for securities
on loan.
See Accompanying Notes to Financial Statements.
41
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2004 (unaudited)
<Table>
<Caption>
LARGE CAP VALUE SMALL CAP GROWTH
PORTFOLIO PORTFOLIO
---------------- ----------------
ASSETS
Investments at value, including collateral for
securities on loan of $3,018,770, $443,342,
$745,350, $1,838,701, $256,486, and $1,755,601,
respectively (Cost $29,532,412, $4,693,756,
$14,102,227, $9,758,549, $1,718,614, and
$17,881,930, respectively) (Note 1) $ 31,809,895(1) $ 2,497,515(2)
Cash 640 49
Receivable for investments sold 317,284 35,105
Receivable for fund shares sold -- --
Dividend and interest receivable 34,761 44
Receivable from investment adviser (Note 2) -- 12,869
Unrealized appreciation on forward currency contracts (Note 1) -- --
Variation margin receivable (Note 1) -- --
Prepaid expenses and other assets 21,954 21,405
---------------- ----------------
Total Assets 32,184,534 2,566,987
---------------- ----------------
LIABILITIES
Advisory fee payable (Note 2) 957 --
Administrative services fee payable (Note 2) 5,500 1,509
Payable upon return of securities loaned 3,018,770 443,342
Payable for investments purchased 298,445 33,656
Payable for fund shares redeemed 14,222 --
Directors' fee payable 121 119
Unrealized depreciation on forward currency
contracts (Note 1) -- --
Other accrued expenses payable 37,093 37,823
---------------- ----------------
Total Liabilities 3,375,108 516,449
---------------- ----------------
NET ASSETS
Capital stock, $0.001 par value (Note 6) 31,198 176
Paid-in capital (Note 6) 31,243,927 45,546,548
Undistributed net investment income (loss) 116,509 (88,401)
Undistributed net realized gain (loss) on
investments, futures contracts and foreign
currency transactions (4,859,691) (41,211,544)
Net unrealized appreciation (depreciation) from
investments, futures contracts and foreign
currency translations 2,277,483 (2,196,241)
---------------- ----------------
Net Assets $ 28,809,426 $ 2,050,538
================ ================
Shares outstanding 31,198,330 176,108
---------------- ----------------
Net asset value, offering price, and redemption
price per share $ 0.92 $ 11.64
================ ================
</Table>
(1) Including $2,926,020 of securities on loan.
(2) Including $420,466 of securities on loan.
(3) Including $702,743 of securities on loan.
(4) Including $1,752,978 of securities on loan.
(5) Including $250,128 of securities on loan.
(6) Including $1,718,935 of securities on loan.
See Accompanying Notes to Financial Statements.
42
<Page>
<Table>
<Caption>
CAPITAL
SELECT EQUITY APPRECIATION
PORTFOLIO PORTFOLIO
------------- -------------
ASSETS
Investments at value, including collateral for
securities on loan of $3,018,770, $443,342,
$745,350, $1,838,701, $256,486, and $1,755,601,
respectively (Cost $29,532,412, $4,693,756,
$14,102,227, $9,758,549, $1,718,614, and
$17,881,930, respectively) (Note 1) $ 15,248,236(3) $ 10,748,080(4)
Cash 77 367
Receivable for investments sold 275,966 89,460
Receivable for fund shares sold 720,239 3,703
Dividend and interest receivable 12,088 593
Receivable from investment adviser (Note 2) 5,186 8,588
Unrealized appreciation on forward currency contracts (Note 1) -- --
Variation margin receivable (Note 1) -- --
Prepaid expenses and other assets 16,701 17,919
------------- -------------
Total Assets 16,278,493 10,868,710
------------- -------------
LIABILITIES
Advisory fee payable (Note 2) -- --
Administrative services fee payable (Note 2) 2,903 1,950
Payable upon return of securities loaned 745,350 1,838,701
Payable for investments purchased 104,069 93,767
Payable for fund shares redeemed 99,866 --
Directors' fee payable 237 241
Unrealized depreciation on forward currency
contracts (Note 1) -- --
Other accrued expenses payable 34,866 33,304
------------- -------------
Total Liabilities 987,291 1,967,963
------------- -------------
NET ASSETS
Capital stock, $0.001 par value (Note 6) 1,642 994
Paid-in capital (Note 6) 14,226,857 10,405,995
Undistributed net investment income (loss) 29,088 (8,403)
Undistributed net realized gain (loss) on
investments, futures contracts and foreign
currency transactions (112,394) (2,487,370)
Net unrealized appreciation (depreciation) from
investments, futures contracts and foreign
currency translations 1,146,009 989,531
------------- -------------
Net Assets $ 15,291,202 $ 8,900,747
============= =============
Shares outstanding 1,641,935 994,359
------------- -------------
Net asset value, offering price, and redemption
price per share $ 9.31 $ 8.95
============= =============
<Caption>
INVESTMENT
HARBINGER GRADE FIXED
PORTFOLIO INCOME PORTFOLIO
------------- ----------------
ASSETS
Investments at value, including collateral for
securities on loan of $3,018,770, $443,342,
$745,350, $1,838,701, $256,486, and $1,755,601,
respectively (Cost $29,532,412, $4,693,756,
$14,102,227, $9,758,549, $1,718,614, and
$17,881,930, respectively) (Note 1) $ 2,268,374(5) $ 17,781,951(6)
Cash 88,255 380
Receivable for investments sold 20,902 773,496
Receivable for fund shares sold -- --
Dividend and interest receivable -- 95,429
Receivable from investment adviser (Note 2) 9,212 12,359
Unrealized appreciation on forward currency contracts (Note 1) -- 4,032
Variation margin receivable (Note 1) -- 16,296
Prepaid expenses and other assets 14,711 15,078
------------- ----------------
Total Assets 2,401,454 18,699,021
------------- ----------------
LIABILITIES
Advisory fee payable (Note 2) -- --
Administrative services fee payable (Note 2) 619 4,392
Payable upon return of securities loaned 256,486 1,755,601
Payable for investments purchased 9,167 3,764,890
Payable for fund shares redeemed -- --
Directors' fee payable 241 238
Unrealized depreciation on forward currency
contracts (Note 1) -- 13,407
Other accrued expenses payable 23,489 35,879
------------- ----------------
Total Liabilities 290,002 5,574,407
------------- ----------------
NET ASSETS
Capital stock, $0.001 par value (Note 6) 149 1,344
Paid-in capital (Note 6) 1,327,284 13,175,683
Undistributed net investment income (loss) (17,091) (14,426)
Undistributed net realized gain (loss) on
investments, futures contracts and foreign
currency transactions 251,350 101,419
Net unrealized appreciation (depreciation) from
investments, futures contracts and foreign
currency translations 549,760 (139,406)
------------- ----------------
Net Assets $ 2,111,452 $ 13,124,614
============= ================
Shares outstanding 148,635 1,344,375
------------- ----------------
Net asset value, offering price, and redemption
price per share $ 14.21 $ 9.76
============= ================
</Table>
See Accompanying Notes to Financial Statements.
43
<Page>
STATEMENTS OF OPERATIONS
For the Six Months Ended April 30, 2004 (unaudited)
<Table>
<Caption>
LARGE CAP VALUE SMALL CAP GROWTH
PORTFOLIO PORTFOLIO
---------------- ----------------
INVESTMENT INCOME (Note 1)
Dividends $ 298,559 $ 12,760
Interest 1,125 3,098
Securities lending 581 86
Foreign taxes withheld (1,177) --
---------------- ----------------
Total investment income 299,088 15,944
---------------- ----------------
EXPENSES
Investment advisory fees (Note 2) 110,979 94,859
Administrative services fees (Note 2) 24,910 19,507
Legal fees 18,024 17,594
Printing fees (Note 2) 8,710 6,363
Audit fees 7,740 8,003
Insurance expense 7,110 7,234
Registration fees 5,892 7,323
Custodian fees 2,128 11,339
Transfer agent fees (Note 2) 1,698 1,212
Directors' fees 1,638 1,637
Commitment fees (Note 3) 526 652
Interest expense (Note 3) 152 451
Miscellaneous expense 6,259 6,797
---------------- ----------------
Total expenses 195,766 182,971
Less: fees waived and expenses reimbursed (Note 2) (84,786) (78,626)
---------------- ----------------
Net expenses 110,980 104,345
---------------- ----------------
Net investment income (loss) 188,108 (88,401)
---------------- ----------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS,
FUTURES CONTRACTS AND FOREIGN CURRENCY RELATED ITEMS
Net realized gain from investments 591,029 8,546,965
Net realized loss from futures contracts -- --
Net realized gain from foreign currency transactions -- --
Net change in unrealized appreciation (depreciation)
from investments 1,323,935 (6,397,396)
Net change in unrealized appreciation (depreciation) from
futures contracts -- --
Net change in unrealized appreciation (depreciation) from
foreign currency translations -- --
---------------- ----------------
Net realized and unrealized gain (loss) from investments,
futures contracts, and foreign currency related items 1,914,964 2,149,569
---------------- ----------------
Net increase in net assets resulting from operations $ 2,103,072 $ 2,061,168
================ ================
</Table>
See Accompanying Notes to Financial Statements.
44
<Page>
<Table>
<Caption>
CAPITAL
SELECT EQUITY APPRECIATION
PORTFOLIO PORTFOLIO
------------- -------------
INVESTMENT INCOME (Note 1)
Dividends $ 113,410 $ 24,329
Interest 1,612 1,422
Securities lending 228 257
Foreign taxes withheld -- (125)
------------- -------------
Total investment income 115,250 25,883
------------- -------------
EXPENSES
Investment advisory fees (Note 2) 37,503 22,853
Administrative services fees (Note 2) 13,154 9,195
Legal fees 19,039 19,164
Printing fees (Note 2) 4,327 4,248
Audit fees 7,340 7,349
Insurance expense 6,257 6,250
Registration fees 7,204 7,545
Custodian fees 4,238 3,742
Transfer agent fees (Note 2) 1,049 836
Directors' fees 1,755 1,758
Commitment fees (Note 3) 174 136
Interest expense (Note 3) 275 33
Miscellaneous expense 5,579 5,589
------------- -------------
Total expenses 107,894 88,698
Less: fees waived and expenses reimbursed (Note 2) (51,639) (54,419)
------------- -------------
Net expenses 56,255 34,279
------------- -------------
Net investment income (loss) 58,995 (8,396)
------------- -------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS,
FUTURES CONTRACTS AND FOREIGN CURRENCY RELATED ITEMS
Net realized gain from investments 458,661 256,964
Net realized loss from futures contracts -- --
Net realized gain from foreign currency transactions -- --
Net change in unrealized appreciation (depreciation)
from investments (9,048) 84,805
Net change in unrealized appreciation (depreciation) from
futures contracts -- --
Net change in unrealized appreciation (depreciation) from
foreign currency translations -- --
------------- -------------
Net realized and unrealized gain (loss) from investments,
futures contracts, and foreign currency related items 449,613 341,769
------------- -------------
Net increase in net assets resulting from operations $ 508,608 $ 333,373
============= =============
<Caption>
INVESTMENT
HARBINGER GRADE FIXED
PORTFOLIO INCOME PORTFOLIO
------------- ----------------
INVESTMENT INCOME (Note 1)
Dividends $ 660 $ 908
Interest 187 190,165
Securities lending 91 245
Foreign taxes withheld -- --
------------- ----------------
Total investment income 938 191,318
------------- ----------------
EXPENSES
Investment advisory fees (Note 2) 12,878 18,087
Administrative services fees (Note 2) 3,040 22,322
Legal fees 13,436 18,463
Printing fees (Note 2) 2,375 5,277
Audit fees 9,057 7,353
Insurance expense 6,199 6,269
Registration fees 8,854 9,674
Custodian fees 932 6,088
Transfer agent fees (Note 2) 208 448
Directors' fees 1,759 1,755
Commitment fees (Note 3) 2 198
Interest expense (Note 3) -- --
Miscellaneous expense 5,390 5,718
------------- ----------------
Total expenses 64,130 101,652
Less: fees waived and expenses reimbursed (Note 2) (46,101) (77,755)
------------- ----------------
Net expenses 18,029 23,897
------------- ----------------
Net investment income (loss) (17,091) 167,421
------------- ----------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS,
FUTURES CONTRACTS AND FOREIGN CURRENCY RELATED ITEMS
Net realized gain from investments 251,350 113,745
Net realized loss from futures contracts -- (2,999)
Net realized gain from foreign currency transactions -- 9,619
Net change in unrealized appreciation (depreciation)
from investments (116,717) (135,766)
Net change in unrealized appreciation (depreciation) from
futures contracts -- (43,431)
Net change in unrealized appreciation (depreciation) from
foreign currency translations -- (13,335)
------------- ----------------
Net realized and unrealized gain (loss) from investments,
futures contracts, and foreign currency related items 134,633 (72,167)
------------- ----------------
Net increase in net assets resulting from operations $ 117,542 $ 95,254
============= ================
</Table>
See Accompanying Notes to Financial Statements.
45
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
LARGE CAP SMALL CAP
VALUE PORTFOLIO GROWTH PORTFOLIO
-------------------------------- --------------------------------
FOR THE SIX FOR THE SIX
MONTHS FOR THE MONTHS FOR THE
ENDED YEAR ENDED YEAR
APRIL 30, ENDED APRIL 30, ENDED
2004 OCTOBER 31, 2004 OCTOBER 31,
(UNAUDITED) 2003 (UNAUDITED) 2003
-------------- -------------- -------------- --------------
FROM OPERATIONS
Net investment income (loss) $ 188,108 $ 389,129 $ (88,401) $ (369,452)
Net realized gain (loss) from investments,
futures contracts and foreign currency transactions 591,029 (3,118,350) 8,546,965 1,444,617
Net change in unrealized appreciation (depreciation)
from investments, futures contracts, and
foreign currency translations 1,323,935 7,451,678 (6,397,396) 15,538,493
-------------- -------------- -------------- --------------
Net increase in net assets resulting from operations 2,103,072 4,722,457 2,061,168 16,613,658
-------------- -------------- -------------- --------------
FROM DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (393,715) (280,013) -- --
Distributions from net realized gains -- -- -- --
-------------- -------------- -------------- --------------
Net decrease in net assets from dividends
and distributions (393,715) (280,013) -- --
-------------- -------------- -------------- --------------
FROM CAPITAL SHARE TRANSACTIONS (Note 6)
Proceeds from sale of shares 1,109,505 2,320,484 1,478,639 8,064,919
Reinvestment of dividends and distributions 393,715 280,013 -- --
Net asset value of shares redeemed (3,847,792) (9,697,114) (27,491,609) (46,454,273)
-------------- -------------- -------------- --------------
Net increase (decrease) in net assets from
capital share transactions (2,344,572) (7,096,617) (26,012,970) (38,389,354)
-------------- -------------- -------------- --------------
Net increase (decrease) in net assets (635,215) (2,654,173) (23,951,802) (21,775,696)
NET ASSETS
Beginning of period 29,444,641 32,098,814 26,002,340 47,778,036
-------------- -------------- -------------- --------------
End of period $ 28,809,426 $ 29,444,641 $ 2,050,538 $ 26,002,340
============== ============== ============== ==============
Undistributed Net Investment Income (Loss) $ 116,509 $ 322,116 $ (88,401) $ --
============== ============== ============== ==============
</Table>
(1) For the period January 15, 2003 (inception date) through October 31, 2003
See Accompanying Notes to Financial Statements.
46
<Page>
<Table>
<Caption>
SELECT EQUITY CAPITAL APPRECIATION
PORTFOLIO PORTFOLIO
-------------------------------- --------------------------------
FOR THE SIX FOR THE SIX
MONTHS FOR THE MONTHS FOR THE
ENDED YEAR ENDED YEAR
APRIL 30, ENDED APRIL 30, ENDED
2004 OCTOBER 31, 2004 OCTOBER 31,
(UNAUDITED) 2003 (UNAUDITED) 2003
-------------- -------------- -------------- --------------
FROM OPERATIONS
Net investment income (loss) $ 58,995 $ 73,941 $ (8,396) $ 1,260
Net realized gain (loss) from investments,
futures contracts and foreign currency transactions 458,661 59,434 256,964 (1,163,407)
Net change in unrealized appreciation (depreciation)
from investments, futures contracts, and
foreign currency translations (9,048) 1,454,640 84,805 2,698,825
-------------- -------------- -------------- --------------
Net increase in net assets resulting from operations 508,608 1,588,015 333,373 1,536,678
-------------- -------------- -------------- --------------
FROM DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (84,980) (38,005) (1,299) --
Distributions from net realized gains -- -- -- --
-------------- -------------- -------------- --------------
Net decrease in net assets from dividends
and distributions (84,980) (38,005) (1,299) --
-------------- -------------- -------------- --------------
FROM CAPITAL SHARE TRANSACTIONS (Note 6)
Proceeds from sale of shares 7,338,195 856,357 748,702 1,053,045
Reinvestment of dividends and distributions 84,980 38,005 1,299 --
Net asset value of shares redeemed (3,359,199) (3,367,323) (1,683,209) (2,398,763)
-------------- -------------- -------------- --------------
Net increase (decrease) in net assets from
capital share transactions 4,063,976 (2,472,961) (933,208) (1,345,718)
-------------- -------------- -------------- --------------
Net increase (decrease) in net assets 4,487,604 (922,951) (601,134) 190,960
NET ASSETS
Beginning of period 10,803,598 11,726,549 9,501,881 9,310,921
-------------- -------------- -------------- --------------
End of period $ 15,291,202 $ 10,803,598 $ 8,900,747 $ 9,501,881
============== ============== ============== ==============
Undistributed Net Investment Income (Loss) $ 29,088 $ 55,073 $ (8,403) $ 1,292
============== ============== ============== ==============
<Caption>
HARBINGER INVESTMENT GRADE FIXED
PORTFOLIO INCOME PORTFOLIO
-------------------------------- --------------------------------
FOR THE SIX FOR THE SIX
MONTHS FOR THE MONTHS FOR THE
ENDED PERIOD ENDED YEAR
APRIL 30, ENDED APRIL 30, ENDED
2004 OCTOBER 31, 2004 OCTOBER 31,
(UNAUDITED) 2003(1) (UNAUDITED) 2003
-------------- -------------- -------------- --------------
FROM OPERATIONS
Net investment income (loss) $ (17,091) $ (19,402) $ 167,421 $ 333,393
Net realized gain (loss) from investments,
futures contracts and foreign currency transactions 251,350 12,435 120,365 468,513
Net change in unrealized appreciation (depreciation)
from investments, futures contracts, and
foreign currency translations (116,717) 666,477 (192,532) (181,086)
-------------- -------------- -------------- --------------
Net increase in net assets resulting from operations 117,542 659,510 95,254 620,820
-------------- -------------- -------------- --------------
FROM DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income -- -- (181,847) (361,256)
Distributions from net realized gains -- -- (442,513) (216,079)
-------------- -------------- -------------- --------------
Net decrease in net assets from dividends
and distributions -- -- (624,360) (577,335)
-------------- -------------- -------------- --------------
FROM CAPITAL SHARE TRANSACTIONS (Note 6)
Proceeds from sale of shares -- 1,785,000 1,500,000 9,157,866
Reinvestment of dividends and distributions -- -- 624,360 559,163
Net asset value of shares redeemed (450,600) -- (20,246) (14,772,568)
-------------- -------------- -------------- --------------
Net increase (decrease) in net assets from
capital share transactions (450,600) 1,785,000 2,104,114 (5,055,539)
-------------- -------------- -------------- --------------
Net increase (decrease) in net assets (333,058) 2,444,510 1,575,008 (5,012,054)
NET ASSETS
Beginning of period 2,444,510 -- 11,549,606 16,561,660
-------------- -------------- -------------- --------------
End of period $ 2,111,452 $ 2,444,510 $ 13,124,614 $ 11,549,606
============== ============== ============== ==============
Undistributed Net Investment Income (Loss) $ (17,091) $ -- $ (14,426) $ --
============== ============== ============== ==============
</Table>
See Accompanying Notes to Financial Statements.
47
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- LARGE CAP VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE YEAR ENDED OCTOBER 31,
APRIL 30, 2004 ------------------------------------------------------------
(UNAUDITED) 2003 2002 2001 2000 1999
-------------- -------- -------- -------- -------- --------
PER SHARE DATA
Net asset value, beginning of period $ 0.87 $ 0.76 $ 0.85 $ 11.01 $ 13.32 $ 11.53
------------ -------- -------- -------- -------- --------
INVESTMENT OPERATIONS
Net investment income 0.01 0.01 0.01 0.01(1) 0.24 0.16
Net gain (loss) on investments
(both realized and unrealized) 0.05 0.11 (0.09) (0.28) 0.31 1.76
------------ -------- -------- -------- -------- --------
Total from investment operations 0.06 0.12 (0.08) (0.27) 0.55 1.92
------------ -------- -------- -------- -------- --------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.01) (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) (0.01) (9.89) (2.86) (0.13)
------------ -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 0.92 $ 0.87 $ 0.76 $ 0.85 $ 11.01 $ 13.32
============ ======== ======== ======== ======== ========
Total return(2) 7.15% 15.48% (9.68)% (4.34)% 5.59% 16.82%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 28,809 $ 29,445 $ 32,099 $ 3,005 $ 3,112 $ 36,332
Ratio of expenses to average net assets(3) 0.75%(4) 0.75% 0.75% 0.75% 0.77% 0.76%
Ratio of net investment income to average
net assets 1.27%(4) 1.26% 0.85% 1.16% 1.28% 1.01%
Decrease reflected in above operating
expense ratios due to waivers/
reimbursements 0.57%(4) 0.55% 0.63% 2.17% 1.36% 0.39%
Portfolio turnover rate 27% 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.
Total returns for periods less than one year are not annualized.
(3) Interest earned on uninvested cash balances is used to offset portions of
the transfer agent expense. These arrangements resulted in a reduction to
the Portfolio's net expense ratio by .02% and .01% for the years ended
October 31, 2000 and 1999, respectively. The Portfolio's net operating
expense ratio after reflecting these arrangements was .75% for the years
ending October 31, 2000 and 1999, respectively. For the six months ended
April 30, 2004, and the years ended October 31, 2003, 2002 and 2001, 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. -- SMALL CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE YEAR ENDED OCTOBER 31,
APRIL 30, 2004 ------------------------------------------------------------
(UNAUDITED) 2003 2002 2001 2000 1999
-------------- -------- -------- -------- -------- --------
PER SHARE DATA
Net asset value, beginning of period $ 9.49 $ 6.44 $ 8.13 $ 22.50 $ 17.89 $ 12.89
------------ -------- -------- -------- -------- --------
INVESTMENT OPERATIONS
Net investment loss (0.50) (0.13) (0.09) (0.08) (0.15) (0.12)
Net gain (loss) on investments
(both realized and unrealized) 2.65 3.18 (1.60) (5.27) 5.98 5.12
------------ -------- -------- -------- -------- --------
Total from investment operations 2.15 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 PERIOD $ 11.64 $ 9.49 $ 6.44 $ 8.13 $ 22.50 $ 17.89
============ ======== ======== ======== ======== ========
Total return(1) 22.66% 47.36% (20.79)% (37.01)% 33.05% 38.79%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 2,051 $ 26,002 $ 47,778 $119,838 $274,009 $236,679
Ratio of expenses to average net assets(2) 0.99%(3) 0.99% 0.99% 0.99% 1.01% 1.00%
Ratio of net investment loss to average
net assets (0.84)%(3) (0.81)% (0.84)% (0.68)% (0.57)% (0.68)%
Decrease reflected in above operating
expense ratios due to waivers/
reimbursements 0.75%(3) 0.35% 0.29% 0.20% 0.16% 0.19%
Portfolio turnover rate 36% 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.
Total returns for periods less than one year are not annualized.
(2) Interest earned on uninvested cash balances is used to offset portions of
the transfer agent expense. These arrangements resulted in a reduction to
the Portfolio's net expense ratio by .02% and .01% for the years ended
October 31, 2000 and 1999, respectively. The Portfolio's net operating
expense ratio after reflecting these arrangements was .99% for the years
ending October 31, 2000 and 1999, respectively. For the six months ended
April 30, 2004, and the years ended October 31, 2003, 2002 and 2001, there
was no effect on the net operating expense ratio because of transfer agent
credits.
(3) Annualized.
See Accompanying Notes to Financial Statements.
49
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SELECT EQUITY PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED
APRIL 30, 2004 FOR THE YEAR ENDED OCTOBER 31,
(UNAUDITED) 2003 2002(1)
-------------- ------------ ------------
PER SHARE DATA
Net asset value, beginning of period $ 9.07 $ 7.87 $ 10.00
------------ ------------ ------------
INVESTMENT OPERATIONS
Net investment income 0.03 0.06 0.01
Net gain (loss) on investments
(both realized and unrealized) 0.27 1.17 (2.14)
------------ ------------ ------------
Total from investment operations 0.30 1.23 (2.13)
------------ ------------ ------------
LESS DIVIDENDS
Dividends from net investment income (0.06) (0.03) --
------------ ------------ ------------
NET ASSET VALUE, END OF PERIOD $ 9.31 $ 9.07 $ 7.87
============ ============ ============
Total return(2) 3.24% 15.61% (21.30)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 15,291 $ 10,804 $ 11,727
Ratio of expenses to average net assets(3) 0.75%(4) 0.75% 0.75%(4)
Ratio of net investment income to average
net assets 0.79%(4) 0.70% 0.56%(4)
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 0.69%(4) 0.96% 1.74%(4)
Portfolio turnover rate 65% 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 six months ended April 30, 2004, for
the year ended October 31, 2003 and for the period ended October 31, 2002,
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. -- CAPITAL APPRECIATION PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED
APRIL 30, 2004 FOR THE YEAR ENDED OCTOBER 31,
(UNAUDITED) 2003 2002(1)
------------ ------------ ------------
PER SHARE DATA
Net asset value, beginning of period $ 8.65 $ 7.37 $ 10.00
------------ ------------ ------------
INVESTMENT OPERATIONS
Net investment income (loss) (0.01) 0.00(2) 0.00(2)
Net gain (loss) on investments
(both realized and unrealized) 0.31 1.28 (2.63)
------------ ------------ ------------
Total from investment operations 0.30 1.28 (2.63)
------------ ------------ ------------
LESS DIVIDENDS
Dividends from net investment income 0.00(2) -- --
Distributions from net realized gains -- -- --
------------ ------------ ------------
Total dividends -- -- --
------------ ------------ ------------
NET ASSET VALUE, END OF PERIOD $ 8.95 $ 8.65 $ 7.37
============ ============ ============
Total return(3) 3.48% 17.37% (26.30)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 8,901 $ 9,502 $ 9,311
Ratio of expenses to average net assets(4) 0.75%(5) 0.75% 0.75%(5)
Ratio of net investment income (loss) to average
net assets (0.18)%(5) 0.01% (0.07)%(5)
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 1.19%(5) 1.03% 0.76%(5)
Portfolio turnover rate 48% 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 six months ended April 30, 2004, for
the year ended October 31, 2003 and for the period ended October 31, 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. -- HARBINGER PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE PERIOD
APRIL 30, 2004 ENDED
(UNAUDITED) OCTOBER 31, 2003(1)
-------------- -------------------
PER SHARE DATA
Net asset value, beginning of period $ 13.68 $ 10.00
------------ ------------
INVESTMENT OPERATIONS
Net investment loss (0.12) (0.11)
Net gain on investments (both realized and unrealized) 0.65 3.79
------------ ------------
Total from investment operations 0.53 3.68
------------ ------------
NET ASSET VALUE, END OF PERIOD $ 14.21 $ 13.68
============ ============
Total return(2) 3.87% 36.80%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 2,111 $ 2,445
Ratio of expenses to average net assets(3),(4) 1.40% 1.40%
Ratio of net investment loss to average net assets(4) (1.33)% (1.31)%
Decrease reflected in above operating expense
ratios due to waivers/reimbursements(4) 3.58% 5.31%
Portfolio turnover rate 24% 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 periods shown, total returns would have been lower.
Total returns for periods less than one year are not annualized.
(3) Interest earned on uninvested cash balances may be used to offset portions
of the transfer agent expense. For the six months ended April 30, 2004 and
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.
52
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE
FIXED INCOME PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED
APRIL 30, 2004 FOR THE YEAR ENDED OCTOBER 31,
(UNAUDITED) 2003 2002(1),(2)
-------------- ------------ ------------
PER SHARE DATA
Net asset value, beginning of period $ 10.18 $ 10.24 $ 10.00
------------ ------------ ------------
INVESTMENT OPERATIONS
Net investment income 0.14 0.34 0.17
Net gain (loss) on investments, futures contracts
and foreign currency related items
(both realized and unrealized) (0.02) 0.09 0.24
------------ ------------ ------------
Total from investment operations 0.12 0.43 0.41
------------ ------------ ------------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.15) (0.36) (0.17)
Distributions from net realized gains (0.39) (0.13) --
------------ ------------ ------------
Total dividends and distributions (0.54) (0.49) (0.17)
------------ ------------ ------------
NET ASSET VALUE, END OF PERIOD $ 9.76 $ 10.18 $ 10.24
============ ============ ============
Total return(3) 1.17% 4.37% 4.15%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 13,125 $ 11,550 $ 16,562
Ratio of expenses to average net assets(4) 0.40%(5) 0.40% 0.40%(5)
Ratio of net investment income to average
net assets 2.78%(5) 2.94% 3.27%(5)
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 1.29%(5) 1.28% 1.05%(5)
Portfolio turnover rate 171% 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 period 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 six months ended April 30, 2004, for
the year ended October 31, 2003 and for the period ended October 31, 2002,
there was no effect on the net operating expense ratio because of transfer
agent credits.
(5) Annualized.
See Accompanying Notes to Financial Statements.
53
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS
April 30, 2004 (unaudited)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Credit Suisse Institutional Fund, Inc. (the "Fund") is registered under
the Investment Company Act of 1940, as amended, 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"), the Capital Appreciation Portfolio ("Capital Appreciation"), the Small
Cap Growth Portfolio ("Small Cap Growth"), the Select Equity Portfolio ("Select
Equity"), and the Investment Grade Fixed Income Portfolio ("Investment Grade
Fixed Income") are each classified as diversified; the Harbinger Portfolio
("Harbinger") is classified as non-diversified (each a "Portfolio" and
collectively, the "Portfolios"). The Fund was incorporated under the laws of the
State of Maryland on May 14, 1992. Effective April 28, 2004, the Small Cap
Growth Portfolio closed to new investments, except for the reinvestments of
dividends and distributions.
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.
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. 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, or under the direction of, the Board of
Directors under procedures established by the Board of Directors. The Portfolios
may utilize a service provided by an independent third party which has been
approved by the Board of Directors to fair value certain portfolio securities.
54
<Page>
B) FOREIGN CURRENCY TRANSACTIONS -- The books and records of the Portfolios
are maintained in U.S. dollars. Transactions denominated in foreign currencies
are recorded at the current prevailing exchange rates. All assets and
liabilities denominated in foreign currencies are translated into U.S. dollar
amounts at the current exchange rate at the end of the period. Translation gains
or losses resulting from changes in the exchange rate during the reporting
period and realized gains and losses on the settlement of foreign currency
transactions are reported in the results of operations for the current period.
The Portfolios do not isolate that portion of realized gains and losses on
investments in equity securities which is due to changes in the foreign exchange
rate from that which is due to changes in market prices of equity securities.
The Portfolios isolate that portion of realized gains and losses on investments
in debt securities which is due to changes in the foreign exchange rate from
that which is due to changes in market prices of debt securities.
C) SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted for on a trade date basis. Interest income is recorded on the accrual
basis. Dividends are recorded on the ex-dividend date. The cost of investments
sold is determined by use of the specific identification method for both
financial reporting and income tax purposes.
D) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net
investment income and distributions of net realized capital gains, if any, are
declared and paid at least annually for Large Cap Value, Capital Appreciation,
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
55
<Page>
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from these estimates.
G) SHORT-TERM INVESTMENTS -- The Portfolios, together with other
funds/portfolios advised by Credit Suisse Asset Management, LLC ("CSAM"), an
indirect, wholly-owned subsidiary of Credit Suisse Group, pool available cash
into either a short-term variable rate time deposit issued by State Street Bank
and Trust Company ("SSB"), the Portfolios' custodian, or a money market fund
advised by CSAM. The short-term time deposit issued by SSB is a variable rate
account classified as a short-term investment.
H) FORWARD FOREIGN CURRENCY CONTRACTS -- Each Portfolio may enter into
forward foreign currency contracts for the purchase or sale of a specific
foreign currency at a fixed price on a future date. Risks may arise upon
entering into these contracts from the potential inability of counterparties to
meet the terms of their contracts and from unanticipated movements in the value
of a foreign currency. The Portfolio will enter into forward foreign currency
contracts primarily for hedging purposes. Forward foreign currency contracts are
adjusted by the daily exchange rate of the underlying currency and any gains or
losses are recorded for financial statement purposes as unrealized until the
contract settlement date or an offsetting position is entered into.
At April 30, 2004, Investment Grade Fixed Income had the following open
forward foreign currency contracts:
<Table>
<Caption>
FOREIGN CURRENCY
EXPIRATION TO BE CONTRACT CONTRACT UNREALIZED
FORWARD FOREIGN CURRENCY CONTRACT DATE PURCHASED/(SOLD) AMOUNT VALUE GAIN (LOSS)
- --------------------------------- ---------- ----------------- --------- --------- -----------
British Pound 7/2/2004 L (36,500) $ (66,590) $ (64,393) $ 2,197
European Economic Unit 7/2/2004 EURO (56,000) (67,453) (66,952) 501
European Economic Unit 7/2/2004 EURO (55,000) (66,463) (65,757) 706
European Economic Unit 7/2/2004 EURO (20,000) (24,540) (23,912) 628
Japanese Yen 7/2/2004 Y 7,145,992 67,453 64,878 (2,575)
Japanese Yen 7/2/2004 Y 6,985,220 66,463 63,418 (3,045)
Japanese Yen 7/2/2004 Y 7,100,000 68,269 64,460 (3,809)
Japanese Yen 7/2/2004 Y 7,000,000 67,530 63,552 (3,978)
--------- --------- -----------
$ 44,669 $ 35,294 $ (9,375)
========= ========= ===========
</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.
56
<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 April 30, 2004,
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
5 Year Notes Futures 3 06/21/04 $ 330,343 $ 329,812 $ (531)
U.S. Treasury
Bonds Futures 5 06/21/04 567,502 535,469 (32,033)
---------- ---------- ---------------
897,845 865,281 (32,564)
---------- ---------- ---------------
U.S. Treasury
2 Year Notes Futures (4) 06/29/04 (852,700) (850,188) 2,512
---------- ---------- ---------------
$ 45,145 $ 15,093 $ (30,052)
========== ========== ===============
</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 may be pooled together with cash collateral for
other funds/portfolios advised by CSAM and may be invested in a variety of
investments, including certain CSAM-advised funds, funds advised by SSB, the
Funds' securities lending agent, or money market instruments. However, in the
event of default or bankruptcy by the other party to the agreement, realization
and/or retention of the collateral may be subject to legal proceedings.
57
<Page>
The market value of securities on loan to brokers and the value of collateral
held by each Fund with respect to such loans at April 30, 2004 are as follows:
<Table>
<Caption>
MARKET VALUE OF VALUE OF
PORTFOLIO SECURITIES LOANED COLLATERAL RECEIVED
--------- ----------------- -------------------
Large Cap Value $ 2,926,020 $ 3,018,770
Small Cap Growth 420,466 443,342
Select Equity 702,743 745,350
Capital Appreciation 1,752,978 1,838,701
Harbinger 250,128 256,486
Investment Grade Fixed Income 1,718,935 1,755,601
</Table>
Prior to March 17, 2004, Credit Suisse First Boston ("CSFB"), an affiliate of
CSAM, had been engaged by the Portfolios to act as the Portfolios' securities
lending agent. The Fund earned no income from securities lending through the
period ended March 17, 2004.
Effective March 17, 2004, SSB has been engaged by the Portfolios to act as
the Portfolios' securities lending agent. The Portfolios' securities lending
arrangement provides that the Portfolios and SSB will share the net income
earned from securities lending activities with each Portfolio receiving 70% and
SSB receiving 30% of the earnings from the investment of cash collateral or any
other securities lending income in accordance with the provisions of the
securities lending agency agreement. Securities lending income is accrued as
earned.
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,
58
<Page>
the prices realized from such sales could differ from the price originally paid
by the Portfolio or the current carrying values, and the difference could be
material.
NOTE 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
CSAM serves as investment adviser for each Portfolio. For its investment
advisory services, CSAM is entitled to receive a fee from the Portfolios based
on the following fee 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 six months ended April 30, 2004, 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 $ 110,979 $ (84,786) $ 26,193 $ --
Small Cap Growth 94,859 (78,626) 16,233 --
Select Equity 37,503 (37,503) -- (14,136)
Capital Appreciation 22,853 (22,853) -- (31,566)
Harbinger 12,878 (12,878) -- (33,223)
Investment Grade
Fixed Income 18,087 (18,087) -- (59,668)
</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 six months ended April 30, 2004, co-administration services fees
earned by CSAMSI were as follows:
<Table>
<Caption>
PORTFOLIO CO-ADMINISTRATION FEE
--------- ---------------------
Large Cap Value $ 14,797
Small Cap Growth 10,540
Select Equity 7,501
Capital Appreciation 4,570
Harbinger 1,288
Investment Grade Fixed Income 6,029
</Table>
59
<Page>
For its co-administrative services, SSB receives a fee, exclusive of
out-of-pocket expenses, based upon the following fee schedule calculated in
total for all the Credit Suisse funds/portfolios co-administered by SSB and
allocated based upon relative average net assets of each fund/portfolio, subject
to an annual minimum fee.
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ -----------
First $5 billion 0.050% of average daily net assets
Next $5 billion 0.035% of average daily net assets
Over $10 billion 0.020% of average daily net assets
</Table>
For the six months ended April 30, 2004, co-administration services fees
earned by SSB (including out-of-pocket fees) were as follows:
<Table>
<Caption>
PORTFOLIO CO-ADMINISTRATION FEE
--------- ---------------------
Large Cap Value $ 10,113
Small Cap Growth 8,967
Select Equity 5,653
Capital Appreciation 4,625
Harbinger 1,752
Investment Grade Fixed Income 16,293
</Table>
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Portfolios to provide certain financial printing and fulfillment services.
For the six months ended April 30, 2004, Merrill was paid for its services by
the Portfolios as follows:
<Table>
<Caption>
PORTFOLIO AMOUNT
--------- --------
Large Cap Value $ 1,510
Small Cap Growth 1,510
Select Equity 1,510
Capital Appreciation 1,510
Harbinger 1,510
Investment Grade Fixed Income 1,510
</Table>
NOTE 3. LINE OF CREDIT
The Portfolios, together with other funds/portfolios advised by CSAM
(collectively, the "Participating Funds"), participate in a $75 million
committed, unsecured line of credit facility ("Credit Facility") for temporary
or emergency purposes with Deutsche Bank, A.G. as administrative agent and
syndication agent and SSB as operations agent. Under the terms of the Credit
Facility, the Participating Funds pay an aggregate commitment fee at a rate of
0.10% per annum on the average unused amount of the Credit Facility, which is
allocated among the Participating Funds in such manner as
60
<Page>
is determined by the governing Boards of the Participating Funds. In addition,
the Participating Funds pay interest on borrowings at the Federal funds rate
plus 0.50%. At April 30, 2004, the Portfolios had no loans outstanding under the
Credit Facility. During the six months ended April 30, 2004, 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 $ 165,682 1.501% $ 348,000
Small Cap Growth 1,039,300 1.562% 4,682,000
Select Equity 2,200,667 1.500% 2,208,000
Capital Appreciation 157,000 1.500% 157,000
</Table>
NOTE 4. PURCHASES AND SALES OF SECURITIES
For the six months ended April 30, 2004, purchases and sales of investment
securities (excluding short-term investments) and U.S. Government and Agency
Obligations were as follows:
<Table>
<Caption>
U.S. GOVERNMENT
INVESTMENTS AND AGENCY OBLIGATIONS
------------------------------ ------------------------------
PORTFOLIO PURCHASES SALES PURCHASES SALES
--------- ------------- ------------- ------------- -------------
Large Cap Value $ 8,030,015 $ 10,023,012 $ -- $ --
Small Cap Growth 7,043,698 32,470,334 -- --
Select Equity 12,589,916 9,287,800 -- --
Capital Appreciation 4,226,191 5,250,551 -- --
Harbinger 580,436 751,684 -- --
Investment Grade Fixed Income 22,752,650 21,270,556 20,161,835 18,929,403
</Table>
At April 30, 2004, the identified cost for federal income tax purposes, as
well as the gross unrealized appreciation from investments for those securities
having an excess of value over cost, gross unrealized depreciation from
investments for those securities having an excess of cost over value and the net
unrealized appreciation (depreciation) from investments were as follows:
<Table>
<Caption>
NET UNREALIZED
IDENTIFIED GROSS UNREALIZED GROSS UNREALIZED APPRECIATION/
PORTFOLIO COST APPRECIATION (DEPRECIATION) (DEPRECIATION)
--------- ------------- ---------------- ---------------- --------------
Large Cap Value $ 29,532,412 $ 3,127,729 $ (850,246) $ 2,277,483
Small Cap Growth 4,693,756 425,690 (2,621,931) (2,196,241)
Select Equity 14,102,227 1,369,365 (223,356) 1,146,009
Capital Appreciation 9,758,549 1,212,741 (223,210) 989,531
Harbinger 1,718,614 574,398 (24,638) 549,760
Investment Grade Fixed Income 17,881,930 39,667 (139,646) (99,979)
</Table>
61
<Page>
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 April 30, 2004, 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 $ 898,390 $ 3,854 $ 0.02 0.19%
Prescient Systems Pfd Stock 31,075 2/23/98 2,014,773 325,601 10.48 15.88%
------- ------------ ---------- -----
196,475 $ 2,913,163 $ 329,455 16.07%
======= ============ ========== =====
</Table>
NOTE 6. CAPITAL SHARE TRANSACTIONS
The Fund is authorized to issue up to sixteen billion full and fractional
shares of common stock of separate series having a par value of $.001 per share.
Shares of eight series have been classified, six of which constitute the
interest in the Portfolios. Transactions in shares of each Portfolio were as
follows:
<Table>
<Caption>
LARGE CAP VALUE PORTFOLIO
------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2004 (UNAUDITED) OCTOBER 31, 2003
-------------------------- ------------------
Shares sold 1,175,926 3,078,570
Shares issued in reinvestment
of dividends 423,350 368,438
Shares redeemed (4,146,572) (12,005,818)
---------- -----------
Net decrease (2,547,296) (8,558,810)
========== ===========
<Caption>
SMALL CAP GROWTH PORTFOLIO
------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2004 (UNAUDITED) OCTOBER 31, 2003
-------------------------- ------------------
Shares sold 139,277 1,247,916
Shares redeemed (2,703,546) (5,924,329)
---------- ----------
Net decrease (2,564,269) (4,676,413)
========== ==========
<Caption>
SELECT EQUITY PORTFOLIO
------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2004 (UNAUDITED) OCTOBER 31, 2003
-------------------------- ------------------
Shares sold 803,148 108,916
Shares issued in reinvestment
of dividends 8,936 4,652
Shares redeemed (361,448) (411,717)
-------- --------
Net increase (decrease) 450,636 (298,149)
======== ========
</Table>
62
<Page>
<Table>
<Caption>
CAPITAL APPRECIATION PORTFOLIO
------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2004 (UNAUDITED) OCTOBER 31, 2003
-------------------------- ------------------
Shares sold 83,070 146,668
Shares issued in reinvestment
of dividends 145 --
Shares redeemed (187,729) (310,425)
-------- --------
Net decrease (104,514) (163,757)
======== ========
<Caption>
HARBINGER PORTFOLIO
-------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE PERIOD ENDED
APRIL 30, 2004 (UNAUDITED) OCTOBER 31, 2003(1)
-------------------------- --------------------
Shares sold -- 178,635
Shares redeemed (30,000) --
------- -------
Net increase (decrease) (30,000) 178,635
======= =======
<Caption>
INVESTMENT GRADE FIXED INCOME PORTFOLIO
------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2004 (UNAUDITED) OCTOBER 31, 2003
-------------------------- ------------------
Shares sold 148,515 899,738
Shares issued in reinvestment
of dividends and distributions 63,072 54,682
Shares redeemed (2,026) (1,437,039)
------- ----------
Net increase (decrease) 209,561 (482,619)
======= ==========
</Table>
(1) For the period January 15, 2003 (inception date) through October 31, 2003.
On April 30, 2004, 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 1 98%
Small Cap Growth 4 90%
Select Equity 5 88%
Capital Appreciation 2 99%
Harbinger 2 95%
Investment Grade Fixed Income 2 99%
</Table>
Some of the shareholders are omnibus accounts, which hold shares on behalf of
individual shareholders.
NOTE 7. 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.
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<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
PRIVACY POLICY NOTICE (unaudited)
IMPORTANT PRIVACY CHOICES FOR CONSUMERS
We are committed to maintaining the privacy of every current and prospective
customer. We recognize that you entrust important personal information to us,
and we wish to assure you that we take seriously our responsibilities in
protecting and safeguarding this information.
In connection with making available investment products and services to
current and potential customers, we may obtain nonpublic personal information
about you. This information may include your name, address, e-mail address,
social security number, account number, assets, income, financial situation,
transaction history and other personal information.
We may collect nonpublic information about you from the following sources:
- Information we receive on applications, forms, questionnaires, web sites,
agreements or in the course of establishing or maintaining a customer
relationship; and
- Information about your transactions with us, our affiliates, or others.
We do not disclose any nonpublic personal information about our customers or
former customers to anyone, except with your consent or as otherwise permitted
by law.
RESTRICT INFORMATION SHARING WITH AFFILIATES: In cases where we believe that
additional products and services may be of interest to you, we may share the
information described above with our affiliates unless you say "No."
/ / No, please do not share personal and financial information with your
affiliated companies. [If you check this box, you must send this notice
back to us with your name, address and account number to Credit Suisse
Funds, 466 Lexington Avenue, New York, New York 10017.]
We may also disclose this information to firms that perform services on our
behalf. These agents and service providers are required to treat the information
confidentially and use it only for the purpose for which it is provided.
We restrict access to nonpublic personal information about you to those
employees, agents or other parties who need to know that information to provide
products or services to you or in connection with your investments with or
through us. We maintain physical, electronic and procedural safeguards that
comply with federal standards to guard your nonpublic personal information.
NOTE: THIS NOTICE IS PROVIDED TO CLIENTS AND PROSPECTIVE CLIENTS OF CREDIT
SUISSE ASSET MANAGEMENT, LLC ("CSAM"), CSAM CAPITAL INC., AND CREDIT SUISSE
ASSET MANAGEMENT SECURITIES, INC., AND SHAREHOLDERS AND PROSPECTIVE SHAREHOLDERS
IN CSAM-SPONSORED AND-ADVISED INVESTMENT COMPANIES, INCLUDING CREDIT SUISSE
FUNDS, AND OTHER CONSUMERS AND CUSTOMERS, AS APPLICABLE. THIS NOTICE IS NOT
INTENDED TO BE INCORPORATED IN ANY OFFERING MATERIALS BUT IS MERELY A STATEMENT
OF OUR CURRENT PRIVACY POLICY, AND MAY BE AMENDED FROM TIME TO TIME UPON NOTICE
TO YOU. THIS NOTICE IS DATED AS OF MAY 19, 2004.
64
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CREDIT SUISSE INSTITUTIONAL FUND, INC.
PROXY VOTING (unaudited)
The policies and procedures that the Portfolios use to determine how to vote
proxies relating to their portfolio securities are available:
- By calling 1-800-222-8977
- On the Fund's website, www.csam.com/us
- On the website of the Securities and Exchange Commission,
http://www.sec.gov.
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P.O. BOX 55030, BOSTON, MA 02205-5030 [CREDIT SUISSE ASSET MANAGEMENT LOGO]
800-222-8977 - www.csam.com/us
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. CSILC-3-0404
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ITEM 2. CODE OF ETHICS.
This item is inapplicable to a semi-annual report on Form N-CSR.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
This item is inapplicable to a semi-annual report on Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
This item is inapplicable to a semi-annual report on Form N-CSR.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to the registrant.
ITEM 6. SCHEDULE OF INVESTMENTS
Form N-CSR disclosure requirement not yet effective with respect to the
registrant.
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
The Nominating Committee recommends Board member candidates. Shareholders of the
registrant may also submit nominees that will be considered by the Committee.
Recommendations should be mailed to the registrant's Secretary, c/o Credit
Suisse Asset Management, LLC, 466 Lexington Avenue, New York, NY 10017. Any
submission should include at a minimum the following information: the name, age,
business address, residence address and principal occupation or employment of
such individual; the class, series and number of shares of the registrant that
are beneficially owned by such individual; the date such shares were acquired
and the investment intent of such acquisition; whether such shareholder believes
such individual is, or is not, an "interested person" of the registrant (as
defined in the Investment Company Act of 1940) and information regarding such
individual that is sufficient, in the Committee's discretion, to make such
determination; and all other information relating to such individual that is
required to be disclosed in solicitation of proxies for election of directors in
an election contest (even if an election contest is not involved) or is
otherwise required pursuant to the rules for proxy materials under the
Securities Exchange Act of 1934.
ITEM 10. CONTROLS AND PROCEDURES.
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(a) As of a date within 90 days from the filing date of this report, the
principal executive officer and principal financial officer concluded that the
registrant's disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940 (the "Act")) were effective based on
their evaluation of the disclosure controls and procedures required by Rule
30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934.
(b) There were no changes in registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the
registrant's last fiscal half-year that have materially affected, or are
reasonably likely to materially affect, the registrant's internal control over
financial reporting.
ITEM 11. EXHIBITS.
(a)(1) Not applicable.
(a)(2) The certifications of the registrant as required by Rule 30a-2(a) under
the Act are exhibits to this report.
(a)(3) Not applicable.
(b) The certifications of the registrant as required by Rule 30a-2(b) under
the Act are an exhibit to this report.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.
CREDIT SUISSE INSTITUTIONAL FUND, INC.
/s/ Joseph D. Gallagher
-----------------------
Name: Joseph D. Gallagher
Title: Chief Executive Officer
Date: July 6, 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: July 6, 2004
/s/ Michael A. Pignataro
------------------------
Name: Michael A. Pignataro
Title: Chief Financial Officer
Date: July 6, 2004