<Page>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File No. 811-08917
-----------------------------------------
CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND, INC.
---------------------------------------------------
(Exact Name of Registrant as Specified in Charter)
466 Lexington Avenue, New York, New York 10017-3140
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(Address of Principal Executive Offices) (Zip Code)
J. Kevin Gao, Esq.
Credit Suisse Institutional Fixed Income Fund, Inc.
466 Lexington Avenue
New York, New York 10017-3140
Registrant's telephone number, including area code: (212) 875-3500
Date of fiscal year end: August 31
Date of reporting period: September 1, 2003 to August 31, 2004
ITEM 1. REPORTS TO STOCKHOLDERS.
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE
INSTITUTIONAL FUNDS
Annual Report
August 31, 2004
- - CREDIT SUISSE INSTITUTIONAL
FIXED INCOME FUND
- - CREDIT SUISSE INSTITUTIONAL
HIGH YIELD FUND
The Funds' investment objectives, risks, charges and expenses (which should be
considered carefully before investing), and more complete information about the
funds, are provided in the PROSPECTUS, which should be read carefully before
investing. You may obtain additional copies by calling 800-222-8977 or by
writing to Credit Suisse Institutional Funds, P.O. Box 8500, Boston, MA
02266-8500.
Credit Suisse Asset Management Securities, Inc., Distributor, is located at 466
Lexington Ave., New York, NY 10017-3140. Credit Suisse Institutional Funds are
advised by Credit Suisse Asset Management, LLC.
<Page>
THE VIEWS OF THE FUNDS' MANAGEMENT ARE AS OF THE DATE OF THE LETTERS AND FUND
HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF AUGUST 31, 2004; THESE VIEWS AND
FUND HOLDINGS MAY HAVE CHANGED SUBSEQUENT TO THESE DATES. NOTHING IN THIS
DOCUMENT IS A RECOMMENDATION TO PURCHASE OR SELL SECURITIES.
FUND SHARES ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF CREDIT SUISSE ASSET
MANAGEMENT, LLC ("CSAM") OR ANY AFFILIATE, ARE NOT FDIC-INSURED AND ARE NOT
GUARANTEED BY CSAM OR ANY AFFILIATE. FUND INVESTMENTS ARE SUBJECT TO INVESTMENT
RISKS, INCLUDING LOSS OF YOUR INVESTMENT.
<Page>
CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND
ANNUAL INVESTMENT ADVISER'S REPORT
August 31, 2004 (unaudited)
October 4, 2004
Dear Shareholder:
PERFORMANCE SUMMARY
9/01/03 - 8/31/04
<Table>
<Caption>
FUND/BENCHMARK PERFORMANCE
Fund(1) 6.86%
Lehman Brothers US Aggregate Bond Index(2) 6.14%
</Table>
MARKET OVERVIEW: TWO STEPS FORWARD, ONE BACK
Overall market conditions in the year were bond-friendly, albeit some
months less so than others. Economic data at the start of the period were
positive but turned sour on generally disappointing employment numbers, which,
along with low inflation, helped keep interest rates in check. However, the
economy showed renewed signs of life in March and April on improved employment
data. The yield on the two-year Treasury Note shot from 1.40% (a 40-year low) in
March to a high of almost 3.00% in June. Budding inflation signaled to investors
that the Fed would be on the move and ultimately they were right. The Fed raised
the Fed Funds rate 25bps June 29 and another 25bps August 10 (bringing the rate
up to 1.5%).
Disappointing data over the summer suggested that the economy had hit, as
Fed Chairman Greenspan described, a "soft patch" and interest rates fell (but
not quite back to previous lows). Yields on the two-year Treasury Note dropped
to 2.40% (a 60bps decline) reflecting, in part, a market dubious that the Fed
would continue the measured tightening schedule it had previously outlined.
STRATEGIC REVIEW: STRENGTH IN HIGH YIELD
A number of factors account for the Fund's outperformance of the Lehman
benchmark:
- We held exposure to high yield corporates, which greatly outperformed
the investment-grade universe as a whole.
- We generated good relative performance in investment-grade corporates,
emphasizing comparatively lower-quality credits.
- We enjoyed good security selection in mortgage-backed securities.
Specifically, we focused on identifying pools of mortgage loans that we
felt offered more desirable prepayment characteristics than the MBS
market in aggregate.
1
<Page>
We held a small exposure to non-US instruments. These included German
government bonds that outperformed US Treasuries, as well as small currency
positions in the euro, yen and Australian dollar, which together offered a
modest US dollar gain over the period.
Detractors from the Fund's overall return were modest in scope and came
from our allocations to government agency issues, commercial mortgage-backed
securities (CMBS) and asset-backed securities (ABS). We underweighted agencies
and CMBS, both of which generated positive excess returns; and concentrated our
ABS holdings in top-quality issues, which underperformed lower-quality ABS.
Credit Suisse Fixed Income Management Team
Jo Ann Corkran, Managing Director
Suzanne E. Moran, Managing Director
Kevin D. Barry, CFA, Managing Director
Michael Buchanan, CFA, Managing Director
David N. Fisher, Director
Craig Ruch, CFA, Director
IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING
STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKET,
INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT REGULATION AND
THEIR POTENTIAL IMPACT ON THE FUND'S INVESTMENT PORTFOLIO. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE, AND THEIR IMPACT ON THE FUND COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE FUND HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
2
<Page>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $3 MILLION INVESTMENT IN THE
CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND(1) AND THE
LEHMAN BROTHERS U.S. AGGREGATE BOND INDEX(2) FROM
INCEPTION (3/31/94).
<Table>
<Caption>
CREDIT SUISSE INSTITUTIONAL LEHMAN BROTHERS U.S.
FIXED INCOME FUND(1) AGGREGATE BOND INDEX(2)
3/31/94 $ 3,000,000 $ 3,000,000
6/30/94 $ 2,946,000 $ 2,969,051
9/30/94 $ 2,961,948 $ 2,987,161
12/31/94 $ 2,951,958 $ 2,998,459
3/31/95 $ 3,088,700 $ 3,149,687
6/30/95 $ 3,282,568 $ 3,341,600
9/30/95 $ 3,354,806 $ 3,407,192
12/31/95 $ 3,490,679 $ 3,552,387
3/31/96 $ 3,450,670 $ 3,489,373
6/30/96 $ 3,478,678 $ 3,509,246
9/30/96 $ 3,559,041 $ 3,574,129
12/31/96 $ 3,680,026 $ 3,681,359
3/31/97 $ 3,688,958 $ 3,660,762
6/30/97 $ 3,820,619 $ 3,795,251
9/30/97 $ 3,955,277 $ 3,921,345
12/31/97 $ 4,035,589 $ 4,036,757
3/31/98 $ 4,127,243 $ 4,099,554
6/30/98 $ 4,195,336 $ 4,195,329
9/30/98 $ 4,265,481 $ 4,372,692
12/31/98 $ 4,333,528 $ 4,387,410
3/31/99 $ 4,349,517 $ 4,365,686
6/30/99 $ 4,331,583 $ 4,327,285
9/30/99 $ 4,347,613 $ 4,356,689
12/31/99 $ 4,381,702 $ 4,351,375
3/31/2000 $ 4,464,629 $ 4,447,377
6/30/2000 $ 4,496,817 $ 4,524,864
9/30/2000 $ 4,607,461 $ 4,661,244
12/31/2000 $ 4,761,083 $ 4,857,269
3/31/2001 $ 4,955,257 $ 5,004,669
6/30/2001 $ 5,015,350 $ 5,032,916
9/30/2001 $ 5,155,878 $ 5,265,010
12/31/2001 $ 5,142,779 $ 5,267,391
3/31/2002 $ 5,115,679 $ 5,272,320
6/30/2002 $ 5,046,382 $ 5,467,116
9/30/2002 $ 5,044,987 $ 5,717,613
12/31/2002 $ 5,233,572 $ 5,807,564
3/31/2003 $ 5,365,753 $ 5,888,435
6/30/2003 $ 5,529,319 $ 6,035,719
9/30/2003 $ 5,543,093 $ 6,026,921
12/31/2003 $ 5,587,457 $ 6,045,932
3/31/2004 $ 5,735,515 $ 6,206,707
6/30/2004 $ 5,605,388 $ 6,055,014
8/31/2004 $ 5,767,347 $ 6,231,694
</Table>
<Table>
<Caption>
AVERAGE ANNUAL RETURNS AS OF AUGUST 31, 2004(1)
-----------------------------------------------
INCEPTION
1 YEAR 5 YEARS 10 YEARS DATE
------- ------- -------- ---------
6.86% 6.03% 6.74% 3/31/94
<Caption>
AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2004(1)
--------------------------------------------------
INCEPTION
1 YEAR 5 YEARS 10 YEARS DATE
------- ------- -------- ---------
4.54% 5.91% 6.94% 3/31/94
</Table>
RETURNS REPRESENT PAST PERFORMANCE AND INCLUDE CHANGE IN SHARE PRICE AND
REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. PAST PERFORMANCE CANNOT GUARANTEE
FUTURE RESULTS. THE CURRENT PERFORMANCE OF THE FUND MAY BE LOWER OR HIGHER THAN
THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL FLUCTUATE, AND REDEMPTION VALUE
MAY BE MORE OR LESS THAN ORIGINAL COST. THE PERFORMANCE RESULTS DO NOT REFLECT
THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR THE
REDEMPTION OF FUND SHARES. PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT
MONTH-END IS AVAILABLE AT www.csam.com/us.
- ----------
(1) Fee waivers and/or expense reimbursements reduced expenses for the Fund,
without which performance would be lower. Waivers and/or reimbursements may
be discontinued at any time.
(2) The Lehman Brothers U.S. Aggregate Bond Index is composed of the Lehman
Brothers Government/Corporate Bond Index and the Lehman Brothers
Mortgage-Backed Securities Index. The Lehman Brothers U.S. Aggregate Bond
Index includes U.S. Treasury and agency issues, corporate bond issues and
mortgage-backed securities rated investment-grade or higher by Moody's
Investors Service, Standard & Poor's Division of The McGraw-Hill Companies,
Inc., or Fitch Investors' Service. Investors cannot invest directly in an
index.
3
<Page>
INFORMATION ABOUT YOUR FUND'S EXPENSES
As an investor of the Fund, you incur two types of costs: ongoing expenses
and transaction costs. Ongoing expenses include management fees, distribution
and service (12b-1) fees and other Fund expenses. Examples of transaction costs
include sales charges (loads), redemption fees and account maintenance fees,
which are not shown in this section and which would result in higher total
expenses. The following table is intended to help you understand your ongoing
expenses of investing in the Fund and to help you compare these expenses with
the ongoing expenses of investing in other mutual funds. The table is based on
an investment of $1,000 made at the beginning of the six-month period ended
August 31, 2004.
The table illustrates your Fund's expenses in two ways:
- ACTUAL FUND RETURN. This helps you estimate the actual dollar amount of
ongoing expenses paid on a $1,000 investment in the Fund using the
Fund's actual return during the period. To estimate the expenses you
paid over the period, simply divide your account value by $1,000 (for
example, an $8,600 account value divided by $1,000 = 8.6), then multiply
the result by the number in the "Expenses Paid per $1,000" line under
the share class you hold.
- HYPOTHETICAL 5% FUND RETURN. This helps you to compare your Fund's
ongoing expenses with those of other mutual funds using the Fund's
actual expense ratio and a hypothetical rate of return of 5% per year
before expenses. Examples using a 5% hypothetical fund return may be
found in the shareholder reports of other mutual funds. The hypothetical
account values and expenses may not be used to estimate the actual
ending account balance or expense you paid for the period.
Please note that the expenses shown in these tables are meant to highlight
your ongoing expenses only and do not reflect any transaction costs, such as
sales charges (loads) or redemption fees. The "Expenses Paid per $1,000" line of
the tables is useful in comparing ongoing expenses only and will not help you
determine the relative total expenses of owning different funds. If these
transaction costs had been included, your costs would have been higher.
4
<Page>
EXPENSES AND VALUE OF A $1,000 INVESTMENT FOR THE PERIOD ENDED AUGUST 31, 2004
<Table>
ACTUAL FUND RETURN
Beginning Account Value 2/29/04 $ 1,000
Ending Account Value 8/31/04 $ 1,028
Expenses Paid per $1,000* $ 2.29
HYPOTHETICAL 5% FUND RETURN
Beginning Account Value 2/29/04 $ 1,000
Ending Account Value 8/31/04 $ 1,025
Expenses Paid per $1,000* $ 2.29
ANNUALIZED EXPENSE RATIO* 0.45%
</Table>
- ----------
* EXPENSES ARE EQUAL TO THE FUND'S ANNUALIZED EXPENSE RATIO MULTIPLIED BY THE
AVERAGE ACCOUNT VALUE OVER THE PERIOD, MULTIPLIED BY THE NUMBER OF DAYS IN
THE MOST RECENT FISCAL HALF YEAR PERIOD, THEN DIVIDED BY 366.
THE "EXPENSES PAID PER $1,000" AND THE "ANNUALIZED EXPENSE RATIO" IN THE
TABLES ARE BASED ON ACTUAL EXPENSES PAID BY THE FUND DURING THE PERIOD, NET
OF FEE WAIVERS AND/OR EXPENSE REIMBURSEMENTS. IF THOSE FEE WAIVERS AND/OR
EXPENSE REIMBURSEMENTS HAD NOT BEEN IN EFFECT, THE FUND'S ACTUAL EXPENSES
WOULD HAVE BEEN HIGHER.
For more information, please refer to the Fund's prospectus.
5
<Page>
[CHART]
SECTOR BREAKDOWN*
<Table>
US Agencies 42.9%
Corporate Bonds 26.7%
Asset backed securities 16.6%
Cash/Money Markets 5.8%
Foreign Bonds 5.3%
Mortgage-backed securities 2.4%
Preferred Stock 0.3%
</Table>
- ----------
* The Fund's sector breakdown is expressed as a percentage of total
investments (excluding security lending collateral) and may vary over
time.
6
<Page>
CREDIT SUISSE INSTITUTIONAL HIGH YEILD FUND
ANNUAL INVESTMENT ADVISER'S REPORT
August 31, 2004 (unaudited)
October 4, 2004
Dear Shareholder:
PERFORMANCE SUMMARY
9/01/03 - 8/31/04
<Table>
<Caption>
FUND & BENCHMARKS PERFORMANCE
Fund(1) 18.27%
Citigroup High-Yield Market Index(2) 14.34%
Lipper High Yield Bond Funds Index(3) 12.76%
</Table>
With the exception of emerging market debt, high yield securities
outperformed all other fixed income sectors for the fiscal year ended August 31,
2004. The Fund itself outperformed both its benchmark, the Citigroup High-Yield
Market Index (CHYMI), as well as the broad universe of its high yield peers, as
represented by the Lipper High Yield Bond Funds Index.
MARKET OVERVIEW: RECOVERY ON TRACK, INFLATION IN CHECK, CREDIT IMPROVING
The pace of economic recovery quickened this fiscal year with GDP growth
spiking to 7.4% in the third quarter of 2003 before settling in at an average
3.8% growth rate for the remainder of the period. Meanwhile, inflation was in
check for the first six months of the fiscal year but a gradual rise in oil
prices, along with several strong job reports in early spring, stoked fears of
potentially aggressive tightening by the Fed. News of these events rattled the
bond markets, with the yield on the 10-year Treasury note rising to 4.8% by May
from 3.7% in mid-March. But by the end of June the markets had stabilized,
having grown increasingly comfortable, in our view, with the Fed's promised
"measured" pace of rate increases. The Fed's two 25 basis point increases (on
June 30 and August 10) raised the Fed Funds rate from its 45 year low of 1.0%,
where it had stood since mid 2003, to 1.50%. But by the end of August, the yield
on the 10-year Treasury note had dropped to 4.16%.
In the high yield space, we believe the strengthening economy and the
improving credit environment overcame the bearish pull of the rate increases.
High yield bonds rallied throughout the summer as companies generated increased
cash flow to service their debt while perceptions of their creditworthiness
improved. Moody's Investor Services' 12-month trailing default rate declined
from 6.07% at the end of August 2003 to 2.26% at the end of August 2004, a level
not seen since the late 1990s. Corporate managements took advantage of the low
interest rates to repair their balance sheets: They earmarked 70% of the new
high yield issuance (which was once again on a record pace) for the replacement
of high-interest debt. The result was a significant tightening of high yield
spreads relative to Treasuries across the credit quality spectrum.
7
<Page>
[CHART]
SPREADS TIGHTEN ACROSS THE CREDIT SPECTRUM OVER THE
FISCAL YEAR, DRIVING STRONG RETURNS IN HIGH YIELD:
HIGH YIELD SPREADS TO TREASURIES
<Table>
<Caption>
BASIC POINTS AS OF 8/31/03 AS OF 8/31/04
BB-Rated Bonds 427 296
B-Rated Bonds 551 428
CCC-Rated Bonds 999 912
</Table>
Source: Citigroup High Yield Market Index
STRATEGIC REVIEW: OUTPERFORMANCE BASED ON SECTOR AND SECURITY SELECTION
The Fund outperformed its CHYMI benchmark primarily due to its relative
positioning and to security selection. The Fund's highest relative weightings
versus the CHYMI benchmark (in gaming, wireless and healthcare
facilities/supplies) accounted for the largest relative contribution versus the
benchmark. Within those industries, security selection overcame weaker overall
sector performance.
For example, within wireless telecom, the largest national names offered
high relative valuations with low yields and little room for capital
appreciation. As a result, we overweighted several local wireless affiliates of
the larger brands, which benefited the portfolio due to their lower debt levels
and greater price appreciation. Meanwhile, exposure in the portfolio to the
gaming industry consisted mainly of regionally based casinos that operate
outside of Las Vegas and Atlantic City. These smaller operations, which are not
as dependent on income from travel and lodging, experienced superior performance
relative to the larger casinos over the past three years.
The least favorable contributions to the Fund's overall return came
primarily from our under-exposure to the energy and utilities sectors, both of
which outperformed the benchmark. We maintained an underweight stance in all of
them, however, because we believed that their fundamental valuation metrics were
still generally unencouraging.
8
<Page>
Credit Suisse High Yield Management Team
Richard J. Lindquist, CFA, Managing Director
Michael Buchanan, CFA, Managing Director
Misia K. Dudley, Director
Philip L. Schantz, Director
Mary Ann Thomas, CFA, Director
John M. Tobin, CFA, Director
John F. Dessauer, CFA, Vice President
Michael J. Dugan, Vice President
HIGH YIELD BONDS ARE LOWER-QUALITY BONDS ALSO KNOWN AS "JUNK BONDS." SUCH
BONDS ENTAIL GREATER RISKS THAN THOSE FOUND IN HIGHER-RATED SECURITIES.
IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING
STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKETS,
INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT REGULATION AND
THEIR POTENTIAL IMPACT ON THE FUND'S INVESTMENT PORTFOLIO. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE FUND COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE FUND HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
9
<Page>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $3 MILLION INVESTMENT IN THE
CREDIT SUISSE INSTITUTIONAL HIGH YIELD FUND(1) AND THE
CITIGROUP HIGH-YIELD MARKET INDEX(2) FROM
INCEPTION (2/26/93).
<Table>
<Caption>
CREDIT SUISSE INSTITUTIONAL CITIGROUP HIGH-YIELD
HIGH YIELD FUND(1) MARKET INDEX(2)
2/26/93 $ 3,000,000 $ 3,000,000
3/31/93 $ 3,094,000 $ 3,046,593
6/30/93 $ 3,276,000 $ 3,181,825
9/30/93 $ 3,402,000 $ 3,255,504
12/31/93 $ 3,486,000 $ 3,373,284
3/31/94 $ 3,404,814 $ 3,303,012
6/30/94 $ 3,377,011 $ 3,288,023
9/30/94 $ 3,505,472 $ 3,330,159
12/31/94 $ 3,370,391 $ 3,331,082
3/31/95 $ 3,312,297 $ 3,527,885
6/30/95 $ 3,624,627 $ 3,744,794
9/30/95 $ 3,800,734 $ 3,857,459
12/31/95 $ 3,916,355 $ 3,987,672
3/31/96 $ 4,089,815 $ 4,051,020
6/30/96 $ 4,184,330 $ 4,103,841
9/30/96 $ 4,320,463 $ 4,271,134
12/31/96 $ 4,415,130 $ 4,437,986
3/31/97 $ 4,477,208 $ 4,500,446
6/30/97 $ 4,701,436 $ 4,702,098
9/30/97 $ 4,958,410 $ 4,906,183
12/31/97 $ 5,070,574 $ 5,022,847
3/31/98 $ 5,332,451 $ 5,226,629
6/30/98 $ 5,369,774 $ 5,280,631
9/30/98 $ 4,995,678 $ 5,027,329
12/31/98 $ 5,005,871 $ 5,203,195
3/31/99 $ 5,134,520 $ 5,281,394
6/30/99 $ 5,186,978 $ 5,295,448
9/30/99 $ 5,081,169 $ 5,204,091
12/31/99 $ 5,230,720 $ 5,293,950
3/31/2000 $ 5,386,440 $ 5,155,778
6/30/2000 $ 5,261,311 $ 5,219,297
9/30/2000 $ 5,157,678 $ 5,258,358
12/31/2000 $ 4,810,749 $ 4,993,847
3/31/2001 $ 4,968,039 $ 5,295,925
6/30/2001 $ 4,850,214 $ 5,155,911
9/30/2001 $ 4,582,057 $ 4,941,364
12/31/2001 $ 4,853,545 $ 5,265,576
3/31/2002 $ 4,913,970 $ 5,369,835
6/30/2002 $ 4,692,209 $ 4,915,305
9/30/2002 $ 4,512,551 $ 4,775,877
12/31/2002 $ 4,713,174 $ 5,185,137
3/31/2003 $ 4,978,998 $ 5,633,817
6/30/2003 $ 5,384,544 $ 6,210,957
9/30/2003 $ 5,491,126 $ 6,365,119
12/31/2003 $ 5,850,519 $ 6,773,116
3/31/2004 $ 6,030,523 $ 6,895,520
6/30/2004 $ 6,117,042 $ 6,853,595
8/31/2004 $ 6,349,440 $ 7,068,572
</Table>
<Table>
<Caption>
AVERAGE ANNUAL RETURNS AS OF AUGUST 31, 2004(1)
-----------------------------------------------
INCEPTION
1 YEAR 5 YEARS 10 YEARS DATE
------ ------- -------- ---------
18.27% 4.34% 6.25% 2/26/93
<Caption>
AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2004(1)
--------------------------------------------------
INCEPTION
1 YEAR 5 YEARS 10 YEARS DATE
------ ------- -------- ---------
6.84% 4.78% 6.23% 2/26/93
</Table>
RETURNS REPRESENT PAST PERFORMANCE AND INCLUDE CHANGE IN SHARE PRICE AND
REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. PAST PERFORMANCE CANNOT GUARANTEE
FUTURE RESULTS. THE CURRENT PERFORMANCE OF THE FUND MAY BE LOWER OR HIGHER THAN
THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL FLUCTUATE, AND REDEMPTION VALUE
MAY BE MORE OR LESS THAN ORIGINAL COST. THE PERFORMANCE RESULTS DO NOT REFLECT
THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR THE
REDEMPTION OF FUND SHARES. PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT
MONTH-END IS AVAILABLE AT www.csam.com/us.
- ----------
(1) Fee waivers and/or expense reimbursements reduced expenses for the Fund,
without which performance would be lower. Waivers and/or reimbursements may
be discontinued at any time.
(2) The Citigroup High-Yield Market Index is a broad-based, unmanaged index of
high yield securities that is compiled by Citigroup Global Markets Inc.
Investors cannot invest directly in an index.
(3) The Lipper High Yield Bond Funds Index is an equal-weighted performance
index, adjusted for capital-gain distributions and income dividends, of the
largest 30 qualifying funds classified by Lipper Inc. as investing
primarily in high yield debt securities. It is compiled by Lipper Inc.
Investors cannot invest directly in an index.
10
<Page>
INFORMATION ABOUT YOUR FUND'S EXPENSES
As an investor of the Fund, you incur two types of costs: ongoing expenses
and transaction costs. Ongoing expenses include management fees, distribution
and service (12b-1) fees and other Fund expenses. Examples of transaction costs
include sales charges (loads), redemption fees and account maintenance fees,
which are not shown in this section and which would result in higher total
expenses. The following table is intended to help you understand your ongoing
expenses of investing in the Fund and to help you compare these expenses with
the ongoing expenses of investing in other mutual funds. The table is based on
an investment of $1,000 made at the beginning of the six-month period ended
August 31, 2004.
The table illustrates your Fund's expenses in two ways:
- ACTUAL FUND RETURN. This helps you estimate the actual dollar amount of
ongoing expenses paid on a $1,000 investment in the Fund using the
Fund's actual return during the period. To estimate the expenses you
paid over the period, simply divide your account value by $1,000 (for
example, an $8,600 account value divided by $1,000 = 8.6), then multiply
the result by the number in the "Expenses Paid per $1,000" line under
the share class you hold.
- HYPOTHETICAL 5% FUND RETURN. This helps you to compare your Fund's
ongoing expenses with those of other mutual funds using the Fund's
actual expense ratio and a hypothetical rate of return of 5% per year
before expenses. Examples using a 5% hypothetical fund return may be
found in the shareholder reports of other mutual funds. The hypothetical
account values and expenses may not be used to estimate the actual
ending account balance or expense you paid for the period.
Please note that the expenses shown in these tables are meant to highlight
your ongoing expenses only and do not reflect any transaction costs, such as
sales charges (loads) or redemption fees. The "Expenses Paid per $1,000" line of
the tables is useful in comparing ongoing expenses only and will not help you
determine the relative total expenses of owning different funds. If these
transaction costs had been included, your costs would have been higher.
11
<Page>
EXPENSES AND VALUE OF A $1,000 INVESTMENT FOR THE PERIOD ENDED AUGUST 31, 2004
<Table>
ACTUAL FUND RETURN
Beginning Account Value 2/29/04 $ 1,000
Ending Account Value 8/31/04 $ 1,106
Expenses Paid per $1,000* $ 3.71
HYPOTHETICAL 5% FUND RETURN
Beginning Account Value 2/29/04 $ 1,000
Ending Account Value 8/31/04 $ 1,025
Expenses Paid per $1,000* $ 3.56
ANNUALIZED EXPENSE RATIO* 0.70%
</Table>
- ----------
* EXPENSES ARE EQUAL TO THE FUND'S ANNUALIZED EXPENSE RATIO MULTIPLIED BY THE
AVERAGE ACCOUNT VALUE OVER THE PERIOD, MULTIPLIED BY THE NUMBER OF DAYS IN
THE MOST RECENT FISCAL HALF YEAR PERIOD, THEN DIVIDED BY 366.
THE "EXPENSES PAID PER $1,000" AND THE "ANNUALIZED EXPENSE RATIOS" IN THE
TABLES ARE BASED ON ACTUAL EXPENSES PAID BY THE FUND DURING THE PERIOD, NET
OF FEE WAIVERS AND/OR EXPENSE REIMBURSEMENTS. IF THOSE FEE WAIVERS AND/OR
EXPENSE REIMBURSEMENTS HAD NOT BEEN IN EFFECT, THE FUND'S ACTUAL EXPENSES
WOULD HAVE BEEN HIGHER.
For more information, please refer to the Fund's prospectus.
12
<Page>
[CHART]
SECTOR BREAKDOWN*
<Table>
Corporate Bonds 78.9%
Cash/Money Markets 14.7%
Foreign Bonds 2.9%
Preferred Stocks 2.3%
Common Stocks 1.2%
</Table>
- ----------
* The Fund's sector breakdown is expressed as a percentage of total
investments (excluding security lending collateral) and may vary over
time.
13
<Page>
CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND
SCHEDULE OF INVESTMENTS
August 31, 2004
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ------- ------------
CORPORATE BONDS (29.1%)
AEROSPACE & DEFENSE (0.6%)
$ 585 Goodrich Corp., Notes (BBB- , Baa3) 04/15/08 7.500 $ 656,253
130 L-3 Communications Corp., Global Company
Guaranteed Notes (Callable 07/15/08 @ $103.06) (BB- , Ba3) 07/15/13 6.125 128,700
------------
784,953
------------
AUTOMOBILE MANUFACTURERS (0.1%)
95 General Motors Corp., Global Debentures@@ (BBB , Baa1) 07/15/33 8.375 101,276
------------
AUTOMOBILE PARTS & EQUIPMENT (0.1%)
190 Collins & Aikman Products Corp., Rule 144A,
Senior Subordinated Notes++@@ (B- , B3) 08/15/12 12.875 190,475
------------
BANKS (0.7%)
460 Bank of America Corp., Global Notes (A+ , Aa2) 10/01/10 4.250 461,928
450 Wachovia Corp., Global Subordinated Notes (A- , A1) 08/01/14 5.250 461,328
------------
923,256
------------
BUILDING MATERIALS (0.3%)
325 American Standard, Inc., Company Guaranteed
Notes (BBB- , Ba2) 02/15/10 7.625 371,312
------------
CHEMICALS (0.2%)
115 Huntsman Company LLC, Global Company
Guaranteed Notes (Callable 10/15/07 @ $105.81) (B , B2) 10/15/10 11.625 129,375
140 Lyondell Chemicals Co., Global Company
Guaranteed Notes (Callable 06/01/08 @ $105.25)@@ (B+ , B1) 06/01/13 10.500 158,200
------------
287,575
------------
COMMERCIAL SERVICES (0.6%)
335 Cendant Corp., Units (BBB , Baa1) 08/17/06 4.890 342,228
255 Erac USA Finance Co., Rule 144A, Notes++ (BBB+ , Baa1) 05/15/06 6.625 270,410
135 Iron Mountain, Inc., Company Guaranteed Notes
(Callable 04/01/06 @ $104.31) (B , B3) 04/01/13 8.625 146,475
------------
759,113
------------
DIVERSIFIED FINANCIALS (7.0%)
495 Capital One Bank, Subordinated Notes (BB+ , Baa3) 06/13/13 6.500 532,376
435 Countrywide Home Loans, Inc., Global Notes (A , A3) 12/19/07 4.250 444,631
130 Farmers Insurance Exchange, Rule 144A, Notes++ (BBB+ , Baa3) 08/01/14 6.000 132,327
525 FMR Corp., Rule 144A, Notes++ (AA , Aa3) 03/01/13 4.750 525,913
390 Ford Motor Credit Co., Global Notes (BBB- , A3) 02/01/06 6.875 410,374
945 General Electric Capital Corp., Series MTNA,
Global Notes (AAA , Aaa) 06/15/12 6.000 1,036,985
330 General Motors Acceptance Corp., Global Bonds (BBB , A3) 11/01/31 8.000 342,885
560 General Motors Acceptance Corp., Series MTN,
Notes (BBB , A3) 12/10/07 4.375 566,918
375 Goldman Sachs Group, Inc., Global Bonds (A+ , Aa3) 01/15/11 6.875 423,838
1,170 Household Finance Corp., Global Notes (A , A1) 12/15/08 4.125 1,185,197
345 Household Finance Corp., Global Notes (A , A1) 07/15/10 8.000 408,664
</Table>
See Accompanying Notes to Financial Statements.
14
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ------- ------------
CORPORATE BONDS
DIVERSIFIED FINANCIALS
$ 490 Lehman Brothers Holdings, Inc., Series MTNG,
Global Notes@@ (A , A1) 11/30/10 4.375 $ 490,452
380 MBNA America Bank, Rule 144A, Subordinated
Notes++ (BBB , Baa2) 03/15/08 6.750 423,494
580 Merrill Lynch & Company, Inc., Notes (A+ , Aa3) 07/15/14 5.450 600,787
290 Morgan Stanley, Global Subordinated Notes (A , A1) 04/01/14 4.750 281,057
320 Popular N.A., Inc., Company Guaranteed Notes (BBB+ , A3) 06/30/09 4.700 328,858
630 SLM Corp., Series MTNA, Notes (A , A2) 01/15/09 4.000 633,206
145 Textron Financial Corp., Global Notes@@ (A- , A3) 06/01/07 5.875 155,343
130 Textron Financial Corp., Series MTNE, Notes# (A- , A3) 10/06/06 1.950 130,507
------------
9,053,812
------------
ELECTRIC (3.3%)
175 AES Corp., Senior Notes (B- , B2) 06/01/09 9.500 195,562
510 American Electric Power Company, Inc., Series A,
Global Notes (BBB , Baa3) 05/15/06 6.125 537,326
260 Cincinnati Gas & Electric Co., Notes (BBB , Baa1) 09/15/12 5.700 275,068
480 Consolidated Edison Company of New York,
Debentures@@ (A , A1) 02/01/13 4.875 487,061
200 Constellation Energy Group, Inc., Notes (BBB , Baa1) 04/01/07 6.350 214,944
135 Detroit Edison Co., First Mortgage Notes (A- , A3) 08/01/14 5.400 139,696
260 Dominion Resources, Inc., Series B, Global
Senior Notes (BBB+ , Baa1) 07/15/05 7.625 271,639
485 FirstEnergy Corp., Series C, Global Notes (BB+ , Baa3) 11/15/31 7.375 543,534
319 FPL Group Capital, Inc., Company Guaranteed
Notes (A- , A2) 09/15/06 7.625 348,549
380 FPL Group Capital, Inc., Notes (A- , A2) 04/11/06 3.250 383,913
305 Oklahoma Gas & Electric Company, Bonds
(Callable 08/01/14 @ $103.25) (BBB+ , A2) 08/01/34 6.500 314,475
205 Pacific Gas & Electric Co., First Mortgage Notes (BBB , Baa2) 03/01/34 6.050 206,437
350 Pinnacle West Capital Corp., Senior Notes
(Callable 11/01/04 @ $100.00)# (BBB- , Baa2) 11/01/05 2.494 350,478
------------
4,268,682
------------
ELECTRONICS (0.1%)
115 Fisher Scientific International, Inc., Rule 144A,
Senior Subordinated Notes (Callable 08/15/09 @
$103.38)++ (BB+ , Ba3) 08/15/14 6.750 119,313
------------
ENTERTAINMENT (0.2%)
125 AMC Entertainment, Inc., Senior Subordinated
Notes (Callable 02/01/05 @ $103.17)@@ (CCC+ , B3) 02/01/11 9.500 128,125
185 Six Flags, Inc., Global Senior Notes (Callable
02/01/05 @ 104.75)@@ (CCC+ , B3) 02/01/09 9.500 180,375
------------
308,500
------------
</Table>
See Accompanying Notes to Financial Statements.
15
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ------- ------------
CORPORATE BONDS
ENVIRONMENTAL CONTROL (0.9%)
$ 80 Allied Waste North America, Inc., Senior
Notes (Callable 04/15/08 @ $103.94) (BB- , Ba3) 04/15/13 7.875 $ 84,800
210 Allied Waste North America, Inc., Series B, Global
Senior Notes (Callable 04/15/09 @ $103.69) (B+ , B2) 04/15/14 7.375 205,012
350 Waste Management, Inc., Global Company
Guaranteed Note (BBB , Baa3) 05/15/32 7.750 421,593
375 Waste Management, Inc., Senior Notes (BBB , Baa3) 08/01/10 7.375 431,968
------------
1,143,373
------------
FOOD (0.9%)
310 ConAgra Foods, Inc., Notes (BBB+ , Baa1) 09/15/11 6.750 348,678
290 ConAgra Foods, Inc., Notes (BBB+ , Baa1) 09/15/30 8.250 374,248
310 Kellogg Co., Global Senior Notes (BBB+ , Baa2) 06/01/08 2.875 304,145
200 Land O' Lakes, Inc., Global Senior Notes (Callable
11/15/06 @ $104.38)@@ (B- , B3) 11/15/11 8.750 188,000
------------
1,215,071
------------
FOREST PRODUCTS, PAPER (0.2%)
195 Georgia-Pacific Corp., Global Company
Guaranteed Notes (BB+ , Ba2) 02/01/10 8.875 229,613
------------
GAS (0.4%)
520 Sempra Energy, Notes (BBB+ , Baa1) 12/01/05 6.950 547,225
------------
HOME BUILDERS (0.4%)
215 D.R. Horton, Inc., Senior Notes (BB+ , Ba1) 05/01/13 6.875 232,200
300 NVR, Inc., Senior Notes (BB+ , Ba1) 06/15/10 5.000 297,000
------------
529,200
------------
HOUSEHOLD PRODUCTS (0.1%)
125 Johnsondiversey, Inc., Series B, Global Company
Guaranteed Notes (Callable 05/15/07 @ $104.81) (B , B2) 05/15/12 9.625 140,625
------------
INSURANCE (2.7%)
1,000 American International Group, Inc., Global Notes# (AAA , Aaa) 05/15/13 4.250 964,428
450 Florida Windstorm Underwriting Association,
Rule 144A, Senior Notes++ (A- , A3) 08/25/07 6.850 496,747
620 Genworth Financial, Inc., Notes (A , A2) 06/15/14 5.750 653,194
730 MetLife, Inc., Senior Notes (A , A2) 11/24/13 5.000 734,090
670 Nationwide Mutual Insurance Co., Rule 144A,
Bonds (Callable 04/15/14 @ 100.00)++ (A- , A2) 04/15/34 6.600 665,971
------------
3,514,430
------------
IRON & STEEL (0.2%)
285 AK Steel Corp., Company Guaranteed Notes
(Callable 02/15/05 @ $102.65)@@ (B+ , B3) 02/15/09 7.875 276,450
------------
</Table>
See Accompanying Notes to Financial Statements.
16
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ------- ------------
CORPORATE BONDS
LODGING (0.9%)
$ 160 Caesars Entertainment, Inc., Global Senior Notes (BB+ , Ba1) 04/15/13 7.000 $ 172,400
225 MGM Mirage, Rule 144A, Senior Notes++ (BB+ , Ba1) 09/01/12 6.750 230,625
780 Windsor Woodmont Black Hawk, Series B, First
Mortgage Notes## (NR , NR) 03/15/05 13.000 774,150
------------
1,177,175
------------
MEDIA (3.1%)
240 CCO Holdings LLC, Global Senior Notes (Callable
11/15/08 @ $104.38) CCC- , B3) 11/15/13 8.750 237,600
170 Comcast Cable Communications Holdings, Inc.,
Global Company Guaranteed Notes (BBB , Baa3) 03/15/13 8.375 205,885
710 Comcast Cable Communications, Inc., Senior
Notes (BBB , Baa3) 01/30/11 6.750 787,171
240 Cox Communications, Inc., Notes@@ (BBB , Baa2) 06/15/05 6.875 246,711
190 CSC Holdings, Inc., Series B, Senior Notes (BB- , B1) 07/15/09 8.125 204,725
180 Dex Media West LLC, Series B, Global Senior
Subordinated Notes (Callable 08/15/08 @ $104.94) (B , B2) 08/15/13 9.875 207,900
215 Echostar DBS Corp., Global Senior Notes (BB- , Ba3) 10/01/11 6.375 216,612
400 Liberty Media Corp., Global Senior Notes# (BBB- , Baa3) 09/17/06 3.020 404,908
160 Mediacom LLC/Capital Corp., Senior Notes
(Callable 01/15/06 @ $104.75)@@ (B+ , B2) 01/15/13 9.500 157,600
280 News America Holdings, Inc., Company
Guaranteed Notes@@ (BBB- , Baa3) 02/01/13 9.250 360,810
480 News America, Inc., Company Guaranteed Notes@@ (BBB- , Baa3) 11/30/28 7.625 562,783
150 PRIMEDIA, Inc., Global Company Guaranteed
Notes (Callable 05/15/06 @ $104.44) (B , B3) 05/15/11 8.875 147,750
220 Time Warner, Inc., Global Company Guaranteed
Notes (BBB+ , Baa1) 04/15/31 7.625 251,760
------------
3,992,215
------------
MINING (0.2%)
275 Phelps Dodge Corp., Bonds (BBB- , Baa3) 03/15/34 6.125 268,755
------------
MISCELLANEOUS MANUFACTURING (0.4%)
565 Textron, Inc., Senior Notes (A- , A3) 08/01/10 4.500 572,739
------------
OIL & GAS (1.3%)
180 Chesapeake Energy Corp., Senior Notes (Callable
01/15/09 @ $103.44) (BB- , Ba3) 01/15/16 6.875 183,150
285 Giant Industries, Inc., Senior Subordinated Notes
(Callable 05/15/09 @ 104.00) (B- , B3) 05/15/14 8.000 288,562
235 Pemex Project Funding Master Trust, Rule 144A,
Notes++# (BBB- , Baa1) 06/15/10 2.820 240,170
390 Pioneer Natural Resources Co., Senior Notes (BBB- , Baa3) 07/15/16 5.875 403,798
215 Premcor Refining Group, Inc., Company
Guaranteed Notes (Callable 05/01/09 @ 103.38) (BB- , Ba3) 05/01/14 6.750 218,763
335 SEACOR Holdings, Inc., Notes (BBB , Baa3) 10/01/12 5.875 330,124
------------
1,664,567
------------
</Table>
See Accompanying Notes to Financial Statements.
17
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ------ ------------
CORPORATE BONDS
PACKAGING & CONTAINERS (0.3%)
$ 115 Owens-Brockway Glass Containers, Global
Secured Notes (Callable 11/15/07 @ $104.38) (BB- , B2) 11/15/12 8.750 $ 128,225
205 Owens-Illinois, Inc., Debentures@@ (B , Caa1) 05/15/10 7.500 210,125
------------
338,350
------------
PHARMACEUTICALS (0.1%)
95 Wyeth, Notes# (A , Baa1) 03/15/13 5.250 95,867
------------
PIPELINES (0.8%)
260 Dynegy Holdings, Inc., Rule 144A, Secured Notes
(Callable 07/15/08 @ 105.06)++ (B- , B3) 07/15/13 10.125 293,800
120 El Paso Corp., Global Notes@@ (CCC+ , Caa1) 06/15/12 7.875 116,100
440 Plains All American Pipelines, Rule 144A, Notes++ (BBB- , Ba1) 08/15/09 4.750 445,500
165 Williams Companies, Inc., Global Notes@@ (B+ , B3) 03/15/12 8.125 190,575
------------
1,045,975
------------
REAL ESTATE (0.4%)
495 EOP Operating LP, Senior Notes (BBB+ , Baa2) 02/15/05 6.625 504,548
------------
REAL ESTATE INVESTMENT TRUST (0.1%)
125 Host Marriott LP, Global Senior Notes
(Callable 11/01/08 @ $103.56) (B+ , Ba3) 11/01/13 7.125 127,813
------------
RETAIL (0.6%)
605 Target Corp., Notes (A+ , A2) 08/15/10 7.500 713,550
------------
SEMICONDUCTORS (0.1%)
175 Amkor Technology, Inc., Global Senior Notes
(Callable 05/15/08 @ $103.88)@@ (B , B1) 05/15/13 7.750 147,875
------------
TELECOMMUNICATIONS (1.7%)
115 AT&T Wireless Services, Inc., Global Senior Notes (BBB , Baa2) 03/01/31 8.750 149,287
275 Motorola, Inc., Notes (BBB , Baa3) 11/16/07 4.608 282,776
280 Nextel Communications, Inc., Senior Notes
(Callable 03/15/09 @ $102.98) (BB , Ba3) 03/15/14 5.950 267,400
395 SBC Communications, Inc., Global Bonds (A+ , A1) 06/15/34 6.450 401,856
485 Sprint Capital Corp., Global Company Guaranteed
Notes (BBB- , Baa3) 03/15/32 8.750 615,870
420 Verizon Wireless Capital LLC, Global Notes (A+ , A3) 12/15/06 5.375 441,873
------------
2,159,062
------------
TRANSPORTATION (0.1%)
130 Horizon Lines LLC, Rule 144A, Notes (Callable
11/01/08 @ $104.50)++ (B- , B3) 11/01/12 9.000 137,150
------------
TOTAL CORPORATE BONDS (Cost $36,639,958) 37,709,895
------------
ASSET BACKED SECURITIES (18.0%)
2,500 Aesop Funding II LLC, Series 2003-2A, Class A2# (AAA , Aaa) 06/20/07 1.850 2,507,043
1,027 Ameriquest Mortgage Securities, Inc.,
Series 2003-AR2, Class A4# (AAA , Aaa) 05/25/33 1.965 1,028,195
</Table>
See Accompanying Notes to Financial Statements.
18
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ------ ------------
ASSET BACKED SECURITIES
$ 572 Capital Auto Receivables Asset Trust,
Series 2002-5, Class A3B (AAA , Aaa) 04/17/06 2.300 $ 573,182
1,315 Capital One Master Trust, Series 2001-1, Class A# (AAA , Aaa) 12/15/10 1.800 1,322,942
1,315 Chase Credit Card Master Trust, Series 2003-2,
Class A# (AAA , Aaa) 07/15/10 1.710 1,318,530
1,610 Citibank Credit Card Issuance Trust,
Series 2002-A9, Class A9# (AAA , Aaa) 12/17/07 1.560 1,611,647
298 Conseco Finance, Series 2000-D, Class A4 (AAA , Aaa) 12/15/25 8.170 302,257
535 Contimortgage Home Equity Loan Trust,
Series 1996-4, Class A8 (AAA , Aaa) 01/15/28 7.220 537,264
874 Countrywide Home Equity Loan Trust,
Series 2002-C, Class A# (AAA , Aaa) 05/15/28 1.840 875,387
965 DaimlerChrysler Auto Trust, Series 2004-B,
Class A4 (AAA , Aaa) 10/08/09 3.710 973,746
1,610 Discover Card Master Trust I, Series 2003-4,
Class A1# (AAA , Aaa) 05/15/11 1.710 1,612,264
1,610 First USA Credit Card Master Trust, Series 2001-1,
Class A# (AAA , Aaa) 09/19/08 1.750 1,614,295
1,315 Fleet Credit Card Master Trust, Series 2002-B,
Class A# (AAA , Aaa) 04/15/10 1.740 1,319,427
550 Greenpoint Home Equity Loan Trust,
Series 2003-1, Class A# (AAA , Aaa) 04/15/29 1.830 549,311
581 Greenpoint Home Equity Loan Trust,
Series 2004-3, Class A# (AAA , Aaa) 03/15/35 1.830 581,479
645 Honda Auto Receivables Owner Trust,
Series 2003-1, Class A4 (AAA , Aaa) 07/18/08 2.480 642,481
1,610 MBNA Credit Card Master Note Trust,
Series 2002-A4, Class A4# (AAA , Aaa) 08/17/09 1.710 1,614,603
2,000 MBNA Master Credit Card Trust, Series 1998-G,
Class A# (AAA , Aaa) 02/17/09 1.730 2,006,068
1,610 SLM Student Loan Trust, Series 2003-1, Class A2# (AAA , Aaa) 06/17/13 1.560 1,610,974
236 SLM Student Loan Trust, Series 2003-8, Class A1# (AAA , Aaa) 06/16/08 1.530 236,266
530 Vanderbilt Mortgage Finance, Series 1998-C,
Class 1B1 (BBB , Baa1) 02/07/15 6.970 540,892
------------
TOTAL ASSET BACKED SECURITIES (Cost $23,346,715) 23,378,253
------------
MORTGAGE-BACKED SECURITIES (49.2%)
1,160 Bear Stearns Commercial Mortgage Securities, Inc.,
Series 2002-TOP6, Class A2 (AAA , Aaa) 10/15/36 6.460 1,294,104
3,500 Fannie Mae Discount Notes^^ (AAA , Aaa) 09/20/04 1.490 3,497,248
1,420 Fannie Mae Global Bonds@@ (AAA , Aaa) 11/15/30 6.625 1,656,703
1,745 Fannie Mae Global Notes^^ (AAA , Aaa) 11/15/10 6.625 1,992,284
1,295 Fannie Mae Global Subordinated Notes@@ (AAA , Aaa) 01/02/14 5.125 1,323,775
111 Fannie Mae Pool #077774 (AAA , Aaa) 01/01/10 10.000 122,255
0 Fannie Mae Pool #124032(1) (AAA , Aaa) 02/01/05 10.000 49
1,164 Fannie Mae Pool #254372++++ (AAA , Aaa) 07/01/17 6.000 1,223,498
300 Fannie Mae Pool #656862++++ (AAA , Aaa) 04/01/33 6.000 311,637
</Table>
See Accompanying Notes to Financial Statements.
19
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ------ ------------
MORTGAGE-BACKED SECURITIES
$ 1,805 Fannie Mae Pool #667742++++ (AAA , Aaa) 04/01/33 6.000 $ 1,872,841
1,565 Fannie Mae Pool #703443++++ (AAA , Aaa) 05/01/18 5.000 1,599,486
1,593 Fannie Mae Pool #703444++++ (AAA , Aaa) 05/01/18 5.000 1,626,972
228 Fannie Mae Pool #703598++++++ (AAA , Aaa) 05/01/18 5.500 236,551
196 Fannie Mae Pool #705651 (AAA , Aaa) 06/01/18 5.500 203,597
696 Fannie Mae Pool #713667 (AAA , Aaa) 07/01/33 5.000 693,390
705 Fannie Mae Pool #721796 (AAA , Aaa) 06/01/18 4.500 706,661
1,688 Fannie Mae Pool #725248 (AAA , Aaa) 03/01/34 5.000 1,681,409
1,266 Fannie Mae Pool #725277 (AAA , Aaa) 03/01/19 4.500 1,269,045
1,560 Fannie Mae Pool #733035 (AAA , Aaa) 08/01/33 4.500 1,506,153
784 Fannie Mae Pool #739753 (AAA , Aaa) 12/01/18 5.000 800,695
434 Fannie Mae Pool #741351 (AAA , Aaa) 12/01/33 5.500 441,672
648 Fannie Mae Pool #741384 (AAA , Aaa) 09/01/18 4.000 634,529
1,886 Fannie Mae Pool #743305 (AAA , Aaa) 10/01/33 6.000 1,956,320
733 Fannie Mae Pool #750536 (AAA , Aaa) 01/01/34 5.500 746,220
1,899 Fannie Mae Pool #753933 (AAA , Aaa) 12/01/33 6.000 1,970,362
1,724 Fannie Mae Pool #754264 (AAA , Aaa) 12/01/33 6.000 1,788,375
429 Fannie Mae Pool #757490 (AAA , Aaa) 01/01/34 5.500 437,151
799 Fannie Mae Pool #759766 (AAA , Aaa) 02/01/34 5.500 813,725
882 Fannie Mae Pool #763676 (AAA , Aaa) 01/01/34 5.500 898,214
1,990 Fannie Mae Pool #790724 (AAA , Aaa) 09/01/34 5.500 2,024,386
1,935 Federal Home Loan Bank Global Bonds@@ (AAA , Aaa) 06/18/14 5.250 2,036,127
1 Federal National Mortgage Association,
Series 1991-165, Class M (AAA , Aaa) 12/25/21 8.250 1,282
2,105 FNMA TBA (AAA , Aaa) 09/01/19 5.500 2,179,332
1,305 FNMA TBA (AAA , Aaa) 09/01/34 5.000 1,294,805
4,250 FNMA TBA (AAA , Aaa) 09/01/34 5.500 4,316,406
2,820 FNMA TBA (AAA , Aaa) 09/01/34 6.500 2,961,000
2,360 FNMA TBA (AAA , Aaa) 09/01/34 6.500 2,472,100
1,310 Freddie Mac Global Notes^^ (AAA , Aaa) 11/15/13 4.875 1,343,638
1,220 Freddie Mac Global Subordinated Notes@@ (AAA , Aaa) 03/21/11 5.875 1,327,533
1,805 Freddie Mac Pool #A25679^^ (AAA , Aaa) 08/01/34 5.500 1,837,002
592 Freddie Mac Pool #B11354 (AAA , Aaa) 12/01/18 5.000 604,728
0 Ginnie Mae Pool #0033221 (AAA , Aaa) 11/15/04 9.000 2
3,108 Ginnie Mae Pool #003402 (AAA , Aaa) 06/20/33 5.000 3,097,767
0 Ginnie Mae Pool #004923(1) (AAA , Aaa) 12/15/04 9.000 2
0 Ginnie Mae Pool #009827(1) (AAA , Aaa) 04/15/06 8.250 56
1 Ginnie Mae Pool #112986 (AAA , Aaa) 07/15/14 13.500 789
1,494 Ginnie Mae Pool #429679 (AAA , Aaa) 11/15/33 5.500 1,526,655
1,360 GNMA TBA (AAA , Aaa) 09/01/34 6.000 1,411,424
799 JPMorgan Chase Commercial Mortgage Securities
Corp., Series 2004-CB9, Class A1# (AAA , Aaa) 06/12/41 3.475 799,919
1,340 LB-UBS Commercial Mortgage Trust,
Series 2004-C2, Class A4 (AAA , Aaa) 03/15/36 4.367 1,304,979
------------
TOTAL MORTGAGE-BACKED SECURITIES (Cost $62,803,152) 63,844,853
------------
</Table>
See Accompanying Notes to Financial Statements.
20
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ------ ------------
FOREIGN BONDS (5.7%)
BANKS (1.2%)
$ 515 Korea Development Bank, Global Notes (Korea) (A- , A3) 07/20/09 4.750 $ 528,114
940 Royal Bank of Scotland Group PLC, Series 3,
Perpetual Global Bonds (Callable 12/31/05 @
$100.00) (United Kingdom) (A , A1) 11/29/49 7.816 998,980
------------
1,527,094
------------
BEVERAGES (0.2%)
305 Diageo Finance BV, Global Company Guaranteed
Notes (Netherlands) (A , A2) 04/01/11 3.875 296,539
------------
ELECTRIC (0.2%)
240 Compania Nacional de Transmision Electrica SA,
Global Senior Notes (Chile) (A- , Baa1) 04/15/11 7.875 279,239
------------
FOREST PRODUCTS, PAPER (0.2%)
215 Tembec Industries, Inc., Global Company
Guaranteed Notes (Canada) (BB- , Ba3) 03/15/12 7.750 218,225
------------
HOLDING COMPANIES-DIVERSIFIED (0.5%)
645 Pacificorp Australia, Rule 144A, Bonds (Australia)++ (AAA , Aaa) 01/15/08 6.150 701,695
------------
MEDIA (0.3%)
300 Thomson Corp., Global Notes (Canada) (A- , A3) 01/05/12 6.200 328,006
------------
OIL & GAS (0.8%)
535 Norsk Hydro ASA, Yankee Debentures (Norway) (A , A2) 06/15/23 7.750 663,309
320 Petroliam Nasional Berhad, Rule 144A, Bonds
(Malaysia)++ (A- , Baa1) 08/15/15 7.750 386,687
------------
1,049,996
------------
SOVEREIGN (2.0%)
270 Federal Republic of Brazil, Restructured Debt
Bonds (Brazil) (B+ , B2) 04/15/14 8.000 265,764
720 Government of Russia, Series V, Debentures
(Russia) (BB+ , Ba2) 05/14/08 3.000 648,000
295 Republic of Colombia, Global Notes (Columbia) (BB , Ba2) 01/23/12 10.000 330,400
390 Republic of Venezuela, Euro-dollar Notes
(Venezuela)# (B , B2) 04/20/11 2.633 324,675
385 United Mexican States, Global Notes (Mexico) (BBB- , Baa2) 01/14/11 8.375 454,107
215 United Mexican States, Global Notes (Mexico) (BBB- , Baa2) 04/08/33 7.500 227,685
370 United Mexican States, Series MTN, Global Notes
(Mexico) (BBB- , Baa2) 01/16/13 6.375 389,425
------------
2,640,056
------------
TELECOMMUNICATIONS (0.3%)
295 Deutsche Telekom International Finance BV, Global
Company Guaranteed Notes (Netherlands)# (BBB+ , Baa2) 06/15/30 8.750 379,269
------------
TOTAL FOREIGN BONDS (Cost $7,298,365) 7,420,119
------------
UNITED STATES TREASURY OBLIGATIONS (0.0%)
20 United States Treasury Bonds@@ (Cost $21,142) (AAA , Aaa) 02/15/31 5.375 21,300
------------
</Table>
See Accompanying Notes to Financial Statements.
21
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- ------------
COMMON STOCKS (0.0%)
FOOD (0.0%)
836 Archibald Candy Corp.*^ (Cost $71,060) $ 0
------------
PREFERRED STOCK (0.3%)
TELECOMMUNICATIONS (0.3%)
350 Centaur Funding Corp., Series B, Rule 144A++ (Cost $371,652) 451,828
------------
WARRANTS (0.0%)
BUILDING MATERIALS (0.0%)
240 Dayton Superior Corp., Rule 144A, strike $0.01, expires June 2009*++ 2
------------
TELECOMMUNICATIONS (0.0%)
130 GT Group Telecom, Inc., Rule 144A, strike $0.00, expires February 2010*++ 0
50 IWO Holdings, Inc., Rule 144A, strike $7.00, expires January 2011*++ 1
------------
1
------------
TOTAL WARRANTS (Cost $21,326) 3
------------
<Caption>
CONTRACTS
---------
OPTIONS PURCHASED (0.0%)
CALL OPTIONS (0.0%)
1,170 Brazilian Real, strike $3.121, expires 10/20/04 (Cost $14,246) 11,946
------------
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ------ ------------
SHORT-TERM U.S. TREASURY OBLIGATION (2.9%)
UNITED STATES TREASURY BILLS (2.9%)
$ 3,760 United States Treasury Bills^^# (Cost $3,752,663) (AAA , Aaa) 10/21/04 1.410 3,752,695
------------
SHORT-TERM INVESTMENTS (11.4%)
2,550,000 Freddie Mac Discount Notes^^ (AAA , Aaa) 11/04/04 1.796 2,542,814
1,869,000 State Street Bank and Trust Co. Euro Time
Deposit^^ 09/01/04 0.750 1,869,000
</Table>
<Table>
<Caption>
NUMBER OF
SHARES
------
10,328,255 State Street Navigator Prime Funds@@@ 10,328,255
-------------
TOTAL SHORT-TERM INVESTMENTS (Cost $14,740,830) 14,740,069
-------------
TOTAL INVESTMENTS AT VALUE (116.6%) (Cost $149,081,109) 151,330,961
LIABILITIES IN EXCESS OF OTHER ASSETS (-16.6%) (21,638,979)
-------------
NET ASSETS (100.0%) $ 129,691,982
=============
</Table>
See Accompanying Notes to Financial Statements.
22
<Page>
OPEN OPTION CONTRACTS WRITTEN
<Table>
<Caption>
NUMBER OF EXERCISE EXPIRATION
NAME OF ISSUER CONTRACTS PRICE DATE VALUE
- ------------------------------------------------------------------------------------
S&P 500 Put Option 74 0.55 9/19/2004 $ 4,070
S&P 500 Put Option 74 2.70 9/19/2004 19,980
---------
$ 24,050
=========
</Table>
** Credit ratings given by the Standard & Poor's Division of The
McGraw-Hill Companies, Inc. ("S&P") and Moody's Investors Service, Inc.
("Moody's") are unaudited.
# Variable rate obligations -- The interest rate shown is the rate as of
August 31, 2004.
++ Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At August 31,
2004, these securities amounted to a value of $5,712,108 or 4.40% of net
assets.
++++ Collateral segregated for futures contracts.
++++++ A portion of the security is pledged as collateral for Options Written.
## Security in default.
* Non-income producing security.
@@ Security or portion thereof is out on loan.
@@@ Represents security purchased with cash collateral received for
securities on loan.
^^ Collateral segregated for TBA securities.
^ Not readily marketable security; security is valued at fair value as
determined in good faith by, or under the direction of, the Board of
Directors.
(1) Par value of security held is less than $1,000.
INVESTMENT ABBREVIATIONS
TBA = To Be Announced
NR = Not Rated
See Accompanying Notes to Financial Statements.
23
<Page>
CREDIT SUISSE INSTITUTIONAL HIGH YIELD FUND
SCHEDULE OF INVESTMENTS
August 31, 2004
<Table>
<Caption>
PAR RATINGS**
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
- ---------- --------------- -------- ------- ------------
CORPORATE BONDS (80.5%)
AEROSPACE (1.2%)
$ 100 BE Aerospace, Inc., Series B, Senior Subordinated
Notes (Callable 03/01/05 @ $100.00) (B- , Caa3) 03/01/08 8.000 $ 97,875
100 DRS Technologies, Inc., Global Senior
Subordinated Notes (Callable 11/01/08 @ $103.44) (B , B2) 11/01/13 6.875 103,500
100 L-3 Communications Corp., Global Company
Guaranteed Notes (Callable 07/15/08 @ $103.06) (BB- , Ba3) 07/15/13 6.125 99,000
100 Standard Aero Holdings, Inc., Rule 144A, Senior
Subordinated Notes (Callable 09/01/09 @ $104.13)++ (B- , Caa1) 09/01/14 8.250 103,250
------------
403,625
------------
AUTOMOBILE MANUFACTURING/VEHICLE PARTS (4.1%)
100 Collins & Aikman Products Corp., Company
Guaranteed Notes@@ (B- , B3) 04/15/06 11.500 101,050
250 Collins & Aikman Products Corp., Rule 144A,
Senior Subordinated Notes++@@ (B- , B3) 08/15/12 12.875 250,625
100 Cummins, Inc., Global Senior Notes (Callable
12/01/06 @ $104.75)@@ (BB+ , Ba2) 12/01/10 9.500 116,000
100 Holley Performance Products, Series B, Company
Guaranteed Notes (Callable 09/15/04 @ $104.08) (CCC- , Caa3) 09/15/07 12.250 89,500
150 Keystone Automotive Operations, Global Senior
Subordinated Notes (Callable 11/01/08 @
$104.88) (B- , B3) 11/01/13 9.750 162,375
450 Motor Coach Industries International, Inc.,
Company Guaranteed Notes (Callable
05/01/05 @ $103.75) (CCC , Ca) 05/01/09 11.250 274,500
150 Stanadyne Corp., Rule 144A, Senior Subordinated
Notes (Callable 08/15/09 @ $105.00)++ (B , Caa1) 08/15/14 10.000 156,000
100 Tenneco Automotive, Inc., Series B, Global
Secured Notes (Callable 07/15/08 @ $105.12)@@ (B- , B2) 07/15/13 10.250 116,250
65 TRW Automotive, Inc., Global Senior Subordinated
Notes (Callable 02/15/08 @ $105.50)@@ (BB- , B2) 02/15/13 11.000 78,975
------------
1,345,275
------------
BROADCAST/OUTDOOR (1.9%)
100 Entravision Communications Corp., Global
Company Guaranteed Notes (Callable
03/15/06 @ $104.06)@@ (B- , B3) 03/15/09 8.125 106,000
125 Gray Television, Inc., Global Company Guaranteed
Notes (Callable 12/15/06 @ $104.62)@@ (B- , B2) 12/15/11 9.250 140,781
100 Paxson Communications Corp., Global Company
Guaranteed Notes (Callable 01/15/06 @ $106.12)* (CCC , Caa1) 01/15/09 0.00 85,125
100 Radio One, Inc., Series B, Global Company
Guaranteed Notes (Callable 07/01/06 @
$104.44)@@ (B- , B2) 07/01/11 8.875 111,375
</Table>
See Accompanying Notes to Financial Statements.
24
<Page>
<Table>
<Caption>
PAR RATINGS**
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
- ---------- --------------- -------- ------- ------------
CORPORATE BONDS
BROADCAST/OUTDOOR
$ 100 Sinclair Broadcast Group, Inc., Global Company
Guaranteed Notes (B , B2) 12/15/11 8.750 $ 108,625
75 Susquehanna Media Co., Global Senior
Subordinated Notes (Callable 04/15/08 @ $103.69) (B , B1) 04/15/13 7.375 77,625
------------
629,531
------------
BUILDING PRODUCTS (2.2%)
100 Associated Materials, Inc., Global Company
Guaranteed Notes (Callable 04/15/07 @ $104.88) (B- , B3) 04/15/12 9.750 114,000
100 Building Materials Corp., Company Guaranteed
Notes (B+ , B2) 12/01/08 8.000 101,250
100 Dayton Superior Corp., Company Guaranteed
Notes (Callable 06/15/07 @ $102.17) (CCC , Caa2) 06/15/09 13.000 97,500
250 Ply Gem Industries, Inc., Rule 144A, Senior
Subordinated Notes (Callable 02/15/08 @ $104.50)++ (B- , B3) 02/15/12 9.000 252,500
151 Werner Holding Company, Inc., Series A,
Company Guaranteed Notes (Callable 11/15/04 @ $101.67) (CCC+ , B3) 11/15/07 10.000 136,955
------------
702,205
------------
CABLE (7.3%)
250 Adelphia Communications Corp., Series B,
Senior Notes## (NR , NR) 12/31/49 10.500 233,750
600 Cablevision Systems Corp., Rule 144A, Senior
Notes++ (B+ , B3) 04/15/12 8.000 618,000
250 Century Communications Corp., Senior Discount
Notes## (NR , NR) 12/31/49 0.00 238,750
200 Charter Communications Holdings LLC, Senior
Discount Notes (Callable 04/01/05 @ $103.31)+ (CCC- , Ca) 04/01/11 9.920 159,000
100 Charter Communications Holdings LLC, Senior
Notes (Callable 01/15/05 @ $105.12)@@ (CCC- , Ca) 01/15/10 10.250 82,750
150 Frontiervision Holdings LP, Senior Discount Notes
(Callable 09/15/04 @ $101.98)## (NR , NR) 09/15/07 11.875 187,500
100 Insight Communications Company, Inc., Senior
Discount Notes (Callable 02/15/06 @ $106.12)+@@ (B- , Caa2) 02/15/11 0.00 90,250
100 Insight Midwest/Insight Capital Corp., Senior Notes
(Callable 10/01/04 @ $104.88)@@ (B+ , B2) 10/01/09 9.750 105,500
100 LodgeNet Entertainment Corp., Senior
Subordinated Debentures (Callable 06/15/08
$104.75)@@ (B- , B3) 06/15/13 9.500 109,750
150 Mediacom LLC Capital Corp., Senior Notes
(Callable 01/15/06 @ $104.75)@@ (B+ , B2) 01/15/13 9.500 147,750
150 Mediacom LLC Capital Corp., Senior Notes
(Callable 02/15/06 @ $103.94) (B+ , B2) 02/15/11 7.875 144,750
</Table>
See Accompanying Notes to Financial Statements.
25
<Page>
<Table>
<Caption>
PAR RATINGS**
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
- ---------- --------------- -------- ------- ------------
CORPORATE BONDS
CABLE
$ 100 Northland Cable Television, Inc., Company
Guaranteed Notes (Callable 11/15/04 @ $101.71) (CC , Caa3) 11/15/07 10.250 $ 101,625
125 Olympus Communications LP, Series B, Senior
Notes (Callable 11/15/04 @ $100.00)##@@ (NR , NR) 11/15/06 10.625 156,406
------------
2,375,781
------------
CAPITAL GOODS (1.3%)
100 Intermet Corp., Global Company Guaranteed
Notes (Callable 06/15/06 @ $104.88) (B , B2) 06/15/09 9.750 88,500
105 JII Holdings LLC, Rule 144A, Secured Notes
(Callable 01/01/05 @ $106.50)++ (CCC- , Caa2) 04/01/07 13.000 95,025
160 Motors & Gears, Inc., Series D, Senior Notes
(Callable 11/15/04 @ $100.00) (CCC , Caa1) 11/15/06 10.750 148,000
100 SPX Corp., Senior Notes (Callable 01/01/08 @
$103.75)@@ (BB+ , Ba3) 01/01/13 7.500 105,000
------------
436,525
------------
CHEMICALS (3.9%)
100 Crompton Corp., Rule 144A, Senior Notes
(Callable 08/01/08 @ $104.94)++ (B , B1) 08/01/12 9.875 104,500
100 Equistar Chemicals LP/ Equistar Funding Corp.,
Global Company Guaranteed Notes (B+ , B2) 09/01/08 10.125 111,750
150 HMP Equity Holdings Corp., Global Senior
Discount Notes (Callable 11/15/04 @ $64.79) (CCC+ , NR) 05/15/08 0.00 89,250
100 Huntsman Company LLC, Rule 144A, Company
Guaranteed Notes (Callable 07/15/08 @ $105.75)++ (CCC+ , B3) 07/15/12 11.500 103,000
100 IMC Global, Inc., Series B, Global Company
Guaranteed Notes (Callable 06/01/06 @ $105.62) (B+ , B1) 06/01/11 11.250 117,750
200 Innophos, Inc., Rule 144A Senior Subordinated Notes
(Callable 08/16/09 @ $104.44)++ (B- , B3) 08/15/14 8.875 209,000
110 Lyondell Chemical Co., Series B, Secured Notes
(Callable 05/01/05 @ $102.47) (B+ , B1) 05/01/07 9.875 116,462
100 Nalco Co., Rule 144A, Senior Subordinated Notes
(Callable 11/15/08 @ $104.44)++@@ (B- , Caa1) 11/15/13 8.875 108,375
100 Polyone Corp., Senior Notes (B+ , B3) 05/01/12 8.875 102,000
100 Radnor Holdings Corp., Global Senior Notes
(Callable 03/15/07 @ $105.50) (CCC+ , Caa1) 03/15/10 11.000 84,500
100 Terra Capital, Inc., Global Secured Notes (Callable
06/01/07 @ $105.75) (B- , Caa1) 06/01/10 11.500 112,000
------------
1,258,587
------------
COMPETITIVE LOCAL EXCHANGE CARRIER (CLEC) (0.8%)
100 Block Communications, Inc., Global Company
Guaranteed Notes (Callable 04/15/06 @ $104.62) (B- , B2) 04/15/09 9.250 105,250
150 Time Warner Telecom LLC, Senior Notes (Callable
07/15/04 @ $103.25)@@ (CCC+ , B3) 07/15/08 9.750 146,250
------------
251,500
------------
</Table>
See Accompanying Notes to Financial Statements.
26
<Page>
<Table>
<Caption>
PAR RATINGS**
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
- ---------- --------------- -------- ------- ------------
CORPORATE BONDS
CONSUMER PRODUCTS/TOBACCO (6.1%)
$ 125 Central Garden & Pet Co., Global Company
Guaranteed Notes (Callable 02/01/08 @
$104.56)@@ (B+ , B2) 02/01/13 9.125 $ 136,875
150 Chattem, Inc., Global Senior Subordinated Notes
(Callable 03/01/09 @ $103.50)@@ (B- , B2) 03/01/14 7.000 149,250
715 Diamond Brands Operating, Company Guaranteed
Notes (Callable 04/15/05 @ $101.69)## (NR , NR) 04/15/08 10.125 72
100 DIMON, Inc., Series B, Global Company
Guaranteed Notes (Callable 10/15/06 @
$104.81)@@ (BB , Ba3) 10/15/11 9.625 103,750
250 General Binding Corp., Company Guaranteed
Notes (Callable 06/01/05 @ $101.56) (B- , Caa1) 06/01/08 9.375 256,875
100 Jarden Corp., Global Company Guaranteed Notes
(Callable 05/01/07 @ $104.88) (B- , B2) 05/01/12 9.750 110,000
250 Johnsondiversey Holdings, Inc., Global Discount
Notes (Callable 05/15/07 @ $105.34)+ (B , B3) 05/15/13 0.00 204,375
100 Johnsondiversey, Inc., Series B, Global Company
Guaranteed Notes (Callable 05/15/07 @ $104.81) (B , B2) 05/15/12 9.625 112,500
250 Jostens, Inc., Senior Subordinated Notes (Callable
05/01/05 @ $106.38) (B- , B3) 05/01/10 12.750 283,437
200 K2, Inc., Rule 144A, Senior Notes (Callable
07/01/09 @ $103.69)++ (BB , Ba3) 07/01/14 7.375 208,000
100 Playtex Products, Inc., Global Company
Guaranteed Notes (Callable 06/01/06 @
$104.69)@@ (CCC+ , Caa2) 06/01/11 9.375 102,125
150 Prestige Brands, Inc., Rule 144A, Senior
Subordinated Notes (Callable 04/15/08 @ $104.63)++ CCC+ , Caa1) 04/15/12 9.250 150,000
150 TriMas Corp., Global Company Guaranteed Notes
(Callable 06/15/07 @ $104.94) (B , B3) 06/15/12 9.875 159,750
------------
1,977,009
------------
CONTAINERS (2.3%)
150 Berry Plastics Corp., Global Company Guaranteed
Notes (Callable 07/15/07 @ $105.38)@@ (B- , B3) 07/15/12 10.750 168,750
100 Constar International, Inc., Senior Subordinated
Notes (Callable 12/01/07 @ $105.50)@@ (B , Caa1) 12/01/12 11.000 97,000
100 Owens-Illinois, Inc., Senior Notes (B , Caa1) 05/15/08 7.350 103,500
100 Pliant Corp., Global Secured Notes (Callable
06/15/07 @ $105.56)+ (B , B3) 06/15/09 0.00 88,750
200 Solo Cup Company, Senior Subordinated Notes
(Callable 02/15/09 @ $104.25)@@ (B- , B3) 02/15/14 8.500 195,000
100 Tekni-Plex, Inc., Series B, Company Guaranteed
Notes (Callable 06/15/05 @ $106.38) (B- , B3) 06/15/10 12.750 97,000
------------
750,000
------------
</Table>
See Accompanying Notes to Financial Statements.
27
<Page>
<Table>
<Caption>
PAR RATINGS**
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
- ---------- --------------- -------- ------- ------------
CORPORATE BONDS
DIVERSIFIED TELECOMMUNICATIONS (0.6%)
$ 200 Qwest Corp., Rule 144A, Senior Notes++ (BB- , Ba3) 09/01/11 7.875 $ 203,500
------------
ELECTRONICS/INFORMATION/DATA TECHNOLOGY (0.2%)
373 Ampex Corp., Secured Notes (NR , NR) 08/15/08 12.000 55,904
------------
ENERGY - OTHER (3.1%)
100 Amerigas Partners LP Eagle Finance Corp.,
Series B, Global Senior Notes (Callable
05/20/06 @ $104.44) (BB- , B2) 05/20/11 8.875 109,500
100 Dynegy Holdings, Inc., Senior Notes (CCC+ , Caa2) 02/15/12 8.750 100,750
500 Eagle Geophysical, Inc., Liquidating Trust^ (NR , NR) 07/15/08 10.750 18
100 El Paso CGP Co., Notes@@ (CCC+ , Caa1) 02/01/09 6.375 93,000
100 El Paso Corp., Senior Notes@@ (CCC+ , Caa1) 05/15/11 7.000 94,000
100 El Paso Production Holding Co., Global Company
Guaranteed Notes (Callable 06/01/08 @ $103.88) (B- , B3) 06/01/13 7.750 98,750
74 Giant Industries, Inc., Global Company Guaranteed
Notes (Callable 05/15/07 @ $105.50) (B- , B3) 05/15/12 11.000 84,175
150 NRG Energy, Inc., Rule 144A, Secured Notes
(Callable 12/15/08 @ $104.00)++ (B+ , B2) 12/15/13 8.000 158,250
100 Pacific Energy Partners LP, Rule 144A, Senior
Notes (Callable 06/15/09 @ $103.56)++ (BB , Ba2) 06/15/14 7.125 106,250
150 Reliant Resources, Inc., Global Secured Notes
(Callable 07/15/08 @ $104.75) (B , B1) 07/15/13 9.500 166,500
------------
1,011,193
------------
ENVIRONMENTAL SERVICES (0.5%)
200 Capital Environmental Resource, Inc., Rule 144A,
Senior Subordinated Notes (Callable 04/15/09 @
$104.75)++ (B- , Caa1) 04/15/14 9.500 178,000
------------
FINANCE - OTHER (1.5%)
100 Alamosa Delaware, Inc., Global Senior Notes
(Callable 01/31/08 @ $104.25)@@ (CCC , Caa1) 01/31/12 8.500 100,000
100 Genesis Healthcare Corp., Senior Subordinated
Notes (Callable 10/15/08 @ $104.00) (B- , B3) 10/15/13 8.000 107,250
100 Rainbow National Services LLC, Rule 144A, Senior
Notes (Callable 09/01/08 @ $104.38)++ (CCC+ , B3) 09/01/12 8.750 103,250
150 Ventas Realty LP, Global Company Guaranteed
Notes (BB- , Ba3) 05/01/12 9.000 168,000
------------
478,500
------------
FOOD PROCESSORS/BEVERAGE/BOTTLING (3.4%)
100 B&G Foods, Inc., Series D, Global Company
Guaranteed Notes (Callable 08/01/05 @ $100.00) (CCC+ , B3) 08/01/07 9.625 101,875
25 Birds Eye Foods, Inc., Company Guaranteed Notes
(Callable 11/01/04 @ $103.96) (B- , B3) 11/01/08 11.875 26,344
100 Eagle Family Foods, Inc., Series B, Company
Guaranteed Notes (Callable 01/15/05 @ $101.46) (CCC+ , Caa2) 01/15/08 8.750 75,500
</Table>
See Accompanying Notes to Financial Statements.
28
<Page>
<Table>
<Caption>
PAR RATINGS**
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
- ---------- --------------- -------- ------- ------------
CORPORATE BONDS
FOOD PROCESSORS/BEVERAGE/BOTTLING
$ 150 Land O' Lakes, Inc., Global Senior Notes (Callable
11/15/06 @ $104.38) (B- , B3) 11/15/11 8.750 $ 141,000
200 National Beef Packing Company LLC, Global
Senior Notes (Callable 08/01/07 @ $105.25) (B , B2) 08/01/11 10.500 207,000
200 National Wine & Spirits, Inc., Company
Guaranteed Notes (Callable 01/15/05 @ $103.38) (CCC+ , B3) 01/15/09 10.125 185,000
100 Pilgrim's Pride Corp., Company Guaranteed Notes
(Callable 09/15/06 @ $104.81) (BB- , B1) 09/15/11 9.625 112,250
100 Pinnacle Foods Holdings Corp., Rule 144A, Senior
Subordinated Notes (Callable 12/01/08 @ $104.12)++ (B , B3) 12/01/13 8.250 95,750
150 Premier International Foods PLC, Yankee Senior
Notes (Callable 09/01/04 @ $106.00) (B- , B3) 09/01/09 12.000 159,750
------------
1,104,469
------------
GAMING (6.0%)
100 Ameristar Casinos, Inc., Global Company
Guaranteed Notes (Callable 02/15/06 @ $105.38) (B , B2) 02/15/09 10.750 113,250
100 Argosy Gaming Co., Senior Subordinated Notes
(Callable 09/01/06 @ $104.50)@@ (B+ , Ba3) 09/01/11 9.000 112,000
100 Aztar Corp., Global Senior Subordinated Notes
(Callable 08/15/06 @ $104.50) (B+ , Ba3) 08/15/11 9.000 110,625
100 Circus & Eldorado, Global First Mortgage Notes
(Callable 03/01/07 @ $105.06)@@ (B+ , B1) 03/01/12 10.125 104,250
150 Hard Rock Hotel, Inc., Global Notes (Callable
06/01/08 @ $104.44) (B , B3) 06/01/13 8.875 160,125
150 Herbst Gaming, Inc., Rule 144A, Senior
Subordinated Notes (Callable 06/01/08 @ $104.06)++ (B- , B3) 06/01/12 8.125 151,875
100 Inn of The Mountain Gods, Rule 144A, Senior
Notes (Callable 11/15/07 @ $106.00)++@@ (B , Caa1) 11/15/10 12.000 113,500
100 Majestic Star Casino LLC, Company Guaranteed
Notes (Callable 10/15/07 @ $104.75)@@ (B , B2) 10/15/10 9.500 102,750
200 MGM Mirage, Rule 144A, Senior Notes++ (BB+ , Ba1) 09/01/12 6.750 205,000
100 OED Corp., Rule 144A, Company Guaranteed
Notes (Callable 04/15/08 @ $104.38)++ (B , B2) 04/15/12 8.750 93,250
100 Penn National Gaming, Inc., Series B, Global
Company Guaranteed Notes (Callable 03/01/05 @ $105.56) (B , B2) 03/01/08 11.125 109,500
188 Waterford Gaming LLC, Rule 144A, Senior Notes
(Callable 09/15/08 @ $103.55)++ (B+ , B1) 09/15/12 8.625 201,160
300 Windsor Woodmont Black Hawk, Series B, First
Mortgage Notes## (NR , NR) 03/15/05 13.000 297,750
67 Wynn Las Vegas LLC, Second Mortgage Note
(Callable 11/01/06 @ $112.00) (CCC+ , B3) 11/01/10 12.000 82,745
------------
1,957,780
------------
</Table>
See Accompanying Notes to Financial Statements.
29
<Page>
<Table>
<Caption>
PAR RATINGS**
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
- ---------- --------------- -------- ------- ------------
CORPORATE BONDS
HEALTHCARE FACILITIES/SUPPLIES (2.9%)
$ 100 Alpharma, Inc., Rule 144A, Senior Notes (Callable
05/01/07 @ $104.31)++ (B , B3) 05/01/11 8.625 $ 100,750
100 Fisher Scientific International, Inc., Rule 144A,
Senior Subordinated Notes (Callable 08/15/09 @ $103.38)++ (BB+ , Ba2) 08/15/14 6.750 103,750
100 Medical Device Manufacturing, Inc., Rule 144A,
Company Guaranteed Notes (Callable 07/15/08 @ $105.00)++ (B- , Caa1) 07/15/12 10.000 106,000
250 MQ Associates, Inc., Rule 144A, Senior Discount
Notes (Callable 08/15/08 @ $109.00)+++ (B- , Caa1) 08/15/12 0.00 156,250
50 Rotech Healthcare, Inc., Global Company
Guaranteed Notes (Callable 04/01/07 @ $104.75) (B+ , B2) 04/01/12 9.500 53,500
100 Tenet Healthcare Corp., Rule 144A, Senior Notes++@@ (B- , B3) 07/01/14 9.875 104,750
100 Universal Hospital Services, Inc., Global Senior
Notes (Callable 11/01/07 @ $105.06)@@ (B- , B3) 11/01/11 10.125 102,000
100 Vanguard Health Systems, Inc., Global Company
Guaranteed Notes (Callable 08/01/06 @ $104.88)@@ (CCC+ , B3) 08/01/11 9.750 116,500
100 Vicar Operating, Inc., Company Guaranteed Notes
(Callable 12/01/05 @ $104.94) (B , B2) 12/01/09 9.875 111,000
------------
954,500
------------
HOME BUILDERS (0.3%)
100 Beazer Homes USA, Inc., Global Company
Guaranteed Notes (Callable 04/15/07 @ $104.19) (BB , Ba1) 04/15/12 8.375 109,250
------------
INDUSTRIAL - OTHER (0.3%)
100 Wolverine Tube, Inc., Global Company Guaranteed
Notes (Callable 04/01/06 @ $105.25)@@ (B+ , B3) 04/01/09 10.500 110,000
------------
LEISURE (2.5%)
100 Affinity Group, Inc., Global Senior Subordinated
Notes (Callable 02/15/08 @ $104.50) (B- , B3) 02/15/12 9.000 105,000
72 AMC Entertainment, Inc., Senior Subordinated
Notes (Callable 02/01/05 @ $103.17)@@ (CCC+ , Caa1) 02/01/11 9.500 73,800
100 Bally Total Fitness Holding Corp., Global Senior
Notes (Callable 07/15/07 @ $105.25)@@ (B , B2) 07/15/11 10.500 94,250
200 Booth Creek Ski Holdings, Inc., Series B, Company
Guaranteed Notes (Callable 03/15/05 @ $100.00) (CCC+ , Caa1) 03/15/07 12.500 202,000
100 Cinemark USA, Inc., Global Senior Subordinated
Notes (Callable 02/01/08 @ $104.50) (B- , B3) 02/01/13 9.000 111,250
150 Six Flags, Inc., Rule 144A, Global Senior Notes
(Callable 6/01/09 @ $104.81)++@@ (B- , B3) 06/01/14 9.625 139,875
100 Speedway Motorsports, Inc., Global Senior
Subordinated Notes (Callable 06/01/08 @
$103.38)@@ (B+ , Ba2) 06/01/13 6.750 104,500
------------
830,675
------------
</Table>
See Accompanying Notes to Financial Statements.
30
<Page>
<Table>
<Caption>
PAR RATINGS**
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
- ---------- --------------- -------- ------- ------------
CORPORATE BONDS
METALS & MINING (1.9%)
$ 200 AK Steel Corp., Global Company Guaranteed Notes
(Callable 06/15/07 @ $103.88) (B+ , B3) 06/15/12 7.750 $ 189,000
100 Earle M. Jorgensen Co., Global Secured Notes
(Callable 06/01/07 @ $104.88) (B- , B2) 06/01/12 9.750 111,500
150 Ispat Inland ULC, Rule 144A, Secured Notes
(Callable 04/01/09 @ $104.88)++ (B , Caa1) 04/01/14 9.750 160,875
100 Metallurg, Inc., Series B, Company Guaranteed
Notes (Callable 12/01/04 @ $101.83) (CC , Ca) 12/01/07 11.000 57,500
100 UCAR Finance, Inc., Global Company Guaranteed
Notes (Callable 02/15/07 @ $105.12)@@ (B , B2) 02/15/12 10.250 114,000
------------
632,875
------------
OIL EQUIPMENT (0.7%)
115 Parker Drilling Co., Series B, Company Guaranteed
Notes (Callable 11/15/04 @ $105.06)@@ (B- , B2) 11/15/09 10.125 122,763
100 Pride International, Inc., Rule 144A, Senior Notes
(Callable 07/15/09 @ $103.69)++ (BB- , Ba2) 07/15/14 7.375 107,000
------------
229,763
------------
PAPER & FOREST PRODUCTS (1.6%)
100 Caraustar Industries, Inc., Global Company
Guaranteed Notes (Callable 04/01/06 @ $105.25)@@ (B , Caa1) 04/01/11 9.875 106,250
100 Georgia-Pacific Corp., Notes (BB+ , Ba3) 05/15/06 7.500 107,250
200 Newark Group, Inc., Rule 144A, Senior
Subordinated Notes (Callable 03/15/09 @ $104.88)++ (B- , Caa1) 03/15/14 9.750 195,000
100 Stone Container Finance, Rule 144A, Company
Guaranteed Notes (Callable 7/15/09 @ $103.69)++ (B , B2) 07/15/14 7.375 103,750
------------
512,250
------------
PHARMACEUTICALS (0.3%)
82 Biovail Corp., Yankee Senior Subordinated Notes
(Callable 04/01/06 @ $103.94)@@ (BB- , B2) 04/01/10 7.875 83,435
------------
PUBLISHING (1.5%)
100 Dex Media, Inc., Rule 144A, Notes (Callable
11/15/08 @ $104.00)++ (B , B3) 11/15/13 8.000 104,250
300 Liberty Group Publishing, Inc., Debentures
(Callable 02/01/05 @ $101.94)+ (CCC+ , Caa2) 02/01/09 11.625 297,750
100 Phoenix Color Corp., Company Guaranteed Notes
(Callable 02/01/05 @ $103.46) (CCC+ , Caa2) 02/01/09 10.375 97,000
500 Premier Graphics, Inc., Company Guaranteed
Notes (Callable 12/01/04 @ $100.00)##^ (NR , NR) 12/01/49 11.500 0
------------
499,000
------------
</Table>
See Accompanying Notes to Financial Statements.
31
<Page>
<Table>
<Caption>
PAR RATINGS**
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
- ---------- --------------- -------- ------- ------------
CORPORATE BONDS
RESTAURANTS (0.8%)
$ 100 American Restaurant Group, Inc., Series D,
Company Guaranteed Notes (Callable
11/01/04 @ $105.75)## (NR , Caa2) 11/01/06 11.500 $ 59,500
215 AmeriKing, Inc., Senior Notes## (NR , NR) 11/15/07 10.750 0
29 AmeriKing, Inc., Senior Notes## (NR , NR) 05/15/08 13.000 0
200 AmeriKing, Inc., Units## (NR , NR) 05/15/08 13.000 0
100 Carrols Corp., Company Guaranteed Notes
(Callable 12/01/04 @ $103.17) (B- , B3) 12/01/08 9.500 103,250
100 Sbarro, Inc., Company Guaranteed Notes
(Callable 09/15/04 @ $105.50)@@ (CCC , Caa2) 09/15/09 11.000 90,750
------------
253,500
------------
RETAIL-FOOD & DRUG (2.0%)
200 Duane Reade, Inc., Rule 144A, Senior Subordinated
Notes (Callable 08/01/08 @ $104.88)++ (CCC+ , B3) 08/01/11 9.750 200,000
100 Great Atlantic & Pacific Tea Company, Inc., Notes (B , B3) 04/15/07 7.750 90,500
100 Jean Coutu Group (PJC), Inc., Rule 144A, Senior
Subordinated Notes (Callable 8/01/09 @ $104.25)++ (B , B3) 08/01/14 8.500 101,250
95 Nutritional Sourcing Corp., Notes (Callable
06/05/05 @ $101.00) (NR , NR) 08/01/09 10.125 63,931
100 Rite Aid Corp., Global Secured Notes (Callable
05/01/07 @ $104.06) (B+ , B2) 05/01/10 8.125 105,500
100 Roundy's, Inc., Series B, Global Company
Guaranteed Notes (Callable 06/15/07 @ $104.44) (B , B2) 06/15/12 8.875 106,750
------------
667,931
------------
RETAIL STORES (3.0%)
100 AutoNation, Inc., Global Company Guaranteed Notes (BBB- , Ba2) 08/01/08 9.000 114,750
100 Finlay Fine Jewelry Corp., Rule 144A, Senior
Notes (Callable 06/01/08 @ $104.19)++ (B+ , B1) 06/01/12 8.375 107,000
370 Flooring America, Inc., Series B, Company
Guaranteed Notes (Callable 10/15/04 @ $101.16)## (NR , NR) 10/15/07 9.250 0
100 Jafra Cosmetics/Distribution, Global Company
Guaranteed Notes (Callable 05/15/07 @ $105.38) (B- , B3) 05/15/11 10.750 114,750
150 Leslie's Poolmart, Series B, Senior Notes (Callable
07/15/05 @ $102.59) (B- , B2) 07/15/08 10.375 153,750
100 Michaels Stores, Inc., Senior Notes (Callable
07/01/05 @ $104.62) (BB+ , Ba1) 07/01/09 9.250 109,375
100 Pep Boys - Manny, Moe & Jack, Notes (BB- , B2) 06/01/05 7.000 103,000
125 Pep Boys - Manny, Moe & Jack, Series MTNB,
Notes (BB- , B2) 07/07/06 6.920 129,375
22 Petco Animal Supplies, Inc., Global Senior
Subordinated Notes (Callable 11/01/06 @ $105.38) (B+ , B2) 11/01/11 10.750 24,970
100 United Auto Group, Inc., Global Company
Guaranteed Notes (Callable 03/15/07 @ $104.81) (B , B3) 03/15/12 9.625 111,500
------------
968,470
------------
</Table>
See Accompanying Notes to Financial Statements.
32
<Page>
<Table>
<Caption>
PAR RATINGS**
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
- ---------- --------------- -------- ------- ------------
CORPORATE BONDS
SATELLITE (0.7%)
$ 150 Panamsat Corp., Rule 144A, Company
Guaranteed Notes (Callable 08/15/09 @ $104.50)++ (B+ , B1) 08/15/14 9.000 $ 157,125
100 Pegasus Communications Corp., Series B, Senior
Notes (Callable 12/01/04 @ $101.63)## (NR , NR) 12/01/06 9.750 66,125
250 Pegasus Satellite Communication, Global Senior
Discount Notes (Callable 03/01/05 @ $103.38)##+@@ (NR , NR) 03/01/07 13.500 5,625
------------
228,875
------------
SECONDARY OIL & GAS PRODUCERS (2.5%)
116 Chesapeake Energy Corp., Senior Notes (Callable
01/15/09 @ $103.44)@@ (BB- , Ba3) 01/15/16 6.875 118,030
100 Continental Resources, Inc., Company Guaranteed
Notes (Callable 08/01/05 @ $101.71) (CCC+ , Caa1) 08/01/08 10.250 103,875
65 Magnum Hunter Resources, Inc., Global Company
Guaranteed Notes (Callable 03/15/07 @ $104.80) (B+ , B2) 03/15/12 9.600 73,613
100 Newfield Exploration Co., Rule 144A, Senior
Subordinated Notes (Callable 09/01/09 @ $103.31)++ (BB- , Ba3) 09/01/14 6.625 103,000
100 Plains Exploration & Production Co., Series B,
Global Company Guaranteed Notes (Callable
07/01/07 @ $104.38) (B+ , Ba3) 07/01/12 8.750 112,000
100 Swift Energy Co., Senior Subordinated Notes
(Callable 05/01/07 @ $104.69)@@ (B , B2) 05/01/12 9.375 110,500
100 Vintage Petroleum, Inc., Global Senior Subordinated
Notes (Callable 05/15/06 @ $103.94)@@ (B , B1) 05/15/11 7.875 105,000
100 Whiting Petroleum Corp., Global Senior
Subordinated Notes (Callable 5/01/08 @ $103.63) (B- , B2) 05/01/12 7.250 101,250
------------
827,268
------------
SERVICES-OTHER (3.7%)
100 Alderwoods Group, Inc., Rule 144A, Senior Notes
(Callable 09/15/08 @ $103.88)++ (B , B2) 09/15/12 7.750 104,500
250 Ameriserve Finance Trust, Rule 144A, Secured
Notes (Callable 09/15/04 @ $103.00)##++ (NR , NR) 09/15/06 12.000 13,125
150 Great Lakes Dredge & Dock Corp., Global Senior
Subordinated Notes (Callable 12/15/08 @ $103.88) (CCC , Caa2) 12/15/13 7.750 125,062
100 IESI Corp., Global Company Guaranteed Notes
(Callable 06/15/07 @ $105.12) (B- , B3) 06/15/12 10.250 108,500
100 Iron Mountain, Inc., Company Guaranteed Notes
(Callable 01/15/08 @ $103.88) (B , B3) 01/15/15 7.750 104,500
100 La Petite Academy, Inc., Series B, Company
Guaranteed Notes (Callable 05/15/05 @ $101.67) (CC , Ca) 05/15/08 10.000 84,500
100 LNR Property Corp., Series A, Global Senior
Subordinated Notes (Callable 10/15/08 @ $103.62) (B+ , Ba3) 10/15/13 7.250 105,000
</Table>
See Accompanying Notes to Financial Statements.
33
<Page>
<Table>
<Caption>
PAR RATINGS**
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
- ---------- --------------- -------- ------- ------------
CORPORATE BONDS
SERVICES-OTHER
$ 100 Morton's Restaurant Group, Inc., Global Secured
Notes (Callable 07/01/07 @ $105.30) (B- , B2) 07/01/10 7.500 $ 95,500
175 Muzak LLC/Muzak Finance, Global Senior Notes
(Callable 02/15/06 @ $105.00) (CCC+ , Caa1) 02/15/09 10.000 156,625
100 NationsRent, Inc., Rule 144A, Secured Notes
(Callable 10/15/07 @ $104.75)++ (BB- , B2) 10/15/10 9.500 107,500
100 United Rentals North America, Inc., Global Senior
Subordinated Notes (Callable 11/15/08 @ $103.88)@@ (B+ , B2) 11/15/13 7.750 93,500
100 Xerox Corp., Senior Notes@@ (B+ , Ba2) 08/15/11 6.875 104,000
------------
1,202,312
------------
TECHNOLOGY (1.5%)
100 Lucent Technologies, Inc., Notes@@ (B , Caa1) 07/15/06 7.250 104,750
100 Lucent Technologies, Inc., Notes@@ (B , Caa1) 11/15/08 5.500 96,750
100 Seagate Technology HDD Holdings, Global
Company Guaranteed Notes (Callable 05/15/06 @
$104.00)@@ (BB+ , Ba2) 05/15/09 8.000 105,500
100 Solectron Corp., Senior Notes (Callable 02/15/06 @
$104.81)@@ (B+ , B1) 02/15/09 9.625 110,500
70 UGS Corp., Rule 144A, Senior Subordinated Notes
(Callable 06/01/08 @ $105.00)++ (B- , B3) 06/01/12 10.000 76,650
------------
494,150
------------
TEXTILE/APPAREL/SHOE MANUFACTURING (0.6%)
100 BGF Industries, Inc., Series B, Senior Subordinated
Notes (Callable 01/15/05 @ $103.50) (CC , Ca) 01/15/09 10.250 91,250
100 Levi Strauss & Co., Global Senior Notes (Callable
12/15/07 @ $106.12)@@ (CCC , Ca) 12/15/12 12.250 104,250
------------
195,500
------------
TOWER (0.7%)
100 Crown Castle International Corp., Series B, Global
Senior Notes (Callable 12/01/08 @ $103.75)@@ (CCC , B3) 12/01/13 7.500 100,500
150 SBA Telecommunications, Inc., Global Senior
Discount Notes (Callable 12/15/07 @ $104.88)+ (CCC- , Caa1) 12/15/11 0.00 117,750
------------
218,250
------------
TRANSPORTATION/OTHER (0.3%)
100 Overseas Shipholding Group, Inc., Global Senior
Notes (Callable 03/15/08 @ $104.12) (BB+ , Ba1) 03/15/13 8.250 108,625
------------
UTILITIES (3.2%)
48 AES Corp., Senior Notes@@ (B- , B2) 06/01/09 9.500 53,640
50 Allegheny Energy Supply Company LLC, Global
Notes@@ (CCC+ , B3) 03/15/11 7.800 52,500
150 Aquila, Inc., Senior Notes@@ (CCC+ , Caa1) 11/15/09 7.625 153,937
100 Calpine Corp., Senior Notes@@ (CCC+ , Caa1) 04/15/09 7.750 61,750
</Table>
See Accompanying Notes to Financial Statements.
34
<Page>
<Table>
<Caption>
PAR RATINGS**
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
- ---------- --------------- -------- ------- ------------
CORPORATE BONDS
UTILITIES
$ 100 CMS Energy Corp., Senior Notes@@ (B+ , B3) 01/15/09 7.500 $ 105,000
100 Edison Mission Energy, Senior Notes (B , B2) 06/15/09 7.730 105,250
100 Mirant Americas Generation LLC, Senior Notes## (NR , NR) 05/01/06 7.625 83,750
100 Mirant Corp., Rule 144A, Senior Notes++## (D , Ca) 07/15/49 7.400 62,500
50 Nevada Power Co., Series E, Global Notes (Callable
10/15/06 @ $105.44)@@ (NR , Ba2) 10/15/09 10.875 58,000
100 Sierra Pacific Resources, Rule 144A, Senior Notes
(Callable 03/15/09 @ $104.31)++ (B- , B2) 03/15/14 8.625 105,500
200 Tnp Enterprises Incorporated, Senior Subordinated
Notes (Callable 04/01/05 @ $105.12) (BB- , B2) 04/01/10 10.250 216,000
------------
1,057,827
------------
WIRELESS (3.1%)
50 Airgate PCS, Inc., Rule 144A, Secured Notes
(Callable 01/01/06 @ $104.69)++ (CCC- , Caa1) 09/01/09 9.375 50,250
107 AirGate PCS, Inc., Secured Notes (Callable
01/01/06 @ $104.69)@@ (CCC- , Caa1) 09/01/09 9.375 107,133
200 American Cellular Corp., Series B, Global Senior
Notes (Callable 08/01/07 @ $105.00) (B- , B3) 08/01/11 10.000 163,500
100 Centennial Cellular Corp., Senior Subordinated
Notes (Callable 12/15/04 @ $103.58)@@ (CCC , Caa3) 12/15/08 10.750 103,750
100 Centennial Communications Corp., Rule 144A,
Senior Notes (Callable 02/01/09 @ $104.06)++@@ (CCC , Caa1) 02/01/14 8.125 93,250
100 iPCS, Inc., Rule 144A, Senior Notes (Callable
05/01/08 @ $105.75)++ (CCC , B3) 05/01/12 11.500 105,250
100 Nextel Communications, Inc., Senior Notes
(Callable 03/15/09 @ $102.98) (BB , Ba3) 03/15/14 5.950 95,500
150 Nextel Partners, Inc., Global Senior Notes (Callable
07/01/07 @ $104.06)@@ (B- , Caa1) 07/01/11 8.125 157,125
200 Triton PCS, Inc., Global Company Guaranteed
Notes (Callable 11/15/06 @ $104.38)@@ (B- , B3) 11/15/11 8.750 137,500
------------
1,013,258
------------
TOTAL CORPORATE BONDS (Cost $27,183,948) 26,317,098
------------
FOREIGN BONDS (3.0%)
BUILDING PRODUCTS (0.3%)
100 MAAX Corp., Rule 144A, Senior Subordinated
Notes (Callable 06/15/08 @ $104.88) (Canada)++ (B- , B3) 06/15/12 9.750 106,000
------------
CABLE (0.3%)
100 Kabel Deutschland GMBH, Rule 144A, Senior Notes
(Callable 07/01/09 @ $105.31) (Germany)++ (B , B3) 07/01/14 10.625 103,000
------------
CHEMICALS (0.7%)
100 Acetex Corp., Global Senior Notes (Callable
08/01/05 @ $105.44) (Canada) (B+ , B2) 08/01/09 10.875 110,500
100 Rhodia SA, Rule 144A, Global Senior Notes
(France)++@@ (CCC+ , B3) 06/01/10 10.250 102,500
------------
213,000
------------
</Table>
See Accompanying Notes to Financial Statements.
35
<Page>
<Table>
<Caption>
PAR RATINGS**
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
- ---------- --------------- -------- ------- ------------
FOREIGN BONDS
CONTAINERS (0.4%)
$ 100 Crown European Holdings SA, Global Secured
Notes (Callable 03/01/08 @ $105.44) (France) (B , B2) 03/01/13 10.875 $ 116,750
------------
GAMING (0.3%)
100 Kerzner International, Ltd., Global Company
Guaranteed Notes (Callable 08/15/06 @ $104.44)
(Bahamas) (B , B2) 08/15/11 8.875 110,250
------------
INDUSTRIAL - OTHER (0.0%)
504 International Utility Structures, Inc., Subordinated
Notes (Callable 02/01/05 @ $102.17) (Canada)## (NR , NR) 02/01/08 13.000 2,520
------------
PAPER & FOREST PRODUCTS (0.3%)
100 Abitibi-Consolidated Inc., Rule 144A, Notes
(Canada)++ (BB , Ba2) 06/15/11 7.750 102,750
------------
SECONDARY OIL & GAS PRODUCERS (0.7%)
100 Compton Petroleum Corp., Global Senior Notes
(Callable 05/15/06 @ $104.95) (Canada) (B , B2) 05/15/09 9.900 111,000
100 Paramount Resources, Ltd., Yankee Senior Notes
(Callable 07/15/09 @ $104.44) (Canada) (B , B3) 07/15/14 8.875 101,750
------------
212,750
------------
TOTAL FOREIGN BONDS (Cost $1,376,542) 967,020
------------
</Table>
<Table>
<Caption>
NUMBER OF
SHARES
- -----------
COMMON STOCKS (1.2%)
AUTOMOBILE MANUFACTURING/VEHICLE PARTS (0.0%)
413,097 Cambridge Industries Liquidating Trust* 4,131
------------
FOOD PROCESSORS/BEVERAGE/BOTTLING (0.3%)
70 Crunch Equity Holding LLC, Class A 100,158
------------
HEALTHCARE FACILITIES/SUPPLIES (0.0%)
1 Magellan Health Services, Inc. 25
------------
INDUSTRIAL - OTHER (0.0%)
287 First Wave Marine, Inc.*^ 1,794
------------
RETAIL-FOOD & DRUG (0.1%)
682 Archibald Candy Corp.*^ 0
------------
RETAIL STORES (0.2%)
8,710 Safelite Glass Corp., Class B*^ 43,550
588 Safelite Realty Corp.*^ 5,880
------------
49,430
------------
</Table>
See Accompanying Notes to Financial Statements.
36
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
- ---------- ------------
COMMON STOCKS
TEXTILE/APPAREL/SHOE MANUFACTURING (0.4%)
653 AGY Holdings Corp. $ 19,263
24,285 HCI Direct, Inc.*^ 121,425
2,800 Worldtex, Inc*^ 0
------------
140,688
------------
WIRELESS (0.3%)
4,405 AirGate PCS, Inc.*@@ 76,206
19,309 Dobson Communications Corp., Class A* 27,033
------------
103,239
------------
TOTAL COMMON STOCKS (Cost $1,328,040) 399,465
------------
PREFERRED STOCKS (2.3%)
BROADCAST/OUTDOOR (0.7%)
2,800 Paxson Communications Corp.* 233,100
------------
CABLE (0.0%)
11,890 DIVA Systems Corp., Series C*^ 0
------------
ENERGY - OTHER (1.3%)
312 Metretek Technologies, Inc., Series B*^ 436,800
------------
GAMING (0.0%)
1,145 Peninsula Gaming LLC* 6,871
------------
RESTAURANTS (0.0%)
10,084 AmeriKing, Inc.*^ 0
------------
SERVICES-OTHER (0.0%)
14,036 Source Media, Inc.* 1
------------
TEXTILE/APPAREL/SHOE MANUFACTURING (0.1%)
857 Worldtex, Inc* 0
------------
WIRELESS (0.3%)
300 Dobson Communications Corp., Rule 144A*++ 15,076
880 Rural Cellular Corp., Series B*@@ 73,700
------------
88,776
------------
TOTAL PREFERRED STOCKS (Cost $1,207,431) 765,548
------------
WARRANTS (0.1%)
CABLE (0.0%)
7,581 DIVA Systems Corp., Rule 144A, strike $0.01 expires March 2008*++^ 0
------------
COMPETITIVE LOCAL EXCHANGE CARRIER (CLEC) (0.0%)
2,960 Loral Space & Communications, Ltd., strike $2.37 expires December 2006* 29
------------
</Table>
See Accompanying Notes to Financial Statements.
37
<Page>
<Table>
<Caption>
NUMBER
OF
SHARES VALUE
- ------------ ------------
WARRANTS
ENERGY-OTHER (0.0%)
33,000 Metretek Technologies, Inc., expires December 2004*^ $ 1,980
------------
RESTAURANTS (0.0%)
176 New World Restaurant Group, Inc., strike $13.00 expires June 2006* 2
------------
RETAIL STORES (0.0%)
21,345 Safelite Glass Corp., Class A, strike $6.50 expires January 2010*^ 214
14,230 Safelite Glass Corp., Class B, strike $6.50 expires January 2010*^ 142
------------
356
------------
TECHNOLOGY (0.0%)
500 Orbital Imaging Corp., Rule 144A, strike $1.00 expires March 2005*++ 0
------------
TEXTILE/APPAREL/SHOE MANUFACTURING (0.0%)
544 AGY Holdings Corp. 5
------------
WIRELESS (0.0%)
500 AirGate PCS, Inc., strike $0.01 expires October 2009* 3,473
500 iPCS, Inc., Rule 144A, strike $5.50 expires July 2010*++ 5
------------
3,478
------------
TOTAL WARRANTS (Cost $54,850) 5,850
------------
<Caption>
PAR
(000) MATURITY RATE%
- ------------ -------- -----
SHORT-TERM INVESTMENTS (37.8%)
$ 4,896 State Street Bank and Trust Co. Euro Time Deposit 09/01/04 0.750 4,896,000
<Caption>
NUMBER
OF
SHARES
- ------------
7,463,168 State Street Navigator Prime Fund@@@ 7,463,168
------------
TOTAL SHORT-TERM INVESTMENTS (Cost $12,359,168) 12,359,168
------------
TOTAL INVESTMENTS AT VALUE (124.9%) (Cost $43,509,979) 40,814,149
LIABILITIES IN EXCESS OF OTHER ASSETS (-24.9%) (8,139,180)
------------
NET ASSETS (100.0%) $ 32,674,969
============
</Table>
** Credit ratings given by the Standard & Poor's Division of The McGraw-Hill
Companies, Inc. ("S&P") and Moody's Investors Service, Inc. ("Moody's") are
unaudited.
+ Step Bond -- The interest rate is as of August 31, 2004 and will reset at a
future date.
++ Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At August 31,
2004, these securities amounted to a value of $7,284,286 or 22.29% of net
assets.
## Security in default.
* Non-income producing security.
@@ Security or portion thereof is out on loan.
@@@ Represents security purchased with cash collateral received for securities
on loan.
^ Not readily marketable security; security is valued at fair value as
determined in good faith by, or under the direction of, the Board of
Directors.
See Accompanying Notes to Financial Statements.
38
<Page>
CREDIT SUISSE INSTITUTIONAL FUNDS
STATEMENT OF ASSETS AND LIABILITIES
August 31, 2004
<Table>
<Caption>
FIXED HIGH
INCOME FUND YIELD FUND
-------------- --------------
ASSETS
Investments at value, including collateral for securities on
loan of $10,328,255 and $7,463,168, respectively
(Cost $149,081,109 and $43,509,979, respectively) (Note 1) $ 151,330,961(1) $ 40,814,149(2)
Cash 500 563
Receivable for investments sold 6,878,256 --
Dividend and interest receivable 938,654 575,576
Receivable from investment adviser (Note 2) -- 100,704
Receivable for fund shares sold 10,290 15,649
Variation margin receivable 30,784 --
Receivable on open swap contracts 31,502 --
Prepaid expenses and other assets 18,573 20,544
-------------- --------------
Total Assets 159,239,520 41,527,185
-------------- --------------
LIABILITIES
Advisory fee payable (Note 2) 43,797 4,768
Administrative services fee payable (Note 2) 23,800 9,299
Distribution fee payable -- --
Payable upon return of securities loaned (Note 1) 10,328,255 7,463,168
Payable for investments purchased 19,028,549 1,018,505
Outstanding options written, at value (premiums
received $61,715, respectively) (Note 1) 24,050 --
Directors' fee payable 1,098 1,098
Unrealized depreciation on forward currency contracts (Note 1) 20,373 --
Payable for fund shares redeemed 22,899 322,881
Commitment fees payable (Note 3) 467 86
Other accrued expenses payable 54,250 32,411
-------------- --------------
Total Liabilities 29,547,538 8,852,216
-------------- --------------
NET ASSETS
Capital stock, $0.001 par value (Note 5) 8,882 3,147
Paid-in capital (Note 5) 160,150,841 83,737,225
Undistributed net investment income (loss) 973,127 (9,048)
Accumulated net realized loss from investments, futures
transactions, options written, swap contracts and foreign currency transactions (33,816,669) (48,360,525)
Net unrealized appreciation (depreciation) from investments, futures
transactions, options written, swap contracts and foreign currency translations 2,375,801 (2,695,830)
-------------- --------------
Net Assets $ 129,691,982 $ 32,674,969
============== ==============
Shares outstanding 8,882,099 3,147,407
-------------- --------------
Net asset value, offering price, and redemption price per share $ 14.60 $ 10.38
============== ==============
</Table>
(1) Including $10,119,066 of securities on loan.
(2) Including $7,311,415 of securities on loan.
See Accompanying Notes to Financial Statements.
39
<Page>
STATEMENT OF OPERATIONS
For the Year Ended August 31, 2004
<Table>
<Caption>
FIXED HIGH
INCOME FUND YIELD FUND
-------------- --------------
INVESTMENT INCOME (Note 1)
Interest $ 5,168,819 $ 2,366,705
Dividends 42,419 42,623
Securities lending 10,722 11,583
Foreign taxes withheld (768) (153)
-------------- --------------
Total investment income 5,221,192 2,420,758
-------------- --------------
EXPENSES
Investment advisory fees (Note 2) 504,497 179,414
Administrative services fees (Note 2) 109,444 48,656
Legal fees 58,682 54,831
Custodian fees 46,060 19,087
Audit fees 30,172 21,285
Registration fees 23,203 25,728
Insurance expense 20,627 16,044
Directors' fees 18,816 18,816
Printing fees (Note 2) 10,763 22,675
Transfer agent fees 3,841 4,872
Commitment fees (Note 3) 3,015 348
Interest expense (Note 3) 258 5,558
Miscellaneous expense 9,542 6,848
-------------- --------------
Total expenses 838,920 424,162
Less: fees waived and expenses reimbursed (Note 2) (233,525) (244,749)
-------------- --------------
Net expenses 605,395 179,413
-------------- --------------
Net investment income 4,615,797 2,241,345
-------------- --------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS,
FUTURES CONTRACTS, OPTIONS WRITTEN AND FOREIGN CURRENCY RELATED ITEMS
Net realized gain (loss) from investments 2,666,439 (2,794,058)
Net realized loss from futures contracts (228,280) --
Net realized gain from options written 233,036 --
Net realized gain from swap contracts 16,495
Net realized loss from foreign currency transactions (197,855) --
Net change in unrealized appreciation (depreciation) from investments 1,552,240 4,939,708
Net change in unrealized appreciation (depreciation) from futures contracts 48,500 --
Net change in unrealized appreciation (depreciation) from options written 37,664 --
Net change in unrealized appreciation (depreciation) from swap contracts 31,502
Net change in unrealized appreciation (depreciation) from foreign
currency translations 132,342 --
-------------- --------------
Net realized and unrealized gain from investments, futures contracts,
options written, swap contracts and foreign currency related items 4,292,083 2,145,650
-------------- --------------
Net increase in net assets resulting from operations $ 8,907,880 $ 4,386,995
============== ==============
</Table>
See Accompanying Notes to Financial Statements.
40
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
FIXED INCOME FUND HIGH YIELD FUND
------------------------------- -------------------------------
FOR THE YEAR ENDED AUGUST 31, FOR THE YEAR ENDED AUGUST 31,
2004 2003 2004 2003
-------------- -------------- -------------- --------------
FROM OPERATIONS
Net investment income $ 4,615,797 $ 9,088,823 $ 2,241,345 $ 7,580,121
Net realized gain (loss) from investments, futures
contracts, options written, swap contracts
and foreign currency transactions 2,489,835 (4,119,630) (2,794,058) (6,051,826)
Net change in unrealized appreciation from
investments, futures contracts,
options written, swap contracts and
foreign currency translations 1,802,248 13,994,978 4,939,708 11,745,307
-------------- -------------- -------------- --------------
Net increase in net assets resulting from operations 8,907,880 18,964,171 4,386,995 13,273,602
-------------- -------------- -------------- --------------
FROM DIVIDENDS
Dividends from net investment income (5,966,305) (13,658,022) (3,876,496) (9,351,559)
-------------- -------------- -------------- --------------
Net decrease in net assets resulting from dividends (5,966,305) (13,658,022) (3,876,496) (9,351,559)
-------------- -------------- -------------- --------------
FROM CAPITAL SHARE TRANSACTIONS (Note 5)
Proceeds from sale of shares 12,854,275 18,386,288 15,885,261 23,594,172
Reinvestment of dividends 5,764,916 13,267,833 3,813,343 3,822,498
Net asset value of shares redeemed (33,109,039) (171,583,121) (14,263,345) (91,455,967)
-------------- -------------- -------------- --------------
Net increase (decrease) in net assets from
capital share transactions (14,489,848) (139,929,000) 5,435,259 (64,039,297)
-------------- -------------- -------------- --------------
Net increase (decrease) in net assets (11,548,273) (134,622,851) 5,945,758 (60,117,254)
NET ASSETS
Beginning of year 141,240,255 275,863,106 26,729,211 86,846,465
-------------- -------------- -------------- --------------
End of year $ 129,691,982 $ 141,240,255 $ 32,674,969 $ 26,729,211
============== ============== ============== ==============
UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) $ 973,127 $ 1,753,149 $ (9,048) $ 1,231,598
============== ============== ============== ==============
</Table>
See Accompanying Notes to Financial Statements.
41
<Page>
CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND
FINANCIAL HIGHLIGHTS
(For an Institutional Class Share of the Fund Outstanding Throughout Each Year)
<Table>
<Caption>
FOR THE YEAR ENDED AUGUST 31,
---------------------------------------------------------
2004 2003 2002(1) 2001 2000
--------- --------- --------- --------- ---------
PER SHARE DATA
Net asset value, beginning of year $ 14.27 $ 14.12 $ 15.79 $ 14.95 $ 15.01
--------- --------- --------- --------- ---------
INVESTMENT OPERATIONS
Net investment income 0.50 0.67 0.83 1.02 0.94
Net gain (loss) on investments,
future contracts, options written,
swap contracts and foreign currency
related items (both realized 0.46 0.35 (1.27) 0.85 (0.01)
and unrealized) --------- --------- --------- --------- ---------
Total from investment operations 0.96 1.02 (0.44) 1.87 0.93
--------- --------- --------- --------- ---------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.63) (0.87) (0.83) (1.03) (0.97)
Distributions from net realized gains -- -- (0.40) -- (0.02)
--------- --------- --------- --------- ---------
Total dividends and distributions (0.63) (0.87) (1.23) (1.03) (0.99)
--------- --------- --------- --------- ---------
NET ASSET VALUE, END OF YEAR $ 14.60 $ 14.27 $ 14.12 $ 15.79 $ 14.95
========= ========= ========= ========= =========
Total return(2) 6.86% 7.40% (2.92)% 13.0 6.43%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 129,692 $ 141,240 $ 275,863 $ 532,627 $ 440,345
Ratio of expenses to average net
assets(3) 0.45% 0.45% 0.45% 0.45% 0.45%
Ratio of net investment income to
average net assets 3.43% 4.18% 5.41% 6.71% 6.51%
Decrease reflected in above operating
expense ratios due to 0.17% 0.14% 0.05% 0.06% 0.11%
waivers/reimbursements
Portfolio turnover rate 375% 519% 526% 449% 520%
</Table>
(1) As required, effective September 1, 2001, the Fund adopted the provisions
of AICPA Audit and Accounting Guide for Investment Companies and began
including paydown gains and losses in interest income. The effect of this
change for the year ended August 31, 2002 was to increase net investment
income per share by $0.01, decrease net realized and unrealized gains and
losses per share by $0.01 and increase the ratio of net investment income
to average net assets from 5.37% to 5.41%. Per share ratios and
supplemental data for prior periods have not been restated to reflect this
change.
(2) Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been lower.
Total returns for periods less than one year are not annualized.
(3) Interest earned on uninvested cash balances may be used to offset portions
of the transfer agent expense. For the years ended August 31, 2004, 2003,
2002, 2001 and 2000, there was no effect on the net operating expense ratio
because of transfer agent credits.
See Accompanying Notes to Financial Statements.
42
<Page>
CREDIT SUISSE INSTITUTIONAL HIGH YIELD FUND
FINANCIAL HIGHLIGHTS
(For an Institutional Class Share of the Fund Outstanding Throughout Each Year)
<Table>
<Caption>
FOR THE YEAR ENDED AUGUST 31,
-------------------------------------------------------------
2004 2003 2002 2001 2000
--------- --------- --------- --------- ---------
PER SHARE DATA
Net asset value, beginning of year $ 10.26 $ 9.90 $ 11.84 $ 14.11 $ 15.32
--------- --------- --------- --------- ---------
INVESTMENT OPERATIONS
Net investment income 1.01 1.14 1.17 1.40 1.41
Net gain (loss) on investments
(both realized and unrealized) 0.72 0.41 (1.94) (2.21) (1.13)
--------- --------- --------- --------- ---------
Total from investment operations 1.73 1.55 (0.77) (0.81) 0.28
--------- --------- --------- --------- ---------
LESS DIVIDENDS
Dividends from net investment income (1.61) (1.19) (1.17) (1.46) (1.49)
--------- --------- --------- --------- ---------
NET ASSET VALUE, END OF YEAR $ 10.38 $ 10.26 $ 9.90 $ 11.84 $ 14.11
========= ========= ========= ========= =========
Total return(1) 18.27% 6.96% (6.88)% (5.71)% 1.84%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 32,675 $ 26,729 $ 86,846 $ 98,008 $ 94,333
Ratio of expenses to average net
assets(2) 0.70% 0.70% 0.70% 0.70% 0.70%
Ratio of net investment income to
average net assets 8.74% 10.15% 10.15%(3) 11.06% 9.59%
Decrease reflected in above operating
expense ratios due to
waivers/reimbursements 0.95% 0.40% 0.27% 0.30% 0.45%
Portfolio turnover rate 30% 56% 52% 20% 31%
</Table>
(1) Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been lower.
Total returns for periods less than one year are not annualized.
(2) Interest earned on uninvested cash balances may be used to offset portions
of the transfer agent expense. For the years ended August 31, 2004, 2003,
2002, 2001 and 2000, there was no effect on the net operating expense ratio
because of transfer agent credits.
(3) During the year ended August 31, 2002, the Fund experienced an increase in
its interest income of 0.67% as a result of additional accretion income not
accrued in prior periods. The Fund's net investment income ratio disclosed
above excludes the effect of the increase.
See Accompanying Notes to Financial Statements.
43
<Page>
CREDIT SUISSE INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS
August 31, 2004
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Credit Suisse Institutional Funds covered in this report are Credit Suisse
Institutional Fixed Income Fund ("Fixed Income"), and Credit Suisse
Institutional High Yield Fund ("High Yield") (each, a "Fund" and collectively,
the "Funds"). Each Fund was incorporated under the laws of the State of Maryland
on July 31, 1998 and is a diversified, open-end management investment company
registered under the Investment Company Act of 1940, as amended.
Each Fund seeks high total return as their investment objective.
Each Fund is authorized to offer three classes of shares, Common Class,
Advisor Class and Institutional Class shares, although each Fund currently
offers only Institutional Class shares.
A) SECURITY VALUATION -- The net asset value of each Fund is determined daily
as of the close of regular trading on the New York Stock Exchange, Inc. (the
"Exchange") on each day the Exchange is open for business. Debt securities with
a remaining maturity greater than 60 days are valued in accordance with the
price supplied by a pricing service, which may use a matrix, formula or other
objective method that takes into consideration market indices, yield curves and
other specific adjustments. Debt obligations that will mature in 60 days or less
are valued on the basis of amortized cost, which approximates market value,
unless it is determined that using this method would not represent fair value.
Each Fund's equity investments are valued at market value, which is generally
determined using the closing price on the exchange or market on which the
security is primarily traded at the time of valuation (the "Valuation Time"). If
no sales are reported, equity investments are generally valued at the most
recent bid quotation as of the Valuation Time or at the lowest asked quotation
in the case of a short sale of securities. Securities and other assets for which
market quotations are not readily available, or whose values have been
materially affected by events occurring before each Fund's Valuation Time but
after the close of the securities' primary markets, are valued at fair value as
determined in good faith by, or under the direction of, the Board of Directors
under procedures established by the Board of Directors. The Funds may utilize a
service provided by an independent third party which has been approved by the
Board of Directors to fair value certain securities.
B) FOREIGN CURRENCY TRANSACTIONS -- The books and records of the Funds are
maintained in U.S. dollars. Transactions denominated in foreign currencies are
recorded at the current prevailing exchange rates. All assets and liabilities
denominated in foreign currencies are translated into
44
<Page>
U.S. dollar amounts at the current exchange rate at the end of the period.
Translation gains or losses resulting from changes in the exchange rate during
the reporting period and realized gains and losses on the settlement of foreign
currency transactions are reported in the results of operations for the current
period. The Funds do not isolate that portion of realized gains and losses on
investments in equity securities which is due to changes in the foreign exchange
rate from that which is due to changes in market prices of equity securities.
The Funds isolate that portion of realized gains and losses on investments in
debt securities which is due to changes in the foreign exchange rate from that
which is due to changes in market prices of debt securities.
C) SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted for on a trade date basis. Interest income is recorded on the accrual
basis. Dividends are recorded on the ex-dividend date. The cost of investments
sold is determined by use of the specific identification method for both
financial reporting and income tax purposes.
D) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net
investment income are declared and paid quarterly. Distributions of net realized
capital gains, if any, are declared and paid at least annually. However, to the
extent that a net realized capital gain can be reduced by a capital loss
carryforward, such gain will not be distributed. Income and capital gain
distributions are determined in accordance with federal income tax regulations,
which may differ from accounting principles generally accepted in the United
States of America ("GAAP").
E) FEDERAL INCOME TAXES -- No provision is made for federal taxes as it is
each Fund's intention to have the Fund continue to qualify for and elect the tax
treatment applicable to regulated investment companies under the Internal
Revenue Code of 1986, as amended, and make the requisite distributions to its
shareholders which will be sufficient to relieve it from federal income and
excise taxes.
F) USE OF ESTIMATES -- The preparation of financial statements in conformity
with GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure 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.
45
<Page>
G) SHORT-TERM INVESTMENTS -- The Funds, together with other funds/portfolios
advised by Credit Suisse Asset Management, LLC ("CSAM"), an indirect,
wholly-owned subsidiary of Credit Suisse Group, pool available cash into either
a short-term variable rate time deposit issued by State Street Bank and Trust
Company ("SSB"), the Funds' custodian, or a money market fund advised by CSAM.
The short-term time deposit issued by SSB is a variable rate account classified
as a short-term investment.
H) FORWARD FOREIGN CURRENCY CONTRACTS -- Each Fund may enter into forward
foreign currency contracts for the purchase or sale of a specific foreign
currency at a fixed price on a future date. Risks may arise upon entering into
these contracts from the potential inability of counterparties to meet the terms
of their contracts and from unanticipated movements in the value of a foreign
currency. Each Fund will enter into forward foreign currency contracts primarily
for hedging purposes. Forward foreign currency contracts are adjusted by the
daily exchange rate of the underlying currency and any gains or losses are
recorded for financial statement purposes as unrealized until the contract
settlement date or an offsetting position is entered into.
At August 31, 2004, Fixed Income had the following open forward foreign
currency contracts:
<Table>
<Caption>
EXPIRATION FOREIGN CURRENCY CONTRACT CONTRACT UNREALIZED
FORWARD FOREIGN CURRENCY CONTRACT DATE TO BE PURCHASED/(SOLD) AMOUNT VALUE GAIN (LOSS)
- --------------------------------- ---------- ---------------------- -------------- ------------ ------------
Australian Dollar 10/13/04 A$ 2,700,000 $ 1,896,075 $ 1,900,056 $ 3,981
Swiss Franc 10/13/04 Swf 1,500,000 1,194,268 1,187,960 (6,308)
Swiss Franc 10/13/04 Swf 1,600,000 1,258,416 1,267,157 8,741
Swiss Franc 10/13/04 Swf 2,300,000 1,808,972 1,821,538 12,566
Swiss Franc 10/13/04 Swf (1,500,000) (1,203,061) (1,187,960) 15,101
Swiss Franc 10/13/04 Swf (2,300,000) (1,844,693) (1,821,538) 23,155
European Economic Unit 10/13/04 EURO (1,105,000) (1,329,691) (1,345,599) (15,908)
European Economic Unit 10/13/04 EURO 3,102,000 3,794,118 3,777,421 (16,697)
European Economic Unit 10/13/04 EURO 1,098,000 1,342,986 1,337,076 (5,910)
European Economic Unit 10/13/04 EURO (1,098,000) (1,329,678) (1,337,076) (7,398)
European Economic Unit 10/13/04 EURO (3,102,000) (3,746,285) (3,777,421) (31,136)
European Economic Unit 10/13/04 EURO (498,000) (601,434) (606,433) (4,999)
British Pound 10/13/04 L 690,500 1,238,757 1,240,191 1,434
British Pound 10/13/04 L (690,500) (1,263,256) (1,240,191) 23,065
British Pound 10/13/04 L (1,400,000) (2,505,580) (2,514,508) (8,928)
Japanese Yen 10/13/04 Y 144,092,000 1,329,691 1,324,313 (5,378)
Japanese Yen 10/13/04 Y 137,600,000 1,263,022 1,264,647 1,625
Japanese Yen 10/13/04 Y 5,000,000 45,895 45,954 59
Japanese Yen 10/13/04 Y (5,000,000) (46,468) (45,953) 515
Japanese Yen 10/13/04 Y (75,000,000) (681,353) (689,306) (7,953)
-------------- ------------ ------------
$ 620,701 $ 600,328 $ (20,373)
============== ============ ============
</Table>
46
<Page>
I) TBA PURCHASE COMMITMENTS -- Each Fund may enter into "TBA" (to be
announced) purchase commitments to purchase securities for a fixed price at a
future date, typically not exceeding 45 days. TBA purchase commitments may be
considered securities in themselves, and involve a risk of loss if the value of
the security to be purchased declines prior to settlement date. This risk is in
addition to the risk of decline in the Fund's other assets. Unsettled TBA
purchase commitments are valued at the current market value of the underlying
securities, according to the procedures described under "Security Valuation"
above.
J) FUTURES -- Each Fund may enter into futures contracts to the extent
permitted by its investment policies and objectives. Upon entering into a
futures contract, each Fund is required to deposit cash or pledge U.S.
Government securities as initial margin. Subsequent payments, which are
dependent on the daily fluctuations in the value of the underlying instrument,
are made or received by the Fund each day (daily variation margin) and are
recorded as unrealized gains or losses until the contracts are closed.
When the contracts are closed, the Fund records a realized gain or loss equal
to the difference between the proceeds from (or cost of) the closing
transactions and the Fund's basis in the contract. Risks of entering into
futures contracts for hedging purposes include the possibility that a change in
the value of the contract may not correlate with the changes in the value of the
underlying instruments. In addition, the purchase of a futures contract involves
the risk that the Fund could lose more than the original margin deposit and
subsequent payments required for a futures transaction. At August 31, 2004,
Fixed Income had the following open futures contracts:
<Table>
<Caption>
UNREALIZED
NUMBER OF EXPIRATION CONTRACT CONTRACT APPRECIATION/
FUTURES CONTRACTS CONTRACTS DATE AMOUNT VALUE (DEPRECIATION)
- ----------------- --------- ---------- ---------------- ---------------- ----------------
US Treasury Bonds Futures 59 12/20/04 $ 6,464,071 $ 6,567,437 $ 103,366
US Treasury 5 Year Notes Futures 117 12/20/04 12,861,278 12,948,609 87,331
---------------- ---------------- ----------------
19,325,349 19,516,046 190,697
---------------- ---------------- ----------------
US Treasury 10 Year Notes Futures (94) 12/20/04 (10,447,697) (10,557,375) (109,678)
US Treasury 2 Year Notes Futures (13) 12/20/04 (2,747,809) (2,751,734) (3,925)
---------------- ---------------- ----------------
(13,195,506) (13,309,109) (113,603)
---------------- ---------------- ----------------
$ 6,129,843 $ 6,206,937 $ 77,094
================ ================ ================
</Table>
K) OPTIONS -- Fixed Income may purchase and write (sell) call and put options
on securities, currencies and swap agreements (options on swap agreements are
commonly known as "swaptions"). The Fund may write covered and uncovered put and
call options and purchase put and call options
47
<Page>
for hedging purposes or to increase total return. The risk associated with
purchasing an option is that the Fund pays a premium whether or not the option
is exercised. Additionally, the Fund bears the risk of loss of premium and
change in market value should the counterparty not perform under the contract.
Put and call options purchased are accounted for in the same manner as portfolio
securities. The cost of securities acquired through the exercise of call options
is increased by the premium paid. The proceeds from securities sold through the
exercise of put options are decreased by the premium paid.
When the Fund writes an option, the premium received by the Fund is recorded
as a liability and is subsequently adjusted to the current market value of the
option written. Premiums received from writing options that expire unexercised
are recorded by the Fund on the expiration date as realized gains from options
transactions. The difference between the premium received and the amount paid on
effecting a closing purchase transaction, including brokerage commissions, is
also treated as a realized gain, or if the premium received is less than the
amount paid for the closing purchase transaction, as a realized loss. If a call
option is exercised, the premium received is added to the proceeds from the sale
of the underlying security in determining whether the Fund has realized a gain
or loss. If a put option is exercised, the premium received reduces the cost
basis of the security purchased by the Fund. The risk involved in writing an
option is that, if the option is exercised, the underlying security could then
be purchased or sold by the Fund at a disadvantageous price. Uncovered options
are riskier than covered options because there is no underlying security held by
the Fund that can act as a partial hedge. Uncovered calls have speculative
characteristics and the potential for loss is unlimited. There is also a risk
that the securities on which the option is written may not be available for
purchase if the call option is exercised. Uncovered put options have speculative
characteristics and the potential loss is substantial.
Exchange-traded options are valued at the last sale price in the market where
such contracts are principally traded. OTC equity index options are priced
according to the contract specifications (days to expiration, current spot index
level, interest rates, dividends, strike price) using the Black-Scholes pricing
model, modified for dividends. The volatility input assumption is interpolated
from the previous day's price. On a weekly basis and at month end, CSAM receives
a price indication sheet from various broker dealers and inputs these prices to
update the volatility.
48
<Page>
Transactions in written put and call options for the fiscal year ended August
31, 2004 were as follows:
<Table>
<Caption>
NUMBER OF CONTRACTS PREMIUMS RECEIVED
------------------- -----------------
Options outstanding at beginning of period -- $ --
Options written 1,399 783,500
Options expired (268) (154,483)
Options terminated in closing purchase transactions (983) (567,302)
Options exercised -- --
----- ------------
Options outstanding at end of period 148 $ 61,715
===== ============
</Table>
L) SWAPS -- Fixed Income may enter into index swaps for hedging purposes or to
seek to increase total return. A swap is an agreement that obligates two parties
to exchange a series of cash flows at specified intervals based upon or
calculated by reference to changes in specified prices or rates for a specified
amount of an underlying asset or notional principal amount. The Fund will enter
into index swaps only on a net basis, which means that the two payment streams
are netted out, with the Fund receiving or paying, as the case may be, only the
net amount of the two payments. Risks may arise as a result of the failure of
the counterparty to the swap contract to comply with the terms of the swap
contract. The loss incurred by the failure of a counterparty is generally
limited to the net interest payment to be received by the Fund, and/or the
termination value at the end of the contract. Therefore, the Fund considers the
creditworthiness of each counterparty to a swap contract in evaluating potential
credit risk. Additionally, risks may arise from unanticipated movements in
interest rates or in the value of the underlying reference asset or index.
The Fund records unrealized gains or losses on a daily basis representing the
value and the current net receivable or payable relating to open swap contracts.
Net amounts received or paid on the swap contract are recorded as realized gains
or losses. Fluctuations in the value of swaps contracts are recorded for
financial statement purposes as unrealized appreciation or depreciation of swap
contracts. Realized gains and losses from terminated swaps are included in net
realized gains/losses on swap contracts transactions. At August 31, 2004 the
Fund had outstanding swap contracts as follows:
<Table>
<Caption>
NET UNREALIZED APPRECIATION
DESCRIPTION NOTIONAL AMOUNT EXPIRATION DATE (DEPRECIATION)
----------- --------------- --------------- ---------------------------
Lehman CMBS AAA Total Return Swap 1,515,000 9/1/2004 $ 31,502
</Table>
49
<Page>
M) SECURITIES LENDING -- Loans of securities are required at all times to be
secured by collateral at least equal to 102% of the market value of domestic
securities on loan (including any accrued interest thereon) and 105% of the
market value of foreign securities on loan (including any accrued interest
thereon). Cash collateral received by each Fund in connection with securities
lending activity may be pooled together with cash collateral for other
funds/portfolios advised by CSAM and may be invested in a variety of
investments, including certain CSAM-advised funds, funds advised by SSB, the
Funds' securities lending agent or money market instruments. However, in the
event of default or bankruptcy by the other party to the agreement, realization
and/or retention of the collateral may be subject to legal proceedings.
The market value of securities on loan to brokers and the value of collateral
held by each Fund with respect to such loans at August 31, 2004 are as follows:
<Table>
<Caption>
MARKET VALUE OF VALUE OF
FUND SECURITIES LOANED COLLATERAL RECEIVED
---- ----------------- -------------------
Fixed Income $ 10,119,066 $ 10,328,255
High Yield 7,311,415 7,463,168
</Table>
Prior to March 17, 2004, Credit Suisse First Boston ("CSFB"), an affiliate of
CSAM, had been engaged by the Funds to act as each Fund's securities lending
agent. 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 Funds to act as the
Funds' securities lending agent. The Funds' securities lending arrangement
provides that the Funds and SSB will share the net income earned from securities
lending activities with the Funds receiving 70% and SSB receiving 30% of the
earnings from the investment of cash collateral or any other securities lending
income in accordance with the provisions of the securities lending agency
agreement. The Funds may also be entitled to certain minimum amounts of income
from their securities lending activities. Securities lending income is accrued
as earned.
N) OTHER -- Lower-rated debt securities (commonly known as "junk bonds")
possess speculative characteristics and are subject to greater market
fluctuations and risk of lost income and principal than higher-rated debt
securities for a variety of reasons. Also, during an economic downturn or
substantial period of rising interest rates, highly leveraged issuers may
experience financial stress which would adversely affect their ability to
service
50
<Page>
their principal and interest payment obligations, to meet projected business
goals and to obtain additional financing.
In addition, periods of economic uncertainty and changes can be expected to
result in increased volatility of market prices of lower-rated debt securities
and (to the extent a Fund invests in junk bonds) each Funds' net asset value.
The Funds may invest in securities of foreign countries and governments which
involve certain risks in addition to those inherent in domestic investments.
Such risks generally include, among others, currency risk (fluctuations in
currency exchange rates), information risk (key information may be inaccurate or
unavailable) and political risk (expropriation, nationalization or the
imposition of capital or currency controls or punitive taxes). Other risks of
investing in foreign securities include liquidity and valuation risks.
The Funds may be subject to taxes imposed by countries in which they invest
with respect to their investments in issuers existing or operating in such
countries. Such taxes are generally based on income earned or repatriated and
capital gains realized on the sale of such investments. The Funds accrue such
taxes when the related income or gains are earned.
NOTE 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
CSAM serves as investment adviser for each Fund. For its investment advisory
services, CSAM is entitled to receive a fee from each Fund based on the
following fee schedule:
<Table>
<Caption>
FUND ANNUAL RATE
---- -----------
Fixed Income 0.375% of average daily net assets
High Yield 0.70% of average daily net assets
</Table>
For the year ended August 31, 2004, investment advisory fees earned,
voluntarily waived, and expenses reimbursed for each Fund were as follows:
<Table>
<Caption>
GROSS NET
ADVISORY ADVISORY EXPENSE
FUND FEE WAIVER FEE REIMBURSEMENTS
---- --------- ---------- --------- --------------
Fixed Income $ 504,497 $ (233,525) $ 270,972 $ --
High Yield 179,414 (179,414) -- (65,335)
</Table>
The receivable from investment adviser was due to the revaluation of an
illiquid security which occurred during the High Yield Fund's fiscal year.
Subsequent to the fiscal year end, CSAM made a capital contribution to the Fund
to settle the receivable.
51
<Page>
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of
CSAM, and SSB serve as co-administrators to the Funds.
No compensation is payable by the Funds to CSAMSI for co-administrative
services.
For its co-administrative services, SSB receives a fee, exclusive of
out-of-pocket expenses, based upon the following fee schedule calculated in
total for all the Credit Suisse funds/portfolios co-administered by SSB and
allocated based upon relative average net assets of each fund/portfolio subject
to an annual minimum fee.
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ -----------
First $5 billion 0.050% of average daily net assets
Next $5 billion 0.035% of average daily net assets
Over $10 billion 0.020% of average daily net assets
</Table>
For the year ended August 31, 2004, co-administrative service fees earned by
SSB (including out-of-pocket expenses) were as follows:
<Table>
<Caption>
FUND CO-ADMINISTRATION FEE
---- ---------------------
Fixed Income $ 109,444
High Yield 48,656
</Table>
In addition to serving as each Fund's co-administrator, CSAMSI currently
serves as distributor of each Fund's shares without compensation.
For the year ended August 31, 2004, CSFB received fees for its securities
lending activities as follows:
<Table>
<Caption>
FUND AMOUNT
---- ------
Fixed Income $ 1,248
High Yield 2,437
</Table>
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by the
Funds to provide certain financial printing and fulfillment services. For the
year ended August 31, 2004, Merrill was paid for its services to the Funds as
follows:
<Table>
<Caption>
FUND AMOUNT
---- ------
Fixed Income $ 12,494
High Yield 12,483
</Table>
52
<Page>
NOTE 3. LINE OF CREDIT
The Funds, 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 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 August 31, 2004, the Funds
had no loans outstanding under the Credit Facility. During the year ended August
31, 2004, the Funds had borrowings under the Credit Facility as follows:
<Table>
<Caption>
WEIGHTED
AVERAGE MAXIMUM
AVERAGE DAILY INTEREST DAILY LOAN
FUND LOAN BALANCE RATE% OUTSTANDING
---- ------------- -------- -----------
Fixed Income $ 100,750 2.063% $ 115,000
High Yield 1,035,882 1.531% 2,066,000
</Table>
NOTE 4. PURCHASES AND SALES OF SECURITIES
For year ended August 31, 2004, purchases and sales of investment securities
(excluding short-term investments) and U.S. Government and Agency Obligations
were as follows:
<Table>
<Caption>
INVESTMENTS U.S. GOVERNMENT AND AGENCY OBLIGATIONS
---------------------------- --------------------------------------
FUND PURCHASES SALES PURCHASES SALES
---- ------------- ------------- ---------------- ----------------
Fixed Income $ 525,422,893 $ 525,324,970 $ 451,759,236 $ 448,133,009
High Yield 11,427,891 7,456,820 -- --
</Table>
In connection with a review of the Funds, CSAM became aware of certain
portfolio transactions undertaken on behalf of the Funds with respect to which
the Funds paid commissions. Upon further analysis, CSAM believes that such
transactions could have been effected in a more efficient manner for the Funds
and, as a result, CSAM paid the amount of the commissions, with interest, to the
Funds. The payment amount did not have a material effect on the Funds' net asset
value per share.
53
<Page>
NOTE 5. CAPITAL SHARE TRANSACTIONS
Each Fund is authorized to issue three billion full and fractional shares of
capital stock, $.001 par value per share. Transactions in capital shares for
each Fund were as follows:
<Table>
<Caption>
FIXED INCOME FUND
---------------------------------------
INSTITUTIONAL CLASS
---------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
AUGUST 31, 2004 AUGUST 31, 2003
------------------ ------------------
Shares sold 887,034 1,281,297
Shares issued in reinvestment
of dividends 400,254 936,435
Shares redeemed (2,300,558) (11,864,210)
------------------ ------------------
Net decrease (1,013,270) (9,646,478)
================== ==================
<Caption>
HIGH YIELD FUND
---------------------------------------
INSTITUTIONAL CLASS
---------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
AUGUST 31, 2004 AUGUST 31, 2003
------------------ ------------------
Shares sold 1,547,730 2,400,294
Shares issued in reinvestment
of dividends 381,556 396,530
Shares redeemed (1,385,899) (8,965,487)
------------------ ------------------
Net increase (decrease) 543,387 (6,168,663)
================== ==================
</Table>
On August 31, 2004, the number of shareholders that held 5% or more of the
outstanding shares of each Fund was as follows:
<Table>
<Caption>
NUMBER OF APPROXIMATE PERCENTAGE
FUND SHAREHOLDERS OF OUTSTANDING SHARES
---- ------------ ----------------------
Fixed Income 3 86%
High Yield 3 83%
</Table>
Some of the shareholders are omnibus accounts, which hold shares on behalf of
several individual shareholders.
NOTE 6. FEDERAL INCOME TAXES
Income and capital gain distributions are determined in accordance with
federal income tax regulations, which may differ from GAAP. These differences
are primarily due to differing treatments of foreign currency transactions,
losses deferred due to wash sales, Post-October losses, paydown gains/losses and
defaulted bonds.
54
<Page>
The tax character of dividends and distributions paid during the year ended
August 31, 2004 and 2003 were as follows:
<Table>
<Caption>
ORDINARY INCOME LONG-TERM CAPITAL GAIN
------------------------- -------------------------
2004 2003 2004 2003
----------- ------------ ----------- ------------
Fixed Income $ 5,966,305 $ 13,658,022 $ -- $ --
High Yield 3,876,496 9,351,559 -- --
</Table>
At August 31, 2004, the components of distributable earnings on a tax basis
were as follows:
<Table>
<Caption>
FIXED INCOME HIGH YIELD
--------------- ---------------
Undistributed ordinary income $ 1,086,349 $ 785,024
Accumulated net realized loss (33,708,058) (45,456,865)
Unrealized appreciation/(depreciation) 2,153,905 (3,497,087)
Undistributed capital-other -- (2,896,475)
--------------- ---------------
$ (30,467,804) $ (51,065,403)
=============== ===============
</Table>
At August 31, 2004, the Funds had capital loss carryforwards available to
offset possible future capital gains as follows:
<Table>
<Caption>
EXPIRES AUGUST 31,
------------------------------------------------------------------------------------
2005 2007 2008 2010 2011 2012
----------- --------- ----------- ----------- ------------ -----------
Fixed Income $ -- $ -- $ -- $ -- $ 33,708,058 $ --
High Yield 3,354,749 341,638 1,857,162 9,989,083 24,516,347 5,397,886
</Table>
It is uncertain whether the Funds will be able to realize the benefits before
they expire.
Under current tax law, certain capital losses realized after October 31 within
a taxable year may be deferred and treated as occurring on the first day of the
following tax year. The Funds will be unable to realize the benefit from these
losses if they cannot realize gains on investments prior to the expiration of
the loss carryforwards. For the tax year ended August 31, 2004, the Funds
elected to defer net losses arising between November 1, 2003 and August 31, 2004
as follows:
<Table>
<Caption>
FUND AMOUNT
---- ------
Fixed Income $ --
High Yield 2,896,475
</Table>
55
<Page>
As of August 31, 2004, the identified cost for federal income tax purposes, as
well as the gross unrealized appreciation from investments for those securities
having an excess of value over cost, gross unrealized depreciation from
investments for those securities having an excess of cost over value and the net
unrealized appreciation (depreciation) from investments were as follows:
<Table>
<Caption>
GROSS NET UNREALIZED
IDENTIFIED UNREALIZED GROSS UNREALIZED APPRECIATION/
FUND COST APPRECIATION (DEPRECIATION) (DEPRECIATION)
---- ------------- ------------ ---------------- ---------------
Fixed Income $ 149,177,056 $ 2,525,441 $ (371,536) $ 2,153,905
High Yield 44,311,232 1,577,218 (5,074,301) (3,497,083)
</Table>
At August 31, 2004, accumulated undistributed net investment income,
accumulated net realized gain (loss) from investments and paid-in capital have
been adjusted for current period permanent book/tax differences, which arose
principally from differing book/tax treatments of paydown gains/losses,
defaulted bonds, forward foreign currency contracts and gains from swap
contracts. Net assets were not affected by these reclassifications:
<Table>
<Caption>
INCREASE (DECREASE)
----------------------------------------------
ACCUMULATED NET
REALIZED GAIN
PAID-IN UNDISTRIBUTED NET (LOSS) ON
FUND CAPITAL INVESTMENT INCOME INVESTMENTS
---- ------- ----------------- ---------------
Fixed Income $ -- $ 570,486 $ (570,486)
High Yield -- 394,505 (394,505)
</Table>
NOTE 7. CONTINGENCIES
In the normal course of business, the Funds may provide general
indemnifications pursuant to certain contracts and organizational documents. The
Funds maximum exposure under these arrangements is dependent on future claims
that may be made against the Funds and, therefore, cannot be estimated; however,
based on experience, the risk of loss from such claims is considered remote.
NOTE 8. CHANGE IN FISCAL YEAR END
The Board of Directors adopted a change in the Funds fiscal year end to
December 31. This change is effective beginning with the current fiscal period,
which will run for the period from September 1, 2004 to December 31, 2004.
56
<Page>
CREDIT SUISSE INSTITUTIONAL FUNDS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareholders of
Credit Suisse Institutional Fixed Income Fund, Inc. and
Credit Suisse Institutional High Yield Fund, Inc.:
In our opinion, the accompanying statements of assets and liabilities,
including the schedules of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Credit Suisse Institutional Fixed
Income Fund, Inc. and Credit Suisse Institutional High Yield Fund, Inc.,
(hereafter referred to as the "Funds") at August 31, 2004, the results of each
of their operations for the year then ended, the changes in each of their net
assets for each of the two years in the period then ended and the financial
highlights for each of the five years in the period then ended, in conformity
with accounting principles generally accepted in the United States of America.
These financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Funds' management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
the standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at August 31, 2004 by
correspondence with the custodian and brokers, provide a reasonable basis for
our opinion.
PricewaterhouseCoopers LLP
Baltimore, Maryland
October 14, 2004
57
<Page>
CREDIT SUISSE INSTITUTIONAL FUNDS
INFORMATION CONCERNING DIRECTORS AND OFFICERS (UNAUDITED)
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH FUND SERVED PAST FIVE YEARS DIRECTOR HELD BY DIRECTOR
- -------------------------- -------------- -------------- --------------------------- -------------- -------------------
INDEPENDENT DIRECTORS
Richard H. Francis Director, Since Currently retired 42 None
c/o Credit Suisse Asset Nominating 1999
Management, LLC and Audit
466 Lexington Avenue Committee
New York, New York Member
10017-3140
Date of Birth: 04/23/32
Jeffrey E. Garten Director, Since Dean of Yale 41 Director of
Box 208200 Nominating 1998 School of Aetna, Inc.
New Haven, Connecticut and Audit Management and (insurance
06520-8200 Committee William S. Beinecke company);
Member Professor in the Director of
Date of Birth: 10/29/46 Practice of Calpine
International Trade Corporation
and Finance from (energy
November 1995 to provider);
present Director of
CarMax Group
(used car
dealers).
Peter F. Krogh Director, Since Dean Emeritus and 41 Director of
301 ICC Nominating 2001 Distinguished Professor Carlisle
Georgetown University and Audit of International Affairs Companies
Washington, DC 20057 Committee at the Edmund A. Incorporated
Member Walsh School of (diversified
Date of Birth: 02/11/37 Foreign Service, manufacturing
Georgetown University company).
from June 1995 to
present.
</Table>
- ----------
(1) Each Director and Officer serves until his or her respective successor has
been duly elected and qualified.
58
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH FUND SERVED PAST FIVE YEARS DIRECTOR HELD BY DIRECTOR
- -------------------------- -------------- -------------- --------------------------- -------------- -------------------
INDEPENDENT DIRECTORS
James S. Pasman, Jr. Director, Since Currently retired 43 Director of
c/o Credit Suisse Asset Nominating 1999 Education
Management, LLC and Audit Management
466 Lexington Avenue Committee Corp.
New York, New York Member
10017-3140
Date of Birth: 12/20/30
Steven N. Rappaport Director, Since Partner of Lehigh Court, 43 Director of
Lehigh Court, LLC Nominating 1999 LLC and RZ Capital Presstek, Inc.
40 East 52nd Street Committee (private investment (digital imaging
New York, New York Member firms) (7/02 - present); technologies
10022 and Audit Transition Adviser to company);
Committee SunGard Securities Director of
Date of Birth: 07/10/48 Chairman Finance, Inc. from Wood
February 2002 to Resources, LLC
July 2002; President of (plywood
SunGard Securities manufacturing
Finance, Inc. from company).
2001 to February 2002;
President of Loanet, Inc.
(on-line accounting
service) from 1997 to
2001
INTERESTED DIRECTORS
Michael E. Kenneally(2) Chairman Since Chairman and Global 49 None
Credit Suisse Asset and Chief 2004 Chief Executive Officer of
Management, LLC Executive CSAM since 2003;
466 Lexington Avenue Officer Chairman and
New York, New York Chief Investment Officer
10017-3140 of Banc of America
Capital Management
Date of Birth: 03/30/54 from 1998 to March
2003.
</Table>
- ----------
(2) Mr. Kenneally is a Director who is an "interested person" of the Funds as
defined in the 1940 Act, because he is an officer of CSAM.
59
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH FUND SERVED PAST FIVE YEARS DIRECTOR HELD BY DIRECTOR
- -------------------------- -------------- -------------- --------------------------- -------------- -------------------
INTERESTED DIRECTORS
William W. Priest(3) Director Since Chief Executive Officer 48 Director of
Epoch Investment Partners 1999 of J Net Enterprises, Inc. Globe Wireless,
667 Madison Avenue (technology holding LLC (maritime
New York, NY 10021 company) since communication
June 2004; Chief company);
Date of Birth: 09/24/41 Executive Officer of Epoch Director of
Investment Partners, Inc. InfraRed X
since April 2004. (medical device
Co-Managing Partner, company);
Steinberg Priest & Sloane Director of J Net
Capital Management, LLC Enterprises, Inc.
from 2001 to March 2004
since March 2001; Chairman
and Managing Director of
CSAM from 2000 to
February 2001, Chief
Executive Officer and
Managing Director of CSAM
from 1990 to 2000
</Table>
- ----------
(3) Mr. Priest is a Director who is an "interested person" of the Funds as
defined in the 1940 Act, because he provided consulting CSAM within the
last two years (ended 12/31/02).
60
<Page>
<Table>
<Caption>
TERM
OF OFFICE(1)
AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH FUND SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- -------------------------- ------------- -------------- -------------------------------------------------------------
OFFICERS
Michael A. Pignataro Chief Since Director and Director of Fund Administration of CSAM;
Credit Suisse Asset Financial 1999 Associated with CSAM since 1984; Officer of other Credit
Management, LLC Officer and Suisse Funds
466 Lexington Avenue Treasurer
New York, New York
10017-3140
Date of Birth: 11/15/59
J. Kevin Gao Assistant Since Vice President and legal counsel of CSAM; Associated with
Credit Suisse Asset Secretary 2004 CSAM since July 2003; Associated with the law firm
Management, LLC Willkie Farr & Gallagher LLP from 1998 to 2003; Officer of
466 Lexington Avenue other Credit Suisse Funds
New York, New York
10017-3140
Date of Birth: 10/13/67
Robert M. Rizza Assistant Since Assistant Vice President of CSAM since January 2001;
Credit Suisse Asset Treasurer 2002 Associated with CSAM since 1998; Officer of other Credit
Management, LLC Suisse Funds
466 Lexington Avenue
New York, New York
10017-31407
Date of Birth: 12/09/65
</Table>
The Statement of Additional Information includes additional information about
the Directors and is available, without charge, upon request, by calling
800-222-8977.
61
<Page>
CREDIT SUISSE INSTITUTIONAL FUNDS
TAX INFORMATION LETTER (UNAUDITED)
August 31, 2004
IMPORTANT TAX INFORMATION FOR CORPORATE SHAREHOLDERS
Corporate shareholders should note for the year ended August 31, 2004, the
percentage of the Fund's investment income (i.e., net investment income plus
short-term capital gains) that qualified for the intercorporate dividends
received deduction are as follows:
<Table>
<Caption>
FUND PERCENTAGE
---- ----------
Fixed Income 0.82%
High Yield 1.05%
</Table>
For the fiscal year ended August 31, 2004 certain dividends paid by each Fund
may be subject to a maximum tax rate of 15%, as provided for by the Jobs and
Growth Tax Relief Reconciliation Act of 2003. Complete information will be
reported in conjunction with your 2004 Form 1099-DIV.
62
<Page>
CREDIT SUISSE INSTITUTIONAL FUNDS
PROXY VOTING AND PORTFOLIO HOLDINGS INFORMATION
Information regarding how each Fund voted proxies related to its portfolio
securities during the 12-month period ended June 30, 2004 as well as the
policies and procedures that each Fund 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.
Each Fund files a complete schedule of its portfolio holdings for the first
and third quarters of its fiscal year with the SEC on Form N-Q. The Funds' Forms
N-Q are available on the SEC's website at http://www.sec.gov and may be reviewed
and copied at the SEC's Public Reference Room in Washington, DC. Information on
the operation of the SEC's Public Reference Room may be obtained by calling
1-800-SEC-0330.
63
<Page>
This page intentionally left blank
<Page>
P.O. BOX 55030, BOSTON, MA 02205-5030
800-222-8977 - www.csam.com/us
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. CSIUS-2-0804
<Page>
ITEM 2. CODE OF ETHICS.
The registrant has adopted a code of ethics applicable to its Chief Executive
Officer, President, Chief Financial Officer and Chief Accounting Officer, or
persons performing similar functions. A copy of the code is filed as Exhibit
11(a)(1) to this Form. There were no amendments to the code during the fiscal
year ended August 31, 2004. There were no waivers or implicit waivers from the
code granted by the registrant during the fiscal year ended August 31, 2004.
<Page>
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant's governing board has determined that it has three audit
committee financial experts serving on its audit committee: Richard H. Francis,
James S. Pasman, Jr., and Steven N. Rappaport. Each audit committee financial
expert is "independent" for purposes of this item.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) through (d). The information in the table below is provided for services
rendered to the registrant by its independent registered public accounting firm,
PricewaterhouseCoopers LLP ("PwC"), for its fiscal years ended August 31, 2003
and August 31, 2004.
<Table>
<Caption>
2003 2004
- ------------------------------------------------------------------------
Audit Fees $ 25,500 $ 25,500
Audit-Related Fees(1) $ 3,000 $ 3,000
Tax Fees(2) $ 2,327 $ 2,327
All Other Fees -- --
Total $ 30,827 $ 30,827
</Table>
(1) Services include agreed-upon procedures in connection with the registrant's
semi-annual financial statements.
(2) Tax services in connection with the registrant's excise tax calculations
and review of the registrant's applicable tax returns.
The information in the table below is provided with respect to non-audit
services that directly relate to the registrant's operations and financial
reporting and that were rendered by PwC to the registrant's investment adviser,
Credit Suisse Asset Management, LLC ("CSAM"), and any service provider to the
registrant controlling, controlled by or under common control with CSAM that
provided ongoing services to the registrant ("Covered Services Provider"), for
the registrant's fiscal years ended August 31, 2003 and August 31, 2004.
<Table>
<Caption>
2003 2004
- ------------------------------------------------------------------------
Audit-Related Fees N/A N/A
</Table>
2
<Page>
<Table>
Tax Fees N/A N/A
All Other Fees N/A N/A
Total N/A N/A
</Table>
(e)(1) Pre-Approval Policies and Procedures. The Audit Committee ("Committee")
of the registrant is responsible for pre-approving (i) all audit and permissible
non-audit services to be provided by the independent registered public
accounting firm to the registrant and (ii) all permissible non-audit services to
be provided by the independent registered public accounting firm to CSAM and any
Covered Services Provider if the engagement relates directly to the operations
and financial reporting of the registrant. The Committee may delegate its
responsibility to pre-approve any such audit and permissible non-audit services
to the Chairperson of the Committee, and the Chairperson shall report to the
Committee, at its next regularly scheduled meeting after the Chairperson's
pre-approval of such services, his or her decision(s). The Committee may also
establish detailed pre-approval policies and procedures for pre-approval of such
services in accordance with applicable laws, including the delegation of some or
all of the Committee's pre-approval responsibilities to other persons (other
than CSAM or the registrant's officers). Pre-approval by the Committee of any
permissible non-audit services shall not be required so long as: (i) the
aggregate amount of all such permissible non-audit services provided to the
registrant, CSAM and any Covered Services Provider constitutes not more than 5%
of the total amount of revenues paid by the registrant to its independent
registered public accounting firm during the fiscal year in which the
permissible non-audit services are provided; (ii) the permissible non-audit
services were not recognized by the registrant at the time of the engagement to
be non-audit services; and (iii) such services are promptly brought to the
attention of the Committee and approved by the Committee (or its delegate(s))
prior to the completion of the audit.
(e)(2) The information in the table below sets forth the percentages of fees for
services (other than audit, review or attest services) rendered by PwC to the
registrant for which the pre-approval requirement was waived pursuant to Rule
2-01(c)(7)(i)(C) of Regulation S-X:
<Table>
<Caption>
2003 2004
- ------------------------------------------------------------------------
Audit-Related Fees N/A N/A
Tax Fees N/A N/A
All Other Fees N/A N/A
Total N/A N/A
</Table>
3
<Page>
The information in the table below sets forth the percentages of fees for
services (other than audit, review or attest services) rendered by PwC to CSAM
and any Covered Services Provider required to be approved pursuant to Rule
2-01(c)(7)(ii)of Regulation S-X, for the registrant's fiscal years ended August
31, 2003 and August 31, 2004:
<Table>
<Caption>
2003 2004
- ------------------------------------------------------------------------
Audit-Related Fees N/A N/A
Tax Fees N/A N/A
All Other Fees N/A N/A
Total N/A N/A
</Table>
(f) Not Applicable.
(g) The aggregate fees billed by PwC for non-audit services rendered to the
registrant, CSAM and Covered Service Providers for the fiscal years ended August
31, 2003 and August 31, 2004 were $5,327 and $5,327, respectively.
(h) Not Applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Form N-CSR disclosure requirement is not applicable to the registrant.
ITEM 6. SCHEDULE OF INVESTMENTS
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.
Form N-CSR disclosure requirement is not applicable to the registrant.
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Form N-CSR disclosure requirement is not applicable to the registrant.
4
<Page>
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Not Applicable.
ITEM 10. CONTROLS AND PROCEDURES.
(a) As of a date within 90 days from the filing date of this report, the
principal executive officer and principal financial officer concluded that the
registrant's disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940 (the "Act")) were effective based on
their evaluation of the disclosure controls and procedures required by Rule
30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934.
(b) There were no changes in registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the
registrant's last fiscal half-year that have materially affected, or are
reasonably likely to materially affect, the registrant's internal control over
financial reporting.
ITEM 11. EXHIBITS.
(a)(1) Registrant's Code of Ethics is an exhibit to this report.
(a)(2) The certifications of the registrant as required by Rule 30a-2(a) under
the Act are exhibits to this report.
(a)(3) Not applicable.
(b) The certifications of the registrant as required by Rule 30a-2(b) under
the Act are an exhibit to this report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.
CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND, INC.
/s/ Michael E. Kenneally
------------------------
Name: Michael E. Kenneally
Title: Chief Executive Officer
Date: November 4, 2004
5
<Page>
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/ Michael E. Kenneally
------------------------
Name: Michael E. Kenneally
Title: Chief Executive Officer
Date: November 4, 2004
/s/ Michael A. Pignataro
------------------------
Name: Michael A. Pignataro
Title: Chief Financial Officer
Date: November 4, 2004
6