<Page>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File No. 811-06670
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CREDIT SUISSE INSTITUTIONAL FUND, INC.
---------------------------------------------------
(Exact Name of Registrant as Specified in Charter)
466 Lexington Avenue, New York, New York 10017-3140
---------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
J. Kevin Gao, Esq.
Credit Suisse Institutional Fund, Inc.
466 Lexington Avenue
New York, New York 10017-3140
Registrant's telephone number, including area code: (212) 875-3500
Date of fiscal year end: October 31
Date of reporting period: November 1, 2003 to October 31, 2004
ITEM 1. REPORTS TO STOCKHOLDERS.
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE
INSTITUTIONAL FUND
ANNUAL REPORT
October 31, 2004
CREDIT SUISSE INSTITUTIONAL FUND, INC.
- - INTERNATIONAL FOCUS PORTFOLIO
The Portfolio's investment objectives, risks, charges and expenses (which should
be considered carefully before investing), and more complete information about
the Fund, are provided in the PROSPECTUS, which should be read carefully before
investing. you may obtain additional copies by calling 800-222-8977 or by
writing to Credit Suisse Funds, P.O. Box 55030, Boston, MA 02205-5030.
Credit Suisse Asset Management Securities, Inc., Distributor, is located at 466
Lexington Ave., New York, NY 10017-3140. Credit Suisse Institutional Fund is
advised by Credit Suisse Asset Management, LLC.
<Page>
THE VIEWS OF THE PORTFOLIO'S MANAGEMENT ARE AS OF THE DATE OF THE LETTER AND THE
PORTFOLIO HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF OCTOBER 31, 2004; THESE
VIEWS AND PORTFOLIO HOLDINGS MAY HAVE CHANGED SUBSEQUENT TO THESE DATES. NOTHING
IN THIS DOCUMENT IS A RECOMMENDATION TO PURCHASE OR SELL SECURITIES.
PORTFOLIO SHARES ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF CREDIT SUISSE ASSET
MANAGEMENT, LLC ("CSAM") OR ANY AFFILIATE, ARE NOT FDIC-INSURED AND ARE NOT
GUARANTEED BY CSAM OR ANY AFFILIATE. PORTFOLIO INVESTMENTS ARE SUBJECT TO
INVESTMENT RISKS, INCLUDING LOSS OF YOUR INVESTMENT.
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT
October 31, 2004 (unaudited)
November 24, 2004
Dear Shareholder:
PERFORMANCE SUMMARY
11/01/03 - 10/31/04
<Table>
<Caption>
SHARE CLASS/BENCHMARK PERFORMANCE
Portfolio(1) 12.50%
Morgan Stanley Capital International
ACWI (All Country World Index)
Ex-USA Index(2) 19.67%
</Table>
POSITIVE BUT CHOPPY YEAR FOR GLOBAL EQUITIES
The period was volatile but ultimately positive for equity markets around the
world. Stocks continued a rally begun in March 2003 on hopes that a reviving US
economy would support growth globally. Japan led the markets forward and then
led April's retreat as fears of rising US interest rates, worries that China's
strong growth would be reined in and renewed geopolitical concerns curbed
investor enthusiasm.
International stocks renewed their climb in the second half of the year,
although the floor dropped in July under the strain of continued geopolitical
uncertainty, high oil prices and a short lived spike in the US dollar. Emerging
markets had a very strong run over the fourth quarter, with Latin America in
particular posting strong gains. For dollar-based investors, a strengthening in
major currencies vs. the US dollar enhanced returns.
STRATEGIC REVIEW: JAPAN DRAGS DOWN EUROPEAN, TELECOM OUTPERFORMANCE
The Portfolio participated in the global rally but underperformed its
benchmark due to its Japanese holdings. Selected via our bottom-up research
process, these holdings were industrial and technology exporters that we
believed might benefit from an improving global economy -- however the stocks
performed poorly in the period. The Portfolio's European holdings modestly
outperformed as a group, buoyed by strong relative stock selection in Germany.
The Portfolio's telecommunications holdings (especially within Latin America)
aided its performance, as did its consumer staples holdings in general.
OUTLOOK: INTERNATIONAL OPPORTUNITIES GROW AS FOREIGN CURRENCIES GAIN
While we are currently underweight in Japan, we feel valuations have become
more attractive and we are looking to increase our exposure there, specifically
within more domestically focused sectors. Developments in China
1
<Page>
have been encouraging in our view. The Chinese government has taken positive
steps to cool its overheated economy by raising interest rates. We believe this
may present new buying opportunities there, although high commodity prices
remain a concern. Our European outlook is cautious in the short term. European
stocks have enjoyed a strong rally in recent months and we believe valuations
may be stretched in light of more recent mixed economic data.
We expect weakness in the US dollar to be an issue for international
investors in the coming months. While appreciating local currencies can be a
boon for dollar-based investors (such as investors in this Portfolio), it's a
mixed bag for many global companies that rely on export revenue from products
slated for US consumption. Looking ahead, we believe that the quality and
consistency of earnings will likely be drivers of stock performance. In that
context, we will continue to adhere to our discipline, focusing on what we
believe to be profitable companies with sustainable earnings growth potential.
The Credit Suisse International Equity Team
Nancy Nierman
Anne S. Budlong
Emily Alejos
Harry M. Jaffe
Chris Matyszewski
INTERNATIONAL INVESTING ENTAILS SPECIAL RISK CONSIDERATIONS, INCLUDING
CURRENCY FLUCTUATIONS, LOWER LIQUIDITY, ECONOMIC AND POLITICAL RISKS, AND
DIFFERENCES IN ACCOUNTING METHODS. THE PORTFOLIO'S 15 LARGEST HOLDINGS MAY
ACCOUNT FOR 40% OR MORE OF THE PORTFOLIO'S ASSETS. AS A RESULT OF THIS STRATEGY,
THE PORTFOLIO MAY BE SUBJECT TO GREATER VOLATILITY THAN A PORTFOLIO THAT INVESTS
IN A LARGER NUMBER OF ISSUERS.
IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING
STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKET,
INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT REGULATION AND
THEIR POTENTIAL IMPACT ON THE PORTFOLIO'S INVESTMENTS. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
2
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[CHART]
COMPARISON OF CHANGE IN VALUE OF $3,000,000 INVESTMENT IN THE
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO(1)
AND THE MSCI ALL COUNTRY WORLD FREE EX-USA INDEX(2) FOR TEN YEARS.
<Table>
<Caption>
CREDIT SUISSE INSTITUTIONAL FUND, INC. - MSCI ALL COUNTRY
INTERNATIONAL FOCUS PORTFOLIO(1) WORLD FREE EX-USA INDEX(2)
10/31/94 $ 3,000,000 $ 3,000,000
11/30/94 $ 2,873,317 $ 2,855,286
12/31/94 $ 2,770,244 $ 2,848,605
1/31/95 $ 2,534,725 $ 2,719,406
2/28/95 $ 2,490,324 $ 2,704,526
3/31/95 $ 2,648,623 $ 2,857,331
4/30/95 $ 2,733,565 $ 2,968,793
5/31/95 $ 2,733,565 $ 2,955,677
6/30/95 $ 2,708,468 $ 2,914,791
7/31/95 $ 2,876,420 $ 3,080,307
8/31/95 $ 2,915,030 $ 2,973,430
9/30/95 $ 2,980,666 $ 3,024,243
10/31/95 $ 2,915,030 $ 2,943,441
11/30/95 $ 2,955,570 $ 3,012,571
12/31/95 $ 3,044,794 $ 3,131,685
1/31/96 $ 3,136,577 $ 3,174,705
2/29/96 $ 3,140,567 $ 3,174,829
3/31/96 $ 3,166,506 $ 3,233,928
4/30/96 $ 3,358,052 $ 3,332,042
5/31/96 $ 3,290,213 $ 3,282,005
6/30/96 $ 3,336,104 $ 3,298,648
7/31/96 $ 3,174,487 $ 3,188,984
8/31/96 $ 3,198,430 $ 3,207,691
9/30/96 $ 3,252,303 $ 3,287,348
10/31/96 $ 3,220,378 $ 3,254,431
11/30/96 $ 3,362,043 $ 3,379,981
12/31/96 $ 3,386,794 $ 3,340,841
1/31/97 $ 3,376,437 $ 3,279,469
2/28/97 $ 3,419,937 $ 3,339,608
3/31/97 $ 3,399,223 $ 3,332,608
4/30/97 $ 3,465,509 $ 3,360,712
5/31/97 $ 3,705,795 $ 3,568,297
6/30/97 $ 3,867,367 $ 3,765,178
7/31/97 $ 3,991,653 $ 3,841,411
8/31/97 $ 3,670,581 $ 3,539,223
9/30/97 $ 3,842,510 $ 3,730,567
10/31/97 $ 3,419,937 $ 3,412,950
11/30/97 $ 3,330,865 $ 3,370,302
12/31/97 $ 3,299,694 $ 3,409,091
1/31/98 $ 3,333,829 $ 3,511,067
2/28/98 $ 3,568,221 $ 3,745,343
3/31/98 $ 3,770,754 $ 3,874,752
4/30/98 $ 3,859,504 $ 3,902,503
5/31/98 $ 3,857,229 $ 3,831,735
6/30/98 $ 3,741,171 $ 3,817,332
7/31/98 $ 3,809,440 $ 3,853,615
8/31/98 $ 3,261,008 $ 3,310,179
9/30/98 $ 3,110,815 $ 3,240,254
10/31/98 $ 3,279,213 $ 3,579,665
11/30/98 $ 3,452,163 $ 3,772,036
12/31/98 $ 3,502,518 $ 3,901,994
1/31/99 $ 3,518,595 $ 3,897,815
2/28/99 $ 3,396,868 $ 3,810,543
3/31/99 $ 3,534,672 $ 3,994,519
4/30/99 $ 3,587,497 $ 4,194,313
5/31/99 $ 3,465,770 $ 3,997,306
6/30/99 $ 3,745,971 $ 4,180,983
7/31/99 $ 3,964,161 $ 4,279,043
8/31/99 $ 4,053,733 $ 4,293,887
9/30/99 $ 4,134,119 $ 4,322,927
10/31/99 $ 4,329,341 $ 4,483,895
11/30/99 $ 4,793,281 $ 4,663,184
12/31/99 $ 5,523,202 $ 5,107,921
1/31/2000 $ 5,236,439 $ 4,830,745
2/29/2000 $ 5,684,657 $ 4,961,228
3/31/2000 $ 5,554,529 $ 5,147,939
4/30/2000 $ 5,062,935 $ 4,860,612
5/31/2000 $ 4,894,251 $ 4,736,278
6/30/2000 $ 5,038,837 $ 4,937,939
7/31/2000 $ 4,747,255 $ 4,742,994
8/31/2000 $ 4,954,495 $ 4,801,650
9/30/2000 $ 4,609,898 $ 4,535,303
10/31/2000 $ 4,243,612 $ 4,391,153
11/30/2000 $ 4,031,552 $ 4,194,148
12/31/2000 $ 4,178,613 $ 4,337,383
1/31/2001 $ 4,251,451 $ 4,402,439
2/28/2001 $ 3,810,588 $ 4,053,898
3/31/2001 $ 3,492,400 $ 3,767,344
4/30/2001 $ 3,653,411 $ 4,023,572
5/31/2001 $ 3,595,907 $ 3,912,461
6/30/2001 $ 3,553,737 $ 3,762,407
7/31/2001 $ 3,492,400 $ 3,678,697
8/31/2001 $ 3,392,727 $ 3,587,333
9/30/2001 $ 2,994,033 $ 3,206,756
10/31/2001 $ 3,116,708 $ 3,296,603
11/30/2001 $ 3,262,385 $ 3,447,383
12/31/2001 $ 3,346,724 $ 3,491,796
1/31/2002 $ 3,293,053 $ 3,342,253
2/28/2002 $ 3,300,721 $ 3,366,320
3/31/2002 $ 3,484,733 $ 3,563,169
4/30/2002 $ 3,477,066 $ 3,586,319
5/31/2002 $ 3,469,399 $ 3,625,385
6/30/2002 $ 3,331,389 $ 3,468,844
7/31/2002 $ 2,982,533 $ 3,130,788
8/31/2002 $ 2,994,033 $ 3,130,982
9/30/2002 $ 2,641,343 $ 2,799,192
10/31/2002 $ 2,756,351 $ 2,949,360
11/30/2002 $ 2,844,523 $ 3,091,192
12/31/2002 $ 2,755,799 $ 2,991,328
1/31/2003 $ 2,636,149 $ 2,886,581
2/28/2003 $ 2,593,693 $ 2,828,093
3/31/2003 $ 2,535,798 $ 2,773,234
4/30/2003 $ 2,802,115 $ 3,040,462
5/31/2003 $ 2,937,203 $ 3,234,158
6/30/2003 $ 3,018,256 $ 3,323,676
7/31/2003 $ 3,095,449 $ 3,411,564
8/31/2003 $ 3,211,239 $ 3,513,232
9/30/2003 $ 3,211,239 $ 3,611,606
10/31/2003 $ 3,442,819 $ 3,845,714
11/30/2003 $ 3,462,117 $ 3,929,574
12/31/2003 $ 3,709,987 $ 4,229,585
1/31/2004 $ 3,769,697 $ 4,297,504
2/29/2004 $ 3,801,543 $ 4,406,016
3/31/2004 $ 3,825,427 $ 4,433,126
4/30/2004 $ 3,702,026 $ 4,295,362
5/31/2004 $ 3,709,987 $ 4,308,944
6/30/2004 $ 3,749,794 $ 4,402,340
7/31/2004 $ 3,642,316 $ 4,274,232
8/31/2004 $ 3,666,200 $ 4,308,426
9/30/2004 $ 3,729,891 $ 4,446,942
10/31/2004 $ 3,873,195 $ 4,601,616
</Table>
AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2004(1)
<Table>
<Caption>
1 YEAR 5 YEARS 10 YEARS SINCE INCEPTION(3)
- ------ ------- -------- ------------------
16.15% (2.04)% 2.25% 6.24%
</Table>
AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 2004(1)
<Table>
<Caption>
1 YEAR 5 YEARS 10 YEARS SINCE INCEPTION(3)
- ------ ------- -------- ------------------
12.50% (2.20)% 2.59% 6.52%
</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 PORTFOLIO MAY BE LOWER OR HIGHER
THAN THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL FLUCTUATE, AND REDEMPTION
VALUE MAY BE LESS THAN ORIGINAL COST. THE PERFORMANCE RESULTS DO NOT REFLECT THE
DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON PORTFOLIO DISTRIBUTIONS OR
THE REDEMPTION OF PORTFOLIO SHARES. PERFORMANCE INFORMATION CURRENT TO THE MOST
RECENT MONTH-END IS AVAILABLE AT www.csam.com/us.
- ----------
(1) Fee waivers and/or expense reimbursements reduced expenses for the
Portfolio, without which performance would be lower. Waivers and/or
reimbursements may be discontinued at any time.
(2) The Morgan Stanley Capital International ACWI (All Country World Index)
Free Ex-USA Index is a free float-adjusted market capitalization index that
is designed to measure equity-market performance in the global developed
and emerging markets, excluding the US. It is the exclusive property of
Morgan Stanley Capital International Inc. Investors cannot invest directly
in an index.
(3) Inception date 9/1/92.
3
<Page>
INFORMATION ABOUT YOUR PORTFOLIO'S EXPENSES
As an investor of the Portfolio, you incur two types of costs: ongoing
expenses and transaction costs. Ongoing expenses include management fees,
distribution and service (12b-1) fees and other Portfolio 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 Portfolio 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 October 31, 2004.
The table illustrates your Portfolio's expenses in two ways:
- ACTUAL PORTFOLIO RETURN. This helps you estimate the actual dollar amount
of ongoing expenses paid on a $1,000 investment in the Portfolio using the
Portfolio'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% PORTFOLIO RETURN. This helps you to compare your
Portfolio's ongoing expenses with those of other mutual funds using the
Portfolio'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 to
you ongoing expenses only and do not reflect any transaction costs, such as
sales charges (loads) or redemption fees. If these transaction costs had been
included, your costs would have been higher. The "Expenses Paid per $1,000" line
of the tables is useful in comparing ongoing expenses only and will help you
determine the relative total expenses of owning different funds.
4
<Page>
EXPENSES AND VALUE OF A $1,000 INVESTMENT FOR THE SIX-MONTH PERIOD
ENDED OCTOBER 31, 2004
<Table>
ACTUAL PORTFOLIO RETURN
Beginning Account Value 4/30/04 $ 1,000
Ending Account Value 10/31/04 $ 1,046
Expenses Paid per $1,000* $ 4.89
HYPOTHETICAL 5% PORTFOLIO RETURN
Beginning Account Value 4/30/04 $ 1,000
Ending Account Value 10/31/04 $ 1,025
Expenses Paid per $1,000* $ 4.84
ANNUALIZED EXPENSE RATIOS* 0.95%
</Table>
- ----------
* EXPENSES ARE EQUAL TO THE PORTFOLIO'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 PORTFOLIO 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 PORTFOLIO'S ACTUAL
EXPENSES WOULD HAVE BEEN HIGHER.
For more information, please refer to the Portfolio's prospectus.
5
<Page>
[CHART]
SECTOR BREAKDOWN*
<Table>
Financials 27.6%
Industrials 18.2%
Consumer Discretionary 10.5%
Consumer Staples 10.2%
Energy 7.4%
Health Care 6.5%
Telecommunication Services 4.7%
Other Assets 4.4%
Information Technology 4.2%
Utilities 3.5%
Materials 2.8%
</Table>
- ----------
*The Portfolio's sector breakdown is expressed as a percentage of total
investments (excluding security lending collateral) and may vary over time.
6
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CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2004
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- ---------------
COMMON STOCKS (94.9%)
BELGIUM (1.6%)
BEVERAGES (1.6%)
InBev 24,195 $ 859,813
---------------
TOTAL BELGIUM 859,813
---------------
CHINA (0.4%)
DIVERSIFIED TELECOMMUNICATION SERVICES (0.4%)
China Telecom Corporation, Ltd. ADR^ 7,780 249,271
---------------
TOTAL CHINA 249,271
---------------
FINLAND (1.0%)
PAPER & FOREST PRODUCTS (1.0%)
Stora Enso Oyj 37,910 539,533
---------------
TOTAL FINLAND 539,533
---------------
FRANCE (12.8%)
AUTOMOBILES (1.7%)
Renault SA^ 11,250 941,639
---------------
BANKS (2.9%)
BNP Paribas SA^ 14,203 967,363
Credit Agricole SA* 22,114 648,473
---------------
1,615,836
---------------
DIVERSIFIED TELECOMMUNICATION SERVICES (2.1%)
France Telecom SA 41,045 1,176,832
---------------
INSURANCE (2.4%)
Axa^ 60,510 1,305,183
---------------
MEDIA (2.1%)
Lagardere S.C.A.*^ 17,420 1,124,986
---------------
TEXTILES & APPAREL (1.6%)
LVMH Moet Hennessy Louis Vuitton SA^ 12,850 880,908
---------------
TOTAL FRANCE 7,045,384
---------------
GERMANY (6.5%)
BANKS (1.5%)
Bayerische Hypo-und Vereinsbank AG* 42,560 832,910
---------------
DIVERSIFIED FINANCIALS (1.1%)
Deutsche Boerse AG*^ 12,770 637,168
---------------
ELECTRIC UTILITIES (2.4%)
E.ON AG 16,176 1,314,746
---------------
ELECTRICAL EQUIPMENT (1.0%)
Siemens AG^ 7,380 549,159
---------------
MACHINERY (0.5%)
MAN AG* 7,840 271,141
---------------
TOTAL GERMANY 3,605,124
---------------
</Table>
See Accompanying Notes to Financial Statements.
7
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- ---------------
COMMON STOCKS
HONG KONG (1.2%)
REAL ESTATE (1.2%)
Sun Hung Kai Properties, Ltd. 70,000 $ 647,926
---------------
TOTAL HONG KONG 647,926
---------------
ITALY (5.6%)
BANKS (2.4%)
SanPaolo IMI SpA 103,740 1,314,237
---------------
ELECTRIC UTILITIES (1.0%)
Enel SpA* 64,200 579,732
---------------
OIL & GAS (2.2%)
Eni SpA*^ 53,160 1,212,710
---------------
TOTAL ITALY 3,106,679
---------------
JAPAN (18.4%)
AUTO COMPONENTS (1.8%)
Bridgestone Corp. 29,000 524,536
Stanley Electric Company, Ltd. 30,300 466,749
---------------
991,285
---------------
BANKS (1.8%)
Bank of Yokohama, Ltd. 168,000 1,001,617
---------------
CHEMICALS (1.3%)
Kuraray Company, Ltd. 90,500 705,832
---------------
DIVERSIFIED FINANCIALS (2.5%)
Nikko Cordial Corp. 113,000 504,621
ORIX Corp. 7,400 864,757
---------------
1,369,378
---------------
ELECTRONIC EQUIPMENT & INSTRUMENTS (2.5%)
Omron Corp. 30,300 686,027
Rohm Company, Ltd. 6,600 675,507
---------------
1,361,534
---------------
HOUSEHOLD PRODUCTS (2.1%)
Uni-Charm Corp. 22,900 1,155,354
---------------
MACHINERY (2.7%)
Komatsu, Ltd. 95,000 634,212
THK Company, Ltd. 48,800 846,213
---------------
1,480,425
---------------
SPECIALTY RETAIL (1.5%)
Yamada Denki Company, Ltd. 24,100 853,040
---------------
TRADING COMPANIES & DISTRIBUTORS (2.2%)
Sumitomo Corp. 167,000 1,239,660
---------------
TOTAL JAPAN 10,158,125
---------------
</Table>
See Accompanying Notes to Financial Statements.
8
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- ---------------
COMMON STOCKS
MEXICO (1.0%)
WIRELESS TELECOMMUNICATION SERVICES (1.0%)
America Movil SA de CV ADR, Series L 13,040 $ 573,760
---------------
TOTAL MEXICO 573,760
---------------
NETHERLANDS (6.2%)
AIR FREIGHT & COURIERS (1.3%)
TPG NV 28,630 690,171
---------------
BANKS (1.6%)
ABN AMRO Holding NV 37,460 897,492
---------------
DIVERSIFIED FINANCIALS (1.0%)
ING Groep NV 20,640 548,105
---------------
FOOD PRODUCTS (2.3%)
Royal Numico NV* 38,440 1,295,175
---------------
TOTAL NETHERLANDS 3,430,943
---------------
SINGAPORE (1.5%)
BANKS (1.5%)
United Overseas Bank, Ltd. 99,405 806,670
---------------
TOTAL SINGAPORE 806,670
---------------
SOUTH KOREA (0.7%)
MACHINERY (0.7%)
Samsung Heavy Industries Company, Ltd. 75,670 409,920
---------------
TOTAL SOUTH KOREA 409,920
---------------
SPAIN (1.7%)
OIL & GAS (1.7%)
Repsol YPF SA^ 42,550 921,668
---------------
TOTAL SPAIN 921,668
---------------
SWEDEN (2.2%)
MACHINERY (2.2%)
Sandvik AB 32,275 1,208,596
---------------
TOTAL SWEDEN 1,208,596
---------------
SWITZERLAND (5.7%)
BANKS (1.9%)
UBS AG 14,559 1,050,904
---------------
INSURANCE (1.0%)
Swiss Re* 8,885 544,668
---------------
PHARMACEUTICALS (2.8%)
Novartis AG 32,120 1,534,601
---------------
TOTAL SWITZERLAND 3,130,173
---------------
</Table>
See Accompanying Notes to Financial Statements.
9
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- ---------------
COMMON STOCKS
TAIWAN (2.7%)
BANKS (1.0%)
Mega Financial Holding Company, Ltd. 831,000 $ 555,800
---------------
COMPUTERS & PERIPHERALS (0.8%)
Compal Electronics, Inc. 476,386 428,028
---------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (0.9%)
Taiwan Semiconductor Manufacturing Company, Ltd. 374,197 497,019
---------------
TOTAL TAIWAN 1,480,847
---------------
UNITED KINGDOM (25.7%)
BANKS (3.6%)
HSBC Holdings PLC 69,600 1,125,897
Royal Bank of Scotland Group PLC 29,490 868,065
---------------
1,993,962
---------------
COMMERCIAL SERVICES & SUPPLIES (3.7%)
Capita Group PLC 185,428 1,196,276
Hays PLC 366,140 865,385
---------------
2,061,661
---------------
FOOD PRODUCTS (2.7%)
Cadbury Schweppes PLC 80,506 669,885
Unilever PLC 96,840 815,864
---------------
1,485,749
---------------
INDUSTRIAL CONGLOMERATES (1.3%)
FKI PLC 326,244 715,359
---------------
METALS & MINING (0.5%)
BHP Billiton PLC 27,440 278,822
---------------
MULTILINE RETAIL (1.7%)
Marks & Spencer Group PLC^ 142,225 936,448
---------------
OIL & GAS (3.5%)
BP PLC 111,460 1,080,490
Shell Transportation & Trading Company PLC 105,470 830,588
---------------
1,911,078
---------------
PHARMACEUTICALS (3.7%)
AstraZeneca PLC 18,845 771,680
GlaxoSmithKline PLC 60,640 1,275,119
---------------
2,046,799
---------------
TOBACCO (1.5%)
Imperial Tobacco Group PLC 34,960 816,365
---------------
TRANSPORTATION INFRASTRUCTURE (2.4%)
BAA PLC 127,140 1,336,495
---------------
</Table>
See Accompanying Notes to Financial Statements.
10
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- ---------------
COMMON STOCKS
UNITED KINGDOM
WIRELESS TELECOMMUNICATION SERVICES (1.1%)
Vodafone Group PLC 226,600 $ 581,557
---------------
TOTAL UNITED KINGDOM 14,164,295
---------------
TOTAL COMMON STOCKS (Cost $44,094,758) 52,338,727
---------------
SHORT-TERM INVESTMENTS (11.7%)
State Street Navigator Prime Fund^^ 4,046,514 4,046,514
---------------
<Caption>
PAR
(000)
---------
State Street Bank and Trust Co. Euro Time Deposit,
1.000%, 11/01/04 $ 2,423 2,423,000
---------------
TOTAL SHORT-TERM INVESTMENTS (Cost $6,469,514) 6,469,514
---------------
TOTAL INVESTMENTS AT VALUE (106.6%) (Cost $50,564,272) 58,808,241
LIABILITIES IN EXCESS OF OTHER ASSETS (-6.6%) (3,618,663)
---------------
NET ASSETS (100.0%) $ 55,189,578
===============
</Table>
INVESTMENT ABBREVIATIONS
ADR = American Depository Receipt
* Non-income producing security.
^ Security or portion thereof is out on loan.
^^ Represents security purchased with cash collateral received for securities
on loan.
See Accompanying Notes to Financial Statements.
11
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
October 31, 2004
<Table>
<Caption>
ASSETS
Investments at value, including collateral for securities
on loan of $4,046,514 (Cost $50,564,272) (Note 1) $ 58,808,241(1)
Cash 859
Foreign currency at value (Cost $664,310) 670,158
Receivable for investments sold 1,320,021
Dividend and interest receivable 135,884
Receivable for fund shares sold 2,146
Prepaid expenses and other assets 14,563
----------------
Total Assets 60,951,872
----------------
LIABILITIES
Advisory fee payable (Note 2) 38,562
Administrative services fee payable (Note 2) 17,661
Payable upon return of securities loaned (Note 1) 4,046,514
Payable for investments purchased 1,615,965
Directors' fee payable 653
Other accrued expenses payable 42,939
----------------
Total Liabilities 5,762,294
----------------
NET ASSETS
Capital stock, $0.001 par value (Note 5) 5,671
Paid-in capital (Note 5) 200,974,082
Undistributed net investment income 1,655,294
Accumulated net realized loss on investments and
foreign currency transactions (155,708,659)
Net unrealized appreciation from investments and
foreign currency translations 8,263,190
----------------
Net Assets $ 55,189,578
================
Shares outstanding 5,670,843
----------------
Net asset value, offering price, and redemption
price per share $ 9.73
================
</Table>
(1) Including $3,853,064 of securities on loan.
See Accompanying Notes to Financial Statements.
12
<Page>
STATEMENT OF OPERATIONS
For the Year Ended October 31, 2004
<Table>
INVESTMENT INCOME (Note 1)
Dividends $ 3,134,926
Interest 20,651
Securities lending 80,371
Foreign taxes withheld (399,914)
----------------
Total investment income 2,836,034
----------------
EXPENSES
Investment advisory fees (Note 2) 972,268
Administrative services fees (Note 2) 197,852
Custodian fees 94,608
Legal fees 44,025
Insurance expense 21,643
Audit fees 21,485
Registration fees 17,624
Printing fees (Note 2) 17,506
Transfer agent fees 8,999
Commitment fees (Note 3) 3,961
Directors' fees 2,812
Interest expense (Note 3) 2,566
Miscellaneous expense 11,217
----------------
Total expenses 1,416,566
Less: fees waived (Note 2) (262,561)
----------------
Net expenses 1,154,005
----------------
Net investment income 1,682,029
----------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS AND
FOREIGN CURRENCY RELATED ITEMS
Net realized gain from investments 30,868,169
Net realized loss on foreign currency transactions (29,128)
Net change in unrealized appreciation (depreciation)
from investments (18,750,178)
Net change in unrealized appreciation (depreciation)
from foreign currency translations (26,990)
----------------
Net realized and unrealized gain from investments and foreign
currency related items 12,061,873
----------------
Net increase in net assets resulting from operations $ 13,743,902
================
</Table>
See Accompanying Notes to Financial Statements.
13
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE YEAR FOR THE YEAR
ENDED ENDED
OCTOBER 31, 2004 OCTOBER 31, 2003
------------------ ------------------
FROM OPERATIONS
Net investment income $ 1,682,029 $ 774,477
Net realized gain from investments and foreign currency transactions 30,839,041 2,234,517
Net change in unrealized appreciation (depreciation) from
investments and foreign currency translations (18,777,168) 15,484,745
------------------ ------------------
Net increase in net assets resulting from operations 13,743,902 18,493,739
------------------ ------------------
FROM DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (821,490) (296,819)
Distributions from net realized gains (4,255,028) --
------------------ ------------------
Net decrease in net assets from dividends and distributions (5,076,518) (296,819)
------------------ ------------------
FROM CAPITAL SHARE TRANSACTIONS (Note 5)
Proceeds from sale of shares 1,986,412 118,120,791
Exchange value of shares due to merger -- 100,609,127
Reinvestment of dividends and distributions 4,833,577 294,006
Net asset value of shares redeemed (122,268,774) (119,814,684)
------------------ ------------------
Net increase (decrease) in net assets from capital share transactions (115,448,785) 99,209,240
------------------ ------------------
Net increase (decrease) in net assets (106,781,401) 117,406,160
NET ASSETS
Beginning of year 161,970,979 44,564,819
------------------ ------------------
End of year $ 55,189,578 $ 161,970,979
================== ==================
Undistributed net investment income $ 1,655,294 $ 821,351
================== ==================
</Table>
See Accompanying Notes to Financial Statements.
14
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Year)
<Table>
<Caption>
FOR THE YEAR ENDED OCTOBER 31,
-------------------------------------------------------------------------
2004 2003 2002 2001 2000
---------- ---------- ---------- ---------- ----------
PER SHARE DATA
Net asset value, beginning of year $ 8.92 $ 7.19 $ 8.13 $ 17.61 $ 18.85
---------- ---------- ---------- ---------- ----------
INVESTMENT OPERATIONS
Net investment income 0.13(1) 0.09(1) 0.07(1) 0.09 0.22(1)
Net gain (loss) on investments
and foreign currency related items
(both realized and unrealized) 0.97 1.69 (1.01) (3.18) (0.46)
---------- ---------- ---------- ---------- ----------
Total from investment operations 1.10 1.78 (0.94) (3.09) (0.24)
---------- ---------- ---------- ---------- ----------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.05) (0.05) -- (0.21) (0.78)
Distributions from net realized gains (0.24) -- -- (6.18) (0.22)
---------- ---------- ---------- ---------- ----------
Total dividends and distributions (0.29) (0.05) -- (6.39) (1.00)
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF YEAR $ 9.73 $ 8.92 $ 7.19 $ 8.13 $ 17.61
========== ========== ========== ========== ==========
Total return(2) 12.50% 24.90% (11.56)% (26.56)% (1.98)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 55,190 $ 161,971 $ 44,565 $ 95,622 $ 356,004
Ratio of expenses to average net assets(3) 0.95% 0.95% 0.95% 0.95% 0.97%
Ratio of net investment income to average
net assets 1.38% 1.17% 0.87% 0.61% 0.74%
Decrease reflected in above operating
expense ratios due to waivers/reimbursements 0.22% 0.22% 0.39% 0.23% 0.19%
Portfolio turnover rate 98% 151% 161% 134% 111%
</Table>
(1) Per share information is calculated using the average shares outstanding
method.
(2) Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the years shown, total returns would have been lower.
(3) Interest earned on uninvested cash balances may be used to offset portions
of the transfer agent expense. These arrangements resulted in a reduction
to the net expense ratio by .02% for the year ended October 31, 2000. The
net operating expense ratio after these arrangements was .95% for the year
ended October 31, 2000. For the years ended October 31, 2004, 2003, 2002
and 2001, there was no effect on the net operating expense ratio because of
transfer agent credits.
See Accompanying Notes to Financial Statements.
15
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
October 31, 2004
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Credit Suisse Institutional Fund, Inc. (the "Fund"), is registered under the
Investment Company Act of 1940, as amended, as an open-end management investment
company and currently offers seven managed investment funds, one of which, the
International Focus Portfolio (the "Portfolio"), is contained in this report.
The Portfolio is classified as diversified and has long-term capital
appreciation as its investment objective. The Fund was incorporated under the
laws of the State of Maryland on May 14, 1992.
Effective as of the close of business on August 22, 2003, the Portfolio
acquired all of the net assets of Credit Suisse Institutional International Fund
("International Fund") in a tax-free exchange of shares. The Portfolio was also
the accounting survivor in the tax-free exchange. The shares exchanged were
12,106,921 shares (valued at $100,609,127) of the Portfolio for 10,766,487
shares of International Fund. The International Fund's net assets of
$100,609,127 at that date, which included $13,928,022 of unrealized
appreciation, were combined with those of the Portfolio. The aggregate net
assets of International Fund and the Portfolio immediately before the
acquisition were $100,609,127 and $50,947,690, respectively, and the combined
net assets of the Portfolio after the acquisition were $151,556,817.
A) SECURITY VALUATION -- The net asset value of the Portfolio is determined
daily as of the close of regular trading on the New York Stock Exchange, Inc.
(the "Exchange") on each day the Exchange is open for business. The Portfolio's
equity investments are valued at market value, which is generally determined
using the closing price on the exchange or market on which the security is
primarily traded at the time of valuation (the "Valuation Time"). If no sales
are reported, equity investments are generally valued at the most recent bid
quotation as of the Valuation Time or at the lowest asked quotation in the case
of a short sale of securities. Debt securities with a remaining maturity greater
than 60 days are valued in accordance with the price supplied by a pricing
service, which may use a matrix, formula or other objective method that takes
into consideration market indices, yield curves and other specific adjustments.
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. Securities and other assets
for which market quotations are not readily available, or whose values have been
materially affected by events occurring before the Portfolio's Valuation Time
but after the close of the securities' primary markets, are valued at fair value
as determined in good faith by, or under the direction of, the Board of
Directors under procedures established by the Board of Directors. The Portfolio
may
16
<Page>
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 Portfolio are
maintained in U.S. dollars. Transactions denominated in foreign currencies are
recorded at the current prevailing exchange rates. All assets and liabilities
denominated in foreign currencies are translated into U.S. dollar amounts at the
current exchange rate at the end of the period. Translation gains or losses
resulting from changes in the exchange rate during the reporting period and
realized gains and losses on the settlement of foreign currency transactions are
reported in the results of operations for the current period. The Portfolio does
not isolate that portion of realized gains and losses on investments in EQUITY
securities which is due to changes in the foreign exchange rate from that which
is due to changes in market prices of equity securities. The Portfolio isolates
that portion of realized gains and losses on investments in DEBT securities
which is due to changes in the foreign exchange rate from that which is due to
changes in market prices of debt securities.
C) SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted for on a trade date basis. Interest income is recorded on the accrual
basis. Dividends are recorded on the ex-dividend date. The cost of investments
sold is determined by use of the specific identification method for both
financial reporting and income tax purposes.
D) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net
investment income and distributions of net realized capital gains, if any, are
declared and paid at least annually. However, to the extent that a net realized
capital gain can be reduced by a capital loss carryover, such gain will not be
distributed. Income and capital gain distributions are determined in accordance
with federal income tax regulations, which may differ from accounting principles
generally accepted in the United States of America ("GAAP").
E) FEDERAL INCOME TAXES -- No provision is made for federal taxes as it is
the Fund's intention to have the Portfolio continue to qualify for and elect the
tax treatment applicable to regulated investment companies under the Internal
Revenue Code of 1986, as amended, and make the requisite distributions to its
shareholders, which will be sufficient to relieve it from federal income and
excise taxes.
17
<Page>
F) USE OF ESTIMATES -- The preparation of financial statements in conformity
with GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Actual results could
differ from these estimates.
G) SHORT-TERM INVESTMENTS -- The Portfolio, together with other
funds/portfolios advised by Credit Suisse Asset Management, LLC ("CSAM"), an
indirect, wholly-owned subsidiary of Credit Suisse Group, pools available cash
into either a short-term variable rate time deposit issued by State Street Bank
and Trust Company ("SSB"), the Portfolio's custodian, or a money market fund
advised by CSAM. The short-term time deposit issued by SSB is a variable rate
account classified as a short-term investment.
H) FORWARD FOREIGN CURRENCY CONTRACTS -- The Portfolio may enter into forward
foreign currency contracts for the purchase or sale of a specific foreign
currency at a fixed price on a future date. Risks may arise upon entering into
these contracts from the potential inability of counterparties to meet the terms
of their contracts and from unanticipated movements in the value of a foreign
currency. The Portfolio will enter into forward foreign currency contracts
primarily for hedging purposes. Forward foreign currency contracts are adjusted
by the daily forward exchange rate of the underlying currency and any gains or
losses are recorded for financial statement purposes as unrealized until the
contract settlement date or an offsetting position is entered into. At October
31, 2004, the Portfolio had no open forward foreign currency contracts.
I) SECURITIES LENDING -- Loans of securities are required at all times to be
secured by collateral at least equal to 102% of the market value of domestic
securities on loan (including any accrued interest thereon) and 105% of the
market value of foreign securities on loan (including any accrued interest
thereon). Cash collateral received by the Portfolio in connection with
securities lending activity is pooled together with cash collateral for other
funds/portfolios advised by CSAM and may be invested in a variety of
investments, including certain CSAM-advised funds, funds advised by SSB, the
Portfolio's securities lending agent, or money market instruments. However, in
the event of default or bankruptcy by the other party to the agreement,
realization and/or retention of the collateral may be subject to legal
proceedings.
18
<Page>
The market value of securities on loan to brokers and the value of collateral
held by the Portfolio with respect to such loans at October 31, 2004 is as
follows:
<Table>
<Caption>
MARKET VALUE OF VALUE OF
SECURITIES LOANED COLLATERAL RECEIVED
----------------- -------------------
$ 3,853,064 $ 4,046,514
</Table>
Prior to March 17, 2004, Credit Suisse First Boston ("CSFB"), an affiliate of
CSAM, had been engaged by the Portfolio to act as the Portfolio's securities
lending agent.
Effective March 17, 2004, SSB has been engaged by the Portfolio to act as the
Portfolio's securities lending agent. The Portfolio's securities lending
arrangement provides that the Portfolio and SSB will share the net income earned
from securities lending activities, with the Portfolio receiving 70% and SSB
receiving 30% of the earnings from the investment of cash collateral or any
other securities lending income in accordance with the provisions of the
securities lending agency agreement. The Portfolio may also be entitled to
certain minimum amounts of income from its securities lending activities.
Securities lending income is accrued as earned.
J) OTHER -- The Portfolio may invest in securities of foreign countries and
governments which involve certain risks in addition to those inherent in
domestic investments. Such risks generally include, among others, currency risk
(fluctuations in currency exchange rates), information risk (key information may
be inaccurate or unavailable) and political risk (expropriation, nationalization
or the imposition of capital or currency controls or punitive taxes). Other
risks of investing in foreign securities include liquidity and valuation risks.
The Portfolio may be subject to taxes imposed by countries in which it
invests, with respect to its investments in issuers existing or operating in
such countries. Such taxes are generally based on income earned or repatriated
and capital gains realized on the sale of such investments. The Portfolio
accrues such taxes when the related income or gains are earned.
The Portfolio may invest up to 10% of its net assets in non-publicly traded
securities. Non-publicly traded securities may be less liquid than publicly
traded securities. Although these securities may be resold in privately
negotiated transactions, the prices realized from such sales could differ from
the price originally paid by the Portfolio or the current carrying values, and
the difference could be material.
19
<Page>
NOTE 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
CSAM serves as investment adviser for the Portfolio. For its investment
advisory services, CSAM is entitled to receive a fee from the Portfolio at an
annual rate of 0.80% of the Portfolio's average daily net assets. For the year
ended October 31, 2004, investment advisory fees earned and voluntarily waived
were $972,268 and $262,561, respectively. CSAM will not recapture from the
Portfolio any fees it waived during the fiscal year ended October 31, 2004.
Credit Suisse Asset Management Limited (CSAM U.K.) ("CSAM Ltd. U.K."), Credit
Suisse Asset Management Limited (CSAM Japan) ("CSAM Ltd. Japan") and Credit
Suisse Asset Management Limited (CSAM Australia) ("CSAM Ltd. Australia"), each
an affiliate of CSAM, are sub-investment advisers to the Portfolio. CSAM Ltd.
U.K., CSAM Ltd. Japan and CSAM Ltd. Australia's sub-investment advisory fees are
paid by CSAM out of CSAM's net investment advisory fee and are not paid by the
Portfolio. As of December 3, 2004, CSAM Ltd. Japan no longer serves as
sub-investment adviser to the Portfolio.
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of
CSAM, and SSB serve as co-administrators to the Portfolio.
For its co-administrative services, CSAMSI currently receives a fee
calculated at an annual rate of 0.10% of the Portfolio's average daily net
assets. For the year ended October 31, 2004, co-administrative services fees
earned by CSAMSI were $121,533.
For its co-administrative services, SSB receives a fee, exclusive of
out-of-pocket expenses, based upon the following fee schedule calculated in
total for all the Credit Suisse funds/portfolios co-administered by SSB and
allocated based upon relative average net assets of each fund/portfolio, subject
to an annual minimum fee.
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ ----------------------------------
First $5 billion 0.050% of average daily net assets
Next $5 billion 0.035% of average daily net assets
Over $10 billion 0.020% of average daily net assets
</Table>
For the year ended October 31, 2004, co-administrative services fees earned
by SSB (including out-of-pocket expenses) were $76,319.
For the period November 1, 2003 to March 16, 2004, CSFB received $4,865 in
fees for its securities lending activities.
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Portfolio to provide certain financial printing and fulfillment services.
For
20
<Page>
NOTE 3. LINE OF CREDIT
the year ended October 31, 2004, Merrill was paid $10,657 for its services to
the Portfolio.
The Portfolio, together with other funds/portfolios advised by CSAM
(collectively, the "Participating Funds"), participates in a $75 million
committed, unsecured line of credit facility ("Credit Facility") for temporary
or emergency purposes with Deutsche Bank, A.G. as administrative agent and
syndication agent and SSB as operations agent. Under the terms of the Credit
Facility, the Participating Funds pay an aggregate commitment fee at a rate of
0.10% per annum on the average unused amount of the Credit Facility, which is
allocated among the Participating Funds in such manner as is determined by the
governing Boards of the Participating Funds. In addition, the Participating
Funds pay interest on borrowings at the Federal Funds rate plus 0.50%. At
October 31, 2004 the Portfolio had no loans outstanding under the Credit
Facility. During the year ended October 31, 2004, the Portfolio had borrowings
under the Credit Facility as follows:
<Table>
<Caption>
AVERAGE DAILY WEIGHTED AVERAGE MAXIMUM DAILY
LOAN BALANCE INTEREST RATE % LOAN OUTSTANDING
------------- ---------------- ----------------
$ 5,421,000 1.549% $ 8,671,000
</Table>
NOTE 4. PURCHASES AND SALES OF SECURITIES
For the year ended October 31, 2004, purchases and sales of investment
securities (excluding short-term investments) were $114,108,220 and
$233,921,893, respectively.
NOTE 5. CAPITAL SHARE TRANSACTIONS
The Fund is authorized to issue up to sixteen billion full and fractional
shares of common stock of separate series having a $.001 par value per share.
Shares of eight series have been classified, one of which constitutes the
interest in the Portfolio. Transactions in capital shares of the Portfolio were
as follows:
<Table>
<Caption>
FOR THE YEAR ENDED
------------------------------------
OCTOBER 31, 2004 OCTOBER 31, 2003
---------------- ----------------
Shares sold 212,531 14,590,640
Shares exchanged due to merger -- 12,106,921
Shares issued in reinvestment of
dividends and distributions 536,000 40,891
Shares redeemed (13,235,300) (14,776,756)
---------------- ----------------
Net increase (decrease) (12,486,769) 11,961,696
================ ================
</Table>
21
<Page>
NOTE 5. CAPITAL SHARE TRANSACTIONS
On October 31, 2004, the number of shareholders that held 5% or more of the
outstanding shares of the Portfolio were as follows:
<Table>
<Caption>
NUMBER OF APPROXIMATE PERCENTAGE
SHAREHOLDERS OF OUTSTANDING SHARES
------------ ----------------------
7 88%
</Table>
Some of the shareholders are omnibus accounts, which hold shares on behalf of
individual shareholders.
NOTE 6. FEDERAL INCOME TAXES
Income and capital gain distributions are determined in accordance with
federal income tax regulations, which may differ from GAAP. These differences
are primarily due to differing treatments of foreign currency translations,
losses deferred due to wash sales, redemption in kind activity, and capital loss
carryforwards from fund mergers.
The tax characteristics of dividends paid during the years ended October 31,
2004 and 2003, respectively, for the Portfolio were as follows:
<Table>
<Caption>
ORDINARY INCOME LONG-TERM CAPITAL GAIN
------------------------ ----------------------
2004 2003 2004 2003
------------ ---------- ---------- ----------
$ 4,848,610 $ 296,819 $ 227,908 $ --
</Table>
At October 31, 2004, the components of distributable earnings on a tax basis
for the Portfolio were as follows:
<Table>
Undistributed net investment income $ 1,655,294
Accumulated net realized loss (155,262,287)
Unrealized appreciation 7,816,818
---------------
$ (145,790,175)
===============
</Table>
At October 31, 2004, the Portfolio had capital loss carryforwards available
to offset possible future capital gains as follows:
<Table>
<Caption>
EXPIRES OCTOBER 31,
-----------------------------
2009 2010
------------- -------------
$ 80,740,799 $ 74,521,488
</Table>
Included in the fund's capital loss carryforwards which expire in 2009 and
2010 are $9,711,084 and $3,586,266, respectively, acquired in the Credit Suisse
Institutional Fund, Inc.-International Fund merger, which are subject to IRS
limitations.
22
<Page>
NOTE 6. FEDERAL INCOME TAXES
During the tax year ended, October 31, 2004, the Portfolio has utilized
$23,313,605 of the capital loss carryforward.
At October 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 from investments were as follows: $51,010,654,
$8,782,933, $(985,346) and $7,797,587, respectively.
At October 31, 2004, the Portfolio reclassified $26,596 from undistributed
net investment income and $10,776,287 from accumulated net realized loss to
paid-in-capital, to adjust for current period permanent book/tax differences
which arose principally from differing book/tax treatments of foreign currency
translations, redemption in kind activity and capital loss carryforwards from
fund mergers. Net assets were not affected by these reclassifications.
NOTE 7. CONTINGENCIES
In the normal course of business, the Portfolio may provide general
indemnifications pursuant to certain contracts and organizational documents. The
Portfolio's maximum exposure under these arrangements is dependent on future
claims that may be made against the Portfolio and, therefore, cannot be
estimated; however, based on experience, the risk of loss from such claims is
considered remote.
23
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors of
Credit Suisse Institutional Fund, Inc. and Shareholders of
Credit Suisse Institutional Fund, Inc.-- International Focus Portfolio:
In our opinion, the accompanying statement of assets and liabilities,
including the schedule of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Credit Suisse Institutional Fund,
Inc. -- International Focus Portfolio (a portfolio of Credit Suisse
Institutional Fund, Inc., hereafter referred to as the "Fund") at October 31,
2004, the results of its operations for the year then ended, the changes in its
net assets for each of the two years in the period then ended and the financial
highlights for each of 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 Fund's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with 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 October 31, 2004 by
correspondence with the custodian, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Baltimore, Maryland
December 15, 2004
24
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
INFORMATION CONCERNING DIRECTORS AND OFFICERS (UNAUDITED)
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH FUND SERVED PAST FIVE YEARS DIRECTOR HELD BY DIRECTOR
- ----------------------- ----------- ------------ ------------------------ ------------- ----------------
INDEPENDENT DIRECTORS
Richard H. Francis Director, Since Currently retired 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 Corporation
Trade 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
301 ICC Nominating 2001 Distinguished Professor of Carlisle
Georgetown University Committee of International Affairs Companies
Washington, DC 20057 Chairman at the Edmund A. Incorporated
and Audit Walsh School of (diversified
Date of Birth: 02/11/37 Committee Foreign Service, manufacturing
Member Georgetown University company).
from June 1995 to
present.
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
</Table>
- ----------
(1) Each Director and Officer serves until his or her respective successor has
been duly elected and qualified.
25
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH FUND SERVED PAST FIVE YEARS DIRECTOR HELD BY DIRECTOR
- ----------------------- ----------- ------------ -------------------------- ------------- ----------------
INDEPENDENT DIRECTORS
Steven N. Rappaport Director, Since Partner of Lehigh Court, 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) from July 2002 to technologies
10022 and Audit present; Transition company);
Committee Adviser to SunGard Director of
Date of Birth: 07/10/48 Chairman Securities Finance, Inc. Wood
from February 2002 to Resources, LLC.
July 2002; President of (plywood
SunGard Securities manufacturing
Finance, Inc. from 2001 company).
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 45 None
Credit Suisse Asset and Chief 2004 Chief Executive Officer of
Management, LLC Executive CSAM since 2003;
466 Lexington Avenue Officer Chairman and Chief
New York, New York Investment Officer of
10017-3140 Banc of America Capital
Management from 1998
Date of Birth: 03/30/54 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.
26
<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 of 48 Director of
Epoch Investment Partners 1999 J Net Enterprises, Inc. Globe Wireless,
667 Madison Avenue (technology holdings LLC (maritime
New York, NY 10021 company) since June communication
2004; Chief Executive company);
Date of Birth: 09/24/41 Officer of Epoch Director of
Investment Partners, InfraRed X
Inc. since April 2004; (medical device
Co-Managing Partner, company);
Steinberg Priest & Director of J Net
Sloane Capital Enterprises, Inc.
Management, LLC from
2001 to March 2004;
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 services to CSAM
within the last two years (ended 12/31/02).
27
<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
Credit Suisse Asset Financial 1999 CSAM; Associated with CSAM since 1984; Officer of
Management, LLC Officer and other Credit Suisse Funds
466 Lexington Avenue Treasurer
New York, New York
10017-3140
Date of Birth: 11/15/59
Emidio Morizio Chief Since Vice President and Global Head of Compliance of
Credit Suisse Asset Compliance 2004 CSAM; Associated with CSAM since July 2000; Vice
Management, LLC Officer President and Director of Compliance of
466 Lexington Avenue Forstmann-Leff Associates from 1998 to June 2000;
New York, New York Officer of other Credit Suisse Funds
10017-3140
Date of Birth: 09/21/66
Ajay Mehra Chief Since Director and Deputy General Counsel of CSAM since
Credit Suisse Asset Legal Officer 2004 September 2004; Senior Associate of Shearman &
Management, LLC Sterling LLP from September 2000 to September
466 Lexington Avenue 2004; Senior Counsel of the SEC Division of
New York, New York Investment Management from June 1997 to September
10017-3140 2000; Officer of other Credit Suisse Funds
Date of Birth: 08/14/70
J. Kevin Gao Vice Since Vice President and legal counsel of CSAM;
Credit Suisse Asset President and 2004 Associated with CSAM since July 2003; Associated
Management, LLC Secretary with the law firm of Willkie Farr & Gallagher LLP
466 Lexington Avenue from 1998 to 2003; Officer of other Credit Suisse
New York, New York Funds
10017-3140
Date of Birth: 10/13/67
Robert M. Rizza Assistant Since Assistant Vice President of CSAM since January
Credit Suisse Asset Treasurer 2002 2001; Associated with CSAM since 1998; Officer of
Management, LLC other Credit Suisse Funds
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 12/09/65
</Table>
The Statement of Additional Information includes additional information about
the Directors and is available, without charge, upon request, by calling
800-222-8977.
28
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
TAX INFORMATION LETTER (UNAUDITED)
October 31, 2004
IMPORTANT TAX INFORMATION FOR CORPORATE SHAREHOLDERS
During the fiscal year ended October 31, 2004, the Portfolio distributed
$3,134,926 of foreign source income on which the Portfolio paid foreign taxes of
$399,914. This information is being furnished to you pursuant to notice
requirement of Section 853(a) and 855(d) of the Internal Revenue Code of 1986,
as amended the "Code", and the Treasury Regulations thereunder.
For the fiscal year ended October 31, 2004, certain dividends paid by the
Portfolio may be subject to a maximum tax rate of 15%, as provided for by the
Jobs and Growth Tax Relief Reconciliation Act of 2003. Complete information will
be reported in conjunction with your 2003 Form 1099-DIV.
IMPORTANT TAX INFORMATION FOR SHAREHOLDERS
During the year ended October 31, 2004, the Portfolio declared $227,908 in
dividends that were designated as 20% long-term capital gains dividends.
29
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
PROXY VOTING AND PORTFOLIO HOLDINGS INFORMATION
Information regarding how the Portfolio voted proxies related to its
portfolio securities during the 12-month period ended June 30, 2004 as well as
the policies and procedures that the Portfolio uses to determine how to vote
proxies relating to its portfolio securities are available:
- By calling 1-800-222-8977
- On the Fund's website, www.csam.com/us
- On the website of the Securities and Exchange Commission,
http://www.sec.gov.
The Portfolio 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
Portfolio's 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.
30
<Page>
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<Page>
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<Page>
P.O. BOX 55030, BOSTON, MA 02205-5030 [CREDIT SUISSE ASSET MANAGEMENT LOGO]
800-222-8977 - www.csam.com/us
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. CSINI-2-1004
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE INSTITUTIONAL FUND
ANNUAL REPORT
OCTOBER 31, 2004
CREDIT SUISSE INSTITUTIONAL FUND, INC.
- - LARGE CAP VALUE PORTFOLIO
- - SMALL CAP GROWTH PORTFOLIO
- - SELECT EQUITY PORTFOLIO
- - CAPITAL APPRECIATION PORTFOLIO
- - HARBINGER PORTFOLIO
- - INVESTMENT GRADE FIXED INCOME PORTFOLIO
THE PORTFOLIOS' INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES (WHICH SHOULD
BE CONSIDERED CAREFULLY BEFORE INVESTING), AND MORE COMPLETE INFORMATION ABOUT
THE FUND, IS PROVIDED IN THE PROSPECTUS, WHICH SHOULD BE READ CAREFULLY BEFORE
INVESTING. YOU MAY OBTAIN ADDITIONAL COPIES BY CALLING 800-222-8977 OR BY
WRITING TO CREDIT SUISSE INSTITUTIONAL FUND, P.O. BOX 55030, BOSTON, MA
02205-5030.
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR, IS LOCATED AT 466
LEXINGTON AVE., NEW YORK, NY 10017-3140. CREDIT SUISSE INSTITUTIONAL FUND IS
ADVISED BY CREDIT SUISSE ASSET MANAGEMENT, LLC.
<Page>
THE VIEWS OF THE PORTFOLIOS' MANAGEMENT ARE AS OF THE DATE OF THE LETTERS AND
PORTFOLIO HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF OCTOBER 31, 2004; THESE
VIEWS AND PORTFOLIO HOLDINGS MAY HAVE CHANGED SUBSEQUENT TO THESE DATES. NOTHING
IN THIS DOCUMENT IS A RECOMMENDATION TO PURCHASE OR SELL SECURITIES.
PORTFOLIO SHARES ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF CREDIT SUISSE ASSET
MANAGEMENT, LLC ("CSAM") OR ANY AFFILIATE, ARE NOT FDIC-INSURED AND ARE NOT
GUARANTEED BY CSAM OR ANY AFFILIATE. PORTFOLIO INVESTMENTS ARE SUBJECT TO
INVESTMENT RISKS, INCLUDING LOSS OF YOUR INVESTMENT.
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- LARGE CAP VALUE PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT
October 31, 2004 (unaudited)
November 24, 2004
Dear Shareholder:
For the 12 months ended October 31, 2004, Credit Suisse Institutional Fund,
Inc. -- Large Cap Value Portfolio(1) (the "Portfolio") had a gain of 11.81%,
versus an increase of 15.46% for the Russell 1000(R) Value Index.(2)
MARKET OVERVIEW: STRONG START GIVES WAY TO SEESAW FINISH
The US equity market began the period on a strong note. An improving outlook
for the economy and corporate profits continued to help stocks regain their
footing after 2000's "bubble burst." However, the market faced headwinds as 2004
progressed, mostly in the form of domestic and international political
uncertainty, worries over rising interest rates and a surge in oil prices. The
market struggled in the spring and summer, but then moved upward again as
inflation and interest-rate fears subsided.
Style category, more so than market cap size, was the driving factor behind
performance in the period. Value stocks handily outpaced growth stocks,
reflecting the outperformance of energy and industrial-type companies, which
comprise a larger share of the value universe. Broadly, mid- and
small-capitalization names outpaced large cap stocks, a trend often (but not
always) seen in the early stages of economic recovery.
STRATEGIC REVIEW: FOCUS ON COMPANY FUNDAMENTALS
The Portfolio had a gain but underperformed its benchmark, which we attribute
primarily to stock selection in the technology sector. Holdings that detracted
from the Portfolio's performance included Unisys, an infrastructure solutions
provider, and Seagate Technology, a disc drive manufacturer. We eliminated both
positions in the period, based on our concerns over their business fundamentals.
The Portfolio's energy holdings, while collectively positive in absolute terms,
underperformed, in part due to Calpine (a position we eliminated in late
October), an operator of power generation stations that declined on balance
sheet concerns.
On the positive side, the Portfolio's multi-business industrial companies
aided its absolute and relative return (our nearly double weighting in this
outperforming sector was also a plus). Tyco (3.0% of the Portfolio as of October
31, 2004) had a sizable gain amid an ongoing turnaround under new management.
Other standouts were Textron and Eaton (1.8% and 2.4% of the Portfolio,
respectively, as of October 31, 2004), both benefiting from improvements in
demand and free cash-flows.
1
<Page>
GOING FORWARD: POSITIONED FOR RECOVERY
As we move ahead, we believe that the economy should rebound from its recent
softness in a sustainable manner, and our portfolio positioning reflects that
view. We are overweighted in industrial-type stocks (ranging from aerospace
companies to machinery manufacturers) and materials stocks that offer leverage
to a growing economy. We are looking for opportunities to raise these
overweightings even higher. We are seeking to narrow our underweighting in
financial services, should a rise in interest rates spark indiscriminate selling
in the sector, creating compelling values.
The Credit Suisse Value Team
Stephen J. Kaszynski
Robert E. Rescoe
Credit Suisse Asset Management, LLC (CSAM)
IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING
STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKET,
INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT REGULATION AND
THEIR POTENTIAL IMPACT ON THE PORTFOLIO'S INVESTMENT PORTFOLIO. THESE STATEMENTS
ARE SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
2
<Page>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $1,000,000 INVESTMENT IN THE
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- LARGE CAP VALUE PORTFOLIO(1)
AND THE RUSSELL 1000(R) VALUE INDEX(2) FROM INCEPTION (6/30/97).
<Table>
<Caption>
CREDIT SUISSE INSTITUTIONAL
FUND, INC. -- LARGE
CAP VALUE PORTFOLIO(1) RUSSELL 1000(R) VALUE INDEX(2)
6/30/1997 $ 1,000,000 $ 1,000,000
7/31/1997 $ 1,079,000 $ 1,075,230
8/31/1997 $ 1,056,000 $ 1,036,920
9/30/1997 $ 1,109,000 $ 1,099,591
10/31/1997 $ 1,064,000 $ 1,068,868
11/30/1997 $ 1,091,000 $ 1,116,123
12/31/1997 $ 1,119,272 $ 1,148,703
1/31/1998 $ 1,127,375 $ 1,132,449
2/28/1998 $ 1,203,344 $ 1,208,685
3/31/1998 $ 1,251,964 $ 1,282,608
4/30/1998 $ 1,264,119 $ 1,291,189
5/31/1998 $ 1,260,067 $ 1,272,040
6/30/1998 $ 1,272,222 $ 1,288,348
7/31/1998 $ 1,238,796 $ 1,265,609
8/31/1998 $ 1,058,497 $ 1,077,286
9/30/1998 $ 1,090,910 $ 1,139,122
10/31/1998 $ 1,167,892 $ 1,227,404
11/30/1998 $ 1,237,783 $ 1,284,601
12/31/1998 $ 1,273,132 $ 1,328,278
1/31/1999 $ 1,283,374 $ 1,338,886
2/28/1999 $ 1,251,623 $ 1,319,982
3/31/1999 $ 1,262,890 $ 1,347,305
4/30/1999 $ 1,411,404 $ 1,473,123
5/31/1999 $ 1,428,817 $ 1,456,933
6/30/1999 $ 1,474,907 $ 1,41999,242
7/31/1999 $ 1,422,671 $ 1,455,329
8/31/1999 $ 1,395,017 $ 1,401,332
9/30/1999 $ 1,356,095 $ 1,352,362
10/31/1999 $ 1,364,289 $ 1,430,197
11/30/1999 $ 1,359,168 $ 1,419,002
12/31/1999 $ 1,312,316 $ 1,425,849
1/31/2000 $ 1,250,822 $ 1,379,366
2/29/2000 $ 1,184,094 $ 1,276,879
3/31/2000 $ 1,343,718 $ 1,432,672
4/30/2000 $ 1,347,643 $ 1,416,053
5/31/2000 $ 1,397,362 $ 1,430,978
6/30/2000 $ 1,334,559 $ 1,365,596
7/31/2000 $ 1,330,634 $ 1,382,681
8/31/2000 $ 1,413,062 $ 1,459,628
9/30/2000 $ 1,413,062 $ 1,473,056
10/31/2000 $ 1,440,539 $ 1,509,293
11/30/2000 $ 1,376,851 $ 1,453,298
12/31/2000 $ 1,491,489 $ 1,526,109
1/31/2001 $ 1,507,701 $ 1,531,908
2/28/2001 $ 1,523,913 $ 1,489,321
3/31/2001 $ 1,459,065 $ 1,436,748
4/30/2001 $ 1,523,913 $ 1,507,149
5/31/2001 $ 1,572,548 $ 1,541,059
6/30/2001 $ 1,523,913 $ 1,506,848
7/31/2001 $ 1,507,701 $ 1,503,683
8/31/2001 $ 1,475,277 $ 1,443,386
9/30/2001 $ 1,361,794 $ 1,341,771
10/31/2001 $ 1,378,006 $ 1,330,232
11/30/2001 $ 1,459,065 $ 1,407,519
12/31/2001 $ 1,506,568 $ 1,440,666
1/31/2002 $ 1,473,816 $ 1,429,558
2/28/2002 $ 1,490,192 $ 1,431,846
3/31/2002 $ 1,539,319 $ 1,499,572
4/30/2002 $ 1,490,192 $ 1,448,136
5/31/2002 $ 1,490,192 $ 1,455,377
6/30/2002 $ 1,408,313 $ 1,371,839
7/31/2002 $ 1,310,059 $ 1,244,258
8/31/2002 $ 1,293,683 $ 1,253,714
9/30/2002 $ 1,162,677 $ 1,114,301
10/31/2002 $ 1,244,556 $ 1,196,871
11/30/2002 $ 1,293,683 $ 1,272,273
12/31/2002 $ 1,239,024 $ 1,217,057
1/31/2003 $ 1,205,983 $ 1,187,604
2/28/2003 $ 1,189,463 $ 1,155,895
3/31/2003 $ 1,205,983 $ 1,157,860
4/30/2003 $ 1,272,064 $ 1,259,752
5/31/2003 $ 1,338,146 $ 1,341,132
6/30/2003 $ 1,354,666 $ 1,357,896
7/31/2003 $ 1,354,666 $ 1,378,128
8/31/2003 $ 1,371,186 $ 1,399,627
9/30/2003 $ 1,371,186 $ 1,385,911
10/31/2003 $ 1,437,268 $ 1,470,729
11/30/2003 $ 1,470,308 $ 1,490,731
12/31/2003 $ 1,556,825 $ 1,582,560
1/31/2004 $ 1,573,565 $ 1,610,413
2/29/2004 $ 1,607,045 $ 1,644,875
3/31/2004 $ 1,573,565 $ 1,630,401
4/30/2004 $ 1,540,085 $ 1,590,619
5/31/2004 $ 1,556,825 $ 1,606,843
6/30/2004 $ 1,607,045 $ 1,644,765
7/31/2004 $ 1,573,565 $ 1,621,573
8/31/2004 $ 1,573,565 $ 1,644,600
9/30/2004 $ 1,607,045 $ 1,670,091
10/31/2004 $ 1,607,045 $ 1,697,815
</Table>
AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2004(1)
<Table>
<Caption>
1 YEAR 5 YEARS SINCE INCEPTION
- ------ ------- ---------------
17.20% 3.45% 6.76%
</Table>
AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 2004(1)
<Table>
<Caption>
1 YEAR 5 YEARS SINCE INCEPTION
- ------ ------- ---------------
11.81% 3.33% 6.68%
</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 PORTFOLIO MAY BE LOWER OR HIGHER
THAN THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL FLUCTUATE, AND REDEMPTION
VALUE MAY BE LESS THAN ORIGINAL COST. THE PERFORMANCE RESULTS DO NOT REFLECT THE
DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON PORTFOLIO DISTRIBUTIONS OR
THE REDEMPTION OF PORTFOLIO SHARES. PERFORMANCE INFORMATION CURRENT TO THE MOST
RECENT MONTH-END IS AVAILABLE AT www.csam.com/us.
- ----------
(1) Fee waivers and/or expense reimbursements reduced expenses for the
Portfolio, without which performance would be lower. Waivers and/or
reimbursements may be discontinued at any time.
(2) The Russell 1000(R) Value Index measures the performance of those companies
in the Russell 1000(R) Index with lower price-to-book ratios and lower
forecasted growth values. It is an unmanaged index of common stocks that
includes reinvestment of dividends and is compiled by Frank Russell
Company. Investors cannot invest directly in an index.
3
<Page>
INFORMATION ABOUT YOUR PORTFOLIO'S EXPENSES
As an investor of the Portfolio, you incur two types of costs: ongoing
expenses and transaction costs. Ongoing expenses include management fees,
distribution and service (12b-1) fees and other Portfolio 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 Portfolio 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 October 31, 2004.
The table illustrates your Portfolio's expenses in two ways:
- ACTUAL PORTFOLIO RETURN. This helps you estimate the actual dollar amount
of ongoing expenses paid on a $1,000 investment in the Portfolio using the
Portfolio'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% PORTFOLIO RETURN. This helps you to compare your
Portfolio's ongoing expenses with those of other mutual funds using the
Portfolio'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. If these transaction costs had been
included, your costs would have been higher. 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.
4
<Page>
EXPENSES AND VALUE OF A $1,000 INVESTMENT FOR THE SIX-MONTH PERIOD ENDED
OCTOBER 31, 2004
<Table>
ACTUAL PORTFOLIO RETURN
Beginning Account Value 4/30/04 $ 1,000
Ending Account Value 10/31/04 $ 1,043
Expenses Paid per $1,000* $ 3.85
HYPOTHETICAL 5% PORTFOLIO RETURN
Beginning Account Value 4/30/04 $ 1,000
Ending Account Value 10/31/04 $ 1,025
Expenses Paid per $1,000* $ 3.82
ANNUALIZED EXPENSE RATIOS* 0.75%
</Table>
- ----------
* EXPENSES ARE EQUAL TO THE PORTFOLIO'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 PORTFOLIO 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
PORTFOLIO'S ACTUAL EXPENSES WOULD HAVE BEEN HIGHER.
For more information, please refer to the Portfolio's prospectus.
5
<Page>
[CHART]
SECTOR BREAKDOWN*
<Table>
Autos & Transportation 2.1%
Other Assets 2.9%
Consumer Staples 3.6%
Utilities 3.7%
Technology 4.1%
Other Energy 5.5%
Health Care 6.4%
Producer Durables 7.0%
Integrated Oils 7.1%
Consumer Discretionary 8.1%
Materials & Processing 8.4%
Other 12.0%
Financial Services 29.1%
</Table>
- ----------
* The Portfolio's sector breakdown is expressed as a percentage of total
investments and may vary over time.
6
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SMALL CAP GROWTH PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT
October 31, 2004 (unaudited)
November 24, 2004
Dear Shareholder:
For the 12 months ended October 31, 2004, Credit Suisse Institutional Fund,
Inc. -- Small Cap Growth Portfolio(1) (the "Portfolio") had a gain of 25.40%,
versus an increase of 5.53% for the Russell 2000(R) Growth Index.(2),(3)
The US equity market began the period on a strong note. An improving outlook
for the economy and corporate profits continued to help stocks regain their
footing after 2000's "bubble burst." However, the market faced headwinds as 2004
progressed, mostly in the form of domestic and international political
uncertainty, worries over rising interest rates and a surge in oil prices. The
market hit its low for the reporting period in August, but then moved upward
again as inflation and interest-rate fears subsided.
Growth stocks had a positive showing for the 12 months, but lagged value
stocks, reflecting the outperformance of energy and industrial-type companies,
which comprise a larger share of the value universe. Small capitalization stocks
generally outpaced large cap stocks, a trend often (but not always) seen in the
early stages of economic recovery.
The Portfolio's outperformance was largely attributable to a sharp increase
in value of its holding of Prescient Systems, Inc. ("Prescient"), a privately
held concern that provides supply chain software. Because the Portfolio is small
(less than $200,000 in net assets as of October 31, 2004), the increase had a
significant impact on the Portfolio's net asset value. Prescient represented
about 16% of the Portfolio's assets when its value went up on April 30, 2004.
Such outperformance is not necessarily representative of the Portfolio's
long-term performance.
Elsewhere of note in the Portfolio, our overweighting in the energy area
during much of the period was beneficial to performance. Stocks that hindered
the Portfolio's relative return included certain financial services,
semiconductor equipment and communications holdings.
The Credit Suisse Small/Mid-Cap Growth Team
Marian U. Pardo
Leo M. Bernstein
Calvin E. Chung
7
<Page>
THE PORTFOLIO HAS BEEN CLOSED TO NEW INVESTMENTS SINCE APRIL 30, 2004, EXCEPT
FOR THE REINVESTMENT OF DIVIDENDS AND DISTRIBUTIONS. THE PORTFOLIO MAY REOPEN TO
INVESTMENTS AT ANY TIME.
INVESTMENTS IN SMALL COMPANIES MAY BE MORE VOLATILE AND LESS LIQUID THAN
INVESTMENTS IN LARGER COMPANIES.
IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING
STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKET,
INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT REGULATION AND
THEIR POTENTIAL IMPACT ON THE PORTFOLIO'S INVESTMENTS. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
8
<Page>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $1,000,000 INVESTMENT IN THE
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SMALL CAP GROWTH PORTFOLIO(1)
AND THE RUSSELL 2000(R) GROWTH INDEX(2),(3) FROM INCEPTION (12/29/95).
<Table>
<Caption>
CREDIT SUISSE INSTITUTIONAL
FUND, INC. -- SMALL CAP
GROWTH PORTFOLIO(1) RUSSELL 2000(R) GROWTH INDEX(2),(3)
12/31/1995 $ 1,000,000 $ 1,000,000
1/31/1996 $ 985,000 $ 991,720
2/29/1996 $ 1,036,000 $ 1,036,942
3/31/1996 $ 1,128,000 $ 1,057,443
4/30/1996 $ 1,250,000 $ 1,138,623
5/31/1996 $ 1,325,000 $ 1,197,011
6/30/1996 $ 1,282,000 $ 1,119,229
7/31/1996 $ 1,163,000 $ 982,594
8/31/1996 $ 1,246,000 $ 1,055,335
9/30/1996 $ 1,330,000 $ 1,109,685
10/31/1996 $ 1,292,000 $ 1,061,813
11/30/1996 $ 1,294,000 $ 1,091,342
12/31/1996 $ 1,331,000 $ 1,112,624
1/31/1997 $ 1,369,000 $ 1,140,417
2/28/1997 $ 1,284,000 $ 1,071,547
3/31/1997 $ 1,178,000 $ 995,928
4/30/1997 $ 1,158,000 $ 984,405
5/31/1997 $ 1,315,000 $ 1,132,361
6/30/1997 $ 1,373,000 $ 1,170,760
7/31/1997 $ 1,437,000 $ 1,230,749
8/31/1997 $ 1,480,000 $ 1,267,684
9/30/1997 $ 1,652,000 $ 1,368,845
10/31/1997 $ 1,589,000 $ 1,286,632
11/30/1997 $ 1,560,000 $ 1,255,959
12/31/1997 $ 1,551,000 $ 1,256,662
1/31/1998 $ 1,522,000 $ 1,239,899
2/28/1998 $ 1,650,000 $ 1,349,369
3/31/1998 $ 1,740,000 $ 1,405,975
4/30/1998 $ 1,720,000 $ 1,414,594
5/31/1998 $ 1,585,000 $ 1,311,824
6/30/1998 $ 1,603,000 $ 1,325,230
7/31/1998 $ 1,436,000 $ 1,214,574
8/31/1998 $ 1,133,000 $ 934,202
9/30/1998 $ 1,228,000 $ 1,028,920
10/31/1998 $ 1,289,000 $ 1,082,589
11/30/1998 $ 1,382,000 $ 1,166,565
12/31/1998 $ 1,489,000 $ 1,272,128
1/31/1999 $ 1,553,000 $ 1,329,348
2/28/1999 $ 1,400,000 $ 1,207,739
3/31/1999 $ 1,466,000 $ 1,250,759
4/30/1999 $ 1,464,000 $ 1,361,213
5/31/1999 $ 1,473,000 $ 1,363,364
6/30/1999 $ 1,619,000 $ 1,435,186
7/31/1999 $ 1,622,000 $ 1,390,810
8/31/1999 $ 1,612,000 $ 1,338,794
9/30/1999 $ 1,661,000 $ 1,364,619
10/31/1999 $ 1,789,000 $ 1,31999,567
11/30/1999 $ 2,062,000 $ 1,547,557
12/31/1999 $ 2,558,032 $ 1,820,314
1/31/2000 $ 2,491,384 $ 1,803,367
2/29/2000 $ 3,363,104 $ 2,222,938
3/31/2000 $ 3,002,356 $ 1,989,263
4/30/2000 $ 2,556,975 $ 1,788,407
5/31/2000 $ 2,322,118 $ 1,631,814
6/30/2000 $ 2,676,519 $ 1,842,612
7/31/2000 $ 2,431,083 $ 1,684,700
8/31/2000 $ 2,756,920 $ 1,861,914
9/30/2000 $ 2,543,222 $ 1,769,414
10/31/2000 $ 2,380,303 $ 1,625,791
11/30/2000 $ 1,977,238 $ 1,330,596
12/31/2000 $ 2,155,942 $ 1,412,015
1/31/2001 $ 2,130,123 $ 1,526,303
2/28/2001 $ 1,811,065 $ 1,317,047
3/31/2001 $ 1,563,934 $ 1,197,301
4/30/2001 $ 1,814,754 $ 1,343,851
5/31/2001 $ 1,796,311 $ 1,375,028
6/30/2001 $ 1,812,910 $ 1,412,567
7/31/2001 $ 1,715,164 $ 1,292,075
8/31/2001 $ 1,610,041 $ 1,211,320
9/30/2001 $ 1,324,180 $ 1,015,813
10/31/2001 $ 1,499,385 $ 1,113,534
11/30/2001 $ 1,654,303 $ 1,206,514
12/31/2001 $ 1,790,779 $ 1,281,632
1/31/2002 $ 1,728,074 $ 1,236,031
2/28/2002 $ 1,571,311 $ 1,156,060
3/31/2002 $ 1,709,631 $ 1,256,522
4/30/2002 $ 1,667,213 $ 1,229,381
5/31/2002 $ 1,558,402 $ 1,157,462
6/30/2002 $ 1,410,861 $ 1,059,309
7/31/2002 $ 1,180,328 $ 896,494
8/31/2002 $ 1,163,729 $ 896,045
9/30/2002 $ 1,112,090 $ 831,351
10/31/2002 $ 1,187,705 $ 873,417
11/30/2002 $ 1,279,918 $ 959,973
12/31/2002 $ 1,196,926 $ 893,735
1/31/2003 $ 1,172,951 $ 869,425
2/28/2003 $ 1,152,664 $ 846,211
3/31/2003 $ 1,165,574 $ 858,989
4/30/2003 $ 1,246,721 $ 940,250
5/31/2003 $ 1,390,574 $ 1,046,216
6/30/2003 $ 1,405,328 $ 1,066,408
7/31/2003 $ 1,519,672 $ 1,147,028
8/31/2003 $ 1,606,352 $ 1,208,624
9/30/2003 $ 1,571,311 $ 1,178,045
10/31/2003 $ 1,750,205 $ 1,279,828
11/30/2003 $ 1,781,557 $ 1,321,551
12/31/2003 $ 1,790,779 $ 1,327,498
1/31/2004 $ 1,901,434 $ 1,397,191
2/29/2004 $ 1,903,279 $ 1,395,096
3/31/2004 $ 1,923,565 $ 1,401,653
4/30/2004 $ 2,146,721 $ 1,331,290
5/31/2004 $ 2,227,869 $ 1,357,782
6/30/2004 $ 2,312,705 $ 1,402,997
7/31/2004 $ 2,093,238 $ 1,277,007
8/31/2004 $ 2,047,131 $ 1,249,552
9/30/2004 $ 2,185,451 $ 1,318,652
10/31/2004 $ 2,194,700 $ 1,350,695
</Table>
AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2004(1)
<Table>
<Caption>
1 YEAR 5 YEARS SINCE INCEPTION
- ------ ------- ---------------
39.08% 5.64% 9.34%
</Table>
AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 2004(1)
<Table>
<Caption>
1 YEAR 5 YEARS SINCE INCEPTION
- ------ ------- ---------------
25.40% 4.17% 9.30%
</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 PORTFOLIO MAY BE LOWER OR HIGHER
THAN THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL FLUCTUATE, AND REDEMPTION
VALUE MAY BE LESS THAN ORIGINAL COST. THE PERFORMANCE RESULTS DO NOT REFLECT THE
DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON PORTFOLIO DISTRIBUTIONS OR
THE REDEMPTION OF PORTFOLIO SHARES. PERFORMANCE INFORMATION CURRENT TO THE MOST
RECENT MONTH-END IS AVAILABLE AT www.csam.com/us.
- ----------
(1) Fee waivers and/or expense reimbursements reduced expenses for the
Portfolio, without which performance would be lower. Waivers and/or
reimbursements may be discontinued at any time.
(2) The Russell 2000(R) Growth Index measures the performance of those
companies in the Russell 2000(R) Index with higher price-to-book ratios and
higher forecasted growth values. It is an unmanaged index of common stocks
that includes reinvestment of dividends and is compiled by the Frank
Russell Company. Investors cannot invest directly in an index.
(3) Performance for the benchmarks is not available for the period beginning
December 29, 1995 (commencement of operations). For that reason,
performance is shown for the period beginning January 1, 1996.
9
<Page>
INFORMATION ABOUT YOUR PORTFOLIO'S EXPENSES
As an investor of the Portfolio, you incur two types of costs: ongoing
expenses and transaction costs. Ongoing expenses include management fees,
distribution and service (12b-1) fees and other Portfolio 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 Portfolio 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 October 31, 2004.
The table illustrates your Portfolio's expenses in two ways:
- ACTUAL PORTFOLIO RETURN. This helps you estimate the actual dollar amount
of ongoing expenses paid on a $1,000 investment in the Portfolio using the
Portfolio'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% PORTFOLIO RETURN. This helps you to compare your
Portfolio's ongoing expenses with those of other mutual funds using the
Portfolio'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. If these transaction costs had been
included, your costs would have been higher. 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.
10
<Page>
EXPENSES AND VALUE OF A $1,000 INVESTMENT FOR THE SIX-MONTH PERIOD ENDED
OCTOBER 31, 2004
<Table>
ACTUAL PORTFOLIO RETURN
Beginning Account Value 4/30/04 $ 1,000
Ending Account Value 10/31/04 $ 1,022
Expenses Paid per $1,000* $ 5.03
HYPOTHETICAL 5% PORTFOLIO RETURN
Beginning Account Value 4/30/04 $ 1,000
Ending Account Value 10/31/04 $ 1,025
Expenses Paid per $1,000* $ 5.04
ANNUALIZED EXPENSE RATIOS* 0.99%
</Table>
- ----------
* EXPENSES ARE EQUAL TO THE PORTFOLIO'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 PORTFOLIO 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
PORTFOLIO'S ACTUAL EXPENSES WOULD HAVE BEEN HIGHER.
For more information, please refer to the Portfolio's prospectus.
11
<Page>
[CHART]
SECTOR BREAKDOWN*
<Table>
Other Energy 1.4%
Materials & Processing 1.5%
Producer Durables 1.6%
Financial Services 1.9%
Technology 9.3%
Health Care 10.4%
Consumer Discretionary 11.0%
Other Assets 62.9%
</Table>
- ----------
* The Portfolio's sector breakdown is expressed as a percentage of total
investments (excluding security lending collateral) and may vary over time.
12
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SELECT EQUITY PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT
October 31, 2004 (unaudited)
November 24, 2004
Dear Shareholder:
For the 12 months ended October 31, 2004, Credit Suisse Institutional Fund,
Inc. -- Select Equity Portfolio(1) (the "Portfolio") had a gain of 5.46%, versus
an increase of 9.42% for the Standard & Poor's 500 Index.(2)
MARKET OVERVIEW: STRONG START GIVES WAY TO SEESAW FINISH
The US equity market began the period on a strong note. An improving outlook
for the economy and corporate profits continued to help stocks regain their
footing after 2000's "bubble burst." However, the market faced headwinds as 2004
progressed, mostly in the form of domestic and international political
uncertainty, worries over rising interest rates and a surge in oil prices. The
market hit its low for the reporting period in August, but then moved upward
again as inflation and interest-rate fears subsided.
Style category, more so than market cap size, was the driving factor behind
performance in the period. Growth stocks advanced, but lagged value stocks by a
considerable margin, reflecting the outperformance of energy and industrial-type
companies, which comprise a larger share of the value universe. Broadly,
small-capitalization names outpaced large cap stocks, a trend often (but not
always) seen in the early stages of economic recovery.
STRATEGIC REVIEW: TECHNOLOGY LOSSES SUBTRACT FROM HEALTH CARE, CONSUMER GAINS
Stock selection in the technology area had the largest negative impact on the
Portfolio's underperformance of its benchmark. Veritas Software lost about 40%
of its value, hurt by a revenue shortfall. We eliminated the position near the
end of the period. BEA Systems, also a software company, fell short of forecasts
due to a sales force reorganization that blunted the impact of a new product
release. We decided to exit the position based on the company's diminishing
economic profit prospects. Another negative factor, in relative terms, was the
Portfolio's underweighting in the energy area.
On the positive side, the Portfolio's healthcare holdings aided performance,
paced by UnitedHealth (1.8% of the Portfolio as of October 31, 2004). The stock
was supported in part by the increasing popularity of its health savings account
offerings. In addition, our avoidance of Merck proved beneficial, as the stock
plunged late in the period on its Vioxx recall. The Portfolio's consumer staples
stocks had solid performance in both absolute and relative terms. One standout
was CVS (2.6% of the Portfolio as of October 31, 2004), buoyed by sales growth
in both its pharmaceutical and "front of the store" businesses.
13
<Page>
GOING FORWARD: TACTICAL ADJUSTMENTS BASED ON ECONOMIC PROFIT POTENTIAL
Our stock-selection process centers on companies we believe display good or
improving economic profit -- defined as return on invested capital minus the
cost of that capital. In this context, noteworthy recent additions to the
Portfolio included EMC (1.2% of the Portfolio as of October 31, 2004), a
technology company where we see a catalyst with respect to its product
positioning. EMC, which has long enjoyed dominance in high-margin storage
hardware, has been shifting its product mix toward storage software, an even
more profitable market. The company's position in these markets has been key to
driving operating profit and steadily improving return on invested capital.
Another new holding was Morgan Stanley (2.0% of the Portfolio as of October
31, 2004), which we added after its stock fell on a second-quarter earnings
disappointment, one caused by proprietary trading losses. We think the company's
industry-leading investment banking and high margin hedge funds businesses
should drive improvements in economic profit.
In addition to the technology sales cited above, noteworthy recent moves
included our elimination of JC Penney in October, a stock that performed well in
the Portfolio in the six months we owned it. The sale reflected our concerns
regarding an executive management transition following a period of improved
operations and strong stock performance. We also sold our position in Newell
Rubbermaid, based on slower than expected progress on restructuring efforts
aimed at improving its return on invested capital, and Fifth Third Bancorp,
which faces heightened competition for deposit growth that could weaken its
profitability.
We remain committed to our stock selection disciplines, emphasizing companies
we think can methodically sustain and/or improve their return on invested
capital. We continue to believe that companies that deliver superior economic
profit should deliver outperformance over time.
The Credit Suisse Large Cap Core Team
Hugh M. Neuburger
Margaret D. Miller
Sarah J. Dyer
William D. Butler
Credit Suisse Asset Management, LLC (CSAM)
14
<Page>
THE PORTFOLIO IS PERMITTED TO INVEST A GREATER PROPORTION OF ITS ASSETS IN
THE SECURITIES OF A SMALLER NUMBER OF ISSUERS. AS A RESULT, THE PORTFOLIO MAY BE
SUBJECT TO GREATER VOLATILITY.
IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING
STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKET,
INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT REGULATION AND
THEIR POTENTIAL IMPACT ON THE PORTFOLIO'S INVESTMENTS. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
15
<Page>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $1,000,000 INVESTMENT IN THE
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SELECT EQUITY PORTFOLIO(1)
AND THE S&P 500 INDEX(2) FROM INCEPTION (1/31/02).
<Table>
<Caption>
CREDIT SUISSE INSTITUTIONAL FUND, INC. --
SELECT EQUITY PORTFOLIO(1) S&P 500 INDEX(2)
1/31/2002 $ 1,000,000 $ 1,000,000
2/28/2002 $ 971,000 $ 980,720
3/31/2002 $ 1,004,000 $ 1,017,605
4/30/2002 $ 948,000 $ 955,908
5/31/2002 $ 962,000 $ 948,862
6/30/2002 $ 885,000 $ 881,266
7/31/2002 $ 809,000 $ 812,571
8/31/2002 $ 809,000 $ 817,909
9/30/2002 $ 720,000 $ 729,019
10/31/2002 $ 787,000 $ 793,187
11/30/2002 $ 839,000 $ 839,874
12/31/2002 $ 786,445 $ 790,532
1/31/2003 $ 765,380 $ 769,820
2/28/2003 $ 757,355 $ 758,272
3/31/2003 $ 767,386 $ 765,628
4/30/2003 $ 813,529 $ 828,715
5/31/2003 $ 843,623 $ 872,389
6/30/2003 $ 852,651 $ 883,555
7/31/2003 $ 873,716 $ 899,106
8/31/2003 $ 881,741 $ 916,638
9/30/2003 $ 862,682 $ 906,922
10/31/2003 $ 909,829 $ 958,254
11/30/2003 $ 920,863 $ 966,687
12/31/2003 $ 959,498 $ 1,017,341
1/31/2004 $ 957,480 $ 1,036,014
2/29/2004 $ 964,543 $ 1,050,414
3/31/2004 $ 950,418 $ 1,034,567
4/30/2004 $ 939,319 $ 1,018,327
5/31/2004 $ 949,409 $ 1,032,301
6/30/2004 $ 969,587 $ 1,052,374
7/31/2004 $ 936,293 $ 1,017,544
8/31/2004 $ 932,257 $ 1,021,660
9/30/2004 $ 944,364 $ 1,032,725
10/31/2004 $ 959,498 $ 1,048,502
</Table>
AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2004(1)
<Table>
<Caption>
SINCE
1 YEAR INCEPTION
------ ---------
9.47% (2.12)%
</Table>
AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 2004(1)
<Table>
<Caption>
SINCE
1 YEAR INCEPTION
------ ---------
5.46% (1.49)%
</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 PORTFOLIO MAY BE LOWER OR HIGHER
THAN THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL FLUCTUATE, AND REDEMPTION
VALUE MAY BE LESS THAN ORIGINAL COST. THE PERFORMANCE RESULTS DO NOT REFLECT THE
DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON PORTFOLIO DISTRIBUTIONS OR
THE REDEMPTION OF PORTFOLIO SHARES. PERFORMANCE INFORMATION CURRENT TO THE MOST
RECENT MONTH-END IS AVAILABLE AT www.csam.com/us.
- ----------
(1) Fee waivers and/or expense reimbursements reduced expenses for the
Portfolio, without which performance would be lower. Waivers and/or
reimbursements may be discontinued at any time.
(2) The Standard & Poor's 500 Index is an unmanaged index (with no defined
investment objective) of common stocks. It includes reinvestment of
dividends, and is a registered trademark of McGraw-Hill Co., Inc. Investors
cannot invest directly in an index.
16
<Page>
INFORMATION ABOUT YOUR PORTFOLIO'S EXPENSES
As an investor of the Portfolio, you incur two types of costs: ongoing
expenses and transaction costs. Ongoing expenses include management fees,
distribution and service (12b-1) fees and other Portfolio 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 Portfolio and to help you compare
these expenses with the ongoing expenses of investing in other mutual
Portfolios. The table is based on an investment of $1,000 made at the beginning
of the six-month period ended October 31, 2004.
The table illustrates your Portfolio's expenses in two ways:
- ACTUAL PORTFOLIO RETURN. This helps you estimate the actual dollar amount
of ongoing expenses paid on a $1,000 investment in the Portfolio using the
Portfolio'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% PORTFOLIO RETURN. This helps you to compare your
Portfolio's ongoing expenses with those of other mutual Portfolios using
the Portfolio'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 Portfolios. 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. If these transaction costs had been
included, your costs would have been higher. 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.
17
<Page>
EXPENSES AND VALUE OF A $1,000 INVESTMENT FOR THE SIX-MONTH PERIOD ENDED
OCTOBER 31, 2004
<Table>
ACTUAL PORTFOLIO RETURN
Beginning Account Value 4/30/04 $ 1,000
Ending Account Value 10/31/04 $ 1,021
Expenses Paid per $1,000* $ 3.81
HYPOTHETICAL 5% PORTFOLIO RETURN
Beginning Account Value 4/30/04 $ 1,000
Ending Account Value 10/31/04 $ 1,025
Expenses Paid per $1,000* $ 3.82
ANNUALIZED EXPENSE RATIOS* 0.75%
</Table>
- ----------
* EXPENSES ARE EQUAL TO THE PORTFOLIO'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 PORTFOLIO 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
PORTFOLIO'S ACTUAL EXPENSES WOULD HAVE BEEN HIGHER.
For more information, please refer to the Portfolio's prospectus.
18
<Page>
[CHART]
SECTOR BREAKDOWN*
<Table>
Other Energy 1.9%
Other Assets 2.6%
Integrated Oils 3.8%
Consumer Staples 6.2%
Producer Durables 6.2%
Other 6.8%
Health Care 8.6%
Materials & Processing 10.0%
Technology 10.2%
Financial Services 19.1%
Consumer Discretionary 24.6%
</Table>
- ----------
* The Portfolio's sector breakdown is expressed as a percentage of total
investments (excluding security lending collateral) and may vary over time.
19
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- CAPITAL APPRECIATION PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT
October 31, 2004 (unaudited)
November 24, 2004
Dear Shareholder:
For the 12 months ended October 31, 2004, Credit Suisse Institutional Fund,
Inc. -- Capital Appreciation Portfolio(1) (the "Portfolio") had a gain of 3.37%,
versus an increase of 3.38% for the Russell 1000(R) Growth Index.(2)
MARKET OVERVIEW: STRONG START GIVES WAY TO SEESAW FINISH
The US equity market began the period on a strong note. An improving outlook
for the economy and corporate profits continued to help stocks regain their
footing after 2000's "bubble burst." However, the market faced headwinds as 2004
progressed, mostly in the form of domestic and international political
uncertainty, worries over rising interest rates and a surge in oil prices. The
market hit its low for the reporting period in August, but then moved upward
again as inflation and interest-rate fears subsided.
Style category, more so than market cap size, was the driving factor behind
performance in this period. While growth stocks had a positive showing for the
12 months, they lagged value stocks by a wide margin, reflecting the
outperformance of energy and industrial-type companies, which comprise a larger
share of the value universe. Broadly, mid- and small-capitalization stocks
outpaced large cap stocks, a trend often (but not always) seen in the early
stages of economic recovery.
STRATEGIC REVIEW: INTERNET EXPOSURE DELIVERS
The Portfolio performed in line with its benchmark. Stocks that aided the
Portfolio's return included its consumer discretionary holdings, in particular
internet companies such as Yahoo (2.9% of the Portfolio as of October 31, 2004),
which benefited from a rising share of corporate advertising revenues; and Ebay
(2.8% of the Portfolio as of October 31, 2004), a pioneer in online retailing.
Both are profitable internet companies with clearly defined business models --
which was not the case for many "dot com" companies when the internet bubble
collapsed in 2000 -- profitably competing with more traditional companies.
In the industrial area, Tyco (3.0% of the Portfolio as of October 31, 2004)
was a standout, buoyed by new management's restructuring efforts. The Portfolio
was also helped by its overweighting in energy through much of the period. On
the negative side, the Portfolio's technology holdings detracted from its
return, especially in the software area.
20
<Page>
GOING FORWARD: FOCUS ON COMPANY SELECTION, PRUDENT USE OF CASH
We continue to look for companies we believe are focused on the intelligent
use of capital, whether through strategic investments, share repurchase programs
or higher dividend payouts. The economic recovery has resulted in large
accumulated cash holdings within many companies, and how they deploy this cash
will likely to prove critical to stock performance.
Another theme is upgrading the portfolio's secular growth profile. This
reflects our general view that secular growth stocks should outperform companies
with cyclical business, such as semiconductor names whose cycles we believe are
past a peak. Recent noteworthy additions to the Portfolio in this context were
Whole Foods Market (1.2% of the Portfolio as of October 31, 2004), an upscale
grocer; Getty Images (1.1% of the Portfolio as of October 31, 2004), a provider
of ecommerce visual content to businesses worldwide; and McAfee (1.2% of the
Portfolio as of October 31, 2004), which offers computer security solutions with
an emphasis on businesses' needs, but which is also entering the consumer
market.
Jeffrey T. Rose
Marian U. Pardo
Credit Suisse Asset Management, LLC (CSAM)
IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING
STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKET,
INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT REGULATION AND
THEIR POTENTIAL IMPACT ON THE PORTFOLIO'S INVESTMENTS. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
21
<Page>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $1,000,000 INVESTMENT IN THE
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- CAPITAL APPRECIATION PORTFOLIO(1)
AND THE RUSSELL 1000(R) GROWTH INDEX(2) FROM INCEPTION (1/31/02).
<Table>
<Caption>
CREDIT SUISSE INSTITUTIONAL
FUND, INC. -- CAPITAL
APPRECIATION PORTFOLIO(1) RUSSELL 1000(R) GROWTH INDEX(2)
1/31/2002 $ 1,000,000 $ 1,000,000
2/28/2002 $ 950,000 $ 958,500
3/31/2002 $ 973,000 $ 991,664
4/30/2002 $ 897,000 $ 910,744
5/31/2002 $ 878,000 $ 888,704
6/30/2002 $ 790,000 $ 806,499
7/31/2002 $ 740,000 $ 762,142
8/31/2002 $ 743,000 $ 764,428
9/30/2002 $ 684,000 $ 685,157
10/31/2002 $ 737,000 $ 747,986
11/30/2002 $ 765,000 $ 788,601
12/31/2002 $ 716,000 $ 734,109
1/31/2003 $ 707,000 $ 716,270
2/28/2003 $ 702,000 $ 712,975
3/31/2003 $ 704,000 $ 726,237
4/30/2003 $ 747,000 $ 779,906
5/31/2003 $ 783,000 $ 818,823
6/30/2003 $ 804,000 $ 830,123
7/31/2003 $ 832,000 $ 850,793
8/31/2003 $ 840,000 $ 871,977
9/30/2003 $ 818,000 $ 862,647
10/31/2003 $ 865,000 $ 911,128
11/30/2003 $ 874,000 $ 920,695
12/31/2003 $ 897,128 $ 952,551
1/31/2004 $ 913,130 $ 971,983
2/29/2004 $ 920,131 $ 978,204
3/31/2004 $ 905,129 $ 960,009
4/30/2004 $ 895,128 $ 948,873
5/31/2004 $ 917,131 $ 966,522
6/30/2004 $ 934,133 $ 978,604
7/31/2004 $ 883,126 $ 923,312
8/31/2004 $ 860,123 $ 918,788
9/30/2004 $ 887,127 $ 927,517
10/31/2004 $ 894,128 $ 941,986
</Table>
AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2004(1)
<Table>
<Caption>
SINCE
1 YEAR INCEPTION
------ ---------
8.45% (4.39)%
</Table>
AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 2004(1)
<Table>
<Caption>
SINCE
1 YEAR INCEPTION
------ ---------
3.37% (3.99)%
</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 PORTFOLIO MAY BE LOWER OR HIGHER
THAN THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL FLUCTUATE, AND REDEMPTION
VALUE MAY BE LESS THAN ORIGINAL COST. THE PERFORMANCE RESULTS DO NOT REFLECT THE
DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON PORTFOLIO DISTRIBUTIONS OR
THE REDEMPTION OF PORTFOLIO SHARES. PERFORMANCE INFORMATION CURRENT TO THE MOST
RECENT MONTH-END IS AVAILABLE AT www.csam.com/us.
- ----------
(1) Fee waivers and/or expense reimbursements reduced expenses for the
Portfolio, without which performance would be lower. Waivers and/or
reimbursements may be discontinued at any time.
(2) The Russell 1000(R) Growth Index measures the performance of those
companies in the Russell 1000(R) Index with higher price-to-book ratios and
higher forecasted growth values. It is an unmanaged index of common stocks
that includes reinvestment of dividends and is compiled by Frank Russell
Company. Investors cannot invest directly in an index.
22
<Page>
INFORMATION ABOUT YOUR PORTFOLIO'S EXPENSES
As an investor of the Portfolio, you incur two types of costs: ongoing
expenses and transaction costs. Ongoing expenses include management fees,
distribution and service (12b-1) fees and other Portfolio 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 Portfolio 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 October 31, 2004.
The table illustrates your Portfolio's expenses in two ways:
- ACTUAL PORTFOLIO RETURN. This helps you estimate the actual dollar amount
of ongoing expenses paid on a $1,000 investment in the Portfolio using the
Portfolio'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% PORTFOLIO RETURN. This helps you to compare your
Portfolio's ongoing expenses with those of other mutual funds using the
Portfolio'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. If these transaction costs had been
included, your costs would have been higher. 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.
23
<Page>
EXPENSES AND VALUE OF A $1,000 INVESTMENT FOR THE SIX-MONTH PERIOD ENDED
OCTOBER 31, 2004
<Table>
ACTUAL PORTFOLIO RETURN
Beginning Account Value 4/30/04 $ 1,000
Ending Account Value 10/31/04 $ 998
Expenses Paid per $1,000* $ 3.77
HYPOTHETICAL 5% PORTFOLIO RETURN
Beginning Account Value 4/30/04 $ 1,000
Ending Account Value 10/31/04 $ 1,025
Expenses Paid per $1,000* $ 3.82
ANNUALIZED EXPENSE RATIOS* 0.75%
</Table>
- ----------
* EXPENSES ARE EQUAL TO THE PORTFOLIO'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 PORTFOLIO 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
PORTFOLIO'S ACTUAL EXPENSES WOULD HAVE BEEN HIGHER.
For more information, please refer to the Portfolio's prospectus.
24
<Page>
[CHART]
SECTOR BREAKDOWN*
<Table>
Autos & Transportation 1.2%
Consumer Staples 2.2%
Other Assets 2.4%
Other Energy 3.2%
Materials & Processing 5.8%
Other 6.0%
Financial Services 7.6%
Producer Durables 7.8%
Technology 16.9%
Health Care 21.5%
Consumer Discretionary 25.4%
</Table>
- ----------
* The Portfolio's sector breakdown is expressed as a percentage of total
investments and may vary over time.
25
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- HARBINGER PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT
October 31, 2004 (unaudited)
November 24, 2004
Dear Shareholder:
For the 12 months ended October 31, 2004, Credit Suisse Institutional
Fund, Inc. -- Harbinger Portfolio(1) (the "Portfolio") had a decline of
0.95%, versus an increase of 6.14% for the Russell 2500(TM) Growth
Index.(2),(3)
MARKET OVERVIEW: STRONG START GIVES WAY TO SEESAW FINISH
The US equity market began the period on a strong note. An improving outlook
for the economy and corporate profits continued to help stocks regain their
footing after 2000's "bubble burst." However, the market faced headwinds as 2004
progressed, mostly in the form of domestic and international political
uncertainty, worries over rising interest rates and a surge in oil prices. The
market hit its low for the reporting period in August, but then moved upward
again as inflation and interest-rate fears subsided.
Style category, as opposed to market cap size, was the driving factor behind
performance in the period. While growth stocks had a positive showing for the 12
months, they lagged value stocks by a wide margin, reflecting the outperformance
of energy and industrial-type companies, which comprise a larger share of the
value universe. Broadly, mid- and small-capitalization stocks generally outpaced
large cap stocks, a trend often (but not always) seen in the early stages of
economic recovery.
STRATEGIC REVIEW: STILL OPTIMISTIC ON RADIO, DESPITE SETBACK
The Portfolio's underperformance was due in part to weakness in its consumer
discretionary holdings. One disappointment was Netflix, a position we eliminated
late in the period. The company switched its strategy from one of profitable
growth to one of absolute growth at the expense of profits (most notably by
cutting its monthly service fee), in anticipation that Amazon will introduce a
competing DVD rental service.
In addition, we maintained an overweighting in the radio broadcasting
subsector, which struggled in the period due to lackluster advertising spending
and concerns over losing market share to satellite and other forms of digital
media. While we have recently been paring our overall exposure to radio
broadcasting, we continue to view certain stocks in the group as attractive on a
cashflow basis.
Elsewhere of note, the Portfolio's healthcare and energy stocks aided its
performance, particularly its managed care and energy service holdings. Our
technology exposure demonstrated wide variability in the period, with
26
<Page>
selected semiconductor companies such as Tessera Technologies (1.5% of the
Portfolio as of October 31, 2004) adding to performance, while our software
exposure underperformed.
GOING FORWARD: BOTTOM-UP APPROACH TO VENTURE-BACKED COMPANIES
On a sector note, we intend to continue to narrow our large overweighting in
the consumer discretionary area. After almost five years of uninterrupted growth
in spending, consumer buying patterns have begun to slow; we find apparel retail
less attractive than other areas of consumer discretionary.
Our general strategy remains unchanged. We maintain a bottom-up stock
selection process that emphasizes companies we believe possess compelling
business models and healthy financial profiles, characteristics often associated
with venture-backed companies. Recent performance notwithstanding, we think that
our pursuit of smaller, faster growth companies with industry leadership
potential stands to benefit investors over time.
The Credit Suisse Small/Mid-Cap Growth Team
Marian U. Pardo
Leo M. Bernstein
Calvin E. Chung
BECAUSE OF THE NATURE OF THE PORTFOLIO'S POST-VENTURE-CAPITAL INVESTMENTS AND
CERTAIN AGGRESSIVE STRATEGIES IT MAY USE, AN INVESTMENT IN THE PORTFOLIO MAY NOT
BE APPROPRIATE FOR ALL INVESTORS.
IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING
STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKET,
INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT REGULATION AND
THEIR POTENTIAL IMPACT ON THE PORTFOLIO'S INVESTMENTS. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
27
<Page>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $1,000,000 INVESTMENT IN THE
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- HARBINGER PORTFOLIO(1) AND THE
RUSSELL 2500(TM) GROWTH INDEX(2),(3) FROM INCEPTION (1/15/03).
<Table>
<Caption>
CREDIT SUISSE INSTITUTIONAL
FUND, INC. -- HARBINGER PORTFOLIO(1) RUSSELL 2500(TM) GROWTH INDEX(2),(3)
1/15/2003 $ 1,000,000
1/31/2003 $ 929,000 $ 1,000,000
2/28/2003 $ 899,000 $ 976,700
3/31/2003 $ 878,000 $ 989,592
4/30/2003 $ 970,000 $ 1,075,885
5/31/2003 $ 1,074,000 $ 1,189,929
6/30/2003 $ 1,143,000 $ 1,214,441
7/31/2003 $ 1,194,000 $ 1,295,323
8/31/2003 $ 1,268,000 $ 1,364,752
9/30/2003 $ 1,240,000 $ 1,335,410
10/31/2003 $ 1,368,000 $ 1,445,181
11/30/2003 $ 1,396,000 $ 1,494,028
12/31/2003 $ 1,421,000 $ 1,495,671
1/31/2004 $ 1,552,000 $ 1,558,041
2/29/2004 $ 1,520,000 $ 1,572,531
3/31/2004 $ 1,470,000 $ 1,578,035
4/30/2004 $ 1,421,000 $ 1,511,126
5/31/2004 $ 1,446,000 $ 1,542,557
6/30/2004 $ 1,498,000 $ 1,580,196
7/31/2004 $ 1,341,000 $ 1,456,466
8/31/2004 $ 1,292,000 $ 1,427,191
9/30/2004 $ 1,341,000 $ 1,491,558
10/31/2004 $ 1,355,000 $ 1,533,918
</Table>
AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2004(1)
<Table>
<Caption>
SINCE
1 YEAR INCEPTION
------ ---------
8.15% 18.71%
</Table>
AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 2004(1)
<Table>
<Caption>
SINCE
1 YEAR INCEPTION
------ ---------
(0.95)% 18.44%
</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 PORTFOLIO MAY BE LOWER OR HIGHER
THAN THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL FLUCTUATE, AND REDEMPTION
VALUE MAY BE LESS THAN ORIGINAL COST. THE PERFORMANCE RESULTS DO NOT REFLECT THE
DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON PORTFOLIO DISTRIBUTIONS OR
THE REDEMPTION OF PORTFOLIO SHARES. PERFORMANCE INFORMATION CURRENT TO THE MOST
RECENT MONTH-END IS AVAILABLE AT www.csam.com/us.
- ----------
(1) Fee waivers and/or expense reimbursements reduced expenses for the
Portfolio, without which performance would be lower. Waivers and/or
reimbursements may be discontinued at any time.
(2) The Russell 2500(TM) Growth Index measures the performance of those
companies in the Russell 2500(TM) Index with higher price-to-book ratios
and higher forecasted growth values. It is an unmanaged index of common
stocks that includes reinvestment of dividends and is compiled by Frank
Russell Company. Investors cannot invest directly in an index.
(3) Performance for the benchmarks is not available for the period beginning
January 15, 2003 (commencement of operations). For that reason, performance
is shown for the period beginning February 1, 2003.
28
<Page>
INFORMATION ABOUT YOUR PORTFOLIO'S EXPENSES
As an investor of the Portfolio, you incur two types of costs: ongoing
expenses and transaction costs. Ongoing expenses include management fees,
distribution and service (12b-1) fees and other Portfolio 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 Portfolio 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 October 31, 2004.
The table illustrates your Portfolio's expenses in two ways:
- ACTUAL PORTFOLIO RETURN. This helps you estimate the actual dollar amount
of ongoing expenses paid on a $1,000 investment in the Portfolio using the
Portfolio'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% PORTFOLIO RETURN. This helps you to compare your
Portfolio's ongoing expenses with those of other mutual funds using the
Portfolio'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. If these transaction costs had been
included, your costs would have been higher. 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.
29
<Page>
EXPENSES AND VALUE OF A $1,000 INVESTMENT FOR THE SIX-MONTH PERIOD ENDED
OCTOBER 31, 2004
<Table>
ACTUAL PORTFOLIO RETURN
Beginning Account Value 4/30/04 $ 1,000
Ending Account Value 10/31/04 $ 954
Expenses Paid per $1,000* $ 6.88
HYPOTHETICAL 5% PORTFOLIO RETURN
Beginning Account Value 4/30/04 $ 1,000
Ending Account Value 10/31/04 $ 1,025
Expenses Paid per $1,000* $ 7.13
ANNUALIZED EXPENSE RATIOS* 1.40%
</Table>
- ----------
* EXPENSES ARE EQUAL TO THE PORTFOLIO'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 PORTFOLIO 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
PORTFOLIO'S ACTUAL EXPENSES WOULD HAVE BEEN HIGHER.
For more information, please refer to the Portfolio's prospectus.
30
<Page>
[CHART]
SECTOR BREAKDOWN*
<Table>
Materials & Processing 2.7%
Producer Durables 2.9%
Other Energy 10.0%
Financial Services 11.6%
Health Care 13.5%
Technology 16.7%
Consumer Discretionary 19.3%
Other Assets 23.3%
</Table>
- ----------
* The Portfolio's sector breakdown is expressed as a percentage of total
investments (excluding security lending collateral) and may vary over time.
31
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE FIXED INCOME
PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT
October 31, 2004 (unaudited)
November 24, 2004
Dear Shareholder:
PERFORMANCE SUMMARY
11/01/03 -- 10/31/04
<Table>
<Caption>
SHARE CLASS/BENCHMARK PERFORMANCE
Common shares(1) 5.23%
Lehman Brothers US Aggregate Bond Index(2) 5.53%
</Table>
MARKET OVERVIEW: POSITIVE BUT CHOPPY YEAR FOR BONDS
Bond prices rallied early in the fiscal year. Global economic growth was
slow, employment numbers were below expectations and market sentiment was
generally shaken. The US dollar weakened and oil prices exhibited upward
pressure. As usual, the sour economic news came as music to the ears of bond
investors. Prices of US Treasury securities, which tend to set the tone for
bonds generally, additionally benefited from significant purchases by Asian
central banks seeking to support the US dollar and investors seeking a risk
averse haven in response to geopolitical uncertainty.
All of this changed rapidly, however, with the release of a
better-than-expected March US payroll report on April 2. It served as a catalyst
reversing the bond market's upward course. By the end of June, yields had risen
sharply across the maturity spectrum in response to falling bond prices. The US
dollar, buoyed by the strong employment report, rose 8% against the euro and
yen.
As the year wore on, the bond market turned yet again. By the end of October,
rallying bond prices had pushed yields to yearly lows. The economic outlook
began to seem a little less rosy. Employment numbers disappointed and industrial
data suggested that output was slowing. The inflation picture also changed. CPI
numbers were quite tame despite surging commodity prices. Expectations
dissipated for an aggressive round of Fed interest rate increases. Oil prices
surged to record levels and fear was that high oil prices could act as a tax on
the consumer by soaking up discretionary income.
STRATEGIC REVIEW: OUTPERFORMANCE FROM A WIDE RANGE OF FACTORS
The Fund outperformed the broad fixed income market (as represented by the
Fund's benchmark) due to the collective impact of several elements of our
strategy:
- We maintained exposure to global bonds, a non-benchmark sector, that
greatly outperformed investment-grade securities.
- We enjoyed good security selection in spread sectors. This was especially
true in mortgage-backed securities.
32
<Page>
- We enjoyed good relative performance in investment-grade corporates
boosted by strong performance in our BBB credits. Wide diversification in
terms of the number of individual issuers whose bonds we owned moderated
the risk in these lower quality credits.
- Currency was a positive contributor. The Fund benefited from being
underweight the US dollar and British pound and overweight the Australian
dollar.
The most negative contribution to the Fund's overall return came from our
duration positioning. We chose to keep the portfolio's average duration (a
measure of sensitivity to interest rates) somewhat lower than its benchmark, out
of concern that rising economic activity might push bond yields higher. This
cost some relative performance as yields moderated for the period, contrary to
our expectation.
OUTLOOK:
- Although economic recovery has not proceeded smoothly, we feel it has
taken hold.
- Expecting high-energy prices to persist, we are overweighting sectors
that, in our view, stand to benefit: energy suppliers, including
utilities, and oil exporters' sovereign debt.
- We are prepared to establish a position in TIPS as inflation expectations
warrant.
Credit Suisse Fixed Income Management Team
Jo Ann Corkran
Michael Buchanan
Kevin D. Barry
Suzanne E. Moran
Craig Ruch
David N. Fisher
IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING
STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN 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.
33
<Page>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $1,000,000 INVESTMENT IN THE CREDIT SUISSE
INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE FIXED INCOME PORTFOLIO(1) AND THE
LEHMAN BROTHERS U.S. AGGREGATE BOND INDEX(2) FROM INCEPTION (5/01/02).
<Table>
<Caption>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- LEHMAN BROTHERS U.S. AGGREGATE
INVESTMENT GRADE FIXED INCOME PORTFOLIO(1) BOND INDEX(2)
5/1/2002 $ 1,000,000 $ 1,000,000
5/31/2002 $ 1,002,143 $ 1,008,500
6/30/2002 $ 1,006,227 $ 1,017,274
7/31/2002 $ 1,012,171 $ 1,029,583
8/31/2002 $ 1,028,983 $ 1,046,983
9/30/2002 $ 1,043,762 $ 1,063,944
10/31/2002 $ 1,041,524 $ 1,059,050
11/30/2002 $ 1,047,327 $ 1,058,732
12/31/2002 $ 1,069,991 $ 1,080,648
1/31/2003 $ 1,054,942 $ 1,081,621
2/28/2003 $ 1,058,873 $ 1,096,547
3/31/2003 $ 1,073,530 $ 1,095,670
4/30/2003 $ 1,082,373 $ 1,104,764
5/31/2003 $ 1,103,010 $ 1,125,312
6/30/2003 $ 1,099,622 $ 1,123,077
7/31/2003 $ 1,060,379 $ 1,085,320
8/31/2003 $ 1,068,659 $ 1,092,483
9/30/2003 $ 1,096,995 $ 1,121,400
10/31/2003 $ 1,087,012 $ 1,110,949
11/30/2003 $ 1,092,105 $ 1,113,606
12/31/2003 $ 1,102,489 $ 1,124,938
1/31/2004 $ 1,110,905 $ 1,133,990
2/29/2004 $ 1,121,538 $ 1,146,260
3/31/2004 $ 1,130,931 $ 1,154,852
4/30/2004 $ 1,099,715 $ 1,124,801
5/31/2004 $ 1,094,411 $ 1,120,298
6/30/2004 $ 1,099,762 $ 1,126,628
7/31/2004 $ 1,109,898 $ 1,137,796
8/31/2004 $ 1,130,448 $ 1,159,502
9/30/2004 $ 1,133,773 $ 1,162,645
10/31/2004 $ 1,143,864 $ 1,172,394
</Table>
AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2004(1)
<Table>
<Caption>
SINCE
1 YEAR INCEPTION
------ ---------
3.35% 5.33%
</Table>
AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 2004(1)
<Table>
<Caption>
SINCE
1 YEAR INCEPTION
------ ---------
5.23% 5.52%
</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 PORTFOLIO MAY BE LOWER OR HIGHER
THAN THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL FLUCTUATE, AND REDEMPTION
VALUE MAY BE LESS THAN ORIGINAL COST. THE PERFORMANCE RESULTS DO NOT REFLECT THE
DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON PORTFOLIO DISTRIBUTIONS OR
THE REDEMPTION OF PORTFOLIO SHARES. PERFORMANCE INFORMATION CURRENT TO THE MOST
RECENT MONTH-END IS AVAILABLE AT www.csam.com/us.
- ----------
(1) Fee waivers and/or expense reimbursements reduced expenses for the
Portfolio, without which performance would be lower. Waivers and/or
reimbursements may be discontinued at any time.
(2) The Lehman Brothers US Aggregate Bond Index is composed of the Lehman
Brothers Government/Corporate Bond Index and the Lehman Brothers
Mortgage-Backed Securities Index. It includes US Treasury and agency
issues, corporate bond issues and mortgage-backed securities rated
investment-grade or higher by Moody's Investors Service; the Standard &
Poor's division of The McGraw-Hill Companies, Inc.; or Fitch IBCA Inc.
Investors cannot invest directly in an index.
34
<Page>
INFORMATION ABOUT YOUR PORTFOLIO'S EXPENSES
As an investor of the Portfolio, you incur two types of costs: ongoing
expenses and transaction costs. Ongoing expenses include management fees,
distribution and service (12b-1) fees and other Portfolio 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 Portfolio 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 October 31, 2004.
The table illustrates your Portfolio's expenses in two ways:
- ACTUAL PORTFOLIO RETURN. This helps you estimate the actual dollar amount
of ongoing expenses paid on a $1,000 investment in the Portfolio using the
Portfolio'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% PORTFOLIO RETURN. This helps you to compare your
Portfolio's ongoing expenses with those of other mutual funds using the
Portfolio'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. If these transaction costs had been
included, your costs would have been higher. 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.
35
<Page>
EXPENSES AND VALUE OF A $1,000 INVESTMENT FOR THE SIX-MONTH PERIOD ENDED
OCTOBER 31, 2004
<Table>
ACTUAL PORTFOLIO RETURN
Beginning Account Value 4/30/04 $ 1,000
Ending Account Value 10/31/04 $ 1,040
Expenses Paid per $1,000* $ 2.05
HYPOTHETICAL 5% PORTFOLIO RETURN
Beginning Account Value 4/30/04 $ 1,000
Ending Account Value 10/31/04 $ 1,025
Expenses Paid per $1,000* $ 2.04
ANNUALIZED EXPENSE RATIOS* 0.40%
</Table>
- ----------
* EXPENSES ARE EQUAL TO THE PORTFOLIO'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 PORTFOLIO 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
PORTFOLIO'S ACTUAL EXPENSES WOULD HAVE BEEN HIGHER.
For more information, please refer to the Portfolio's prospectus.
36
<Page>
[CHART]
SECTOR BREAKDOWN*
<Table>
U.S. Treasury Bills 0.1%
Preferred Stock 0.2%
U.S. Treasury Obligations 3.0%
Foreign Bonds 6.5%
Asset-Backed Securities 12.4%
Short Term Investments 13.9%
Corporate Bonds 21.3%
Mortgage-Backed Securities 42.6%
</Table>
- ----------
* The Portfolio's sector breakdown is expressed as a percentage of total
investments (excluding security lending collateral) and may vary over time.
37
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- LARGE CAP VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2004
<Table>
<Caption>
NUMBER OF
SHARES VALUE
---------- -------------
COMMON STOCKS (96.4%)
AEROSPACE & DEFENSE (5.9%)
Boeing Co. 7,500 $ 374,250
Lockheed Martin Corp. 12,400 683,116
United Technologies Corp. 6,700 621,894
-------------
1,679,260
-------------
AUTO COMPONENTS (1.5%)
Johnson Controls, Inc. 7,400 424,390
-------------
BANKS (14.1%)
Bank of America Corp. 29,500 1,321,305
Mellon Financial Corp. 17,800 514,420
North Fork Bancorporation, Inc. 9,700 427,770
Wachovia Corp. 15,300 752,913
Washington Mutual, Inc. 5,500 212,905
Wells Fargo & Co. 13,000 776,360
-------------
4,005,673
-------------
BUILDING PRODUCTS (0.9%)
American Standard Companies, Inc.* 7,000 255,990
-------------
CHEMICALS (3.4%)
Du Pont (E. I.) de Nemours & Co. 14,300 613,041
PPG Industries, Inc. 5,400 344,250
-------------
957,291
-------------
COMMERCIAL SERVICES & SUPPLIES (0.9%)
Cendant Corp. 11,800 242,962
-------------
COMPUTERS & PERIPHERALS (3.1%)
Hewlett-Packard Co. 30,744 573,683
International Business Machines Co 3,300 296,175
-------------
869,858
-------------
CONTAINERS & PACKAGING (0.7%)
Smurfit-Stone Container Corp.* 11,700 203,112
-------------
DIVERSIFIED FINANCIALS (7.0%)
Capital One Financial Corp. 3,400 250,784
Citigroup, Inc. 18,900 838,593
Lehman Brothers Holdings, Inc. 5,700 468,255
Morgan Stanley 8,500 434,265
-------------
1,991,897
-------------
DIVERSIFIED TELECOMMUNICATION SERVICES (2.7%)
ALLTEL Corp. 6,500 357,045
Verizon Communications, Inc. 10,700 418,370
-------------
775,415
-------------
ELECTRIC UTILITIES (0.9%)
Progress Energy, Inc. 6,400 264,320
-------------
ELECTRICAL EQUIPMENT (1.1%)
Emerson Electric Co. 4,700 301,035
-------------
</Table>
See Accompanying Notes to Financial Statements.
38
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
---------- -------------
COMMON STOCKS
ENERGY EQUIPMENT & SERVICES (2.4%)
BJ Services Co. 6,700 $ 341,700
Weatherford International, Ltd.* 6,400 334,464
-------------
676,164
-------------
FOOD PRODUCTS (1.7%)
General Mills, Inc. 11,100 491,175
-------------
HEALTHCARE EQUIPMENT & SUPPLIES (0.9%)
Boston Scientific Corp.* 7,400 261,220
-------------
HEALTHCARE PROVIDERS & SERVICES (1.3%)
Aetna, Inc. 3,900 370,500
-------------
HOTELS, RESTAURANTS & LEISURE (1.1%)
McDonald's Corp. 10,700 311,905
-------------
INDUSTRIAL CONGLOMERATES (6.7%)
General Electric Co. 16,700 569,804
Textron, Inc. 7,300 497,495
Tyco International, Ltd. 26,700 831,705
-------------
1,899,004
-------------
INSURANCE (7.8%)
Allstate Corp. 8,800 423,192
Hartford Financial Services Group, Inc. 11,900 695,912
Prudential Financial, Inc. 12,900 599,463
St. Paul Companies, Inc. 14,700 499,212
-------------
2,217,779
-------------
MACHINERY (3.8%)
Eaton Corp. 10,400 665,080
ITT Industries, Inc. 4,900 397,586
-------------
1,062,666
-------------
MEDIA (3.4%)
Gannett Company, Inc. 3,800 315,210
Tribune Co. 5,700 246,240
Viacom, Inc. Class B 11,400 415,986
-------------
977,436
-------------
METALS & MINING (1.0%)
Alcoa, Inc. 8,900 289,250
-------------
MULTILINE RETAIL (1.6%)
May Department Stores Co. 17,500 456,050
-------------
OIL & GAS (10.1%)
Apache Corp. 7,800 395,460
Burlington Resources, Inc. 7,900 327,850
ConocoPhillips 11,600 977,996
Exxon Mobil Corp. 14,800 728,456
Murphy Oil Corp. 3,500 280,070
Pioneer Natural Resources Co. 4,400 142,560
-------------
2,852,392
-------------
</Table>
See Accompanying Notes to Financial Statements.
39
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
---------- -------------
COMMON STOCKS
PAPER & FOREST PRODUCTS (2.3%)
MeadWestvaco Corp. 21,100 $ 665,283
-------------
PHARMACEUTICALS (4.2%)
Johnson & Johnson 11,100 648,018
Pfizer, Inc. 8,680 251,286
Schering-Plough Corp. 15,500 280,705
-------------
1,180,009
-------------
ROAD & RAIL (2.1%)
Burlington Northern Santa Fe Corp. 14,000 585,340
-------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (1.0%)
Intel Corp. 12,700 282,702
-------------
SPECIALTY RETAIL (1.0%)
TJX Companies, Inc. 11,700 280,566
-------------
TOBACCO (1.8%)
Altria Group, Inc. 10,500 508,830
-------------
TOTAL COMMON STOCKS (Cost $24,025,589) 27,339,474
-------------
<Caption>
PAR
(000)
----------
SHORT-TERM INVESTMENT (2.9%)
State Street Bank and Trust Co. Euro Time
Deposit, 1.000%, 11/01/04
(Cost $822,000) $ 822 822,000
-------------
TOTAL INVESTMENTS AT VALUE (99.3%)
(Cost $24,847,589) 28,161,474
OTHER ASSETS IN EXCESS OF LIABILITIES (0.7%) 203,925
-------------
NET ASSETS (100.0%) $ 28,365,399
=============
</Table>
* Non-income producing security.
See Accompanying Notes to Financial Statements.
40
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SMALL CAP GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2004
<Table>
<Caption>
NUMBER OF
SHARES VALUE
---------- -------------
COMMON STOCKS (38.8%)
BIOTECHNOLOGY (2.1%)
Nabi Biopharmaceuticals*@ 100 $ 1,385
Rigel Pharmaceuticals, Inc.* 100 2,400
-------------
3,785
-------------
COMMUNICATIONS EQUIPMENT (2.2%)
Harmonic, Inc.*@ 300 2,496
InterDigital Communications Corp.*@ 100 1,590
-------------
4,086
-------------
CONTAINERS & PACKAGING (0.6%)
Crown Holdings, Inc.* 100 1,135
-------------
DIVERSIFIED FINANCIALS (2.1%)
Affiliated Managers Group, Inc.*@ 50 2,792
eSPEED, Inc. Class A*@ 100 985
-------------
3,777
-------------
ENERGY EQUIPMENT & SERVICES (1.5%)
Grey Wolf, Inc.*@ 300 1,554
Newpark Resources, Inc.*@ 200 1,086
-------------
2,640
-------------
HEALTHCARE EQUIPMENT & SUPPLIES (0.8%)
I-Flow Corp.*@ 100 1,384
-------------
HEALTHCARE PROVIDERS & SERVICES (3.3%)
Amedisys, Inc.*@ 200 6,046
-------------
INTERNET SOFTWARE & SERVICES (5.2%)
24/7 Real Media, Inc.*@ 1,300 4,550
Chordiant Software, Inc.* 200 492
Digitas, Inc.* 100 900
MatrixOne, Inc.*@ 212 1,208
Openwave Systems, Inc.*@ 133 1,566
webMethods, Inc.*@ 100 693
-------------
9,409
-------------
IT CONSULTING & SERVICES (0.8%)
Titan Corp.* 100 1,484
-------------
LEISURE EQUIPMENT & PRODUCTS (3.1%)
RC2 Corp.* 200 5,572
-------------
MEDIA (1.4%)
aQuantive, Inc.*@ 100 895
Cumulus Media, Inc. Class A*@ 100 1,625
-------------
2,520
-------------
METALS & MINING (1.0%)
GrafTech International, Ltd.*@ 200 1,852
-------------
PHARMACEUTICALS (4.9%)
Impax Laboratories, Inc.*@ 500 7,380
Inspire Phamaceuticals, Inc.*@ 100 1,566
-------------
8,946
-------------
</Table>
See Accompanying Notes to Financial Statements.
41
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
---------- -------------
COMMON STOCKS
SEMICONDUCTOR EQUIPMENT & PRODUCTS (0.8%)
Asyst Technologies, Inc.*@ 100 $ 536
Entegris, Inc.*@ 100 925
-------------
1,461
-------------
SOFTWARE (6.8%)
Activision, Inc.* 100 1,448
Agile Software Corp.*@ 100 854
Informatica Corp.*@ 100 781
Quest Software, Inc.*@ 100 1,467
Radiant Systems, Inc.*@ 50 256
SkillSoft PLC ADR*@ 700 4,795
THQ, Inc.*@ 100 1,890
TIBCO Software, Inc.* 100 972
-------------
12,463
-------------
TEXTILES & APPAREL (2.2%)
Warnaco Group, Inc.* 200 4,080
-------------
TOTAL COMMON STOCKS (Cost $63,200) 70,640
-------------
PREFERRED STOCKS (0.7%)
INTERNET SOFTWARE & SERVICES (0.7%)
Planetweb, Inc.*++
(Cost $898,389) 165,400 1,285
-------------
WARRANT (0.0%)
ELECTRONIC EQUIPMENT & INSTRUMENTS (0.0%)
APW, Ltd. expires 7/31/09*^
(Cost $0) 45 0
-------------
SHORT-TERM INVESTMENTS (92.3%)
State Street Navigator Prime Fund@@ 46,158 46,158
<Caption>
PAR
(000)
----------
State Street Bank and Trust Co. Euro Time
Deposit, 1.000%, 11/01/04 $ 122 122,000
-------------
TOTAL SHORT-TERM INVESTMENTS (Cost $168,158) 168,158
-------------
TOTAL INVESTMENTS AT VALUE (131.8%)
(Cost $1,129,747) 240,083
LIABILITIES IN EXCESS OF OTHER ASSETS (-31.8%) (57,962)
-------------
NET ASSETS (100.0%) $ 182,121
=============
</Table>
INVESTMENT ABBREVIATIONS
ADR = American Depositary Receipt
* Non-income producing security.
++ Restricted security, not readily marketable; security is valued at fair
value as determined in good faith by, or under the direction of, the Board
of Directors.
^ Not readily marketable security; security is valued at fair value as
determined in good faith by the Board of Directors.
@ Security or portion thereof is out on loan.
@@ Represents security purchased with cash collateral received for securities
on loan.
See Accompanying Notes to Financial Statements.
42
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SELECT EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2004
<Table>
<Caption>
NUMBER OF
SHARES VALUE
---------- -------------
COMMON STOCKS (97.7%)
AEROSPACE & DEFENSE (4.4%)
Lockheed Martin Corp. 9,200 $ 506,828
United Technologies Corp. 2,700 250,614
-------------
757,442
-------------
BANKS (9.4%)
Bank of America Corp. 4,300 192,597
Bank of New York Company, Inc. 16,000 519,360
North Fork Bancorporation, Inc. 3,900 171,990
Northern Trust Corp. 3,500 148,890
U.S. Bancorp 7,600 217,436
Wachovia Corp. 7,400 364,154
-------------
1,614,427
-------------
BEVERAGES (1.5%)
Anheuser-Busch Companies, Inc. 5,100 254,745
-------------
BIOTECHNOLOGY (1.0%)
Biogen Idec, Inc.* 3,000 174,480
-------------
BUILDING PRODUCTS (1.5%)
American Standard Companies, Inc.* 6,800 248,676
-------------
CHEMICALS (5.4%)
Du Pont (E. I.) de Nemours & Co. 8,800 377,256
PPG Industries, Inc. 8,700 554,625
-------------
931,881
-------------
COMMERCIAL SERVICES & SUPPLIES (6.1%)
Avery Dennison Corp. 2,700 164,268
Cendant Corp. 22,900 471,511
Cintas Corp. 3,900 168,246
Monster Worldwide, Inc.* 8,300 232,815
-------------
1,036,840
-------------
COMMUNICATIONS EQUIPMENT (1.6%)
Cisco Systems, Inc.* 14,200 272,782
-------------
COMPUTERS & PERIPHERALS (2.5%)
EMC Corp.* 16,200 208,494
Network Appliance, Inc.* 8,900 217,783
-------------
426,277
-------------
DIVERSIFIED FINANCIALS (4.3%)
Citigroup, Inc. 8,849 392,630
Morgan Stanley 6,800 347,412
-------------
740,042
-------------
FOOD & DRUG RETAILING (3.6%)
Albertson's, Inc.@ 6,800 155,108
CVS Corp. 10,500 456,330
-------------
611,438
-------------
</Table>
See Accompanying Notes to Financial Statements.
43
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
---------- -------------
COMMON STOCKS
FOOD PRODUCTS (1.1%)
Kellogg Co. 4,400 $ 189,200
-------------
HEALTHCARE EQUIPMENT & SUPPLIES (2.5%)
Medtronic, Inc. 8,500 434,435
-------------
HEALTHCARE PROVIDERS & SERVICES (2.4%)
Laboratory Corporation of America Holdings* 2,200 100,760
UnitedHealth Group, Inc. 4,300 311,320
-------------
412,080
-------------
HOTELS, RESTAURANTS & LEISURE (1.1%)
McDonald's Corp. 6,600 192,390
-------------
HOUSEHOLD DURABLES (1.5%)
Black & Decker Corp. 3,200 256,896
-------------
HOUSEHOLD PRODUCTS (1.2%)
Kimberly-Clark Corp. 3,400 202,878
-------------
INDUSTRIAL CONGLOMERATES (6.8%)
General Electric Co. 16,000 545,920
Honeywell International, Inc. 6,900 232,392
Tyco International, Ltd. 12,200 380,030
-------------
1,158,342
-------------
INSURANCE (5.4%)
Allstate Corp. 7,500 360,675
Prudential Financial, Inc. 12,100 562,287
-------------
922,962
-------------
MACHINERY (1.8%)
Caterpillar, Inc. 3,800 306,052
-------------
MEDIA (7.6%)
DIRECTV Group, Inc.* 8,255 138,436
Gannett Company, Inc. 4,700 389,865
Tribune Co.@ 10,400 449,280
Viacom, Inc. Class B 8,600 313,814
-------------
1,291,395
-------------
MULTILINE RETAIL (2.7%)
May Department Stores Co. 7,000 182,420
Nordstrom, Inc. 6,300 272,034
-------------
454,454
-------------
OIL & GAS (5.8%)
Burlington Resources, Inc. 4,100 170,150
Exxon Mobil Corp. 13,300 654,626
Pioneer Natural Resources Co. 5,000 162,000
-------------
986,776
-------------
PAPER & FOREST PRODUCTS (2.1%)
MeadWestvaco Corp. 11,500 362,595
-------------
</Table>
See Accompanying Notes to Financial Statements.
44
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
---------- -------------
COMMON STOCKS
PHARMACEUTICALS (2.6%)
Abbott Laboratories 6,300 $ 268,569
Eli Lilly & Co. 3,300 181,203
-------------
449,772
-------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (1.1%)
Intel Corp. 8,200 182,532
-------------
SOFTWARE (6.0%)
Adobe Systems, Inc. 4,700 263,341
Electronic Arts, Inc.* 3,300 148,236
Microsoft Corp. 21,724 608,055
-------------
1,019,632
-------------
SPECIALTY RETAIL (4.7%)
Best Buy Company, Inc. 4,800 284,256
Ross Stores, Inc. 10,100 265,327
TJX Companies, Inc. 10,300 246,994
-------------
796,577
-------------
TOTAL COMMON STOCKS (Cost $15,038,012) 16,687,998
-------------
SHORT-TERM INVESTMENTS (6.0%)
State Street Navigator Prime Fund@@ 571,325 571,325
<Caption>
PAR
(000)
----------
State Street Bank and Trust Co. Euro Time
Deposit, 1.000%, 11/01/04 $ 452 452,000
-------------
TOTAL SHORT-TERM INVESTMENTS (Cost $1,023,325) 1,023,325
-------------
TOTAL INVESTMENTS AT VALUE (103.7%)
(Cost $16,061,337) 17,711,323
LIABILITIES IN EXCESS OF OTHER ASSETS (-3.7%) (626,699)
-------------
NET ASSETS (100.0%) $ 17,084,624
=============
</Table>
* Non-income producing security.
@ Security or portion thereof is out on loan.
@@ Represents security purchased with cash collateral received for securities
on loan.
See Accompanying Notes to Financial Statements.
45
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- CAPITAL APPRECIATION PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2004
<Table>
<Caption>
NUMBER OF
SHARES VALUE
---------- -------------
COMMON STOCKS (97.7%)
AEROSPACE & DEFENSE (1.9%)
United Technologies Corp. 1,000 $ 92,820
-------------
AUTO COMPONENTS (1.2%)
Autoliv, Inc. 1,300 55,575
-------------
BIOTECHNOLOGY (6.6%)
Biogen Idec, Inc.* 1,000 58,160
Genentech, Inc.* 1,900 86,507
Genzyme Corp.* 1,400 73,458
Gilead Sciences, Inc.* 2,900 100,427
-------------
318,552
-------------
CHEMICALS (3.5%)
Dow Chemical Co. 1,100 49,434
Du Pont (E. I.) de Nemours & Co. 2,200 94,314
Monsanto Co. 600 25,650
-------------
169,398
-------------
COMMERCIAL SERVICES & SUPPLIES (3.1%)
Automatic Data Processing, Inc. 3,400 147,526
-------------
COMMUNICATIONS EQUIPMENT (8.4%)
Avaya, Inc.* 3,200 46,080
Cisco Systems, Inc.* 5,900 113,339
Comverse Technology, Inc.* 2,700 55,728
Corning, Inc.* 7,900 90,455
Motorola, Inc. 5,700 98,382
-------------
403,984
-------------
COMPUTERS & PERIPHERALS (3.6%)
Dell, Inc.* 1,500 52,590
EMC Corp.* 5,300 68,211
Lexmark International, Inc. Class A* 600 49,866
-------------
170,667
-------------
DIVERSIFIED FINANCIALS (4.6%)
Capital One Financial Corp. 1,800 132,768
Countrywide Financial Corp. 2,700 86,211
-------------
218,979
-------------
ENERGY EQUIPMENT & SERVICES (1.5%)
BJ Services Co. 1,400 71,400
-------------
FOOD & DRUG RETAILING (1.2%)
Whole Foods Market, Inc. 700 57,001
-------------
FOOD PRODUCTS (1.0%)
Sara Lee Corp. 2,100 48,888
-------------
HEALTHCARE EQUIPMENT & SUPPLIES (7.1%)
Boston Scientific Corp.* 2,900 102,370
Dade Behring Holdings, Inc.* 900 50,661
Guidant Corp. 1,200 79,944
St. Jude Medical, Inc.* 1,400 107,198
-------------
340,173
-------------
</Table>
See Accompanying Notes to Financial Statements.
46
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
---------- -------------
COMMON STOCKS
HEALTHCARE PROVIDERS & SERVICES (1.3%)
Anthem, Inc.* 800 $ 64,320
-------------
HOTELS, RESTAURANTS & LEISURE (2.4%)
Starbucks Corp.* 2,200 116,336
-------------
INDUSTRIAL CONGLOMERATES (6.0%)
General Electric Co. 4,200 143,304
Tyco International, Ltd. 4,600 143,290
-------------
286,594
-------------
INTERNET & CATALOG RETAIL (2.8%)
eBay, Inc.* 1,400 136,654
-------------
INTERNET SOFTWARE & SERVICES (5.7%)
McAfee, Inc.* 2,400 58,080
VeriSign, Inc.* 2,700 72,441
Yahoo!, Inc.* 3,900 141,141
-------------
271,662
-------------
MACHINERY (3.8%)
Caterpillar, Inc. 400 32,216
Danaher Corp. 2,300 126,799
Deere & Co. 400 23,912
-------------
182,927
-------------
MEDIA (7.9%)
DreamWorks Animation SKG, Inc. Class A* 300 11,715
E.W. Scripps Co. Class A 1,000 47,720
Getty Images, Inc.* 900 53,217
News Corporation, Ltd. ADR 1,577 49,581
Time Warner, Inc.* 5,900 98,176
Viacom, Inc. Class B 3,200 116,768
-------------
377,177
-------------
METALS & MINING (2.2%)
Alcoa, Inc. 1,700 55,250
Newmont Mining Corp. 1,100 52,272
-------------
107,522
-------------
MULTILINE RETAIL (1.1%)
Wal-Mart Stores, Inc. 1,000 53,920
-------------
OIL & GAS (1.7%)
XTO Energy, Inc. 2,425 80,946
-------------
PERSONAL PRODUCTS (2.1%)
Avon Products, Inc. 1,400 55,370
Estee Lauder Companies, Inc. Class A 1,100 47,245
-------------
102,615
-------------
PHARMACEUTICALS (6.5%)
Eli Lilly & Co. 1,400 76,874
Schering-Plough Corp. 8,200 148,502
Sepracor, Inc.* 1,900 87,267
-------------
312,643
-------------
</Table>
See Accompanying Notes to Financial Statements.
47
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
---------- -------------
COMMON STOCKS
SEMICONDUCTOR EQUIPMENT & PRODUCTS (1.0%)
Applied Materials, Inc.* 3,000 $ 48,300
-------------
SOFTWARE (4.8%)
Macromedia, Inc.* 1,300 35,282
Microsoft Corp. 7,000 195,930
-------------
231,212
-------------
SPECIALTY RETAIL (4.7%)
Best Buy Company, Inc. 1,400 82,908
The Gap, Inc. 4,400 87,912
TJX Companies, Inc. 2,300 55,154
-------------
225,974
-------------
TOTAL COMMON STOCKS (Cost $4,002,645) 4,693,765
-------------
<Caption>
PAR
(000)
----------
SHORT-TERM INVESTMENT (2.4%)
State Street Bank and Trust Co. Euro Time
Deposit, 1.000%, 11/01/04
(Cost $116,000) $ 116 116,000
-------------
TOTAL INVESTMENTS AT VALUE (100.1%)
(Cost $4,118,645) 4,809,765
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.1%) (6,704)
-------------
NET ASSETS (100.0%) $ 4,803,061
=============
</Table>
INVESTMENT ABBREVIATIONS
ADR = American Depositary Receipt
* Non-income producing security.
See Accompanying Notes to Financial Statements.
48
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- HARBINGER PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2004
<Table>
<Caption>
NUMBER OF
SHARES VALUE
---------- -------------
COMMON STOCKS (89.2%)
COMMERCIAL SERVICES & SUPPLIES (7.6%)
MDC Partners, Inc. Class A* 10,200 $ 120,360
Monster Worldwide, Inc.* 3,900 109,395
-------------
229,755
-------------
COMMUNICATIONS EQUIPMENT (0.9%)
Harmonic, Inc.*@ 3,300 27,456
-------------
DIVERSIFIED FINANCIALS (13.5%)
Affiliated Managers Group, Inc.*@ 1,350 75,384
Chicago Mercantile Exchange@ 500 87,865
E*TRADE Financial Corp.* 7,300 94,170
Franklin Resources, Inc. 2,500 151,550
-------------
408,969
-------------
ENERGY EQUIPMENT & SERVICES (4.0%)
National-Oilwell, Inc.*@ 3,600 121,356
-------------
HEALTHCARE EQUIPMENT & SUPPLIES (2.9%)
American Medical Systems Holdings, Inc.* 2,400 89,040
-------------
HEALTHCARE PROVIDERS & SERVICES (9.7%)
Centene Corp.*@ 1,750 83,002
Pediatrix Medical Group, Inc.* 1,900 106,875
United Surgical Partners International, Inc.*@ 3,000 105,030
-------------
294,907
-------------
HOTELS, RESTAURANTS & LEISURE (2.9%)
Panera Bread Co. Class A*@ 2,500 87,325
-------------
INTERNET SOFTWARE & SERVICES (15.0%)
Ask Jeeves, Inc.*@ 3,800 97,964
Check Point Software Technologies, Ltd.* 4,900 110,843
Digitas, Inc.*@ 12,400 111,600
Openwave Systems, Inc.*@ 4,100 48,257
Sohu.com, Inc.* 5,100 85,425
-------------
454,089
-------------
IT CONSULTING & SERVICES (3.3%)
Ness Technologies, Inc.* 7,700 101,794
-------------
METALS & MINING (3.1%)
GrafTech International, Ltd.*@ 10,200 94,452
-------------
OIL & GAS (7.6%)
Denbury Resources, Inc.* 4,600 114,080
Newfield Exploration Co.* 2,000 116,400
-------------
230,480
-------------
PHARMACEUTICALS (3.0%)
Sepracor, Inc.*@ 2,000 91,860
-------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (5.8%)
Lam Research Corp.*@ 4,000 104,120
Tessera Technologies, Inc.*@ 2,300 64,239
Trident Microsystems, Inc.* 500 6,595
-------------
174,954
-------------
</Table>
See Accompanying Notes to Financial Statements.
49
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
---------- -------------
COMMON STOCKS
SOFTWARE (6.2%)
Activision, Inc.* 4,800 $ 69,504
Hyperion Solutions Corp.* 3,000 120,390
-------------
189,894
-------------
SPECIALTY RETAIL (3.7%)
Hot Topic, Inc.*@ 5,450 112,052
-------------
TOTAL COMMON STOCKS (Cost $2,331,255) 2,708,383
-------------
SHORT-TERM INVESTMENTS (48.2%)
State Street Navigator Prime Fund@@ 635,896 635,896
<Caption>
PAR
(000)
----------
State Street Bank and Trust Co. Euro Time
Deposit, 1.000%, 11/01/04 $ 826 826,000
-------------
TOTAL SHORT-TERM INVESTMENTS (Cost $1,461,896) 1,461,896
-------------
TOTAL INVESTMENTS AT VALUE (137.4%)
(Cost $3,793,151) 4,170,279
LIABILITIES IN EXCESS OF OTHER ASSETS (-37.4%) (1,135,377)
-------------
NET ASSETS (100.0%) $ 3,034,902
=============
</Table>
* Non-income producing security.
@ Security or portion thereof is out on loan.
@@ Represents security purchased with cash collateral received for securities
on loan.
See Accompanying Notes to Financial Statements.
50
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE FIXED INCOME
PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2004
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- -------- -------------
CORPORATE BONDS (25.1%)
AEROSPACE & DEFENSE (0.7%)
$ 65 Goodrich Corp., Notes (BBB- , Baa3) 04/15/08 7.500 $ 72,838
-------------
AUTOMOBILE MANUFACTURERS (0.3%)
15 Ford Motor Co., Global Notes (BBB- , Baa1) 07/16/31 7.450 14,650
10 General Motors Corp., Global Debentures@ (BBB- , Baa2) 07/15/33 8.375 10,435
-------------
25,085
-------------
BANKS (1.0%)
40 Bank of America Corp., Global Notes (A+ , Aa2) 10/01/10 4.250 40,334
20 National City Bank, Series BKNT, Notes (A+ , Aa3) 08/01/09 4.150 20,280
35 Wachovia Corp., Global Subordinated Notes (A- , A1) 08/01/14 5.250 36,225
-------------
96,839
-------------
BUILDING MATERIALS (0.3%)
25 American Standard, Inc., Company
Guaranteed Notes (BBB- , Ba2) 02/15/10 7.625 28,813
-------------
CHEMICALS (0.3%)
35 RPM International, Inc., Rule 144A,
Senior Notes++ (BBB , Baa3) 10/15/09 4.450 34,821
-------------
COMMERCIAL SERVICES (1.6%)
45 Cendant Corp., Units (BBB , Baa1) 08/17/06 4.890 45,780
15 Erac USA Finance Co., Rule 144A, Notes++ (BBB+ , Baa1) 05/15/06 6.625 15,806
90 Steelcase, Inc., Global Senior Notes (BBB- , Ba1) 11/15/06 6.375 93,643
-------------
155,229
-------------
DISTRIBUTION & WHOLESALE (0.3%)
25 Hughes Supply, Inc., Rule 144A, Notes++ (BBB- , Ba1) 10/15/14 5.500 24,989
-------------
DIVERSIFIED FINANCIALS (6.1%)
20 Countrywide Home Loans, Inc., Series MTN,
Global Notes (A , A3) 09/15/09 4.125 20,015
10 Farmers Exchange Capital, Rule 144A, Notes++ (BBB+ , Baa3) 07/15/28 7.050 10,156
40 FMR Corp., Rule 144A, Notes++ (AA , Aa3) 03/01/13 4.750 40,403
40 Ford Motor Credit Co., Global Notes (BBB- , A3) 01/25/07 6.500 42,048
33 General Electric Capital Corp., Series MTNA,
Global Notes (AAA , Aaa) 12/15/09 3.750 32,889
50 General Electric Capital Corp., Series MTNA,
Global Notes (AAA , Aaa) 06/15/12 6.000 54,982
25 General Motors Acceptance Corp., Global Bonds (BBB- , Baa1) 11/01/31 8.000 25,949
55 General Motors Acceptance Corp.,
Series MTN, Notes (BBB- , Baa1) 12/10/07 4.375 55,074
25 Goldman Sachs Group L.P., Notes@ (A+ , Aa3) 10/01/14 5.000 25,041
55 Household Finance Corp., Global Notes (A , A1) 12/15/08 4.125 55,886
25 Household Finance Corp., Global Notes (A , A1) 07/15/10 8.000 29,719
15 JPMorgan Chase & Co., Global
Subordinated Notes (A , A1) 09/15/14 5.125 15,271
</Table>
See Accompanying Notes to Financial Statements.
51
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- -------- -------------
CORPORATE BONDS
DIVERSIFIED FINANCIALS
$ 35 MBNA America Bank, Rule 144A,
Subordinated Notes++ (BBB , Baa2) 03/15/08 6.750 $ 38,336
14 Merey Sweeny L.P., Rule 144A, Senior Notes++ (NR , Baa3) 12/18/19 8.850 16,429
30 Merrill Lynch & Company, Inc., Notes (A+ , Aa3) 07/15/14 5.450 31,389
35 Morgan Stanley, Global Subordinated Notes (A , A1) 04/01/14 4.750 34,351
60 SLM Corp., Series MTNA, Notes (A , A2) 01/15/09 4.000 60,390
10 Textron Financial Corp., Global Notes (A- , A3) 06/01/07 5.875 10,660
-------------
598,988
-------------
ELECTRIC (3.0%)
40 American Electric Power Company, Inc.,
Series A, Global Notes (BBB , Baa3) 05/15/06 6.125 41,884
40 Cincinnati Gas & Electric Co., Notes (BBB , Baa1) 09/15/12 5.700 42,809
10 Detroit Edison Co., First Mortgage Notes (A- , A3) 08/01/14 5.400 10,578
20 Dominion Resources, Inc., Series B, Global
Senior Notes (BBB+ , Baa1) 07/15/05 7.625 20,696
30 FirstEnergy Corp., Series C, Global Notes (BB+ , Baa3) 11/15/31 7.375 34,290
10 FPL Group Capital, Inc., Company Guaranteed
Notes (A- , A2) 09/15/06 7.625 10,839
60 FPL Group Capital, Inc., Notes (A- , A2) 04/11/06 3.250 60,429
25 Oklahoma Gas & Electric Co., Bonds
(Callable 08/01/14 @ $103.25) (BBB+ , A2) 08/01/34 6.500 26,158
20 Pacific Gas & Electric Co., First Mortgage Notes (BBB , Baa2) 03/01/34 6.050 20,670
30 Pinnacle West Capital Corp., Senior Notes
(Callable 11/01/04 @ $100.00)# (BBB- , Baa2) 11/01/05 2.494 30,047
-------------
298,400
-------------
ENVIRONMENTAL CONTROL (0.1%)
10 Waste Management, Inc., Global Company
Guaranteed Notes (BBB , Baa3) 05/15/32 7.750 12,320
-------------
FOOD (0.7%)
30 ConAgra Foods, Inc., Notes (BBB+ , Baa1) 09/15/11 6.750 34,131
30 ConAgra Foods, Inc., Notes (BBB+ , Baa1) 09/15/30 8.250 39,856
-------------
73,987
-------------
GAS (0.4%)
35 Sempra Energy, Notes (BBB+ , Baa1) 12/01/05 6.950 36,499
-------------
INSURANCE (2.1%)
50 American International Group, Inc.,
Global Notes# (AAA , Aaa) 05/15/13 4.250 48,718
50 Genworth Financial, Inc., Notes (A , A2) 06/15/14 5.750 53,092
65 MetLife, Inc., Senior Notes (A , A2) 11/24/13 5.000 65,591
40 Nationwide Mutual Insurance Co., Rule 144A,
Bonds (Callable 04/15/14 @ $100.00)++ (A- , A2) 04/15/34 6.600 39,411
-------------
206,812
-------------
</Table>
See Accompanying Notes to Financial Statements.
52
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- -------- -------------
CORPORATE BONDS
MEDIA (2.5%)
$ 16 Comcast Cable Communications Holdings, Inc.,
Global Company Guaranteed Notes (BBB , Baa3) 03/15/13 8.375 $ 19,661
55 Comcast Cable Communications, Inc.,
Senior Notes (BBB , Baa3) 01/30/11 6.750 61,779
15 Cox Communications, Inc., Notes (BBB , Baa3) 06/15/05 6.875 15,361
40 Liberty Media Corp., Global Senior Notes# (BBB- , Baa3) 09/17/06 3.380 40,464
30 News America Holdings, Inc., Company
Guaranteed Notes (BBB- , Baa3) 02/01/13 9.250 38,882
35 News America, Inc., Company
Guaranteed Notes (BBB- , Baa3) 11/30/28 7.625 41,965
20 Time Warner, Inc., Global Company
Guaranteed Notes (BBB+ , Baa1) 04/15/31 7.625 23,770
5 Time Warner, Inc., Global Notes (BBB+ , Baa1) 05/01/12 6.875 5,696
-------------
247,578
-------------
MINING (0.3%)
25 Phelps Dodge Corp., Bonds (BBB- , Baa3) 03/15/34 6.125 25,903
-------------
MISCELLANEOUS MANUFACTURING (0.5%)
50 Textron, Inc., Senior Notes (A- , A3) 08/01/10 4.500 51,275
-------------
OIL & GAS (1.7%)
20 Devon Financing Corp. ULC, Global Company
Guaranteed Notes (BBB , Baa2) 09/30/11 6.875 22,933
45 Enterprise Products Operating LP, Rule 144A,
Senior Notes++ (BB+ , Baa3) 10/15/14 5.600 45,943
25 Pemex Project Funding Master Trust,
Rule 144A, Notes++# (BBB- , Baa1) 06/15/10 3.180 25,487
30 Pioneer Natural Resources Co., Senior Notes (BBB- , Baa3) 07/15/16 5.875 31,932
40 SEACOR Holdings, Inc., Notes (BBB , Baa3) 10/01/12 5.875 39,869
-------------
166,164
-------------
PHARMACEUTICALS (0.0%)
5 Wyeth, Notes# (A , Baa1) 03/15/13 5.500 5,153
-------------
PIPELINES (0.4%)
35 Plains All American Pipelines, Rule 144A,
Notes++ (BBB- , Baa3) 08/15/09 4.750 36,107
-------------
REAL ESTATE (0.3%)
30 EOP Operating LP, Notes (BBB+ , Baa2) 10/01/10 4.650 30,509
-------------
RETAIL (0.6%)
50 Target Corp., Notes (A+ , A2) 08/15/10 7.500 59,145
-------------
TELECOMMUNICATIONS (1.9%)
10 AT&T Wireless Services, Inc., Global
Senior Notes (A , Baa2) 03/01/31 8.750 13,466
20 BellSouth Corp., Global Bonds (A , A2) 09/15/14 5.200 20,442
20 Motorola, Inc., Notes (BBB , Baa3) 11/16/07 4.608 20,609
</Table>
See Accompanying Notes to Financial Statements.
53
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- -------- -------------
CORPORATE BONDS
TELECOMMUNICATIONS
$ 20 SBC Communications, Inc., Global Notes (A , A2) 09/15/14 5.100 $ 20,178
55 Sprint Capital Corp., Global Company
Guaranteed Notes (BBB- , Baa3) 03/15/32 8.750 72,287
40 Verizon Wireless Capital LLC, Global Notes (A+ , A3) 12/15/06 5.375 41,946
-------------
188,928
-------------
TOTAL CORPORATE BONDS (Cost $2,407,905) 2,476,382
-------------
ASSET BACKED SECURITIES (14.5%)
53 Ameriquest Mortgage Securities, Inc.,
Series 2003-AR2, Class A4# (AAA , Aaa) 05/25/33 2.283 52,938
110 Bank One Issuance Trust, Series 2002-A1,
Class A1# (AAA , Aaa) 01/15/10 1.980 110,310
41 Capital Auto Receivables Asset Trust,
Series 2002-5, Class A3B# (AAA , Aaa) 04/17/06 2.300 41,108
79 Carmax Auto Owner Trust, Series 2001-2,
Class A4# (AAA , Aaa) 12/15/06 3.940 79,373
38 Countrywide Asset-Backed Certificates,
Series 2003-BC1, Class A1# (AAA , Aaa) 03/25/33 2.333 37,686
42 Countrywide Home Equity Loan Trust,
Series 2002-C, Class A# (AAA , Aaa) 05/15/28 2.110 42,038
75 DaimlerChrysler Auto Trust, Series 2004-B,
Class A4 (AAA , Aaa) 10/08/09 3.710 75,609
125 First USA Credit Card Master Trust,
Series 2001-1, Class A# (AAA , Aaa) 09/19/08 1.250 125,300
100 Ford Credit Auto Owner Trust, Series 2003-A,
Class A4B# (AAA , Aaa) 06/15/07 1.960 100,062
105 GE Capital Credit Card Master Note Trust,
Series 2004-2, Class A# (AAA , Aaa) 09/15/10 1.899 105,057
27 Greenpoint Home Equity Loan Trust,
Series 2003-1, Class A# (AAA , Aaa) 04/15/29 2.140 26,499
50 Honda Auto Receivables Owner Trust,
Series 2003-1, Class A4# (AAA , Aaa) 07/18/08 2.480 49,734
125 MBNA Credit Card Master Note Trust,
Series 2002-A4, Class A4# (AAA , Aaa) 08/17/09 1.980 125,335
150 MBNA Master Credit Card Trust,
Series 1998-G, Class A4# (AAA , Aaa) 02/17/09 2.000 150,421
100 Residential Asset Mortgage Products, Inc.,
Series 2003-RS3, Class AI2 (AAA , Aaa) 03/25/29 3.380 100,360
69 SLM Student Loan Trust, Series 2000-1,
Class A2L# (AAA , Aaa) 01/25/13 2.280 69,565
116 SLM Student Loan Trust, Series 2003-1,
Class A2# (AAA , Aaa) 06/17/13 1.560 115,609
26 Vanderbilt Mortgage Finance, Series 1998-C,
Class 1B1 (BBB , Baa1) 02/07/15 6.970 26,164
-------------
TOTAL ASSET BACKED SECURITIES (Cost $1,432,752) 1,433,168
-------------
</Table>
See Accompanying Notes to Financial Statements.
54
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- -------- -------------
MORTGAGE-BACKED SECURITIES (50.2%)
$ 95 Bear Stearns Commercial Mortgage
Securities, Inc., Series 2002-TOP6, Class A2 (AAA , Aaa) 10/15/36 6.460 $ 106,472
135 Fannie Mae Global Notes (AAA , Aaa) 11/15/10 6.625 154,746
88 Fannie Mae Pool #254372++++ (AAA , Aaa) 07/01/17 6.000 92,905
95 Fannie Mae Pool #703337++++ (AAA , Aaa) 04/01/33 5.500 97,317
150 Fannie Mae Pool #703444++++ (AAA , Aaa) 05/01/18 5.000 152,897
52 Fannie Mae Pool #713667++++ (AAA , Aaa) 07/01/33 5.000 52,254
55 Fannie Mae Pool #721796++++ (AAA , Aaa) 06/01/18 4.500 55,167
158 Fannie Mae Pool #725205++++ (AAA , Aaa) 03/01/34 5.000 158,096
128 Fannie Mae Pool #725248++++ (AAA , Aaa) 03/01/34 5.000 127,539
91 Fannie Mae Pool #725277++++ (AAA , Aaa) 03/01/19 4.500 91,338
50 Fannie Mae Pool #741384++++ (AAA , Aaa) 09/01/18 4.000 49,413
57 Fannie Mae Pool #750536++++ (AAA , Aaa) 01/01/34 5.500 58,025
36 Fannie Mae Pool #757490 (AAA , Aaa) 01/01/34 5.500 36,760
83 Fannie Mae Pool #763676 (AAA , Aaa) 01/01/34 5.500 84,855
107 Fannie Mae Pool #770154 (AAA , Aaa) 04/01/34 5.000 107,071
115 Fannie Mae Pool #778761 (AAA , Aaa) 06/01/19 4.500 115,073
154 Fannie Mae Pool #790724 (AAA , Aaa) 09/01/34 5.500 156,720
75 Fannie Mae Pool #794821 (AAA , Aaa) 10/01/34 7.000 79,655
105 Fannie Mae Pool #796906 (AAA , Aaa) 11/01/34 7.000 111,574
150 Federal Home Loan Bank Global Bonds (AAA , Aaa) 06/18/14 5.250 160,140
110 FHLMC TBA (AAA , Aaa) 11/01/34 5.500 112,063
225 FNMA TBA (AAA , Aaa) 11/01/19 4.500 110,309
130 FNMA TBA (AAA , Aaa) 11/01/19 5.000 132,681
95 FNMA TBA (AAA , Aaa) 11/01/19 5.500 98,385
580 FNMA TBA (AAA , Aaa) 11/01/34 6.000 599,756
315 FNMA TBA (AAA , Aaa) 11/01/34 6.500 331,242
125 FNMA TBA (AAA , Aaa) 11/01/34 6.500 131,172
55 Freddie Mac Global Notes (AAA , Aaa) 01/15/05 1.875 54,981
100 Freddie Mac Global Notes (AAA , Aaa) 11/15/13 4.875 103,581
95 Freddie Mac Global Subordinated Notes (AAA , Aaa) 03/21/11 5.875 103,959
103 Freddie Mac Pool #A24892 (AAA , Aaa) 07/01/34 6.000 106,655
140 Freddie Mac Pool #A25679 (AAA , Aaa) 08/01/34 5.500 142,503
48 Freddie Mac Pool #B11354 (AAA , Aaa) 12/01/18 5.000 48,963
105 Freddie Mac Pool #N31151 (AAA , Aaa) 10/01/34 5.000 105,733
113 Ginnie Mae Pool #429679 (AAA , Aaa) 11/15/33 5.500 115,744
235 GNMA TBA (AAA , Aaa) 11/01/34 5.000 235,734
62 JPMorgan Chase Commercial Mortgage
Securities Corp., Series 2004-CB9, Class A1 (AAA , Aaa) 06/12/41 3.475 62,200
110 LB-UBS Commercial Mortgage Trust,
Series 2004-C2, Class A4 (AAA , Aaa) 03/15/36 4.367 108,359
105 LB-UBS Commercial Mortgage Trust,
Series 2004-C7, Class A2 (AAA , Aaa) 10/15/29 3.992 105,520
100 Wachovia Bank Commercial Mortgage
Trust, Series 2004-C10, Class A4# (AAA , Aaa) 02/15/41 4.748 100,937
-------------
TOTAL MORTGAGE-BACKED SECURITIES (Cost $4,899,277) 4,958,494
-------------
</Table>
See Accompanying Notes to Financial Statements.
55
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- -------- -------------
FOREIGN BONDS (7.7%)
BEVERAGES (0.4%)
$ 35 Diageo Finance BV, Global Company
Guaranteed Notes (Netherlands) (A , A2) 04/01/11 3.875 $ 34,582
-------------
CHEMICALS (0.2%)
15 Methanex Corp., Yankee Notes (Canada) (BBB- , Ba1) 08/15/05 7.750 15,525
-------------
ELECTRIC (0.2%)
20 Compania Nacional de Transmision
Electrica SA, Global Senior Notes (Chile) (A- , Baa1) 04/15/11 7.875 23,317
-------------
HOLDING COMPANIES-DIVERSIFIED (0.6%)
55 Pacificorp Australia, Rule 144A,
Bonds (Australia)++ (AAA , Aaa) 01/15/08 6.150 59,593
-------------
INSURANCE (0.2%)
20 Everest Reinsurance Holdings,
Notes (Bermuda) (A- , A3) 10/15/14 5.400 20,307
-------------
MEDIA (0.3%)
25 Thomson Corp., Global Notes (Canada) (A- , A3) 01/05/12 6.200 27,734
-------------
MISCELLANEOUS MANUFACTURING (0.2%)
20 Tyco International Group SA, Yankee
Company Guaranteed Notes (Luxembourg) (BBB , Baa3) 10/15/11 6.375 22,295
-------------
OIL & GAS (0.5%)
10 Canadian Natural Resources, Ltd., Yankee
Notes (Canada) (BBB+ , Baa1) 07/15/11 6.700 11,288
30 Norsk Hydro ASA, Yankee Debentures
(Norway) (A , A2) 06/15/23 7.750 37,516
-------------
48,804
-------------
PIPELINES (0.2%)
15 Trans-Canada Pipelines, Ltd., Yankee
Bonds (Canada) (A- , A2) 01/15/15 4.875 15,168
-------------
REAL ESTATE (0.3%)
30 Westfield Capital Corp., Rule 144A,
Notes (Australia)++ (A , A2) 11/15/14 5.125 30,119
-------------
SOVEREIGN (4.1%)
470 Government of New Zealand, Bonds
(New Zealand) (AAA , Aaa) 04/15/15 6.000 320,899
30 United Mexican States, Global Notes
(Mexico) (BBB- , Baa2) 01/14/11 8.375 35,475
20 United Mexican States, Global Notes
(Mexico) (BBB- , Baa2) 04/08/33 7.500 21,370
30 United Mexican States, Series MTN,
Global Notes (Mexico) (BBB- , Baa2) 01/16/13 6.375 31,950
-------------
409,694
-------------
</Table>
See Accompanying Notes to Financial Statements.
56
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- -------- -------------
FOREIGN BONDS
TELECOMMUNICATIONS (0.5%)
$ 25 Deutsche Telekom International Finance BV,
Global Company Guaranteed Notes
(Netherlands)# (BBB+ , Baa1) 06/15/30 8.750 $ 33,088
20 Telecom Italia Capital, Rule 144A, Company
Guaranteed Notes (Luxembourg)++ (BBB+ , Baa2) 09/30/14 4.950 19,884
-------------
52,972
-------------
TOTAL FOREIGN BONDS (Cost $757,221) 760,110
-------------
UNITED STATES TREASURY OBLIGATIONS (3.5%)
175 United States Treasury Bonds@^^ (AAA , Aaa) 02/15/23 7.125 225,538
45 United States Treasury Bonds@^^ (AAA , Aaa) 02/15/31 5.375 48,890
14 United States Treasury Notes@^^ (AAA , Aaa) 09/30/06 2.500 13,993
15 United States Treasury Notes@^^ (AAA , Aaa) 08/15/07 2.750 14,997
45 United States Treasury Notes@^^ (AAA , Aaa) 08/15/11 5.000 48,612
-------------
TOTAL UNITED STATES TREASURY OBLIGATIONS (Cost $333,964) 352,030
-------------
<Caption>
NUMBER
OF
SHARES
-------
PREFERRED STOCK (0.3%)
TELECOMMUNICATIONS (0.3%)
20 Centaur Funding Corp.,
Series B, Rule 144A++(Cost $23,256) 26,262
-------------
<Caption>
PAR
(000)
-----
SHORT-TERM U.S. TREASURY OBLIGATION (0.2%)
UNITED STATES TREASURY BILLS (0.2%)
$ 25 United States Treasury Bills^^ (Cost $24,901) (AAA , Aaa) 01/20/05 1.870 24,901
-------------
</Table>
See Accompanying Notes to Financial Statements.
57
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- -------- -------------
SHORT-TERM INVESTMENTS (21.2%)
$ 1,520 Federal National Mortgage Association
Discount Notes^^ 11/16/04 1.760 $ 1,518,886
103 State Street Bank and Trust Co.
Euro Time Deposit^^ 11/01/04 1.000 103,000
-------------
<Caption>
NUMBER
OF
SHARES
------
471,671 State Street Navigator Prime Fund@@ 471,671
TOTAL SHORT-TERM INVESTMENTS (Cost $2,093,556) 2,093,557
-------------
TOTAL INVESTMENTS AT VALUE (122.7%) (Cost $11,972,832) 12,124,904
LIABILITIES IN EXCESS OF OTHER ASSETS (-22.7%) (2,244,902)
-------------
NET ASSETS (100.0%) $ 9,880,002
=============
</Table>
INVESTMENT ABBREVIATIONS
TBA = To Be Announced
NR = Not Rated
+ Credit ratings given by The Standard & Poor's Division of the McGraw-Hill
Companies, Inc. ("S&P") and Moody's Investors Service, Inc. ("Moody's") are
unaudited.
++ Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At October 31,
2004, these securities amounted to a value of $463,749, or 4.69% of net
assets.
++++ Collateral segregated for futures contracts.
^^ Collateral segregated for TBA securities.
# Variable rate obligations -- The interest rate shown is the rate as of
October 31, 2004.
@ Security or portion thereof is out on loan.
@@ Represents security purchased with cash collateral received for securities
on loan.
See Accompanying Notes to Financial Statements.
58
<Page>
This page intentionally left blank
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2004
<Table>
<Caption>
LARGE CAP VALUE SMALL CAP GROWTH
PORTFOLIO PORTFOLIO
------------------ ------------------
ASSETS
Investments at value, including collateral for securities on loan
of $0, $46,158, $571,325, $0, $635,896, and $471,671,
respectively (Cost $24,847,589, $1,129,747, $16,061,337,
$4,118,645, $3,793,151, and $11,972,832, respectively) (Note 1) $ 28,161,474 $ 240,083(1)
Cash 998 813
Receivable for investments sold 309,047 --
Receivable for fund shares sold 4,276 --
Dividend and interest receivable 36,928 16
Receivable from investment adviser (Note 2) -- 12,961
Unrealized appreciation on forward currency contracts (Note 1) -- --
Variation margin receivable (Note 1) -- --
Prepaid expenses and other assets 9,692 1,819
------------------ ------------------
Total Assets 28,522,415 255,692
------------------ ------------------
LIABILITIES
Advisory fee payable (Note 2) 8,525 --
Administrative services fee payable (Note 2) 11,229 4,701
Payable upon return of securities loaned (Note 1) -- 46,158
Payable for investments purchased 115,245 --
Directors' fee payable 653 653
Unrealized depreciation on forward currency contracts (Note 1) -- --
Other accrued expenses payable 21,364 22,059
------------------ ------------------
Total Liabilities 157,016 73,571
------------------ ------------------
NET ASSETS
Capital stock, $0.001 par value (Note 6) 29,499 15
Paid-in capital (Note 6) 29,653,194 43,573,932
Undistributed net investment income 312,995 --
Undistributed net realized gain (loss) on investments,
futures contracts and foreign currency transactions (4,944,174) (42,502,162)
Net unrealized appreciation (depreciation) from investments,
futures contracts and foreign currency translations 3,313,885 (889,664)
------------------ ------------------
Net Assets $ 28,365,399 $ 182,121
================== ==================
Shares outstanding 29,499,486 15,302
------------------ ------------------
Net asset value, offering price, and redemption price per share $ 0.96 $ 11.90
================== ==================
</Table>
- ----------
(1) Including $44,767 of securities on loan.
(2) Including $556,868 of securities on loan.
(3) Including $620,653 of securities on loan.
(4) Including $462,341 of securities on loan.
60
<Page>
<Table>
<Caption>
CAPITAL
SELECT EQUITY APPRECIATION
PORTFOLIO PORTFOLIO
------------------ ------------------
ASSETS
Investments at value, including collateral for securities on loan
of $0, $46,158, $571,325, $0, $635,896, and $471,671,
respectively (Cost $24,847,589, $1,129,747, $16,061,337,
$4,118,645, $3,793,151, and $11,972,832, respectively) (Note 1) $ 17,711,323(2) $ 4,809,765
Cash 122 532
Receivable for investments sold 664,959 67,008
Receivable for fund shares sold 983 5,033
Dividend and interest receivable 13,391 493
Receivable from investment adviser (Note 2) -- 3,434
Unrealized appreciation on forward currency contracts (Note 1) -- --
Variation margin receivable (Note 1) -- --
Prepaid expenses and other assets 13,450 12,066
------------------ ------------------
Total Assets 18,404,228 4,898,331
------------------ ------------------
LIABILITIES
Advisory fee payable (Note 2) 3,183 --
Administrative services fee payable (Note 2) 8,453 5,600
Payable upon return of securities loaned (Note 1) 571,325 --
Payable for investments purchased 715,423 68,979
Directors' fee payable 653 653
Unrealized depreciation on forward currency contracts (Note 1) -- --
Other accrued expenses payable 20,567 20,038
------------------ ------------------
Total Liabilities 1,319,604 95,270
------------------ ------------------
NET ASSETS
Capital stock, $0.001 par value (Note 6) 1,797 537
Paid-in capital (Note 6) 15,691,620 6,207,514
Undistributed net investment income 91,160 --
Undistributed net realized gain (loss) on investments,
futures contracts and foreign currency transactions (349,940) (2,096,110)
Net unrealized appreciation (depreciation) from investments,
futures contracts and foreign currency translations 1,649,987 691,120
------------------ ------------------
Net Assets $ 17,084,624 $ 4,803,061
================== ==================
Shares outstanding 1,796,520 537,408
------------------ ------------------
Net asset value, offering price, and redemption price per share $ 9.51 $ 8.94
================== ==================
<Caption>
INVESTMENT
HARBINGER GRADE FIXED
PORTFOLIO INCOME PORTFOLIO
------------------ ------------------
ASSETS
Investments at value, including collateral for securities on loan
of $0, $46,158, $571,325, $0, $635,896, and $471,671,
respectively (Cost $24,847,589, $1,129,747, $16,061,337,
$4,118,645, $3,793,151, and $11,972,832, respectively) (Note 1) $ 4,170,279(3) $ 12,124,904(4)
Cash 788 324
Receivable for investments sold 169,068 2,263,902
Receivable for fund shares sold -- --
Dividend and interest receivable 69 65,458
Receivable from investment adviser (Note 2) 6,681 8,954
Unrealized appreciation on forward currency contracts (Note 1) -- 23,152
Variation margin receivable (Note 1) -- 2,819
Prepaid expenses and other assets 12,513 12,791
------------------ ------------------
Total Assets 4,359,398 14,502,304
------------------ ------------------
LIABILITIES
Advisory fee payable (Note 2) -- --
Administrative services fee payable (Note 2) 4,899 9,874
Payable upon return of securities loaned (Note 1) 635,896 471,671
Payable for investments purchased 663,926 4,096,318
Directors' fee payable 653 653
Unrealized depreciation on forward currency contracts (Note 1) -- 18,051
Other accrued expenses payable 19,122 25,735
------------------ ------------------
Total Liabilities 1,324,496 4,622,302
------------------ ------------------
NET ASSETS
Capital stock, $0.001 par value (Note 6) 224 990
Paid-in capital (Note 6) 2,431,063 9,733,581
Undistributed net investment income -- 11,984
Undistributed net realized gain (loss) on investments,
futures contracts and foreign currency transactions 226,487 (26,442)
Net unrealized appreciation (depreciation) from investments,
futures contracts and foreign currency translations 377,128 159,889
------------------ ------------------
Net Assets $ 3,034,902 $ 9,880,002
================== ==================
Shares outstanding 224,050 989,963
------------------ ------------------
Net asset value, offering price, and redemption price per share $ 13.55 $ 9.98
================== ==================
</Table>
See Accompanying Notes to Financial Statements.
61
<Page>
STATEMENTS OF OPERATIONS
For the Year Ended October 31, 2004
<Table>
<Caption>
LARGE CAP VALUE SMALL CAP GROWTH
PORTFOLIO PORTFOLIO
------------------ ------------------
INVESTMENT INCOME (Note 1)
Dividends $ 599,069 $ 13,194
Interest 3,213 3,308
Securities lending 2,667 297
Foreign taxes withheld (2,062) --
------------------ ------------------
Total investment income 602,887 16,799
------------------ ------------------
EXPENSES
Investment advisory fees (Note 2) 218,293 99,696
Administrative services fees (Note 2) 53,773 27,072
Legal fees 38,776 74,692
Printing fees (Note 2) 7,654 4,040
Audit fees 16,202 16,945
Insurance expense 17,537 17,594
Registration fees 15,585 17,080
Custodian fees 3,764 20,729
Transfer agent fees (Note 2) 3,003 1,944
Directors' fees 2,812 2,812
Commitment fees (Note 3) 807 96
Interest expense (Note 3) 152 479
Miscellaneous expense 7,224 7,884
------------------ ------------------
Total expenses 385,582 291,063
Less: fees waived and expenses reimbursed (Note 2) (167,289) (181,397)
------------------ ------------------
Net expenses 218,293 109,666
------------------ ------------------
Net investment income (loss) 384,594 (92,867)
------------------ ------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS,
FUTURES CONTRACTS AND FOREIGN CURRENCY RELATED ITEMS
Net realized gain from investments 506,546 7,252,314
Net increase from payments from affiliates for correction
of investment violation 4,033
Net realized loss from futures contracts -- --
Net realized loss from foreign currency transactions -- --
Net change in unrealized appreciation (depreciation)
from investments 2,360,337 (5,090,819)
Net change in unrealized appreciation (depreciation)
from futures contracts -- --
Net change in unrealized appreciation (depreciation)
from foreign currency translations -- --
------------------ ------------------
Net realized and unrealized gain from investments,
futures contracts, and foreign currency related items 2,866,883 2,165,528
------------------ ------------------
Net increase in net assets resulting from operations $ 3,251,477 $ 2,072,661
================== ==================
</Table>
62
<Page>
<Table>
<Caption>
CAPITAL
SELECT EQUITY APPRECIATION
PORTFOLIO PORTFOLIO
------------------ ------------------
INVESTMENT INCOME (Note 1)
Dividends $ 234,314 $ 43,663
Interest 3,270 1,994
Securities lending 778 603
Foreign taxes withheld -- (250)
------------------ ------------------
Total investment income 238,362 46,010
------------------ ------------------
EXPENSES
Investment advisory fees (Note 2) 78,197 38,011
Administrative services fees (Note 2) 31,890 19,973
Legal fees 36,302 36,407
Printing fees (Note 2) 4,261 4,390
Audit fees 15,456 15,458
Insurance expense 15,549 15,497
Registration fees 13,842 15,306
Custodian fees 9,142 6,461
Transfer agent fees (Note 2) 2,342 2,059
Directors' fees 2,812 2,812
Commitment fees (Note 3) 425 252
Interest expense (Note 3) 275 33
Miscellaneous expense 6,796 6,869
------------------ ------------------
Total expenses 217,289 163,528
Less: fees waived and expenses reimbursed (Note 2) (99,994) (106,512)
------------------ ------------------
Net expenses 117,295 57,016
------------------ ------------------
Net investment income (loss) 121,067 (11,006)
------------------ ------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS,
FUTURES CONTRACTS AND FOREIGN CURRENCY RELATED ITEMS
Net realized gain from investments 221,115 648,224
Net increase from payments from affiliates for correction
of investment violation
Net realized loss from futures contracts -- --
Net realized loss from foreign currency transactions -- --
Net change in unrealized appreciation (depreciation)
from investments 494,930 (213,606)
Net change in unrealized appreciation (depreciation)
from futures contracts -- --
Net change in unrealized appreciation (depreciation)
from foreign currency translations -- --
------------------ ------------------
Net realized and unrealized gain from investments,
futures contracts, and foreign currency related items 716,045 434,618
------------------ ------------------
Net increase in net assets resulting from operations $ 837,112 $ 423,612
================== ==================
<Caption>
INVESTMENT
HARBINGER GRADE FIXED
PORTFOLIO INCOME PORTFOLIO
------------------ ------------------
INVESTMENT INCOME (Note 1)
Dividends $ 1,287 $ 1,816
Interest 875 387,692
Securities lending 877 970
Foreign taxes withheld -- (20)
------------------ ------------------
Total investment income 3,039 390,458
------------------ ------------------
EXPENSES
Investment advisory fees (Note 2) 25,672 34,375
Administrative services fees (Note 2) 10,041 46,387
Legal fees 35,349 39,098
Printing fees (Note 2) 6,092 6,869
Audit fees 18,642 15,455
Insurance expense 15,438 15,538
Registration fees 14,900 17,390
Custodian fees 3,075 14,662
Transfer agent fees (Note 2) 725 1,296
Directors' fees 2,812 2,812
Commitment fees (Note 3) 63 343
Interest expense (Note 3) -- --
Miscellaneous expense 6,451 6,820
------------------ ------------------
Total expenses 139,260 201,045
Less: fees waived and expenses reimbursed (Note 2) (103,320) (155,431)
------------------ ------------------
Net expenses 35,940 45,614
------------------ ------------------
Net investment income (loss) (32,901) 344,844
------------------ ------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS,
FUTURES CONTRACTS AND FOREIGN CURRENCY RELATED ITEMS
Net realized gain from investments 363,242 76,511
Net increase from payments from affiliates for correction
of investment violation
Net realized loss from futures contracts -- (48,134)
Net realized loss from foreign currency transactions -- (3,458)
Net change in unrealized appreciation (depreciation)
from investments (289,349) 116,285
Net change in unrealized appreciation (depreciation)
from futures contracts -- (10,663)
Net change in unrealized appreciation (depreciation)
from foreign currency translations -- 1,141
------------------ ------------------
Net realized and unrealized gain from investments,
futures contracts, and foreign currency related items 73,893 131,682
------------------ ------------------
Net increase in net assets resulting from operations $ 40,992 $ 476,526
================== ==================
</Table>
See Accompanying Notes to Financial Statements.
63
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
LARGE CAP VALUE PORTFOLIO
-----------------------------------------
FOR THE YEAR FOR THE YEAR
ENDED ENDED
OCTOBER 31, 2004 OCTOBER 31, 2003
------------------ ------------------
FROM OPERATIONS
Net investment income (loss) $ 384,594 $ 389,129
Net realized gain (loss) from investments, futures contracts and
foreign currency transactions 506,546 (3,118,350)
Net change in unrealized appreciation (depreciation) from investments,
futures contracts, and foreign currency translations 2,360,337 7,451,678
------------------ ------------------
Net increase in net assets resulting from operations 3,251,477 4,722,457
------------------ ------------------
FROM DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (393,715) (280,013)
Distributions from net realized gains -- --
------------------ ------------------
Net decrease in net assets from dividends and distributions (393,715) (280,013)
------------------ ------------------
FROM CAPITAL SHARE TRANSACTIONS (Note 6)
Proceeds from sale of shares 1,238,468 2,320,484
Reinvestment of dividends and distributions 393,715 280,013
Net asset value of shares redeemed (5,569,187) (9,697,114)
------------------ ------------------
Net increase (decrease) in net assets from capital share transactions (3,937,004) (7,096,617)
------------------ ------------------
Net increase (decrease) in net assets (1,079,242) (2,654,173)
NET ASSETS
Beginning of year 29,444,641 32,098,814
------------------ ------------------
End of year $ 28,365,399 $ 29,444,641
================== ==================
Undistributed net investment income $ 312,995 $ 322,116
================== ==================
</Table>
64
<Page>
<Table>
<Caption>
SMALL CAP GROWTH PORTFOLIO
-----------------------------------------
FOR THE YEAR FOR THE YEAR
ENDED ENDED
OCTOBER 31, 2004 OCTOBER 31, 2003
------------------ ------------------
FROM OPERATIONS
Net investment income (loss) $ (92,867) $ (369,452)
Net realized gain (loss) from investments, futures contracts and
foreign currency transactions 7,256,347 1,444,617
Net change in unrealized appreciation (depreciation) from investments,
futures contracts, and foreign currency translations (5,090,819) 15,538,493
------------------ ------------------
Net increase in net assets resulting from operations 2,072,661 16,613,658
------------------ ------------------
FROM DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income -- --
Distributions from net realized gains -- --
------------------ ------------------
Net decrease in net assets from dividends and distributions -- --
------------------ ------------------
FROM CAPITAL SHARE TRANSACTIONS (Note 6)
Proceeds from sale of shares 1,482,639 8,064,919
Reinvestment of dividends and distributions -- --
Net asset value of shares redeemed (29,375,519) (46,454,273)
------------------ ------------------
Net increase (decrease) in net assets from capital share transactions (27,892,880) (38,389,354)
------------------ ------------------
Net increase (decrease) in net assets (25,820,219) (21,775,696)
NET ASSETS
Beginning of year 26,002,340 47,778,036
------------------ ------------------
End of year $ 182,121 $ 26,002,340
================== ==================
Undistributed net investment income $ -- $ --
================== ==================
<Caption>
SELECT EQUITY PORTFOLIO
-----------------------------------------
FOR THE YEAR FOR THE YEAR
ENDED ENDED
OCTOBER 31, 2004 OCTOBER 31, 2003
------------------ ------------------
FROM OPERATIONS
Net investment income (loss) $ 121,067 $ 73,941
Net realized gain (loss) from investments, futures contracts and
foreign currency transactions 221,115 59,434
Net change in unrealized appreciation (depreciation) from investments,
futures contracts, and foreign currency translations 494,930 1,454,640
------------------ ------------------
Net increase in net assets resulting from operations 837,112 1,588,015
------------------ ------------------
FROM DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (84,980) (38,005)
Distributions from net realized gains -- --
------------------ ------------------
Net decrease in net assets from dividends and distributions (84,980) (38,005)
------------------ ------------------
FROM CAPITAL SHARE TRANSACTIONS (Note 6)
Proceeds from sale of shares 9,570,784 856,357
Reinvestment of dividends and distributions 84,980 38,005
Net asset value of shares redeemed (4,126,870) (3,367,323)
------------------ ------------------
Net increase (decrease) in net assets from capital share transactions 5,528,894 (2,472,961)
------------------ ------------------
Net increase (decrease) in net assets 6,281,026 (922,951)
NET ASSETS
Beginning of year 10,803,598 11,726,549
------------------ ------------------
End of year $ 17,084,624 $ 10,803,598
================== ==================
Undistributed net investment income $ 91,160 $ 55,073
================== ==================
</Table>
See Accompanying Notes to Financial Statements.
65
<Page>
<Table>
<Caption>
CAPITAL APPRECIATION PORTFOLIO
------------------------------------------
FOR THE YEAR FOR THE YEAR
ENDED ENDED
OCTOBER 31, 2004 OCTOBER 31, 2003
------------------ -------------------
FROM OPERATIONS
Net investment income (loss) $ (11,006) $ 1,260
Net realized gain (loss) from investments, futures contracts and
foreign currency transactions 648,224 (1,163,407)
Net change in unrealized appreciation (depreciation) from investments,
futures contracts, and foreign currency translations (213,606) 2,698,825
------------------ -------------------
Net increase in net assets resulting from operations 423,612 1,536,678
------------------ -------------------
FROM DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (1,299) --
Distributions from net realized gains -- --
------------------ -------------------
Net decrease in net assets from dividends and distributions (1,299) --
------------------ -------------------
FROM CAPITAL SHARE TRANSACTIONS (Note 6)
Proceeds from sale of shares 921,834 1,053,045
Reinvestment of dividends and distributions 1,299 --
Net asset value of shares redeemed (6,044,266) (2,398,763)
------------------ -------------------
Net increase (decrease) in net assets from capital share transactions (5,121,133) (1,345,718)
------------------ -------------------
Net increase (decrease) in net assets (4,698,820) 190,960
NET ASSETS
Beginning of year 9,501,881 9,310,921
------------------ -------------------
End of year $ 4,803,061 $ 9,501,881
================== ===================
Undistributed net investment income $ -- $ 1,292
================== ===================
</Table>
- ----------
(1) For the period January 15, 2003 (inception date) through October 31, 2003
66
<Page>
<Table>
<Caption>
HARBINGER PORTFOLIO
------------------------------------------
FOR THE YEAR FOR THE PERIOD
ENDED ENDED
OCTOBER 31, 2004 OCTOBER 31, 2003(1)
------------------ -------------------
FROM OPERATIONS
Net investment income (loss) $ (32,901) $ (19,402)
Net realized gain (loss) from investments, futures contracts and
foreign currency transactions 363,242 12,435
Net change in unrealized appreciation (depreciation) from investments,
futures contracts, and foreign currency translations (289,349) 666,477
------------------ -------------------
Net increase in net assets resulting from operations 40,992 659,510
------------------ -------------------
FROM DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income -- --
Distributions from net realized gains -- --
------------------ -------------------
Net decrease in net assets from dividends and distributions -- --
------------------ -------------------
FROM CAPITAL SHARE TRANSACTIONS (Note 6)
Proceeds from sale of shares 1,000,000 1,785,000
Reinvestment of dividends and distributions -- --
Net asset value of shares redeemed (450,600) --
------------------ -------------------
Net increase (decrease) in net assets from capital share transactions 549,400 1,785,000
------------------ -------------------
Net increase (decrease) in net assets 590,392 2,444,510
NET ASSETS
Beginning of year 2,444,510 --
------------------ -------------------
End of year $ 3,034,902 $ 2,444,510
================== ===================
Undistributed net investment income $ -- $ --
================== ===================
<Caption>
INVESTMENT GRADE FIXED INCOME PORTFOLIO
------------------------------------------
FOR THE YEAR FOR THE YEAR
ENDED ENDED
OCTOBER 31, 2004 OCTOBER 31, 2003
------------------ -------------------
FROM OPERATIONS
Net investment income (loss) $ 344,844 $ 333,393
Net realized gain (loss) from investments, futures contracts and
foreign currency transactions 24,919 468,513
Net change in unrealized appreciation (depreciation) from investments,
futures contracts, and foreign currency translations 106,763 (181,086)
------------------ -------------------
Net increase in net assets resulting from operations 476,526 620,820
------------------ -------------------
FROM DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (365,276) (361,256)
Distributions from net realized gains (442,512) (216,079)
------------------ -------------------
Net decrease in net assets from dividends and distributions (807,788) (577,335)
------------------ -------------------
FROM CAPITAL SHARE TRANSACTIONS (Note 6)
Proceeds from sale of shares 1,500,000 9,157,866
Reinvestment of dividends and distributions 803,609 559,163
Net asset value of shares redeemed (3,641,951) (14,772,568)
------------------ -------------------
Net increase (decrease) in net assets from capital share transactions (1,338,342) (5,055,539)
------------------ -------------------
Net increase (decrease) in net assets (1,669,604) (5,012,054)
NET ASSETS
Beginning of year 11,549,606 16,561,660
------------------ -------------------
End of year $ 9,880,002 $ 11,549,606
================== ===================
Undistributed net investment income $ 11,984 $ --
================== ===================
</Table>
See Accompanying Notes to Financial Statements.
67
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- LARGE CAP VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Year)
<Table>
<Caption>
FOR THE YEAR ENDED OCTOBER 31,
------------------------------------------------------------------------------
2004 2003 2002 2001 2000
------------ ------------ ------------ ------------ ------------
PER SHARE DATA
Net asset value, beginning of year $ 0.87 $ 0.76 $ 0.85 $ 11.01 $ 13.32
------------ ------------ ------------ ------------ ------------
INVESTMENT OPERATIONS
Net investment income 0.01 0.01 0.01 0.01(1) 0.24
Net gain (loss) on investments
(both realized and unrealized) 0.09 0.11 (0.09) (0.28) 0.31
------------ ------------ ------------ ------------ ------------
Total from investment operations 0.10 0.12 (0.08) (0.27) 0.55
------------ ------------ ------------ ------------ ------------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.01) (0.01) (0.01) (0.03) (0.22)
Distributions from net realized gains -- -- -- (9.86) (2.64)
------------ ------------ ------------ ------------ ------------
Total dividends and distributions (0.01) (0.01) (0.01) (9.89) (2.86)
------------ ------------ ------------ ------------ ------------
NET ASSET VALUE, END OF YEAR $ 0.96 $ 0.87 $ 0.76 $ 0.85 $ 11.01
============ ============ ============ ============ ============
Total return(2) 11.81% 15.48% (9.68)% (4.34)% 5.59%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 28,365 $ 29,445 $ 32,099 $ 3,005 $ 3,112
Ratio of expenses to average net assets(3) 0.75% 0.75% 0.75% 0.75% 0.77%
Ratio of net investment income to average
net assets 1.32% 1.26% 0.85% 1.16% 1.28%
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 0.57% 0.55% 0.63% 2.17% 1.36%
Portfolio turnover rate 49% 56% 72% 45% 218%
</Table>
(1) Per share information is calculated using the average share outstanding
method.
(2) Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been lower.
(3) Interest earned on uninvested cash balances is used to offset portions of
the transfer agent expense. These arrangements resulted in a reduction to
the Portfolio's net expense ratio by .02% for the year ended October 31,
2000. The Portfolio's net operating expense ratio after reflecting these
arrangements was .75% for the year ending October 31, 2000. For the years
ended October 31, 2004, 2003, 2002 and 2001, there was no effect on the net
operating expense ratio because of transfer agent credits.
See Accompanying Notes to Financial Statements.
68
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SMALL CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Year)
<Table>
<Caption>
FOR THE YEAR ENDED OCTOBER 31,
------------------------------------------------------------------------------
2004 2003 2002 2001 2000
------------ ------------ ------------ ------------ ------------
PER SHARE DATA
Net asset value, beginning of year $ 9.49 $ 6.44 $ 8.13 $ 22.50 $ 17.89
------------ ------------ ------------ ------------ ------------
INVESTMENT OPERATIONS
Net investment loss (6.07) (0.13) (0.09) (0.08) (0.15)
Net gain (loss) on investments
(both realized and unrealized) 8.48 3.18 (1.60) (5.27) 5.98
------------ ------------ ------------ ------------ ------------
Total from investment operations 2.41 3.05 (1.69) (5.35) 5.83
------------ ------------ ------------ ------------ ------------
LESS DISTRIBUTIONS
Distributions from net realized gains -- -- -- (9.02) (1.22)
------------ ------------ ------------ ------------ ------------
NET ASSET VALUE, END OF YEAR $ 11.90 $ 9.49 $ 6.44 $ 8.13 $ 22.50
============ ============ ============ ============ ============
Total return(1) 25.40%(2) 47.36% (20.79)% (37.01)% 33.05%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 182 $ 26,002 $ 47,778 $ 119,838 $ 274,009
Ratio of expenses to average net assets(3) 0.99% 0.99% 0.99% 0.99% 1.01%
Ratio of net investment loss to average
net assets (0.84)% (0.81)% (0.84)% (0.68)% (0.57)%
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 1.64% 0.35% 0.29% 0.20% 0.16%
Portfolio turnover rate 73% 65% 70% 80% 88%
</Table>
(1) Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been lower.
(2) The advisor fully reimbursed the Portfolio for a loss related to
transactions not meeting the Portfolio's investment guidelines, which
otherwise would have reduced total return by 2.74%.
(3) Interest earned on uninvested cash balances is used to offset portions of
the transfer agent expense. These arrangements resulted in a reduction to
the Portfolio's net expense ratio by .02% for the year ended October 31,
2000. The Portfolio's net operating expense ratio after reflecting these
arrangements was .99% for the year ending October 31, 2000. For the years
ended October 31, 2004, 2003, 2002 and 2001, there was no effect on the net
operating expense ratio because of transfer agent credits.
See Accompanying Notes to Financial Statements.
69
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SELECT EQUITY PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE YEAR ENDED OCTOBER 31,
----------------------------------------------
2004 2003 2002(1)
------------ ------------ ------------
PER SHARE DATA
Net asset value, beginning of period $ 9.07 $ 7.87 $ 10.00
------------ ------------ ------------
INVESTMENT OPERATIONS
Net investment income 0.06 0.06 0.01
Net gain (loss) on investments
(both realized and unrealized) 0.44 1.17 (2.14)
------------ ------------ ------------
Total from investment operations 0.50 1.23 (2.13)
------------ ------------ ------------
LESS DIVIDENDS
Dividends from net investment income (0.06) (0.03) --
------------ ------------ ------------
NET ASSET VALUE, END OF PERIOD $ 9.51 $ 9.07 $ 7.87
============ ============ ============
Total return(2) 5.46% 15.61% (21.30)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 17,085 $ 10,804 $ 11,727
Ratio of expenses to average net assets(3) 0.75% 0.75% 0.75%(4)
Ratio of net investment income to average net assets 0.77% 0.70% 0.56%(4)
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 0.64% 0.96% 1.74%(4)
Portfolio turnover rate 90% 107% 79%
</Table>
(1) For the period January 31, 2002 (inception date) through October 31, 2002.
(2) Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been lower.
Total returns for periods less than one year are not annualized.
(3) Interest earned on uninvested cash balances may be used to offset portions
of the transfer agent expense. For the years ended October 31, 2004 and
2003, and the period ended October 31, 2002, there was no effect on the net
operating expense ratio because of transfer agent credits.
(4) Annualized.
See Accompanying Notes to Financial Statements.
70
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- CAPITAL APPRECIATION PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE YEAR ENDED OCTOBER 31,
--------------------------------------------
2004 2003 2002(1)
------------ ------------ ----------
PER SHARE DATA
Net asset value, beginning of period $ 8.65 $ 7.37 $ 10.00
------------ ------------ ----------
INVESTMENT OPERATIONS
Net investment income (loss) (0.02) 0.00(2) 0.00(2)
Net gain (loss) on investments
(both realized and unrealized) 0.31 1.28 (2.63)
------------ ------------ ----------
Total from investment operations 0.29 1.28 (2.63)
------------ ------------ ----------
LESS DIVIDENDS
Dividends from net investment income 0.00(2) -- --
------------ ------------ ----------
Total dividends -- -- --
------------ ------------ ----------
NET ASSET VALUE, END OF PERIOD $ 8.94 $ 8.65 $ 7.37
============ ============ ==========
Total return(3) 3.37% 17.37% (26.30)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 4,803 $ 9,502 $ 9,311
Ratio of expenses to average net assets(4) 0.75% 0.75% 0.75%(5)
Ratio of net investment income (loss) to average net assets (0.14)% 0.01% (0.07)%(5)
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 1.40% 1.03% 0.76%(5)
Portfolio turnover rate 80% 108% 56%
</Table>
(1) For the period January 31, 2002 (inception date) through October 31, 2002.
(2) Total is less than $0.01 per share.
(3) Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been lower.
Total returns for periods less than one year are not annualized.
(4) Interest earned on uninvested cash balances may be used to offset portions
of the transfer agent expense. For the years ended October 31, 2004 and
2003, and the period ended October 31, 2002, there was no effect on the net
operating expense ratio because of transfer agent credits.
(5) Annualized.
See Accompanying Notes to Financial Statements.
71
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- HARBINGER PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE YEAR
ENDED OCTOBER 31,
----------------------------
2004 2003(1)
------------ ----------
PER SHARE DATA
Net asset value, beginning of period $ 13.68 $ 10.00
------------ ----------
INVESTMENT OPERATIONS
Net investment loss (0.15) (0.11)
Net gain on investments
(both realized and unrealized) 0.02 3.79
------------ ----------
Total from investment operations (0.13) 3.68
------------ ----------
NET ASSET VALUE, END OF PERIOD $ 13.55 $ 13.68
============ ==========
Total return(2) (0.95)% 36.80%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 3,035 $ 2,445
Ratio of expenses to average net assets(3) 1.40% 1.40%(4)
Ratio of net investment loss to average net assets (1.28)% (1.31)%(4)
Decrease reflected in above operating expense
ratios due to waivers/reimbursements(3) 4.02% 5.31%(4)
Portfolio turnover rate 125% 42%
</Table>
(1) For the period January 15, 2003 (inception date) through October 31, 2003.
(2) Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been lower.
Total returns for periods less than one year are not annualized.
(3) Interest earned on uninvested cash balances may be used to offset portions
of the transfer agent expense. For the year ended October 31, 2004 and the
period ended October 31, 2003, there was no effect on the net operating
expense ratio because of transfer agent credits.
(4) Annualized.
See Accompanying Notes to Financial Statements.
72
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE FIXED INCOME
PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE YEAR ENDED OCTOBER 31,
---------------------------------------------
2004 2003 2002(1),(2)
------------ ------------ -----------
PER SHARE DATA
Net asset value, beginning of period $ 10.18 $ 10.24 $ 10.00
------------ ------------ -----------
INVESTMENT OPERATIONS
Net investment income 0.30 0.34 0.17
Net gain (loss) on investments, futures contracts and foreign
currency related items (both realized and unrealized) 0.21 0.09 0.24
------------ ------------ -----------
Total from investment operations 0.51 0.43 0.41
------------ ------------ -----------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.32) (0.36) (0.17)
Distributions from net realized gains (0.39) (0.13) --
------------ ------------ -----------
Total dividends and distributions (0.71) (0.49) (0.17)
------------ ------------ -----------
NET ASSET VALUE, END OF PERIOD $ 9.98 $ 10.18 $ 10.24
============ ============ ===========
Total return(3) 5.23% 4.37% 4.15%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 9,880 $ 11,550 $ 16,56(2)
Ratio of expenses to average net assets(4) 0.40% 0.40% 0.40%(5)
Ratio of net investment income to average net assets 3.01% 2.94% 3.27%(5)
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 1.36% 1.28% 1.05%(5)
Portfolio turnover rate 459% 629% 172%
</Table>
(1) For the period May 1, 2002 (inception date) through October 31, 2002.
(2) As required, effective November 1, 2001, the Portfolio adopted the
provisions of AICPA Audit and Accounting Guide for Investment Companies and
began including paydown gains and losses in interest income. The effect of
this change is less than $0.01 per share for the year ended October 31,
2002 on net investment income, net realized and unrealized gains and losses
and the ratio of net investment income to average net assets.
(3) Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been lower.
Total returns for periods less than one year are not annualized.
(4) Interest earned on uninvested cash balances may be used to offset portions
of the transfer agent expense. For the years ended October 31, 2004 and
2003, and the period ended October 31, 2002, there was no effect on the net
operating expense ratio because of transfer agent credits.
(5) Annualized.
See Accompanying Notes to Financial Statements.
73
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS
October 31, 2004
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Credit Suisse Institutional Fund, Inc. (the "Fund") is registered under
the Investment Company Act of 1940, as amended, as an open-end management
investment company and currently offers seven managed investment funds, of which
six are contained in this report. The Large Cap Value Portfolio ("Large Cap
Value"), the Capital Appreciation Portfolio ("Capital Appreciation"), the Small
Cap Growth Portfolio ("Small Cap Growth"), the Select Equity Portfolio ("Select
Equity"), and the Investment Grade Fixed Income Portfolio ("Investment Grade
Fixed Income") are each classified as diversified and the Harbinger Portfolio
("Harbinger") is classified as non-diversified (each a "Portfolio" and
collectively, the "Portfolios"). The Fund was incorporated under the laws of the
State of Maryland on May 14, 1992. Effective April 28, 2004, Small Cap Growth
was closed to new investments, except for the reinvestment of dividends and
distributions.
Investment objectives for each Portfolio are as follows: Large Cap Value
and Investment Grade Fixed Income seek total return; Small Cap Growth seeks
capital growth; Capital Appreciation and Select Equity seek long-term capital
appreciation; and Harbinger seeks long-term growth of capital.
A) SECURITY VALUATION -- The net asset value of each Portfolio is
determined daily as of the close of regular trading on the New York Stock
Exchange, Inc. (the "Exchange") on each day the Exchange is open for business.
Each Portfolio's equity investments are valued at market value, which is
generally determined using the closing price on the exchange or market on which
the security is primarily traded at the time of valuation (the "Valuation
Time"). If no sales are reported, equity investments are generally valued at the
most recent bid quotation as of the Valuation Time or at the lowest asked
quotation in the case of a short sale of securities. Debt securities with a
remaining maturity greater than 60 days are valued in accordance with the price
supplied by a pricing service, which may use a matrix, formula or other
objective method that takes into consideration market indices, yield curves and
other specific adjustments. Debt obligations that will mature in 60 days or less
are valued on the basis of amortized cost, which approximates market value,
unless it is determined that using this method would not represent fair value.
Securities and other assets for which market quotations are not readily
available, or whose values have been materially affected by events occurring
before the Portfolio's Valuation Time but after the close of the securities'
primary markets, are valued at fair value as determined in good faith by, or
under the direction of, the Board of Directors under procedures established by
the Board of Directors. The Portfolios may utilize a service provided by an
independent third party which has been approved by the Board of Directors to
fair value certain securities.
74
<Page>
B) FOREIGN CURRENCY TRANSACTIONS -- The books and records of the Portfolios
are maintained in U.S. dollars. Transactions denominated in foreign currencies
are recorded at the current prevailing exchange rates. All assets and
liabilities denominated in foreign currencies are translated into U.S. dollar
amounts at the current exchange rate at the end of the period. Translation gains
or losses resulting from changes in the exchange rate during the reporting
period and realized gains and losses on the settlement of foreign currency
transactions are reported in the results of operations for the current period.
The Portfolios do not isolate that portion of realized gains and losses on
investments in EQUITY securities which is due to changes in the foreign exchange
rate from that which is due to changes in market prices of equity securities.
The Portfolios isolate that portion of realized gains and losses on investments
in DEBT securities which is due to changes in the foreign exchange rate from
that which is due to changes in market prices of debt securities.
C) SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted for on a trade date basis. Interest income is recorded on the accrual
basis. Dividends are recorded on the ex-dividend date. The cost of investments
sold is determined by use of the specific identification method for both
financial reporting and income tax purposes.
D) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net
investment income and distributions of net realized capital gains, if any, are
declared and paid at least annually for Large Cap Value, Capital Appreciation,
Small Cap Growth, Select Equity and Harbinger. Dividends from net investment
income are declared daily and paid monthly for Investment Grade Fixed Income.
Distributions of net realized capital gains, if any, are declared and paid at
least annually for Investment Grade Fixed Income. However, to the extent that a
net realized capital gain can be reduced by a capital loss 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 Portfolio's intention to continue to qualify for and elect the tax
treatment applicable to regulated investment companies under the Internal
Revenue Code of 1986, as amended, and make the requisite distributions to its
shareholders which will be sufficient to relieve it from federal income and
excise taxes.
75
<Page>
F) USE OF ESTIMATES -- The preparation of financial statements in
conformity with GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from these estimates.
G) SHORT-TERM INVESTMENTS -- The Portfolios, together with other
funds/portfolios advised by Credit Suisse Asset Management, LLC ("CSAM"), an
indirect, wholly-owned subsidiary of Credit Suisse Group, pool available cash
into either a short-term variable rate time deposit issued by State Street Bank
and Trust Company ("SSB"), the Portfolios' custodian, or a money market fund
advised by CSAM. The short-term time deposit issued by SSB is a variable rate
account classified as a short-term investment.
H) FORWARD FOREIGN CURRENCY CONTRACTS -- Each Portfolio may enter into
forward foreign currency contracts for the purchase or sale of a specific
foreign currency at a fixed price on a future date. Risks may arise upon
entering into these contracts from the potential inability of counterparties to
meet the terms of their contracts and from unanticipated movements in the value
of a foreign currency. Each Portfolio will enter into forward foreign currency
contracts primarily for hedging purposes. Forward foreign currency contracts are
adjusted by the daily forward exchange rate of the underlying currency and any
gains or losses are recorded for financial statement purposes as unrealized
until the contract settlement date or an offsetting position is entered into.
At October 31, 2004, Investment Grade Fixed Income had the following open
forward foreign currency contracts:
<Table>
<Caption>
EXPIRATION FOREIGN CURRENCY CONTRACT CONTRACT UNREALIZED
FORWARD FOREIGN CURRENCY CONTRACT DATE TO BE PURCHASED/(SOLD) AMOUNT VALUE GAIN (LOSS)
- --------------------------------- ---------- ---------------------- ----------- ---------- -----------
Australian Dollar 1/13/05 A$ 362,000 $ 259,554 $ 268,549 $ 8,995
British Pound 1/13/05 POUND (113,000) (200,010) (206,177) (6,167)
European Economic Unit 1/13/05 EURO 153,000 187,919 195,032 7,113
European Economic Unit 1/13/05 EURO 40,000 50,476 50,989 513
European Economic Unit 1/13/05 EURO 116,000 147,456 147,867 411
European Economic Unit 1/13/05 EURO (111,000) (136,334) (141,494) (5,160)
Japanese Yen 1/13/05 YEN 2,900,000 26,295 27,475 1,180
Japanese Yen 1/13/05 YEN 12,135,505 110,035 114,974 4,939
Japanese Yen 1/13/05 YEN (2,900,000) (26,295) (27,475) (1,180)
New Zealand Dollar 1/13/05 NZ$ (155,864) (103,338) (105,568) (2,230)
Swiss Franc 1/13/05 SwF (65,000) (51,587) (54,395) (2,808)
Swiss Franc 1/13/05 SwF (37,000) (30,938) (30,963) (25)
Swiss Franc 1/13/05 SwF (82,000) (68,141) (68,621) (480)
----------- ---------- -----------
$ 165,092 $ 170,193 $ 5,101
=========== ========== ===========
</Table>
76
<Page>
I) TBA PURCHASE COMMITMENTS -- Each Portfolio may enter into "TBA" (to be
announced) purchase commitments to purchase securities for a fixed price at a
future date, typically not exceeding 45 days. TBA purchase commitments may be
considered securities in themselves, and involve a risk of loss if the value of
the security to be purchased declines prior to settlement date. This risk is in
addition to the risk of decline in each Portfolio's other assets. Unsettled TBA
purchase commitments are valued at the current market value of the underlying
securities, according to the procedures described under "Security Valuation"
above.
J) FUTURES -- Each Portfolio may enter into futures contracts to the extent
permitted by its investment policies and objectives. Upon entering into a
futures contract, each Portfolio is required to deposit cash or pledge U.S.
Government securities as initial margin. Subsequent payments, which are
dependent on the daily fluctuations in the value of the underlying instrument,
are made or received by the Portfolio each day (daily variation margin) and are
recorded as unrealized gains or losses until the contracts are closed.
When the contracts are closed, the Portfolio records a realized gain or
loss equal to the difference between the proceeds from (or cost of) the closing
transactions and the Portfolio's basis in the contract. Risks of entering into
futures contracts for hedging purposes include the possibility that a change in
the value of the contract may not correlate with the changes in the value of the
underlying instruments. In addition, the purchase of a futures contract involves
the risk that the Portfolio could lose more than the original margin deposit and
subsequent payments required for a futures transaction. At October 31, 2004,
Investment Grade Fixed Income had the following open futures contracts:
<Table>
<Caption>
UNREALIZED
NUMBER OF EXPIRATION CONTRACT CONTRACT APPRECIATION/
FUTURES CONTRACTS CONTRACTS DATE AMOUNT VALUE (DEPRECIATION)
- ----------------- --------- ---------- ------------ ------------- --------------
U.S. Treasury
5 Year Notes Futures 3 12/20/04 $ 332,453 $ 334,125 $ 1,672
U.S. Treasury
Bonds Futures 3 12/20/04 338,921 341,531 2,610
------------ ------------- --------------
671,374 675,656 4,282
------------ ------------- --------------
U.S. Treasury
10 Year Notes Futures (3) 12/20/04 (340,079) (340,688) (609)
U.S. Treasury
2 Year Notes Futures (4) 12/30/04 (846,104) (847,062) (958)
------------ ------------- --------------
(1,186,183) (1,187,750) (1,567)
------------ ------------- --------------
$ (514,809) $ (512,094) $ 2,715
============ ============= ==============
</Table>
77
<Page>
K) SECURITIES LENDING -- Loans of securities are required at all times to
be secured by collateral at least equal to 102% of the market value of domestic
securities on loan (including any accrued interest thereon) and 105% of the
market value of foreign securities on loan (including any accrued interest
thereon). Cash collateral received by each Portfolio 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
Portfolios' 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 Portfolio with respect to such loans at October 31, 2004
are as follows:
<Table>
<Caption>
MARKET VALUE OF VALUE OF
PORTFOLIO SECURITIES LOANED COLLATERAL RECEIVED
--------- ----------------- -------------------
Small Cap Growth $ 44,767 $ 46,158
Select Equity 556,868 571,325
Harbinger 620,653 635,896
Investment Grade Fixed Income 462,341 471,671
</Table>
Prior to March 17, 2004, Credit Suisse First Boston ("CSFB"), an affiliate
of CSAM, had been engaged by each Portfolio to act as the Portfolio's securities
lending agent. The Portfolios earned no income from securities lending through
the period ended March 17, 2004.
Effective March 17, 2004, SSB has been engaged by the Portfolios to act as
the Portfolios' securities lending agent. The Portfolios' securities lending
arrangement provides that the Portfolios and SSB will share the net income
earned from securities lending activities, with the Portfolios 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 Portfolios may also be entitled to
certain minimum amounts of income from their securities lending activities.
Securities lending income is accrued as earned.
L) OTHER -- The Portfolios may invest in securities of foreign countries
and governments which involve certain risks in addition to those inherent in
domestic investments. Such risks generally include, among others, currency risks
(fluctuations in currency exchange rates), information risk
78
<Page>
(key information may be inaccurate or unavailable) and political risk
(expropriation, nationalization or the imposition of capital or currency
controls or punitive taxes). Other risks of investing in foreign securities
include liquidity and valuation risks.
The Portfolios may be subject to taxes imposed by countries in which they
invest, with respect to their investments in issuers existing or operating in
such countries. Such taxes are generally based on income earned or repatriated
and capital gains realized on the sale of such investments. The Portfolios
accrue such taxes when the related income or gains are earned.
Each Portfolio may invest up to 15% (except Small Cap Growth, which may
invest up to 10%) of its net assets in non-publicly traded securities.
Non-publicly traded securities may be less liquid than publicly traded
securities. Although these securities may be resold in privately negotiated
transactions, the prices realized from such sales could differ from the price
originally paid by the Portfolio or the current carrying values, and the
difference could be material.
NOTE 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
CSAM serves as investment adviser for each Portfolio. For its investment
advisory services, CSAM is entitled to receive a fee from each Portfolio based
on the following fee schedules:
<Table>
<Caption>
PORTFOLIO ANNUAL RATE
--------- -----------
Large Cap Value 0.75% of average daily net assets
Small Cap Growth 0.90% of average daily net assets
Select Equity 0.50% of average daily net assets
Capital Appreciation 0.50% of average daily net assets
Harbinger 1.00% of average daily net assets
Investment Grade Fixed Income 0.30% of average daily net assets
</Table>
For the year ended October 31, 2004, investment advisory fees earned,
voluntarily waived and expenses reimbursed for each Portfolio were as follows:
<Table>
<Caption>
GROSS NET
ADVISORY ADVISORY EXPENSE
PORTFOLIO FEE WAIVER FEE REIMBURSEMENT
--------- ----------- ----------- --------- -------------
Large Cap Value $ 218,293 $ (167,289) $ 51,004 $ --
Small Cap Growth 99,696 (99,696) -- (81,701)
Select Equity 78,197 (78,197) -- (21,797)
Capital Appreciation 38,011 (38,011) -- (68,501)
Harbinger 25,672 (25,672) -- (77,648)
Investment Grade Fixed Income 34,375 (34,375) -- (121,056)
</Table>
79
<Page>
CSAM will not recapture from the Portfolios any fees it waived during the
fiscal year ended October 31, 2004.
Small Cap Growth includes a receivable from CSAM due to the Portfolio
inadvertently exceeding its investment guideline for its cash position. The
Portfolio subsequently reinvested in equity securities and CSAM has committed to
reimburse the portfolio for a loss of $4,033 at October 31, 2004.
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of
CSAM, and SSB serve as co-administrators to the Portfolios.
For its co-administrative services, CSAMSI currently receives a fee
calculated at an annual rate of 0.10% of each Portfolio's average daily net
assets.
For the year ended October 31, 2004, co-administration services fees earned
by CSAMSI were as follows:
<Table>
<Caption>
PORTFOLIO CO-ADMINISTRATION FEE
--------- ---------------------
Large Cap Value $ 29,106
Small Cap Growth 11,077
Select Equity 15,639
Capital Appreciation 7,602
Harbinger 2,567
Investment Grade Fixed Income 11,458
</Table>
For its co-administrative services, SSB receives a fee, exclusive of
out-of-pocket expenses, based upon the following fee schedule calculated in
total for all the Credit Suisse funds/portfolios co-administered by SSB and
allocated based upon relative average net assets of each fund/portfolio, subject
to an annual minimum fee.
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ -----------
First $5 billion 0.050% of average daily net assets
Next $5 billion 0.035% of average daily net assets
Over $10 billion 0.020% of average daily net assets
</Table>
For the year ended October 31, 2004, co-administration services fees earned
by SSB (including out-of-pocket expenses) were as follows:
<Table>
<Caption>
PORTFOLIO CO-ADMINISTRATION FEE
--------- ---------------------
Large Cap Value $ 24,667
Small Cap Growth 15,995
Select Equity 16,251
Capital Appreciation 12,371
Harbinger 7,474
Investment Grade Fixed Income 34,929
</Table>
80
<Page>
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Portfolios to provide certain financial printing and fulfillment services.
For the year ended October 31, 2004, Merrill was paid for its services to the
Portfolios as follows:
<Table>
<Caption>
PORTFOLIO AMOUNT
--------- ------
Large Cap Value $ 3,053
Small Cap Growth 3,053
Select Equity 3,053
Capital Appreciation 3,053
Harbinger 3,053
Investment Grade Fixed Income 3,053
</Table>
NOTE 3. LINE OF CREDIT
The Portfolios, together with other funds/portfolios advised by CSAM
(collectively, the "Participating Funds"), participate in a $75 million
committed, unsecured line of credit facility ("Credit Facility") for temporary
or emergency purposes with Deutsche Bank, A.G. as administrative agent and
syndication agent and SSB as operations agent. Under the terms of the Credit
Facility, the Participating Funds pay an aggregate commitment fee at a rate of
0.10% per annum on the average unused amount of the Credit Facility, which is
allocated among the Participating Funds in such manner as is determined by the
governing Boards of the Participating Funds. In addition, the Participating
Funds pay interest on borrowings at the Federal funds rate plus 0.50%. At
October 31, 2004, the Portfolios had no loans outstanding under the Credit
Facility. During the year ended October 31, 2004, the Portfolios had borrowings
under the Credit Facility as follows:
<Table>
<Caption>
WEIGHTED
AVERAGE DAILY AVERAGE MAXIMUM DAILY
PORTFOLIO LOAN BALANCE INTEREST RATE % LOAN OUTSTANDING
--------- ------------- --------------- ----------------
Large Cap Value $ 165,682 1.501% $ 348,000
Small Cap Growth 552,800 1.559% 4,682,000
Select Equity 2,200,667 1.500% 2,208,000
Capital Appreciation 157,000 1.500% 157,000
</Table>
81
<Page>
NOTE 4. PURCHASES AND SALES OF SECURITIES
For the year ended October 31, 2004, purchases and sales of investment
securities (excluding short-term investments) and U.S. Government and Agency
Obligations were as follows:
<Table>
<Caption>
U.S. GOVERNMENT
INVESTMENTS AND AGENCY OBLIGATIONS
------------------------------- --------------------------
PORTFOLIO PURCHASES SALES PURCHASES SALES
- --------- ------------- -------------- ------------ ------------
Large Cap Value $ 13,942,656 $ 18,003,344 $ -- $ --
Small Cap Growth 7,961,500 35,262,510 -- --
Select Equity 18,904,306 13,625,482 -- --
Capital Appreciation 5,854,683 10,887,378 -- --
Harbinger 3,623,157 3,016,319 -- --
Investment Grade Fixed Income 53,550,455 54,158,383 47,804,968 47,862,101
</Table>
NOTE 5. RESTRICTED SECURITIES
Certain investments of Small Cap Growth are restricted as to resale and are
valued at fair value as determined in good faith under procedures established by
the Board of Directors. The table below shows the number of shares held, the
acquisition date, aggregate cost, fair value as of October 31, 2004, the value
per share of the security and percentage of net assets which the security
represents.
<Table>
<Caption>
SECURITY NUMBER ACQUISITION FAIR VALUE PER PERCENTAGE
SECURITY TYPE OF SHARES DATE COST VALUE SHARE OF NET ASSETS
- -------- -------- --------- ----------- ---- ----- ----- --------------
Planetweb, Inc. Pfd Stock 165,400 9/08/00 $ 898,389 $ 1,285 $ 0.01 0.72%
</Table>
NOTE 6. CAPITAL SHARE TRANSACTIONS
The Fund is authorized to issue up to sixteen billion full and fractional
shares of common stock of separate series having a par value of $.001 per share.
Shares of eight series have been classified, six of which constitute the
interest in the Portfolios. Transactions in shares of each Portfolio were as
follows:
<Table>
<Caption>
LARGE CAP VALUE PORTFOLIO
----------------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
OCTOBER 31, 2004 OCTOBER 31, 2003
----------------------------------------------
Shares sold 1,313,162 3,078,570
Shares issued in
reinvestment of dividends 423,350 368,438
Shares redeemed (5,982,652) (12,005,818)
---------- -----------
Net decrease (4,246,140) (8,558,810)
========== ===========
</Table>
82
<Page>
<Table>
<Caption>
SMALL CAP GROWTH PORTFOLIO
----------------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
OCTOBER 31, 2004 OCTOBER 31, 2003
----------------------------------------------
Shares sold 139,615 1,247,916
Shares redeemed (2,864,690) (5,924,329)
---------- ----------
Net decrease (2,725,075) (4,676,413)
========== ==========
<Caption>
SELECT EQUITY PORTFOLIO
----------------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
OCTOBER 31, 2004 OCTOBER 31, 2003
----------------------------------------------
Shares sold 1,040,319 108,916
Shares issued in
reinvestment of dividends 8,936 4,652
Shares redeemed (444,034) (411,717)
--------- ---------
Net increase (decrease) 605,221 (298,149)
========= =========
<Caption>
CAPITAL APPRECIATION PORTFOLIO
----------------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
OCTOBER 31, 2004 OCTOBER 31, 2003
----------------------------------------------
Shares sold 102,439 146,668
Shares issued in
reinvestment of dividends 145 --
Shares redeemed (664,049) (310,425)
-------- --------
Net decrease (561,465) (163,757)
======== ========
<Caption>
HARBINGER PORTFOLIO
----------------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
OCTOBER 31, 2004 OCTOBER 31, 2003(1)
----------------------------------------------
Shares sold 75,415 178,635
Shares redeemed (30,000) --
------- -------
Net increase 45,415 178,635
======= =======
<Caption>
INVESTMENT GRADE FIXED INCOME PORTFOLIO
----------------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
OCTOBER 31, 2004 OCTOBER 31, 2003
----------------------------------------------
Shares sold 148,515 899,738
Shares issued in reinvestment
of dividends and distributions 81,304 54,682
Shares redeemed (374,670) (1,437,039)
-------- ----------
Net decrease (144,851) (482,619)
======== ==========
</Table>
(1) For the period January 15, 2003 (inception date) through October 31, 2003.
83
<Page>
On October 31, 2004, the number of shareholders that held 5% or more of the
outstanding shares of each Portfolio was as follows:
<Table>
<Caption>
NUMBER OF APPROXIMATE PERCENTAGE
PORTFOLIO SHAREHOLDERS OF OUTSTANDING SHARES
--------- ------------ ----------------------
Large Cap Value 1 98%
Small Cap Growth 1 97%
Select Equity 6 98%
Harbinger 3 95%
</Table>
Some of the shareholders are omnibus accounts, which hold shares on behalf
of individual shareholders.
NOTE 7. FEDERAL INCOME TAXES
Income and capital gain distributions are determined in accordance with
federal income tax regulations, which may differ from GAAP. These differences
are primarily due to differing treatments of foreign currency transactions,
losses deferred due to wash sales and paydown gains & losses.
The tax characteristics of dividends and distributions paid during the
years ended October 31, 2004 and 2003 were as follows:
<Table>
<Caption>
ORDINARY INCOME LONG-TERM CAPITAL GAIN
----------------------- -----------------------
FUND 2004 2003 2004 2003
- ---- ---------- ---------- ---------- ----------
Large Cap Value $ 393,715 $ 280,013 $ -- $ --
Small Cap Growth -- -- -- --
Select Equity 84,980 38,005 -- --
Capital Appreciation 1,299 -- -- --
Harbinger -- -- -- --
Investment Grade Fixed Income 807,788 560,526 -- 16,809
</Table>
At October 31, 2004, the components of distributable earnings on a tax
basis were as follows:
<Table>
<Caption>
INVESTMENT
LARGE CAP SMALL CAP SELECT CAPITAL GRADE FIXED
VALUE GROWTH EQUITY APPRECIATION HARBINGER INCOME
------------- -------------- ------------- ------------- ------------- -------------
Undistributed
ordinary income $ 312,995 $ -- $ 91,161 $ -- $ 44,406 $ 11,984
Accumulated
realized gain/(loss) (4,944,174) (42,501,582) (249,267) (2,062,783) 184,914 (17,005)
Undistributed capital-other -- -- -- -- -- (7,817)
Unrealized appreciation/
(depreciation) 3,313,885 (890,244) 1,549,313 657,793 374,295 158,269
------------- -------------- ------------- ------------- ------------- -------------
$ (1,317,294) $ (43,391,826) $ 1,391,207 $ (1,404,990) $ 603,615 $ 145,431
============= ============== ============= ============= ============= =============
</Table>
84
<Page>
At October 31, 2004, the Portfolios had capital loss carryforwards
available to offset possible future capital gains as follows:
<Table>
<Caption>
EXPIRES OCTOBER 31,
----------------------------------------------------------------
2009 2010 2011 2012
------------- ------------- ------------- -------------
Large Cap Value $ -- $ (1,825,379) $ (3,118,795) $ --
Small Cap Growth (30,125,341) (12,376,241) -- --
Select Equity -- (188,921) (60,346) --
Capital Appreciation -- (886,707) (1,176,076) --
Harbinger -- -- -- --
Investment Grade Fixed Income -- -- -- (17,005)
</Table>
It is uncertain whether the Portfolios will be able to realize the benefits
before they expire.
During the tax year ended October 31, 2004, the Portfolios utilized capital
loss carryforwards in the following amounts:
<Table>
<Caption>
PORTFOLIO AMOUNT UTILIZED
--------- ---------------
Large Cap Value $ 504,394
Small Cap Growth 6,570,948
Select Equity 178,100
Capital Appreciation 599,043
</Table>
As of October 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 GROSS NET UNREALIZED
IDENTIFIED UNREALIZED UNREALIZED APPRECIATION/
FUND COST APPRECIATION (DEPRECIATION) (DEPRECIATION)
---- ------------- ------------- -------------- -------------
Large Cap Value $ 24,847,589 $ 3,804,413 $ (490,528) $ 3,313,885
Small Cap Growth 1,130,326 11,904 (902,147) (890,243)
Select Equity 16,162,009 1,790,829 (241,515) 1,549,314
Capital Appreciation 4,151,971 750,591 (92,797) 657,794
Harbinger 3,795,984 443,654 (69,359) 374,295
Investment Grade Fixed Income 11,974,454 160,699 (10,249) 150,450
</Table>
At October 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
85
<Page>
gains and losses, interest accrual on defaulted bonds, and foreign currency
transactions. 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
---- ------------- ----------------- ---------------
Large Cap Value $ -- $ -- $ --
Small Cap Growth (92,867) 92,867 --
Select Equity -- -- --
Capital Appreciation (11,013) 11,013 --
Harbinger 103,854 32,901 (136,755)
Investment Grade Fixed Income -- 32,416 (32,416)
</Table>
NOTE 8. CONTINGENCIES
In the normal course of business, each Portfolio may provide general
indemnifications pursuant to certain contracts and organizational documents. The
Portfolios' maximum exposure under these arrangements is dependent on future
claims that may be made against the Portfolios and, therefore, cannot be
estimated; however, based on experience, the risk of loss from such claims is
considered remote.
86
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors of Credit Suisse Institutional Fund, Inc. and
Shareholders of
Credit Suisse Institutional Fund, Inc.-- Large Cap Value Portfolio;
Credit Suisse Institutional Fund, Inc.-- Small Cap Growth Portfolio;
Credit Suisse Institutional Fund, Inc.-- Select Equity Portfolio;
Credit Suisse Institutional Fund, Inc.-- Capital Appreciation Portfolio;
Credit Suisse Institutional Fund, Inc.-- Harbinger Portfolio;
Credit Suisse Institutional Fund, Inc.-- Investment Grade Fixed Income
Portfolio:
In our opinion, the accompanying statements of assets and liabilities,
including the schedules of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Credit Suisse Institutional Fund,
Inc. -- Large Cap Value Portfolio, Credit Suisse Institutional Fund, Inc. --
Small Cap Growth Portfolio, Credit Suisse Institutional Fund, Inc. -- Select
Equity Portfolio, Credit Suisse Institutional Fund, Inc. -- Capital Appreciation
Portfolio, Credit Suisse Institutional Fund, Inc. -- Harbinger Portfolio, Credit
Suisse Institutional Fund, Inc. -- Investment Grade Fixed Income Portfolio
(hereafter referred to as the "Funds") at October 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 years (or periods) presented, in conformity with
accounting principles generally accepted in the United States of America. These
financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Funds' management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with 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 October 31, 2004 by
correspondence with the custodian and brokers, provide a reasonable basis for
our opinion.
PricewaterhouseCoopers LLP
Baltimore, Maryland
December 15, 2004
87
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
INFORMATION CONCERNING DIRECTORS AND OFFICERS (UNAUDITED)
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH FUND SERVED PAST FIVE YEARS DIRECTOR HELD BY DIRECTOR
- ------------------------ ------------ ------------ -------------------------- ------------- --------------------
INDEPENDENT DIRECTORS
Richard H. Francis Director, Since 1999 Currently retired 42 None
c/o Credit Suisse Asset Nominating
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 School of 41 Director of Aetna,
Box 208200 Nominating 1998 or Management and Inc. (insurance
New Haven, Connecticut and Audit Fund William S. Beinecke company); Director
06520-8200 Committee Inception Professor in the Practice of Calpine
Member of International Trade and Corporation (energy
Finance from November 1995 provider); Director
Date of Birth: 10/29/46 to present. of CarMax Group
(used car dealers).
Peter F. Krogh Director, Since 2001 Dean Emeritus and 41 Director of Carlisle
301 ICC Nominating Distinguished Professor of Companies
Georgetown University Committee International Affairs at Incorporated
Washington, DC 20057 Chairman and the Edmund A. Walsh School (diversified
Audit of Foreign Service, manufacturing
Date of Birth: 02/11/37 Committee Georgetown University from company).
Member June 1995 to present.
</Table>
- ----------
(1) Each Director and Officer serves until his or her respective successor has
been duly elected and qualified.
88
<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 1999 Currently retired 43 Director of
c/o Credit Suisse Asset Nominating Education Management
Management, LLC and Audit Corp.
466 Lexington Avenue Committee
New York, New York Member
10017-3140
Date of Birth: 12/20/30
Steven N. Rappaport Director, Since 1999 Partner of Lehigh Court, 43 Director of
Lehigh Court, LLC Nominating LLC and RZ Capital Presstek, Inc.
40 East 52nd Street Committee (private investment firms) (digital imaging
New York, New York Member and from July 2002 to present; technologies
10022 Audit Transition Adviser to company); Director
Committee SunGard Securities of Wood Resources,
Date of Birth: 07/10/48 Chairman Finance, Inc. from LLC. (plywood
February 2002 to July manufacturing
2002; President of SunGard company).
Securities Finance, Inc.
from 2001 to February
2002; President of Loanet,
Inc. (on-line accounting
service) from 1997 to
2001.
INTERESTED DIRECTORS
Michael E. Kenneally(2) Chairman and Since 2004 Chairman and Global Chief 45 None
Credit Suisse Asset Chief Executive Officer of CSAM
Management, LLC Executive since 2003; Chairman and
466 Lexington Avenue Officer Chief Investment Officer
New York, New York of Banc of America Capital
10017-3140 Management from 1998 to
March 2003.
Date of Birth: 03/30/54
</Table>
- ----------
(2) Mr. Kenneally is a Director who is an "interested person" of the Fund as
defined in the 1940 Act, because he is an officer of CSAM.
89
<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 1999 Chief Executive Officer of 48 Director of Globe
Epoch Investment Partners J Net Enterprices, Inc. Wireless, LLC
667 Madison Avenue (technology holdings (maritime
New York, NY 10021 company) since June 2004; communication
Chief Executive Officer of company); Director
Date of Birth: 09/24/41 Epoch Investment Partners, of InfraRed X
Inc. since April 2004; (medical device
Co-Managing Partner, company); Director
Steinberg Priest & Sloane of J Net
Capital Management, LLC Enterprises, Inc.
from 2001 to March 2004;
Chairman and Managing
Director of CSAM from 2000
to February 2001; Chief
Executive Officer and
Managing Director of CSAM
from 1990 to 2000.
</Table>
- ----------
(3) Mr. Priest is a Director who is an "interested person" of the Fund as
defined in the 1940 Act, because he provided consulting services to CSAM
within the last two years (ending 12/31/02).
90
<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 1999 Director and Director of Fund Administration of CSAM;
Credit Suisse Asset Financial 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
Emidio Morizio Chief Since 2004 Vice President and Global Head of Compliance of CSAM;
Credit Suisse Asset Compliance Associated with CSAM since July 2000; Vice President and
Management, LLC Officer Director of Compliance of Forstmann-Leff Associates from
466 Lexington Avenue 1998 to June 2000; Officer of other Credit Suisse Funds
New York, New York
10017-3140
Date of Birth: 09/21/66
Ajay Mehra Chief Legal Since 2004 Director and Deputy General Counsel of CSAM since
Credit Suisse Asset Officer September 2004; Senior Associate of Shearman & Sterling
Management, LLC LLP from September 2000 to September 2004; Senior
466 Lexington Avenue Counsel of the SEC Division of Investment Management
New York, New York from June 1997 to September 2000; Officer of other Credit
10017-3140 Suisse Funds
Date of Birth: 08/14/70
J. Kevin Gao Vice Since 2004 Vice President and legal counsel of CSAM; Associated with
Credit Suisse Asset President CSAM since July 2003; Associated with the law firm of
Management, LLC and Willkie Farr & Gallagher LLP from 1998 to 2003; Officer of
466 Lexington Avenue Secretary other Credit Suisse Funds
New York, New York
10017-3140
Date of Birth: 10/13/67
Robert M. Rizza Assistant Since 2002 Assistant Vice President of CSAM since January 2001;
Credit Suisse Asset Treasurer Associated with CSAM since 1998; Officer of other Credit
Management, LLC Suisse Funds
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 12/09/65
</Table>
The Statement of Additional Information includes additional information
about the Directors and is available, without charge, upon request, by calling
800-222-8977.
91
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
PROXY POLICY AND PORTFOLIO HOLDINGS INFORMATION
Information regarding how each Portfolio 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 Portfolio uses to determine how to vote
proxies relating to its portfolio securities are available:
- By calling 1-800-927-2874
- On the Fund's website, www.csam.com/us
- On the website of the Securities and Exchange Commission,
http://www.sec.gov.
Each Portfolio 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
Portfolios' 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.
92
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
TAX INFORMATION LETTER (UNAUDITED)
October 31, 2004
IMPORTANT TAX INFORMATION FOR CORPORATE SHAREHOLDERS
Corporate Shareholders should note for the year ended October 31, 2004, the
percentage of the Portfolios' investment income (i.e., net investment income
plus short-term capital gains) that qualified for the intercorporate dividends
received deduction is as follows:
<Table>
<Caption>
FUND PERCENTAGE
---- ----------
Large Cap Value 100.00%
Select Equity 100.00%
Capital Appreciation 99.46%
</Table>
For the fiscal year ended October 31, 2004, the Portfolios designate
approximate amounts listed below, or up to the maximum amount of such dividends
allowable pursuant to the Internal Revenue Code, as qualified dividend income
eligible for reduced tax rates. These lower rates range from 5% to 15% depending
on an individual's tax bracket. If the Fund pays a distribution during calendar
year 2004, complete information will be reported in conjunction with Form
1099-DIV.
<Table>
<Caption>
FUND AMOUNT
---- ------
Large Cap Value $ 393,675
Select Equity 84,980
Capital Appreciation 1,299
Investment Grade Fixed Income 1,816
</Table>
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[CREDIT SUISSE ASSET MANAGEMENT LOGO]
P.O. BOX 55030, BOSTON, MA 02205-5030
800-222-8977 - www.csam.com/us
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. CSILC-2-1004
<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
12(a)(1) to this Form. There were no amendments to the code during the fiscal
year ended October 31, 2004. There were no waivers or implicit waivers from the
code granted by the registrant during the fiscal year ended October 31, 2004.
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 October 31, 2003
and October 31, 2004.
<Table>
<Caption>
2003 2004
---------- ----------
Audit Fees $ 88,373 $ 88,373
Audit-Related Fees(1) $ 21,000 $ 31,500
Tax Fees(2) $ 16,255 $ 16,255
All Other Fees -- --
Total $ 125,628 $ 136,128
</Table>
(1) Services include agreed-upon procedures in connection with the registrant's
semi-annual financial statements ($21,000), and the registrant's third
quarter 2004 Form N-Q filing ($10,500).
(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 October 31, 2003 and October 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 October
31, 2003 and October 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
October 31, 2003 and October 31, 2004 were $37,255 and $47,755, 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.
Schedule of investments is included as part of the report to shareholders filed
under Item 1 of this form.
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. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Form N-CSR disclosure requirement is not applicable to this registrant.
4
<Page>
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Form N-CSR disclosure requirement is not applicable to the registrant.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Not Applicable.
ITEM 11. 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
second fiscal quarter of the period covered by this report that have materially
affected, or are reasonably likely to materially affect, the registrant's
internal control over financial reporting.
ITEM 12. 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.
5
<Page>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934 and the Investment Company Act of 1940, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.
CREDIT SUISSE INSTITUTIONAL FUND, INC.
/s/ Michael E. Kenneally
------------------------
Name: Michael E. Kenneally
Title: Chief Executive Officer
Date: January 7, 2005
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: January 7, 2005
/s/ Michael A. Pignataro
------------------------
Name: Michael A. Pignataro
Title: Chief Financial Officer
Date: January 7, 2005
6