CREDIT SUISSE
INSTITUTIONAL FUNDS
[GRAPHIC OMITTED]
[SUISSE LOGO]
INTERNATIONAL GROWTH FUND
U.S. CORE EQUITY FUND
U.S. CORE FIXED INCOME FUND
AUGUST 31, 2000 ANNUAL REPORT
More complete information about the Funds, including charges and expenses, is
provided in the Prospectus, which must precede or accompany this document and
which should be read carefully before investing. Institutional shareholders may
obtain additional copies by calling 800-222-8977 or by writing to Credit Suisse
Institutional Funds, P.O. Box 8500, Boston, MA 02266-8500.
Credit Suisse Asset Management Securities, Inc., Distributor, is located at 466
Lexington Ave., New York, NY 10017-3147. Credit Suisse Institutional Funds are
advised by Credit Suisse Asset Management, LLC.
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From time to time, the Funds' investment adviser and
co-administrators may waive some fees and/or reimburse some
expenses, without which performance would be lower. Waivers
and/or reimbursements are subject to change.
Returns are historical and include change in share price and
reinvestment of dividends and capital gains. Past performance
cannot guarantee future results. Returns and share price will
fluctuate, and redemption value may be more or less than
original cost.
The views of the Funds' management are as of the date of the
letters and portfolio holdings described in this document are
as of August 31, 2000; these views and portfolio holdings may
have changed subsequent to these dates. Nothing in this
document is a recommendation to purchase or sell securities.
Fund shares are not deposits or other obligations of Credit
Suisse Asset Management, LLC ("CSAM") or any affiliate, are not
FDIC insured and are not guaranteed by CSAM or any affiliate.
Fund investments are subject to investment risks, including
loss of your investment.
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P.O. BOX 8500, BOSTON, MA 02266-8500
800-222-8977
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR CSIUS-2-0800
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CREDIT SUISSE INSTITUTIONAL INTERNATIONAL GROWTH FUND
PORTFOLIO MANAGERS' LETTER
September 25, 2000
Dear Shareholders:
We are writing to report on the results of the Credit Suisse Institutional
International Growth Fund (the "Fund") for the fiscal year ended August 31,
2000.
At August 31, 2000, the net asset value ("NAV") of the Fund's shares was $23.61,
compared to an NAV of $23.47 at August 31, 1999. As a result, the Fund's shares'
total return was 17.8%, assuming the reinvestment of dividends and distributions
totaling $4.10 per share. By comparison, the MSCI EAFE Index1 ("EAFE Index")
returned 9.6% during the same period.
The Fund performed significantly better than its EAFE benchmark both in terms of
stock selection and country weightings. In general, this was due to our emphasis
on companies in "New Economy" (i.e., information-based) industries such as
technology and telecommunications, whose prospects we considered especially
bright.
New Economy stocks were notably strong during the fourth quarter of 1999, a
period in which many of the world's central banks pumped fresh money into the
financial system out of concern that Y2K-related factors might cause shortages
of cash. Much of this extra liquidity found its way into the equity markets and
rode the upward momentum of New Economy names.
Relative returns in the Fund's fiscal year were strongest, by far, in Europe and
Japan.
(BULLET) EUROPE. Our European positions were successful on the Continent as well
as in the U.K. Among Continental markets, we did best in Germany, where
we owned shares in leading banks that benefited from consolidation
trends and key tax reforms; Sweden, in which we held a major
telecommunications equipment producer whose stock excelled; and France,
which we overweighted because its economy was growing the fastest with
the lowest inflation among the major Continental nations.
By contrast, we chose to underweight the U.K. for much of the period as
a result of its unfavorable macroeconomic backdrop and our belief that
opportunities were more plentiful on the Continent. This stance proved
correct, as the U.K. generated one of the period's lowest returns among
top European markets.
(BULLET) JAPAN. In Japan, we chose to highlight New Economy names based on our
conviction that they offered the best potential for growth in an
economic environment that was frustratingly sluggish. Our Japanese
exposure focused on some of the large-capitalization technology and
telecommunications companies that were regarded as being in the
forefront of the nation's transition to the New Economy. We also
achieved good gains among a carefully selected group of smaller tech
and telecom names.
The most negative impact on the Fund's overall return came from our positioning
in a few Asian markets. We remained overweight in Japan well into 2000, for
example, when much of the late-1999 appreciation in big Japanese New Economy
stocks was reversed. We also included exposure to non-EAFE countries like South
Korea and Taiwan (both of which underperformed) and selected stocks
ineffectively in Hong Kong.
As other developments occur in the international equity markets or at Credit
Suisse Asset Management, we will be sure to keep you informed. Meanwhile, if you
have questions, please feel free to call upon us at any time.
Sincerely yours,
Credit Suisse Asset Management International Equities Management Team
Steven D. Bleiberg, Managing Director
Richard W. Watt, Head of Emerging Markets and Managing Director
Emily Alejos, Director
Robert B. Hrabchak, Director
Alan Zlatar, Vice President
INTERNATIONAL INVESTING ENTAILS SPECIAL RISK CONSIDERATIONS, INCLUDING CURRENCY
FLUCTUATIONS, LOWER LIQUIDITY, ECONOMIC AND POLITICAL RISKS, AND DIFFERENCES IN
ACCOUNTING METHODS.
1
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CREDIT SUISSE INSTITUTIONAL INTERNATIONAL GROWTH FUND
PORTFOLIO MANAGERS' LETTER (CONCLUDED)
Comparison of Change in Value of $10,000 Investment in the Credit Suisse
Institutional International Growth Fund and the MSCIEAFE Index1 from Inception
(9/30/92) and at each Quarter End. (Unaudited)
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
Warburg Pincus
(International Growth)
Institutional Shares MSCI EAFE Index 1
10/01/92 10000 10000
11/30/92 9947 9565
02/28/93 10173 9903
05/31/93 11520 12038
08/31/93 12487 12926
11/30/93 12447 11887
02/28/94 14154 12785
05/31/94 13349 13672
08/31/94 14264 14330
11/30/94 13432 13652
02/28/95 11741 13172
05/31/95 12834 14347
08/31/95 13115 14402
11/30/95 12849 14686
02/29/96 13849 15392
05/31/96 14426 15879
08/31/96 14008 15535
11/30/96 14701 16413
02/28/97 15165 15890
05/31/97 15940 17076
08/31/97 16240 16942
11/30/97 16693 16348
02/28/98 18790 18350
05/31/98 20828 18973
08/31/98 18958 16918
11/30/98 19651 19036
02/28/99 19923 19259
05/31/99 19537 19801
08/31/99 21588 21262
11/30/99 24697 23055
02/28/00 26757 24161
05/31/00 25346 23197
08/31/00 25422 23394
Average Annual
Total Returns
for the Periods Ended August 31, 2000
One Year 17.81%
Three Years 16.13%
Five Years 14.16%
From Inception
(9/30/92) 12.50%
Note:Past performance is not predictive of future performance. Investment return
and principle value of an investment will fluctuate so that an investor's shares
upon redemption may be worth more or less than their original cost.
1 The Morgan Stanley Capital International Europe, Australasia and Far East
Index is an unmanaged index (with no defined investment objective) of
equities that includes reinvestment of dividends, and is the exclusive
property of Morgan Stanley Capital International & Co., Incorporated.
2
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CREDIT SUISSE INSTITUTIONAL INTERNATIONAL GROWTH FUND
SCHEDULE OF INVESTMENTS
AUGUST 31, 2000
NUMBER
OF SHARES VALUE
--------- ------------
COMMON STOCKS -- 97.0%
AUSTRALIA -- 2.7%
BANKS -- 0.8%
National Australia Bank, Ltd. ........ 264,449 $ 3,881,220
------------
DIVERSIFIED FINANCIALS -- 0.7%
Lend Lease Corp., Ltd. ............... 287,829 3,401,274
------------
MATERIALS -- 0.3%
Broken Hill Proprietary Co., Ltd. .... 159,400 1,746,946
------------
MEDIA -- 0.4%
News Corp., Ltd. ..................... 170,779 2,232,624
------------
TELECOMMUNICATION SERVICES -- 0.5%
Cable & Wireless Optus, Ltd.** ....... 953,343 2,544,976
------------
TOTAL AUSTRALIA ...................... 13,807,040
------------
BRAZIL -- 0.8%
ENERGY -- 0.3%
Petroleo Brasileiro S.A. ADR ......... 33,500 1,027,398
Petroleo Brasileiro S.A. ADR ......... 14,900 474,006
------------
1,501,404
------------
TELECOMMUNICATION SERVICES -- 0.5%
Telecomunicacoes Brasileiras S.A.
Pfd. Block ADR ..................... 26,400 2,422,200
------------
TOTAL BRAZIL ......................... 3,923,604
------------
FINLAND -- 3.6%
MATERIALS -- 0.6%
UPM-Kymmene Oyj ...................... 107,542 2,720,077
------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 2.4%
Nokia Oyj ............................ 280,067 12,292,661
------------
TELECOMMUNICATION SERVICES -- 0.6%
Sonera Oyj ........................... 92,943 3,106,886
------------
TOTAL FINLAND 18,119,624
------------
FRANCE -- 15.2%
AUTOMOBILES & COMPONENTS -- 0.8%
Renault S.A. ......................... 91,392 3,978,052
------------
BANKS -- 2.3%
Banque Nationale de Paris ............ 127,563 11,737,778
Banque Nationale de Paris
CVG ................................ 17,620 80,674
------------
11,818,452
------------
ENERGY -- 2.9%
Total Fina S.A. Cl. B ................ 98,982 14,704,610
------------
FOOD BEVERAGE & TOBACCO -- 0.8%
Groupe Danone ........................ 29,600 4,047,332
------------
NUMBER
OF SHARES VALUE
--------- ------------
FRANCE -- (CONTINUED)
INSURANCE -- 1.1%
AXA S.A. ............................. 38,695 $ 5,514,539
------------
MEDIA -- 1.6%
Canal Plus ........................... 49,203 8,044,409
------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 0.0%
Aventis S.A. ......................... 170 12,771
------------
RETAILING -- 1.3%
Pinault-Printemps-Redoute S.A.# ...... 34,582 6,545,557
------------
SOFTWARE & SERVICES -- 0.6%
Cap Gemini S.A. ...................... 15,248 3,185,676
------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 3.1%
Alcatel .............................. 144,981 11,864,671
STMicroelectronics N.V. .............. 58,693 3,600,445
------------
15,465,116
------------
UTILITIES -- 0.7%
Suez Lyonnaise des Eaux S.A. ......... 24,085 3,573,747
------------
TOTAL FRANCE ......................... 76,890,261
------------
GERMANY -- 12.6%
BANKS -- 4.2%
Deutsche Bank AG ..................... 191,801 16,779,028
HypoVereinsbank ...................... 76,251 4,457,200
------------
21,236,228
------------
CAPITAL GOODS -- 2.4%
Preussag AG .......................... 99,405 3,371,503
Siemens AG ........................... 52,473 8,467,074
------------
11,838,577
------------
INSURANCE -- 1.9%
Muenchener Rueckversicherung-
Gesellschaft AG .................... 35,317 9,702,041
------------
SOFTWARE & SERVICES -- 2.4%
Systeme, Anwendungen, Produkte
in der Datenverarbeitung AG ........ 28,378 5,550,413
Systeme, Anwendungen, Produkte
in der Datenverarbeitung AG Pfd. ... 26,591 6,761,165
------------
12,311,578
------------
TELECOMMUNICATION SERVICES -- 0.3%
Deutsche Telekom AG .................. 37,743 1,459,643
------------
UTILITIES -- 1.4%
E.On AG .............................. 145,226 6,959,114
------------
TOTAL GERMANY ........................ 63,507,181
------------
See Accompanying Notes to Financial Statements.
3
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CREDIT SUISSE INSTITUTIONAL INTERNATIONAL GROWTH FUND (CONTINUED)
NUMBER
OF SHARES VALUE
--------- ------------
HONG KONG -- 3.5%
BANKS -- 0.6%
HSBC Holdings plc .................... 227,600 $ 3,239,322
------------
DIVERSIFIED FINANCIALS -- 0.6%
Hutchison Whampoa, Ltd. .............. 205,000 2,891,381
------------
MEDIA -- 0.2%
Television Broadcasts, Ltd. .......... 160,000 904,727
------------
REAL ESTATE -- 1.2%
Cheung Kong (Holdings), Ltd. ......... 187,000 2,433,697
Sun Hung Kai Properties, Ltd. ........ 265,000 2,522,907
China Resources Enterprise, Ltd. ..... 898,000 1,335,652
------------
6,292,256
------------
TELECOMMUNICATION SERVICES -- 0.9%
China Mobile (Hong Kong), Ltd.
ADR** .............................. 85,800 3,308,663
Pacific Century CyberWorks, Ltd. ..... 678,297 1,261,092
------------
4,569,755
------------
TOTAL HONG KONG ...................... 17,897,441
------------
ISRAEL -- 0.0%
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.0%
Geotek Communications, Inc.
Series M** ......................... 600 0
------------
TOTAL ISRAEL ......................... 0
------------
ITALY -- 4.3%
BANKS -- 1.2%
Istituto Bancario San Paolo di Torino
S.p.A. ............................. 356,789 6,337,643
------------
INSURANCE -- 1.6%
Assicurazioni Generali S.p.A. ........ 261,387 8,052,080
------------
TELECOMMUNICATION SERVICES -- 0.8%
Tecnost S.p.A.** ..................... 1,176,070 4,004,541
------------
TRANSPORTATION -- 0.7%
Concessioni e Costruzioni Autostrade
S.p.A. ............................. 494,735 3,395,555
------------
TOTAL ITALY .......................... 21,789,819
------------
JAPAN -- 17.9%
AUTOMOBILES & COMPONENTS -- 1.4%
Denso Corp. .......................... 99,831 4,343,883
Mitsubishi Motors Corp. .............. 225,000 717,391
Toyota Motor Corp. ................... 77,000 1,826,863
------------
6,888,137
------------
NUMBER
OF SHARES VALUE
--------- ------------
JAPAN -- (CONTINUED)
BANKS -- 1.6%
Bank of Tokyo - Mitsubishi,
Ltd. (The) ......................... 173,000 $ 2,118,771
Sakura Bank, Ltd. (The) .............. 187,000 1,392,377
Sanwa Bank, Ltd. (The) ............... 142,000 1,343,613
Sumitomo Bank, Ltd. (The) ............ 173,000 2,141,483
Sumitomo Trust & Banking ............. 183,000 1,290,517
------------
8,286,761
------------
CAPITAL GOODS -- 1.6%
Daikin Industries, Ltd. .............. 69,000 1,387,941
Fanuc, Ltd. .......................... 12,500 1,359,761
Kubota Corp. ......................... 522,000 1,683,928
Mitsubishi Corp. ..................... 114,000 833,862
SMC Corp. ............................ 7,500 1,329,284
Sumitomo Electric Industries, Ltd. ... 78,000 1,440,972
------------
8,035,748
------------
COMMERCIAL SERVICES & SUPPLIES -- 0.2%
Dai Nippon Printing Co., Ltd. ........ 65,000 1,023,431
------------
CONSUMER DURABLES & APPAREL -- 1.7%
Fuji Photo Film Co. .................. 25,000 895,567
Matsushita Electric Industrial Co.,
Ltd. ............................... 91,000 2,491,833
Nintendo Co., Ltd. ................... 4,900 847,328
Olympus Optical Co., Ltd. ............ 55,000 964,493
Pioneer Corp. ........................ 23,000 970,588
Sony Corp. ........................... 15,700 1,752,029
WORLD Co., Ltd. ...................... 18,900 576,023
------------
8,497,861
------------
DIVERSIFIED FINANCIALS -- 1.1%
Daiwa Securities Group, Inc. ......... 75,000 935,422
Hitachi Credit Corp. ................. 51,200 1,344,382
Nikko Securities Co., Ltd. (The) ..... 72,000 694,772
Orix Corp. ........................... 19,500 2,596,675
------------
5,571,251
------------
FOOD & DRUG RETAILING -- 0.1%
Seven-Eleven Japan Co., Ltd. ......... 9,000 578,133
------------
FOOD BEVERAGE & TOBACCO -- 0.9%
Ajinomoto Co., Inc. .................. 84,000 910,609
Kirin Brewery Co., Ltd. .............. 93,000 1,020,384
Nippon Meat Packers, Inc. ............ 76,000 967,850
Nissin Food Products Co., Ltd. ....... 35,300 920,268
Takara Shuzo Co., Ltd. ............... 36,000 786,598
------------
4,605,709
------------
ENERGY -- 0.2%
Nippon Mitsubishi Oil Corp. .......... 162,000 920,624
------------
See Accompanying Notes to Financial Statements.
4
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CREDIT SUISSE INSTITUTIONAL INTERNATIONAL GROWTH FUND (CONTINUED)
NUMBER
OF SHARES VALUE
--------- ------------
JAPAN -- (CONTINUED)
HEALTH CARE EQUIPMENT & SERVICES -- 0.2%
Terumo corp. .......................... 40,000 $ 1,106,564
------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.2%
Kao Corp. ............................. 33,000 906,726
------------
MATERIALS -- 1.0%
Kaneka Corp. .......................... 127,000 1,400,573
Mitsui Chemicals Industries ........... 211,000 1,070,470
Shin-Etsu Chemical Co. ................ 28,000 1,375,891
Sumitomo Chemical Co., Ltd. ........... 291,000 1,353,535
------------
5,200,469
------------
MEDIA -- 0.8%
Fuji Television Network, Inc. ......... 131 1,830,426
Tokyo Broadcasting System, Inc. ....... 60,000 2,149,361
------------
3,979,787
------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 0.8%
Chugai Pharmaceutical Co., Ltd. ....... 75,000 1,336,317
Takeda Chemical Industries ............ 21,000 1,242,634
Yamanouchi Pharmaceutical Co.,
Ltd. ................................ 28,000 1,386,394
------------
3,965,345
------------
RETAILING -- 0.4%
Ito-Yokado Co., Ltd. .................. 18,000 894,629
Mauri Co., Ltd. ....................... 61,000 961,595
------------
1,856,224
------------
SOFTWARE & SERVICES -- 0.3%
NTT Data Corp. ........................ 133 1,471,731
------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 3.4%
Canon, Inc. ........................... 42,000 1,878,721
Fujitsu Limited ....................... 56,000 1,622,711
Kyocera Corp. ......................... 19,100 3,410,319
Matsushita Communication
Industrial Co., Ltd. ................ 16,300 2,254,625
Murata Manufacturing Co., Ltd. ........ 12,550 1,921,873
Omron Corp. ........................... 64,000 1,590,452
Rohm Co., Ltd. ........................ 7,200 2,049,207
SECOM Co., Ltd. ....................... 14,000 1,020,102
Toshiba Corp. ......................... 174,000 1,711,668
------------
17,459,678
------------
TELECOMMUNICATION SERVICES -- 1.7%
DDI Corp. ............................. 382 3,009,105
Nippon Telegraph & Telephone .......... 285 3,394,246
NTT DoCoMo, Inc. ...................... 95 2,512,276
------------
8,915,627
------------
TRANSPORTATION -- 0.2%
Yamato Transport Co., Ltd. ............ 47,000 1,024,744
------------
NUMBER
OF SHARES VALUE
--------- ------------
JAPAN -- (CONTINUED)
UTILITIES -- 0.1%
Tokyo Electric Power Co., (The) ....... 18,700 $ 418,239
------------
Total Japan ........................... 90,712,789
------------
MEXICO -- 0.8%
MEDIA -- 0.2%
Grupo Televisa S.A. GDR ............... 15,400 997,150
------------
MATERIALS -- 0.1%
Cemex S.A. de C.V. ADR ................ 23,176 543,188
------------
RETAILING -- 0.1%
Wal-Mart de Mexico S.A. de C.V.
ADR** ............................... 21,800 548,244
------------
TELECOMMUNICATION SERVICES -- 0.4%
Telefonos de Mexico S.A. de C.V.
Cl. L ADR ........................... 33,200 1,807,325
------------
TOTAL MEXICO .......................... 3,895,907
------------
NETHERLANDS -- 8.4%
DIVERSIFIED FINANCIALS -- 2.4%
Fortis (NL) N.V. ...................... 106,896 3,294,854
ING Groep N.V. ........................ 134,808 9,036,658
------------
12,331,512
------------
FOOD & DRUG RETAILING -- 0.8%
Koninklijke Ahold N.V. ................ 139,680 3,951,439
------------
FOOD BEVERAGE & TOBACCO -- 0.4%
Koninklijke Numico N.V. ............... 34,604 1,750,489
------------
MATERIALS -- 0.5%
Akzo Nobel N.V. ....................... 61,137 2,707,332
------------
MEDIA -- 0.6%
VNU Verenigd Bezit .................... 58,757 3,134,236
------------
SOFTWARE & SERVICES -- 0.6%
World Online International
N.V.** .............................. 212,112 2,979,498
------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 2.4%
Koninklijke (Royal) Philips
Electronics N.V. .................... 248,992 12,130,726
------------
TELECOMMUNICATION SERVICES -- 0.7%
Koninklijke KPN N.V. .................. 55,577 1,482,798
United Pan-Europe Communications
N.V.** .............................. 75,740 1,852,408
------------
3,335,206
------------
TOTAL NETHERLANDS ..................... 42,320,438
------------
See Accompanying Notes to Financial Statements.
5
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CREDIT SUISSE INSTITUTIONAL INTERNATIONAL GROWTH FUND (CONTINUED)
NUMBER
OF SHARES VALUE
--------- ------------
PORTUGAL -- 0.5%
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.0%
PT Multimedia - Servicos de
Telecomunicacoes e Multimedia
SGPS S.A.** ......................... 15 $ 572
------------
TELECOMMUNICATION SERVICES -- 0.5%
Portugal Telecom S.A. ................. 234,445 2,442,808
------------
TOTAL PORTUGAL ........................ 2,443,380
------------
SINGAPORE -- 0.3%
MEDIA -- 0.1%
Singapore Press Holdings, Ltd. ........ 18,000 289,675
------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.2%
Chartered Semiconductor
Manufacturing, Ltd.** ............... 33,189 277,661
SembCorp Industries, Ltd. ............. 128,000 136,832
Singapore Technologies Engineering,
Ltd. ................................ 203,000 273,617
Venture Manufacturing (Singapore),
Ltd. ................................ 18,300 233,901
------------
922,011
------------
TRANSPORTATION -- 0.0%
Singapore Airlines, Ltd. .............. 21,000 202,528
------------
TOTAL SINGAPORE ....................... 1,414,214
------------
SOUTH KOREA -- 1.1%
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.5%
Samsung Electronics GDR ............... 20,918 2,635,668
------------
TELECOMMUNICATION SERVICES -- 0.6%
Korea Telecom Corp. ADR ............... 81,100 3,071,663
------------
TOTAL SOUTH KOREA ..................... 5,707,331
------------
SPAIN -- 2.7%
BANKS -- 1.0%
Banco Santander Central Hispano
S.A. ................................ 491,412 5,286,302
------------
TELECOMMUNICATION SERVICES -- 1.7%
Telefonica S.A. ....................... 437,402 8,399,537
------------
TOTAL SPAIN ........................... 13,685,839
------------
SWEDEN -- 2.3%
INSURANCE -- 0.7%
Skandia Forsakrings AB ................ 174,490 3,531,879
------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 1.6%
Telefonaktiebolaget L.M. Ericsson
Cl. B ............................... 406,688 8,210,286
------------
TOTAL SWEDEN .......................... 11,742,165
------------
NUMBER
OF SHARES VALUE
--------- ------------
SWITZERLAND -- 5.7%
BANKS -- 1.4%
United Bank of Switzerland S.A. ....... 47,429 $ 6,900,120
------------
CAPITAL GOODS -- 0.7%
ABB AG - Bearer ....................... 34,230 3,830,683
------------
FOOD BEVERAGE & TOBACCO -- 0.7%
Nestle S.A. ........................... 1,596 3,438,443
------------
INSURANCE -- 1.0%
Zurich Allied AG ...................... 9,890 5,091,238
------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 1.9%
Novartis AG Registered Shares ......... 3,270 4,943,087
Roche Holding AG ...................... 510 4,565,932
------------
9,509,019
------------
TOTAL SWITZERLAND ..................... 28,769,503
------------
TAIWAN -- 1.7%
TECHNOLOGY HARDWARE & EQUIPMENT -- 1.7%
Taiwan Semiconductor
Manufacturing Co., Ltd.
ADR** ............................... 244,200 8,547,000
------------
TOTAL TAIWAN .......................... 8,547,000
------------
UNITED KINGDOM -- 12.9%
BANKS -- 0.8%
LLoyds TSB Holdings Group plc ......... 407,396 3,841,092
------------
ENERGY -- 2.8%
BP Amoco plc .......................... 650,212 5,964,899
Shell Transport & Trading Co. plc ..... 955,703 8,176,421
------------
14,141,320
------------
INSURANCE -- 1.1%
CGNU plc .............................. 243,210 3,751,028
Legal & General Group plc ............. 691,022 1,779,624
------------
5,530,652
------------
MEDIA -- 1.2%
Reuters Group plc ..................... 160,588 3,224,446
WPP Group plc ......................... 190,730 2,714,069
------------
5,938,515
------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 2.5%
Glaxo Wellcome ........................ 228,344 6,581,685
SmithKline Beecham plc ................ 486,930 6,358,636
------------
12,940,321
------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 1.6%
Marconi plc ........................... 465,109 8,269,685
------------
See Accompanying Notes to Financial Statements.
6
<PAGE>
================================================================================
CREDIT SUISSE INSTITUTIONAL INTERNATIONAL GROWTH FUND (CONCLUDED)
NUMBER
OF SHARES VALUE
--------- ------------
UNITED KINGDOM -- (CONTINUED)
TELECOMMUNICATION SERVICES -- 2.9%
British Telecommunications plc 449,306 $ 5,720,227
Vodafone Group plc 2,254,014 9,125,460
------------
14,845,687
------------
TOTAL UNITED KINGDOM 65,507,272
------------
TOTAL COMMON STOCKS
(Cost $449,888,042) $490,680,808
------------
PAR
(000) VALUE
--------- ------------
SHORT-TERM INVESTMENT -- 1.0%
BBH Grand Cayman U.S. Dollar
Time Deposit
5.710%09/01/00 $ 4,891 $ 4,891,000
------------
(COST $4,891,000)
TOTAL INVESTMENTS -- 98.0%
(COST $454,779,042*) $495,571,808
OTHER ASSETS IN EXCESS
OF LIABILITIES -- 2.0% 10,342,455
------------
TOTAL NET ASSETS -- 100.0% $505,914,263
============
* Cost for Federal income tax purposes at August 31, 2000 is $463,100,801. The
gross appreciation (depreciation) on a tax basis is as follows:
Gross Appreciation ............................$ 72,299,552
Gross Depreciation ............................ (39,828,545)
------------
Net Appreciation ..............................$ 32,471,007
============
** Non-income producing securities.
# Security or a portion thereof is out on loan.
INVESTMENT ABBREVIATIONS
ADR American Depository Receipt ..................American Depository Receipt
GDR Global Depository Receipt ....................Global Depository Receipt
See Accompanying Notes to Financial Statements.
7
<PAGE>
================================================================================
CREDIT SUISSE INSTITUTIONAL U.S. CORE EQUITY FUND
PORTFOLIO MANAGERS' LETTER
September 25, 2000
Dear Shareholders:
We are writing to report on the results of the Credit Suisse Institutional U.S.
Core Equity Fund (the "Fund") for the fiscal year ended August 31, 2000.
At August 31, 2000, the net asset value ("NAV") of the Fund's shares was $20.59,
compared to an NAV of $19.58 on August 31, 1999. The Fund's shares' total return
was thus 22.9% (assuming the reinvestment of dividends and distributions
totaling $3.06 per share). By comparison, the Standard & Poor's 500 Index1 (the
"Index") returned 16.3% during the same period.
The Fund outperformed the Index benchmark during the fiscal year due to a
positive combination of market conditions and our emphasis on stock selection
using fundamental factors that our research concluded would be most effective.
These factors included:
(BULLET) FINANCIAL CONDITION. Our analysis projected that companies whose
financial condition was strong and improving would perform well. Among
numerous criteria of financial condition, we successfully focused on
companies with the best net profit margins within their competitive
universe, relatively low debt levels and earnings estimates that were
being revised upward.
(BULLET) RELATIVE STRENGTH. Our indicators of relative strength -- in other
words, the strength of a stock's price momentum compared to that of the
market as a whole -- performed at historically high levels late in
1999. This was especially noteworthy in the context of the late
1999-early 2000 market environment, when traders were piling into
stocks that had recently performed well. Emphasizing this factor proved
beneficial to the Fund's overall performance accordingly.
(BULLET) EARNINGS MOMENTUM. In an environment in which U.S. macroeconomic growth
was slowing, we correctly highlighted companies whose earnings growth
not only was showing above-average momentum, but also was driven by
solid underlying fundamentals rather than questionable accounting
treatments.
Although our investment discipline does not significantly overweight or
underweight industry sectors relative to the benchmark, results during the
period were particularly strong within certain sectors. Most prominent among
these were consumer cyclicals (e.g., retailers like WalMart and Kohl's);
financial services (e.g., Lehman Brothers, J.P. Morgan, Merrill Lynch);
technology (e.g., Cisco Systems, Nortel Networks, EMC); and wireless
telecommunications (e.g., Nextel, Sprint).
Stock selection was least effective in two ways. First, we bought certain stocks
because we thought their dividend yields were relatively high and were likely to
return to more normal levels as share prices rose; unfortunately for the Fund's
return, this did not occur as we had anticipated. Second, our choices within the
health care sector included large pharmaceutical manufacturers like
Bristol-Myers Squibb, Eli Lilly and Merck, all of which experienced weakness in
response to health care legislation advocated by the leading presidential
candidates. They additionally suffered from uncertainty regarding their patent
portfolios, which came under legal attack from competitors wishing to produce
generic copies.
As developments occur that we believe would be of interest to you, we will keep
you informed. Meanwhile, if you have any questions about your portfolio or the
capital markets generally, please feel free to call upon us at any time.
Sincerely yours,
Credit Suisse Asset Management Structured Equities Management Team
William W. Priest, Jr., Chairman/Americas and Managing Director
Eric N. Remole, Managing Director
Marc E. Bothwell, Vice President
Michael A. Welhoelter, Vice President
8
<PAGE>
================================================================================
CREDIT SUISSE INSTITUTIONAL U.S. CORE EQUITY FUND
PORTFOLIO MANAGERS' LETTER (CONCLUDED)
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE CREDIT SUISSE
INSTITUTIONAL U.S. CORE EQUITY FUND AND THE S&P 500 INDEX1 FROM INCEPTION
(9/1/94) AND AT EACH QUARTER END. (UNAUDITED)
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
Warburg Pincus
(US Core Equity)
Fund S&P 500Index 1
09/01/94 10000 10000
11/30/94 9553 9610
02/28/95 10251 10397
05/31/95 11103 11452
08/31/95 11975 12138
11/30/95 12746 13155
02/29/96 13940 13995
05/31/96 14383 14709
08/31/96 14080 14411
11/30/96 16150 16820
02/28/97 16786 17653
05/31/97 17943 19030
08/31/97 19476 20261
11/30/97 20466 21612
02/28/98 22899 23827
05/31/98 23112 24865
08/31/98 20097 21899
11/30/98 24804 26725
02/28/99 26161 28530
05/31/99 27408 30093
08/31/99 27748 30617
11/30/99 29846 32306
02/29/00 31004 31874
05/31/00 32081 33244
08/31/00 34102 35616
Average Annual
Total Returns
for the Periods Ended August 31, 2000
One Year 22.90%
Three Years 20.53%
Five Years 23.28%
From Inception
(9/1/94) 22.65%
Note:Past performance is not predictive of future performance. Investment return
and principle value of an investment will fluctuate so that an investor's shares
upon redemption may be worth more or less than their original cost.
1 The S&P 500 Index is an unmanaged index (with no defined investment objective)
of common stocks, includes reinvestment of dividends, and is a registered
trademark of McGraw-Hill Co., Inc.
9
<PAGE>
================================================================================
CREDIT SUISSE INSTITUTIONAL U.S. CORE EQUITY FUND
SCHEDULE OF INVESTMENTS
AUGUST 31, 2000
NUMBER
OF SHARES VALUE
--------- ------------
COMMON STOCKS -- 98.4%
AUTOMOBILES -- 3.9%
Ford Motor Co. ........................ 35,400 $ 856,237
General Motors Corp. .................. 24,800 1,790,250
------------
2,646,487
------------
BANKS -- 5.7%
Bank of New York Co., Inc. ............ 32,600 1,709,462
Chase Manhattan Corp. ................. 39,000 2,179,125
------------
3,888,587
------------
BROADCASTING -- 2.8%
Comcast Corp. -- Special
Class A ............................. 51,600 1,922,100
------------
CHEMICALS -- 1.0%
Du Pont (E.I.) de Nemours & Co. ....... 15,800 709,025
------------
COMPUTER HARDWARE & BUSINESS MACHINES -- 2.3%
Dell Computer Corp.** ................. 35,400 1,544,325
------------
COMPUTERS, SOFTWARE & SERVICES -- 18.0%
EMC Corp.** ........................... 20,900 2,048,200
Microsoft Corp.** ..................... 47,500 3,316,094
Oracle Corp.** ........................ 37,500 3,410,156
Sun Microsystems, Inc.** .............. 11,100 1,409,006
Yahoo, Inc.** ......................... 17,500 2,126,250
------------
12,309,706
------------
CONGLOMERATES -- 2.7%
General Electric Co. .................. 31,800 1,866,262
------------
ELECTRONICS -- 11.4%
Cisco Systems** ....................... 50,600 3,472,425
Intel Corp. ........................... 45,500 3,406,812
Texas Instruments, Inc. ............... 13,400 896,963
------------
7,776,200
------------
ENERGY & OIL EXPLORATION -- 4.4%
Conoco, Inc. Class B .................. 34,400 898,700
Exxon Mobil Corp. ..................... 25,800 2,105,925
------------
3,004,625
------------
ENERGY RESERVES & PRODUCTION -- 3.4%
Royal Dutch Petroleum Co. ............. 37,800 2,312,887
------------
FINANCIAL SERVICES -- 3.6%
Bank of America Corp. ................. 14,300 765,944
J.P. Morgan & Co., Inc. ............... 10,000 1,671,875
------------
2,437,819
------------
FOOD & BEVERAGE -- 3.1%
Anheuser-Busch Cos., Inc. ............. 27,000 2,127,937
------------
HEALTH CARE -- 4.6%
Cigna Corp. ........................... 21,400 2,081,150
Jefferson-Pilot Corp. ................. 15,700 1,039,144
------------
3,120,294
------------
INDUSTRIAL PARTS -- 0.7%
United Technologies Corp. ............. 7,600 474,525
------------
NUMBER
OF SHARES VALUE
--------- ------------
INFORMATION SERVICES -- 1.2%
Electronic Data Systems Corp. ......... 17,100 $ 851,794
------------
METALS & MINING -- 1.7%
Barrick Gold Corp. .................... 72,200 1,150,687
------------
PHARMACEUTICALS -- 13.0%
Biogen, Inc.** ........................ 28,500 1,970,063
Bristol-Myers Squibb Co. .............. 30,700 1,627,100
Eli Lilly & Co. ....................... 25,500 1,861,500
Merck & Co. ........................... 21,800 1,523,275
Pharmacia Corp. ....................... 32,800 1,920,850
------------
8,902,788
------------
PUBLISHING -- 2.6%
Gannett Company, Inc. ................. 31,300 1,772,363
------------
RETAIL -- BUILDING PRODUCTS -- 1.6%
Home Depot, Inc. ...................... 22,700 1,091,019
------------
RETAIL -- GROCERY STORES -- 1.6%
Kroger Co. ............................ 48,000 1,089,000
------------
SEMICONDUCTORS -- 1.2%
National Semiconductor Corp.** ........ 19,000 845,500
------------
TELECOMMUNICATIONS -- 7.9%
ADC Telecommunications, Inc.** ........ 25,300 1,035,719
BellSouth Corp. ....................... 39,900 1,488,769
QUALCOMM, Inc.** ...................... 10,700 640,663
WorldCom, Inc.** ...................... 61,000 2,226,500
------------
5,391,651
------------
TOTAL COMMON STOCKS
(COST $60,232,139) .................. $ 67,235,581
------------
Par
(000)
------
SHORT TERM INVESTMENT -- 1.5%
BBH Grand Cayman
U.S. Dollar Time Deposit
5.710% 09/01/00 ..................... $ 1,036 $ 1,036,000
------------
(COST $1,036,000)
TOTAL INVESTMENTS -- 99.9%
(COST $61,268,139*) ................. $ 68,271,581
OTHER ASSETS IN EXCESS
OF LIABILITIES -- 0.1% .............. 71,600
------------
TOTAL NET ASSETS -- 100.0% ............ $ 68,343,181
============
* Cost for Federal income tax purposes at August 31, 2000 is $61,443,963. The
gross appreciation (depreciation) on a tax basis is as follows:
Gross Appreciation .......................... $ 9,942,157
Gross Depreciation .......................... (3,114,539)
------------
Net Appreciation ............................ $ 6,827,618
============
** Non-income producing securities.
See Accompanying Notes to Financial Statements.
10
<PAGE>
================================================================================
CREDIT SUISSE INSTITUTIONAL U.S. CORE FIXED INCOME FUND
PORTFOLIO MANAGERS' LETTER
September 22, 2000
Dear Shareholders:
We are writing to report on the results of the Credit Suisse Institutional U.S.
Core Fixed Income Fund (the "Fund") for the fiscal year ended August 31, 2000.
At August 31, 2000, the net asset value ("NAV") of the Fund's shares was $14.95,
compared to an NAV of $15.01 on August 31, 1999. Assuming the reinvestment of
dividends and distributions totaling $0.99 per share, the institutional shares'
total return was 6.4%. By comparison, the Lehman Brothers U.S. Aggregate Bond
Index1 (the "Index") returned 7.6% during the same period.
We attribute the Fund's relative underperformance during the fiscal year to our
emphasis on spread product (i.e., debt securities whose market valuation is
driven by the difference, or spread, between their yields and those of U.S.
Treasuries). Our approach of capitalizing on apparent market inefficiencies
benefited the Fund's returns during the first half of the period. During the
next few months, however, most non-government debt sectors underperformed,
causing our results to lag those of the Index.
Much of the Fund's underperformance occurred during January through May, when
the market environment suddenly strongly favored government bonds. This was
initially due to the U.S. Treasury Department's announced buy-back of a small
portion of its higher-cost, long-maturity debt. A combination of additional
factors, including fears that the Federal Reserve would intensify interest-rate
hikes, extreme volatility in global technology-related stocks and resulting
flights to quality, contributed to a punishing climate for non-Treasuries.
Lower-grade corporates and high yield issues, for example, substantially
underperformed. Our exposure to the particularly weak finance sector especially
hurt the Fund's performance.
We took steps during the first five months of 2000, however, that helped lessen
the severity of negative market conditions on the Fund. Although it remained
contrary to our investment strategy to liquidate large portions of the Fund to
buy low-yielding governments--as well as extremely costly due to high
transaction expenses--we initiated defensive posturing in January which we
extended into April and May.
We emphasized liquidity as quality was selectively upgraded. For example, we
continued to raise our weighting in agencies, higher-rated corporates and
commercial mortgage-backed securities in an effort to reduce the portfolio's
exposure to credit and event risks. This helped mitigate the impact of poor
market conditions on the Fund's sector allocation and security selection.
In June, the environment for higher-risk sectors began to improve. Data
reflected moderating economic growth, interest rates started to stabilize and
lower quality debt sectors rebounded. Accordingly, the Fund's results started to
recover. Indeed, the gap between the Fund's return and that of the Index
narrowed considerably in the last three months of the fiscal year.
As developments occur in the fixed income markets or here at Credit Suisse Asset
Management that we believe would be of interest to you, we will be sure to keep
you informed. Meanwhile, if you have questions, please feel free to call upon us
at any time.
Sincerely yours,
Credit Suisse Asset Management Fixed Income Management Team
Jo Ann Corkran, Managing Director
Gregg M. Diliberto, Managing Director
Mark K. Silverstein, Managing Director
Jose A. Rodriguez, Director
11
<PAGE>
================================================================================
CREDIT SUISSE INSTITUTIONAL U.S. CORE FIXED INCOME FUND
PORTFOLIO MANAGERS' LETTER (CONCLUDED)
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE CREDIT SUISSE
INSTITUTIONAL U.S. CORE FIXED INCOME FUND AND THE LEHMAN BROTHERS AGGREGATE BOND
INDEX1 FROM INCEPTION (3/31/94) AND AT EACH QUARTER END. (UNAUDITED)
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
Warburg Pincus
US Core Fixed Income Lehman Brothers
Institutional Shares Aggregate Bond Index 1
04/01/94 10000 10000
05/31/94 9913 9919
08/31/94 10017 10106
11/30/94 9812 9926
02/28/95 10204 10435
05/31/95 10864 11058
08/31/95 11078 11248
11/30/95 11475 11677
02/29/96 11590 11713
05/31/96 11464 11542
08/31/96 11658 11710
11/30/96 12328 12386
02/28/97 12420 12339
05/31/97 12567 12502
08/31/97 13001 12881
11/30/97 13327 13322
02/28/98 13670 13619
05/31/98 13898 13867
08/31/98 14011 14242
11/30/98 14381 14581
02/28/99 14352 14472
05/31/99 14489 14471
08/31/99 14343 14356
11/30/99 14638 14575
02/29/00 14755 14632
05/31/00 14641 14776
08/31/00 15265 15441
Average Annual
Total Returns
for the Periods Ended August 31, 2000
One Year 6.43%
Three Years 5.50%
Five Years 6.62%
From Inception
(3/31/94) 6.80%
Note:Past performance is not predictive of future performance. Investment return
and principle value of an investment will fluctuate so that an investor's shares
upon redemption may be worth more or less than their original cost.
1 The Lehman Brothers U.S. Aggregate Bond Index is composed of the Lehman
Government/Corporate Bond Index and the Lehman Brothers Mortgage-Backed
Securities Index. The Aggregate Bond Index includes U.S. Treasury and agency
issues, corporate bond issues and mortgage-backed securities rated
investment-grade or higher by Moody's Investors Service, Standard & Poor's
Corporation or Fitch's Investors' Service.
12
<PAGE>
================================================================================
CREDIT SUISSE INSTITUTIONAL U.S. CORE FIXED INCOME FUND
SCHEDULE OF INVESTMENTS
AUGUST 31, 2000
PAR
(000) VALUE
--------- ------------
CORPORATE BONDS -- 27.3%
AEROSPACE & DEFENSE EQUIPMENT -- 0.1%
Boeing Co.
Debentures
7.250% 06/15/25 ..................... $ 10 $ 9,813
Raytheon Co.
6.450% 08/15/02 ..................... 15 14,789
Sequa Corp.,
Senior Notes
9.000% 08/01/09 ..................... 280 280,700
United Technology Corp.
6.625% 11/15/04 ..................... 10 9,860
------------
315,162
------------
AUTOMOTIVE -- 0.1%
Delco Remy International, Inc.,
Guaranteed Senior Subordinate
Notes
10.625% 08/01/06 .................... 115 114,856
Ford Motor Co.
Global Notes
7.450% 07/16/31 ..................... 10 9,293
Hayes Lemmerz International, Inc.,
Senior Subordinate Notes
8.250% 12/15/08 ..................... 205 179,887
Hayes Lemmerz International, Inc.,
Series B Company Guaranteed Notes
9.125% 07/15/07 ..................... 5 4,625
------------
308,661
------------
BANKING -- 3.7%
Bank of America Corp.
Global Subordinate Notes
7.800% 02/15/10 ..................... 6,245 6,344,739
Bay View Capital Corp.,
Subordinate Notes
9.125% 08/15/07 ..................... 1,230 882,525
Chase Manhattan Bank Corp.,
Subordinate Notes
6.500% 08/01/05 ..................... 275 266,687
Citicorp
Subordinate Notes, Series F
6.375% 11/15/08 ..................... 55 51,701
Deutsche Bank Financial,
Rule 144A
7.872%(DAGGER)(DAGGER)(DAGGER) ...... 1,615 1,537,614
First Republic Bank,
Subordinate Notes
7.750% 09/15/12 ..................... 2,235 1,890,734
National Westminster Bank,
Subordinate Notes
7.375% 10/01/09 ..................... 495 490,248
Swedbank,
Rule 144A Perpetual Bonds
9.000%(DAGGER)/(DAGGER)(DAGGER)(DAGGER) 4,680 4,706,985
------------
16,171,233
------------
PAR
(000) VALUE
--------- ------------
BROADCASTING -- 0.4%
Belo (A.H.) Corp.,
Senior Debentures
7.250% 09/15/27 ..................... $ 10 $ 8,340
Chancellor Media Corp.,
Senior Subordinate Notes
8.000% 11/01/08 ..................... 180 182,925
Fox/Liberty Networks L.L.C.,
Registered Senior Notes
8.875% 08/15/07 ..................... 1,620 1,644,300
Granite Broadcasting Corp.,
Senior Subordinate Notes
8.875% 05/15/08 ..................... 130 98,150
------------
1,933,715
------------
BUILDING MATERIALS -- 0.1%
Jackson Products, Inc.,
Notes
9.500% 04/15/05 ..................... 355 332,369
------------
CABLE -- 0.6%
Coaxial Communications, Inc.,
Company Guaranteed Notes
10.000% 08/15/06 .................... 315 311,850
CSC Holdings, Inc.,
Senior Notes
7.875% 12/15/07 ..................... 1,205 1,187,748
7.250% 07/15/08 ..................... 360 339,473
Diamond Cable Communications plc,
Yankee Senior Discount Notes
10.750% 02/15/07(DAGGER)(DAGGER) .... 480 372,000
James Cable Partners L.P.,
Senior Notes, Series B
10.750% 08/15/04 .................... 170 148,750
Videotron Holdings plc
Yankee Senior Discount Notes
11.000% 08/15/05 .................... 95 100,299
------------
2,460,120
------------
CHEMICALS -- 0.0%
Huntsman ICI Chemicals
Company Guaranteed Notes
10.125% 07/01/09 .................... 10 10,225
Lyondell Chemical, Inc.,
Senior Secured Notes,
Series A
9.625% 05/01/07 ..................... 90 91,687
Series B
9.875% 05/01/07 ..................... 105 106,969
------------
208,881
------------
CONSUMER PRODUCTS & SERVICES -- 0.0%
Scotts Company,
Rule 144A
Senior Subordinate Notes
8.625% 01/15/09 ..................... 200 197,000
------------
See Accompanying Notes to Financial Statements.
13
<PAGE>
================================================================================
CREDIT SUISSE INSTITUTIONAL U.S. CORE FIXED INCOME FUND (CONTINUED)
PAR
(000) VALUE
--------- ------------
ENERGY -- 2.8%
Amerada Hess Corp.
7.875% 10/01/29 ..................... $ 10 $ 9,962
Bellwether Exploration,
Company Guaranteed Notes
10.875% 04/01/07 .................... 85 81,919
Calpine Corp.
Senior Notes
8.625% 08/15/10 ..................... 405 402,562
Chesapeake Energy Corp.
Series B Company Guaranteed
9.625% 05/01/05 ..................... 345 348,881
Cilcorp, Inc.
9.375% 10/15/29 ..................... 1,390 1,533,797
CMS Energy Corp.
Senior Notes
7.500% 01/15/09 ..................... 380 343,576
Crown Central Petroleum
Senior Notes
10.875% 02/01/05 .................... 170 150,450
Duke Energy Field Services
7.500% 08/16/05 ..................... 2,190 2,191,791
Enron Corp. Notes
7.875% 06/15/03 ..................... 985 1,002,254
Gothic Production Corp.
Series B Company Guaranteed
11.125% 05/01/05 .................... 135 143,775
Keyspan Gas East
Unsubordinated Notes
7.875% 02/01/10 ..................... 10 10,133
KN Energy, Inc.
Reset Put Notes
6.300% 03/01/01 ..................... 10 9,947
Korea Electric Power,
Yankee Debentures
7.000% 02/01/27 ..................... 1,795 1,684,062
Magnum Hunter Resources, Inc.,
Company Guaranteed Notes
10.000% 06/01/07 .................... 250 245,000
NRG South Central L.L.C.,
Rule 144A Senior Notes
8.962% 03/15/16 ..................... 1,950 2,011,708
Ocean Energy, Inc.,
Company Guaranteed
8.375% 07/01/08 ..................... 325 326,625
Senior Notes
7.875% 08/01/03 ..................... 485 485,000
Phillips Petroleum Global Notes
8.500% 05/25/05 ..................... 610 639,079
8.750% 05/25/10 ..................... 860 929,077
------------
12,549,598
------------
ENTERTAINMENT -- 1.0%
Regal Cinemas, Inc.,
Senior Subordinated Notes
9.500% 06/01/08 ..................... 100 9,000
PAR
(000) VALUE
--------- ------------
ENTERTAINMENT -- (CONTINUED)
SFX Entertainment, Inc.,
Senior Subordinated Notes,
Series B, Company Guaranteed
9.125% 02/01/08 ..................... $ 870 $ 914,587
Time Warner, Inc.
6.625% 05/15/29 ..................... 1,360 1,161,667
Debentures
8.050% 01/15/16 ..................... 2,273 2,327,118
------------
4,412,372
------------
FINANCIAL SERVICES -- 6.9%
Abbey National Capital Trust I
FLIRB
8.963%(DAGGER)/(DAGGER)(DAGGER)(DAGGER) 650 656,209
American General Institutional
Capital Trust Co.,
Rule 144A Guaranteed Notes,
Series B
8.125% 03/15/46 ..................... 1,060 1,038,770
Associates Corp. of North America
Debentures
6.950% 11/01/18 ..................... 590 538,653
CIT Group, Inc.
7.375% 03/15/03 ..................... 990 991,589
Conseco Finance Trust III
8.796% 04/01/27 ..................... 1,610 571,550
Conseco, Inc.
6.400% 02/10/03 ..................... 10 6,350
Conseco, Inc.
9.000% 10/15/06 ..................... 5,900 3,687,500
ERAC Finance Co.,
Rule 144A Notes
7.950% 12/15/09 ..................... 770 757,669
Finova Capital Corp.
7.125% 05/01/02 ..................... 260 192,812
7.250% 11/08/04 ..................... 2,050 1,429,816
Ford Motor Credit Co.
Global Notes
7.875% 06/15/10 ..................... 3,105 3,121,037
GE Global Insurance
7.500% 06/15/10 ..................... 2,360 2,388,296
Industrial Credit & Investment Corp.,
Rule 144A Yankee Medium
Term Notes
7.550% 08/15/07 ..................... 40 37,778
John Hancock Global Funding II,
Rule 144A Notes
7.900% 07/02/10 ..................... 4,555 4,690,689
Lehman Brothers Holdings, Inc.
Global Notes
6.625% 04/01/04 ..................... 1,165 1,133,820
8.250% 06/15/07 ..................... 580 596,083
See Accompanying Notes to Financial Statements.
14
<PAGE>
================================================================================
CREDIT SUISSE INSTITUTIONAL U.S. CORE FIXED INCOME FUND (CONTINUED)
PAR
(000) VALUE
--------- ------------
FINANCIAL SERVICES -- (CONTINUED)
Long Island Savings Bank, Inc.
Notes
7.000% 06/13/02 ..................... $ 250 $ 248,476
Merrill Lynch & Co. Notes
6.875% 11/15/18 ..................... 1,430 1,313,740
Morgan Stanley Dean Witter
Global Notes
7.750% 06/15/05 ..................... 4,690 4,795,394
Potomac Capital Investment Rule
144A Notes
7.550% 11/19/01 ..................... 470 472,145
Prudential Insurance Co. of America,
Rule 144A
Capital Notes
6.875% 04/15/03 ..................... 1,600 1,578,379
Wells Fargo Co. MTN,
Series G
6.875% 08/08/06 ..................... 10 9,857
------------
30,256,612
------------
FOOD & BEVERAGE -- 1.4%
Archibald Candy Corp.,
Guaranteed Senior Secured
Notes
10.250% 07/01/04 .................... 410 230,625
Kroger Co.
7.250% 06/01/09 ..................... 15 14,292
6.800% 12/15/18 ..................... 1,715 1,465,076
Senior Notes
7.650% 04/15/07 ..................... 2,325 2,294,789
Pantry, Inc.,
Senior Subordinate Notes
10.250% 10/15/07 .................... 90 88,650
Premier International Foods plc
12.000% 09/01/09 .................... 90 76,050
Safeway, Inc.
7.250% 09/15/04 ..................... 1,000 994,615
Senior Notes
6.850% 09/15/04 ..................... 600 588,500
Sbarro, Inc.,
Rule 144A Senior Notes
11.000% 09/15/09 .................... 260 272,350
------------
6,024,947
------------
HEALTH CARE -- 0.1%
Fisher Scientific International
Senior Subordinate Notes
9.000% 02/01/08 ..................... 350 325,500
------------
INDUSTRIAL GOODS & MATERIALS -- 0.4%
Motors & Gears, Inc.,
Senior Notes, Series D
10.750% 11/15/06 .................... 410 400,775
Pinnacle Partners,
Rule 144A Senior Notes
8.830% 08/15/04 ..................... 1,195 1,197,438
------------
1,598,213
------------
PAR
(000) VALUE
--------- ------------
PACKAGING & CONTAINERS -- 0.0%
Crown Packaging Enterprises, Ltd.
Yankee Senior Secured
Discount Notes
14.000% 08/01/06(DAGGER)(DAGGER) .... $ 550 $ 16,500
------------
PAPER & FOREST PRODUCTS -- 0.1%
Fort James Corp.
Notes
6.234% 03/15/01 ..................... 350 347,485
Georgia Pacific Corp.
7.750% 11/15/29 ..................... 25 23,125
------------
370,610
------------
PUBLISHING & INFORMATION SERVICES -- 0.0%
Hollinger International Publishing
Company Guaranteed Notes
8.625% 03/15/05 ..................... 155 156,550
------------
REAL ESTATE -- 0.4%
EOP Operating L.P.
Mandatory Par Put
Remarketed Securities
6.376% 02/15/02 ..................... 1,495 1,468,477
HMH Properties, Inc.,
Senior Notes
8.450% 12/01/08 ..................... 215 209,356
------------
1,677,833
------------
RESTAURANTS, HOTELS & CASINOS -- 1.0%
Argosy Gaming Co.,
Rule 144A,
Company Guaranteed
10.750% 06/01/09 .................... 20 21,175
Circus Circus Enterprise
Senior Subordinate Notes
9.250% 12/01/05 ..................... 235 233,237
Hollywood Park
Operating Senior Subordinate
Notes
9.500% 08/01/07 ..................... 80 82,200
Horseshoe Gaming
Holdings Senior Subordinated
Notes
8.625% 05/15/09 ..................... 300 293,250
Isle of Capri Casinos, Senior
Subordinate Notes
8.750% 04/15/09 ..................... 210 197,925
MGM Grand, Inc.,
Company Guaranteed Notes
9.750% 06/01/07 ..................... 1,415 1,489,287
Mohegan Tribal Gaming
Senior Subordinate Notes
8.750% 01/01/09 ..................... 115 112,987
Park Place Entertainment, Inc.,
Senior Subordinate Notes
7.875% 12/15/05 ..................... 1,410 1,371,225
See Accompanying Notes to Financial Statements.
15
<PAGE>
================================================================================
CREDIT SUISSE INSTITUTIONAL U.S. CORE FIXED INCOME FUND (CONTINUED)
PAR
(000) VALUE
--------- ------------
RESTAURANTS, HOTELS & CASINOS -- (CONTINUED)
Station Casino
Senior Subordinate Notes,
Rule 144A
9.875% 07/01/10 ..................... $ 500 $ 500,000
------------
4,301,286
------------
RETAIL TRADE -- 2.0%
Federated Department Stores, Inc.
Debentures
7.000% 02/15/28 ..................... 15 12,439
K Mart Corp.
Notes
7.950% 02/01/23 ..................... 480 356,950
Pass Through Certificates,
Series 95K-3
8.540% 01/02/15 ..................... 1,973 1,722,344
Series K-2
9.780% 01/05/20 ..................... 50 42,831
Series C Medium Term Notes
7.820% 01/02/02 ..................... 35 34,075
Saks, Inc.
7.000% 07/15/04 ..................... 1,250 1,020,524
8.250% 11/15/08 ..................... 2,765 2,123,849
Wal-Mart Stores, Inc.
Global Senior Notes
6.550% 08/10/04 ..................... 1,950 1,935,939
Notes
7.550% 02/15/30 ..................... 1,525 1,589,788
------------
8,838,739
------------
STEEL -- 0.1%
AK Steel Corp.,
Company Guaranteed
7.875% 02/15/09 ..................... 310 289,850
Gulf States Steel, Inc.,
First Mortgage Notes
13.500% 04/15/03** .................. 165 8,250
Wheeling-Pittsburgh Corp.,
Senior Notes
9.250% 11/15/07 ..................... 90 49,950
------------
348,050
------------
TELECOMMUNICATIONS -- 5.3%
Adelphia Communications Corp.,
Senior Notes, Series B
9.250% 10/01/02 ..................... 305 305,000
Senior Notes
8.750% 10/01/07 ..................... 150 135,750
BellSouth Telecommunications, Inc.
Debentures
7.000% 12/01/45 ..................... 255 225,354
Charter Communications
Holdings L.L.C.,
Senior Notes
8.625% 04/01/09 ..................... 410 376,175
Senior Discount Notes
9.920% 04/01/11(DAGGER)(DAGGER) ..... 115 69,287
PAR
(000) VALUE
--------- ------------
TELECOMMUNICATIONS -- (CONTINUED)
Echostar DBS Corp.,
Senior Notes
9.250% 02/01/06 ..................... $ 195 $ 194,025
Global Crossing Holdings, Ltd.,
Company Guaranteed
Yankee Notes
9.500% 11/15/09 ..................... 2,345 2,362,587
Insight Midwest
Senior Notes
9.750% 10/01/09 ..................... 175 176,750
Intermedia Communications, Inc.,
Senior Notes, Series B
8.500% 01/15/08 ..................... 225 186,750
ITC Deltacom, Inc.,
Rule 144A Senior Notes
11.000% 06/01/07 .................... 210 185,850
Level 3 Communications, Inc.,
Senior Notes
9.125% 05/01/08 ..................... 455 410,069
Lucent Technologies, Inc.
Global Debentures
6.450% 03/15/29 ..................... 40 34,596
MCI Communications Corp.
Senior Discount Notes
6.125% 04/15/02 ..................... 2,685 2,639,065
Senior Notes
6.500% 04/15/10 ..................... 20 18,424
McLeodUSA, Inc.,
Senior Subordinate Notes
8.125% 02/15/09 ..................... 350 319,375
Metromedia Fiber Network, Inc.,
Senior Notes, Series B
10.000% 11/15/08 .................... 475 470,250
Nextel Communications, Inc.,
Senior Discount Notes
9.950% 02/15/08(DAGGER)(DAGGER) ..... 295 224,200
NEXTLINK Communications
Senior Discount Notes
12.125% 12/01/09(DAGGER)(DAGGER) .... 2,000 1,125,000
Senior Notes
9.625% 10/01/07 ..................... 80 74,200
10.750% 06/01/09 .................... 20 19,450
10.500% 12/01/09 .................... 1,170 1,117,350
Senior Notes
10.750% 11/15/08 .................... 490 476,525
Pac-West Telecommunications, Inc.,
Senior Notes
13.500% 02/01/09 .................... 175 168,875
Paging Network, Inc.,
Senior Subordinate Notes
8.875% 02/01/06** ................... 165 56,100
10.125% 08/01/07** .................. 235 77,844
10.000% 10/15/08** .................. 470 155,687
See Accompanying Notes to Financial Statements.
16
<PAGE>
================================================================================
CREDIT SUISSE INSTITUTIONAL U.S. CORE FIXED INCOME FUND (CONTINUED)
PAR
(000) VALUE
--------- ------------
TELECOMMUNICATIONS -- (CONTINUED)
Price Communications Wireless,
Inc., Company Guaranteed
9.125% 12/15/06 ..................... $ 260 $ 263,900
Qwest Communications
International, Inc., Senior Notes
7.250% 11/01/08 ..................... 355 343,451
Sprint Capital Corp.
Guaranteed Medium Term Notes
6.500% 11/15/01 ..................... 10 9,944
U.S. West Capital Funding, Inc.
6.875% 08/15/01 ..................... 2,015 2,010,569
Viacom, Inc.
Global Notes
7.700% 07/30/10 ..................... 2,100 2,138,142
Voicestream Wireless Holding, Inc.,
Senior Rule 144A Notes
10.375% 11/15/09 .................... 795 862,575
Senior Discount Notes
11.875% 11/15/09(DAGGER)(DAGGER) .... 1,770 1,300,950
Williams Communication Group, Inc.,
Senior Notes
11.700% 08/01/08 .................... 400 404,000
10.875% 10/01/09 .................... 410 397,188
Worldcom Inc.,
Global Notes
8.000% 05/15/06 ..................... 2,130 2,184,428
Senior Notes
7.750% 01/01/07 ..................... 350 355,269
Senior Discount Notes
6.950% 08/15/28 ..................... 1,650 1,472,906
------------
23,347,860
------------
TRANSPORTATION -- 0.3%
US Airways, Inc.,
Guaranteed Senior Notes
9.625% 02/01/01 ..................... 1,535 1,522,628
------------
UTILITIES -- 0.5%
Connecticut Light and Power Co.
First Mortgage Bonds,
Series C
7.750% 06/01/02 ..................... 240 241,633
Series D
7.875% 10/01/24 ..................... 740 744,081
North Atlantic Energy Corp.
Secured First Mortgage Notes,
Series A
9.050% 06/01/02 ..................... 1,302 1,312,355
------------
2,298,069
------------
WASTE MANAGEMENT -- 0.0%
Allied Waste North America,
Series
7.875% 01/01/09 ..................... 265 240,156
------------
TOTAL CORPORATE BONDS
(COST $126,242,786) ................. $120,212,664
------------
PAR
(000) VALUE
--------- ------------
FOREIGN BONDS -- 8.9%
Abitibi-Consolidated, Inc.
Yankee Bonds
8.300% 08/01/05 ..................... $ 3,490 $ 3,549,218
Cho Hung Bank
Subordinate Notes, Rule 144A
11.500% 04/01/10 .................... 270 272,025
Credit Lyonnais
Perpetual Subordinate Variable
Rate Notes, Rule 144A
8.063%(DAGGER)/(DAGGER)(DAGGER)(DAGGER) 3,250 3,187,113
Government of Bulgaria
Discount Bonds, Series A
7.750% 07/28/24(DAGGER) ............. 650 530,156
Government of Croatia,
Series A
7.750% 07/31/10 ..................... 1,205 1,120,954
HSBC Capital Funding Bank
Guaranteed Perpetual, Rule 144A
9.547%(DAGGER)(DAGGER)(DAGGER) ...... 2,540 2,690,335
Israel Electric Corp., Ltd.,
Rule 144A
8.250% 10/15/09 ..................... 2,750 2,783,410
Nordbanken Rule 144A Bonds
8.950%(DAGGER)/(DAGGER)(DAGGER)(DAGGER) 1,460 1,479,072
Okobank
Perpetual Medium Term FRN
7.298%(DAGGER)/(DAGGER)(DAGGER)(DAGGER) 1,010 994,850
Orange plc
Yankee Senior Notes
8.750% 06/01/06 ..................... 840 869,400
9.000% 06/01/09 ..................... 1,550 1,619,750
Petroleum Geo-Services
Yankee Senior Notes
7.125% 03/30/28 ..................... 750 645,400
8.150% 07/15/29 ..................... 765 739,802
Republic of Argentina
0.000% 04/15/01 ..................... 2,070 1,971,675
Republic of Argentina
FRB
7.375% 03/31/05(DAGGER) ............. 2,488 2,288,960
Global Notes
11.000% 12/04/05 .................... 920 885,500
Par Bonds, Series L-GP
6.000% 03/31/23 ..................... 1,000 698,125
Republic of Brazil
Capitalization Bonds
8.000% 04/15/14 ..................... 2,808 2,175,901
Republic of Bulgaria,
FLIRB, Series A
2.750% 07/28/12(DAGGER) ............. 2,195 1,692,894
Republic of Poland
Collateralized Par Bonds
3.500% 10/27/24(DAGGER) ............. 1,935 1,245,656
Series RSTA
4.000% 10/27/24(DAGGER) ............. 590 403,781
See Accompanying Notes to Financial Statements.
17
<PAGE>
================================================================================
CREDIT SUISSE INSTITUTIONAL U.S. CORE FIXED INCOME FUND (CONTINUED)
PAR
(000) VALUE
--------- ------------
FOREIGN BONDS -- (CONTINUED)
Royal Bank of Scotland plc
Perpetual Global Bonds
8.817%(DAGGER)(DAGGER)(DAGGER) ...... $ 2,335 $ 2,424,283
Santander Financial Issuances
Perpetual Rule 144A
Subordinate Notes
7.088%(DAGGER)/(DAGGER)(DAGGER)(DAGGER) 1,000 918,750
Skandinaviska Enskilda Banken
Perpetual Subordinate FRN
6.625%(DAGGER)/(DAGGER)(DAGGER)(DAGGER) 2,280 2,262,459
Rule 144A Notes
6.500%(DAGGER)(DAGGER)(DAGGER) ...... 1,700 1,625,979
------------
TOTAL FOREIGN BONDS
(COST $38,460,944) .................. $ 39,075,448
------------
AGENCY OBLIGATIONS -- 43.7%
FEDERAL HOME LOAN MORTGAGE CORPORATION -- 2.4%
Various Pools:
7.000% 12/01/09 ..................... $ 125 $ 123,571
Series MACR 1860 Principle Only
0.000% 02/15/24 ..................... 2,351 1,506,802
Discount Notes:
6.410% 11/22/00 ..................... 8,900 8,768,470
------------
10,398,843
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 37.7%
Various Pools:
10.000% 02/01/05 .................... 94 99,623
7.125% 02/15/05 ..................... 11,420 11,577,973
10.000% 01/01/10 .................... 565 600,758
7.250% 01/15/10 ..................... 6,975 7,180,511
7.000% 03/01/15 ..................... 13,545 13,405,317
6.500% 06/01/29 ..................... 1,896 1,812,057
6.500% 07/01/29 ..................... 250 238,782
6.500% 08/01/29 ..................... 819 782,723
6.500% 08/01/29 ..................... 781 746,217
6.500% 08/01/29 ..................... 29 27,634
6.000% 01/01/30 ..................... 34 31,318
7.125% 01/15/30 ..................... 2,550 2,641,163
REMIC -- PAC 1991-165 Class M
8.250% 12/25/21 ..................... 8 7,697
Series 1996-5 Class PX PO
0.000% 11/25/23 ..................... 225 148,316
Series 1997-16 Class M PO
0.000% 02/25/23 ..................... 305 203,492
TBA
7.500% 11/15/02 ..................... 19,600 19,465,250
8.000% 03/15/25 ..................... 55,990 56,497,409
6.500% 09/01/27 ..................... 4,675 4,467,547
7.000% 09/01/27 ..................... 47,025 45,878,766
------------
165,812,553
PAR
(000) VALUE
--------- ------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION -- 3.4%
Various Pools:
6.500% 09/15/03 ..................... $ 4 $ 3,570
8.250% 08/15/04 ..................... 0 222
9.000% 11/15/04 ..................... 0 410
9.000% 12/15/04 ..................... 0 442
8.250% 04/15/06 ..................... 1 715
13.500% 07/15/14 .................... 1 843
9.000% 12/15/16 ..................... 24 24,588
8.000% 04/15/17 ..................... 63 63,948
9.000% 08/15/21 ..................... 298 307,896
TBA
7.500% 08/01/28 ..................... 14,615 14,615,000
------------
15,017,634
------------
MISCELLANEOUS -- 0.2%
Government Trust Certificates
Collateral Trust, Series 1C
9.250% 11/15/01 ..................... 193 196,836
National Archives Facility
Trust COP
8.500% 09/01/19 ..................... 667 751,704
------------
948,540
------------
TOTAL AGENCY OBLIGATIONS
(Cost $191,298,881) ................. $192,177,570
------------
ASSET BACKED SECURITIES -- 2.6%
Green Tree Recreational,
Equipment and Consumer Trust,
Series 1997-C, Class A1
6.490% 02/15/18 ..................... $ 342 $ 334,883
Korea Asset Funding, Ltd.,
Series 2000-1A Class 1,
Rule 144A Notes
8.891% 02/10/09(DAGGER) ............. 1,100 1,109,680
MBNA Master Credit Card Trust
Series 1997-I, Class A
6.550% 08/15/04 ..................... 10 9,880
Series 1999-J, Class A
7.000% 02/15/12 ..................... 2,280 2,276,603
PECO Energy Transition Trust
6.130% 03/01/09 ..................... 2,695 2,556,841
Series 2000-A, Class A4
7.650% 03/01/10 ..................... 4,000 4,113,612
Prudential Securities
Secured Financing,
Series 1999-C2, Class A2
7.193% 04/15/09 ..................... 1,125 1,116,144
------------
TOTAL ASSET BACKED SECURITIES
(Cost $11,457,099) .................. $ 11,517,643
------------
See Accompanying Notes to Financial Statements.
18
<PAGE>
================================================================================
CREDIT SUISSE INSTITUTIONAL U.S. CORE FIXED INCOME FUND (CONCLUDED)
PAR
(000) VALUE
--------- ------------
COLLATERALIZED MORTGAGED BACKED SECURITIES -- 5.5%
American Express Master Trust,
Series 1994-3, Class A
7.850% 09/15/04 ..................... $ 65 $ 66,910
Carousel Center Finance Inc.,
Series 1, Class C
7.527% 11/15/07 ..................... 4,073 4,019,363
Chase Credit Card Master Trust,
Series 1999-3, Class A
6.660% 09/15/04 ..................... 15 14,882
Series 1998-3, Class A
6.000% 04/15/03 ..................... 10 9,798
Collateralized Mortgage
Obligation Trust, REMIC,
Series 54, Class C
9.250% 11/01/13 ..................... 1 644
Commercial Mortgage Asset Trust,
Series 1999-C1, Class A3
6.640% 09/17/10 ..................... 7,485 7,148,291
Contimortgage Home Equity Loan
Trust, Series 1996-4, Class A8
7.220% 01/15/28 ..................... 880 865,568
DLJ Commercial Mortgage Corp.,
Series 1998-CG1, Class A1B
6.410% 05/10/08 ..................... 1,275 1,211,567
GMAC Commercial Mortgage
Securities, Inc.,
Series 1997-C1, Class A2
6.853% 09/15/06 ..................... 610 603,982
Series 1999-C2, Class A2
6.945% 09/15/33 ..................... 740 722,504
Merrill Lynch
1999-C1, Class A2
7.560% 09/15/09 ..................... 2,815 2,863,362
Nomura Asset Securitization Corp.,
Series 1998-D6, Class A1B
6.590% 03/15/28 ..................... 2,290 2,203,892
Option One Mortgage Loan Trust,
Series 1999-2, Class A,
Rule 144A Notes
9.660% 06/25/29 ..................... 1,630 1,595,373
Option One Mortgage Loan Trust,
Series 2000-1, Class CTFS,
Rule 144A Notes
9.850% 05/26/30 ..................... 1,350 1,341,566
UCFC Home Equity Loan Trust,
Series 1996-B1, Class A7
8.200% 09/15/27 ..................... 775 778,743
UCFC Home Equity Loan Trust,
Series 1998-A1, Class A7
6.870% 07/15/29 ..................... 820 761,058
------------
TOTAL COLLATERALIZED MORTGAGED
BACKED SECURITIES
(Cost $24,577,599) .................. $ 24,207,503
------------
PAR
(000) VALUE
--------- ------------
U.S TREASURY OBLIGATIONS -- 12.6%
U.S. TREASURY BILLS -- 0.1%
5.695% 09/14/00 ..................... $ 50 $ 49,749
5.820% 09/14/00 ..................... 570 566,426
------------
616,175
------------
U.S. TREASURY BONDS -- 4.5%
6.125% 08/15/29 ..................... 8,400 8,801,629
6.250% 05/15/30 ..................... 10,200 11,038,318
------------
19,839,947
------------
U.S. TREASURY NOTES -- 7.7%
5.375% 02/15/01 ..................... 345 343,599
6.625% 04/30/02 ..................... 11,550 11,614,969
6.625% 05/31/02 ..................... 15 15,103
6.250% 06/30/02 ..................... 2,910 2,911,819
7.500% 02/15/05 ..................... 5 5,280
6.500% 05/15/05 ..................... 12,190 12,437,615
6.500% 02/15/10 ..................... 6,300 6,577,597
------------
33,905,982
------------
U.S. TREASURY STRIP BONDS -- 0.3%
0.000% 11/15/16 ..................... 3,430 1,322,282
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $54,996,653) .................. $ 55,684,386
------------
NUMBER
OF SHARES
---------
COMMON STOCK -- 0.0%
PACKAGING & CONTAINERS -- 0.0%
Crown Packaging Enterprises, Ltd. ..... 45,544 $ 455
------------
TOTAL COMMON STOCK
(Cost $0) ........................... $ 455
------------
PREFERRED STOCKS -- 2.2%
BANKING -- 2.0%
California Federal Capital Corp.,
Series A
9.125% .............................. 111,970 $ 2,547,318
Centaur Funding Corp.
9.08% ............................... 1,535 1,549,871
Citigroup, Inc.
6.213% .............................. 42,850 1,906,825
Series F Pfd.
6.365% .............................. 26,550 1,247,850
Lehman Brothers Holdings
5.67% ............................... 31,800 1,248,150
5.94% ............................... 7,600 311,600
------------
8,811,614
------------
REAL ESTATE -- 0.2%
American Real Estate Corp.
Cumulative, Series A
8.50% ............................... 30,900 762,844
------------
TOTAL PREFERRED STOCKS
(Cost $10,439,474) .................. $ 9,574,458
------------
See Accompanying Notes to Financial Statements.
19
<PAGE>
================================================================================
CREDIT SUISSE INSTITUTIONAL U.S. CORE FIXED INCOME FUND (CONCLUDED)
NUMBER
OF SHARES VALUE
--------- ------------
RIGHTS & WARRANTS -- 0.1%
Capital Pacific Holdings Group, Inc.,
strike $3.4, expires May 2002 ....... 2,528 $ 6,320
Checkers Drive-In Restaurants,
strike $1.375, expires Dec. 2000 .... 2,642 165
Mexican Value Recovery Rights,
strike $1.88, expires June 2003 ..... 1,000 0
Uniroyal Technology Corp.,
strike $4.375, expires June 2003 .... 10,800 318,600
------------
TOTAL RIGHTS & WARRANTS
(Cost $14,178) ...................... $ 325,085
------------
PAR
(000)
---------
SHORT TERM INVESTMENTS -- 31.1%
BBH Grand Cayman
U.S. Dollar Time Deposit
5.710% 09/01/00 ..................... $ 137,135 $137,135,000
------------
(COST $137,135,000)
TOTAL INVESTMENTS -- 134.0%
(Cost $594,622,614*) ................ $589,910,212
LIABILITIES IN EXCESS OF
OTHER ASSETS -- (34.0)% ............ (149,565,586)
------------
TOTAL NET ASSETS -- 100.0% ............ $440,344,626
============
* Cost for Federal income tax purposes at August 31, 2000 is $594,896,135. The
gross appreciation (depreciation) on a tax basis is as follows:
Gross Appreciation ................. $ 4,165,971
Gross Depreciation ................. (9,151,894)
------------
Net Depreciation ................... $ (4,985,923)
============
** Security in default.
(DAGGER) Variable rate obligations -- The interest shown is the rate as of
August 31, 2000.
(DAGGER)(DAGGER) Step Bond -- The interest rate as of August 31, 2000 is 0% and
will reset to interest rate shown at a future date.
(DAGGER)(DAGGER)(DAGGER) Securities have no stated maturity date.
INVESTMENT ABBREVIATIONS
FRN ..........................................................Floating Rate Note
MACR ...............................................Modified and Combinable Real
......................................................Estate Investment Conduit
PAC ................................................Planned Amortization Conduit
PO ...............................................................Principal Only
REMIC ...................................Real Estate Mortgage Investment Conduit
TBA .............................................................To Be Announced
See Accompanying Notes to Financial Statements.
20
<PAGE>
================================================================================
CREDIT SUISSE INSTITUTIONAL FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
AUGUST 31, 2000
<TABLE>
<CAPTION>
INTERNATIONAL U.S. CORE U.S. CORE FIXED
GROWTH FUND EQUITY FUND INCOME FUND
--------------- --------------- ---------------
<S> <C> <C> <C>
ASSETS
Investments, at value (cost -- $454,779,042,
$61,268,139 and $594,622,614, respectively) ............... $ 495,571,808 $ 68,271,581 $ 589,910,212
Deposits with brokers and custodian bank for
futures contract .......................................... -- -- 9,515
Cash ........................................................ 25,958 24 513,962
Collateral received for securities loaned ................... 3,757,250 -- --
Receivable for investments sold ............................. 9,603,703 2,048,644 5,101,571
Receivable for Fund shares sold ............................. 400,048 -- --
Receivable on open futures contracts ........................ -- -- 9,636
Dividends and interest receivable ........................... 1,018,858 117,573 4,627,880
Prepaid expenses and other assets ........................... 23,989 27,272 42,065
--------------- --------------- ---------------
Total Assets .............................................. 510,401,614 70,465,094 600,214,841
--------------- --------------- ---------------
LIABILITIES
Payable upon return of securities loaned .................... 3,757,250 -- --
Payable for investments purchased ........................... -- 2,041,858 159,194,328
Payable for Fund shares repurchased ......................... 13,234 9 316,057
Payable on open futures contracts ........................... -- -- 92,694
Advisory fee payable ........................................ 345,506 35,592 125,531
Accrued expenses payable .................................... 371,361 44,454 141,605
--------------- --------------- ---------------
Total Liabilities ......................................... 4,487,351 2,121,913 159,870,215
--------------- --------------- ---------------
NET ASSETS
Capital stock, $0.001 par value ............................. 21,429 3,319 29,453
Paid-in capital ............................................. 355,044,886 48,052,611 450,020,243
Undistributed net investment income ......................... 1,680,030 109,232 5,065,034
Accumulated net realized gain/(loss) from investments, futures
and foreign currency related transactions, if any ......... 108,435,792 13,174,577 (9,983,467)
Net unrealized appreciation/(depreciation) on
investments and other, if any ............................. 40,732,126 7,003,442 (4,786,637)
--------------- --------------- ---------------
Net Assets ................................................ $ 505,914,263 $ 68,343,181 $ 440,344,626
--------------- --------------- ---------------
INSTITUTIONAL SHARES
Net assets .................................................. $ 505,914,263 $ 68,343,181 $ 440,344,626
--------------- --------------- ---------------
Shares outstanding .......................................... 21,429,428 3,319,049 29,453,243
--------------- --------------- ---------------
Net asset value, offering price and redemption price
per share ................................................. $ 23.61 $ 20.59 $ 14.95
--------------- --------------- ---------------
</TABLE>
See Accompanying Notes to Financial Statements.
21
<PAGE>
================================================================================
CREDIT SUISSE INSTITUTIONAL FUNDS
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED AUGUST 31, 2000
<TABLE>
<CAPTION>
INTERNATIONAL U.S. CORE U.S. CORE FIXED
GROWTH FUND EQUITY FUND INCOME FUND
--------------- --------------- ---------------
<S> <C> <C> <C>
INVESTMENT INCOME
Dividends ................................................... $ 6,392,507 $ 891,266 $ 912,962
Interest .................................................... 427,370 37,184 25,045,029
Securities lending .......................................... 265,579 5,775 --
Foreign taxes withheld ...................................... (484,947) -- --
--------------- --------------- ---------------
Total Investment Income ................................... 6,600,509 934,225 25,957,991
--------------- --------------- ---------------
EXPENSES
Investment advisory fees .................................... 4,796,915 530,149 1,398,102
Administration fees ......................................... 744,462 86,962 277,198
Custodian fees .............................................. 727,718 53,365 67,022
Registration fees ........................................... 127,745 33,175 61,384
Interest expense ............................................ 60,771 11,068 --
Transfer agent fees ......................................... 60,590 25,910 83,873
Audit fees .................................................. 55,611 12,114 41,102
Directors fees .............................................. 8,727 10,061 7,207
Distribution fees ........................................... 3,819 57 52
Printing fees ............................................... (142,307) 36,944 106,482
Legal fees .................................................. (71,216) 8,516 20,696
Insurance expense ........................................... -- -- 2,219
Miscellaneous fees .......................................... 25,955 -- 38,020
--------------- --------------- ---------------
6,398,790 808,321 2,103,357
Less fees waived and reimbursed ............................. -- (98,208) (431,367)
--------------- --------------- ---------------
Total Expenses ............................................ 6,398,790 710,113 1,671,990
--------------- --------------- ---------------
Net Investment Income ....................................... 201,719 224,112 24,286,001
--------------- --------------- ---------------
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain/(loss) from:
Security transactions ................................. 147,249,605* 15,414,461 (2,572,760)
Futures transactions .................................. -- -- 27,771
Foreign exchange transactions ......................... (2,561,059) -- (1,081,491)
--------------- --------------- ---------------
144,688,546 15,414,461 (3,626,480)
--------------- --------------- ---------------
Net change in unrealized appreciation/(depreciation):
Investments ............................................... (31,522,144) (581,122) 4,455,283
Futures ................................................... -- -- (638,250)
Translation of assets and
liabilities in foreign currencies ...................... (63,689) -- 189,337
--------------- --------------- ---------------
(31,585,833) ( 581,122) 4,006,370
--------------- --------------- ---------------
Net gain on investments and foreign currency transactions ... 113,102,713 14,833,339 379,890
--------------- --------------- ---------------
Net increase in net assets resulting from operations ........ $ 113,304,432 $ 15,057,451 $ 24,665,891
=============== =============== ===============
<FN>
* On December 13, 1999, International Growth Fund had a redemption in-kind with
total proceeds in the amount of $58,569,983. The net realized gain on
transaction of $12,677,806 will not be realized for tax purposes.
</FN>
</TABLE>
See Accompanying Notes to Financial Statements.
22
<PAGE>
================================================================================
CREDIT SUISSE INSTITUTIONAL FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
INTERNATIONAL GROWTH FUND U.S. CORE EQUITY FUND
---------------------------- -----------------------
FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR
ENDED ENDED ENDED ENDED
AUGUST 31, 2000 AUGUST 31, 1999 AUGUST 31, 2000 AUGUST 31, 1999
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
Increase/(decrease) in net assets:
Operations:
Net investment income ........................... $ 201,719 $ 4,101,951 $ 224,112 $ 218,901
Net gain on investments and foreign
currency transactions ......................... 113,102,713 88,294,555 14,833,339 20,990,319
--------------- --------------- --------------- ---------------
Net increase in net assets resulting
from operations ............................... 113,304,432 92,396,506 15,057,451 21,209,220
--------------- --------------- --------------- ---------------
Dividends and Distributions to
shareholders:
From net investment income:
Institutional shares .......................... (2,498,919) (7,632,495) (245,904) (104,261)
Common shares ................................. -- (344,430) (309) (22)
From net realized capital gains:
Institutional shares .......................... (98,708,550) (54,241,925) (9,910,582) (24,127,328)
Common shares ................................. (1,335,125) (2,569,737) (21,417) (5,552)
--------------- --------------- --------------- ---------------
Total distributions to shareholders ................ (102,542,594) (64,788,587) (10,178,212) (24,237,163)
--------------- --------------- --------------- ---------------
Net capital share transactions ..................... (188,741,145)* 31,183,186 (6,750,987) 9,728,907
--------------- --------------- --------------- ---------------
Total increase/(decrease) in net assets ............ (177,979,307) 58,791,105 (1,871,748) 6,700,964
Net Assets:
Beginning of year ............................... 683,893,570 625,102,465 70,214,929 63,513,965
--------------- --------------- --------------- ---------------
End of year ..................................... $ 505,914,263 $ 683,893,570 $ 68,343,181 $ 70,214,929
=============== =============== =============== ===============
Undistributed net investment income ................ $ 1,680,030 $ 2,441,057 $ 109,232 $ 131,333
=============== =============== =============== ===============
<FN>
* Includes redemption of $58,569,983 as a result of redemption in-kind on
December 13, 1999.
</FN>
</TABLE>
See Accompanying Notes to Financial Statements.
23
<PAGE>
================================================================================
CREDIT SUISSE INSTITUTIONAL FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
U.S. CORE FIXED INCOME FUND
-----------------------------------------
FOR THE YEAR FOR THE YEAR
ENDED ENDED
AUGUST 31, 2000 AUGUST 31, 1999
------------------ ------------------
<S> <C> <C>
Increase/(decrease) in net assets:
Operations:
Net investment income .......................... $ 24,286,001 $ 22,604,575
Net gain/(loss) on investments and foreign
currency transactions ........................ 379,890 (12,460,691)
------------------ ------------------
Net increase in net assets resulting
from operations .............................. 24,665,891 10,143,884
------------------ ------------------
Dividends and Distributions to
shareholders:
From net investment income:
Institutional shares ......................... (24,101,562) (22,277,216)
Common shares ................................ (3,752) (2,149)
From net realized capital gains:
Institutional shares ......................... (369,326) (4,420,509)
Common shares ................................ (120) (11)
------------------ ------------------
Total distributions to shareholders ............... (24,474,760) (26,699,885)
------------------ ------------------
Net capital share transactions .................... 89,205,884 (26,029,500)
------------------ ------------------
Total increase/(decrease) in net assets ........... 89,397,015 (42,585,501)
Net Assets:
Beginning of year .............................. 350,947,611 393,533,112
------------------ ------------------
End of year .................................... $ 440,344,626 $ 350,947,611
================== ==================
Undistributed net investment income ............... $ 5,065,034 $ 4,903,858
================== ==================
</TABLE>
See Accompanying Notes to Financial Statements.
24
<PAGE>
================================================================================
CREDIT SUISSE INSTITUTIONAL FUNDS
INTERNATIONAL GROWTH FUND
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
INSTITUTIONAL COMMON
----------------------------------------------------- ----------------
FOR THE PERIOD
FOR THE YEAR ENDED AUGUST 31, SEPTEMBER 1, 1999
----------------------------------------------------- TO JANUARY 7,
2000 1999 1998 1997 1996 2000**
-------- -------- -------- -------- -------- ----------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period ................... $ 23.47 $ 22.70 $ 22.22 $ 19.41 $ 18.24 $ 23.25
-------- -------- -------- -------- -------- -------
Income from investment operations
Net investment income/(loss) ........ 0.05 0.14 0.15 0.18 0.19 (0.04)
Net gain on investments and
foreign currency transactions (both
realized and unrealized) .......... 4.19 2.90 3.26 2.89 1.05 4.80
-------- -------- -------- -------- -------- -------
Total from investment operations .... 4.24 3.04 3.41 3.07 1.24 4.76
-------- -------- -------- -------- -------- -------
Less dividends and distributions
Dividends from net investment
income ............................ (0.10) (0.28) -- (0.26) (0.07) --
Distributions from net realized
capital gains ..................... (4.00) (1.99) (2.93) -- -- (4.00)
-------- -------- -------- -------- -------- -------
Total dividends and distributions ... (4.10) (2.27) (2.93) (0.26) (0.07) (4.00)
-------- -------- -------- -------- -------- -------
Net asset value, end of period .......... $ 23.61 $ 23.47 $ 22.70 $ 22.22 $ 19.41 $ 24.01
======== ======== ======== ======== ======== =======
Total return ............................ 17.81% 13.88% 16.74% 15.93% 6.81%2 20.62%3
Ratios/Supplemental Data:
Net assets, end of period
(000s omitted) ...................... $505,914 $675,118 $623,482 $568,510 $682,271 $ --
Ratio of expenses to
average net assets .................. 1.07% 1.21%1 1.14%1 1.16%1 1.19%1 1.27%4
Ratio of net investment
income/(loss) to average net assets . 0.04% 0.60% 0.72% 0.71% 0.84% (0.73)%4
Fund turnover rate .................... 128% 182% 141% 126% 86% 128%
</TABLE>
<TABLE>
<CAPTION>
COMMON
---------------------
FOR THE YEAR ENDED FOR THE PERIOD
AUGUST 31, NOVEMBER 1, 1996*
--------------------- TO AUGUST 31,
1999 1998 1997
------- ------- ---------------
<S> <C> <C> <C>
Net asset value,
beginning of period ................... $ 22.56 $ 22.17 $ 19.67
------- ------- -------
Income from investment operations
Net investment income/(loss) ........ 0.12(DAGGER) 0.03 0.36
Net gain on investments and
foreign currency transactions (both
realized and unrealized) .......... 2.83 3.29 2.40
------- ------- -------
Total from investment operations .... 2.95 3.32 2.76
------- ------- -------
Less dividends and distributions
Dividends from net investment
income ............................ (0.27) -- (0.26)
Distributions from net realized
capital gains ..................... (1.99) (2.93) --
------- ------- -------
Total dividends and distributions ... (2.26) (2.93) (0.26)
------- ------- -------
Net asset value, end of period .......... $ 23.25 $ 22.56 $ 22.17
======= ======= =======
Total return ............................ 13.52% 16.33% 14.14%3
Ratios/Supplemental Data:
Net assets, end of period
(000s omitted) ...................... $ 8,776 $ 1,620 $147
Ratio of expenses to
average net assets .................. 1.50%1 1.40%1 1.43%1,4
Ratio of net investment
income/(loss) to average net assets . 0.31% 0.58% 1.15%4
Fund turnover rate .................... 182% 141% 126%3
<FN>
-----------------------------
1 Without the voluntary waiver of advisory fees and administration fees, the
ratios of expenses to average net assets for the Institutional Class would
have been 1.22%, 1.23%, 1.25% and 1.22% for the years ended August 31, 1999,
1998, 1997 and 1996, respectively. Without the voluntary waiver of advisory
fees and administration fees, the ratios of expenses to average net assets for
the Common Class would have been 1.51% and 1.48% for the years ended August
31, 1999 and 1998, respectively, and 1.53% annualized for the period ended
August 31, 1997.
2 Redemption fees not reflected in total return.
3 Not annualized.
4 Annualized.
* Commencement of operations.
** Last day of operations.
(DAGGER) Per Share information is calculated using the average share outstanding
method.
</FN>
</TABLE>
See Accompanying Notes to Financial Statements.
25
<PAGE>
================================================================================
CREDIT SUISSE INSTITUTIONAL FUNDS
U.S. CORE EQUITY FUND
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
INSTITUTIONAL COMMON
----------------------------------------------------- -----------------
FOR THE PERIOD
FOR THE YEAR ENDED AUGUST 31, SEPTEMBER 1, 1999
----------------------------------------------------- TO JANUARY 7,
2000 1999 1998 1997 1996 2000**
------- ------- ------- ------- ------- -----------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period ................ $ 19.58 $ 21.73 $ 24.40 $ 19.05 $ 17.86 $ 19.53
------- ------- ------- ------- ------- -------
Income from investment operations
Net investment income ........................... 0.07 0.07 0.01 0.14 0.20 0.02
Net gain on investments
(both realized and unrealized) ................ 3.99 7.56 0.88 6.82 2.81 2.68
------- ------- ------- ------- ------- -------
Total from investment operations ................ 4.06 7.63 0.89 6.96 3.01 2.70
------- ------- ------- ------- ------- -------
Less dividends and distributions
Dividends from net investment income ............ (0.07) (0.04) (0.13) (0.20) (0.21) (0.04)
Distributions from net realized capital gains ... (2.98) (9.74) (3.43) (1.41) (1.61) (2.98)
------- ------- ------- ------- ------- -------
Total dividends and distributions ............... (3.05) (9.78) (3.56) (1.61) (1.82) (3.02)
------- ------- ------- ------- ------- -------
Net asset value, end of period ...................... $ 20.59 $ 19.58 $ 21.73 $ 24.40 $ 19.05 $ 19.21
======= ======= ======= ======= ======= =======
Total return ........................................ 22.90% 38.07% 3.18% 38.32% 17.59% 14.82%2
Ratios/Supplemental Data:
Net assets, end of period (000s omitted) .......... $68,343 $70,081 $63,514 $86,182 $59,015 $ --
Ratio of expenses to average net assets ........... 1.00%1 0.99%1 1.00%1 1.00%1 1.00%1 1.11%1,3
Ratio of net investment income to average
net assets ...................................... 0.32% 0.32% 0.23% 0.67% 1.25% 0.29%3
Fund turnover rate ................................ 97% 110% 164% 93% 127% 97%2
</TABLE>
COMMON
-----------------
FOR THE PERIOD
OCTOBER 30, 1998*
TO AUGUST 31,
1997
-----------------
Net asset value, beginning of period ................ $ 25.22
-------
Income from investment operations
Net investment income ........................... 0.04
Net gain on investments
(both realized and unrealized) ................ 4.05
-------
Total from investment operations ................ 4.09
-------
Less dividends and distributions
Dividends from net investment income ............ (0.04)
Distributions from net realized capital gains ... (9.74)
-------
Total dividends and distributions ............... (9.78)
-------
Net asset value, end of period ...................... $ 19.53
=======
Total return ........................................ 18.67%2
Ratios/Supplemental Data:
Net assets, end of period (000s omitted) .......... $ 134
Ratio of expenses to average net assets ........... 1.26%1,3
Ratio of net investment income to average
net assets ...................................... 0.02%3
Fund turnover rate ................................ 110%2
------------------------------
1 Without the voluntary waiver of advisory fees and administration fees, the
ratios of expenses to average net assets for the Institutional Class would
have been 1.14%, 1.22%, 1.18%, 1.18% and 1.34% for the years ended August 31,
2000, 1999, 1998, 1997 and 1996, respectively. Without the voluntary waiver of
advisory fees and administration fees, the ratios of expenses to average net
assets for the Common Class would have been 1.29% annualized for the period
ended January 7, 2000 and 1.51% annualized for the period ended August 31,
1999.
2 Not Annualized.
3 Annualized.
* Commencement of operations.
** Last day of operations.
See Accompanying Notes to Financial Statements.
26
<PAGE>
================================================================================
CREDIT SUISSE INSTITUTIONAL FUNDS
U.S. CORE FIXED INCOME FUND
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
INSTITUTIONAL COMMON
---------------------------------------------------- -----------------
FOR THE PERIOD
FOR THE YEAR ENDED AUGUST 31, SEPTEMBER 1, 1999
---------------------------------------------------- TO JANUARY 7,
2000 1999 1998 1997 1996 2000**
-------- -------- -------- -------- -------- -----------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period .................. $ 15.01 $ 15.72 $ 15.65 $ 15.06 $ 15.42 $ 14.99
-------- -------- -------- -------- -------- -------
Income from investment operations
Net investment income ............................. 0.94 0.93 0.84 0.92 0.95 0.47
Net gain/(loss) on investments, futures and foreign
currency transactions (both realized and
unrealized) ..................................... (0.01) (0.56) 0.33 0.76 (0.16) (0.21)
-------- -------- -------- -------- -------- -------
Total from investment operations .................. 0.93 0.37 1.17 1.68 0.79 0.26
-------- -------- -------- -------- -------- -------
Less dividends and distributions
Dividends from net investment income .............. (0.97) (0.91) (0.87) (0.97) (0.93) (0.54)
Distributions from net realized capital gains ..... (0.02) (0.17) (0.23) (0.12) (0.22) (0.02)
-------- -------- -------- -------- -------- -------
Total dividends and distributions ................. (0.99) (1.08) (1.10) (1.09) (1.15) (0.56)
-------- -------- -------- -------- -------- -------
Net asset value, end of period ........................ $ 14.95 $ 15.01 $ 15.72 $ 15.65 $ 15.06 $ 14.69
======== ======== ======== ======== ======== =======
...................................................... 6.43% 2.37% 7.77% 11.53% 5.23% 1.70%2
Ratios/Supplemental Data:
Net assets, end of period (000s omitted) ............ $440,345 $350,844 $393,533 $177,219 $118,596 $ --
Ratio of expenses to average net assets ............. 0.45%1 0.44%1 0.47%1 0.50%1 0.50%1 0.58%1,3
Ratio of net investment income to average
net assets ........................................ 6.51% 5.90% 5.87% 6.31% 6.43% 6.38%3
Fund turnover rate .................................. 520% 569% 372% 372% 201% 520%2
</TABLE>
COMMON
------------------
FOR THE PERIOD
OCTOBER 30, 1998*
TO AUGUST 31, 1999
------------------
Net asset value, beginning of period .................. $ 15.68
-------
Income from investment operations
Net investment income ............................. 0.74
Net gain/(loss) on investments, futures and foreign
currency transactions (both realized and
unrealized) ..................................... (0.58)
-------
Total from investment operations .................. 0.16
-------
Less dividends and distributions
Dividends from net investment income .............. (0.68)
Distributions from net realized capital gains ..... (0.17)
-------
Total dividends and distributions ................. (0.85)
-------
Net asset value, end of period ........................ $ 14.99
=======
...................................................... 1.00%2
Ratios/Supplemental Data:
Net assets, end of period (000s omitted) ............ $ 104
Ratio of expenses to average net assets ............. 0.70%1,3
Ratio of net investment income to average
net assets ........................................ 5.82%3
Fund turnover rate .................................. 569%2
------------------------------
1 Without the voluntary waiver of advisory fees and administration fees, the
ratios of expenses to average net assets for the Institutional Class would
have been .56%, .62%, .74%, .78%, and .78% for the years ended August 31,
2000, 1999, 1998, 1997, and 1996, respectively. Without the voluntary waiver
of advisory fees and administration fees, the ratios of expenses to average
net assets for the Common Class would have been .78% annualized for the period
ended January 7, 2000 and .90% annualized for the year ended August 31, 1999.
2 Not Annualized.
3 Annualized.
* Inception Date.
** Last day of operations.
See Accompanying Notes to Financial Statements.
27
<PAGE>
================================================================================
CREDIT SUISSE INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Credit Suisse Institutional Funds covered in this report are comprised of
Credit Suisse Institutional International Growth Fund, (formerly, Warburg,
Pincus International Growth Fund, Inc.) ("International"), Credit Suisse
Institutional U.S. Core Equity Fund, (formerly, Warburg, Pincus U.S. Core Equity
Fund, Inc.) ("Core Equity"), and Credit Suisse Institutional U.S. Core Fixed
Income Fund, (formerly, Warburg, Pincus U.S. Core Fixed Income Fund, Inc.)
("Core Fixed"), which are registered under the Investment Company Act of 1940,
as amended (the "1940 Act"), as non-diversified, open-end management investment
companies. Each Fund is authorized to offer three classes of shares: Common,
Advisor and Institutional, although only Institutional shares of each Fund are
currently offered. The Common shares for International, Core Equity, and Core
Fixed were exchanged for Institutional shares of the same Fund and ceased
operations on January 7, 2000. Common shares, which are currently not being
offered, for each Fund bear expenses paid pursuant to a shareholder servicing
and distribution agreement at an annual rate not to exceed .25% of the average
daily net asset value of the Fund's outstanding Common shares. In addition, the
Common shares bear a co-administration fee.
Certain of the Funds are permitted to engage in the investment strategies
described in the Notes to Financial Statements. The Funds are not obligated to
pursue any of the following strategies and do not represent that these
techniques are available now or will be available at any time in the future.
Please refer to each Fund's prospectus(es) and statement of additional
information for a description of its investment strategies.
A) SECURITY VALUATION -- The net asset value of each Fund is
determined daily as of the close of regular trading on The New York Stock
Exchange Inc. Each Fund's securities for which market quotations are
readily available are valued at market value, which is currently determined
using the last reported sales price. If no sales are reported, as in the
case of some securities traded over-the-counter, the securities are valued
at the mean between the last reported bid and asked prices. All other
securities and assets are valued as determined in good faith by the Fund's
Board of Directors. Short-term obligations with maturities of 60 days or
less are valued at amortized cost, which approximates market value.
B) FOREIGN CURRENCY TRANSACTIONS -- Transactions denominated in
foreign currencies are recorded in each Fund's records at the current
prevailing exchange rates. Asset and liability accounts that are
denominated in a foreign currency are adjusted daily to reflect current
exchange rates. Transaction gains or losses resulting from changes in
exchange rates during the reporting period or upon settlement of the
foreign currency transaction are reported in operations for the current
period. It is not practical to isolate that portion of both realized and
unrealized gains and losses on investments in the statement of operations
that result from fluctuations in foreign currency exchange rates. Each Fund
reports certain foreign currency related transactions as components of
realized gains for financial reporting purposes, whereas such components
are treated as ordinary income (loss) for Federal income tax purposes.
C) SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security
transactions are accounted for on the trade date. The cost of investments
sold is determined by use of the specific identification method for both
financial reporting and income tax purposes. Interest income is recorded on
the accrual basis. Dividends are recorded on the ex-dividend date. Certain
expenses are class specific expenses and vary by class. Expenses not
directly attributable to a specific Fund or class are allocated based on
relative net assets of each Fund and class, respectively.
D) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Each Fund calculates
its dividends from net investment income. Net investment income includes
interest accrued and dividends earned on the Fund's portfolio securities
for the applicable period less applicable expense. International and Core
Equity will distribute substantially all of its net realized capital gains
and all net investment income, if any, to its shareholders at least
annually. Core Fixed will distribute substantially all if its net realized
capital gains, if any, to its shareholders at least annually and will
distribute net investment income at least quarterly.
The character of distributions made during the year for net investment
income or net realized gains may differ from their ultimate
characterization for Federal income tax purposes due to generally accepted
accounting principles (GAAP) and tax differences in the character of income
and expense recognition. These differences are primarily due to differing
treatments for net operating losses, paydowns on mortgage-backed
securities, passive foreign investment companies, and forward foreign
currency contracts. To the extent these differences are permanent in
nature, such amounts are reclassified within capital accounts based on U.S.
tax-basis treatment. Temporary differences do not require reclassification.
28
<PAGE>
================================================================================
CREDIT SUISSE INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
At August 31, 2000, International and Core Fixed reclassified
$1,612,315 and $(19,511), respectively, from accumulated net realized
gain/(loss) to undistributed net investment income. International
reclassified $12,677,806 from accumulated net realized gain to capital
contributions.
In order to fulfill redemption requests, International Growth
transferred appreciated securities in the amount of $58,569,983 during the
year. For purposes of GAAP, this tranaction is treated as a sale of
securities and a gain is recognized based on the market value of the
securities on the date of the in-kind transfer. For tax purposes, the
securities transferred in-kind keep their original cost basis and no gains
are recognized. The result is a permanent difference of $12,677,806 related
to gains recognized on the books, but not for tax purposes.
E) FEDERAL INCOME TAXES -- No provision is made for Federal taxes as
it is each Fund's intention to qualify for and elect the tax treatment
applicable to regulated investment companies under the Internal Revenue
Code of 1986, as amended and make the requisite distributions to its
shareholders which will be sufficient to relieve it from Federal income and
excise taxes.
F) USE OF ESTIMATES -- The preparation of financial statements in
conformity with GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those
estimates.
G) REPURCHASE AGREEMENTS -- Money market instruments may be purchased
from banks and non-bank dealers subject to the seller's agreement to
repurchase them at an agreed upon date and price. Collateral for repurchase
agreements may have longer maturities than the maximum permissible
remaining maturity of portfolio investments. The seller will be required on
a daily basis to maintain the value of the securities subject to the
agreement at not less than the repurchase price. The agreements are
conditional upon the collateral being deposited under the Federal Reserve
book-entry system or held in a separate account by each Fund's custodian or
an authorized securities depository.
H) FUTURES TRANSACTIONS -- A Fund invests in futures contracts for the
purpose of hedging its existing portfolio securities, or securities that
the Fund intends to purchase, against fluctuations in fair value caused by
changes in prevailing market interest rates or securities prices, or for
other purposes. Certain Funds may enter into futures contracts subject to
certain limitations. Upon entering into a futures contract, each Fund is
required to deposit cash or pledge U.S. Government securities of an initial
margin. Subsequent payments, which are dependent on the daily fluctuations
in the value of the underlying instrument, are made or received by the Fund
each day (daily variations margin) and are recorded as unrealized gains or
losses until the contracts are closed. When the contracts are closed, the
Fund records a realized gain or loss equal to the difference between the
proceeds from (or cost of) the closing transaction and the Fund's basis in
the contracts. Risks of entering into futures contracts include the
possibility that there will be an imperfect price correlation between the
futures contracts and the underlying securities. Second, it is possible
that a lack of liquidity for futures contracts could exist in the secondary
market, resulting in an inability to close a futures position prior to its
maturity date. Third, the purchase of a futures contract involves the risk
that a Fund could lose more than the original margin deposit required to
initiate a futures transaction.
As of August 31, 2000, Core Fixed held the following futures contracts:
<TABLE>
FUTURES EXPIRATION CONTRACT CONTRACT UNREALIZED
CONTRACTS DATE AMOUNT VALUE GAIN/(LOSS)
---------- ---------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
U.S. Treasury 2 Year Note Futures 12/28/00 $ 3,986,875 $ 3,989,687 $ 2,812
U.S. Treasury 5 Year Note Futures 12/19/00 21,495,391 21,613,500 118,109
U.S. Treasury 10 Year Note Futures 12/19/00 1,409,766 1,410,938 1,172
U.S. Treasury 10 Year Note Futures 12/19/00 (44,722,610) (44,935,078) (212,468)
U.S. Treasury Bond Futures 12/19/00 10,333,657 10,345,063 11,406
</TABLE>
29
<PAGE>
================================================================================
CREDIT SUISSE INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
I) TBA PURCHASE COMMITMENTS -- The Funds 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 Fund's other
assets. Unsettled TBA purchase commitments are valued at the current market
value of the underlying securities, according to the procedures described
under "Security Valuation" above.
J) SECURITIES LENDING -- Loans of the 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 Fund in
connection with securities lending activity is invested in the Boston
Global Investment Trust. However, in the event of default or bankruptcy by
the other party to the agreement, realization and/or retention of the
collateral may be subject to legal proceedings. The market value of
securities on loan to brokers and the value of collateral held by each Fund
with respect to such loans at August 31, 2000 is as follows:
MARKET VALUE OF VALUE OF
FUND SECURITIES LOANED COLLATERAL RECORDED
-------------------- ----------------- -------------------
International $3,596,252 $3,757,250
K) OTHER -- Securities denominated in currencies other than U.S.
dollars are subject to changes in value due to fluctuations in exchange
rates.
Some countries in which the Funds invest require governmental approval
for the repatriation of investment income, capital or the proceeds of sales
of securities by foreign investors. In addition, if there is a
deterioration in a country's balance of payments or for other reasons, a
country may impose temporary restrictions on foreign capital remittances
abroad.
The securities exchanges of certain foreign markets are substantially
smaller, less liquid and more volatile than the major securities markets in
the United States. Consequently, acquisition and disposition of securities
by each Fund may be inhibited. In addition, a significant proportion of the
aggregate market value of equity securities listed on the major securities
exchanges in emerging markets are held by a smaller number of investors.
This may limit the number of shares available for acquisition or
disposition by a Fund.
Lower-rated debt securities (commonly known as "junk bonds") possess
speculative characteristics and are subject to greater market fluctuations
and risk of lost income and principal than higher-rated debt securities for
a variety of reasons. Also, during an economic downturn or substantial
period of rising interest rates, highly leveraged issuers may experience
financial stress which would adversely affect their ability to service
their principal and interest payment obligations, to meet projected
business goals and to obtain additional financing.
In addition, periods of economic uncertainty and changes can be
expected to result in increased volatility of market prices of lower-rated
debt securities and (to the extent a Fund invests in junk bonds) the Fund's
net asset value.
30
<PAGE>
================================================================================
CREDIT SUISSE INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
Pursuant to Investment Advisory Agreements, Credit Suisse Asset Management,
LLC ("CSAM") an indirect, wholly-owned subsidiary of Credit Suisse Group, serves
as investment adviser for each of the three Funds described herein.
For its advisory services, CSAM is entitled to receive the following fees,
computed daily and payable monthly on each Fund's average daily net assets:
FUND ANNUAL RATE
-------------------- -----------------------------------
International 0.80% of average daily net assets
Core Equity 0.75% of average daily net assets
Core Fixed 0.375% of average daily net assets
CSAM may, at its discretion, voluntarily waive all or any portion of its
advisory fee for any of the Funds. For the year ended August 31, 2000 advisory
fees and waivers for each of the three investment Funds were as follows:
GROSS NET
ADVISORY ADVISORY
FUND FEE WAIVER FEE
-------------- ------------ ------------ ------------
International $ 4,796,915 $ -- $4,796,915
Core Equity 530,149 (98,187) 431,962
Core Fixed 1,398,102 (431,351) 966,751
State Street Bank and Trust Company ("State Street"), serves as each Fund's
transfer and dividend disbursement agent. State Street has delegated most of its
Fund service obligations to Boston Financial Data Services, Inc. (BFDS), a 50%
owned subsidiary of State Street.
Counsellors Fund Services, Inc. ("CFSI"), a wholly-owned subsidiary of Credit
Suisse Asset Management, LLC., served as co-administrator of each Fund until
November 1, 1999. On November 1, 1999 Credit Suisse Asset Management Securities,
Inc. ("CSAMSI") replaced CFSI as co-administrator to each Fund. PFPC Inc.
("PFPC"), an indirect, wholly-owned subsidiary of PNC Financial Services Group,
Inc., also serves as each Fund's co-administrator. For administration services,
each Fund paid CSAMSI a fee calculated at an annual rate .05% of the Fund's
first $125 million in average daily nets assets of the Common shares and .10% of
average daily net assets of the Common shares over $125 million. No compensation
is payable by the Funds to CSAMSI for co-administration services for the
Institutional shares.
CFSI, at its discretion, voluntarily waived a portion of its
co-administration fees for Core Equity and Core Fixed. For the period September
1, 1999 to October 31, 1999, co-administration fees earned and waived by CFSI on
the Common shares were as follows:
GROSS NET
ADMISTRATION ADMISTRATION
FUND FEE WAIVER FEE
-------------- ------------ ------------ ------------
International $764 $ -- $764
Core Equity 11 (9) 2
Core Fixed 10 (8) 2
CSAMSI, at its discretion, voluntarily waived a portion of its
co-administrative fee for Core Equity and Core Fixed. For the period November 1,
1999 to January 10, 2000, co-administrative service fees earned and waived by
CSAMSI on the Common shares were as follows:
GROSS NET
CO-ADMISTRATION CO- ADMISTRATION
FUND FEE WAIVER FEE
-------------- --------------- ------------ ----------------
International $853 $ -- $853
Core Equity 15 (12) 3
Core Fixed 10 (8) 2
31
<PAGE>
================================================================================
CREDIT SUISSE INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (CONTINUED)
For administration services, PFPC received a fee, for the period September 1,
1999 to July 31, 2000, calculated at an annual rate of .125% on each Fund's
average daily net assets (except Core Fixed), subject to a minimum annual fee
and exclusive of out-of-pocket expenses. For Core Fixed, PFPC received a fee
calculated at an annual rate of .09% of the Fund's first $200 million in average
daily net assets, .065% for the next $100 million of average daily net assets
and .05% for over $300 million in average daily net assets, subject to a minimum
annual fee and exclusive of out-of-pocket expenses. As of August 1, 2000, PFPC
receives a fee calculated on each Fund's average daily net assets, subject to a
minimum annual fee and exclusive of out-of-pocket expenses, as follows:
FUND ANNUAL RATE
--------------------- ---------------------------------
International .11% for the first $500 million
.09% for next $1 billion
.07% for over $1.5 billion
Core Equity .10% for the first $500 million
.08% for next $1 billion
.06% for over $1.5 billion
Core Fixed .07% for the first $150 million
.06% for next $150 million
.05% for over $300 million
For the year ended August 31, 2000, the co-administration fees earned by
PFPC were as follows:
CO- ADMISTRATIVE
FUND FEE
--------------------- ----------------
International $742,845
Core Equity 86,936
Core Fixed 277,178
In addition to serving as each Funds co-administrator, CSAMSI served as
distributor of each Fund's shares until January 1, 2000. On January 1, 2000,
Provident Distributors, Inc. ("PDI") replaced CSAMSI as distributor to each
Fund. On August 1, 2000, CSAMSI replaced PDI as distributor to each fund. No
compensation was payable by any of the Funds to PDI or CSAMSI for distribution
services, but CSAMSI received compensation from each Fund's Common shares under
the co-administration agreement for shareholder servicing and distribution. For
the Shareholder Servicing and Distribution Plan on the Common shares, CSAMSI
received a fee calculated at an annual rate of .25% of the average daily net
assets of the Common shares of each Fund. For the period ended January 10, 2000,
shareholder services fees earned by CSAMSI were as follows:
FUND DISTRIBUTION FEE
--------------------- ----------------
International $3,819
Core Equity 57
Core Fixed 52
NOTE 3. PURCHASES AND SALES OF SECURITIES
For the year ended August 31, 2000, purchases and sales of investment
securities (other than short-term investments) were as follows:
INVESTMENT SECURITIES
--------------------------------------------
PURCHASES SALES
---------------- ----------------
International $ 750,875,946 $1,044,236,041
Core Equity 67,507,172 84,519,996
Core Fixed 2,003,767,625 1,928,884,179
32
<PAGE>
================================================================================
CREDIT SUISSE INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 4. CAPITAL SHARES
<TABLE>
INTERNATIONAL GROWTH FUND
------------------------------------------------------------------------------------------
INSTITUTIONAL COMMON
------------------------------------------------------ ---------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED FOR THE PERIOD ENDED
AUGUST 31, 2000 AUGUST 31, 1999 JANUARY 7, 2000**
--------------------------- -------------------------- -------------------------
SHARES VALUE SHARES VALUE SHARES VALUE
---------- ------------- ---------- ------------ ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 4,816,796 $ 118,433,387 11,591,187 $257,783,566 164,720 $ 3,922,608
Shares issued in
reinvestment of
dividends 4,107,321 98,493,562 2,671,406 59,839,501 55,595 1,323,700
Shares repurchased (16,261,136) (396,495,640) (12,967,216) (293,781,727) (597,695) (14,418,762)
---------- ------------- ---------- ------------ ---------- -----------
Net increase/(decrease) (7,337,019) $(179,568,691) 1,295,377 $ 23,841,340 (377,380) $(9,172,454)
========== ============= ========== ============ ========== ===========
</TABLE>
INTERNATIONAL GROWTH FUND
----------------------------
COMMON
----------------------------
FOR THE YEAR ENDED
AUGUST 31, 1999
--------------------------
SHARES VALUE
---------- -----------
Shares sold 3,185,532 $71,124,892
Shares issued in
reinvestment of
dividends 127,644 2,838,791
Shares repurchased (3,007,619) (66,621,836)
---------- -----------
Net increase/(decrease) 305,557 $ 7,341,847
========== ===========
<TABLE>
U.S. CORE EQUITY FUND
----------------------------------------------------------------------------------------
INSTITUTIONAL COMMON
------------------------------------------------------ -------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED FOR THE PERIOD ENDED
AUGUST 31, 2000 AUGUST 31, 1999 JANUARY 7, 2000**
--------------------------- -------------------------- -------------------------
SHARES VALUE SHARES VALUE SHARES VALUE
---------- ------------- ---------- ------------ ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 626,979 $12,171,794 251,693 $ 5,039,021 615 $ 11,900
Shares issued in
reinvestment of
dividends 554,388 10,045,510 1,230,678 22,619,857 1,202 21,723
Shares repurchased (1,440,669) (28,835,336) (827,554) (18,062,739) (8,663) (166,578)
--------- ----------- ---------- ----------- ------ ---------
Net increase/(decrease) (259,302) $(6,618,032) 654,817 $ 9,596,139 (6,846) $(132,955)
========= =========== ========== =========== ====== =========
</TABLE>
U.S. CORE EQUITY FUND
--------------------------------
COMMON
--------------------------------
FOR THE PERIOD OCTOBER 30, 1998*
THROUGH AUGUST 31, 1999
--------------------------------
SHARES VALUE
---------- -----------
Shares sold 9,123 $193,824
Shares issued in
reinvestment of
dividends 156 2,861
Shares repurchased (2,433) (63,918)
------ --------
Net increase/(decrease) 6,846 $132,767
====== ========
<TABLE>
U.S. CORE FIXED INCOME FUND
----------------------------------------------------------------------------------------
INSTITUTIONAL COMMON
------------------------------------------------------ -------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED FOR THE PERIOD ENDED
AUGUST 31, 2000 AUGUST 31, 1999 JANUARY 7, 2000**
--------------------------- -------------------------- -------------------------
SHARES VALUE SHARES VALUE SHARES VALUE
---------- ------------- ---------- ------------ ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 13,220,257 $ 195,738,892 16,356,857 $252,861,810 20,559 $ 307,007
Shares issued in
reinvestment of
dividends 1,561,312 23,067,990 1,697,821 26,132,715 249 3,694
Shares repurchased (8,706,563) (129,498,578) (19,716,018) (305,132,292) (27,742) (413,121)
---------- ------------- ---------- ------------ ---------- -----------
Net increase/(decrease) 6,075,006 $ 89,308,304 (1,661,340) $(26,137,767) (6,934) $ (102,420)
========== ============= ========== ============ ========== ===========
</TABLE>
U.S. CORE FIXED INCOME FUND
--------------------------------
COMMON
--------------------------------
FOR THE PERIOD OCTOBER 30, 1998*
THROUGH AUGUST 31, 1999
--------------------------------
SHARES VALUE
---------- -----------
Shares sold 10,093 $ 155,782
Shares issued in
reinvestment of
dividends 135 2,031
Shares repurchased (3,294) (49,547)
---------- -----------
Net increase/(decrease) 6,934 $ 108,266
========== ===========
* Inception Date.
** Ceased operations.
On August 31, 2000, the number of shareholders that held 5% or more of the
outstanding shares are as follows:
NUMBER OF APPROXIMATE PERCENTAGE
SHAREHOLDERS OF OUTSTANDING SHARES
-------------- ----------------------
International 6 47.87%
Core Equity 4 83.76
Core Fixed 4 48.41
33
<PAGE>
===============================================================================
CREDIT SUISSE INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 5. RESTRICTED SECURITIES
One of International's investments is restricted as to resale and is valued
at the direction of the Fund's Board of Directors in good faith, at fair value,
after taking into consideration appropriate indications of value available. The
table below shows the number of shares held, the acquisition date, value as of
August 31, 2000, percentage of net assets which the securities comprise,
aggregate cost and unit value of the securities.
<TABLE>
NUMBER OF ACQUISITION 08/31/00 PERCENTAGE OF SECURITY VALUE PER
SHARES DATE FAIR VALUE NET ASSETS COST UNIT
---------- ------------ ---------- ------------ ------------ --------
<S> <C> <C> <C> <C> <C> <C>
Geotek Communications, Inc. 600 05/26/95 0.00 0.0% $6,000,000 0.000
------ ----------
0.00 $6,000,000
====== ==========
</TABLE>
NOTE 6. FORWARD FOREIGN CURRENCY CONTRACTS
The Funds will generally enter into forward foreign currency exchange
contracts as a way of managing foreign exchange rate risk and enhance total
return. Each Fund may enter into these contracts to fix the U.S. dollar value of
a security that it has agreed to buy or sell for the period between the date the
trade was entered into and the date the security is delivered and paid for. Each
Fund may also use these contracts to hedge the U.S. dollar value of securities
denominated in foreign currencies that it already owns. The Fund may enter into
these contracts for the purchase or sale of a specific foreign currency at a
fixed price on a future date as a hedge or cross-hedge against either
transactions or portfolio positions.
Forward foreign currency contracts are valued at the forward rate, and are
marked-to-market daily. The change in market value is recorded by each Fund as
an unrealized gain or loss. When the contract is closed, each Fund records a
realized gain or loss equal to the difference between the value of the contract
at the time it was opened and the value at the time it was closed. Each Fund's
policy is to include this portion of realized and unrealized gains and losses on
investments that result from foreign currency changes with other foreign
currency gains and losses on the Statement of Operations.
The use of forward foreign currency contracts does not eliminate fluctuations
in the underlying prices of each Fund's portfolio securities, but it does
establish a rate of exchange that can be achieved in the future. Although
forward foreign currency contracts limit the risk of loss due to a decline in
the value of the hedged currency, they also limit any potential gain that might
result should the value of the currency increase. In addition, the Fund could be
exposed to risks if the counterparty to the contract is unable to meet the terms
of their contract. During the year ended August 31, 2000, Core Fixed entered
into forward foreign currency contracts. There were no open forward foreign
currency contracts at August 31, 2000.
NOTE 7. LINE OF CREDIT
The Funds, together with other funds advised by CSAM, have established a $350
million committed and a $75 million uncommitted, unsecured, line of credit
facility ("Credit Facility") with Deutche Bank, AG as administrative agent,
State Street Bank and Trust Company as operations agents, Bank of Nova Scotia as
syndication agent and certain other lenders, for temporary or emergency purposes
primarily relating to unanticipated Fund share redemption. Under the terms of
the Credit Facility, the Funds with access to the Credit Facility pay an
aggregate commitment fee at a rate of .075% per annum on the entire amount of
the Credit Facility which is allocated among the participating Funds in such
manner as is determined by the governing Boards of the various funds. In
addition the participating Funds will pay interest on borrowing at the Federal
funds rate plus .50%. During the year ending August 31, 2000, the following fund
had borrowings under the line of credit agreement.
<TABLE>
AVERAGE DAILY AVERAGE MAXIMUM DAILY LOAN OUTSTANDING
PORTFOLIO LOAN BALANCE INTEREST RATE % LOAN OUTSTANDING 08/31/00
--------- ------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
International $168,910 6.95% $11,735,000 $0
</TABLE>
NOTE 8. CAPITAL LOSS CARRYOVER
At August 31, 2000, capital loss carryovers were available to offset future
realized gains as follows: $4,605,698 in Core Fixed which expires in 2008. In
addition, Core Fixed had deferred post October losses of $5,182,316.
34
<PAGE>
===============================================================================
CREDIT SUISSE INSTITUTIONAL FUNDS
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors and Shareholders of
Credit Suisse Institutional International Growth Fund, Inc.;
Credit Suisse Institutional U.S. Core Equity Fund, Inc.;
Credit Suisse Institutional U.S. Core Fixed Income Fund, Inc.;
In our opinion, the accompanying statements of assets and liabilities including
the schedules of investments of Credit Suisse Institutional International Growth
Fund, Inc., Credit Suisse Institutional U.S. Core Equity Fund, Inc., and Credit
Suisse Institutional U.S. Core Fixed Income Fund, Inc. (all funds collectively
referred to as the "Funds") as of August 31, 2000 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 the Funds at August
31, 2000, and 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 (or periods)
in the period then ended and their financial highlights for each of the years
(or periods) presented, in conformity with accounting principles generally
accepted in the United States of America. These financial statements and
financial highlights (hereafter referred to as "financial statements") are the
responsibility of the Funds' management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with auditing standards
generally accepted in the United States of America, which require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation of securities at August
31, 2000 by correspondence with the custodian and brokers, provide a reasonable
basis for our opinion.
PricewaterhouseCoopers LLP
Two Commerce Square
2001 Market Street
Philadelphia, Pennsylvania
October 13, 2000
35
<PAGE>
===============================================================================
CREDIT SUISSE INSTITUTIONAL FUNDS
TAX INFORMATION LETTER
IMPORTANT TAX INFORMATION FOR SHAREHOLDERS OF CREDIT SUISSE INSTITITUTIONAL
GROWTH (UNAUDITED)
During the fiscal year ended August 31, 2000, the International Growth
Fund distributed $2,645,896 of foreign source income on which the Fund paid
foreign taxes of $920,102. This information is being furnished to you pursuant
to notice requirements of Section 853(a) and 855(d) of the Internal Revenue Code
1986, as amended the "Code", and the Treasury Regulations thereunder.
IMPORTANT TAX INFORMATION FOR CORPORATE SHAREHOLDERS (UNAUDITED)
Corporate shareholders should note that for the fiscal year ended
August 31, 2000, the percentage of the Fund's investment income (i.e., net
investment income plus short-term capital gains) that qualifies for the
intercorporate dividends received deductions is as follows:
PERCENTAGE
------------
Credit Suisse Institutional U.S. Core Equity Fund 18.03%
IMPORTANT TAX INFORMATION FOR SHAREHOLDERS (UNAUDITED)
During the year ended August 31, 2000, the Funds declared the following
dividends from realized capital gains:
<TABLE>
SHORT-TERM LONG-TERM
CAPITAL GAIN CAPITAL GAIN
PER SHARE PER SHARE
-------------------- --------------------
<S> <C> <C>
Credit Suisse Institutional International Growth Fund $1.8151 $2.1863
Credit Suisse Institutional U.S. Core Equity Fund 1.4124 1.5700
Credit Suisse Institutional U.S. Core Fixed Income Fund 0.0069 0.0100
</TABLE>
36
<PAGE>
P.O. Box 8500, Boston, MA 02266-8500
800-222-8977
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR CSIUS-2-0800
