<PAGE>
THE INDONESIA
FUND, INC.
------------------
SEMI-ANNUAL REPORT
JUNE 30, 2000
[PHOTO]
<PAGE>
<TABLE>
<CAPTION>
CONTENTS
<S> <C>
Letter to Shareholders .........................................1
Portfolio Summary ..............................................5
Schedule of Investments ........................................6
Statement of Assets and Liabilities ............................7
Statement of Operations ........................................8
Statement of Changes in Net Assets .............................9
Financial Highlights ..........................................10
Notes to Financial Statements .................................12
Results of Annual Meeting of Shareholders .....................16
Description of InvestLink-SM- Program .........................17
</TABLE>
PICTURED ON THE COVER IS THE BUDDHIST TEMPLE BOROBUDUR LOCATED NEAR MAGELANG,
CENTRAL JAVA.
================================================================================
<PAGE>
LETTER TO SHAREHOLDERS
July 31, 2000
DEAR SHAREHOLDER:
We are writing to report on the activities of The Indonesia Fund, Inc. (the
"Fund") for the six months ended June 30, 2000.
At June 30, 2000, the Fund's net assets were $11.4 million. The Fund's net
asset value ("NAV") was $2.48 per share, as compared to $4.48 at December 31,
1999.
PERFORMANCE: IN LINE WITH THE BROAD INDONESIAN MARKET
For the six months ended June 30, 2000, the Fund's total return, based on
NAV, was -44.6%. By comparison, the total return of the Morgan Stanley
Capital International ("MSCI") Indonesia Index (the "Index")* was -44.0%.
The Fund, essentially, kept pace with the Indonesian equity market as a whole
during the period. A blend of factors affected performance both positively
and negatively. On the positive side, we underweighted (I.E., relative to the
Index) the forest products sector based on our lack of comfort with
company-specific issues, a stance that proved helpful when the sector ended
up performing poorly. A similar rationale caused us to underweight food and
household products, which also underperformed.
An additional positive worth noting was our decision to maintain a
higher-than-normal level of cash reserves during the second quarter, a period
in which the Index fell 28.2% and Indonesia was nearly the world's
worst-performing market.
Exposure to three industry sectors proved most harmful to the Fund's overall
return:
- In merchandising, we overweighted the sector and concentrated on PT
Matahari Putra Prima Tbk (the Fund's eighth-largest holding at June 30), a
retailer that underperformed the broad Indonesian market.
- In energy, we avoided the sector completely due to its historically
inconsistent correlation with changes in oil and gas prices. Although
Indonesian energy stocks underperformed global energy stocks, they
outperformed the Index.
- In telecommunications, legal diversification requirements compelled us to
underweight the Fund's largest position, PT Telekomunikasi Indonesia ("PT
Telkom"). The Fund suffered accordingly when PT Telkom--which is the Index's
only telecom stock--outperformed.
THE MARKET: TAKING A FEW STEPS BACK
Following a banner year in 1999 (I.E., when the Index gained 89.2%), the
Indonesian equity market withstood a series of damaging blows over the first
half of 2000.
===============================================================================
1
<PAGE>
LETTER TO SHAREHOLDERS
During the first quarter, for example, the market suffered from a lack of
significant representation in "New Economy" industries like technology, media
and telecommunications. With its economy dominated by natural resource-based,
manufacturing and other "Old Economy" companies, Indonesia was thus
considered relatively unappealing by international investors, many of whom
preferred to search for richer rewards elsewhere.
Further diminishing appeal was MSCI's announcement in March that it was
reconfiguring its Asian equity indices, the net effect of which was to lessen
Indonesia's MSCI index weightings. Foreign investment capital left the
country accordingly, in favor of other markets that were larger and more
liquid.
In the second quarter, the economy's lack of progress turned attention to
political issues like still-active separatist movements, renewed violence
between Christians and Muslims, and serious allegations of high-level
corruption and political favoritism in President Abdurrahman Wahid's
administration. International observers were additionally disheartened by
policy inconsistencies, cabinet infighting and a lack of substantive progress
on the country's much-needed reform agenda.
Given the absence both of forward movement and government leadership on
economic matters, many equity buyers retreated to the sidelines. This helped
to undermine the rupiah, which fell 22% by mid-May to a level not seen since
Wahid took office in November 1999. Along the way, the Indonesian market
dropped by about 17% in rupiah terms from its May peak (I.E., as measured by
the Jakarta Stock Exchange Index).
We nonetheless note several positive developments on the macroeconomic front
that should bode well for Indonesia's future prospects:
- IMF AGREEMENT. The government's signature of a letter of intent with the
International Monetary Fund ("IMF") on May 17, 2000 signalled that their
relationship, which has been rocky at times, is getting better.
- IMPROVING DOMESTIC CONSUMPTION. Imports were up approximately 27.6% in
June, suggesting that demand for consumer goods is starting to rise.
- LOW INFLATION. The nation's Consumer Price Index grew at an annualized rate
of approximately 4.5% in July, up from earlier months but still considerably
lower than the levels to which Indonesians had become accustomed in the past
decade.
- HIGHER COMMODITY PRICES. As a member of OPEC, Indonesia's foreign account
has profited from oil prices that remain high and appear unlikely to drop
significantly any time soon. A growing global economy has also bolstered the
prices of pulp, paper and other of this resource-rich country's commodity
exports.
- BANK RESTRUCTURING. While the process of financial reform still has quite a
ways to go, the government managed a moderately successful initial public
offering for a major bank during the second quarter, thereby demonstrating
its commitment to greater privatization of the important banking sector.
- TELECOM RESTRUCTURING. The government also clarified its intention to
restructure the nation's telecommunications industry, most likely by
permitting the two largest operators to compete in each other's traditional
business.
===============================================================================
2
<PAGE>
LETTER TO SHAREHOLDERS
PORTFOLIO STRUCTURE AND STRATEGY: FAVORING CONSUMER NON-DURABLES
Within the Fund, we remain focused on well-managed, liquid, blue-chip
companies with strong cash flow, little debt and minimal foreign currency
exposure. These, we feel, are best-positioned to benefit when the
international community ultimately--and, we believe, inevitably--returns to
Indonesia in a more meaningful way.
Among industry sectors, we are overweighting the broad swath of companies
making consumer non-durables in categories like health care, personal care,
beverages, tobacco and pharmaceuticals. The fact that these are generally
cash businesses means that they are benefiting from fairly strong consumer
spending on small-ticket items that do not require credit-related financing.
Our most notable sector underweights include telecommunications and financial
services. In telecom, we are seeing a steady erosion of the incumbents'
market share, particularly in international long-distance service. The
increasingly vigorous competition from Internet-based telecom providers is
likely to continue over the long haul. High fixed costs and rapidly
depreciating assets also hurt the incumbents relative to more-competitive new
entrants.
We are underweight in the finance sector for a number of reasons. One is
simply that the local lending environment is stagnant, with relatively few
high-quality potential borrowers. Lenders also remain saddled with a large
percentage of non-performing assets, which need to be cleared from their
books before any real advances can be made. Recapitalization of the banks
will require a large amount of equity to be sold to investors, which should
place further downward pressure on share prices.
We intend to maintain the portfolio's composition going forward, at least
until Indonesia's political climate becomes less volatile and better
opportunities arise to take the place of those in which we are presently
invested.
OUTLOOK: CAUTION IS APPROPRIATE
Looking ahead, Indonesia continues to face several prominent challenges to
full economic recovery. Foremost among these is achieving a stable, capable
government that can convince international investors that it is safe to
return and put their money to work. Given recent events, this will not be an
easy task to accomplish.
More will be known in this regard when the Indonesian parliament meets in
August to discuss affairs of state, including the aforementioned allegations
of corruption and cronyism. Should President Wahid prevail at this meeting
and make real strides toward gaining credibility for his administration both
domestically and overseas, there could be an improvement in the domestic
economic outlook. If not, political and economic instability will likely
continue to dictate the market's direction.
For our part, we view the current situation as a temporary hurdle in the
nation's progress toward economic recovery. Indonesia still has a few cards
to play that should help this recovery along, notably its recently neglected
natural resource sector. Aside from its substantial oil reserves, Indonesia
is one of the world's leading producers of pulp and paper, various metals and
minerals, and other commodities on which global growth relies. If--as many
expect--this growth continues, resource-rich Indonesia should benefit.
===============================================================================
3
<PAGE>
LETTER TO SHAREHOLDERS
Another positive is that Indonesia is relatively less exposed than its Asian
counterparts to a slowdown in the U.S. economy. Its stock market is also one
of the most cheaply valued in the region, with considerably more upside, than
downside, potential. At present levels, it probably won't take a lot of good
news for the market to move sharply higher. And the government, despite its
difficulties, is demonstrably committed to stimulating the national economy
and cooperating with the IMF to do so.
In conclusion, Indonesia has yet to shrug off the malaise inflicted on it by
the various Asian currency crises of 1997. That it will, we have little
doubt. Once the recovery process begins, investors should be rewarded by
strong equity market returns stemming both from Indonesia's valuations and
its attractive long-term fundamentals.
Sincerely,
/s/ Robert B. Hrabchak ** /s/ Raoul H. Rayos***
Robert B. Hrabchak ** Raoul H. Rayos***
Chief Investment Officer Investment Officer
FROM CREDIT SUISSE ASSET MANAGEMENT, LLC:
We wish to remind shareholders whose shares are registered in their own name
that they automatically participate in the Fund's dividend reinvestment
program which is known as the InvestLink-SM-Program (the "Program"). The
program can be of value to shareholders in maintaining their proportional
ownership interest in the Fund in an easy and convenient way. A shareholder
whose shares are held in the name of a broker/dealer or nominee should
contact the Fund's Transfer Agent for details about participating in the
Program. The Program also provides for additional share repurchases. The
Program is described on pages 17 through 19 of this report.
-------------------------------------------------------------------------------
* The Morgan Stanley Capital International Indonesia Index is an unmanaged
index (with no defined investment objective) of Indonesian equities that
includes reinvestment of dividends, and is the exclusive property of Morgan
Stanley Capital International Inc.
** Robert B. Hrabchak is responsible for management of the Fund's assets and
has served the Fund in such capacity since November 17, 1998. Mr. Hrabchak is
a Director of Credit Suisse Asset Management, LLC ("CSAM"), where he is chief
investment officer for Asian equities. He joined CSAM in 1997 from Merrill
Lynch Asset Management in Hong Kong, where he was a senior portfolio manager.
Previously, he worked in corporate finance and equity capital markets for
Salomon Brothers in New York and Hong Kong; specialized in private equity
investments in Taiwan, Hong Kong and China for ChinaVest Limited; and was an
Asian portfolio manager at Chase Manhattan Bank in Hong Kong.
*** Raoul H. Rayos assists Mr. Hrabchak in management of the Fund's assets
and has served the Fund in such capacity since November 17, 1999. Mr. Rayos
is a Vice President of CSAM, where he is a portfolio manager specializing in
Asian equities. He joined CSAM in 1999 from Merrill Lynch Asset Management,
where he was a senior Asian equity analyst. Previously, he was an Asian
equity analyst for W.I. Carr in Hong Kong and worked in corporate finance for
all Asia Capital and Trust in Manila.
===============================================================================
4
<PAGE>
--------------------------------------------------------------------------------
THE INDONESIA FUND, INC.
PORTFOLIO SUMMARY - AS OF JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
SECTOR ALLOCATION
[CHART]
<TABLE>
<CAPTION>
June 30, 2000 December 31, 1999
<S> <C> <C>
Agriculture 0.89% 0.77%
Automotive 5.96% 5.86%
Beer, Beverages, Liquors & Tobacco 19.24% 20.29%
Commercial Banks 1.51% 0.00%
Financial Services 0.00% 5.10%
Fishery 0.30% 0.71%
Food & Kindred Products 5.02% 6.35%
Manufacturing 6.31% 5.43%
Medical-Drugs 11.40% 10.27%
Paper Products 9.63% 11.73%
Quarrying 1.44% 1.86%
Real Estate Development 2.46% 0.00%
Retailing 11.22% 12.51%
Telecommunications 19.01% 16.81%
Textiles 1.25% 1.65%
Cash & Other Assets 4.36% 0.66%
</TABLE>
TOP 10 HOLDINGS, BY ISSUER
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
Percent of
Holding Sector Net Assets
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
1. PT Telekomunikasi Indonesia Telecommunications 19.0
------------------------------------------------------------------------------------------------------------------------------------
2. PT Gudang Garam Tbk Beer, Beverages, Liquors & Tobacco 10.2
------------------------------------------------------------------------------------------------------------------------------------
3. PT Hanjaya Mandala Sampoerna Tbk Beer, Beverages, Liquors & Tobacco 9.1
------------------------------------------------------------------------------------------------------------------------------------
4. PT Ramayana Lestari Sentosa Tbk Retailing 6.8
------------------------------------------------------------------------------------------------------------------------------------
5. PT Astra International Tbk Automotive 6.0
------------------------------------------------------------------------------------------------------------------------------------
6. PT Indofood Sukses Makmur Tbk Food & Kindred Products 5.0
------------------------------------------------------------------------------------------------------------------------------------
7. PT Indah Kiat Pulp & Paper Corporation Tbk Paper Products 4.4
------------------------------------------------------------------------------------------------------------------------------------
8. PT Matahari Putra Prima Tbk Retailing 4.4
------------------------------------------------------------------------------------------------------------------------------------
9. PT Dankos Laboratories Tbk Medical-Drugs 4.4
------------------------------------------------------------------------------------------------------------------------------------
10. PT Tempo Scan Pacific Tbk Medical-Drugs 4.3
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
================================================================================
5
<PAGE>
--------------------------------------------------------------------------------
THE INDONESIA FUND, INC.
SCHEDULE OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
No. of Value
Description Shares/Units (Note A)
--------------------------------------------------------------------------------
<S> <C> <C>
EQUITY OR EQUITY-LINKED SECURITIES-95.64%
AGRICULTURE 0.89%
PT Perusahaan Perkebunan London
Sumatra Indonesia Tbk+ 1,235,600 $ 102,349
----------
AUTOMOTIVE-5.96%
PT Astra International Tbk+ 2,171,000 682,120
----------
BEER, BEVERAGES, LIQUORS & TOBACCO-19.24%
PT Gudang Garam Tbk 720,500 1,164,819
PT Hanjaya Mandala Sampoerna Tbk 715,500 1,038,201
----------
2,203,020
----------
COMMERCIAL BANKS-1.51%
PT Bank Internasional Indonesia,
Warrants (expiring 04/16/02)+, ++ 15,787,200 46,897
PT Bank Pan Indonesia Tbk+ 2,950,000 126,393
----------
173,290
----------
FISHERY-0.30%
PT Daya Guna Samudera Tbk 518,000 34,030
----------
FOOD & KINDRED PRODUCTS-5.02%
PT Indofood Sukses
Makmur Tbk+ 1,054,000 575,019
----------
MANUFACTURING-6.31%
PT Semen Gresik (Persero) Tbk 442,500 401,928
PT Unilever Indonesia Tbk 26,000 320,823
----------
722,751
----------
MEDICAL-DRUGS-11.40%
PT Dankos Laboratories Tbk+ 4,725,000 499,357
PT Kalbe Farma+ 4,150,000 308,198
PT Tempo Scan Pacific Tbk+ 1,227,000 497,669
----------
1,305,224
----------
PAPER PRODUCTS-9.63%
Asia Pulp & Paper
Company Ltd. ADR+ 90,900 460,181
PT Indah Kiat Pulp & Paper
Corporation Tbk+,+++ 2,510,500 509,127
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
No. of Value
Description Shares (Note A)
--------------------------------------------------------------------------------
<S> <C> <C>
PAPER PRODUCTS (CONTINUED)
PT Pabrik Kertas Tjiwi Kimia+ 801,811 $ 132,834
----------
1,102,142
----------
QUARRYING-1.44%
PT Tambang Timah Tbk 555,000 164,867
----------
REAL ESTATE DEVELOPMENT-2.46%
PT Jaya Real Property Tbk+ 3,283,000 281,320
----------
RETAILING-11.22%
PT Matahari Putra Prima Tbk+ 5,941,000 509,083
PT Ramayana Lestari
Sentosa Tbk+ 1,211,500 775,139
----------
1,284,222
----------
TELECOMMUNICATIONS-19.01%
PT Telekomunikasi Indonesia 2,534,220 890,343
PT Telekomunikasi
Indonesia ADR 185,442 1,286,504
----------
2,176,847
----------
TEXTILES-1.25%
PT Indo-Rama
Synthetics Tbk+ 1,470,000 142,759
----------
TOTAL INVESTMENTS 95.64%
(Cost $16,742,597) (Notes A,D) 10,949,960
CASH AND OTHER ASSETS IN EXCESS OF
LIABILITIES-4.36% 499,532
----------
NET ASSETS-100.00% $11,449,492
============
</TABLE>
--------------------------------------------------------------------------------
+ Security is non-income producing.
++ With additional 397,837,440 call options attached, expiring 05/28/02, and
126,297,600 certificates of entitlement attached, maturing 06/30/02, with
no market value.
+++ With additional 5 warrants attached, expiring 07/11/02, with no market
value.
ADR American Depositary Receipts.
================================================================================
6 See accompanying notes to financial statements.
<PAGE>
-------------------------------------------------------------------------------
THE INDONESIA FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES - JUNE 30, 2000 (UNAUDITED)
-------------------------------------------------------------------------------
<TABLE>
ASSETS
<S> <C>
Investments, at value (Cost $16,742,597)(Note A) $ 10,949,960
Cash (including $608,896 of foreign currency with a cost of $661,881)(Note A) 612,639
Dividend receivable 4,797
Prepaid expenses 8,193
------------
Total Assets 11,575,589
------------
LIABILITIES
Payables:
Investment advisory fee (Note B) 31,389
Administration fees (Note B) 4,201
Other accrued expenses 90,507
-------------
Total Liabilities 126,097
-------------
NET ASSETS (applicable to 4,608,989 shares of common stock outstanding) (Note C) $ 11,449,492
=============
NET ASSET VALUE PER SHARE ($11,449,492 / 4,608,989) $ 2.48
=============
NET ASSETS CONSIST OF
Capital stock, $0.001 par value; 4,608,989 shares issued and outstanding
(100,000,000 shares authorized) $ 4,609
Paid-in capital 60,557,698
Accumulated net investment loss (188,631)
Accumulated net realized loss on investments and foreign currency related transactions (43,078,561)
Net unrealized depreciation in value of investments and translation of other assets and liabilities
denominated in foreign currency (5,845,623)
-------------
Net assets applicable to shares outstanding $ 11,449,492
=============
</TABLE>
===============================================================================
See accompanying notes to financial statements. 7
<PAGE>
-------------------------------------------------------------------------------
THE INDONESIA FUND, INC.
STATEMENT OF OPERATIONS - FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
INVESTMENT INCOME
Income (Note A):
Dividends $ 83,909
Interest 15,262
Less: Foreign taxes withheld (12,586)
-------
Total Investment Income 86,585
-------
Expenses:
Investment advisory fees (Note B) 74,275
Audit and legal fees 45,216
Printing 37,310
Custodian fees 34,944
Accounting fees 22,439
Transfer agent fees 17,970
Directors' fees 11,559
Administration fees (Note B) 10,055
NYSE listing fees 8,063
Insurance 4,277
Other 9,108
-------
Total Expenses 275,216
-------
Net Investment Loss (188,631)
-------
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND FOREIGN CURRENCY
RELATED TRANSACTIONS
Net realized loss from:
Investments (1,047,128)
Foreign currency related transactions (11,597)
Net change in unrealized appreciation in value of investments and translation of other assets and
liabilities denominated in foreign currency (7,972,533)
-----------
Net realized and unrealized loss on investments and foreign currency related transactions (9,031,258)
-----------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $(9,219,889)
===========
</TABLE>
===============================================================================
8 See accompanying notes to financial statements.
<PAGE>
-------------------------------------------------------------------------------
THE INDONESIA FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the Six Months For the Year
Ended June 30, 2000 Ended
(unaudited) December 31, 1999
------------------- -----------------
<S> <C> <C>
INCREASE/(DECREASE) IN NET ASSETS
Operations:
Net investment loss $ (188,631) $ (241,603)
Net realized loss on investments and foreign currency related transactions (1,058,725) (1,922,090)
Net change in unrealized appreciation/(depreciation) in value of investments
and translation of other assets and liabilities denominated in foreign
currency (7,972,533) 10,549,373
---------- ----------
Net increase/(decrease) in net assets resulting from operations (9,219,889) 8,385,680
---------- ----------
Distributions to shareholders (Note A):
Net realized gain on investments and foreign currency related transactions -- (207,405)
---------- ----------
Total increase/(decrease) in net assets (9,219,889) 8,178,275
--------- ----------
NET ASSETS
Beginning of period 20,669,381 12,491,106
---------- ----------
End of period $11,449,492 $20,669,381
=========== ===========
</TABLE>
===============================================================================
See accompanying notes to financial statements. 9
<PAGE>
--------------------------------------------------------------------------------
THE INDONESIA FUND, INC.
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
Contained below is per share operating performance data for a share of common
stock outstanding, total investment return, ratios to average net assets and
other supplemental data for each period indicated. This information has been
derived from information provided in the financial statements and market price
data for the Fund's shares.
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the Six Months
Ended
June 30, 2000 --------------------
(unaudited) 1999 1998
------------------ ---- ----
<S> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period............... $ 4.48 $ 2.71 $ 3.58
------- ------- -------
Net investment income/(loss)....................... (0.04) (0.05) (0.04)
Net realized and unrealized gain/(loss) on
investments and foreign currency related
transactions...................................... (1.96) 1.87 (0.83)
------- ------- -------
Net increase/(decrease) in net assets
resulting from operations........................ (2.00) 1.82 (0.87)
------- ------- -------
Dividends and distributions to shareholders:
Net investment income............................ -- -- --
Net realized gain on investments and foreign
currency related transactions................... -- (0.05) --
------- ------- -------
Total dividends and distributions to shareholders.. -- (0.05) --
------- ------- -------
Net asset value, end of period..................... $ 2.48 $ 4.48 $ 2.71
======= ======= =======
Market value, end of period........................ $ 3.375 $ 5.438 $ 3.438
======= ======= =======
Total investment return (a)........................ (37.93)% 59.58% (25.68)%
======= ======= =======
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)............ $11,449 $20,669 $12,491
Ratio of expenses to average net assets............ 3.71%(b) 3.18% 4.21%
Ratio of net investment income/(loss) to average
net assets........................................ (2.54)%(b) (1.43)% (1.37)%
Portfolio turnover rate............................ 10.05% 47.38% 36.58%
</TABLE>
--------------------------------------------------------------------------------
* Commencement of investment operations.
** Initial public offering price of $15.00 per share less underwriting discount
of $1.05 per share and offering expenses of $0.17 per share.
(a) Total investment return at market value is based on the changes in market
price of a share during the period and assumes reinvestment of dividends and
distributions, if any, at actual prices pursuant to the Fund's dividend
reinvestment program. Total investment return does not reflect brokerage
commissions or initial underwriting discounts and has not been annualized.
(b) Annualized.
================================================================================
10 See accompanying notes to financial statements.
<PAGE>
--------------------------------------------------------------------------------
THE INDONESIA FUND, INC.
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the Years Ended December 31,
------------------------------------------------------------------------
1997 1996 1995 1994 1993 1992 1991
------ ------ ------ ------ ------ ------ -----
<S> <C> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period............... $10.68 $9.34 $9.18 $14.03 $7.63 $7.72 $10.38
------ ------ ------ ------- ------ ------ ------
Net investment income/(loss)....................... 0.03 0.01 -- (0.03) (0.03) 0.01 0.04
Net realized and unrealized gain/(loss) on
investments and foreign currency related
transactions...................................... (7.13) 1.33 0.16 (4.82) 6.43 (0.10) (2.65)
------ ------ ------ ------- ------ ------ ------
Net increase/(decrease) in net assets
resulting from operations........................ (7.10) 1.34 0.16 (4.85) 6.40 (0.09) (2.61)
------ ------ ------ ------- ------ ------ ------
Dividends and distributions to shareholders:
Net investment income............................ -- -- -- -- -- -- (0.05)
Net realized gain on investments and foreign
currency related transactions................... -- -- -- -- -- -- --
------ ------ ------ ------- ------ ------ ------
Total dividends and distributions to shareholders.. -- -- -- -- -- -- (0.05)
------ ------ ------ ------- ------ ------ ------
Net asset value, end of period..................... $3.58 $10.68 $9.34 $9.18 $14.03 $7.63 $7.72
====== ====== ====== ======= ====== ====== ======
Market value, end of period........................ $4.625 $9.750 $10.125 $12.000 $20.750 $9.000 $8.375
====== ====== ====== ======= ====== ====== ======
Total investment return (a)........................ (52.56)% (3.70)% (15.63)% (42.17)% 130.56% 7.46% (14.71)%
====== ====== ====== ======= ====== ====== ======
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)............ $16,486 $49,223 $43,060 $42,297 $64,661 $35,186 $35,590
Ratio of expenses to average net assets............ 1.89% 1.91% 1.96% 1.83% 1.98% 2.04% 2.00%
Ratio of net investment income/(loss) to average
net assets........................................ 0.33% 0.10% 0.05% (0.25)% (0.30)% 0.09% 0.49%
Portfolio turnover rate............................ 48.19% 34.67% 24.10% 31.56% 63.77% 22.39% 32.27%
</TABLE>
<TABLE>
<CAPTION>
For the Period
March 9, 1990*
through
December 31, 1990
-----------------
<S> <C>
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period............... $13.78**
-------
Net investment income/(loss)....................... 0.22
Net realized and unrealized gain/(loss) on
investments and foreign currency related
transactions...................................... (2.90)
-------
Net increase/(decrease) in net assets
resulting from operations........................ (2.68)
-------
Dividends and distributions to shareholders:
Net investment income............................ (0.19)
Net realized gain on investments and foreign
currency related transactions................... (0.53)
-------
Total dividends and distributions to shareholders.. (0.72)
-------
Net asset value, end of period..................... $10.38
=======
Market value, end of period........................ $9.875
=======
Total investment return (a)........................ (24.15)%
=======
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)............ $47,817
Ratio of expenses to average net assets............ 2.15%(b)
Ratio of net investment income/(loss) to average
net assets........................................ 2.05%(b)
Portfolio turnover rate............................ 17.68%
</TABLE>
===============================================================================
11
<PAGE>
--------------------------------------------------------------------------------
THE INDONESIA FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
--------------------------------------------------------------------------------
NOTE A. SIGNIFICANT ACCOUNTING POLICIES
The Indonesia Fund, Inc. (the "Fund") was incorporated in Maryland on
January 8, 1990 and commenced investment operations on March 9, 1990. The
Fund is registered under the Investment Company Act of 1940, as amended,
as a closed-end, non-diversified management investment company.
Significant accounting policies are as follows:
MANAGEMENT ESTIMATES: The preparation of financial statements in accordance
with generally accepted accounting principles generally accepted in the
United States requires management to make certain estimates and assumptions
that may affect the reported amounts and disclosures in the financial
statements. Actual results could differ from those estimates.
PORTFOLIO VALUATION: Investments are stated at value in the accompanying
financial statements. All equity securities shall be valued at the closing
price on the exchange or market on which the security is primarily traded
("Primary Market"). If the security did not trade on the Primary Market, it
shall be valued at the closing price on another exchange where it trades. If
there are no such sale prices, the value shall be the most recent bid, and if
there is no bid, the security shall be valued at the most recent asked. If no
pricing service is available and there are more than two dealers, the value
shall be the mean of the highest bid and lowest ask. If there is only one
dealer, then the value shall be the mean if bid and ask are available,
otherwise the value shall be the bid. Ministry of Finance Decree 467 (1997)
stated that foreign investors were allowed to purchase up to 100% of the
shares of Indonesian companies offered to the public in the primary market,
except for shares in the banking sector. Prior to May 21, 1999, foreign
investors were allowed to purchase up to 49% of the shares in the banking
sector offered to the public in the primary market. When foreign investors
owned 49% of such shares and a foreign market quotation was available, the
foreign quotation was used. If less than 49% of these shares offered to the
public were owned by foreign investors, there was no foreign market quotation
available, therefore the local market quotation was used. Local banking
shares generally traded at a discount to foreign banking shares when 49% of
the shares offered to the public were owned by foreign investors. Effective
May 21, 1999, Bank Indonesia, the Indonesian central bank, announced that the
foreign ownership limit in Indonesian banks had been raised from 49 percent
to 99 percent. Local investors must retain at least 1 percent ownership in
banks. Banking is the only sector in Indonesia which has a foreign ownership
limit. A local market quotation is used for the banking sector. All other
securities and assets are valued at the fair value as determined in good
faith by the Board of Directors. Short-term investments having a maturity of
60 days or less are valued on the basis of amortized cost. The net asset
value per share of the Fund is calculated on each business day, with the
exception of those days on which the New York Stock Exchange is closed.
CASH: Deposits held at Brown Brothers Harriman & Co., the Fund's custodian,
in variable rate accounts are classified as cash. At June 30, 2000, the
interest rates were 6.00% and 7.97% for the U.S. dollar denominated cash
account and the Indonesia rupiah account, respectively, which resets on a
daily basis. Amounts on deposit are generally available on the same business
day.
INVESTMENT TRANSACTIONS AND INVESTMENT INCOME: Investment 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 an accrual basis;
dividend income is recorded on the ex-dividend date.
TAXES: No provision is made for U.S. federal income or excise taxes as it is
the Fund's intention to continue to
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THE INDONESIA FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
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qualify as a regulated investment company and to make the requisite
distributions to its shareholders which will be sufficient to relieve it from
all or substantially all U.S. federal income and excise taxes.
At December 31, 1999, the Fund had a capital loss carryforward for U.S.
federal income tax purposes of $40,578,633 of which $1,666,081 expires in
2000; $683,625 expires in 2001; $8,617,662 expires in 2002; $6,619,896
expires in 2003; $4,688,411 expires in 2004; $3,265,956 expires in 2005;
$13,254,308 expires in 2006 and $1,782,694 expires in 2007.
For U.S. federal income tax purposes, realized capital losses and foreign
exchange losses incurred after October 31, 1999, within the prior fiscal
year, are deemed to arise on the first day of the current fiscal year. The
Fund incurred and elected to defer such losses of $433,733 and $6,751,
respectively.
Income received by the Fund from sources within Indonesia and other countries
may be subject to withholding and other taxes imposed by such countries.
FOREIGN CURRENCY TRANSLATIONS: The books and records of the Fund are
maintained in U.S. dollars. Foreign currency amounts are translated into U.S.
dollars on the following basis:
(I) market value of investment securities, assets and liabilities at the
current rate of exchange; and
(II) purchases and sales of investment securities, income and expenses at
the relevant rates of exchange prevailing on the respective dates of
such transactions.
The Fund does not isolate that portion of gains and losses in investments in
equity securities which is due to changes in the foreign exchange rates from
that which is due to changes in market prices of equity securities.
Accordingly, realized and unrealized foreign currency gains and losses with
respect to such securities are included in the reported net realized and
unrealized gains and losses on investment transaction balances.
Net currency gains from valuing foreign currency denominated assets and
liabilities at period end exchange rates are reflected as a component of net
unrealized appreciation/depreciation in value of investments and translation
of other assets and liabilities denominated in foreign currency.
Net realized foreign exchange losses represent foreign exchange gains and
losses from transactions in foreign currencies and forward foreign currency
contracts, exchange gains or losses realized between the trade date and
settlement date on security transactions, and the difference between the
amounts of interest and dividends recorded on the Fund's books and the U.S.
dollar equivalent of the amounts actually received.
DISTRIBUTIONS OF INCOME AND GAINS: The Fund distributes at least annually to
shareholders, substantially all of its net investment income and net realized
short-term capital gains, if any. The Fund determines annually whether to
distribute any net realized long-term capital gains in excess of net realized
short-term capital losses, including capital loss carryovers, if any. An
additional distribution may be made to the extent necessary to avoid the
payment of a 4% U.S. federal excise tax. Dividends and distributions to
shareholders are recorded by the Fund on the ex-dividend date.
The character of distributions made during the year from net investment
income or net realized gains may differ from their ultimate characterization
for U.S. federal income tax purposes due to U.S. generally accepted
accounting principles/tax differences in the character of income and expense
recognition.
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13
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THE INDONESIA FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
OTHER: Securities denominated in currencies other than U.S. dollars are subject
to changes in value due to fluctuations in exchange rates.
Investment in Indonesian securities requires consideration of certain factors
that are not normally involved in investments in U.S. securities. The
Indonesian securities market is an emerging market characterized by a small
number of company listings, high price volatility and a relatively illiquid
secondary trading environment. These factors, coupled with restrictions on
investment by foreigners and other factors, limit the supply of securities
available for investment by the Fund. This will affect the rate at which the
Fund is able to invest in Indonesian securities, the purchase and sale prices
for such securities and the timing of purchases and sales.
The limited liquidity of the Indonesian securities markets may also affect
the Fund's ability to acquire or dispose of securities at a price and time
that it wishes to do so. Accordingly, in periods of rising market prices, the
Fund may be unable to participate in such price increases fully to the extent
that is unable to acquire desired portfolio positions quickly; conversely the
Fund's inability to dispose fully and promptly of positions in declining
markets will cause its net asset value to decline as the value of unsold
positions is marked to lower prices.
NOTE B. AGREEMENTS
Credit Suisse Asset Management, LLC ("CSAM"), serves as the Fund's investment
adviser with respect to all investments. As compensation for its advisory
services, CSAM receives from the Fund an annual fee, calculated weekly and
paid quarterly, equal to 1.00% of the Fund's average weekly net assets. For
the six months ended June 30, 2000, CSAM earned $74,275 for advisory
services. CSAM also provides certain administrative services to the Fund and
is reimbursed by the Fund for costs incurred on behalf of the Fund (up to
$20,000 per annum). For the six months ended June 30, 2000, CSAM was
reimbursed $2,628 for administrative services rendered to the Fund.
Bear Stearns Funds Management Inc. ("BSFM") serves as the Fund's
administrator. The Fund pays BSFM a monthly fee that is computed weekly at an
annual rate of 0.10% of the first $100 million of the Fund's average weekly
net assets and 0.08% of amounts in excess of $100 million. For the six months
ended June 30, 2000, BSFM earned $7,427 for administrative services.
NOTE C. CAPITAL STOCK
The authorized capital stock of the Fund is 100,000,000 shares of common stock,
$0.001, par value. Of the 4,608,989 shares outstanding at June 30, 2000, CSAM
owned 7,169 shares.
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NOTE D. INVESTMENT IN SECURITIES
For U.S. federal income tax purposes, the cost of securities owned at June 30,
2000 was $17,743,316. Accordingly, the net unrealized depreciation of
investments (including investments denominated in foreign currency) of
$6,793,356, was composed of gross appreciation of $781,639 for those investments
having an excess of value over cost and gross depreciation of $7,574,995 for
those investments having an excess of cost over value.
For the six months ended June 30, 2000, purchases and sales of securities, other
than short-term investments, were $1,454,554 and $2,071,922, respectively.
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14
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THE INDONESIA FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
NOTE E. CREDIT FACILITY
The Fund, together with other funds advised by CSAM, has a $350 million
committed, unsecured, line of credit facility ("Credit Facility") with
Deutsche Bank AG as administrative agent, State Street Bank and Trust Company
as operations agent, Bank Nova Scotia as syndication agent as well as certain
other lenders, for temporary or emergency purposes. Under the terms of the
Credit Facility, the funds with access to the Credit Facility pay an
aggregate commitment fee at a rate of 0.075% per annum on the average daily
balance of the Credit Facility that is undisbursed and uncanceled during the
preceding quarter 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 borrowings at the Federal Funds rate
plus 0.50%. At June 30, 2000 and during the six months ended June 30, 2000,
the Fund had no borrowings under the Credit Facility.
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15
<PAGE>
RESULTS OF ANNUAL MEETING OF SHAREHOLDERS (UNAUDITED)
On April 27, 2000, the annual meeting of shareholders of The Indonesia Fund,
Inc. (the "Fund") was held and the following matters were voted upon:
(1) To elect three directors to the Board of Directors of the Fund.
<TABLE>
<CAPTION>
NAME OF DIRECTOR FOR WITHHELD NON-VOTES
---------------- --- -------- ---------
<S> <C> <C> <C>
Dr. Enrique R. Arzac 2,570,607 28,996 2,009,386
Lawrence J. Fox 2,563,281 36,322 2,009,386
William W. Priest, Jr. 2,560,981 38,622 2,009,386
</TABLE>
(2) To ratify the selection of PricewaterhouseCoopers LLP as independent public
accountants for the year ending December 31, 2000.
<TABLE>
<CAPTION>
FOR AGAINST ABSTAIN NON-VOTES
--- ------- ------- ---------
<S> <C> <C> <C> <C>
2,576,082 8,515 15,006 2,009,386
</TABLE>
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16
<PAGE>
DESCRIPTION OF INVESTLINK-SM-* PROGRAM (UNAUDITED)
The InvestLink-SM- Program is sponsored and administered by EquiServe, L.P., not
by The Indonesia Fund, Inc. (the "Fund"). EquiServe, L.P. will act as program
administrator (the "Program Administrator") of the InvestLink Program (the
"Program"). The purpose of the Program is to provide interested investors with a
simple and convenient way to invest funds and reinvest dividends in Shares of
the Fund's common stock ("Shares") at prevailing prices, with reduced brokerage
commissions and fees.
An interested investor may join the Program at any time. Purchases of Shares
with funds from a participant's cash payment or automatic account deduction will
begin on the next day on which funds are invested. If a participant selects the
dividend reinvestment option, automatic investment of dividends generally will
begin with the next dividend payable after the Program Administrator receives
his enrollment form. Once in the Program, a person will remain a participant
until he terminates his participation or sells all Shares held in his Program
account, or his account is terminated by the Program Administrator. A
participant may change his investment options at any time by requesting a new
enrollment form and returning it to the Program Administrator.
A participant will be assessed certain charges in connection with his
participation in the Program. First-time investors will be subject to an initial
service charge which will be deducted from their initial cash deposit. All
optional cash deposit investments will be subject to a service charge. Sales
processed through the Program will have a service fee deducted from the net
proceeds, after brokerage commissions. In addition to the transaction charges
outlined above, participants will be assessed per share processing fees (which
include brokerage commissions.) Participants will not be charged any fee for
reinvesting dividends.
The number of Shares to be purchased for a participant depends on the amount
of his dividends, cash payments or bank account or payroll deductions, less
applicable fees and commissions, and the purchase price of the Shares. The
Program Administrator uses dividends and funds of participants to purchase
Shares of Company Common Stock in the open market. Such purchases will be
made by participating brokers as agent for the participants using normal cash
settlement practices. All Shares purchased through the Program will be
allocated to participants as of the settlement date, which is usually three
business days from the the purchase date. In all cases, transaction
processing will occur within 30 days of the receipt of funds, except where
temporary curtailment or suspension of purchases is necessary to comply with
applicable provisions of the Federal Securities laws or when unusual market
conditions make prudent investment impracticable. In the event the Program
Administrator is unable to purchase Shares within 30 days of the receipt of
funds, such funds will be returned to the participants.
The average price of all Shares purchased by the Program Administrator with all
funds received during the time period from two business days preceding any
investment date up to the second business day preceding the next investment date
shall be the price per share allocable to a participant in connection with the
Shares purchased for his account with his funds or dividends received by the
Program Administrator during such time period. The average price of all Shares
sold by the Program Administrator pursuant to sell orders received during such
time period shall be the price per share allocable to a participant in
connection with the Shares sold for his account pursuant to his sell orders
received by the Program Administrator during such time period.
EquiServe, L.P., as Program Administrator, administers the Program for
participants, keeps records, sends statements of account to participants and
performs other duties relating to the Program. Each participant in the Program
will receive a statement of his account following each purchase of Shares. The
statements will
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17
<PAGE>
DESCRIPTION OF INVESTLINK-SM-* PROGRAM (UNAUDITED)(CONTINUED)
also show the amount of dividends credited to such participant's account (if
applicable), as well as the fees paid by the participant. In addition, each
participant will receive copies of the Fund's Annual Report to shareholders,
proxy statements and, if applicable, dividend income information for tax
reporting purposes.
If the Fund is paying dividends on the Shares, a participant will receive
dividends through the Program for all Shares held on the dividend record date on
the basis of full and fractional Shares held in his account, and for all other
Shares of the Fund registered in his name. The Program Administrator will send
checks to the participants for the amounts of their dividends that are not to be
automatically reinvested at no cost to the participants.
Shares of the Fund purchased under the Program will be registered in the name of
the accounts of the respective participants. Unless requested, the Fund will not
issue to participants certificates for Shares of the Fund purchased under the
Program. The Program Administrator will hold the Shares in book-entry form until
a Program participant chooses to withdraw his Shares or terminate his
participation in the Program. The number of Shares purchased for a participant's
account under the Program will be shown on his statement of account. This
feature protects against loss, theft or destruction of stock certificates.
A participant may withdraw all or a portion of the Shares from his Program
account by notifying the Program Administrator. After receipt of a
participant's request, the Program Administrator will issue to such
participant certificates for the whole Shares of the Fund so withdrawn or, if
requested by the participant, sell the Shares for him and send him the
proceeds, less applicable brokerage commissions, fees, and transfer taxes, if
any. If a participant withdraws all full and fractional Shares in his Program
account, his participation in the Program will be terminated by the Program
Administrator. In no case will certificates for fractional Shares be issued.
The Program Administrator will convert any fractional Shares held by a
participant at the time of his withdrawal to cash.
Participation in any rights offering, dividend distribution or stock split will
be based upon both the Shares of the Fund registered in participants' names and
the Shares (including fractional Shares) credited to participants' Program
accounts. Any stock dividend or Shares resulting from stock splits with respect
to Shares of the Fund, both full and fractional, which participants hold in
their Program accounts and with respect to all Shares registered in their names
will be automatically credited to their accounts.
All Shares of the Fund (including any fractional share) credited to his account
under the Program will be voted as the participant directs. The participants
will be sent the proxy materials for the annual meetings of shareholders. When a
participant returns an executed proxy, all of such Shares will be voted as
indicated. A participant may also elect to vote his Shares in person at the
Shareholders' meeting.
A participant will receive tax information annually for his personal records and
to help him prepare his U.S. federal income tax return. The automatic
reinvestment of dividends does not relieve him of any income tax which may be
payable on dividends. For further information as to tax consequences of
participation in the Program, participants should consult with their own tax
advisors.
The Program Administrator in administering the Program will not be liable for
any act done in good faith or for any good faith omission to act. However, the
Program Administrator will be liable for loss or damage due to error caused by
its negligence, bad faith or willful misconduct. Shares held in custody by the
Program Administrator are not subject to protection under the Securities
Investors Protection Act of 1970.
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18
<PAGE>
DESCRIPTION OF INVESTLINK-SM-* PROGRAM (UNAUDITED)(CONTINUED)
The participant should recognize that neither the Fund nor the Program
Administrator can provide any assurance of a profit or protection against loss
on any Shares purchased under the Program. A participant's investment in Shares
held in his Program account is no different than his investment in directly held
Shares in this regard. The participant bears the risk of loss and the benefits
of gain from market price changes with respect to all of his Shares. Neither the
Fund nor the Program Administrator can guarantee that Shares purchased under the
Program will, at any particular time, be worth more or less than their purchase
price. Each participant must make an independent investment decision based on
his own judgment and research.
While the Program Administrator hopes to continue the Program indefinitely,
the Program Administrator reserves the right to suspend or terminate the
Program at any time. It also reserves the right to make modifications to the
Program. Participants will be notified of any such suspension, termination or
modification in accordance with the terms and conditions of the Program. The
Program Administrator also reserves the right to terminate any participant's
participation in the Program at any time. Any question of interpretation
arising under the Program will be determined in good faith by the Program
Administrator and any such good faith determination will be final.
Any interested investor may participate in the Program. To participate in the
Program, an investor who is not already a registered owner of the Shares must
make an initial investment of at least $250.00. All other cash payments or bank
account deductions must be at least $100.00, up to a maximum of $100,000.00
annually. An interested investor may join the Program by reading the Program
description, completing and signing the enrollment form and returning it to the
Program Administrator. The enrollment form and information relating to the
Program (including the terms and conditions) may be obtained by calling the
Program Administrator at one of the following telephone numbers: First Time
Investors--(800)969-3294; Current Shareholders--(800) 730-6001. All
correspondence regarding the Program should be directed to: EquiServe, L.P.,
InvestLink-SM- Program, P.O. Box 8040, Boston, MA 02266-8040.
-----------------------------
* InvestLink is a service mark of EquiServe, L. P.
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SUMMARY OF GENERAL INFORMATION
The Fund--The Indonesia Fund, Inc.--is a closed-end, non-diversified
management investment company whose shares trade on the New York Stock
Exchange. Its principaL investment objective is long-term capital
appreciation with income as a secondary objective through investments
primarily in Indonesian equity and debt securities. The Fund is managed and
advised by Credit Suisse Asset Management, LLC ("CSAM"). CSAM is a
diversified asset manager, handling equity, balanced, fixed income,
international and derivative based accounts. Portfolios include international
and emerging market investments, common stocks, taxable and non-taxable
bonds, options, futures and venture capital. CSAM manages money for corporate
pension and profit-sharing funds, public pension funds, union funds,
endowments and other charitable institutions and private individuals. As of
June 30, 2000, CSAM-Americas managed approximately $70.0 billion in assets.
SHAREHOLDER INFORMATION
The market price is published in: THE NEW YORK TIMES (daily) under the
designation "Indones" and THE WALL STREET JOURNAL (daily), and BARRON'S (each
Monday) under the designation "IndonesiaFd". The Fund's New York Stock
Exchange trading symbol is IF. Weekly comparative net asset value (NAV) and
market price information about The Indonesia Fund, Inc.'s shares are
published each Sunday in THE NEW YORK TIMES and each Monday in THE WALL
STREET JOURNAL and BARRON'S, as well as other newspapers, in a table called
"Closed-End Funds."
THE CSAM GROUP OF FUNDS
LITERATURE REQUEST--Call today for free descriptive information on the
closed-end funds listed below at 1-800-293-1232 or visit our website on the
Internet: http://www.cefsource.com.
CLOSED-END FUNDS
SINGLE COUNTRY
The Brazilian Equity Fund, Inc. (BZL)
The Chile Fund, Inc. (CH)
The First Israel Fund, Inc. (ISL)
The Portugal Fund, Inc. (PGF)
MULTIPLE COUNTRY
The Emerging Markets Infrastructure Fund, Inc. (EMG)
The Emerging Markets Telecommunications Fund, Inc. (ETF)
The Latin America Equity Fund, Inc. (LAQ)
The Latin America Investment Fund, Inc. (LAM)
FIXED INCOME
Credit Suisse Asset Management Income Fund, Inc. (CIK)
Credit Suisse Asset Management Strategic Global Income Fund, Inc. (CGF)
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DIRECTORS AND CORPORATE OFFICERS
Dr. Enrique R. Arzac Director
Lawrence J. Fox Director
Richard H. Francis Director
William W. Priest, Jr. Chairman of the Board of
Directors and President
Robert B. Hrabchak Chief Investment Officer
Raoul H. Rayos Investment Officer
Hal Liebes Senior Vice President
Michael A. Pignataro Chief Financial Officer and
Secretary
Rocco A. Del Guercio Vice President
Robert M. Rizza Treasurer
INVESTMENT ADVISER
Credit Suisse Asset Management, LLC
466 Lexington Avenue
New York, NY 10017
ADMINISTRATOR
Bear Stearns Funds Management Inc.
575 Lexington Avenue
New York, NY 10022
CUSTODIAN
Brown Brothers Harriman & Co.
40 Water Street
Boston, MA 02109
SHAREHOLDER SERVICING AGENT
EquiServe, L.P.
P.O. Box 1865
Mail Stop 45-02-62
Boston, MA 02105
INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP
Two Commerce Square, Suite 1700
2001 Market Street
Philadelphia, PA 19103
LEGAL COUNSEL
Willkie Farr & Gallagher
787 Seventh Avenue
New York, NY 10019
This report, including the financial statements herein, is sent to the
shareholders of the Fund for their information. The financial information
included herein is taken from the records of the fund without examination by
independent accountants who do not express an opinion thereon. It is not a
prospectus, circular or representation intended for use in the purchase or
sale of shares of the Fund or of any securities mentioned in this report.
IF
LISTED
NYSE
THE NEW YORK STOCK EXCHANGE
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3913-SAR-00
