[GRAPHIC OMITTED]
CREDIT SUISSE ASSET MANAGEMENT
ANNUAL
REPORT
OCTOBER 31, 2000
CREDIT SUISSE INSTITUTIONAL FUND, INC.
o VALUE PORTFOLIO
o SMALL COMPANY VALUE PORTFOLIO
o SMALL COMPANY GROWTH PORTFOLIO
o WARBURG PINCUS POST-VENTURE CAPITAL PORTFOLIO
More complete information about the Fund and the Portfolios, including charges
and expenses, is provided in the Prospectus, which must precede or accompany
this document and which should be read carefully before investing. You may
obtain additional copies by calling 800-222-8977 or by writing to Credit Suisse
Institutional Fund, Inc., P.O. Box 9030, Boston, MA 02205-9030. 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.
<PAGE>
FROM TIME TO TIME, THE PORTFOLIOS' 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 PORTFOLIOS' MANAGEMENT ARE AS OF THE DATE OF THE LETTERS AND
HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF OCTOBER 31, 2000; THESE VIEWS AND
HOLDINGS MAY HAVE CHANGED SUBSEQUENT TO THESE DATES. NOTHING IN THIS DOCUMENT IS
A RECOMMENDATION TO PURCHASE OR SELL SECURITIES.
FUND SHARES ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF CREDIT SUISSE ASSET
MANAGEMENT, LLC ("CSAM") OR ANY AFFILIATE, ARE NOT FDIC INSURED AND ARE NOT
GUARANTEED BY CSAM OR ANY AFFILIATE. FUND INVESTMENTS ARE SUBJECT TO INVESTMENT
RISKS, INCLUDING LOSS OF YOUR INVESTMENT.
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- VALUE PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT -- OCTOBER 31, 2000
--------------------------------------------------------------------------------
December 6, 2000
Dear Shareholder:
For the 12 months ended October 31, 2000, Credit Suisse Institutional Fund,
Inc. -- Value Portfolio (the "Portfolio") had a return of 5.59%, vs. a return of
6.10% for the S&P 500 Index.
The period was an ultimately positive but very volatile one for the U.S.
stock market. Stocks began the period on a bright note, supported by an
expanding economy and optimism over profit growth. The market turned sharply
down in mid-period, however, as inflation and interest rates worries mounted and
as investors began to question generally lofty valuations on technology and
Internet stocks. Equities remained volatile. While the inflation and
interest-rate outlook became more encouraging, fears that the economy would slow
-- along with profit disappointments from some highly visible companies --
fueled the turmoil. That said, certain market sectors had good performance over
the latter part of the period, with investors shifting away from technology and
telecommunications stocks in favor of energy, health-care and financial-services
names.
The Fund had a modest gain for the 12 months, a return roughly equal to that
of its benchmark. However, unlike its benchmark (and the broader market), the
Portfolio initially struggled but finished the period on a positive note.
Factors that benefited the Portfolio included its overweighting in the energy
area, which was aided by a supportive supply/demand backdrop for oil and gas.
The Portfolio's financial-services and health-care stocks also helped its
return. On the negative side, in absolute terms anyway, stocks that hindered the
Portfolio included certain of its telecommunications holdings.
We made no material changes to our basic approach during the period. We
remained focused on relatively inexpensive stocks of companies that we believe
have improving financial prospects, due to shifting macroeconomic trends and/or
internal positive catalysts, such as restructurings or the launch of new
products or services.
In terms of sector emphasis, we maintained an overweighting in the energy
area during much of the period, reflecting our positive view of the group's
potential to benefit from ongoing mergers, restructurings and share-buybacks. We
also believe that the supply/demand backdrop for the energy sector will remain
supportive. While we reduced our exposure to the major global oil names, we
continue to favor North American natural gas companies and select oil service
names.
1
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- VALUE PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT -- OCTOBER 31, 2000 (CONT'D)
--------------------------------------------------------------------------------
We modestly raised our weighting in the financial-services sector, where our
bias was toward asset-management and insurance companies showing sales and
cash-flow improvements. We also maintained a significant weighting in the
banking sector, where our largest holdings included globally oriented companies
as well as a Detroit-based commercial and consumer lender focused on the
Midwest.
Elsewhere, we maintained meaningful exposure to the retail,
capital-equipment, health-care and food, beverages & tobacco areas, where we
deemed a number of stocks to represent compelling value. One weighting we pared
was telecommunications & equipment, eliminating our positions in specific
companies we deemed to have weakening prospects.
Looking ahead, while stocks could continue to struggle over the near term,
they have good potential, in our view, to benefit from subdued inflation and a
U.S. economy that has proven to be quite resilient over the past few years. In
any event, we believe that good investment opportunities will continue to exist
across a range of industries, due to factors such as market volatility and
positive company-specific catalysts. As always, our efforts will remain devoted
to uncovering hidden values that will receive wider market recognition over
time.
Scott T. Lewis Robert E. Rescoe
Co-Portfolio Manager Co-Portfolio Manager
2
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- VALUE PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT -- OCTOBER 31, 2000 (CONT'D)
--------------------------------------------------------------------------------
GROWTH OF $10,000 INVESTED IN
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- VALUE PORTFOLIO
SINCE INCEPTION AS OF OCTOBER 31, 2000
The graph below illustrates the hypothetical investment of $10,000 in Credit
Suisse Institutional Fund, Inc. -- Value Portfolio (the "Portfolio") from June
30, 1997 (inception) to October 31, 2000, compared to the S&P 500 Index ("S&P")*
for the same time period. Past performance does not predict future results.
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED 10/31/00
1 year 3 year Since Inception (6/30/97)
------ ------ ------------------------
5.59% 10.63% 11.54%
Portfolio S&P
---------- ----------
Jun-97 $10,000.00 $10,000.00
Jul-97 $10,790.00 $10,794.70
Aug-97 $10,560.20 $10,191.00
Sep-97 $11,090.30 $10,748.30
Oct-97 $10,640.00 $10,390.40
Nov-97 $10,910.30 $10,870.40
Dec-97 $11,192.90 $11,057.40
Jan-98 $11,273.50 $11,179.50
Feb-98 $12,033.30 $11,984.60
Mar-98 $12,519.40 $12,598.30
Apr-98 $12,640.90 $12,725.10
May-98 $12,600.40 $12,506.80
Jun-98 $12,721.40 $13,014.90
Jul-98 $12,386.80 $12,876.70
Aug-98 $10,584.50 $11,015.20
Sep-98 $10,908.40 $11,720.90
Oct-98 $11,678.50 $12,674.20
Nov-98 $12,377.40 $13,442.30
Dec-98 $12,730.90 $14,216.40
Jan-99 $12,833.40 $14,810.60
Feb-99 $12,515.90 $14,350.50
Mar-99 $12,628.50 $14,924.50
Apr-99 $14,113.60 $15,502.40
May-99 $14,287.80 $15,136.40
Jun-99 $14,748.70 $15,976.40
Jul-99 $14,226.60 $15,477.70
Aug-99 $13,950.60 $15,399.80
Sep-99 $13,561.40 $14,977.70
Oct-99 $13,642.80 $15,925.50
Nov-99 $13,590.90 $16,252.00
Dec-99 $13,122.00 $17,207.40
Jan-00 $12,506.60 $16,342.90
Feb-00 $11,838.80 $16,033.90
Mar-00 $13,434.60 $17,602.40
Apr-00 $13,473.60 $17,073.00
May-00 $13,970.80 $16,722.60
Jun-00 $13,343.50 $17,135.00
Jul-00 $13,304.80 $16,867.20
Aug-00 $14,129.70 $17,914.30
Sep-00 $14,129.70 $16,968.60
Oct-00 $14,405.20 $16,896.80
Portfolio
---------
1 Year Total Return (9/30/99 to 9/30/00) ............................. 4.20%
3 Year Average Annual Total Return (9/30/97 to 9/30/00) .............. 8.41%
Average Annual Total Return Since Inception (6/30/97 to 9/30/00) ..... 11.20%
--------------
* 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.
3
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SMALL COMPANY VALUE PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT -- OCTOBER 31, 2000
--------------------------------------------------------------------------------
December 6, 2000
Dear Shareholder:
For the 12 months ended October 31, 2000, Credit Suisse Institutional Fund,
Inc. -- Small Company Value Portfolio (the "Portfolio") had a gain of 8.13%. For
the six months ended October 31, 2000, the Portfolio had a gain of 2.34%, vs. a
same-period gain of 8.41% for the Russell 2000 Value Index, the Portfolio's new
benchmark effective May 2, 2000 (replacing the Russell 2000 Index). For the six
months ended April 30, 2000, the Portfolio had a return of 5.66%, vs. a return
of 18.72% for the Russell 2000 Index.
The period was a positive one for small-capitalization stocks, though the
group was volatile, as were stocks broadly. While the group's growth and value
components posted roughly equal gains for the 12 months (with a slight edge to
the value stocks), they hardly performed in tandem. Growth stocks dominated
early in the period, when investors' tolerance for risk was high, buoyed by a
strong economy and a rally in the technology sector. However, they tumbled over
the March-through-May period on inflation and interest-rate uncertainties, and
remained volatile. Value stocks outperformed their growth counterparts late in
the period (within the small-cap arena and elsewhere), as investors took a more
defensive stance due to worries over a slowing economy.
The Portfolio trailed its benchmark for the period, hampered by weakness in
certain areas, such as specific materials & processing and consumer-related
names. On the positive side, stocks that aided the Portfolio's return included
its financial-services, health-care and utilities holdings.
Our general strategy throughout the period was to focus on stocks that had
good potential, in our estimation, to benefit from visible catalysts, such as
positive earnings surprises or new product launches. This reflected our concerns
that, amid general uncertainty and high market volatility, companies with
visible improvements were the most likely to garner favorable investor attention
(as opposed to companies merely trading at discounts to their underlying worth,
for example).
We made several noteworthy sector-weighting changes during the period. We
raised our exposure to the financial segment, where we deemed a number of stocks
to be attractive based on their valuations and on the prospects for a
more-favorable interest-rate environment. These included insurance companies as
well as real-estate investment trusts (we view REITs as financial stocks due to
their interest-rate sensitivity), with our position in REITs rising considerably
late in the period.
4
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SMALL COMPANY VALUE PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT -- OCTOBER 31, 2000 (CONT'D)
--------------------------------------------------------------------------------
We also increased our weighting in the health-care sector, where our focus
remained on services providers such as hospitals and acute-care companies. The
major catalyst in this area is the restoration of "reimbursement" rates. These
rates were reduced by the Balanced Budget Act of 1997, sparking a slump in
care-provider stocks, but Congress has recently been increasing the funding, and
could continue to do so. Our health-care holdings also included
laboratory-testing companies. We believe that these companies' profit margins
will widen due to rising demand for testing related to new-drug development.
Another increased area of emphasis for the Portfolio in the period was
energy. We added companies that stood to benefit from an improving supply/demand
backdrop for energy, including a number of electric-utility stocks we believed
to represent good value.
One sector weighting we reduced was technology. We had a significant position
early in the period, based on the large amount of promising company-specific
catalysts we were seeing here. We sold most of our technology holdings based on
valuation factors as the period progressed; fortunately for the Portfolio, our
exposure was minimal when the technology group declined sharply in April and
May.
Going forward, we will continue our efforts to identify companies with
compelling valuations and good potential to benefit from industry trends and
from company-specific catalysts. While the overall backdrop for equities could
remain difficult for a spell, we believe that good opportunities will continue
to exist within a range of sectors. As ever, we will attempt to ferret out
hidden values that will receive wider market recognition over time.
Kyle F. Frey
Portfolio Manager
INVESTING IN SMALL COMPANIES ENTAILS SPECIAL RISK CONSIDERATIONS. THESE ARE
DETAILED IN THE PROSPECTUS, WHICH SHOULD BE READ CAREFULLY BEFORE INVESTING.
5
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SMALL COMPANY VALUE PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT -- OCTOBER 31, 2000 (CONT'D)
--------------------------------------------------------------------------------
GROWTH OF $10,000 INVESTED IN
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SMALL COMPANY VALUE PORTFOLIO
SINCE INCEPTION AS OF OCTOBER 31, 2000
The graph below illustrates the hypothetical investment of $10,000 in Credit
Suisse Institutional Fund, Inc. -- Small Company Value Portfolio (the
"Portfolio") from October 31, 1997 (inception) to October 31, 2000, compared to
the Russell 2000 Index ("Russell 2000")* and the Russell 2000 Value Index
("Russell 2000 Value")** for the same time period. Past performance does not
predict future results.
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED 10/31/00
1 year Since Inception (10/31/97)
------ --------------------------
8.13% (6.02)%
Portfolio Russell 2000 Russell 2000 Value
---------- ------------ ------------------
Oct-97 $10,000.00 $10,000.00 $10,000.00
Nov-97 $9,620.00 $9,935.00 $10,109.60
Dec-97 $9,660.40 $10,108.90 $10,452.30
Jan-98 $9,410.20 $9,949.45 $10,263.30
Feb-98 $9,959.76 $10,685.20 $10,883.80
Mar-98 $10,400.00 $11,125.90 $11,325.20
Apr-98 $10,400.00 $11,187.50 $11,381.20
May-98 $10,170.10 $10,584.90 $10,979.40
Jun-98 $10,260.70 $10,607.30 $10,917.50
Jul-98 $9,520.86 $9,748.62 $10,062.30
Aug-98 $7,850.90 $7,855.63 $8,486.45
Sep-98 $7,941.18 $8,470.41 $8,965.68
Oct-98 $7,980.89 $8,815.92 $9,231.87
Nov-98 $8,230.93 $9,277.79 $9,481.77
Dec-98 $8,441.23 $9,851.90 $9,779.03
Jan-99 $8,249.36 $9,982.83 $9,557.04
Feb-99 $7,663.74 $9,174.22 $8,904.58
Mar-99 $7,552.69 $9,317.43 $8,831.12
Apr-99 $8,077.76 $10,152.40 $9,637.31
May-99 $8,138.34 $10,300.70 $9,933.57
Jun-99 $8,511.97 $10,766.50 $10,293.30
Jul-99 $8,329.81 $10,471.50 $10,049.00
Aug-99 $7,825.03 $10,084.00 $9,681.71
Sep-99 $7,633.31 $10,086.30 $9,488.17
Oct-99 $7,673.77 $10,127.10 $9,298.31
Nov-99 $8,108.11 $10,731.80 $9,346.48
Dec-99 $8,477.03 $11,946.60 $9,633.70
Jan-00 $7,844.64 $11,754.80 $9,381.78
Feb-00 $7,675.98 $13,696.00 $9,955.19
Mar-00 $8,139.61 $12,793.00 $10,001.90
Apr-00 $8,107.86 $12,023.10 $10,061.10
May-00 $7,781.12 $11,322.40 $9,907.56
Jun-00 $7,949.97 $12,309.40 $10,197.10
Jul-00 $8,055.70 $11,913.40 $10,536.80
Aug-00 $8,730.77 $12,822.40 $11,007.90
Sep-00 $8,846.89 $12,445.50 $10,945.50
Oct-00 $8,298.38 $11,890.00 $10,906.70
Portfolio
---------
1 Year Total Return (9/30/99 to 9/30/00) .................... 15.89%
Average Annual Total Return Since Inception
(10/31/97 to 9/30/00) ....................................... (4.12)%
----------------
* The Russell 2000 Index is an unmanaged index (with no defined investment
objective) of approximately 2,000 small-cap stocks, includes reinvestment of
dividends, and is compiled by Frank Russell Company.
** The Russell 2000 Value Index is an unmanaged index (with no defined
investment objective) that measures the performance of those Russell 2000
companies with lower price-to-book ratios and lower forecasted growth values.
It includes reinvestment of dividends, and is compiled by Frank Russell
Company.
6
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SMALL COMPANY GROWTH PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT -- OCTOBER 31, 2000
--------------------------------------------------------------------------------
December 6, 2000
Dear Shareholder:
For the 12 months ended October 31, 2000, Credit Suisse Institutional Fund,
Inc. -- Small Company Growth Portfolio (the "Portfolio") had a gain of 33.05%,
vs. a gain of 16.16% for the Russell 2000 Growth Index.
The period was an ultimately positive but very volatile one for
small-capitalization stocks. The group had a strong start, but turned sharply
down in April and May due to interest-rate worries and general concerns over
valuations on technology companies. Small-cap stocks remained volatile, and
ended the period on a difficult note due to some highly visible profit
disappointments that tarnished stocks broadly. All told, most small-cap stocks
gave up some but by no means all of their initial gains over the
April-through-October span.
Against this backdrop, the Portfolio had a strong showing, both in absolute
terms and compared to that of its benchmark. The Portfolio's return was aided by
good stock selection in general, especially within the computer, electronics and
health-care sectors. Stocks that hindered the Portfolio, at least in relative
terms, included specific consumer-related and communications holdings.
We made no major changes to the Portfolio during the period with regard to
overall strategy, remaining focused on rapidly growing companies with
innovative, viable products and services. We continued to see a large number of
such companies within the technology area, defined to include software,
electronics and telecommunications companies. Notwithstanding the group's
typically volatile nature, our longer-term outlook on these stocks remains
positive based on accelerating Internet usage, the worldwide embrace of wireless
technologies and a global push for better productivity.
One noteworthy sector-weighting increase we made during the period was health
care. We added several services providers as well as pharmaceutical companies
and more-aggressive biotechnology stocks. On the services side, we deemed
certain managed-care and hospital names to be attractive in the latter half of
the period, based on what we viewed as improving fundamentals within the
health-care industry. In addition, while the group's earnings-growth prospects
remain relatively modest, these companies have good potential to meet
expectations over the near-to-intermediate term. We believe that investors will
continue to reward companies that can deliver such consistency. In the
pharmaceutical/biotech area, we added several companies that stand to benefit
over the longer term from breakthroughs in gene research and the launch of new
products.
7
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SMALL COMPANY GROWTH PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT -- OCTOBER 31, 2000 (CONT'D)
--------------------------------------------------------------------------------
We ended the period with a modest overweighting in the energy area, where we
continued to emphasize oil-services providers. We believe these companies will
continue to benefit from demand for their services, even if oil prices begin to
decline. In our view, oil prices would have to fall dramatically to throttle
activity in the oil-services industry.
Despite the recent volatility in small caps, and the potential for choppy
waters over the near term, we have a positive longer-term outlook on the group.
We remain of the view that these stocks -- and the group's growth-oriented names
in particular -- will benefit in due course from a historically supportive
combination of benign inflation, relatively stable interest rates and modest
economic growth. In addition, small caps currently trade at compelling
valuations compared to those on larger-cap stocks, which should only add to
their appeal from a risk-reward perspective as the economic picture becomes
clearer. Our focus, as always, will remain on companies we deem to have the
brightest long-term growth prospects.
Stephen J. Lurito Sammy Oh
Co-Portfolio Manager Co-Portfolio Manager
INVESTING IN SMALL COMPANIES ENTAILS SPECIAL RISK CONSIDERATIONS. THESE ARE
DETAILED IN THE PROSPECTUS, WHICH SHOULD BE READ CAREFULLY BEFORE INVESTING.
8
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SMALL COMPANY GROWTH PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT -- OCTOBER 31, 2000 (CONT'D)
--------------------------------------------------------------------------------
GROWTH OF $10,000 INVESTED IN
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SMALL COMPANY GROWTH PORTFOLIO
SINCE INCEPTION AS OF OCTOBER 31, 2000
The graph below illustrates the hypothetical investment of $10,000 in Credit
Suisse Institutional Fund, Inc. -- Small Company Growth Portfolio (the
"Portfolio") from December 29, 1995 (inception) to October 31, 2000, compared to
the Russell 2000 Growth Index* for the same time period. Past performance does
not predict future results.
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED 10/31/00
1 year 3 year Since Inception (12/29/95)
------ ------ --------------------------
33.05% 14.42% 19.59%
Russell
Portfolio 2000 Growth
---------- ----------
12/29/96 $10,000.00 $10,000.00
Jan-96 $9,850.00 $9,917.30
Feb-96 $10,360.00 $10,369.50
Mar-96 $11,280.00 $10,574.50
Apr-96 $12,500.00 $11,386.30
May-96 $13,250.00 $11,970.20
Jun-96 $12,820.00 $11,192.50
Jul-96 $11,630.00 $9,826.26
Aug-96 $12,460.00 $10,553.70
Sep-96 $13,300.00 $11,097.20
Oct-96 $12,920.00 $10,618.60
Nov-96 $12,940.00 $10,913.90
Dec-96 $13,310.00 $11,126.70
Jan-97 $13,690.00 $11,404.70
Feb-97 $12,840.00 $10,716.00
Mar-97 $11,780.00 $9,959.92
Apr-97 $11,580.00 $9,844.78
May-97 $13,150.00 $11,324.50
Jun-97 $13,730.00 $11,708.60
Jul-97 $14,370.00 $12,308.50
Aug-97 $14,799.70 $12,677.90
Sep-97 $16,519.40 $13,689.60
Oct-97 $15,890.00 $12,867.40
Nov-97 $15,599.20 $12,560.80
Dec-97 $15,508.70 $12,567.80
Jan-98 $15,218.70 $12,400.30
Feb-98 $16,498.60 $13,495.00
Mar-98 $17,397.80 $14,061.10
Apr-98 $17,197.70 $14,147.30
May-98 $15,847.70 $13,119.50
Jun-98 $16,028.40 $13,253.70
Jul-98 $14,358.20 $12,146.90
Aug-98 $11,328.60 $9,342.88
Sep-98 $12,278.00 $10,290.20
Oct-98 $12,888.20 $10,826.90
Nov-98 $13,817.40 $11,666.70
Dec-98 $14,886.90 $12,722.60
Jan-99 $15,527.00 $13,294.80
Feb-99 $13,997.60 $12,078.60
Mar-99 $14,656.90 $12,508.90
Apr-99 $14,636.40 $13,613.50
May-99 $14,727.10 $13,635.00
Jun-99 $16,186.60 $14,353.30
Jul-99 $16,217.30 $13,909.50
Aug-99 $16,116.80 $13,389.30
Sep-99 $16,606.70 $13,647.60
Oct-99 $17,887.10 $13,997.10
Nov-99 $20,616.70 $15,477.20
Dec-99 $25,577.10 $18,205.00
Jan-00 $24,909.50 $18,035.50
Feb-00 $33,625.30 $22,231.70
Mar-00 $30,017.30 $19,894.90
Apr-00 $25,565.80 $17,886.10
May-00 $23,216.30 $16,320.00
Jun-00 $26,759.10 $18,428.20
Jul-00 $24,305.30 $16,848.90
Aug-00 $27,562.20 $18,621.20
Sep-00 $25,426.10 $17,696.20
Oct-00 $23,796.30 $16,259.80
Portfolio
---------
1 Year Total Return (9/30/99 to 9/30/00) ....................... 53.11%
3 Year Annual Total Return (9/30/97 to 9/30/00) ................ 15.47%
Average Annual Total Return (12/29/95 to 9/30/00) .............. 21.66%
--------------
* The Russell 2000 Growth Index is an unmanaged index (with no defined
investment objective) that measures the performance of those Russell 2000
companies with higher price-to-book ratios and higher forecasted growth
values. It includes reinvestment of dividends, and is compiled by Frank
Russell Company.
9
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. --
WARBURG PINCUS POST-VENTURE CAPITAL PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT -- OCTOBER 31, 2000
--------------------------------------------------------------------------------
December 6, 2000
Dear Shareholder:
For the 12 months ended October 31, 2000, Credit Suisse Institutional Fund,
Inc. -- Warburg Pincus Post-Venture Capital Portfolio (the "Portfolio") had a
gain of 56.07%, vs. gains of 16.16% for the Russell 2000 Growth Index, 29.71%
for the Russell 2500 Growth Index and 10.21% for the NASDAQ Industrial Index.
The period was a positive yet volatile one for the smaller-cap and
aggressive-growth stocks targeted by the Portfolio. The group initially surged,
benefiting from investors' strong appetite for risk as Y2K fears evaporated and
as a healthy U.S. economy buoyed profits. However, these shares came under
pressure as the economy's strength began to fuel inflation and interest-rate
worries. Technology and telecommunications stocks, which had risen to generally
lofty valuations, were especially volatile, falling sharply in April and May.
Stocks were generally lackluster over the remainder of the period, with the
economic and profit outlook becoming more clouded. However, certain market
sectors performed well over the May-through-October span, with investors
favoring defensive areas such as health care.
Within this environment, the Portfolio had a good showing, both in absolute
terms and compared to its benchmarks. A number of the Portfolio's holdings
contributed positively to its return, the late-period turmoil notwithstanding.
Good performers for the Portfolio included its computer, oil-services,
health-care and financial-services holdings. Stocks that hampered the Portfolio
included certain of its telecommunications & equipment names.
With regard to sector allocation, one notable change we made during the
period was to raise the Portfolio's health-care position. Our heightened
emphasis here was based on company-specific factors as well as on our belief
that health-care fundamentals are improving.
We also raised the Portfolio's weighting in the financial-services sector,
where we generally focused on mid-cap companies with strong brand names. We
added several companies we deemed attractive, given their valuations and their
potential to benefit from what we believe will be a more-supportive
interest-rate backdrop heading into 2001.
We somewhat lowered the Portfolio's technology exposure over the course of
the period, eliminating positions that we judged to have deteriorating
prospects. Most of our selling activity was in the telecommunications area,
where certain stocks in our view had become less attractive from a risk/reward
perspective over the intermediate term. That said, technology
10
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. --
WARBURG PINCUS POST-VENTURE CAPITAL PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT -- OCTOBER 31, 2000 (CONT'D)
--------------------------------------------------------------------------------
will continue to be a major theme in the Portfolio. The group has historically
been favored by venture capitalists for its innovation and long-term-reward
potential, and we believe that venture capital will play a key role in building
the wireless and networking infrastructures of tomorrow.
Looking ahead, while the outlook for small-cap and aggressive-growth stocks
over the next few months is certainly clouded, we remain of the view that a
"soft landing" environment will prevail. Historically, a combination of subdued
inflation and modest economic growth has tended to encourage investment in such
growth-oriented companies. As ever, we will continue to focus on innovative,
well-financed companies with motivated managements (managers of venture-backed
companies are typically significant shareholders), attempting to identify stocks
with the brightest long-term prospects.
Elizabeth B. Dater Robert S. Janis
Co-Portfolio Manager Co-Portfolio Manager
BECAUSE OF THE NATURE OF THE PORTFOLIO'S HOLDINGS AND CERTAIN STRATEGIES IT
MAY USE, AN INVESTMENT IN THE PORTFOLIO INVOLVES CERTAIN RISKS AND MAY NOT BE
APPROPRIATE FOR ALL INVESTORS. THE PROSPECTUS CONTAINS MORE COMPLETE INFORMATION
ON THE SPECIAL RISK CONSIDERATIONS ASSOCIATED WITH POST-VENTURE-CAPITAL
INVESTMENTS. IT SHOULD BE READ CAREFULLY BEFORE INVESTING.
11
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. --
WARBURG PINCUS POST-VENTURE CAPITAL PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT -- OCTOBER 31, 2000 (CONT'D)
--------------------------------------------------------------------------------
GROWTH OF $10,000 INVESTED IN
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- WARBURG PINCUS POST-VENTURE
CAPITAL PORTFOLIO SINCE INCEPTION AS OF OCTOBER 31, 2000
The graph below illustrates the hypothetical investment of $10,000 in Credit
Suisse Institutional Fund, Inc. -- Warburg Pincus Post-Venture Capital Portfolio
(the "Portfolio") from October 31, 1997 (inception) to October 31, 2000,
compared to the Russell 2000 Growth Index ("R2000G"),* Russell 2500 Growth Index
("R2500G")** and the NASDAQ Industrials Index ("NASDAQ")*** for the same time
period. Past performance does not predict future results.
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED 10/31/00
1 year Since Inception (10/31/97)
------ --------------------------
56.07% 20.76%
Portfolio R2000G R2500G NASDAQ
--------- ------ ------ ------
Oct-97 $10,000.00 $10,000.00 $10,000.00 $10,000.00
Nov-97 $9,870.00 $9,762.00 $9,846.70 $9,856.50
Dec-97 $9,739.72 $9,767.86 $9,811.74 $9,624.58
Jan-98 $9,540.05 $9,637.65 $9,683.60 $9,559.32
Feb-98 $10,419.60 $10,488.50 $10,514.90 $10,331.40
Mar-98 $11,319.90 $10,928.50 $10,905.40 $10,733.90
Apr-98 $11,150.10 $10,995.50 $11,004.50 $10,951.10
May-98 $10,399.70 $10,196.60 $10,298.10 $10,490.30
Jun-98 $10,609.80 $10,300.90 $10,373.60 $10,514.90
Jul-98 $9,310.08 $9,440.71 $9,601.18 $9,923.45
Aug-98 $7,110.11 $7,261.41 $7,419.41 $7,637.49
Sep-98 $7,690.29 $7,997.65 $8,069.94 $8,132.47
Oct-98 $8,230.15 $8,414.81 $8,614.82 $8,790.39
Nov-98 $8,640.18 $9,067.54 $9,227.60 $9,579.33
Dec-98 $9,493.22 $9,888.16 $10,116.00 $10,280.60
Jan-99 $9,943.86 $10,332.90 $10,408.80 $11,098.60
Feb-99 $9,222.83 $9,387.67 $9,564.22 $10,277.50
Mar-99 $10,054.00 $9,722.06 $10,009.50 $10,930.10
Apr-99 $10,084.10 $10,580.60 $10,808.10 $11,746.00
May-99 $9,973.94 $10,597.30 $10,919.70 $11,582.50
Jun-99 $10,835.20 $11,155.60 $11,691.50 $12,857.30
Jul-99 $10,474.40 $10,810.70 $11,453.30 $12,497.70
Aug-99 $10,534.10 $10,406.30 $11,205.80 $12,338.50
Sep-99 $10,564.60 $10,607.10 $11,286.00 $12,686.00
Oct-99 $11,295.70 $10,878.70 $11,835.60 $13,201.00
Nov-99 $12,987.80 $12,029.00 $13,232.90 $15,263.60
Dec-99 $16,019.20 $14,149.20 $15,728.70 $17,649.30
Jan-00 $15,806.10 $14,017.40 $15,641.10 $17,340.30
Feb-00 $18,935.70 $17,278.70 $19,653.20 $20,681.60
Mar-00 $18,945.20 $15,462.60 $18,111.20 $19,077.70
Apr-00 $17,223.10 $13,901.30 $16,346.60 $16,718.80
May-00 $16,139.70 $12,684.10 $14,891.10 $14,579.30
Jun-00 $17,871.50 $14,322.60 $16,859.80 $16,605.50
Jul-00 $17,274.60 $13,095.20 $15,478.20 $15,627.30
Aug-00 $19,877.90 $14,472.70 $17,495.60 $17,855.60
Sep-00 $19,452.50 $13,753.70 $16,364.20 $16,133.00
Oct-00 $17,629.80 $12,637.30 $15,352.20 $14,549.60
Portfolio
---------
1 Year Total Return (9/30/99 to 9/30/00) ................... 84.12%
Average Annual Total Return Since Inception
(10/31/97 to 9/30/00) ...................................... 25.58%
----------------
* The Russell 2000 Growth Index is an unmanaged index (with no defined
investment objective) that measures the performance of those Russell 2000
companies with higher price-to-book ratios and higher forecasted growth
values. It includes reinvestment of dividends, and is compiled by Frank
Russell Company.
** The Russell 2500 Growth Index measures the performance of those companies in
the Russell 2500 Index with higher price-to-book values and higher
forecasted growth rates. The Russell 2500 Index is composed of the 2500
smallest companies in the Russell 3000 Index, which measures the performance
of the 3000 largest U.S. companies based on total market capitalization. The
Russell 2500 Index represents approximately 17% of the total market
capitalization of the Russell 3000 Index.
*** The NASDAQ Industrial Index measures the stock price performance of more
than 3000 industrial issues included in the NASDAQ OTC Composite Index. The
NASDAQ OTC Composite Index represents 4500 stocks traded over the counter.
12
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS--OCTOBER 31, 2000
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------ -----
COMMON STOCKS (92.4%)
AEROSPACE & DEFENSE (1.0%)
Textron, Inc. 600 $ 30,262
--------
BANKS & SAVINGS & LOANS (7.7%)
Bank One Corp. 1,600 58,400
Chase Manhattan Corp. 900 40,950
Citigroup, Inc. 500 26,312
Comerica, Inc. 600 36,187
FleetBoston Financial Corp. 800 30,400
Wells Fargo Co. 1,000 46,312
--------
238,561
--------
BUSINESS SERVICES (2.4%)
IMS Health, Inc. 3,200 75,600
--------
CAPITAL EQUIPMENT (6.1%)
American Standard Cos., Inc.(1) 1,300 59,637
Ingersoll-Rand Co. 1,600 60,400
ITT Industries, Inc. 1,300 42,331
Navistar International Corp.(1) 800 26,450
--------
188,818
--------
CHEMICALS (1.0%)
Rohm & Haas Co. 1,000 30,063
--------
COMMUNICATIONS & MEDIA (2.5%)
Comcast Corp. Special Class A (Non-Voting)(1) 700 28,525
Knight-Ridder, Inc. 1,000 50,250
--------
78,775
--------
COMPUTERS (2.4%)
COMPAQ Computer Corp. 2,500 76,025
--------
CONGLOMERATES (2.1%)
Harsco Corp. 1,000 20,188
TRW, Inc. 1,100 46,200
--------
66,388
--------
CONSUMER DURABLES (4.0%)
Ford Motor Co. 2,097 54,784
Lear Corp.(1) 1,300 35,425
Visteon Corp. 2,017 35,676
--------
125,885
--------
ELECTRIC UTILITIES (1.8%)
Allegheny Energy, Inc. 1,000 40,938
American Electric Power Co., Inc. 400 16,600
--------
57,538
--------
See Accompanying Notes to Financial Statements
13
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D)--OCTOBER 31, 2000
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------ -----
COMMON STOCKS (CONT'D)
ENERGY (12.1%)
Anadarko Petroleum Corp. 746 $ 47,781
BP Amoco PLC ADR 700 35,656
Devon Energy Corp. 1,200 60,480
El Paso Energy Corp. 1,500 94,031
Exxon Mobil Corp. 800 71,350
Royal Dutch Petroleum Co. ADR 700 41,563
Tosco Corp. 400 11,450
Valero Energy Corp. 400 13,225
--------
375,536
--------
FINANCIAL SERVICES (9.9%)
Allied Capital Corp. 2,600 53,625
American General Corp. 400 32,200
Fannie Mae 900 69,300
Jefferson-Pilot Corp. 400 27,500
Lehman Brothers Holdings, Inc. 800 51,600
MBIA, Inc. 400 29,075
MGIC Investment Corp. 400 27,250
Stilwell Financial, Inc. 400 17,925
--------
308,475
--------
FOOD, BEVERAGES & TOBACCO (7.5%)
Anheuser-Busch Cos. Inc. 1,300 59,475
ConAgra, Inc. 700 14,963
General Mills, Inc. 1,500 62,625
Keebler Foods Co. 1,600 64,800
Quaker Oats Co. 400 32,625
--------
234,488
--------
HEALTHCARE (4.3%)
Abbott Laboratories 800 42,250
Baxter International, Inc. 700 57,531
Becton, Dickinson & Co. 1,000 33,500
--------
133,281
--------
INDUSTRIAL MANUFACTURING & PROCESSING (5.5%)
Eaton Corp. 500 34,031
Johnson Controls, Inc. 500 29,813
Minnesota Mining & Manufacturing Co. 400 38,650
Tyco International, Ltd. 1,200 68,025
--------
170,519
--------
OFFICE EQUIPMENT & SUPPLIES (1.5%)
Pitney Bowes, Inc. 1,600 47,500
--------
See Accompanying Notes to Financial Statements
14
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D)--OCTOBER 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER
OF
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS (CONT'D)
OIL SERVICES (5.7%)
Nabors Industries, Inc.(1) 800 $ 40,720
Parker Drilling Co.(1) 2,179 13,074
Pride International, Inc.(1) 1,900 48,094
R & B Falcon Corp.(1) 3,000 75,000
----------
176,888
----------
PHARMACEUTICALS (3.6%)
American Home Products Corp. 600 38,100
Lilly (Eli) & Co. 400 35,750
Pharmacia Corp. 695 38,225
----------
112,075
----------
RETAIL (6.1%)
Federated Department Stores, Inc.(1) 2,200 71,638
Lowe's Cos., Inc. 700 31,981
Ross Stores, Inc. 1,900 25,056
Safeway, Inc.(1) 1,100 60,156
----------
188,831
----------
TELECOMMUNICATIONS & EQUIPMENT (4.6%)
SBC Communications, Inc. 1,300 74,994
Verizon Communications Corp. 700 40,469
Worldcom, Inc.(1) 1,100 26,125
----------
141,588
----------
TRANSPORTATION (0.6%)
Burlington Northern Santa Fe Corp. 700 18,594
----------
TOTAL COMMON STOCKS (Cost $2,490,080) 2,875,690
----------
PREFERRED STOCK (1.1%)
REAL ESTATE (1.1%)
Equity Residential Properties Series G 7.25%
(Convertible) (Callable 09/15/02 @ $25.91) (Cost $32,646) 1,500 33,375
----------
SHORT TERM INVESTMENT (4.4%)
RBB Money Market Portfolio (Cost $136,479) 136,479 136,479
----------
TOTAL INVESTMENTS AT VALUE (97.9%) (Cost $2,659,205)(2) 3,045,544
OTHER ASSETS IN EXCESS OF LIABILITIES (2.1%) 66,606
----------
NET ASSETS (100.0%) $3,112,150
==========
</TABLE>
INVESTMENT ABBREVIATIONS
ADR = American Depository Receipt
------------------
(1) Non-income producing security.
(2) Cost for federal income tax purposes is $2,669,652.
See Accompanying Notes to Financial Statements.
15
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SMALL COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS--OCTOBER 31, 2000
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------ -----
COMMON STOCKS (103.5%)
BANKS & SAVINGS & LOANS (5.0%)
Prosperity Bancshares, Inc. 109 $ 2,057
-------
CONSUMER DURABLES (5.8%)
Harman International Industries, Inc. 50 2,400
-------
ENERGY (10.2%)
Cross Timbers Oil Co. 125 2,352
Newfield Exploration Co.(1) 50 1,887
-------
4,239
-------
FINANCIAL SERVICES (15.8%)
GATX Corp. 50 2,103
StanCorp Financial Group, Inc. 50 2,037
Webster Financial Corp. 100 2,437
-------
6,577
-------
HEALTHCARE (11.0%)
LifePoint Hospitals, Inc.(1) 50 1,938
Omnicare, Inc. 150 2,625
-------
4,563
-------
REAL ESTATE (28.2%)
CenterPoint Properties Corp. 50 2,222
Essex Property Trust, Inc. 50 2,600
Manufactured Home Communities, Inc. 100 2,488
Mission West Properties, Inc. 150 2,016
Urban Shopping Centers, Inc. 50 2,397
-------
11,723
-------
UTILITIES-ELECTRIC (21.6%)
DTE Energy Co. 50 1,806
NSTAR 65 2,515
Public Service Company of New Mexico 75 2,067
Sierra Pacific Resources 150 2,578
-------
8,966
-------
UTILITIES-GAS (5.9%)
MCN Energy Group, Inc. 100 2,463
-------
TOTAL COMMON STOCKS (Cost $32,983) 42,988
-------
TOTAL INVESTMENTS AT VALUE (103.5%) (Cost $32,983)(2) 42,988
LIABILITIES IN EXCESS OF OTHER ASSETS (3.5%) (1,460)
-------
NET ASSETS (100.0%) $41,528
=======
---------------
(1) Non-income producing security.
(2) Also cost for federal income tax purposes.
See Accompanying Notes to Financial Statements.
16
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SMALL COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS--OCTOBER 31, 2000
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------ -----
COMMON STOCKS (91.0%)
BUSINESS SERVICES (2.5%)
Getty Images, Inc.(1) 100,700 $ 3,197,225
Prescient Systems, Inc.(1,2) 23,668 1,999,998
QRS Corp.(1) 51,599 435,367
Radvision, Ltd.(1) 15,400 340,725
Titan Corp.(1) 68,700 918,862
-----------
6,892,177
-----------
COMMUNICATIONS & MEDIA (2.2%)
About.com, Inc.(1) 17,800 427,200
Puma Technology, Inc.(1) 27,900 378,394
Seachange International, Inc.(1) 98,000 2,156,000
ValueVision International, Inc.(1) 113,600 2,300,400
Women.com Networks, Inc.(1) 487,277 715,688
-----------
5,977,682
-----------
COMPUTERS (11.7%)
Backweb Technologies, Ltd.(1) 131,000 1,170,812
Documentum, Inc.(1) 58,500 4,972,500
Informatica Corp.(1) 11,600 1,096,200
Iona Technologies PLC ADR(1) 58,900 3,872,675
Manugistics Group, Inc.(1) 47,500 5,412,031
Marimba, Inc.(1) 75,800 450,062
NetIQ Corp.(1) 30,600 2,635,425
Peregrine Systems, Inc.(1) 174,800 4,195,200
Planetweb, Inc. (Private Placement)(1,2) 165,400 899,776
Radiant Systems, Inc.(1) 142,450 2,626,422
Remedy Corp.(1) 90,900 1,556,662
RSA Security , Inc.(1) 52,000 3,016,000
Unify Corp.(1) 32,300 16,150
-----------
31,919,915
-----------
CONSUMER SERVICES (2.3%)
Advantage Learning Systems, Inc.(1) 96,500 2,864,844
DeVry, Inc.(1) 93,104 3,439,029
-----------
6,303,873
-----------
ELECTRONICS (15.4%)
Alpha Industries, Inc.(1) 109,700 4,374,287
ANADIGICS, Inc.(1) 76,000 1,700,500
APW, Ltd.(1) 123,700 5,713,394
Asyst Technologies, Inc.(1) 82,800 1,242,000
Avant! Corp.(1) 142,531 2,396,302
C-Cube Microsystems, Inc.(1) 117,400 2,289,300
Cymer, Inc.(1) 62,000 1,550,000
DSP Group, Inc.(1) 100,900 2,863,037
Dupont Photomasks, Inc.(1) 15,600 875,550
See Accompanying Notes to Financial Statements.
17
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SMALL COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D)--OCTOBER 31, 2000
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------ -----
COMMON STOCKS (CONT'D)
ELECTRONICS (CONT'D)
Emcore Corp.(1) 78,900 $ 3,234,900
Exar Corp.(1) 58,700 2,623,156
Interlink Electronics, Inc.(1) 70,200 1,570,725
MIPS Technologies, Inc. Class A(1) 63,900 2,563,987
Photronics, Inc.(1) 113,100 2,551,819
Plexus Corp.(1) 8,704 548,896
PRI Automation, Inc.(1) 46,600 1,054,325
Sipex Corp.(1) 73,800 2,905,875
Telcom Semiconductor, Inc.(1) 12,600 177,187
Varian Semiconductor Equipment Associates, Inc.(1) 42,200 970,600
Veeco Instruments, Inc.(1) 16,100 1,065,870
-----------
42,271,710
-----------
ENERGY (1.5%)
Stone Energy Corp.(1) 78,500 4,019,200
-----------
ENVIRONMENTAL SERVICES (0.0%)
Systemone Technologies, Inc.(1) 39,054 87,871
-----------
FINANCIAL SERVICES (4.0%)
Americredit Corp.(1) 113,000 3,036,875
Compucredit Corp.(1) 26,600 821,275
Enhance Financial Services Group, Inc. 81,100 942,787
Fidelity National Financial, Inc. 134,600 3,306,113
Mutual Risk Management, Ltd. 77,500 1,404,688
Reinsurance Group of America, Inc. 40,000 1,495,000
-----------
11,006,738
-----------
FOOD, BEVERAGES & TOBACCO (0.6%)
Hain Celestial Group, Inc.(1) 43,400 1,722,438
-----------
HEALTHCARE (18.9%)
Advanced Paradigm, Inc.(1) 136,100 6,651,888
AmeriSource Health Corp. Class A(1) 109,600 4,760,750
Bindley Western Industries, Inc. 74,400 2,673,750
Caliper Technologies Corp.(1) 21,000 1,183,875
Caremark Rx, Inc.(1) 352,800 4,410,000
Coherent, Inc.(1) 56,500 1,966,906
Community Health Care(1) 165,900 4,676,306
Core, Inc.(1) 228,400 742,300
Foundation Health Systems, Inc. Class A(1) 335,400 6,770,888
Inhale Therapeutic Systems, Inc.(1) 38,400 1,910,400
MiniMed, Inc.(1) 34,300 2,501,756
Oxford Health Plans, Inc.(1) 144,500 4,876,875
Province Healthcare Co.(1) 153,000 6,445,125
Renal Care Group, Inc.(1) 99,100 2,328,850
-----------
51,899,669
-----------
See Accompanying Notes to Financial Statements
18
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SMALL COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D)--OCTOBER 31, 2000
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------ -----
COMMON STOCKS (CONT'D)
LEISURE & ENTERTAINMENT (1.7%)
Championship Auto Racing(1) 131,700 $ 3,276,038
Mandalay Resort Group(1) 67,400 1,402,763
-----------
4,678,801
-----------
OIL SERVICES (5.3%)
BJ Services Co.(1) 48,900 2,564,194
Cooper Cameron Corp.(1) 42,600 2,321,700
National-Oilwell, Inc.(1) 75,500 2,208,375
Petroleum Geo-Services ADR(1) 182,862 2,502,924
Precision Drilling Corp.(1) 79,200 2,267,100
Smith International, Inc.(1) 35,500 2,502,750
Southern Mineral Corp.(1) 11,775 36,061
-----------
14,403,104
-----------
PHARMACEUTICALS (10.3%)
Aclara Biosciences, Inc.(1) 69,500 1,242,313
Alkermes, Inc.(1) 176,000 6,523,000
Cell Therapeutics, Inc.(1) 38,000 2,541,844
Intermune Pharmaceuticals, Inc.(1) 16,400 820,000
Lynx Therapeutics, Inc.(1) 77,100 1,349,250
Maxim Pharmaceuticals, Inc.(1) 27,000 1,198,125
Maxygen, Inc.(1) 23,900 961,975
Medarex, Inc.(1) 78,200 4,779,975
Medicis Pharmaceutical Corp., Class A(1) 66,800 4,918,150
Praecis Pharmaceuticals, Inc.(1) 63,300 1,606,238
Titan Pharmaceuticals, Inc.(1) 15,800 664,864
United Therapeutics Corp.(1) 31,000 1,658,500
-----------
28,264,234
-----------
TELECOMMUNICATIONS & EQUIPMENT (14.6%)
Adaptive Broadband Corp.(1) 14,000 224,875
Advanced Fibre Communications, Inc.(1) 97,600 3,178,100
Aeroflex, Inc.(1) 47,100 2,802,450
Antec Corp.(1) 113,300 1,380,844
AudioCodes, Ltd.(1) 87,600 3,465,675
Clarent Corp.(1) 47,100 1,463,044
Integrated Telecom Express, Inc.(1) 127,800 1,805,175
MRV Communications, Inc.(1) 60,800 2,401,600
Natural Microsystems Corp.(1) 39,300 1,775,869
Plantronics, Inc.(1) 58,000 2,646,250
Polycom, Inc.(1) 79,000 5,135,000
Powerwave Technologies, Inc.(1) 87,600 4,215,750
Proxim, Inc.(1) 67,200 4,074,000
See Accompanying Notes to Financial Statements.
19
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SMALL COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D)--OCTOBER 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER
OF
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS (CONT'D)
TELECOMMUNICATIONS & EQUIPMENT (CONT'D)
Tekelec, Inc.(1) 107,900 $ 3,972,069
Viatel, Inc.(1) 82,000 789,250
Zygo Corp.(1) 12,961 641,569
------------
39,971,520
------------
TOTAL COMMON STOCKS (Cost $220,154,489) 249,418,932
------------
SHORT TERM INVESTMENTS (7.0%)
Institutional Money Market Trust 6,616,931 6,616,931
RBB Money Market Portfolio 12,623,369 12,623,369
------------
TOTAL SHORT TERM INVESTMENTS (Cost $19,240,300) 19,240,300
------------
TOTAL INVESTMENTS AT VALUE (98.0%) (Cost $239,394,789)(3) 268,659,232
OTHER ASSETS IN EXCESS OF LIABILITIES (2.0%) 5,349,673
------------
NET ASSETS (100.0%) $274,008,905
============
</TABLE>
INVESTMENT ABBREVIATIONS
ADR = American Depository Receipt
--------------------------------------------------------------------------------
(1) Non-income producing security
(2) Restricted security
(3) Cost for federal income tax purposes is $239,578,389.
See Accompanying Notes to Financial Statements.
20
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. --
WARBURG PINCUS POST-VENTURE CAPITAL PORTFOLIO
SCHEDULE OF INVESTMENTS--OCTOBER 31, 2000
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------ -----
COMMON STOCKS (97.0%)
BANKS & SAVINGS & LOANS (2.8%)
Mellon Financial Corp. 1,100 $ 53,075
--------
BUSINESS SERVICES (10.6%)
ACNielsen Corp.(1) 400 9,575
Acxiom Corp.(1) 700 28,175
BISYS Group, Inc.(1) 600 28,275
Getty Images, Inc.(1) 900 28,575
Harte-Hanks Communications, Inc. 1,100 24,337
On Assignment, Inc.(1) 800 20,150
SunGard Data Systems, Inc.(1) 700 35,787
TMP Worldwide, Inc.(1) 400 27,844
--------
202,718
--------
COMMUNICATIONS & MEDIA (14.4%)
Ariba, Inc.(1) 100 12,637
At Home Corp. Series A(1) 700 7,219
Cablevision Systems Corp.(1) 500 37,250
Clear Channel Communications, Inc.(1) 282 16,938
Corus Entertainment, Inc.(1) 900 24,751
Entravision Communications Corp.(1) 1,000 17,687
Foundry Networks, Inc.(1) 200 13,287
Inktomi Corp.(1) 100 6,344
Juniper Networks, Inc.(1) 200 39,000
Shaw Communications, Inc. Class B 1,800 37,012
USA Networks, Inc.(1) 1,600 32,400
Westwood One, Inc.(1) 1,600 30,300
--------
274,825
--------
COMPUTERS (17.6%)
Amdocs, Ltd.(1) 500 32,406
BEA Systems, Inc.(1) 300 21,525
Brocade Communications Systems, Inc.(1) 100 22,737
Check Point Software Technologies, Ltd.(1) 100 15,837
Digex, Inc.(1) 300 11,775
Documentum, Inc.(1) 400 34,000
Excalibur Technologies Corp.(1) 700 41,212
Intuit, Inc.(1) 800 49,150
Network Appliance, Inc.(1) 200 23,800
PeopleSoft, Inc.(1) 700 30,548
Phone.com, Inc.(1) 100 9,256
Sun Microsystems, Inc.(1) 400 44,350
--------
336,596
--------
CONSUMER SERVICES (1.5%)
DeVry, Inc.(1) 800 29,550
--------
See Accompanying Notes to Financial Statements
21
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. --
WARBURG PINCUS POST-VENTURE CAPITAL PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D)--OCTOBER 31, 2000
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------ -----
COMMON STOCKS (CONT'D)
ELECTRONICS (10.8%)
Broadcom Corp. Class A(1) 100 $ 22,237
Flextronics International, Ltd.(1) 1,000 38,000
KLA-Tencor Corp.(1) 400 13,525
Maxim Integrated Products, Inc.(1) 700 46,419
Semtech Corp.(1) 300 9,675
Solectron Corp.(1) 300 13,200
Vitesse Semiconductor Corp.(1) 400 27,975
Xilinx, Inc.(1) 500 36,219
--------
207,250
--------
ENERGY (2.2%)
Newfield Exploration Co.(1) 1,100 41,525
--------
FINANCIAL SERVICES (8.2%)
3i Group PLC 1,205 27,384
Ambac Financial Group, Inc. 600 47,887
Amvescap PLC ADR 300 34,013
Gabelli Asset Management, Inc. Class A(1) 900 32,400
T. Rowe Price Associates, Inc. 300 14,044
--------
155,728
--------
HEALTHCARE (7.1%)
Advance Paradigm, Inc.(1) 800 39,100
Community Health Systems, Inc.(1) 1,000 28,188
Ivax Corp.(1) 1,050 45,675
Oxford Health Plans, Inc.(1) 700 23,625
--------
136,588
--------
OIL SERVICES (3.0%)
Cooper Cameron Corp.(1) 400 21,800
Nabors Industries, Inc.(1) 500 25,450
Petroleum Geo - Services ADR(1) 800 10,950
--------
58,200
--------
PHARMACEUTICALS (6.3%)
Amgen, Inc.(1) 400 23,175
Biovail Corp.(1) 500 21,031
Celgene Corp.(1) 300 19,313
Gilead Sciences, Inc.(1) 200 17,200
Millennium Pharmaceuticals, Inc.(1) 300 21,769
Praecis Pharmaceuticals, Inc.(1) 300 7,613
Progenics Pharmaceuticals, Inc.(1) 400 9,850
--------
119,951
--------
PUBLISHING (2.1%)
Scholastic Corp.(1) 500 40,000
--------
See Accompanying Notes to Financial Statements
22
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. --
WARBURG PINCUS POST-VENTURE CAPITAL PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D)--OCTOBER 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER
OF
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS (CONT'D)
TELECOMMUNICATIONS & EQUIPMENT (10.4%)
CIENA Corp.(1) 600 $ 63,075
Cisco Systems, Inc.(1) 700 37,713
Exodus Communications, Inc.(1) 1,000 33,563
Gilat Satellite Networks(1) 400 20,475
Globespan, Inc.(1) 100 7,694
Pinnacle Holdings, Inc.(1) 900 14,175
Redback Networks, Inc.(1) 200 21,288
----------
197,983
----------
TOTAL COMMON STOCKS (Cost $1,271,214) 1,853,989
----------
TOTAL INVESTMENTS AT VALUE (97.0%) (Cost $1,271,214)(2) 1,853,989
OTHER ASSETS IN EXCESS OF LIABILITIES (3.0%) 56,752
----------
NET ASSETS (100.0%) $1,910,741
==========
</TABLE>
INVESTMENT ABBREVIATIONS
ADR = American Depository Receipt
--------------------------------------------------------------------------------
(1) Non-income producing security.
(2) Also cost for federal income tax purposes.
See Accompanying Notes to Financial Statements.
23
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WARBURG
SMALL SMALL PINCUS
COMPANY COMPANY POST-VENTURE
VALUE VALUE GROWTH CAPITAL
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- --------- ------------ ----------
<S> <C> <C> <C> <C>
ASSETS
Investments at value (Cost - $2,659,205,
$32,983, $239,394,789
and $1,271,214, respectively) $ 3,045,544 $ 42,988 $268,659,232 $1,853,989
Foreign currency (Cost - $58, $0, $0 and
$95, respectively) 52 0 0 85
Receivable for investments sold 44,407 16,536 6,404,274 0
Receivable from investment adviser 4,279 5,933 0 6,809
Dividends, interest and reclaims
receivable 3,694 131 25,605 429
Receivable for fund shares sold 5,864 0 3,144,469 0
Prepaid expenses and other assets 81,550 13,489 22,599 85,801
----------- --------- ------------ ----------
Total Assets 3,185,390 79,077 278,256,179 1,947,113
----------- --------- ------------ ----------
LIABILITIES
Advisory fee payable 0 0 136,733 0
Administrative services fee payable 291 4 22,665 164
Directors' fee payable 464 489 619 489
Payable for investments purchased 55,513 6,267 3,388,758 22,694
Payable for fund shares redeemed 0 0 128,389 0
Accrued expenses payable 16,972 15,227 58,239 13,025
Other liabilities 0 15,562 511,871 0
----------- --------- ------------ ----------
Total Liabilities 73,240 37,549 4,247,274 36,372
----------- --------- ------------ ----------
NET ASSETS
Capital stock, $.001 par value $ 283 $ 5 $ 12,177 $ 110
Paid-in capital (41,705) 566,012 136,099,340 1,051,937
Accumulated undistributed net investment
income 86,378 4,875 0 0
Accumulated net realized gain (loss) from
investments and foreign currency
transactions 2,680,861 (539,369) 108,632,943 275,928
Net unrealized appreciation from
investments and foreign currency
translations 386,333 10,005 29,264,445 582,766
----------- --------- ------------ ----------
Net assets $ 3,112,150 $ 41,528 $274,008,905 $1,910,741
=========== ========= ============ ==========
Shares outstanding 282,786 5,277 12,176,971 109,734
----------- --------- ------------ ----------
NET ASSET VALUE, offering price
and redemption price per share $ 11.01 $ 7.87 $ 22.50 $ 17.41
=========== ========= ============ ==========
</TABLE>
See Accompanying Notes to Financial Statements.
24
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WARBURG
SMALL SMALL PINCUS
COMPANY COMPANY POST-VENTURE
VALUE VALUE GROWTH CAPITAL
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------- ------------- ------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends $ 107,513 $ 7,482 $ 79,079 $ 2,301
Interest 32,145 2,381 1,218,203 4,852
Foreign taxes withheld (1,048) (11) 0 (43)
----------- ----------- ------------- ---------
Total investment income 138,610 9,852 1,297,282 7,110
----------- ----------- ------------- ---------
EXPENSES:
Investment Advisory Fees 51,184 4,369 2,812,644 20,491
Administrative Services Fees 16,653 4,285 629,170 6,971
Custodian/Sub-custodian Fees 35,092 27,041 71,404 20,274
Registration Fees 17,071 9,465 16,267 10,155
Audit Fees 15,300 13,700 18,300 11,800
Printing Fees 6,650 2,629 70,521 4,263
Interest Expense 2,667 1,407 466 15
Directors Fees 1,753 1,843 2,626 1,833
Insurance Expense 1,139 1,278 2,202 1,301
Legal Fees 0 757 29,182 1,593
Transfer Agent Fees (3,657) (4,151) (12,912) (2,080)
Miscellaneous Expenses 1,153 740 12,918 681
----------- ----------- ------------- ---------
145,005 63,363 3,652,788 77,297
----------- ----------- ------------- ---------
Less: fees waived, expense
reimbursements, and
transfer agent offsets (93,821) (58,557) (558,880) (54,011)
----------- ----------- ------------- ---------
Total expenses 51,184 4,806 3,093,908 23,286
----------- ----------- ------------- ---------
Net investment income (loss) 87,426 5,046 (1,796,626) (16,176)
----------- ----------- ------------- ---------
NET REALIZED AND UNREALIZED GAIN (LOSS)
FROM INVESTMENTS AND FOREIGN CURRENCY
RELATED ITEMS:
Net realized gain from investments 2,737,503 35,417 110,503,931 494,309
Net realized gain (loss) from foreign
currency transactions (1,097) 0 0 6
Net change in unrealized appreciation
(depreciation) from investments (3,469,332) 1,650 (27,733,542) 227,057
Net change in unrealized appreciation
from foreign currency translations 15 0 0 0
----------- ----------- ------------- ---------
Net realized and unrealized gain (loss)
from investments and foreign
currency related items (732,911) 37,067 82,770,389 721,372
----------- ----------- ------------- ---------
Net increase (decrease) in net assets
resulting from operations $ (645,485) $ 42,113 $ 80,973,763 $ 705,196
=========== =========== ============= =========
</TABLE>
See Accompanying Notes to Financial Statements.
25
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL COMPANY
VALUE PORTFOLIO VALUE PORTFOLIO
---------------------------- ------------------------
FOR THE FOR THE FOR THE FOR THE
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31,
2000 1999 2000 1999
------------ ------------ --------- -----------
<S> <C> <C> <C> <C>
FROM OPERATIONS:
Net investment income (loss) $ 87,426 $ 493,018 $ 5,046 $ (114)
Net realized gain (loss) from investments
and foreign currency transactions 2,736,406 7,670,434 35,417 (179,993)
Net change in unrealized appreciation
(depreciation) from investments
and foreign currency translations (3,469,317) 835,987 1,650 113,672
------------ ------------ --------- -----------
Net increase (decrease) in net assets
resulting from operations (645,485) 8,999,439 42,113 (66,435)
------------ ------------ --------- -----------
FROM DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income (450,431) (687,635) (28,404) (15,984)
Distributions from net realized gains (5,453,362) 0 0 0
------------ ------------ --------- -----------
Net decrease in net assets from
dividends and distributions (5,903,793) (687,635) (28,404) (15,984)
------------ ------------ --------- -----------
FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares 2,832,965 9,544,903 170,326 435,220
Reinvestment of dividends and distributions 5,903,787 687,038 28,403 15,976
Net asset value of shares redeemed (35,407,293) (41,121,863) (808,106) (1,515,450)
------------ ------------ --------- -----------
Net decrease in net assets from
capital share transactions (26,670,541) (30,889,922) (609,377) (1,064,254)
------------ ------------ --------- -----------
Net increase (decrease) in net assets (33,219,819) (22,578,118) (595,668) (1,146,673)
NET ASSETS:
Beginning of year 36,331,969 58,910,087 637,196 1,783,869
------------ ------------ --------- -----------
End of year $ 3,112,150 $ 36,331,969 $ 41,528 $ 637,196
============ ============ ========= ===========
UNDISTRIBUTED NET INVESTMENT INCOME: $ 86,378 $ 450,480 $ 4,875 $ 28,233
============ ============ ========= ===========
</TABLE>
See Accompanying Notes to Financial Statements.
26
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WARBURG PINCUS
SMALL COMPANY POST-VENTURE
GROWTH PORTFOLIO CAPITAL PORTFOLIO
-------------------------------- --------------------------
FOR THE FOR THE FOR THE FOR THE
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31,
2000 1999 2000 1999
------------- ------------- ----------- -----------
<S> <C> <C> <C> <C>
FROM OPERATIONS:
Net investment income (loss) $ (1,796,626) $ (1,546,937) $ (16,176) $ (10,625)
Net realized gain (loss) from investments
and foreign currency transactions 110,503,931 25,104,023 494,315 (112,008)
Net change in unrealized appreciation
(depreciation) from investments
and foreign currency translations (27,733,542) 49,843,000 227,057 516,319
------------- ------------- ----------- -----------
Net increase (decrease) in net assets
resulting from operations 80,973,763 73,400,086 705,196 393,686
------------- ------------- ----------- -----------
FROM DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income 0 0 (17,725) (1,664)
Distributions from net realized gains (15,956,371) 0 0 0
------------- ------------- ----------- -----------
Net decrease in net assets from
dividends and distributions (15,956,371) 0 (17,725) (1,664)
------------- ------------- ----------- -----------
FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares 40,493,377 32,672,892 1,054,091 0
Reinvestment of dividends and distributions 14,533,727 0 1,718 471
Net asset value of shares redeemed (82,714,503) (63,557,835) (1,083,196) (321,988)
------------- ------------- ----------- -----------
Net decrease in net assets from
capital share transactions (27,687,399) (30,884,943) (27,387) (321,517)
------------- ------------- ----------- -----------
Net increase (decrease) in net assets 37,329,993 42,515,143 660,084 70,505
NET ASSETS:
Beginning of year 236,678,912 194,163,769 1,250,657 1,180,152
------------- ------------- ----------- -----------
End of year $ 274,008,905 $ 236,678,912 $ 1,910,741 $ 1,250,657
============= ============= =========== ===========
UNDISTRIBUTED NET INVESTMENT INCOME: $ 0 $ 0 $ 0 $ 17,721
============= ============= =========== ===========
</TABLE>
See Accompanying Notes to Financial Statements.
27
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
(FOR A SHARE OF THE PORTFOLIO OUTSTANDING THROUGHOUT EACH PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE YEAR ENDED OCTOBER 31,
------------------------------------------
2000 1999 1998 1997(1)
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
PER-SHARE DATA
Net asset value, beginning of period $ 13.32 $ 11.53 $ 10.64 $ 10.00
--------- --------- --------- ---------
INVESTMENT ACTIVITIES:
Net investment income 0.24 0.16 0.16 0.03
Net gains on investments and foreign currency
related items (both realized and unrealized) 0.31 1.76 0.86 0.61
--------- --------- --------- ---------
Total from investment activities 0.55 1.92 1.02 0.64
--------- --------- --------- ---------
LESS DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income (0.22) (0.13) (0.08) 0.00
Distributions from net realized gains (2.64) 0.00 (0.05) 0.00
--------- --------- --------- ---------
Total dividends and distributions (2.86) (0.13) (0.13) 0.00
--------- --------- --------- ---------
Net asset value, end of period $ 11.01 $ 13.32 $ 11.53 $ 10.64
========= ========= ========= =========
Total return 5.59% 16.82% 9.76% 6.40%(2)
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (000s omitted) $ 3,112 $ 36,332 $ 58,910 $ 15,565
Ratio of expenses to average net assets(3) .77% .76% .75% .75%(4)
Ratio of net investment income to average
net assets 1.28% 1.01% 1.27% 1.60%(4)
Decrease reflected in above operating
expense ratios
due to waivers/reimbursements 1.36% .39% .44% 1.67%(4)
Portfolio turnover rate 218.41% 79.06% 70.74% 34.81%
</TABLE>
--------------------------------------------------------------------------------
(1) For the period June 30, 1997 (inception date) through October 31, 1997.
(2) Non annualized.
(3) Interest earned on uninvested cash balances is used to offset portions of
the transfer agent expense. These arrangements resulted in a reduction to
the Portfolio's net expense ratio by .02%, .01%, .00%, and .00% for the
years ended October 31, 2000, 1999 and 1998 and the period ended October 31,
1997, respectively. The Portfolio's operating expense ratio after reflecting
these arrangements was .75% for each of the years ending October 31, 2000,
1999 and 1998 and the period ended October 31, 1997, respectively.
(4) Annualized.
See Accompanying Notes to Financial Statements.
28
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SMALL COMPANY VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
(FOR A SHARE OF THE PORTFOLIO OUTSTANDING THROUGHOUT EACH PERIOD)
--------------------------------------------------------------------------------
FOR THE YEAR ENDED
OCTOBER 31,
-------------------------------
2000 1999 1998(1)
------- ------- ---------
PER-SHARE DATA
Net asset value, beginning of period $ 7.60 $ 7.98 $ 10.00
------- ------- ---------
INVESTMENT ACTIVITIES:
Net investment income 0.12(2) 0.01 0.03
Net gains (losses) on investments
and foreign currency related items
(both realized and unrealized) 0.49 (0.31) (2.05)
------- ------- ---------
Total from investment activities 0.61 (0.30) (2.02)
------- ------- ---------
LESS DIVIDENDS:
Dividends from net investment income (0.34) (0.08) 0.00
------- ------- ---------
Net asset value, end of period $ 7.87 $ 7.60 $ 7.98
======= ======= =========
Total return 8.13% (3.85)% (20.20)%
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (000s omitted) $ 42 $ 637 $ 1,784
Ratio of expenses to average net assets(3) 1.01% .99% .99%
Ratio of net investment income (loss)
to average net assets 1.04% (.01)% .09%
Decrease reflected in above
operating expense ratios
due to waivers/reimbursements 12.04% 9.69% 1.65%
Portfolio turnover rate 164.42% 194.20% 248.40%
--------------------------------------------------------------------------------
(1) For the period October 31, 1997 (inception date) through October 31, 1998.
(2) Per share information is calculated using the average shares outstanding
method.
(3) Interest earned on uninvested cash balances is used to offset portions of
the transfer agent expense. These arrangements resulted in a reduction to
the Portfolio's net expense ratio by .02% for the year ended October 31,
2000 and .00% for each of the years ended October 31, 1999 and 1998,
respectively. The Portfolio's operating expense ratio after reflecting these
arrangements was .99% for each of the years ended October 31, 2000, 1999 and
1998, respectively.
See Accompanying Notes to Financial Statements.
29
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SMALL COMPANY GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
(FOR A SHARE OF THE PORTFOLIO OUTSTANDING THROUGHOUT EACH PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE YEAR ENDED OCTOBER 31,
---------------------------------------------------------
2000 1999 1998 1997 1996(1)
-------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C>
PER-SHARE DATA
Net asset value, beginning of period $ 17.89 $ 12.89 $ 15.89 $ 12.92 $ 10.00
-------- -------- -------- -------- -------
INVESTMENT ACTIVITIES:
Net investment loss (0.15) (0.12) (0.08) (0.05) (0.01)
Net gains (losses) on investments
and foreign currency related items
(both realized and unrealized) 5.98 5.12 (2.92) 3.02 2.93
-------- -------- -------- -------- -------
Total from investment activities 5.83 5.00 (3.00) 2.97 2.92
-------- -------- -------- -------- -------
LESS DISTRIBUTIONS:
Distributions from net realized gains (1.22) 0.00 0.00 0.00 0.00
-------- -------- -------- -------- -------
Net asset value, end of period $ 22.50 $ 17.89 $ 12.89 $ 15.89 $ 12.92
======== ======== ======== ======== =======
Total return 33.05% 38.79% (18.88)% 22.99% 29.20%(2)
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (000s omitted) $274,009 $236,679 $194,164 $217,861 $96,827
Ratio of expenses to average net assets(3) 1.01% 1.00% .99% .99% .99%(4)
Ratio of net investment loss to average
net assets (.57)% (.68)% (.54)% (.53)% (.18)%(4)
Decrease reflected in above operating
expense ratios due to waivers/
reimbursements .16% .19% .18% .20% .69%(4)
Portfolio turnover rate 87.52% 107.56% 75.20% 91.59% 57.38%
</TABLE>
--------------------------------------------------------------------------------
(1) For the period December 29, 1995 (inception date) through October 31, 1996.
(2) Non annualized
(3) Interest earned on uninvested cash balances is used to offset portions of
the transfer agent expense. These arrangements resulted in a reduction to
the Portfolio's net expense ratio by .02%, .01%, .00%, .00%, and .00% for
the years ended October 31, 2000, 1999, 1998 and 1997 and the period ended
October 31, 1996, respectively. The Portfolio's operating expense ratio
after reflecting these arrangements was .99% for each of the years ending
October 31, 2000, 1999, 1998 and 1997 and the period ended October 31, 1996,
respectively.
(4) Annualized
See Accompanying Notes to Financial Statements.
30
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. --
WARBURG PINCUS POST-VENTURE CAPITAL PORTFOLIO
FINANCIAL HIGHLIGHTS
(FOR A SHARE OF THE PORTFOLIO OUTSTANDING THROUGHOUT EACH PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE YEAR ENDED
OCTOBER 31,
-------------------------------------
2000 1999 1998(1)
--------- --------- ---------
<S> <C> <C> <C>
PER-SHARE DATA
Net asset value, beginning of period $ 11.28 $ 8.23 $ 10.00
--------- --------- ---------
INVESTMENT ACTIVITIES:
Net investment loss (0.15) (0.08) (0.09)
Net gains (losses) on investments
and foreign currency related items
(both realized and unrealized) 6.44 3.14 (1.68)
--------- --------- ---------
Total from investment activities 6.29 3.06 (1.77)
--------- --------- ---------
LESS DIVIDENDS:
Dividends from net investment income (0.16) (0.01) 0.00
--------- --------- ---------
Net asset value, end of period $ 17.41 $ 11.28 $ 8.23
========= ========= =========
Total return 56.07% 37.25% (17.70)%
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (000s omitted) $ 1,911 $ 1,251 $ 1,180
Ratio of expenses to average net assets(2) 1.27% 1.25% 1.25%
Ratio of net investment loss to
average net assets (.87)% (.84)% (.76)%
Decrease reflected in above
operating expense ratios
due to waivers/reimbursements 2.88% 7.09% 4.19%
Portfolio turnover rate 63.02% 93.67% 98.89%
</TABLE>
--------------------------------------------------------------------------------
(1) For the period October 31, 1997 (inception date) through October 31, 1998.
(2) Interest earned on uninvested cash balances is used to offset portions of
the transfer agent expense. These arrangements resulted in a reduction to
the Portfolio's net expense ratio by .02%, .00%, and .00% for each of the
years ended October 31, 2000, 1999 and 1998, respectively. The Portfolio's
operating expense ratio after reflecting these arrangements was 1.25% for
each of the years ended October 31, 2000, 1999 and 1998, respectively.
See Accompanying Notes to Financial Statements.
31
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS
OCTOBER 31, 2000
--------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Credit Suisse Institutional Fund, Inc. is an open-end management investment
company registered under the Investment Company Act of 1940, as amended ("the
1940 Act"), incorporated under the laws of Maryland on May 13, 1992, and
currently offers seven managed investment Funds ("Portfolios") of which four are
contained in this report. The Value Portfolio ("Value"), the Small Company Value
Portfolio ("Small Company Value") and the Warburg Pincus Post-Venture Capital
Portfolio ("Post-Venture Capital") are classified as diversified, and the Small
Company Growth Portfolio ("Small Company Growth") is non-diversified (each a
"Portfolio" and collectively, the "Portfolios").
Investment objectives for each Portfolio are as follows: Value seeks total
return; Small Company Value seeks long-term capital appreciation; Small Company
Growth seeks capital growth; and Post-Venture Capital seeks long-term growth of
capital.
The net asset value ("NAV") of each Portfolio is determined daily as of the
close of regular trading on the New York Stock Exchange. Each Portfolio's
investments are valued at market value, which is generally determined using the
last reported sales price. If no sales are reported, investments are generally
valued at the most recent bid price and if there is no bid price available, at
the most recent ask price. If market quotations are not readily available,
securities and other assets are valued by another method that the Board of
Directors believes accurately reflects fair value. Debt that will mature in 60
days or less is valued on the basis of amortized cost, which approximates market
value, unless the Board determines that using this method would not reflect an
investment's value.
Post-Venture Capital initially values its investments in private-equity
portfolios at cost. After that the Portfolio values these investments according
to reports from the private-equity portfolios that Abbott Capital Management,
LLC ("Abbott"), the Portfolio's sub-investment adviser, generally receives on a
quarterly basis. The Portfolio's NAV typically will not reflect interim changes
in the values of its private-equity-portfolio investments. At October 31, 2000,
the Portfolio had no investments in private-equity portfolios.
The books and records of the Portfolios are maintained in U.S. dollars.
Transactions denominated in foreign currencies are recorded at the current
prevailing exchange rates. All assets and liabilities denominated in foreign
currencies are translated into U.S. dollar amounts at the current exchange rate
at the end of the period. Translation gains or losses resulting from changes in
the exchange rate during the reporting period and realized gains and losses on
the settlement of foreign currency transactions are reported inthe results of
operations for the current period. The Portfolios do not
32
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONT'D)
OCTOBER 31, 2000
--------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES -- (CONT'D)
isolate that portion of realized gains and losses on investments in equity
securities which are due to changes in the foreign exchange rate from that which
are due to changes in market prices of equity securities. The Portfolios isolate
that portion of realized gains and losses on investments in debt securities
which are due to changes in the foreign exchange rate from that which are due to
changes in market prices of debt securities.
The Portfolios may invest in securities of foreign countries and governments
which involve certain risks in addition to those inherent in domestic
investments. Such risks generally include, among others, currency risk
(fluctuations in currency exchange rates), information risk (key information may
be inaccurate or unavailable) and political risk (expropriation, nationalization
or the imposition of capital or currency controls or punitive taxes). Other
risks of investing in foreign securities include liquidity and valuation risks.
Security transactions are accounted for on a trade date basis. Interest
income is recorded on the accrual basis. Dividends are recorded on the
ex-dividend date. The cost of investments sold is determined by use of the
specific identification method for both financial reporting and income tax
purposes.
Dividends from net investment income and distributions of net realized
capital gains, if any, are declared and paid at least annually. However, to the
extent that a net realized capital gain can be reduced by a capital loss
carryover, such gain will not be distributed. Income and capital gain
distributions are determined in accordance with federal income tax regulations
which may differ from generally accepted accounting principles.
No provision is made for federal taxes as it is the Fund's intention to have
each Portfolio continue to qualify for and elect the tax treatment applicable to
regulated investment companies under the Internal Revenue Code of 1986, as
amended (the "Code"), and make the requisite distributions to its shareholders
which will be sufficient to relieve it from federal income and excise taxes.
Pursuant to an exemptive order issued by the Securities and Exchange
Commission, each Portfolio, along with other Funds managed by Credit Suisse
Asset Management, LLC ("CSAM") can transfer uninvested cash balances to a pooled
cash account, which is invested in repurchase agreements secured by U.S.
government securities. Securities pledged as collateral for repurchase
agreements are held by the Portfolios' custodian bank until the agreements
mature. Each agreement requires that the market value of the collateral be
sufficient to cover payments of interest and principal; however, in the event of
default or bankruptcy by the other party to the agreement, retention of the
collateral may be subject to legal proceedings. At October 31, 2000, none of the
Portfolios had investments in repurchase agreements.
33
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONT'D)
OCTOBER 31, 2000
--------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES -- (CONT'D)
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the date of the
financial statement and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from these estimates.
The Portfolios have an arrangement with their transfer agent whereby interest
earned on uninvested cash balances was used to offset a portion of their
transfer agent expense. For the year ended October 31, 2000, the Portfolios
received credits or reimbursements under this arrangement as follows:
PORTFOLIO AMOUNT
--------- ------
Value $1,149
Small Company Value 109
Small Company Growth 62,544
Post-Venture Capital 360
2. INVESTMENT ADVISER, CO-ADMINISTRATORS AND DISTRIBUTOR
CSAM, which is an indirect wholly-owned U.S. subsidiary of Credit Suisse
Group, serves as each Portfolio's investment adviser. For its investment
advisory services, CSAM receives the following fees based on each Portfolio's
average daily net assets:
PORTFOLIO ANNUAL RATE
--------- ---------------------------------
Value .75% of average daily net assets
Small Company Value .90% of average daily net assets
Small Company Growth .90% of average daily net assets
Post-Venture Capital 1.10% of average daily net assets
For the year ended October 31, 2000, investment advisory fees, voluntary
waivers and reimbursements were as follows:
GROSS NET EXPENSE
PORTFOLIO ADVISORY FEE WAIVER ADVISORY FEE REIMBURSEMENTS
--------- ------------ --------- ------------ --------------
Value $ 51,184 $ (51,184) $ 0 $(34,664)
Small Company Value 4,369 (4,369) 0 (53,594)
Small Company Growth 2,812,644 (496,336) 2,316,308 0
Post-Venture Capital 20,491 (20,491) 0 (31,297)
Abbott serves as sub-investment adviser for Post-Venture Capital's assets
invested in U.S. or foreign private limited partnerships or other investment
funds ("Private Fund Investments"). From its investment advisory fee, CSAM pays
Abbott a quarterly fee at the annual rate of 1.00% of the value of the
Portfolio's Private Fund Investments as of the end of each calendar quarter. No
compensation is paid by Post-Venture Capital to Abbott for its sub-investment
advisory services.
34
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONT'D)
OCTOBER 31, 2000
--------------------------------------------------------------------------------
2. INVESTMENT ADVISER, CO-ADMINISTRATORS AND DISTRIBUTOR -- (CONT'D)
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of
CSAM, and PFPC Inc. ("PFPC"), an indirect subsidiary of PNC Financial Services
Group, Inc., serve as each Portfolio's co-administrators. For its administrative
services, CSAMSI receives a fee calculated at an annual rate of .10% of each
Portfolio's average daily net assets. For the year ended October 31, 2000,
administrative services fees earned by CSAMSI were as follows:
PORTFOLIO CO-ADMINISTRATION FEE
--------- ---------------------
Value $6,824
Small Company Value 485
Small Company Growth 312,516
Post-Venture Capital 1,863
For its administrative services through July 31, 2000, PFPC received a fee,
exclusive of out-of-pocket expenses, based on the following fee structure:
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ -----------
First $500 million .10% of average daily net assets
Next $1 billion .075% of average daily net assets
Over $1.5 billion .05% of average daily net assets
Effective August 1, 2000, for its administrative services, PFPC receives a
fee, exclusive of out-of-pocket expenses, based on the following fee structure:
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ -----------
First $500 million .10% of average daily net assets
Next $1 billion .08% of average daily net assets
Over $1.5 billion .06% of average daily net assets
For the year ended October 31, 2000, administrative service fees earned and
voluntarily waived by PFPC (including out-of-pocket expenses) were as follows:
GROSS NET
PORTFOLIO CO-ADMINISTRATION FEE WAIVER CO-ADMINISTRATION FEE
--------- --------------------- -------- ---------------------
Value $ 9,829 $(6,824) $ 3,005
Small Company Value 3,800 (485) 3,315
Small Company Growth 316,654 0 316,654
Post-Venture Capital 5,108 (1,863) 3,245
In addition to serving as each Portfolio's co-administrator, Credit Suisse
Asset Management Securities, Inc. ("CSAMSI") served as distributor of each
Portfolio's shares until January 1, 2000. On January 1, 2000, Provident
Distributors, Inc. ("PDI") replaced CSAMSI as distributor to each Portfolio. On
August 1, 2000, CSAMSI replaced PDI as distributor to each Portfolio. No
compensation is payable by any of the Portfolios to PDI or CSAMSI for
distribution services.
35
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONT'D)
OCTOBER 31, 2000
--------------------------------------------------------------------------------
3. LINE OF CREDIT
The Portfolios, 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 redemptions. 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 borrowings at the Federal
funds rate plus .50%. At October 31, 2000, there were no loans outstanding for
any of the Portfolios. During the year ended October 31, 2000, borrowings under
the Credit Facility were as follows:
AVERAGE DAILY AVERAGE MAXIMUM DAILY
PORTFOLIO LOAN BALANCE INTEREST RATE % LOAN OUTSTANDING
--------- ------------- --------------- ----------------
Value $46,202 6.384% $1,770,000
Small Company Value 3,208 6.935 157,000
4. INVESTMENTS IN SECURITIES
For the year ended October 31, 2000, purchases and sales of investment
securities (excluding short-term investments) were as follows:
PORTFOLIO PURCHASES SALES
--------- ------------ ------------
Value $ 14,867,489 $ 44,459,828
Small Company Value 755,421 1,342,283
Small Company Growth 253,710,503 316,924,487
Post-Venture Capital 1,114,371 1,158,945
At October 31, 2000, the net unrealized appreciation from investments for
those securities having an excess of value over cost and net depreciation from
investments for those securities having an excess of cost over value (based on
cost for federal income tax purposes) was as follows:
NET UNREALIZED
UNREALIZED UNREALIZED APPRECIATION
PORTFOLIO APPRECIATION DEPRECIATION (DEPRECIATION)
--------- ------------ --------------- --------------
Value $ 467,971 $ (92,079) $ 375,892
Small Company Value 10,470 (465) 10,005
Small Company Growth 75,751,374 (46,670,531) 29,080,843
Post-Venture Capital 669,357 (86,582) 582,775
36
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONT'D)
OCTOBER 31, 2000
--------------------------------------------------------------------------------
5. RESTRICTED SECURITIES
Certain Small Company Growth investments are restricted as to resale and are
valued as determined by or under the direction of the Board in good faith, at
fair value. The table below shows the acquisition dates, aggregate cost, fair
value as of October 31, 2000 and percent of net assets which the securities
represent.
<TABLE>
<CAPTION>
PERCENTAGE
SECURITY SECURITY ACQUISITION MARKET OF NET
PORTFOLIO DESCRIPTION TYPE DATE(S) COST VALUE ASSETS
-------------------- ----------------------- -------- ----------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Small Company Growth Prescient Systems, Inc. Stock 02/23/98 $2,000,000 $1,999,998 0.73%
</TABLE>
6. CAPITAL SHARE TRANSACTIONS
The Fund is authorized to issue up to thirteen billion full and fractional
shares of common stock of separate series having a $.001 par value per share.
Shares of seven series have been classified, four of which constitute the
interests in the Portfolios.
Transactions in shares of each Portfolio were as follows:
<TABLE>
<CAPTION>
VALUE SMALL COMPANY VALUE
------------------------------------ ----------------------------------
FOR THE FOR THE FOR THE FOR THE
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
OCTOBER 31, 2000 OCTOBER 31, 1999 OCTOBER 31, 2000 OCTOBER 31, 1999
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Shares sold 264,796 739,899 22,353 51,791
Shares issued to shareholders
on reinvestment of dividends
and distributions 573,740 57,158 3,684 1,948
Shares redeemed (3,283,845) (3,179,428) (104,566) (193,379)
---------- ---------- -------- --------
Net decrease in shares
outstanding (2,445,309) (2,382,371) (78,529) (139,640)
========== ========== ======== ========
</TABLE>
<TABLE>
<CAPTION>
SMALL COMPANY GROWTH POST-VENTURE CAPITAL
------------------------------------ ----------------------------------
FOR THE FOR THE FOR THE FOR THE
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
OCTOBER 31, 2000 OCTOBER 31, 1999 OCTOBER 31, 2000 OCTOBER 31, 1999
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Shares sold 1,561,930 2,255,112 72,008 0
Shares issued to shareholders
on reinvestment of dividends
and distributions 691,095 0 120 55
Shares redeemed (3,303,969) (4,095,159) (73,242) (32,596)
---------- ---------- ------- -------
Net decrease in shares
outstanding (1,050,944) (1,840,047) (1,114) (32,596)
========== ========== ======= =======
</TABLE>
37
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONT'D)
OCTOBER 31, 2000
--------------------------------------------------------------------------------
7. NET ASSETS
At October 31, 2000, capital contributions, accumulated undistributed net
investment income, accumulated net realized gain/(loss) from investments and
foreign currency transactions and current period distributions have been
adjusted for current period permanent book/tax differences. Value and
Post-Venture Capital reclassified ($1,097) and $6, respectively, from
accumulated net realized gain/(loss) from investments and foreign currency
transactions to accumulated undistributed net investment income. Post-Venture
Capital reclassified ($16,174) from accumulated undistributed net investment
income to capital contributions. Small Company Growth reclassified ($1,796,626)
from accumulated undistributed net investment income to accumulated net realized
gain/(loss) from investments and foreign currency transactions. Net investment
income, net realized gain (loss) on investments and net assets were not affected
by these reclassifications,
8. CAPITAL LOSS CARRYOVER
At October 31, 2000, capital loss carryovers available to offset possible
future gains of each Portfolio were as follows:
CAPITAL LOSS CARRYOVER EXPIRING IN
---------------------------------- TOTAL CAPITAL
2006 2007 LOSS CARRYOVER
-------- -------- --------------
Small Company Value $351,771 $187,598 $539,369
9. PORTFOLIO NAME CHANGE
At the Board Meeting on May 1, 2000, the Board of Directors voted to rename
the Warburg, Pincus Institutional Fund, Inc. As of May 11, 2000 the Fund ceased
to be named the Warburg, Pincus Institutional Fund, Inc. and is now named the
Credit Suisse Institutional Fund, Inc.
38
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
REPORT OF INDEPENDENT ACCOUNTANTS
--------------------------------------------------------------------------------
To the Board of Directors and Shareholders of
Credit Suisse Institutional Fund, Inc.:
In our opinion, the accompanying statements of assets and liabilities, including
the schedules of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects the financial position of the Value Portfolio, Small Company
Value Portfolio, Small Company Growth Portfolio and Warburg Pincus Post Venture
Capital Portfolio (the "Funds"), each a portfolio of the Credit Suisse
Institutional Fund, Inc. at October 31, 2000, the results of each of their
operations for the year then ended, the changes in each of their net assets for
each of the two years in the period then ended and 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 October 31, 2000 by correspondence with the custodian, provide
a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Two Commerce Square
2001 Market Street
Philadelphia, Pennsylvania
December 15, 2000
39
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
SHAREHOLDER TAX INFORMATION (UNAUDITED)
--------------------------------------------------------------------------------
Each Portfolio is required by Subchapter M of the Code to advise its
shareholders within 60 days of each Portfolio's fiscal year end as to the U.S.
federal tax status of dividends and distributions received by the Portfolio's
shareholders in respect of such fiscal year. During the fiscal year ended
October 31, 2000, the following dividends and distributions per share were paid
by each of the Portfolios:
ORDINARY LONG-TERM % OF ORDINARY INCOME DIVIDEND
INCOME CAPITAL GAINS QUALIFYING FOR
PORTFOLIO PER SHARE PER SHARE DIVIDENDS RECEIVED DEDUCTION*
--------- --------- ------------- -----------------------------
PAYMENT DATE 12/07/99 12/07/99 1999
Value $0.8860 $1.9687 31.16
Small Company Value 0.3409 0.0000 16.56
Small Company Growth 0.3669 0.8510 1.45
Post-Venture Capital 0.1599 0.0000 3.42
The above information was provided to calendar year taxpayers on Form
1099-DIV mailed in January of 2000. Because the fiscal year of the Portfolios is
not a calendar year, another notification will be sent with respect to calendar
year 2000. The second notification, which will reflect the amount to be used by
calendar year taxpayers on their U.S. federal income tax returns, will be made
in conjunction with Form 1099-DIV and will be mailed in January 2001.
--------------------
* Available to Corporate Shareholders only.
40
<PAGE>
[GRAPHIC OMITTED]
CREDIT SUISSE ASSET MANAGEMENT
P.O. BOX 9030, BOSTON, MA 02205-9030
800-222-8977
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. CSINU-2-1000
