[GRAPHIC OMITTED]
CREDIT SUISSE ASSET MANAGEMENT
ANNUAL
REPORT
OCTOBER 31, 2000
CREDIT SUISSE INSTITUTIONAL FUND, INC.
(BULLET) INTERNATIONAL EQUITY PORTFOLIO
(BULLET) EMERGING MARKETS 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.
INTERNATIONAL INVESTING ENTAILS SPECIAL RISK CONSIDERATIONS, INCLUDING CURRENCY
FLUCTUATIONS, LOWER LIQUIDITY, ECONOMIC AND POLITICAL RISKS, AND DIFFERENCES IN
ACCOUNTING METHODS.
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.-- INTERNATIONAL EQUITY 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.-- International Equity Portfolio (the "Portfolio") had a loss of 1.98%, vs.
a loss of 1.96% for the Morgan Stanley All Country World Excluding the U.S.
Index.
The period was a volatile one for equities around the world. Most markets
initially rallied, but then became turbulent as inflation and interest-rate
worries mounted. Because the global economy was growing at a healthy clip, the
world's monetary authorities were increasingly inclined to raise interest rates
to contain inflation. The upward trend in interest rates, combined with fears
that the global economy would in fact slow too much, weighed on stocks over the
latter part of the period. Technology and telecommunications stocks, which
entered the period with generally lofty valuations, were hit the hardest.
Performance was largely divided along regional lines. Winners included Canada
and most European markets (in local terms, at least; performance was
significantly lower for dollar-based investors, as the euro steadily weakened
vs. the dollar during the period). Asian/Pacific markets ended up in negative
territory, hampered by growth uncertainties, especially within the technology
segment.
The Portfolio's results were hampered by the difficult environment for
foreign stock markets and currencies that prevailed over much of the period.
Investments that weighed on the Portfolio's return included its Asian
electronic-hardware holdings and its telecommunications investments in general.
On the positive side, the Portfolio was helped by good stock selection in
Europe, with its French, German and U.K. holdings performing relatively well.
The Portfolio was also aided by its large overweight position in Canada, a solid
performer for the period; and by its large overweight position in energy and
energy-services companies. Clearly, though, relatively good performances from
the Portfolio's Canadian and European holdings failed to compensate for weakness
in its Asian stocks.
We made a few noteworthy changes to the Portfolio during the period in terms
of regional allocation. We significantly lowered our weighting in Japan, paring
exposure to certain companies here based on specific industry considerations and
valuations (market forces also contributed to our reduced position in Japan). We
materially increased our exposure to Canada, and lowered our overall weighting
in emerging markets.
1
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CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL EQUITY PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT -- OCTOBER 31, 2000 (CONT'D)
--------------------------------------------------------------------------------
The bulk of the Portfolio's assets remained invested in Europe, reflecting
our favorable outlook on the region's longer-term prospects. Our optimism is
based squarely on reforms, both ongoing and those soon to be implemented. These
reforms are aimed at encouraging the growth of a strong equity culture in
Europe, one that will allow the region to compete effectively worldwide as well
as come to grips with its pension burden. Such efforts have led to strong equity
cultures and equity returns in countries such as the U.S., the U.K. and Canada
over the past decade.
One key element of Europe's ongoing embrace of equity investing and the
enhancement of shareholder value is tax reform. A leading light is Germany. The
government will phase in a two-part tax reform package over the next two years;
the first component, corporate and personal tax cuts, will take effect in 2001.
In addition, Germany will eliminate a punitive capital-gains tax in 2002.
This is certain to spark a wave of divestitures and redeployment of corporate
capital as companies unload unwanted holdings and restructure their core
businesses. It should also launch a rash of new publicly offered companies. The
trend, in our view, will likely spread to France and Italy, among other markets,
providing a number of interesting investment opportunities over the next few
years. Also on the horizon is pension reform, and, perhaps further down the
road, labor reform.
Despite our lowered Japan position, we see good potential for a more
favorable investing environment here over the next year based on several
factors. The economy continues to recover, with a notable uptrend in industrial
production and continued job creation. Another encouraging development is the
growth of information-technology expenditures in Japan. We believe this will be
the true engine pulling the economy forward, as opposed to government spending
programs, which can aid consumption but have little overall long-term positive
impact. Based on our extensive contact with Japanese managements, we believe the
commitment to IT capital will remain substantial, helping to boost productivity
as it has in the U.S.
Our holdings in Japan continued to include technology companies such as
capital-equipment suppliers to the new economy, or "new capex" stocks. We
believe these companies have good long-term prospects due to accelerating demand
for telecommunications services across Asia and elsewhere. Other areas of
concentration within our Japan portfolio included financial-services stocks,
which stand to benefit from Japan's expanding equity culture.
2
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CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL EQUITY PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT -- OCTOBER 31, 2000 (CONT'D)
--------------------------------------------------------------------------------
Our non-Japan Asian exposure was mostly via the economies of Taiwan and South
Korea at the end of the period. We continued to avoid South East Asian markets,
with the notable exception of Singapore, where stocks stand to benefit from
ongoing financial reforms and an improving economy.
Elsewhere, we ended the period with an approximately 15% weighting in Canada,
up from about 5% at the start of the 12 months. Our holdings here remained a mix
of rapid-growth technology companies and energy names. We largely avoided Latin
America throughout the period, as stocks here in our judgment remained less
attractive from a risk/reward perspective compared to emerging-market stocks in
Asia.
Looking ahead, we see grounds for optimism as 2000 fades into memory. We
entered the year concerned that higher-than-expected growth and inflationary
pressures would result in tighter monetary conditions, and we have tried our
best to hold value in the Portfolio within exactly such an environment. While
this view was correct and we positioned ourselves for a "soft landing" scenario,
the shock of the correction in the NASDAQ left all but the most defensive
companies at lower prices. We believe that 2001 should shape up to be a far
better year for equity markets around the world. Growth in global economies is
moderating -- with no evidence of severe contractions on the horizon -- which
should allow for a more-supportive interest rate backdrop and help return some
degree of stability to stock markets. Given the prospects for a more rational,
less fear-driven, market, we expect to see ample opportunities to add value via
individual company selection, and we will continue to focus on attempting to
identify stocks and markets with the brightest long-term prospects.
Harold E. Sharon Vincent J. McBride
Co-Portfolio Manager Co-Portfolio Manager
P. Nicholas Edwards Nancy Nierman
Co-Portfolio Manager Co-Portfolio Manager
INTERNATIONAL INVESTING ENTAILS SPECIAL RISK CONSIDERATIONS, INCLUDING
CURRENCY FLUCTUATIONS, LOWER LIQUIDITY, ECONOMIC AND POLITICAL RISKS, AND
DIFFERENCES IN ACCOUNTING METHODS. THESE ARE DETAILED IN THE PORTFOLIO'S
PROSPECTUS, WHICH SHOULD BE READ CAREFULLY BEFORE INVESTING.
3
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CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL EQUITY PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT -- OCTOBER 31, 2000 (CONT'D)
--------------------------------------------------------------------------------
GROWTH OF $10,000 INVESTED IN CREDIT SUISSE INSTITUTIONAL FUND, INC. --
INTERNATIONAL EQUITY PORTFOLIO SINCE INCEPTION AS OF OCTOBER 31, 2000
The graph below illustrates a hypothetical investment of $10,000 in Credit
Suisse Institutional Fund, Inc. -- International Equity Portfolio (the
"Portfolio") from September 1, 1992 (inception) to October 31, 2000, compared to
the Morgan Stanley All Country World Excluding the U.S. Index ("MSCI")* for the
same time period. Past performance does not predict future results.[GRAPHICS
OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
Average Total Returns for periods ended 10/31/00
Since Inception
1 year 3 year 5 year (9/01/92)
-1.98% 7.46% 7.80% 11.10%
Portfolio MSCI
9/1/92 $10,000.00 $10,000.00
9/30/92 9,860.00 9,802.60
10/31/92 9,620.00 9,288.26
11/1/92 9,840.00 9,375.94
12/1/92 10,038.20 9,424.60
1/1/93 10,240.20 9,423.19
2/1/93 10,432.00 9,707.67
3/1/93 11,149.10 10,554.50
4/1/93 11,815.60 11,556.10
5/1/93 12,027.70 11,800.00
6/1/93 11,765.10 11,616.00
7/1/93 12,189.20 12,022.80
8/1/93 13,007.20 12,671.30
9/1/93 12,956.80 12,386.20
10/31/93 13,623.30 12,767.90
11/1/93 13,401.10 11,652.20
12/1/93 15,294.40 12,493.90
1/1/94 16,776.80 13,550.00
2/1/94 16,419.00 13,512.60
3/1/94 15,069.50 12,930.70
4/1/94 15,417.10 13,479.00
5/1/94 15,938.50 13,402.30
6/1/94 15,744.20 13,591.00
7/1/94 16,296.30 13,722.20
8/1/94 17,022.20 14,047.20
9/1/94 16,623.50 13,604.50
10/31/94 16,705.20 14,057.80
11/1/94 15,999.80 13,382.00
12/1/94 15,425.90 13,466.00
1/1/95 14,114.40 12,948.80
2/1/95 13,867.20 12,912.00
3/1/95 14,748.60 13,717.00
4/1/95 15,221.60 14,233.00
5/1/95 15,221.60 14,063.50
6/1/95 15,081.90 13,816.70
7/1/95 16,017.10 14,676.90
8/1/95 16,232.10 14,117.60
9/1/95 16,597.60 14,393.30
10/31/95 16,232.10 14,006.40
11/1/95 16,457.80 14,396.30
12/1/95 16,954.70 14,976.40
1/1/96 17,465.80 15,037.60
2/1/96 17,488.00 15,088.40
3/1/96 17,632.40 15,409.10
4/1/96 18,699.00 15,856.90
5/1/96 18,321.30 15,565.30
6/1/96 18,576.80 15,652.90
7/1/96 17,676.90 15,195.50
8/1/96 17,810.20 15,228.80
9/1/96 18,110.20 15,633.40
10/31/96 17,932.40 15,473.50
11/1/96 18,721.30 16,089.30
12/1/96 18,859.80 15,881.80
1/1/97 18,802.10 15,326.10
2/1/97 19,044.40 15,576.80
3/1/97 18,929.00 15,633.20
4/1/97 19,298.10 15,716.10
5/1/97 20,636.20 16,738.90
6/1/97 21,535.90 17,662.00
7/1/97 22,228.00 17,947.80
8/1/97 20,440.90 16,607.40
9/1/97 21,397.50 17,537.80
10/31/97 19,043.80 16,190.00
11/1/97 18,548.70 16,024.90
12/1/97 18,374.30 16,164.30
1/1/98 18,563.60 16,903.60
2/1/98 19,868.60 17,988.20
3/1/98 20,997.10 18,542.00
4/1/98 21,490.60 18,688.90
5/1/98 21,477.70 18,598.20
6/1/98 20,831.20 18,739.00
7/1/98 21,210.30 18,929.10
8/1/98 18,156.00 16,583.90
9/1/98 17,319.00 16,075.50
10/31/98 18,256.00 17,751.20
11/1/98 19,218.10 18,660.60
12/1/98 19,498.70 19,396.70
1/1/99 19,588.40 19,339.50
2/1/99 18,910.60 18,878.60
3/1/99 19,678.40 19,666.60
4/1/99 19,971.60 20,463.10
5/1/99 19,294.60 19,409.70
6/1/99 20,855.50 20,166.50
7/1/99 22,071.30 20,765.40
8/1/99 22,570.20 20,841.20
9/1/99 23,017.10 21,051.10
10/31/99 24,103.40 21,839.70
11/1/99 26,687.30 22,598.40
12/1/99 30,751.80 24,626.60
1/1/00 29,155.80 23,061.80
2/1/00 31,651.60 23,682.60
3/1/00 30,926.70 24,600.60
4/1/00 28,189.70 23,306.10
5/1/00 27,251.00 22,736.90
6/1/00 28,054.90 23,626.20
7/1/00 26,430.50 22,635.80
8/1/00 27,585.50 22,832.30
9/1/00 25,665.60 21,720.60
10/31/00 23,625.20 21,207.50
Fund
------
1 Year Total Return (9/30/99 to 9/30/00) ............................ 11.51%
3 Year Average Annual Total Return (9/30/97 to 9/30/00) ............. 6.26%
5 Year Average Annual Total Return (9/30/95 to 9/30/00) ............. 9.11%
Average Annual Total Return Since Inception
(9/01/92 to 9/30/00) ............................................. 12.36%
----------
* The Morgan Stanley Capital International All Country World Excluding the U.S.
Index is a market-capitalization weighted index of companies listed on stock
exchanges outside of the United States.
4
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CREDIT SUISSE INSTITUTIONAL FUND, INC.-- EMERGING MARKETS 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. -- Emerging Markets Portfolio (the "Portfolio") had a gain of 0.87%, vs. a
loss of 8.80% for the Morgan Stanley Emerging Markets Free Index.
The period was a volatile and ultimately negative one for emerging stock
markets. The group initially rallied, buoyed by optimism over global economic
growth and a dissipation of "Y2K" computer bug worries (emerging markets were
believed to be quite vulnerable to the potential glitch). However, turmoil hit
these stocks in April and May, reflecting concerns over interest rates within
developed markets and a sharp downturn in the NASDAQ, the technology-heavy U.S.
stock index. These factors curbed investors' appetite for risk, to put it
mildly. Emerging stock markets languished over the remainder of the period, with
rising energy costs and a weakening euro adding to the uncertainty.
Against this backdrop, the Portfolio eked out a gain, but was restrained by
the difficult environment for emerging stock markets and by weakness in certain
areas, most specifically the telecommunications and electronics sectors.
However, the Portfolio fared well compared to its benchmark, aided by good
showings from specific holdings, for example certain consumer-oriented and
energy names. In terms of sector attribution, factors that supported the
Portfolio included well-timed overweightings in China, Mexico and Turkey.
We made few major changes to the Portfolio during the period with respect to
regional emphasis. Our primary focus was on Asia, with a continued emphasis on
North Asian economies, most specifically South Korea, Taiwan and China. Our
favorable view on these markets is based on their potential to benefit from
rising export demand, in particular for software and semiconductor products. In
addition, we believe that valuations on a number of stocks here are compelling,
both in absolute terms and compared to emerging-market technology stocks
broadly. We generally continued to avoid Southeast Asia, reflecting the more
attractive stocks we saw elsewhere from a risk/reward perspective.
We ended the period with an underweighting in Eastern/Central Europe, based
on our general concerns over the region's vulnerability to a weak euro and high
oil prices. However, we maintained an overweighting in Turkey, reflecting our
optimism over the country's ongoing IMF-sanctioned financial reforms (though we
scaled back this position late in the period based on valuation considerations).
We also established a modest position in Russia,
5
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CREDIT SUISSE INSTITUTIONAL FUND, INC. -- EMERGING MARKETS PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT -- OCTOBER 31, 2000 (CONT'D)
--------------------------------------------------------------------------------
where we believe the macroeconomic and political environment is improving, some
near-term financial-market uncertainties notwithstanding. One weighting we pared
during the period was Hungary, where we saw declining potential for positive
market catalysts.
Our Latin America exposure remained concentrated on Mexico and Brazil, the
region's dominant economies. We raised our Mexican weighting in late June, in
the belief that its market had fully discounted any unfavorable July election
results. We then pared our weighting back to a roughly neutral position after
the market rallied on the victory of the reform-minded opposition candidate. We
ended the period with a modest overweighting in Brazil, which stands to benefit
from an improving inflation and interest-rate backdrop. Elsewhere in the region,
we established a small position in Chile.
With regard to sector allocation, areas of emphasis for the Portfolio
continued to include information-technology companies, a number of which in our
view have good longer-term prospects. Our IT holdings remained concentrated in
Asia and Israel. We ended the period with an overweighting in telecommunications
services, where our holdings included Asian cellular stocks and Latin American
fixed-line names. Within the financial segment, our focus was on companies that
stand to benefit from financial and economic reforms, particularly within Europe
and Latin America.
Looking ahead, emerging markets could remain weak over the next few months
and perhaps beyond. Clearly, investors are concerned that a slowing global
economy will hamper the group's earnings prospects, especially within certain
areas. In addition, ongoing volatility in the technology area could continue to
suppress investors' risk tolerance. However, we see grounds for optimism
regarding these markets over the longer term. The group's valuations currently
range from reasonable to very compelling. Indeed, we believe that a large number
of these stocks have been oversold, priced to a "worst case" scenario in many
cases. Barring another surge in oil prices or a recession in developed
economies, this stands to draw increased investor attention to the group. For
our part, we will continue to focus on markets where we see attractive
valuations, potential for strong domestic liquidity and some degree of
insulation from global concerns.
Richard Watt
Portfolio Manager
INTERNATIONAL INVESTING ENTAILS SPECIAL RISK CONSIDERATIONS, INCLUDING
CURRENCY FLUCTUATIONS, LOWER LIQUIDITY, ECONOMIC AND POLITICAL RISKS, AND
DIFFERENCES IN ACCOUNTING METHODS; THESE RISKS ARE GENERALLY HEIGHTENED FOR
EMERGING-MARKET INVESTMENTS. THESE ARE DETAILED IN THE PORTFOLIO'S PROSPECTUS,
WHICH SHOULD BE READ CAREFULLY BEFORE INVESTING.
6
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CREDIT SUISSE INSTITUTIONAL FUND, INC. -- EMERGING MARKETS PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT -- OCTOBER 31, 2000 (CONT'D)
--------------------------------------------------------------------------------
GROWTH OF $10,000 INVESTED IN CREDIT SUISSE
INSTITUTIONAL FUND, INC. -- EMERGING MARKETS PORTFOLIO
SINCE INCEPTION AS OF OCTOBER 31, 2000
The graph below illustrates a hypothetical investment of $10,000 in Credit
Suisse Institutional Fund, Inc. -- Emerging Markets Portfolio (the "Portfolio")
from September 30, 1996 (inception) to October 31, 2000, compared to the Morgan
Stanley Emerging Markets Free Index ("MSCI")* for the same time period. Past
performance does not predict future results.
[GRAPHICS OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
Average Total Returns for periods ended 10/31/00
Since Inception
1 year 3 year (9/30/96)
0.87% -1.34% -2.41%
Portfolio MSCI
9/1/96 $10,000.00 $10,000.00
10/31/96 9,860.00 9,733.50
11/1/96 10,320.00 9,897.02
12/1/96 10,380.00 9,941.56
1/1/97 10,984.10 10,619.60
2/1/97 11,215.60 11,074.50
3/1/97 10,913.60 10,783.60
4/1/97 11,125.00 10,802.80
5/1/97 11,960.70 11,111.90
6/1/97 12,484.20 11,706.70
7/1/97 12,595.00 11,881.30
8/1/97 11,125.00 10,369.50
9/1/97 11,376.70 10,657.00
10/31/97 9,423.56 8,908.40
11/1/97 8,960.86 8,583.24
12/1/97 8,876.63 8,790.10
1/1/98 8,224.20 8,100.78
2/1/98 9,439.74 8,946.25
3/1/98 9,627.59 9,334.34
4/1/98 9,528.42 9,232.69
5/1/98 8,212.55 7,967.54
6/1/98 7,692.69 7,131.74
7/1/98 7,825.01 7,357.82
8/1/98 5,547.93 5,230.67
9/1/98 5,835.31 5,562.51
10/31/98 6,321.40 6,148.29
11/1/98 6,631.14 6,659.65
12/1/98 6,635.79 6,563.08
1/1/99 6,155.35 6,457.22
2/1/99 5,920.84 6,520.05
3/1/99 6,479.17 7,379.20
4/1/99 7,361.63 8,292.00
5/1/99 7,551.56 8,243.91
6/1/99 8,623.89 9,179.59
7/1/99 8,713.57 8,929.91
8/1/99 8,780.67 9,011.17
9/1/99 8,568.18 8,706.59
10/31/99 8,970.02 8,892.04
11/1/99 10,534.40 9,689.66
12/1/99 12,322.10 10,922.00
1/1/00 12,344.30 10,987.10
2/1/00 13,114.50 11,132.20
3/1/00 12,711.90 11,186.50
4/1/00 11,304.70 10,126.20
5/1/00 11,092.20 9,707.56
6/1/00 11,494.80 10,049.60
7/1/00 10,791.30 9,532.71
8/1/00 10,824.80 9,579.61
9/1/00 9,752.07 8,743.12
10/31/00 9,047.97 8,109.24
Fund
------
1 Year Total Return (9/30/99 to 9/30/00) ............................ 13.82%
3 Year Average Annual Total Return (9/30/97 to 9/30/00) ............. -5.00%
Average Annual Total Return Since Inception
(9/30/96 to 9/30/00) ........................................... -0.62%
----------
* The Morgan Stanley Emerging Capital International Markets Free Index is a
market-capitalization weighted index of emerging-market countries determined
by Morgan Stanley. The index includes only those countries open to non-local
investors.
7
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CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS--OCTOBER 31, 2000
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
--------- ------------
COMMON STOCKS (71.1%)
CANADA (13.9%)
ENERGY (6.3%)
Anderson Exploration, Ltd.1 314,300 $ 5,762,290
Berkley Petroleum Corp.1 566,100 2,965,349
Canadian Hunter Exploration, Ltd.1 166,900 3,497,027
Canadian Natural Resources, Ltd.1 252,000 7,425,159
Precision Drilling Corp.1 93,900 2,677,605
------------
22,327,430
------------
MEDIA (1.3%)
Rogers Communications, Inc. Class B 242,300 4,696,105
------------
SOFTWARE & SERVICES (3.4%)
Descartes Systems Group, Inc.1 298,700 12,106,499
------------
TECHNOLOGY HARDWARE & EQUIPMENT (2.6%)
C-Mac Industries, Inc.1 163,000 9,046,500
------------
TELECOMMUNICATION SERVICES (0.3%)
AXXENT, Inc.1 490,000 1,187,109
------------
TOTAL CANADA 49,363,643
------------
DENMARK (1.4%)
COMMERCIAL SERVICES & SUPPLIES (0.8%)
ISS AS1 47,900 2,945,769
------------
TELECOMMUNICATION SERVICES (0.6%)
Tele Danmark AS Class B 46,300 2,188,258
------------
TOTAL DENMARK 5,134,027
------------
FINLAND (1.5%)
TECHNOLOGY HARDWARE & EQUIPMENT (1.1%)
Nokia Oyj 98,200 4,036,244
------------
TELECOMMUNICATION SERVICES (0.4%)
Elisa Communication Oyj Class A 48,800 1,352,637
------------
TOTAL FINLAND 5,388,881
------------
FRANCE (8.5%)
BANKS (2.5%)
Banque Nationale de Paris 105,250 9,064,201
------------
CAPITAL GOODS (2.3%)
Vinci 163,300 8,201,405
------------
ENERGY (2.0%)
Coflexip SA 18,500 2,140,514
Coflexip SA ADR 16,500 941,531
Total Fina Elf SA Class B 27,574 3,940,679
------------
7,022,724
------------
See Accompanying Notes to Financial Statements.
8
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CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D)--OCTOBER 31, 2000
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
--------- ------------
COMMON STOCKS (CONT'D)
FRANCE (cont'd)
MEDIA (1.7%)
Lagardere Groupe SCA 108,400 $ 6,147,083
------------
TOTAL FRANCE 30,435,413
------------
GERMANY (2.2%)
HEALTH CARE EQUIPMENT & SERVICES (0.1%)
Fresenius Medical ADR 10,300 274,237
------------
INSURANCE (0.8%)
Hannover Rueckversicherungs AG 33,900 2,856,273
------------
UTILITIES (1.3%)
Rwe AG 117,600 4,724,973
------------
TOTAL GERMANY 7,855,483
------------
HUNGARY (0.8%)
BANKS (0.8%)
OTP Bank 57,200 2,649,893
------------
TOTAL HUNGARY 2,649,893
------------
INDIA (0.0%)
BANKS (0.0%)
State Bank of India, Ltd. 1,300 4,552
------------
ENERGY (0.0%)
Bharat Petroleum Corp., Ltd. 100 368
Reliance Industries, Ltd.1 11,060 71,591
------------
71,959
------------
MATERIALS (0.0%)
Hindalco Industries, Ltd. 100 1,526
------------
TELECOMMUNICATION SERVICES (0.0%)
Mahanagar Telephone Nigam, Ltd. 200 602
------------
TOTAL INDIA 78,639
------------
ITALY (4.5%)
ENERGY (1.0%)
Saipem SpA 650,000 3,382,949
------------
INSURANCE (1.8%)
Riunione Adriatica di Sicurta SpA 491,000 6,438,512
------------
TRANSPORTATION (1.7%)
Concessioni e Costruzioni Autostrade SpA 1,035,900 6,014,813
------------
TOTAL ITALY 15,836,274
------------
See Accompanying Notes to Financial Statements.
9
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D)--OCTOBER 31, 2000
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
--------- ------------
COMMON STOCKS (CONT'D)
JAPAN (12.4%)
CAPITAL GOODS (1.0%)
Mitsubishi Electric Corp. 484,000 $ 3,475,308
------------
CONSUMER DURABLES & APPAREL (0.9%)
Sony Corp. 39,200 3,130,650
------------
DIVERSIFIED FINANCIALS (0.7%)
Orix Corp. 25,200 2,642,640
------------
ELECTRICAL EQUIPMENT (3.1%)
Furukawa Electric Co., Ltd. 421,000 11,066,134
------------
HEALTH CARE EQUIPMENT & SUPPLIES (0.8%)
Hoya Corp. 33,700 2,783,994
------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (1.3%)
Rohm Co., Ltd. 18,800 4,736,749
------------
SOFTWARE (1.2%)
Konami Co., Ltd. 51,800 4,364,651
------------
TECHNOLOGY HARDWARE & EQUIPMENT (1.1%)
Tokyo Electron, Ltd. 50,400 3,942,034
------------
WIRELESS TELECOMMUNICATION SERVICES (2.3%)
NTT DoCoMo, Inc. 325 8,006,958
------------
TOTAL JAPAN 44,149,118
------------
NETHERLANDS (4.8%)
BANKS (2.5%)
ABN AMRO Holding NV 382,000 8,839,744
------------
CAPITAL GOODS (1.3%)
IHC Caland NV 103,216 4,549,504
------------
CONSUMER DURABLES & APPAREL (1.0%)
Koninklijke (Royal) Philips Electronics NV 93,000 3,650,660
------------
TOTAL NETHERLANDS 17,039,908
------------
SINGAPORE (1.8%)
BANKS (0.9%)
Overseas Union Bank, Ltd. 706,872 3,422,699
------------
TRANSPORTATION (0.9%)
Neptune Orient Lines, Ltd.1 3,678,000 3,121,814
------------
TOTAL SINGAPORE 6,544,513
------------
See Accompanying Notes to Financial Statements.
10
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D)--OCTOBER 31, 2000
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
--------- ------------
COMMON STOCKS (CONT'D)
SPAIN (2.2%)
BANKS (1.3%)
Banco Bilbao Vizcaya SA 345,000 $ 4,591,266
------------
FOOD & DRUG RETAILING (0.7%)
Centros Comerciales Pryca SA 178,238 2,255,661
------------
MEDIA (0.2%)
Grupo Prisa SA1 42,600 819,689
------------
TOTAL SPAIN 7,666,616
------------
SWEDEN (1.7%)
BANKS (1.7%)
Nordic Baltic Holding AB 796,200 5,959,759
------------
TOTAL SWEDEN 5,959,759
------------
SWITZERLAND (0.6%)
PHARMACEUTICALS & BIOTECHNOLOGY (0.6%)
Roche Holding AG 227 2,072,944
------------
TOTAL SWITZERLAND 2,072,944
------------
TAIWAN (1.8%)
CAPITAL GOODS (0.7%)
Ambit Microsystems Corp. 545,000 2,526,276
Siliconware Corp.1 500 221
------------
2,526,497
------------
TECHNOLOGY HARDWARE & EQUIPMENT (1.1%)
Taiwan Semiconductor Manufacturing Co.1 1,318,784 3,993,859
------------
TOTAL TAIWAN 6,520,356
------------
UNITED KINGDOM (13.0%)
INSURANCE (1.1%)
Prudential Corp. PLC 281,640 3,791,147
------------
MEDIA (1.3%)
Reed International PLC 513,700 4,751,662
------------
PHARMACEUTICALS & BIOTECHNOLOGY (4.0%)
Astrazeneca Group PLC 178,300 8,357,596
Smithkline Beecham PLC 442,000 5,712,271
------------
14,069,867
------------
SOFTWARE & SERVICES (0.8%)
Misys PLC 278,500 2,903,663
------------
TELECOMMUNICATION SERVICES (2.3%)
Vodafone Group PLC 1,984,506 8,263,278
------------
TRANSPORTATION (2.6%)
Railtrack Group PLC 601,604 9,312,461
------------
See Accompanying Notes to Financial Statements.
11
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D)--OCTOBER 31, 2000
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
--------- ------------
COMMON STOCKS (CONT'D)
UNITED KINGDOM (cont'd)
UTILITIES (0.9%)
International Power PLC 832,000 $ 3,358,649
------------
TOTAL UNITED KINGDOM 46,450,727
------------
TOTAL COMMON STOCKS (Cost $233,789,590) 253,146,194
------------
PREFERRED STOCKS (1.8%)
GERMANY (1.8%)
HEALTH CARE EQUIPMENT & SERVICES (0.7%)
Fresenius Medical Care AG ADR 159,000 2,320,988
------------
INSURANCE (1.1%)
Marschollek, Lautenschlaeger und Partner AG 30,000 4,043,264
------------
TOTAL GERMANY 6,364,252
------------
TOTAL PREFERRED STOCKS (Cost $5,129,185) 6,364,252
------------
WARRANT (0.4%)
CANADA (0.4%)
SOFTWARE & SERVICE (0.4%)
Wysdom, Inc. (Private Placement)
(Cost $1,362,300)1,2 119,500 1,362,300
------------
SHORT TERM INVESTMENTS (19.8%)
Institutional Money Market Trust 53,142,273 53,142,273
RBB Money Market Portfolio 17,188,727 17,188,727
------------
TOTAL SHORT TERM INVESTMENTS (Cost $96,796,373) 70,331,000
------------
PAR
MATURITY RATE (000)
-------- ---- -----
U.S. TREASURY OBLIGATION (7.4%)
U.S. Treasury Bill
(Cost $26,465,373) 11/09/00 5.889% $26,500 26,465,373
------------
TOTAL INVESTMENTS AT VALUE (100.5%) (Cost $337,077,448)3 357,669,119
LIABILITIES IN EXCESS OF OTHER ASSETS (0.5%) (1,664,879)
------------
NET ASSETS (100.0%) $356,004,240
============
INVESTMENT ABBREVIATIONS
ADR = American Depository Receipt
--------------------------------------------------------------------------------
1 Non-income producing security.
2 Illiquid security.
3 Cost for federal income tax purposes is $337,127,144.
See Accompanying Notes to Financial Statements.
12
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- EMERGING MARKETS PORTFOLIO
SCHEDULE OF INVESTMENTS--OCTOBER 31, 2000
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
--------- ----------
COMMON STOCKS (91.5%)
AUSTRALIA (0.0%)
ENERGY (0.0%)
Novus Petroleum, Ltd.1 11 $ 10
----------
TOTAL AUSTRALIA 10
----------
BRAZIL (10.0%)
BANKS (0.5%)
Banco Itau SA 162,080 12,612
----------
ENERGY (2.1%)
Centrais Electricas Brasileiras ADR 1,300 11,546
Petroleo Brasileiro SA 9 239
Petroleo Brasileiro SA ADR1 1,500 43,594
----------
55,379
----------
FOOD & DRUG RETAILING (1.2%)
Companhia Brasileira de Distribuicao
Grupo Pao de Acucar ADR 900 32,062
----------
FOOD, BEVERAGE & TOBACCO (1.4%)
Companhia de Bebidas das Americas ADR 1,600 36,100
----------
MATERIALS (1.3%)
Companhia Vale do Rio Doce ADR 1,500 35,062
----------
TELECOMMUNICATION SERVICES (3.5%)
Embratel Participacoes SA ADR 2,400 38,850
Tele Norte Leste Participacoes SA ADR 2,439 53,963
----------
92,813
----------
TOTAL BRAZIL 264,028
----------
CHILE (1.4%)
FOOD & DRUG RETAILING (0.4%)
Distribucion y Servicio SA ADR 600 10,725
----------
FOOD, BEVERAGE & TOBACCO (0.5%)
Compania Cervecerias Unidas SA ADR 600 11,587
----------
UTILITIES (0.5%)
Enersis SA ADR1 800 14,200
----------
TOTAL CHILE 36,512
----------
CHINA (6.1%)
ENERGY (1.8%)
PetroChina Co., Ltd. 232,000 48,787
----------
TELECOMMUNICATION SERVICES (2.6%)
China Unicom ADR1 3,333 68,327
----------
TRANSPORTATION (0.9%)
Guangshen Railway Co., Ltd. 191,277 23,300
----------
See Accompanying Notes to Financial Statements.
13
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- EMERGING MARKETS PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D)--OCTOBER 31, 2000
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
--------- ----------
COMMON STOCKS (CONT'D)
CHINA (cont'd)
UTILITIES (0.8%)
Huaneng Power International, Inc. ADR 1,400 $ 21,350
----------
TOTAL CHINA 161,764
----------
GREECE (2.8%)
BANKS (1.3%)
Alpha Credit Bank SA 900 33,194
----------
TELECOMMUNICATION SERVICES (1.5%)
Hellenic Telecommunications Organizations SA ADR 4,600 40,250
----------
TOTAL GREECE 73,444
----------
HONG KONG (6.6%)
AUTOMOBILES & COMPONENTS (0.2%)
Denway Motors, Ltd.1 28,000 4,524
----------
CAPITAL GOODS (1.2%)
Citic Pacific, Ltd. 8,000 32,107
----------
REAL ESTATE (0.4%)
China Resources Development, Inc. 10,000 11,284
----------
TECHNOLOGY HARDWARE & EQUIPMENT (1.8%)
Legend Holdings, Ltd. 54,000 45,699
----------
TELECOMMUNICATION SERVICES (3.0%)
China Mobile, Ltd.1 12,500 80,541
----------
TOTAL HONG KONG 174,155
----------
HUNGARY (0.9%)
BANKS (0.2%)
OTP Bank 145 6,717
----------
PHARMACEUTICALS & BIOTECHNOLOGY (0.4%)
Gedeon Richter 200 9,650
----------
TELECOMMUNICATION SERVICES (0.3%)
Matav RT ADR 300 7,050
----------
TOTAL HUNGARY 23,417
----------
INDIA (3.8%)
AUTOMOBILES & COMPONENTS (0.2%)
Mahindra & Mahindra, Ltd. GDR 1,300 3,575
----------
BANKS (0.3%)
State Bank of India, Ltd. GDR 1,300 8,775
----------
FOOD, BEVERAGE & TOBACCO (0.4%)
ITC, Ltd. GDR 600 10,890
----------
See Accompanying Notes to Financial Statements.
14
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- EMERGING MARKETS PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D)--OCTOBER 31, 2000
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
--------- ----------
COMMON STOCKS (CONT'D)
INDIA (cont'd)
MATERIALS (1.2%)
Hindalco Industries, Ltd. GDR 600 $ 9,120
Reliance Industries, Ltd. GDR 1,600 21,440
----------
30,560
----------
PHARMACEUTICALS & BIOTECHNOLOGY (0.2%)
Ranbaxy Laboratories, Ltd. GDR 300 5,175
----------
SOFTWARE & SERVICES (1.0%)
Infosys Technologies, Ltd. ADR 200 27,500
SSI, Ltd.1 100 463
----------
27,963
----------
TELECOMMUNICATION SERVICES (0.5%)
Videsh Sanchar Nigam, Ltd. ADR 1,900 14,013
----------
TOTAL INDIA 100,951
----------
ISRAEL (4.0%)
SOFTWARE & SERVICES (2.2%)
Check Point Software Technologies, Ltd.1 370 58,599
----------
TECHNOLOGY HARDWARE & EQUIPMENT (1.8%)
Orbotech, Ltd.1 900 47,644
----------
TOTAL ISRAEL 106,243
----------
MALAYSIA (4.0%)
BANKS (1.4%)
Malayan Banking BHD 9,000 36,001
----------
HOTELS RESTAURANTS & LEISURE (1.2%)
Genting BHD 3,554 9,072
Resorts World 7,000 12,250
Tanjong PLC 6,000 11,211
----------
32,533
----------
TECHNOLOGY HARDWARE & EQUIPMENT (0.6%)
Digi.com BHD1 10,000 15,000
----------
UTILITIES (0.8%)
Tenaga Nasional BHD 6,850 22,173
----------
TOTAL MALAYSIA 105,707
----------
MEXICO (11.3%)
BANKS (2.3%)
Grupo Financiero Banamex Accival SA
de CV Class O1 18,885 29,323
Grupo Financiero Bancomer SA de CV Series O1 50,816 31,434
----------
60,757
----------
See Accompanying Notes to Financial Statements.
15
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- EMERGING MARKETS PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D)--OCTOBER 31, 2000
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
--------- ----------
COMMON STOCKS (CONT'D)
MEXICO (cont'd)
FOOD, BEVERAGE & TOBACCO (1.9%)
Coca-Cola Femsa SA ADR 1,127 $ 21,624
Grupo Modelo SA de CV Class C 10,770 28,697
----------
50,321
----------
MATERIALS (1.0%)
Cemex SA de CV ADR 1,223 25,836
----------
MEDIA (1.4%)
Grupo Televisa SA ADR1 700 37,888
----------
RETAILING (1.6%)
Wal-Mart de Mexico SA de CV ADR1 1,800 43,353
----------
TELECOMMUNICATION SERVICES (3.1%)
Telefonos de Mexico SA ADR 1,498 80,798
----------
TOTAL MEXICO 298,953
----------
POLAND (0.4%)
TELECOMMUNICATION SERVICES (0.4%)
Telekomunikacja Polska SA 1,800 9,220
----------
TOTAL POLAND 9,220
----------
RUSSIA (2.9%)
ENERGY (2.2%)
Lukoil Holding ADR 600 32,040
Surgutneftegaz ADR 2,000 25,700
----------
57,740
----------
UTILITIES (0.7%)
Unified Energy Systems ADR 1,400 17,710
----------
TOTAL RUSSIA 75,450
----------
SOUTH AFRICA (7.9%)
BANKS (1.5%)
Standard Bank Investment Corp., Ltd. 11,573 40,575
----------
CAPITAL GOODS (1.2%)
Imperial Holdings, Ltd.1 4,451 31,151
----------
DIVERSIFIED FINANCIALS (0.4%)
Johnnic Holdings, Ltd. 879 10,001
----------
FOOD, BEVERAGE & TOBACCO (1.2%)
South African Breweries PLC 5,192 31,117
----------
INSURANCE (1.5%)
Liberty Group, Ltd. 5,215 39,810
----------
See Accompanying Notes to Financial Statements.
16
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- EMERGING MARKETS PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D)--OCTOBER 31, 2000
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
--------- ----------
COMMON STOCKS (CONT'D)
SOUTH AFRICA (cont'd)
MATERIALS (2.1%)
Anglo American Platinum Corp., Ltd. 300 $ 11,701
Anglogold, Ltd. 605 17,209
De Beers Consolidated Mines, Ltd. ADR 1,000 27,875
----------
56,785
----------
TOTAL SOUTH AFRICA 209,439
----------
SOUTH KOREA (10.4%)
BANKS (1.9%)
Housing & Commercial Bank, Korea 1,754 42,175
Kookmin Bank 800 9,143
----------
51,318
----------
MATERIALS (0.6%)
Pohang Iron & Steel Co., Ltd. 40 2,324
Pohang Iron & Steel Co., Ltd. ADR 800 12,650
----------
14,974
----------
TECHNOLOGY HARDWARE & EQUIPMENT (2.1%)
Samsung Electro-Mechanics Co.1 302 9,664
Samsung Electronics Co., Ltd. 358 44,850
----------
54,514
----------
TELECOMMUNICATION SERVICES (4.1%)
Korea Telecom Corp. 481 28,332
Korea Telecom Corp. ADR 800 29,500
SK Telecom Co., Ltd. 236 50,314
----------
108,146
----------
UTILITIES (1.7%)
Korea Electric Power Corp. 1,982 44,259
----------
TOTAL SOUTH KOREA 273,211
----------
TAIWAN (11.6%)
BANKS (1.9%)
Bank Sinopac1 38,600 16,044
Chinatrust Commercial Bank1 55,240 34,995
----------
51,039
----------
CONSUMER DURABLES & APPAREL (1.6%)
Far Eastern Textile 52,000 42,744
----------
MATERIALS (1.4%)
China Steel Corp. 16,000 9,246
Formosa Plastics Corp. 17,000 27,055
----------
36,301
----------
See Accompanying Notes to Financial Statements.
17
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- EMERGING MARKETS PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D)--OCTOBER 31, 2000
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
--------- ----------
COMMON STOCKS (CONT'D)
TAIWAN (cont'd)
TECHNOLOGY HARDWARE & EQUIPMENT (6.7%)
Asustek Computer, Inc. 5,000 $ 24,876
Hon Hai Precision Industry 2,600 13,579
Macronix International Co., Ltd. ADR1 129 1,822
Quanta Computer, Inc. 800 2,719
Taiwan Semiconductor Manufacturing Co.1 23,296 70,551
United Microelectronics Co., Ltd.1 20,420 35,969
Via Technologies, Inc.1 3,000 21,508
Winbond Electronics Corp.1 4,759 4,603
----------
175,627
----------
TOTAL TAIWAN 305,711
----------
TURKEY (6.8%)
BANKS (2.2%)
Dogan Yayin Holding AS1 2,571,196 33,514
Yapi Ve Kredi Bankasi AS1 2,911,225 25,155
----------
58,669
----------
CONSUMER DURABLES & APPAREL (0.9%)
Vestel Elektronik Sanayi Ve Ticaret AS1 120,000 24,604
----------
DIVERSIFIED FINANCIALS (3.0%)
Koc Holding AS 411,084 26,189
Turkiye Is Bankasi AS Class C 2,719,800 51,782
----------
77,971
----------
FOOD & DRUG RETAILING (0.0%)
Migros Turkey TAS 798 110
----------
TELECOMMUNICATION SERVICES (0.7%)
Turkcell Iletisim Hizmetleri AS ADR1 1,600 17,500
----------
TOTAL TURKEY 178,854
----------
UNITED STATES (0.6%)
SOFTWARE & SERVICES (0.6%)
AsiaInfo Holdings, Inc.1 1,400 16,975
----------
TOTAL UNITED STATES 16,975
----------
TOTAL COMMON STOCKS (Cost $2,745,011) 2,414,044
----------
PREFERRED STOCK (0.8%)
BRAZIL (0.8%)
ENERGY (0.8%)
Petroleo Brasileiro SA ADR (Cost $19,755) 800 21,216
----------
See Accompanying Notes to Financial Statements.
18
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- EMERGING MARKETS PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D)--OCTOBER 31, 2000
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
--------- ----------
RIGHT (0.0%)
THAILAND (0.0%)
TELECOMMUNICATION SERVICES (0.0%)
TelecomAsia Corp. Public Co., Ltd.1 (Cost $0) 3,095 $ 0
----------
TOTAL INVESTMENTS AT VALUE (92.3%)
(Cost $2,764,766)2 2,435,260
OTHER ASSETS IN EXCESS OF LIABILITIES (7.7%) 202,171
----------
NET ASSETS (100.0%) $2,637,431
==========
INVESTMENT ABBREVIATIONS
ADR = American Depository Receipt
GDR = Global Depository Receipt
--------------------------------------------------------------------------------
1 Non-income producing security.
2 Cost for federal income tax purposes is $2,794,695.
See Accompanying Notes to Financial Statements.
19
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERNATIONAL EQUITY EMERGING MARKETS
PORTFOLIO PORTFOLIO
-------------------- ----------------
<S> <C> <C>
ASSETS
Investments, at value
(Cost - $337,077,448
and $2,764,766, respectively) $357,669,119 $ 2,435,260
Foreign currency
(Cost - $2,952,486
and $169,526, respectively) 2,867,337 163,689
Receivable for investments sold 22,596,086 0
Dividends, interest and
reclaims receivable 806,232 797
Receivable for fund shares sold 146,869 558
Receivable from investment adviser 0 9,410
Prepaid expenses and other assets 177,721 77,679
------------ ------------
Total Assets 384,263,364 2,687,393
------------ ------------
LIABILITIES
Advisory fee payable 290,972 0
Administrative services fee payable 31,387 228
Directors' fee payable 939 539
Payable for investments purchased 27,799,202 34,590
Payable for fund shares redeemed 5,853 2,107
Accrued expenses payable 130,771 12,498
------------ ------------
Total Liabilities 28,259,124 49,962
------------ ------------
NET ASSETS
Capital Stock, $0.001 par value $20,213 $326
Paid in capital 210,309,262 21,119,017
Accumulated undistributed net
investment income 3,681,228 46,802
Accumulated net realized gain (loss)
from investments and foreign
currency transactions 121,534,724 (18,193,130)
Net unrealized appreciation
(depreciation)from investments
and foreign currency translations 20,458,813 (335,584)
------------ ------------
Net Assets $356,004,240 $ 2,637,431
============ ============
Shares outstanding 20,220,145 325,601
------------ ------------
NET ASSET VALUE, offering price and
redemption price per share $ 17.61 $ 8.10
------------ ------------
</TABLE>
See Accompanying Notes to Financial Statements
20
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
STATEMENTS OF OPERATIONS
For the Year Ended October 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERNATIONAL EQUITY EMERGING MARKETS
PORTFOLIO PORTFOLIO
-------------------- ----------------
<S> <C> <C>
INVESTMENT INCOME:
Dividends $ 6,265,467 $ 74,230
Interest 1,697,903 7,510
Foreign Taxes Withheld (460,788) (2,765)
------------- -------------
Total investment income 7,502,582 78,975
------------- -------------
EXPENSES:
Investment Advisory Fees 3,557,726 19,983
Administrative Services Fees 947,264 14,122
Custodian Fees 300,392 2,311
Interest Expense 128,810 0
Printing Fees 51,023 10,491
Audit Fees 34,748 11,526
Legal Fees 33,289 1,441
Registration Fees 13,925 10,041
Directors Fees 3,883 2,121
Insurance Expense 0 1,141
Transfer Agent Fees (6,249) (2,032)
Miscellaneous expense 21,779 983
------------- -------------
5,086,590 72,128
Less: fees waived, expenses
reimbursed and transfer
agent offsets (861,791) (47,149)
------------- -------------
Total expenses 4,224,799 24,979
------------- -------------
Net investment income 3,277,783 53,996
------------- -------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
FROM INVESTMENTS AND FOREIGN
CURRENCY RELATED ITEMS:
Net realized gain from investments
(net of capital gains
taxes of $22,222 for the
Emerging Markets Portfolio) 127,093,713 161,939
Net realized gain (loss)
from foreign currency transactions 17,547 (12,810)
Net change in unrealized
appreciation (depreciation)
from investments (116,596,301) (529,991)
Net change in unrealized
appreciation (depreciation)
from foreign translations
(net of estimated deferred
capital gain taxes of ($5,035)
for the Emerging Markets Portfolio) 28,393 3,996
------------- -------------
Net realized and unrealized
gain (loss) from investments
and foreign currency related items 10,543,352 (376,866)
------------- -------------
Net increase (decrease) in
net assets resulting
from operations $ 13,821,135 $ (322,870)
============= =============
</TABLE>
See Accompanying Notes to Financial Statements.
21
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERNATIONAL EQUITY PORTFOLIO EMERGING MARKETS PORTFOLIO
--------------------------------------------------------------------------------------------
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>
FROM OPERATIONS:
Net investment income $ 3,277,783 $ 10,513,023 $ 53,996 $ 68,097
Net realized gain (loss)
from investments and
foreign currency transactions 127,111,260 126,460,422 149,129 (2,587,843)
Net realized foreign
forward currency loss 0 (16,920,779) 0 0
Net change in unrealized
appreciation (depreciation)
from investments and foreign
currency translations (116,567,908) 99,216,718 (525,995) 3,400,026
------------- -------------- ----------- ------------
Net increase (decrease)
in net assets resulting
from operations 13,821,135 219,269,384 (322,870) 880,280
------------- -------------- ----------- ------------
FROM DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment
income (16,548,760) (9,397,386) 0 (250,526)
Distributions from net
realized gains (4,574,109) 0 0 0
------------- -------------- ----------- ------------
Net decrease in net assets from
dividends and distributions (21,122,869) (9,397,386) 0 (250,526)
------------- -------------- ----------- ------------
FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares 273,702,062 185,527,095 2,721,759 28,356
Reinvestment of dividends and
distributions 19,433,416 8,012,861 0 250,526
Net asset value of shares
redeemed (481,659,734) (870,823,484) (996,032) (23,100,584)
------------- -------------- ----------- ------------
Net increase (decrease)
in net assets from
capital share transactions (188,524,256) (677,283,528) 1,725,727 (22,821,702)
------------- -------------- ----------- ------------
Net increase (decrease)
in net assets (195,825,990) (467,411,530) 1,402,857 (22,191,948)
NET ASSETS:
Beginning of year 551,830,230 1,019,241,760 1,234,574 23,426,522
------------- -------------- ----------- ------------
End of year $ 356,004,240 $ 551,830,230 $ 2,637,431 $ 1,234,574
============= ============== =========== ============
UNDISTRIBUTED NET INVESTMENT
INCOME: $ 3,681,228 $ 11,949,013 $ 46,802 $ 0
============= ============== =========== ============
</TABLE>
See Accompanying Notes to Financial Statements
22
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL EQUITY PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Year)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
2000 1999 1998
-------- -------- ----------
<S> <C> <C> <C>
PER-SHARE DATA
Net asset value, beginning of year $ 18.85 $ 14.41 $ 16.51
-------- -------- ----------
INVESTMENT ACTIVITIES:
Net investment income 0.22 1 0.20 1 0.21
Net gains (losses) on investments and
foreign currency related items
(both realized and unrealized) (0.46) 4.38 (0.91)
-------- -------- ----------
Total from investment activities (0.24) 4.58 (0.70)
-------- -------- ----------
LESS DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income (0.78) (0.14) (0.18)
Distributions from net realized gains (0.22) 0.00 (1.22)
-------- -------- ----------
Total dividends and distributions (1.00) (0.14) (1.40)
-------- -------- ----------
Net asset value, end of year $ 17.61 $ 18.85 $ 14.41
======== ======== ==========
Total return (1.98)% 32.02% (4.11)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $356,004 $551,830 $1,019,242
Ratio of expenses to average net assets2 .97% .96% .95%
Ratio of net investment income to average
net assets .74% 1.23% 1.21%
Decrease reflected in above operating
expense ratios due to waivers/
reimbursements .19% .17% .13%
Portfolio turnover rate 111.08% 120.24% 113.58%
1997 1996
---------- --------
<S> <C> <C>
PER-SHARE DATA
Net asset value, beginning of year $ 16.14 $ 15.10
---------- --------
INVESTMENT ACTIVITIES:
Net investment income 0.20 0.26
Net gains (losses) on investments and
foreign currency related items
(both realized and unrealized) 0.78 1.28
---------- --------
Total from investment activities 0.98 1.54
---------- --------
LESS DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income (0.13) (0.50)
Distributions from net realized gains (0.48) 0.00
---------- --------
Total dividends and distributions (0.61) (0.50)
---------- --------
Net asset value, end of year $ 16.51 $ 16.14
========== ========
Total return 6.20% 10.48%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $1,169,817 $937,443
Ratio of expenses to average net assets2 .95% .96%
Ratio of net investment income to average
net assets .98% 1.05%
Decrease reflected in above operating
expense ratios due to waivers/
reimbursements .14% .18%
Portfolio turnover rate 69.99% 29.91%
--------------------------------------------------------------------------------
<FN>
1 Per share information is calculated using the average shares outstanding
method.
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 net
expense ratio by .02%, .01%, .00%, .00% and .01% for the years ended October
31, 2000, 1999, 1998, 1997 and 1996, respectively. The operating expense ratio
after reflecting these arrangements was .95% for each of the years ended
October 31, 2000, 1999, 1998, 1997 and 1996, respectively.
</FN>
</TABLE>
See Accompanying Notes to Financial Statements.
23
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- EMERGING MARKETS PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Period)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
2000 1999 1998 1997 1996 1
------ ------ ------- ------- -------
<S> <C> <C> <C> <C> <C>
PER-SHARE DATA
Net asset value, beginning of period $ 8.03 $ 5.72 $ 9.36 $ 9.86 $ 10.00
------ ------ ------- ------- -------
INVESTMENT ACTIVITIES:
Net investment income 0.32 0.37 0.11 2 0.10 0.01
Net gains (losses) on investments
and foreign currency related items
(both realized and unrealized) (0.25) 2.00 (2.99) (0.53) (0.15)
------ ------ ------- ------- -------
Total from investment activities 0.07 2.37 (2.88) (0.43) (0.14)
------ ------ ------- ------- -------
LESS DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income 0.00 (0.06) (0.01) (0.02) 0.00
Distributions from net realized gains 0.00 0.00 (0.75) (0.05) 0.00
------ ------ ------- ------- -------
Total dividends and distributions 0.00 (0.06) (0.76) (0.07) 0.00
------ ------ ------- ------- -------
Net asset value, end of period $8.10 $8.03 $5.72 $9.36 $9.86
====== ====== ======= ======= =======
Total return 0.87% 41.90% (32.90)% (4.43)% (1.40)%3
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $2,637 $1,235 $23,427 $37,281 $29,698
Ratio of expenses to average net assets4 1.27% 1.25% 1.25% 1.25% 1.25%5
Ratio of net investment income to average
net assets 1.59% 1.23% 1.54% .92% 1.75%5
Decrease reflected in above operating
expense ratios due to waivers/
reimbursements 2.34% .96% .16% .40% 2.18%5
Portfolio turnover rate 219.15% 150.10% 152.57% 107.21% 2.39%
--------------------------------------------------------------------------------
<FN>
1 For the period September 30, 1996 (inception date) through October 31, 1996.
2 Per share information is calculated using the average shares outstanding method.
3 Non annualized.
4 Interest earned on uninvested cash balances is used to offset portions of the
transfer agent expense. These arrangements resulted in a reduction to the net
expense ratio by .02% for the year ended October 31, 2000 and .00% for the
years ended October 31, 1999, 1998, 1997 and 1996 respectively. The operating
expense ratio after reflecting these arrangements was 1.25% for each of the
years ended October 31, 2000, 1999, 1998, 1997 and 1996, respectively.
5 Annualized.
</FN>
</TABLE>
See Accompanying Notes to Financial Statements.
24
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS
October 31, 2000
--------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Credit Suisse Institutional Fund, Inc. (the "Fund") is an open-end management
investment company registered under the Investment Company Act of 1940, as
amended (the "1940 Act"), and was incorporated under the laws of Maryland on May
13, 1992. The Fund currently offers seven managed investment Funds of which two
are contained in this report. The International Equity Portfolio ("International
Equity") is classified as a diversified, open-end management investment company
and the Emerging Markets Portfolio ("Emerging Markets") is classified as a
non-diversified, open-end management investment company (each, a "Portfolio" and
collectively, the "Portfolios").
Investment objectives for each Portfolio are as follows: International Equity
seeks long-term capital appreciation and Emerging Markets seeks growth of
capital.
The net asset value 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.
The books and records of the Portfolios are maintained in U.S. dollars.
Transactions denominated in foreign currencies are recorded at the current
prevailing exchange rates. All assets and liabilities denominated in foreign
currencies are translated into U.S. dollar amounts at the current exchange rate
at the end of the period. Translation gains or losses resulting from changes in
the exchange rate during the reporting period and realized gains and losses on
the settlement of foreign currency transactions are reported in the results of
operations for the current period. The Portfolios do not isolate that portion of
realized gains and losses on investments in equity securities which 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.
25
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONT'D)
October 31, 2000
--------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES-- (CONT'D)
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.
Investments in securities of issuers located in less developed countries
considered to be "emerging markets" involve risks in addition to those generally
applicable to foreign securities. Investments in the securities of issuers
located in emerging markets expose a Portfolio to economic structures that are
generally less diverse and mature than, and to political systems that can be
expected to have less stability than, those of developed countries. The
typically small size of the markets for securities of issuers located in
emerging markets may also result in a lack of liquidity and greater price
volatility.
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.
The Portfolios may be subject to taxes imposed by countries in which they
invest, with respect to their investments in issuers existing or operating in
such countries. Such taxes are generally based on income earned or repatriated
and capital gains realized on the sale of such investments. The Portfolios
accrue such taxes when the related income or capital gains are earned.
26
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONT'D)
October 31, 2000
--------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES-- (CONT'D)
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 were invested in repurchase agreements.
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 the transfer
agent expense.
For the year ended October 31, 2000, the Portfolios received credits or
reimbursements under this arrangement as follows:
PORTFOLIO AMOUNT
-------- -------
International Equity $88,840
Emerging Markets 342
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
------------ ---------------------------------
International Equity .80% of average daily net assets
Emerging Markets 1.00% of average daily net assets
27
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONT'D)
October 31, 2000
--------------------------------------------------------------------------------
2. INVESTMENT ADVISER, CO-ADMINISTRATORS AND DISTRIBUTOR-- (CONT'D)
For the year ended October 31, 2000, investment advisory fees, voluntary
waivers and reimbursements were as follows:
<TABLE>
<CAPTION>
GROSS NET EXPENSE
PORTFOLIO ADVISORY FEE WAIVER ADVISORY FEE REIMBURSEMENTS
--------- ------------ ------ ------------ --------------
<S> <C> <C> <C> <C>
International Equity $3,557,726 $(772,951) $2,784,775 $ 0
Emerging Markets 19,983 (19,983) 0 (24,500)
</TABLE>
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of
CSAM, and PFPC Inc. ("PFPC"), an indirect subsidiary of PNC Financial Services
Group, Inc. ("PNC"), 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
-------- ---------------------
International Equity $444,715
Emerging Markets 1,998
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 $250 million .12% of average daily net assets
Next $250 million .10% of average daily net assets
Next $250 million .08% of average daily net assets
Over $750 million .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 .11% of average daily net assets
Next $1 billion .09% of average daily net assets
Over $1.5 billion .07% 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:
NET
PORTFOLIO CO-ADMINISTRATION FEE WAIVER CO-ADMINISTRATION FEE
--------- --------------------- ------ ---------------------
International Equity $502,549 $ 0 $502,549
Emerging Markets 12,124 (2,324) 9,800
28
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONT'D)
October 31, 2000
--------------------------------------------------------------------------------
2. INVESTMENT ADVISER, CO-ADMINISTRATORS AND DISTRIBUTOR-- (CONT'D)
In addition to serving as each portfolio's co-administrator, 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.
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 Deutsche 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 ending October 31, 2000, the following
Portfolios had borrowings under the line of credit agreement:
AVERAGE MAXIMUM
AVERAGE DAILY INTEREST DAILY LOAN
PORTFOLIO LOAN BALANCE RATE % OUTSTANDING
-------- ------------- -------- ------------
International Equity $1,495,025 6.166% $54,169,000
Emerging Markets 975 6.365 42,000
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
--------- ------------ ------------
International Equity $454,952,202 $736,794,217
Emerging Markets 5,506,910 3,943,482
29
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONT'D)
October 31, 2000
--------------------------------------------------------------------------------
4. INVESTMENTS IN SECURITIES-- (CONT'D)
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)
--------- ------------ ------------ --------------
International Equity $40,807,712 $(20,265,737) $20,541,975
Emerging Markets 99,914 (459,349) (359,435)
5. FORWARD FOREIGN CURRENCY CONTRACTS
Each Portfolio may enter into forward currency contracts for the purchase or
sale of a specific foreign currency at a fixed price on a future date. Risks may
arise from movements in the value of a foreign currency relative to the U.S.
dollar and from the potential default of counterparties to the contracts. Each
Portfolio will enter into forward contracts primarily for hedging purposes.
Forward currency contracts are adjusted by the daily exchange rate of the
underlying currency and any gains or losses are recorded for financial statement
purposes as unrealized until the contract settlement date.
At October 31, 2000, there were no open forward foreign currency contracts in
the Portfolios.
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, two of which constitute the
interest in the Portfolios.
Transactions in shares of each Portfolio were as follows:
<TABLE>
<CAPTION>
INTERNATIONAL EQUITY EMERGING MARKETS
----------------------------- ----------------------------
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>
Shares sold 12,823,110 11,631,374 273,098 3,612
Shares issued to shareholders on
reinvestment of dividends and
distributions 961,574 541,044 0 44,184
Shares redeemed (22,842,814) (53,620,959) (101,240) (3,988,292)
----------- ----------- -------- ----------
Net increase (decrease) in
shares outstanding (9,058,130) (41,448,541) 171,858 (3,940,496)
=========== =========== ======== ==========
</TABLE>
30
<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. International Equity
and Emerging Markets reclassified $5,003,192 and $(8,176), respectively, from
accumulated net realized gain/(loss) from security transactions and foreign
currency transactions to accumulated undistributed net investment income.
Emerging Markets reclassified $(982) from accumulated net investment
income/(loss) to capital contributions. 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, Emerging Markets had capital loss carryovers of
$15,481,936 and $2,681,265 expiring in 2006 and 2007, respectively.
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 11th, 2000, the Fund
ceased to be named the Warburg, Pincus Institutional Fund, Inc. and is now named
the Credit Suisse Institutional Fund, Inc. There were no name changes to the
individual Portfolios contained within this report.
31
<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 International Equity Portfolio
and Emerging Markets 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 and brokers, provide a reasonable basis for our opinion.
PRICEWATERHOUSECOOPERS LLP
Two Commerce Square
2001 Market Street
Philadelphia, Pennsylvania
December 15, 2000
32
<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:
<TABLE>
<CAPTION>
ORDINARY LONG-TERM FOREIGN SOURCE FOREIGN TAXES
INCOME CAPITAL GAINS INCOME PAID OR WITHHELD
FUND PER SHARE PER SHARE PER SHARE PER SHARE
---- ---------- ------------ -------------- ----------------
PAYMENT DATE 12/07/99 12/07/99
-------- --------
<S> <C> <C> <C> <C>
International Equity Portfolio $.7793 $.2154 $.5043 $.0787
</TABLE>
Emerging Markets Portfolio did not pay any ordinary income dividends or
capital gain distributions during the current fiscal year.
The above information was provided to calendar year taxpayers via 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.
33
<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
SHAREHOLDER MEETING RESULTS (UNAUDITED)
--------------------------------------------------------------------------------
A special meeting of shareholders of the Emerging Markets Portfolio of the
Credit Suisse Institutional Fund, Inc. was held on July 14, 2000. The following
matter was voted upon by the shareholders and the resulting votes are presented
below.
To approve a Sub-Investment Advisory Agreement among the Portfolio, Credit
Suisse Asset Management, LLC and Credit Suisse Asset Management Limited.
For 139,585.271 shares (100.00%)
Against 0.000 shares (0.0%)
Abstain 0.000 shares (0.0%)
34
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[GRAPHIC OMITTED]
CREDIT SUISSE ASSET MANAGEMENT
P.O. BOX 9030, BOSTON, MA 02205-9030
800-222-8977
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. CSINI-2-1000
