WARBURG PINCUS EMERGING MARKETS FUND INC
N-30D, 2001-01-08
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                               [GRAPHICS OMITTED]

                         CREDIT SUISSE ASSET MANAGEMENT

                                     ANNUAL
                                     REPORT
                                OCTOBER 31, 2000

                     CREDIT SUISSE INSTITUTIONAL FUND, INC.

                         (BULLET) JAPAN GROWTH PORTFOLIO

More complete  information  about the Fund and the Portfolio,  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 Warburg Pincus
Funds, 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 PORTFOLIO'S  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  PORTFOLIO'S  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.-- JAPAN 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--Japan  Growth Portfolio (the "Portfolio") had a loss of 39.83%, vs. a loss
of 15.14% for the  U.S.-dollar-denominated  Tokyo Stock Exchange Index. In light
of the current state of the Japanese market, the Portfolio's  performance may be
further adversely affected for periods after October 31, 2000.

   The period was a  negative  one for  Japanese  stocks.  The market  initially
rallied,  capping a very positive 1999,  with  technology  and  Internet-related
names accounting for the bulk of the gains.  However,  as 2000  progressed,  the
market turned down and the previously  favored  high-tech  names fell stunningly
out of favor. Investors, already skeptical about Japan's economic recovery, were
quick to take profits on any negative news, for example, revenue shortfalls that
were announced by leading Japanese Internet  companies.  The situation  worsened
over  the  March-through-May  span  amid a  global  selloff  in  technology  and
telecommunications  stocks. This "Nasdaq contagion" lowered investors' tolerance
for risk in general while hampering a dominant market sector in Japan.  Over the
latter part of the period,  Japan's market had occasional rallies that proved to
be false starts.

   It was  obviously  a very  disappointing  year  for  the  Portfolio  and  its
shareholders.  The downturn in the technology  stocks that we continued to focus
on weighed  heavily on the  Portfolio's  return,  and resulted in the  Portfolio
surrendering   a  large  part  of  the  gain  it  generated  in  1999.   Certain
Internet-related holdings proved to be particular liabilities for the 12 months.
The  Portfolio's  poor  performance  for the period  notwithstanding,  we remain
committed to investing in companies that we believe represent the best of a "new
Japanese economy." We define these as companies  well-positioned to benefit from
the spread of a Western  management  philosophy  in Japan  combined  with rising
levels of information-technology commitments.

   In  terms  of  sector   focus,   we  continued  to  emphasize  the  software,
communications and  electronic-component  areas. We believe these companies have
good long-term  prospects,  driven by such trends as increased  computer  demand
within Japan and the accelerating usage of Internet and wireless  communications
globally.

   We also maintained a large position in the financial-services sector, where a
number of companies stand to gain from Japan's expanding equity culture.  Such a
culture  is  becoming  a top  priority  due  to  extensive  underfunded  pension
liabilities.  Over time, and with an eye on  retirement,  more and more Japanese
investors are likely to shift from safe, but low-yielding bonds in

                                        1

<PAGE>

CREDIT SUISSE INSTITUTIONAL FUND, INC. -- JAPAN GROWTH PORTFOLIO
ANNUAL  INVESTMENT  ADVISER'S  REPORT  --  OCTOBER  31,  2000  (CONT'D)
--------------------------------------------------------------------------------

favor of equities, a lucrative area for asset-management companies. In addition,
Japan continues to see an  acceleration  of merger and acquisition  activity and
the  growth  of  venture   financing,   two  developments   driving  demand  for
financial-services companies here.

   Going forward,  we believe that certain  positive  catalysts can help Japan's
market to right itself. Japan's economic recovery, in our view, remains on track
and has good  potential to deliver  better-than-expected  news in the long-term.
Recent  encouraging  data include an upturn in Gross Domestic  Product  ("GDP"),
good  industrial  production  growth and the ongoing  creation of new jobs.  And
recent TANKAN  surveys  (conducted by the Bank of Japan)  indicate that Japanese
manufacturers have become more optimistic.

   Another    encouraging    development   is   the   above-noted    growth   of
information-technology ("IT") 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
and profits as it has in the U.S.

   Of course,  certain factors could continue to restrain Japan's equity market,
at least  over the near term.  Many  investors,  in  particular  foreign  (i.e.,
non-Japanese)  investors,  could remain  concerned that Japan's economic rebound
will prove temporary. Some of this concern is understandable,  especially in the
wake of the Bank of  Japan's  surprise  interest-rate  hike in  August.  News of
bankruptcies--including   the  collapse  of  a  major  Japanese   retailer  this
summer--has no doubt contributed to the skepticism.

   But all told, we believe that investor attention to Japan could well increase
heading into next year,  especially given the compelling  valuations stocks here
currently  offer.  Most Japanese  equities were well below their  historic highs
even at the end of last  year's  strong  rally.  Now,  many are  trading at very
compelling  prices,  especially as measured by price-to-book  values. We believe
that this could draw  renewed  investor  interest  in Japan,  provided  that the
overall mix of economic and profit news remains encouraging.

   Exactly how much good news is  required  to rekindle  interest in Japan as an
asset class is uncertain.  Foreign  investors--the source of selling pressure in
Japan this year--may  remain on the sidelines until Japan logs two or three more
quarters  of GDP  growth,  for  example,  or  until  sentiment  improves  in the
technology  sector. In any event, when foreign investors do return to Japan, the
impact could be substantial.  Japan remains the world's second-largest  economy,
and stands to account for a much larger, proportionate

                                        2

<PAGE>

CREDIT SUISSE INSTITUTIONAL FUND, INC. -- JAPAN GROWTH PORTFOLIO
ANNUAL INVESTMENT  ADVISER'S REPORT -- OCTOBER 31, 2000  (CONT'D)
--------------------------------------------------------------------------------

share of global  portfolios once investors  become more confident in the market.
As ever,  we will  continue  to focus on those  companies  we  believe  have the
brightest long-term prospects.

P. Nicholas Edwards                        Todd Jacobson
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.  THERE  ARE  ALSO  RISKS  ASSOCIATED  WITH
INVESTING IN JAPAN,  INCLUDING THE RISK OF INVESTING IN A  SINGLE-COUNTRY  FUND.
THESE ARE  DETAILED IN THE  PROSPECTUS,  WHICH SHOULD BE READ  CAREFULLY  BEFORE
INVESTING.

                                        3

<PAGE>

CREDIT SUISSE INSTITUTIONAL FUND, INC. -- JAPAN GROWTH PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT -- OCTOBER 31, 2000 (CONT'D)
--------------------------------------------------------------------------------

                  GROWTH OF $10,000 INVESTED IN WARBURG PINCUS
               INSTITUTIONAL FUND, INC. -- JAPAN GROWTH PORTFOLIO
                     SINCE INCEPTION AS OF OCTOBER 31, 2000

   The graph below  illustrates a  hypothetical  investment of $10,000 in Credit
Suisse Institutional Fund, Inc. -- Japan Growth Portfolio (the "Portfolio") from
October  31,  1997   (inception)   to  October   31,   2000,   compared  to  the
U.S.-dollar-denominated  Tokyo Stock Exchange Index ("Topix")1 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         (10/31/97)
             -39.83%        19.35%           19.31%

                       Portfolio           Topix
10/31/97              $10,000.00        $10,000.00
11/1/97                 9,850.00          9,247.00
12/1/97                 9,488.51          8,523.88
1/1/98                 10,457.30          9,435.77
2/1/98                 10,427.00          9,514.28
3/1/98                 10,346.70          8,873.20
4/1/98                 10,599.10          8,756.52
5/1/98                 10,356.40          8,345.84
6/1/98                 10,154.50          8,399.84
7/1/98                 10,982.00          8,288.79
8/1/98                 10,114.50          7,436.70
9/1/98                  9,569.29          7,281.28
10/31/98                9,216.19          8,448.47
11/1/98                10,498.20          8,850.61
12/1/98                10,318.70          9,176.32
1/1/99                 11,337.40          9,222.20
2/1/99                 11,907.90          9,002.71
3/1/99                 13,965.60         10,212.70
4/1/99                 15,493.60         10,698.80
5/1/99                 14,882.30         10,219.50
6/1/99                 19,181.00         11,233.30
7/1/99                 21,361.80         12,379.10
8/1/99                 24,062.00         12,772.70
9/1/99                 26,874.80         13,610.60
10/31/99               28,261.60         14,419.10
11/1/99                33,741.50         15,464.40
12/1/99                39,200.90         16,205.20
1/1/00                 35,359.20         15,373.90
2/1/00                 38,771.30         15,083.30
3/1/00                 32,343.00         16,041.10
4/1/00                 29,034.40         14,720.90
5/1/00                 23,590.40         13,652.20
6/1/00                 24,522.20         14,528.60
7/1/00                 20,292.20         12,814.30
8/1/00                 23,191.90         13,707.40
9/1/00                 20,302.20         13,170.10
10/31/00               17,003.10         12,236.30

                                                                  Portfolio
                                                                  ---------
1 Year Total Return (9/30/99 to 9/30/00) .......................   -24.46%

Average Annual Total Return Since Inception
(10/31/97 to 9/30/00) ..........................................    27.43%

----------
1 The  Topix is an  unmanaged  capitalization-weighted  index  (with no  defined
  investment objective) designed to reflect the general movement of the Japanese
  stock market.  The index consists of all shares listed on the First Section of
  the Tokyo Stock  Exchange,  which is  generally  reserved  for Japan's  larger
  companies.

                                       4

<PAGE>

CREDIT SUISSE INSTITUTIONAL FUND, INC. -- JAPAN GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS--OCTOBER 31, 2000
--------------------------------------------------------------------------------

                                                       NUMBER
                                                         OF
                                                       SHARES        VALUE
                                                       ------      ----------
COMMON STOCKS (98.8%)
COMMERCIAL SERVICES & SUPPLIES (1.3%)
    Trans Cosmos, Inc.                                    350      $   25,292
                                                                   ----------
COMMUNICATIONS EQUIPMENT (7.6%)
    Yozan, Inc.1                                            3         142,875
                                                                   ----------
COMPUTERS AND PERIPHERALS (4.7%)
    Itochu Techno-Science Corp.                           200          47,515
    Fujitsu, Ltd.                                       2,350          41,840
                                                                   ----------
                                                                       89,355
                                                                   ----------
DIVERSIFIED FINANCIALS (15.0%)
    Daiwa Securities Group, Inc.                        7,830          86,700
    Nomura Securities Co., Ltd.                         4,700          99,651
    Orix Corp.                                            820          85,991
    Shohkoh Fund & Co., Ltd.                              120           9,847
                                                                   ----------
                                                                      282,189
                                                                   ----------
DIVERSIFIED TELECOMMUNICATION SERVICES (8.6%)
    Japan Telecom Co., Ltd.                                 8         161,192
                                                                   ----------
ELECTRICAL EQUIPMENT (13.0%)
    Furukawa Electric Co., Ltd.                         3,910         102,776
    Megachips Corp.                                     1,170          45,970
    Kyocera Corp.                                         740          96,239
                                                                   ----------
                                                                      244,985
                                                                   ----------
HEALTH CARE EQUIPMENT & SUPPLIES (3.4%)
    Hoya Corp.                                            780          64,437
                                                                   ----------
HOUSEHOLD DURABLES (6.5%)
    Sony Corp.                                          1,530         122,191
                                                                   ----------
INTERNET SOFTWARE AND SERVICES (6.0%)
    Internet Intitiative Japan, Inc. ADR1                 860          21,500
    Softbank Corp.                                      1,530          91,783
                                                                   ----------
                                                                      113,283
                                                                   ----------
IT CONSULTING AND SERVICES (4.8%)
    Fujitsu Support & Service, Inc.                       740          89,868
                                                                   ----------
LEISURE EQUIPMENT AND PRODUCTS (3.1%)
    Nintendo Co., Ltd.                                    350          57,860
                                                                   ----------
MEDIA (1.2%)
    Kadokawa Shoten Publishing Co., Ltd.                  200           6,558
    Kadokawa Shoten Publishing Co., Ltd. New1             500          16,486
                                                                   ----------
                                                                       23,044
                                                                   ----------

                See Accompanying Notes to Financial Statements.

                                        5

<PAGE>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- JAPAN GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D)--OCTOBER 31, 2000
--------------------------------------------------------------------------------

                                                       NUMBER
                                                         OF
                                                       SHARES        VALUE
                                                       ------      ----------
COMMON STOCKS (CONT'D)
SEMICONDUCTOR EQUIPMENT AND PRODUCTS (17.1%)
    Disco Corp.                                           860      $   81,049
    Rohm Co., Ltd.                                        310          78,106
    Murata Manufacturing Co., Ltd.                        500          59,806
    Tokyo Electronics, Ltd.                               780          61,008
    Tokyo Seimitsu Co., Ltd.                              630          44,429
                                                                   ----------
                                                                      324,398
                                                                   ----------
SOFTWARE (4.4%)
    Konami Co., Ltd.                                      980          82,574
                                                                   ----------
SPECIALITY RETAIL (0.8%)
    JAC Co., Ltd.                                         740          14,300
                                                                   ----------
WIRELESS TELECOMMUNICATION SERVICES (1.3%)
    NTT DoCoMo, Inc.                                        1          24,637
                                                                   ----------
TOTAL COMMON STOCKS (Cost $1,418,144)                               1,862,480
    RBB Money Market Portfolio (Cost $6,627)            6,627           6,627
                                                                   ----------
TOTAL INVESTMENTS AT VALUE (99.2%) (Cost $1,424,771 2)              1,869,107
OTHER ASSETS IN EXCESS OF LIABILITIES (0.8%)                           14,979
                                                                   ----------
NET ASSETS (100.0%)                                                $1,884,086
                                                                   ==========

                            INVESTMENT ABBREVIATIONS
                        ADR = American Depository Receipt

--------------------------------------------------------------------------------

1 Non-income  producing  security.
2 Cost for  federal  income tax  purposes is  $1,429,661.

                See Accompanying Notes to Financial Statements.

                                        6

<PAGE>

CREDIT SUISSE INSTITUTIONAL FUND, INC. -- JAPAN GROWTH PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
October 31, 2000
--------------------------------------------------------------------------------

ASSETS
  Investments at value (Cost $1,424,771)                   $1,869,107
  Dividends and interest receivable                             4,641
  Receivable from investment adviser                            2,205
  Prepaid expenses and other assets                            16,517
                                                           ----------
    Total Assets                                            1,892,470
                                                           ----------
LIABILITIES
  Administrative services fee payable                           3,110
  Directors fee payable                                           377
  Accrued expenses payable                                      4,897
                                                           ----------
    Total Liabilities                                           8,384
                                                           ----------
NET ASSETS
  Capital Stock, $0.001 par value                               $ 116
  Paid in capital                                            (936,807)
  Accumulated net realized gain from investments            2,376,250
  Net unrealized appreciation/depreciation from
    investments and foreign currency related items            444,527
                                                           ----------
    Net Assets                                             $1,884,086
                                                           ==========
    Shares outstanding
                                                              116,000
                                                           ----------
  NET ASSET VALUE, offering price and redemption price
    per share                                              $    16.24
                                                           ==========

                 See Accompanying Notes to Financial Statements.

                                        7

<PAGE>

CREDIT SUISSE INSTITUTIONAL FUND, INC. -- JAPAN GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
For the Year Ended October 31, 2000
--------------------------------------------------------------------------------

INVESTMENT INCOME:
    Dividends                                                   $    39,422
    Interest                                                          2,888
    Foreign Taxes Withheld                                           (5,913)
                                                                -----------
      Total investment income                                        36,397
                                                                -----------
EXPENSES:
    Investment Advisory Fees                                        145,276
    Administrative Services Fees                                     32,300
    Registration Fees                                                18,888
    Printing Fees                                                    14,129
    Audit Fees                                                       12,900
    Interest Expense                                                  1,830
    Insurance Expense                                                 1,624
    Directors Fees                                                    1,588
    Legal Fees                                                        1,230
    Transfer Agent Fees                                              (4,129)
    Miscellaneous Expense                                             1,311
                                                                -----------
                                                                    226,947
    Less: fees waived, expenses reimbursed and
      transfer agent offsets                                        (61,860)
                                                                -----------
      Total expenses                                                165,087
                                                                -----------
       Net investment loss                                         (128,690)
                                                                -----------


NET REALIZED AND UNREALIZED GAIN (LOSS)
  FROM INVESTMENTS AND
  FOREIGN CURRENCY TRANSACTIONS:
    Net realized  and  unrealized  gain  (loss)
      from  investments  and  foreign
      currency related items:
    Net realized gain from investments                            3,986,742 1
    Net realized loss from foreign
      currency related  transactions                                (14,379)
    Net realized forward foreign currency
      loss                                                         (448,596)
    Net change in unrealized depreciation from
      investments                                                (6,869,483)
    Net change in unrealized  appreciation  from foreign
      currency translations                                          42,441
                                                                -----------
    Net realized and unrealized loss from
      investments and foreign currency related items             (3,303,275)
                                                                -----------
    Net decrease in net assets resulting from
      operations                                                $(3,431,965)
                                                                -----------

1 On October  13,  2000,  the  portfolio  had a  redemption  in-kind  with total
  proceeds in the amount of $2,945,341.  The net realized gain on transaction of
  $1,061,422 will not be realized for tax purposes.

                 See Accompanying Notes to Financial Statements.

                                        8

<PAGE>

CREDIT SUISSE INSTITUTIONAL FUND, INC. -- JAPAN GROWTH PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                FOR THE              FOR THE
                                                               YEAR ENDED           YEAR ENDED
                                                            OCTOBER 31, 2000     OCTOBER 31, 1999
                                                            ----------------     ----------------
<S>                                                           <C>                  <C>
FROM OPERATIONS:
  Net investment loss                                         $   (128,690)        $    (60,880)
  Net realized gain from investments                             3,986,742            1,015,178
  Net realized gain (loss) from foreign
    currency transactions                                          (14,379)              47,514
  Net realized foreign forward currency loss                      (448,596)            (474,212)
  Net change in unrealized appreciation (depreciation)
    from investments and foreign currency translations          (6,827,042)           7,495,443
                                                              ------------         ------------
  Net increase (decrease) in net assets
    resulting from operations                                   (3,431,965)           8,023,043
                                                              ------------         ------------
FROM DIVIDENDS AND DISTRIBUTIONS:
  Dividends from net investment income                             (14,982)             (14,953)
  Distributions from net realized gains                           (569,103)                   0
                                                              ------------         ------------
    Net decrease in net assets from dividends
      and distributions                                           (584,085)             (14,953)
                                                              ------------         ------------
FROM CAPITAL SHARE TRANSACTIONS:
  Proceeds from sale of shares                                     100,000            8,937,279
  Reinvestment of dividends and distributions                      580,696                1,090
  Net asset value of shares redeemed                           (13,178,127)1            (24,692)
                                                              ------------         ------------
    Net increase (decrease) in net assets
      from capital share transactions                          (12,497,431)           8,913,677
                                                              ------------         ------------
    Net increase (decrease) in net assets                      (16,513,481)          16,921,767

NET ASSETS:
  Beginning of year                                             18,397,567            1,475,800
                                                              ------------         ------------
  End of year                                                 $  1,884,086         $ 18,397,567
                                                              ============         ============
UNDISTRIBUTED NET INVESTMENT INCOME:                          $          0         $     14,965
                                                              ============         ============

<FN>
1 Includes redemption of $2,945,341 as a result of redemption in-kind on October
  13, 2000.

                 See Accompanying Notes to Financial Statements.
</FN>
</TABLE>
                                        9

<PAGE>

CREDIT SUISSE INSTITUTIONAL FUND, INC. -- JAPAN GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Year)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>

                                                                       2000              1999            1998 1
                                                                      ------           -------           ------
<S>                                                                   <C>              <C>               <C>
PER-SHARE DATA
Net asset value, beginning of year                                    $27.74           $  9.13           $10.00
                                                                      ------           -------           ------
INVESTMENT ACTIVITIES:
  Net investment income (loss)                                         (1.11)            (0.09)            0.07
  Net gains (losses) from investments and foreign currency
    transactions (both realized and unrealized)                        (9.51)            18.79            (0.85)
                                                                      ------           -------           ------
      Total from investment activities                                (10.62)            18.70            (0.78)
                                                                      ------           -------           ------
LESS DIVIDENDS AND DISTRIBUTIONS:
  Dividends from net investment income                                 (0.02)            (0.09)           (0.09)
  Distributions from net realized gains                                (0.86)             0.00             0.00
                                                                      ------           -------           ------
      Total dividends and distributions                                (0.88)            (0.09)           (0.09)
                                                                      ------           -------           ------
NET ASSET VALUE, END OF YEAR                                          $16.24           $ 27.74           $ 9.13
                                                                      ======           =======           ======
      Total return                                                    (39.83)%          206.60%           (7.84)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted)                                $1,884           $18,398           $1,476
    Ratio of expenses to average net assets2                            1.27%             1.27%            1.25%
    Ratio of net income (loss) to average net assets                    (.97)%            (.85)%            .39%
    Decrease reflected in above operating expense ratios
      due to waivers/reimbursements                                     0.44%             1.40%            4.52%
Portfolio turnover rate                                                30.52%            70.37%           39.88%

--------------------------------------------------------------------------------
<FN>
1 Commencement of operations November 1, 1997.
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%,  .02% and .00% for the years ended  October 31,  2000,
  1999 and 1998,  respectively.  The operating  expense  ratio after  reflecting
  these  arrangements  was 1.25% for each of the years ended  October 31,  2000,
  1999 and 1998.
</FN>
</TABLE>

                See Accompanying Notes to Financial Statements.

                                       10

<PAGE>

CREDIT SUISSE INSTITUTIONAL FUND, INC. -- JAPAN GROWTH PORTFOLIO
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 one
is contained in this report.  The Japan  Growth  Portfolio  ("Japan  Growth") is
classified  as  a  non-diversified   open-end   management   investment  company
("Portfolio").

   The  investment  objective for the Portfolio is to seek  long-term  growth of
capital.

   The net asset value of the Portfolio is  determined  daily as of the close of
regular trading on the New York Stock Exchange. The 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
mean between the last reported bid and asked prices.  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  Portfolio  are  maintained  in U.S.  dollars.
Transactions  denominated  in foreign  currencies  are  recorded  at the current
prevailing  exchange rates.  All assets and  liabilities  denominated in foreign
currencies are translated into U.S. dollar amounts at the current  exchange rate
at the end of the period.  Translation gains or losses resulting from changes in
the exchange rate during the reporting  period and realized  gains and losses on
the settlement of foreign  currency  transactions are reported in the results of
operations for the current  period.  The Portfolio does not isolate that portion
of realized gains and losses on investments in equity  securities  which are due
to changes in the  foreign  exchange  rate from that which are due to changes in
market  prices of equity  securities.  The  Portfolio  isolates  that portion of
realized  gains and losses on investments  in debt  securities  which are due to
changes  in the  foreign  exchange  rate from that  which are due to  changes in
market prices of debt securities.

   The  Portfolio  invests in securities  of foreign  countries and  governments
(primarily  Japan) 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,

                                       11

<PAGE>

CREDIT SUISSE INSTITUTIONAL FUND, INC. -- JAPAN GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (CONT'D)
October 31, 2000
--------------------------------------------------------------------------------

1. SIGNIFICANT ACCOUNTING POLICIES -- (CONT'D)

nationalization  or the  imposition of capital or currency  controls or punitive
taxes).  Other risks of investing in foreign  securities  include  liquidity and
valuation risks. In addition,  focusing investment in a single country,  such as
Japan, involves increased 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.

   In  order  to  fulfill  redemption   requests,   the  Portfolio   transferred
appreciated  securites in the amount of $2,945,341 during the year. For purposes
of generally  accepted  accounting  principles  ("GAAP"),  this  transaction  is
treated as a sale of  securities  and a gain is  recognized  based on the market
value of the securities on the date of the in-kind  transfer.  For tax purposes,
the securities  transferred  in-kind keep their original cost basis and no gains
are recognized.  The result is a permanent  difference of $1,061,422  related to
gains recognized on the books, but not for tax purposes.

   No provision is made for federal taxes as it is the Fund's  intention to have
the Portfolio continue to qualify for and elect the tax treatment  applicable to
regulated  investment  companies  under the Internal  Revenue  Code of 1986,  as
amended (the "Code"),  and make the requisite  distributions to its shareholders
which will be sufficient to relieve it from federal income and excise taxes.

   The  Portfolio  may be subject  to taxes  imposed  by  countries  in which it
invests,  with respect to the  investments  in issuers  existing or operating in
such  countries.  Such taxes are generally based on income earned or repatriated
and  capital  gains  realized  on the sale of such  investments.  The  Portfolio
accrues such taxes when the related income or capital gains are earned.

   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

                                       12

<PAGE>

CREDIT SUISSE INSTITUTIONAL FUND, INC. -- JAPAN GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (CONT'D)
October 31, 2000
--------------------------------------------------------------------------------

1. SIGNIFICANT ACCOUNTING POLICIES -- (CONT'D)

collateral for repurchase  agreements are held by the Portfolio's 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, the Portfolio was not invested in repurchase agreements.

   The  preparation  of financial  statements in  conformity  with GAAP requires
management to make estimates and assumptions that affect the reported amounts of
assets and  liabilities at the date of the financial  statement and the reported
amounts of revenues and expenses  during the reporting  period.  Actual  results
could differ from these estimates.

   The Portfolio has an  arrangement  with its 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  Portfolio  received  credits or
reimbursements under this arrangement of $3,121.

2. INVESTMENT ADVISER, CO-ADMINISTRATORS AND DISTRIBUTOR

   CSAM,  which is an indirect  wholly-owned  U.S.  subsidiary  of Credit Suisse
Group, serves as the Portfolio's investment adviser. For its investment advisory
services, CSAM receives fees of 1.10% based on the Portfolio's average daily net
assets:

   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>
    Japan Growth                  $145,276       $(40,818)       $104,458         $(2,205)
</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., serve as the Portfolio's co-administrators.  For its administrative
services,  CSAMSI  receives a fee  calculated  at an annual  rate of .10% of the
Portfolio's  average  daily net assets.  For the year ended  October  31,  2000,
administrative services fees earned by CSAMSI were $13,207.

                                       13

<PAGE>

CREDIT SUISSE INSTITUTIONAL FUND, INC. -- JAPAN GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (CONT'D)
October 31, 2000
--------------------------------------------------------------------------------

2. INVESTMENT ADVISER, CO-ADMINISTRATORS AND DISTRIBUTOR-- (CONT'D)

   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
    ---------          ---------------------    ------     ---------------------
    Japan Growth              $19,093          $(15,716)           $3,377

   In addition to serving as the Portfolio's co-administrator,  CSAMSI served as
the distributor of the  Portfolio's  shares until January 1, 2000. On January 1,
2000, Provident Distributors, Inc. ("PDI") replaced CSAMSI as distributor to the
Portfolio.  On  August  1,  2000,  CSAMSI  replaced  PDI as  distributor  to the
Portfolio.  No  compensation  is  payable  by the  Fund  to PDI  or  CSAMSI  for
distribution services.

3. LINE OF CREDIT

   The Portfolio,  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  agent, 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 a
manner as is  determined  by the  governing  Boards  of the  various  Funds.  In
addition,  the  participating  funds will pay interest on the  borrowings at the
Federal  funds  rate  plus  .50%.  At  October  31,  2000,  there  were no loans
outstanding for any of the Funds.

                                       14

<PAGE>

CREDIT SUISSE INSTITUTIONAL FUND, INC. -- JAPAN GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (CONT'D)
October 31, 2000
--------------------------------------------------------------------------------

3. LINE OF CREDIT -- (CONT'D)

During  the year  ended  October  31,  2000,  the  Portfolio  had the  following
borrowings under the line of credit agreement:

                                         AVERAGE          MAXIMUM
                        AVERAGE DAILY    INTEREST       DAILY LOAN
    PORTFOLIO           LOAN BALANCE      RATE %        OUTSTANDING
    ---------           ------------      ------        -----------
    Japan Growth          $26,370         6.477%         $787,000

4. INVESTMENTS IN SECURITIES

   For the year  ended  October  31,  2000,  purchases  and sales of  investment
securities (excluding  short-term  investments) were $4,083,241 and $17,809,072,
respectively.

   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 $580,013 and $(140,567), respectively,
with net unrealized appreciation of $439,446.

5. FORWARD FOREIGN CURRENCY CONTRACTS

   The 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.  The
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 Portfolio.

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,  one of which  constitutes  the
interest in the Portfolio.

                                       15

<PAGE>

CREDIT SUISSE INSTITUTIONAL FUND, INC. -- JAPAN GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (CONT'D)
October 31, 2000
--------------------------------------------------------------------------------

6. CAPITAL SHARE TRANSACTIONS -- (CONT'D)

   Transactions in shares of the Portfolio were as follows:

<TABLE>
<CAPTION>

                                                   FOR THE YEAR ENDED   FOR THE YEAR ENDED
                                                    OCTOBER 31, 2000     OCTOBER 31, 1999
                                                   ------------------   ------------------
<S>                                                     <C>                   <C>
Shares sold                                                3,152              502,690
Shares issued to shareholders on reinvestment of
  dividends and distributions                             18,295                  107
Shares redeemed                                         (568,663)              (1,237)
                                                        --------              -------
Net increase (decrease) in shares outstanding           (547,216)             501,560
                                                        ========              =======
</TABLE>

7. RECLASSIFICATION OF COMPOSITION OF NET ASSETS

   At October 31, 2000,  capital  contributions,  undistributed  net  investment
income,  accumulated  net realized  gain (loss) from security  transactions  and
current period dividends and distributions have been adjusted for current period
permanent  book/tax  differences which arose principally from differing book/tax
treatments  of  foreign  currency,  and  foreign  taxes on  capital  gains.  The
Portfolio  reclassified  $(128,707)  from  accumulated  net  investment  loss to
accumulated  net realized  gain on security  transactions  and foreign  currency
related items.  Net investment  income,  net realized gain (loss) on investments
and net assets were not affected by these reclassifications.


8. 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 named the
Credit  Suisse  Institutional  Fund,  Inc.  There will be no name changes to the
individual Portfolios contained within this report.


9. SUBSEQUENT EVENT

   This  Portfolio  ceased  all  operations  effective  December  13,  2000  and
liquidated all its shares as of this date.

                                       16

<PAGE>

CREDIT SUISSE INSTITUTIONAL FUND, INC. -- JAPAN GROWTH PORTFOLIO
REPORT OF INDEPENDENT ACCOUNTANTS
--------------------------------------------------------------------------------

TO THE BOARD OF DIRECTORS AND SHAREHOLDERS OF
CREDIT SUISSE INSTITUTIONAL FUND, INC.:


In our opinion, the accompanying statement of assets and liabilities,  including
the schedule of  investments,  and the related  statements of operations  and of
changes  in net assets  and the  financial  highlights  present  fairly,  in all
material  respects the  financial  position of the Japan Growth  Portfolio  (the
"Fund"),  a portfolio of the Credit Suisse  Institutional  Fund, Inc. at October
31, 2000, the results of its operations for the year then ended,  the changes in
its net  assets  for each of the two  years in the  period  then  ended  and its
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 Fund's  management;  our
responsibility  is to express an opinion on these financial  statements based on
our audits. We conducted our audits of these financial  statements in accordance
with  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

                                       17

<PAGE>

CREDIT SUISSE INSTITUTIONAL FUND, INC. -- JAPAN GROWTH PORTFOLIO
SHAREHOLDER TAX INFORMATION (UNAUDITED)
--------------------------------------------------------------------------------

   The  Portfolio  is  required  by  Subchapter  M of the  Code  to  advise  its
shareholders  within 60 days of its fiscal  year end as to the U.S.  federal tax
status of dividends and distributions received by its 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 the Portfolio:

<TABLE>
<CAPTION>

                                       ORDINARY          FOREIGN SOURCE       FOREIGN TAXES
                                        INCOME               INCOME          PAID OR WITHHELD
FUND                                   PER SHARE           PER SHARE            PER SHARE
----                                   ---------         --------------      ----------------
     PAYMENT DATE                      12/07/99
                                       --------
<S>                                     <C>                  <C>                  <C>
Japan Growth Portfolio                  0.8811               0.0047               0.0067
</TABLE>

   The above  information  was  provided to  calendar  year  taxpayers  via Form
1099-DIV mailed in January of 2000.  Because the fiscal year of the Portfolio 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.

                                       18

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                               [GRAPHICS OMITTED]

                         CREDIT SUISSE ASSET MANAGEMENT

                      P.O. BOX 9030, BOSTON, MA 02205-9030
                            800-222-8977
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR        CSJPG-2-1000



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