UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number | 811-05041 | ||||||||
| |||||||||
CREDIT SUISSE LARGE CAP GROWTH FUND | |||||||||
(Exact name of registrant as specified in charter) | |||||||||
| |||||||||
Eleven Madison Avenue, New York, New York |
| 10010 | |||||||
(Address of principal executive offices) |
| (Zip code) | |||||||
| |||||||||
J. Kevin Gao, Esq. Credit Suisse Large Cap Growth Fund Eleven Madison Avenue New York, New York 10010 | |||||||||
(Name and address of agent for service) | |||||||||
| |||||||||
Registrant’s telephone number, including area code: | (212) 325-2000 |
| |||||||
| |||||||||
Date of fiscal year end: | October 31st |
| |||||||
| |||||||||
Date of reporting period: | November 1, 2006 to October 31, 2007 |
| |||||||
Item 1. Reports to Stockholders.
CREDIT SUISSE FUNDS
Annual Report
October 31, 2007
n CREDIT SUISSE
LARGE CAP GROWTH FUND
n CREDIT SUISSE
MID-CAP CORE FUND
The Funds' investment objectives, risks, charges and expenses (which should be considered carefully before investing), and more complete information about the Funds, are provided in the Prospectus, which should be read carefully before investing. You may obtain additional copies by calling 800-927-2874 or by writing to Credit Suisse Funds, P.O. Box 55030, Boston, MA 02205-5030.
Credit Suisse Asset Management Securities, Inc., Distributor, is located at Eleven Madison Avenue, New York, NY 10010. Credit Suisse Funds are advised by Credit Suisse Asset Management, LLC.
Investors in the Credit Suisse Funds should be aware that they may be eligible to purchase Common Class and/or Advisor Class shares (where offered) directly or through certain intermediaries. Such shares are not subject to a sales charge but may be subject to an ongoing service and distribution fee of up to 0.50% of average daily net assets. Investors in the Credit Suisse Funds should also be aware that they may be eligible for a reduction or waiver of the sales charge with respect to Class A, B or C shares (where offered). For more information, please review the revelant prospectuses or consult your financial representative.
The views of the Funds' management are as of the date of the letter and Fund holdings described in this document are as of October 31, 2007; these views and Fund 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 ("Credit Suisse") or any affiliate, are not FDIC-insured and are not guaranteed by Credit Suisse or any affiliate. Fund investments are subject to investment risks, including loss of your investment.
Credit Suisse Large Cap Growth Fund
Annual Investment Adviser's Report
October 31, 2007 (unaudited)
November 30, 2007
Dear Shareholder:
Performance Summary
11/01/06 – 10/31/07
Fund & Benchmark | Performance | ||||||
Common Class1 | 16.78 | % | |||||
Advisor Class1 | 16.18 | % | |||||
Class A1,2 | 16.45 | % | |||||
Class B1,2 | 15.56 | % | |||||
Class C1,2 | 15.56 | % | |||||
Russell 1000® Growth Index3 | 19.23 | % |
Performance for the Fund's Class A, Class B and Class C Shares is without the maximum sales charge of 5.75%, 4.00% and 1.00%, respectively.2
Market Review: Solid economic growth despite weak housing
In the 12-month period ended October 31, 2007, U.S. stock markets gained with the benchmark Russell 1000 Growth Index returning 19.23%, and the bellwether S&P 500 Index posting a 14.6% total return. Eight of ten economic sectors in the large cap S&P 500 Index advanced during the period.
Rising global demand and elevated commodity prices buoyed the energy, materials and information technology sectors to post the highest returns of 36.2%, 31.1%, and 26.1%, respectively. The greatest laggards in the large-cap space were the financials (-5.1%) and consumer discretionary (-1.2%) sectors, both of which were negatively impacted by higher interest rates versus the prior year and a marked slowdown in the housing market.
The U.S. housing sector has weakened significantly in 2007 as mortgage providers tighten their lending standards. Existing home sales fell 8% in September to an annualized rate of 5.04 million, the fewest since recordkeeping began in 1999, according to the National Association of Realtors. Home prices in 20 U.S. metropolitan areas slumped in August 2007 by the greatest amount in at least six years. Values dropped 4.4% in the 12 months ended in August — an eighth consecutive decline — according to the S&P/Case-Shiller home-price index, which has data back to 2001.
The aggressive lending environment over the past few years has led to a rise in mortgage defaults. There were 635,159 foreclosure filings in the third quarter — double from a year earlier — including default notices, auction notices, and bank repossessions, according to RealtyTrac Inc.
1
Credit Suisse Large Cap Growth Fund
Annual Investment Adviser's Report (continued)
October 31, 2007 (unaudited)
The U.S. Federal Reserve held its benchmark rate at 5.25% from June 2006 until September 2007 while identifying inflation risks as a major concern for the overall economy. However, more recently sentiment has shifted in response to the mortgage-debt driven liquidity crisis this summer. As a result, in September, the Fed cut its target for the federal funds rate by 50 basis points to 4.75%, marking the first cut in four years. Then in October, the Fed further cut its target rate by 25 basis points to 4.5% as it seeks to prevent some of the adverse effects on the overall economy from the depressed housing market and tighter consumer and corporate lending conditions.
Despite the housing sector slowdown, the economy grew at a solid 3.9% annual rate in July to September of 2007, up from 3.8% in the previous three months. Additionally, inflation appears to be well contained with the core Personal Consumption Expenditures (PCE) deflator for September 2007 up 0.2%. The year-over-year increase was unchanged from the August level of 1.8%, but it has been trending steadily lower from 2.5% in February of this year.
So far in 2007, the labor market has shown some signs of weakening. Non-farm payrolls rose 1,254,000 in the first ten months of the year versus gains of 1,841,000 for the same period in 2006. The household unemployment rate measured 4.7% in October, up modestly from a low of 4.4% in March 2007.
The Reuters/University of Michigan consumer confidence index dropped to 80.9 in October — the lowest level since May 2006 — from 83.4 in September. The measure is trailing the 89.6 average for the first half of the year and is also lower than year-earlier readings.
The Chicago Board Options Exchange Volatility Index (VIX), a measure of expected stock market volatility, reached a five-year low in January 2007. However, market conditions changed rapidly in mid-2007 and the VIX reached a four-year high in August 2007 amid the turmoil in U.S. sub-prime mortgage and commercial paper markets.
The U.S. dollar declined against a broad index of world currencies. And, crude oil rose to a record $95.28 a barrel on October 31, 2007, adding to economic concerns.
Strategic Review and Market Outlook: Economic expansion expected to slow
The leading contributions to performance relative to the benchmark came from stock selection in consumer staples, materials, and consumer discretionary. The largest detractors to performance relative to the benchmark came primarily from stock selection within the information technology, healthcare, and financials groups.
2
Credit Suisse Large Cap Growth Fund
Annual Investment Adviser's Report (continued)
October 31, 2007 (unaudited)
At the end of the period, the portfolio's largest overweights were in the information technology (+1.64%) and energy (+0.57%) sectors, while the largest underweights were in the materials (-1.39%) and industrials (-0.85%) sectors.
The Federal Reserve expects that the pace of economic expansion will likely slow in the near term, partly reflecting the intensification of the housing correction. Additionally, while readings on core inflation have improved modestly this year, the Fed expects that recent increases in energy and commodity prices, among other factors, may put renewed upward pressure on inflation.
The Federal Open Market Committee is scheduled to meet next in December 2007 to discuss interest rates. Based on interest-rate futures as of November 7, 2007, traders are expecting the Fed to cut its target rate by an additional 25 basis points in December.
Leading indicators point to the U.S. housing markets potentially remaining depressed through early 2008. And, the consensus does not expect the pace of mergers and acquisitions to reach the level seen in the first half of 2007, as the availability of debt financing has tightened considerably. Further, expectations for U.S. stock market volatility are for above average stock swings.
Given the U.S. economy's current position toward the tail end of a growth cycle, we believe growth stocks could continue to outperform their value counterparts in 2008. We expect companies with solid growth prospects and strong operating results momentum will lead the market, and believe that companies fitting attractive valuation profiles will make a moderate comeback in the coming quarters. From a sector perspective, we are favorable toward the healthcare, energy, commercial services, and consumer staples groups. Conversely, the unsettled credit market and risks of further impact from mortgage losses leads us to underweight financial and consumer discretionary industries.
Credit Suisse Quantitative Strategies Team
Joseph Cherian
William Weng
Todd Jablonski
Eric Leng
3
Credit Suisse Large Cap Growth Fund
Annual Investment Adviser's Report (continued)
October 31, 2007 (unaudited)
In addition to historical information, this report contains forward-looking statements that may concern, among other things, domestic and foreign market, industry and economic trends and developments and government regulation and their potential impact on the Fund's investments. These statements are subject to risks and uncertainties and actual trends, developments and regulations in the future, and their impact on the Fund could be materially different from those projected, anticipated or implied. The Fund has no obligation to update or revise forward-looking statements.
The Fund adopted new investment strategies effective December 1, 2006 so that its holdings are selected using quantitative stock selection models rather than a more traditional fundamental analysis approach. Investors should be aware that performance information for periods prior to December 1, 2006 does not reflect the current investment strategies.
4
Credit Suisse Large Cap Growth Fund
Annual Investment Adviser's Report (continued)
October 31, 2007 (unaudited)
Comparison of Change in Value of $10,000 Investment in the
Credit Suisse Large Cap Growth Fund1 Common Class shares, Advisor
Class shares and the Russell 1000® Growth Index3 for Ten Years.
Comparison of Change in Value of $10,000 Investment in the
Credit Suisse Large Cap Growth Fund1 Class A, B, C shares2 and the
Russell 1000® Growth Index3,6 from Inception (11/30/01).
5
Credit Suisse Large Cap Growth Fund
Annual Investment Adviser's Report (continued)
October 31, 2007 (unaudited)
Average Annual Returns as of September 30, 2007
1 Year | 5 Years | 10 Years | Since Inception | ||||||||||||||||
Common Class4 | 15.25 | % | 11.20 | % | 4.20 | % | 9.25 | % | |||||||||||
Advisor Class5 | 14.60 | % | 10.63 | % | 3.68 | % | 8.87 | % | |||||||||||
Class A Without Sales Charge | 14.95 | % | 10.93 | % | — | 1.58 | % | ||||||||||||
Class A With Maximum Sales Charge | 8.36 | % | 9.62 | % | — | 0.56 | % | ||||||||||||
Class B Without CDSC | 14.03 | % | 10.09 | % | — | 0.82 | % | ||||||||||||
Class B With CDSC | 10.03 | % | 10.09 | % | — | 0.82 | % | ||||||||||||
Class C Without CDSC | 13.48 | % | 10.09 | % | — | 0.82 | % | ||||||||||||
Class C With CDSC | 12.48 | % | 10.09 | % | — | 0.82 | % |
Average Annual Returns as of October 31, 2007
1 Year | 5 Years | 10 Years | Since Inception | ||||||||||||||||
Common Class4 | 16.78 | % | 10.17 | % | 4.84 | % | 9.37 | % | |||||||||||
Advisor Class5 | 16.18 | % | 9.61 | % | 4.32 | % | 9.02 | % | |||||||||||
Class A Without Sales Charge | 16.45 | % | 9.89 | % | — | 2.06 | % | ||||||||||||
Class A With Maximum Sales Charge | 9.75 | % | 8.60 | % | — | 1.05 | % | ||||||||||||
Class B Without CDSC | 15.56 | % | 9.07 | % | — | 1.30 | % | ||||||||||||
Class B With CDSC | 11.56 | % | 9.07 | % | — | 1.30 | % | ||||||||||||
Class C Without CDSC | 15.56 | % | 9.07 | % | — | 1.30 | % | ||||||||||||
Class C With CDSC | 14.56 | % | 9.07 | % | — | 1.30 | % |
Returns represent past performance and include change in share price and reinvestment of dividends and capital gains. Past performance cannot guarantee future results. The current performance of the Fund may be lower or higher than the figures shown. Returns and share price will fluctuate, and redemption value may be more or less than original cost. The performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Performance information current to the most recent month-end is available at www.credit-suisse.com/us.
1 Fee waivers and/or expense reimbursements may reduce expenses for the Fund, without which performance would be lower. Waivers may be discontinued at any time.
2 Total return for the Fund's Class A Shares for the reporting period, based on offering price (with maximum sales charge of 5.75%), was 9.75%. Total return for the Fund's Class B Shares for the reporting period, based on redemption value (including maximum contingent deferred sales charge of 4%), was 11.56%. Total return for the Fund's Class C Shares for the reporting period, based on redemption value (including maximum contingent deferred sales charge of 1%), was 14.56%.
3 The Russell 1000® Growth Index measures the performance of those companies in the Russell 1000® Index with higher price-to-book ratios and higher forecasted growth values. It is an unmanaged index of common stocks that includes reinvestment of dividends and is compiled by Frank Russell Company. Investors cannot invest directly in an index.
4 Inception Date: 8/17/87.
5 Inception Date: 4/4/91.
6 Performance for the benchmark is not available for the period beginning November 30, 2001. For that reason, performance is shown for the period beginning December 1, 2001.
6
Credit Suisse Large Cap Growth Fund
Annual Investment Adviser's Report (continued)
October 31, 2007 (unaudited)
Information About Your Fund's Expenses
As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads), redemption fees and account maintenance fees, which are not shown in this section and which would result in higher total expenses. The following table is intended to help you understand your ongoing expenses of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. The table is based on an investment of $1,000 made at the beginning of the six month period ended October 31, 2007.
The table illustrates your Fund's expenses in two ways:
• Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold.
• Hypothetical 5% Fund Return. This helps you to compare your Fund's ongoing expenses with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs had been included, your costs would have been higher. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expenses of owning different funds.
7
Credit Suisse Large Cap Growth Fund
Annual Investment Adviser's Report (continued)
October 31, 2007 (unaudited)
Expenses and Value of a $1,000 Investment
for the six month period ended October 31, 2007
Actual Fund Return | Common Class | Advisor Class | Class A | Class B | Class C | ||||||||||||||||||
Beginning Account Value 5/1/07 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | |||||||||||||
Ending Account Value 10/31/07 | $ | 1,075.70 | $ | 1,073.10 | $ | 1,074.00 | $ | 1,069.80 | $ | 1,070.40 | |||||||||||||
Expenses Paid per $1,000* | $ | 4.87 | $ | 7.47 | $ | 6.12 | $ | 10.12 | $ | 10.02 | |||||||||||||
Hypothetical 5% Fund Return | |||||||||||||||||||||||
Beginning Account Value 5/1/07 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | |||||||||||||
Ending Account Value 10/31/07 | $ | 1,020.52 | $ | 1,018.00 | $ | 1,019.31 | $ | 1,015.43 | $ | 1,015.53 | |||||||||||||
Expenses Paid per $1,000* | $ | 4.74 | $ | 7.27 | $ | 5.96 | $ | 9.86 | $ | 9.75 | |||||||||||||
Common Class | Advisor Class | Class A | Class B | Class C | |||||||||||||||||||
Annualized Expense Ratios* | 0.93 | % | 1.43 | % | 1.17 | % | 1.94 | % | 1.92 | % |
* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year period, then divided by 365.
The "Expenses Paid per $1,000" and the "Annualized Expense Ratios" in the tables are based on actual expenses paid by the Fund during the period, net of fee waivers and/or expense reimbursements. If those fee waivers and/or expense reimbursements had not been in effect, the Fund's actual expenses would have been higher.
For more information, please refer to the Fund's prospectus.
8
Credit Suisse Large Cap Growth Fund
Annual Investment Adviser's Report (continued)
October 31, 2007 (unaudited)
SECTOR BREAKDOWN*
* Expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.
9
Credit Suisse Mid-Cap Core Fund
Annual Investment Adviser's Report
October 31, 2007 (unaudited)
November 30, 2007
Dear Shareholder:
Performance Summary
11/01/06 – 10/31/07
Fund & Benchmark | Performance | ||||||
Common Class1 | 18.16 | % | |||||
Advisor Class1 | 17.56 | % | |||||
Class A1,2 | 17.90 | % | |||||
Class B1,2 | 16.95 | % | |||||
Class C1,2 | 17.10 | % | |||||
S&P MidCap 400® Index3 | 17.02 | % | |||||
Russell 2500TM Growth Index3 | 20.36 | % | |||||
Russell Midcap® Growth Index4 | 19.72 | % |
Performance for the Fund's Class A, Class B and Class C Shares is without the maximum sales charge of 5.75%, 4.00% and 1.00%, respectively.2
Market Review: Solid economic growth despite weak housing
In the 12-month period ended October 31, 2007, U.S. stock markets gained with the benchmark S&P 400 Midcap Index returning 17.0% and outperforming the S&P 500 Index's 14.6% total return. Eight of ten economic sectors in the large cap S&P 500 Index advanced during the period.
Rising global demand and elevated commodity prices buoyed the energy, materials and information technology sectors to post the highest returns of 36.2%, 31.1%, and 26.1%, respectively. The greatest laggards in the large-cap space were the financials (-5.1%) and consumer discretionary (-1.2%) sectors, both of which were negatively impacted by higher interest rates versus the prior year and a marked slowdown in the housing market.
The U.S. housing sector has weakened significantly in 2007 as mortgage providers tighten their lending standards. Existing home sales fell 8% in September to an annualized rate of 5.04 million, the fewest since recordkeeping began in 1999, according to the National Association of Realtors. Home prices in 20 U.S. metropolitan areas slumped in August 2007 by the greatest amount in at least six years. Values dropped 4.4% in the 12 months ended in August — an eighth consecutive decline — according to the S&P/Case-Shiller home-price index, which has data back to 2001.
10
Credit Suisse Mid-Cap Core Fund
Annual Investment Adviser's Report (continued)
October 31, 2007 (unaudited)
The aggressive lending environment over the past few years has led to a rise in mortgage defaults. There were 635,159 foreclosure filings in the third quarter — double from a year earlier — including default notices, auction notices, and bank repossessions, according to RealtyTrac Inc.
The U.S. Federal Reserve held its benchmark rate at 5.25% from June 2006 until September 2007 while identifying inflation risks as a major concern for the overall economy. However, more recently sentiment has shifted in response to the mortgage-debt driven liquidity crisis this summer. As a result, in September, the Fed cut its target for the federal funds rate by 50 basis points to 4.75%, marking the first cut in four years. Then in October, the Fed further cut its target rate by 25 basis points to 4.5% as it seeks to prevent some of the adverse effects on the overall economy from the depressed housing market and tighter consumer and corporate lending conditions.
Despite the housing sector slowdown, the economy grew at a solid 3.9% annual rate in July to September of 2007, up from 3.8% in the previous three months. Additionally, inflation appears to be well contained with the core Personal Consumption Expenditures (PCE) deflator for September 2007 up 0.2%. The year-over-year increase was unchanged from the August level of 1.8%, but it has been trending steadily lower from 2.5% in February of this year.
So far in 2007, the labor market has shown some signs of weakening. Non-farm payrolls rose 1,254,000 in the first ten months of the year versus gains of 1,841,000 for the same period in 2006. The household unemployment rate measured 4.7% in October, up modestly from a low of 4.4% in March 2007.
The Reuters/University of Michigan consumer confidence index dropped to 80.9 in October — the lowest level since May 2006 — from 83.4 in September. The measure is trailing the 89.6 average for the first half of the year and is also lower than year-earlier readings.
The Chicago Board Options Exchange Volatility Index (VIX), a measure of expected stock market volatility, reached a five-year low in January 2007. However, market conditions changed rapidly in mid-2007 and the VIX reached a four-year high in August 2007 amid the turmoil in U.S. sub-prime mortgage and commercial paper markets.
The U.S. dollar declined against a broad index of world currencies. And, crude oil rose to a record $95.28 a barrel on October 31, 2007, adding to economic concerns.
11
Credit Suisse Mid-Cap Core Fund
Annual Investment Adviser's Report (continued)
October 31, 2007 (unaudited)
Strategic Review and Market Outlook: Economic expansion expected to slow
The leading contributions to performance relative to the benchmark came from stock selection in materials, consumer discretionary, and industrials. The largest detractors to performance relative to the benchmark came primarily from stock selection within the telecomm services sector, followed closely by the information technology and financials groups.
At the end of the period, the portfolio's largest overweights were in the energy (+3.60%), and healthcare (+1.44%) sectors, while the largest underweights were in the information technology (-2.98%) and consumer discretionary (-2.55%) sectors.
The Federal Reserve expects that the pace of economic expansion will likely slow in the near term, partly reflecting the intensification of the housing correction. Additionally, while readings on core inflation have improved modestly this year, the Fed expects that recent increases in energy and commodity prices, among other factors, may put renewed upward pressure on inflation.
The Federal Open Market Committee is scheduled to meet next in December 2007 to discuss interest rates. Based on interest-rate futures as of November 7, 2007, traders are expecting the Fed to cut its target rate by an additional 25 basis points in December.
Leading indicators point to the U.S. housing markets potentially remaining depressed through early 2008. And, the consensus does not expect the pace of mergers and acquisitions to reach the level seen in the first half of 2007, as the availability of debt financing has tightened considerably. Further, expectations for U.S. stock market volatility are for above average stock swings.
Given the U.S. economy's current position toward the tail end of a growth cycle, we believe growth stocks could continue to outperform their value counterparts in 2008. We expect companies with solid growth prospects and strong operating results momentum will lead the market, and believe that companies fitting attractive valuation profiles will make a moderate comeback in the coming quarters. From a sector perspective, we are favorable toward the healthcare, energy, commercial services, and consumer staples groups. Conversely, the unsettled credit market and risks of further impact from mortgage losses leads us to underweight financial and consumer discretionary industries.
12
Credit Suisse Mid-Cap Core Fund
Annual Investment Adviser's Report (continued)
October 31, 2007 (unaudited)
Credit Suisse Quantitative Strategies Team
Joseph Cherian
William Weng
Todd Jablonski
Eric Leng
Investing in small to medium-sized companies may be more volatile and less liquid than investments in larger companies.
In addition to historical information, this report contains forward-looking statements that may concern, among other things, domestic and foreign market, industry and economic trends and developments and government regulation and their potential impact on the Fund's investments. These statements are subject to risks and uncertainties and actual trends, developments and regulations in the future, and their impact on the Fund could be materially different from those projected, anticipated or implied. The Fund has no obligation to update or revise forward-looking statements.
The Fund adopted new investment strategies effective December 1, 2006 so that its holdings are selected using quantitative stock selection models rather than a more traditional fundamental analysis approach. Investors should be aware that performance information for periods prior to December 1, 2006 does not reflect the current investment strategies.
13
Credit Suisse Mid-Cap Core Fund
Annual Investment Adviser's Report (continued)
October 31, 2007 (unaudited)
Comparison of Change in Value of $10,000 Investment in the
Credit Suisse Mid-Cap Core Fund1 Common Class shares,
Advisor Class shares, the Standard & Poor's MidCap 400® Index3,
the Russell 2500TM Growth Index3, and the
Russell MidCap® Growth Index4 for Ten Years.
Comparison of Change in Value of $10,000 Investment in the
Credit Suisse Mid-Cap Core Fund1 Class A shares2,
the Standard & Poor's MidCap 400® Index3,
the Russell 2500TM Growth Index3,7, and the Russell MidCap®
Growth Index4,7 from Inception (11/30/01).
14
Credit Suisse Mid-Cap Core Fund
Annual Investment Adviser's Report (continued)
October 31, 2007 (unaudited)
Comparison of Change in Value of $10,000 Investment in the
Credit Suisse Mid-Cap Core Fund1 Class B shares2, Class C shares2,
the Standard & Poor's MidCap 400® Index3,8
the Russell 2500TM Growth Index3,8 and the Russell MidCap®
Growth Index4,8 from Incep tion (02/27/04).
Average Annual Returns as of September 30, 20071
1 Year | 5 Years | 10 Years | Since Inception | ||||||||||||||||
Common Class5 | 15.85 | % | 16.40 | % | 3.02 | % | 10.48 | % | |||||||||||
Advisor Class6 | 15.29 | % | 15.80 | % | 2.51 | % | 8.83 | % | |||||||||||
Class A Without Sales Charge | 15.58 | % | 16.09 | % | — | 6.48 | % | ||||||||||||
Class A With Maximum Sales Charge | 8.95 | % | 14.72 | % | — | 5.40 | % | ||||||||||||
Class B Without CDSC | 14.72 | % | — | — | 6.43 | % | |||||||||||||
Class B With CDSC | 10.72 | % | — | — | 6.19 | % | |||||||||||||
Class C Without CDSC | 14.84 | % | — | — | 6.47 | % | |||||||||||||
Class C With CDSC | 13.84 | % | — | — | 6.47 | % |
15
Credit Suisse Mid-Cap Core Fund
Annual Investment Adviser's Report (continued)
October 31, 2007 (unaudited)
Average Annual Returns as of October 31, 20071
1 Year | 5 Years | 10 Years | Since Inception | ||||||||||||||||
Common Class5 | 18.16 | % | 15.63 | % | 3.90 | % | 10.62 | % | |||||||||||
Advisor Class6 | 17.56 | % | 15.06 | % | 3.39 | % | 8.99 | % | |||||||||||
Class A Without Sales Charge | 17.90 | % | 15.35 | % | — | 6.95 | % | ||||||||||||
Class A With Maximum Sales Charge | 11.11 | % | 13.99 | % | — | 5.89 | % | ||||||||||||
Class B Without CDSC | 16.95 | % | — | — | 7.17 | % | |||||||||||||
Class B With CDSC | 12.95 | % | — | — | 6.95 | % | |||||||||||||
Class C Without CDSC | 17.10 | % | — | — | 7.21 | % | |||||||||||||
Class C With CDSC | 16.10 | % | — | — | 7.21 | % |
Returns represent past performance and include change in share price and reinvestment of dividends and capital gains. Past performance cannot guarantee future results. The current performance of the Fund may be lower or higher than the figures shown. Returns and share price will fluctuate, and redemption value may be more or less than original cost. The performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Performance information current to the most recent month-end is available at www.credit-suisse.com/us.
1 Fee waivers and/or expense reimbursements may reduce expenses for the Fund, without which performance would be lower. Waivers may be discontinued at any time.
2 Total return for the Fund's Class A Shares for the reporting period, based on offering price (with maximum sales charge of 5.75%), was 11.11%. Total return for the Fund's Class B Shares for the reporting period, based on redemption value (including maximum contingent deferred sales charge of 4%), was 12.95%. Total return for the Fund's Class C Shares for the reporting period, based on redemption value (including maximum contingent deferred sales charge of 1%), was 16.10%.
3 The Standard & Poor's MidCap 400® Index is an unmanaged market weighted index of 400 U.S. stocks selected on the basis of capitalization, liquidity, and industry group representation. It is a registered trademark of McGraw-Hill Co., Inc. It became the Fund's benchmark index on December 1, 2006 in connection with the change in the Fund's investment strategy. The Russell 2500TM Growth Index measures the performance of those companies in the Russell 2500TM Index with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index.
4 The Russell Midcap® Growth Index measures the performance of those companies in the Russell Midcap® Index with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000® Growth Index. The Russell 2500® Growth Index and Russell Midcap® Growth Index are unmanaged indices of common stocks that include reinvestment of dividends and are compiled by Frank Russell Company. Investors cannot invest directly in an index.
5 Inception Date: 1/21/88.
6 Inception Date: 4/4/91.
7 Performance for the benchmark is not available for the period beginning November 30, 2001. For that reason, performance is shown for the period beginning December 1, 2001.
8 Performance for the benchmark is not available for the period beginning February 27, 2004. For that reason, performance is shown for the period beginning March 1, 2004.
16
Credit Suisse Mid-Cap Core Fund
Annual Investment Adviser's Report (continued)
October 31, 2007 (unaudited)
Information About Your Fund's Expenses
As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads), redemption fees and account maintenance fees, which are not shown in this section and which would result in higher total expenses. The following table is intended to help you understand your ongoing expenses of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. The table is based on an investment of $1,000 made at the beginning of the six month period ended October 31, 2007.
The table illustrates your Fund's expenses in two ways:
• Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold.
• Hypothetical 5% Fund Return. This helps you to compare your Fund's ongoing expenses with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs had been included, your costs would have been higher. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expenses of owning different funds.
17
Credit Suisse Mid-Cap Core Fund
Annual Investment Adviser's Report (continued)
October 31, 2007 (unaudited)
Expenses and Value of a $1,000 Investment
for the six month period ended October 31, 2007
Actual Fund Return | Common Class | Advisor Class | Class A | Class B | Class C | ||||||||||||||||||
Beginning Account Value 5/1/07 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | |||||||||||||
Ending Account Value 10/31/07 | $ | 1,071.50 | $ | 1,068.70 | $ | 1,070.80 | $ | 1,066.20 | $ | 1,067.00 | |||||||||||||
Expenses Paid per $1,000* | $ | 6.53 | $ | 9.12 | $ | 7.83 | $ | 11.82 | $ | 11.36 | |||||||||||||
Hypothetical 5% Fund Return | |||||||||||||||||||||||
Beginning Account Value 5/1/07 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | |||||||||||||
Ending Account Value 10/31/07 | $ | 1,018.90 | $ | 1,016.38 | $ | 1,017.64 | $ | 1,013.76 | $ | 1,014.22 | |||||||||||||
Expenses Paid per $1,000* | $ | 6.36 | $ | 8.89 | $ | 7.63 | $ | 11.52 | $ | 11.07 | |||||||||||||
Common Class | Advisor Class | Class A | Class B | Class C | |||||||||||||||||||
Annualized Expense Ratios* | 1.25 | % | 1.75 | % | 1.50 | % | 2.27 | % | 2.18 | % |
* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year period, then divided by 365.
The "Expenses Paid per $1,000" and the "Annualized Expense Ratios" in the tables are based on actual expenses paid by the Fund during the period, net of fee waivers and/or expense reimbursements. If those fee waivers and/or expense reimbursements had not been in effect, the Fund's actual expenses would have been higher.
For more information, please refer to the Fund's prospectus.
18
Credit Suisse Mid-Cap Core Fund
Annual Investment Adviser's Report (continued)
October 31, 2007 (unaudited)
SECTOR BREAKDOWN*
* Expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.
19
Credit Suisse Large Cap Growth Fund
Schedule of Investments
October 31, 2007
Number of Shares | Value | ||||||||||
COMMON STOCKS (99.9%) | |||||||||||
Aerospace & Defense (3.7%) | |||||||||||
Boeing Co. | 16,900 | $ | 1,666,171 | ||||||||
L-3 Communications Holdings, Inc. | 1,100 | 120,604 | |||||||||
Lockheed Martin Corp. | 10,800 | 1,188,432 | |||||||||
Raytheon Co. | 13,100 | 833,291 | |||||||||
Rockwell Collins, Inc. | 1,500 | 112,215 | |||||||||
United Technologies Corp. | 3,100 | 237,429 | |||||||||
4,158,142 | |||||||||||
Air Freight & Couriers (1.0%) | |||||||||||
FedEx Corp. | 8,900 | 919,726 | |||||||||
United Parcel Service, Inc. Class B | 1,900 | 142,690 | |||||||||
1,062,416 | |||||||||||
Auto Components (0.7%) | |||||||||||
BorgWarner, Inc. | 7,300 | 771,683 | |||||||||
Automobiles (0.7%) | |||||||||||
Avis Budget Group, Inc.* | 4,900 | 102,263 | |||||||||
Hertz Global Holdings, Inc.*§ | 27,800 | 602,704 | |||||||||
Thor Industries, Inc.§ | 2,300 | 110,400 | |||||||||
815,367 | |||||||||||
Banks (0.2%) | |||||||||||
Northern Trust Corp. | 2,600 | 195,546 | |||||||||
Beverages (3.3%) | |||||||||||
Coca-Cola Co. | 10,900 | 673,184 | |||||||||
Molson Coors Brewing Co. Class B | 13,000 | 743,990 | |||||||||
Pepsi Bottling Group, Inc. | 17,100 | 736,668 | |||||||||
PepsiCo, Inc. | 20,500 | 1,511,260 | |||||||||
3,665,102 | |||||||||||
Biotechnology (1.9%) | |||||||||||
Amgen, Inc.* | 10,700 | 621,777 | |||||||||
Biogen Idec, Inc.* | 7,600 | 565,744 | |||||||||
Genentech, Inc.* | 6,400 | 474,432 | |||||||||
Genzyme Corp.* | 5,600 | 425,432 | |||||||||
2,087,385 | |||||||||||
Chemicals (0.6%) | |||||||||||
Lubrizol Corp. | .4,800 | 325,824 | |||||||||
Monsanto Co. | 3,100 | 302,653 | |||||||||
628,477 | |||||||||||
Commercial Services & Supplies (2.2%) | |||||||||||
Con-way, Inc.§ | 4,600 | 196,006 | |||||||||
Deluxe Corp. | 2,900 | 116,986 | |||||||||
Kelly Services, Inc. Class A§ | 5,800 | 121,974 | |||||||||
Manpower, Inc. | 2,400 | 179,376 | |||||||||
MasterCard, Inc. Class A§ | 3,500 | 663,425 |
See Accompanying Notes to Financial Statements.
20
Credit Suisse Large Cap Growth Fund
Schedule of Investments (continued)
October 31, 2007
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
Commercial Services & Supplies | |||||||||||
Robert Half International, Inc. | 3,500 | $ | 105,315 | ||||||||
Sotheby's§ | 9,600 | 520,032 | |||||||||
Steelcase, Inc. Class A§ | 32,000 | 571,840 | |||||||||
2,474,954 | |||||||||||
Communications Equipment (4.5%) | |||||||||||
Cisco Systems, Inc.* | 91,500 | 3,024,990 | |||||||||
Harris Corp. | 11,000 | 666,160 | |||||||||
Qualcomm, Inc. | 29,900 | 1,277,627 | |||||||||
4,968,777 | |||||||||||
Computers & Peripherals (8.4%) | |||||||||||
Apple Computer, Inc.* | 9,900 | 1,880,505 | |||||||||
Dell, Inc.* | 51,600 | 1,578,960 | |||||||||
Hewlett-Packard Co. | 49,500 | 2,558,160 | |||||||||
International Business Machines Corp. | 15,500 | 1,799,860 | |||||||||
Network Appliance, Inc.* | 16,000 | 503,840 | |||||||||
NVIDIA Corp.* | 4,650 | 164,517 | |||||||||
Western Digital Corp.* | 29,900 | 775,008 | |||||||||
9,260,850 | |||||||||||
Diversified Financials (4.5%) | |||||||||||
American Express Co. | 3,800 | 231,610 | |||||||||
Eaton Vance Corp.§ | 17,200 | 860,516 | |||||||||
First Marblehead Corp.§ | 8,500 | 330,055 | |||||||||
Franklin Resources, Inc. | 6,700 | 868,856 | |||||||||
Merrill Lynch & Company, Inc. | 11,000 | 726,220 | |||||||||
Morgan Stanley | 10,700 | 719,682 | |||||||||
Nasdaq Stock Market, Inc.* | 5,900 | 275,530 | |||||||||
SEI Investments Co. | 20,600 | 651,372 | |||||||||
State Street Corp. | 1,600 | 127,632 | |||||||||
Western Union Co. | 9,200 | 202,768 | |||||||||
4,994,241 | |||||||||||
Diversified Telecommunication Services (0.3%) | |||||||||||
Qwest Communications International, Inc.*§ | 15,000 | 107,700 | |||||||||
Verizon Communications, Inc. | 4,300 | 198,101 | |||||||||
305,801 | |||||||||||
Electric Utilities (0.7%) | |||||||||||
Constellation Energy Group | 8,000 | 757,600 | |||||||||
Electrical Equipment (0.7%) | |||||||||||
Rockwell Automation, Inc. | 10,700 | 737,016 | |||||||||
Electronic Equipment & Instruments (0.7%) | |||||||||||
Avnet, Inc.* | 8,700 | 362,964 | |||||||||
Thermo Fisher Scientific, Inc.* | 4,500 | 264,645 | |||||||||
Waters Corp.* | 1,600 | 123,168 | |||||||||
750,777 |
See Accompanying Notes to Financial Statements.
21
Credit Suisse Large Cap Growth Fund
Schedule of Investments (continued)
October 31, 2007
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
Energy Equipment & Services (4.7%) | |||||||||||
Bonneville Pacific Corp.*^ | 16,883 | $ | 127 | ||||||||
Diamond Offshore Drilling, Inc.§ | 5,400 | 611,442 | |||||||||
ENSCO International, Inc.§ | 11,900 | 660,331 | |||||||||
Global Industries, Ltd.* | 4,500 | 110,790 | |||||||||
GlobalSantaFe Corp. | 7,900 | 640,137 | |||||||||
National-Oilwell Varco, Inc.* | 5,000 | 366,200 | |||||||||
Noble Corp. | 15,200 | 804,840 | |||||||||
Schlumberger, Ltd. | 15,000 | 1,448,550 | |||||||||
Transocean, Inc.* | 5,200 | 620,724 | |||||||||
5,263,141 | |||||||||||
Food & Drug Retailing (0.8%) | |||||||||||
Kroger Co. | 26,800 | 787,652 | |||||||||
Walgreen Co. | 2,300 | 91,195 | |||||||||
878,847 | |||||||||||
Food Products (1.1%) | |||||||||||
Corn Products International, Inc. | 12,800 | 544,512 | |||||||||
Herbalife, Ltd. | 15,100 | 665,759 | |||||||||
1,210,271 | |||||||||||
Healthcare Equipment & Supplies (2.6%) | |||||||||||
Baxter International, Inc. | 16,500 | 990,165 | |||||||||
Becton Dickinson & Co. | 6,900 | 575,874 | |||||||||
Kinetic Concepts, Inc.*§ | 9,700 | 582,970 | |||||||||
Medtronic, Inc. | 15,700 | 744,808 | |||||||||
2,893,817 | |||||||||||
Healthcare Providers & Services (4.4%) | |||||||||||
Aetna, Inc. | 16,800 | 943,656 | |||||||||
Coventry Health Care, Inc.* | 10,300 | 621,193 | |||||||||
Express Scripts, Inc.* | 3,100 | 195,610 | |||||||||
Humana, Inc.*§ | 11,500 | 861,925 | |||||||||
McKesson Corp. | 6,600 | 436,260 | |||||||||
UnitedHealth Group, Inc. | 30,500 | 1,499,075 | |||||||||
WellCare Health Plans, Inc.*§ | 4,800 | 116,112 | |||||||||
WellPoint, Inc.* | 1,900 | 150,537 | |||||||||
4,824,368 | |||||||||||
Hotels, Restaurants & Leisure (0.3%) | |||||||||||
Brinker International, Inc.§ | 6,900 | 175,191 | |||||||||
Choice Hotels International, Inc.§ | 2,900 | 112,346 | |||||||||
287,537 | |||||||||||
Household Durables (0.9%) | |||||||||||
American Greetings Corp. Class A§ | 10,200 | 268,668 | |||||||||
Garmin, Ltd.§ | 1,500 | 161,100 | |||||||||
Whirlpool Corp.§ | 6,800 | 538,424 | |||||||||
968,192 |
See Accompanying Notes to Financial Statements.
22
Credit Suisse Large Cap Growth Fund
Schedule of Investments (continued)
October 31, 2007
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
Household Products (2.0%) | |||||||||||
Clorox Co.§ | 11,600 | $ | 725,812 | ||||||||
Procter & Gamble Co. | 21,800 | 1,515,536 | |||||||||
2,241,348 | |||||||||||
Industrial Conglomerates (1.8%) | |||||||||||
3M Co. | 11,600 | 1,001,776 | |||||||||
General Electric Co. | 2,700 | 111,132 | |||||||||
Honeywell International, Inc. | 5,400 | 326,214 | |||||||||
Tyco International, Ltd. | 13,400 | 551,678 | |||||||||
1,990,800 | |||||||||||
Insurance (2.1%) | |||||||||||
Endurance Specialty Holdings, Ltd. | 5,800 | 227,418 | |||||||||
Loews Corp. | 9,700 | 476,173 | |||||||||
Prudential Financial, Inc. | 8,300 | 802,776 | |||||||||
RenaissanceRe Holdings, Ltd. | 1,900 | 110,846 | |||||||||
W.R. Berkley Corp. | 12,500 | 376,125 | |||||||||
XL Capital, Ltd. Class A | 4,900 | 352,555 | |||||||||
2,345,893 | |||||||||||
Internet & Catalog Retail (0.5%) | |||||||||||
Amazon.com, Inc.* | 3,800 | 338,770 | |||||||||
NutriSystem, Inc.*§ | 9,000 | 270,900 | |||||||||
609,670 | |||||||||||
Internet Software & Services (2.6%) | |||||||||||
eBay, Inc.* | 18,300 | 660,630 | |||||||||
Google, Inc. Class A* | 3,000 | 2,121,000 | |||||||||
VeriSign, Inc.*§ | 3,200 | 109,088 | |||||||||
2,890,718 | |||||||||||
IT Consulting & Services (2.2%) | |||||||||||
Accenture, Ltd. Class A | 22,800 | 890,340 | |||||||||
Automatic Data Processing, Inc. | 17,400 | 862,344 | |||||||||
Electronic Data Systems Corp.§ | 28,300 | 610,997 | |||||||||
NAVTEQ Corp.* | 1,500 | 115,800 | |||||||||
2,479,481 | |||||||||||
Leisure Equipment & Products (0.3%) | |||||||||||
Hasbro, Inc.§ | 11,300 | 337,305 | |||||||||
Machinery (2.1%) | |||||||||||
Caterpillar, Inc. | 10,200 | 761,022 | |||||||||
Cummins, Inc. | 6,100 | 731,756 | |||||||||
Dover Corp. | 2,200 | 101,200 | |||||||||
Gardner Denver, Inc.* | 3,100 | 112,003 | |||||||||
Manitowoc Company, Inc. | 13,600 | 669,936 | |||||||||
2,375,917 |
See Accompanying Notes to Financial Statements.
23
Credit Suisse Large Cap Growth Fund
Schedule of Investments (continued)
October 31, 2007
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
Media (4.3%) | |||||||||||
Comcast Corp. Class A*§ | 4,000 | $ | 84,200 | ||||||||
CTC Media, Inc.*§ | 26,600 | 667,394 | |||||||||
DirecTV Group, Inc.* | 32,700 | 865,896 | |||||||||
EchoStar Communications Corp. Class A* | 10,800 | 528,768 | |||||||||
News Corp. Class A | 45,000 | 975,150 | |||||||||
Omnicom Group, Inc. | 8,800 | 448,624 | |||||||||
Regal Entertainment Group Class A§ | 28,000 | 631,960 | |||||||||
Walt Disney Co. | 17,500 | 606,025 | |||||||||
4,808,017 | |||||||||||
Metals & Mining (1.4%) | |||||||||||
AK Steel Holding Corp.*§ | 4,600 | 230,598 | |||||||||
Cleveland-Cliffs, Inc.§ | 4,400 | 420,860 | |||||||||
Freeport-McMoRan Copper & Gold, Inc. | 6,470 | 761,389 | |||||||||
Nucor Corp. | 1,900 | 117,838 | |||||||||
1,530,685 | |||||||||||
Multiline Retail (1.4%) | |||||||||||
Big Lots, Inc.*§ | 3,800 | 91,124 | |||||||||
Family Dollar Stores, Inc.§ | 4,000 | 101,400 | |||||||||
J.C. Penney Company, Inc.§ | 1,700 | 95,608 | |||||||||
Kohl's Corp.* | 7,900 | 434,263 | |||||||||
Target Corp. | 2,600 | 159,536 | |||||||||
Wal-Mart Stores, Inc. | 15,000 | 678,150 | |||||||||
1,560,081 | |||||||||||
Oil & Gas (4.1%) | |||||||||||
Chevron Corp. | 3,000 | 274,530 | |||||||||
Continental Resources, Inc.*§ | 6,300 | 148,113 | |||||||||
Exxon Mobil Corp. | 18,900 | 1,738,611 | |||||||||
Marathon Oil Corp. | 10,900 | 644,517 | |||||||||
Murphy Oil Corp. | 2,500 | 184,075 | |||||||||
Occidental Petroleum Corp. | 4,200 | 290,010 | |||||||||
Tesoro Corp. | 5,200 | 314,756 | |||||||||
Valero Energy Corp. | 14,100 | 993,063 | |||||||||
4,587,675 | |||||||||||
Personal Products (0.2%) | |||||||||||
NBTY, Inc.* | 5,800 | 206,480 | |||||||||
Pharmaceuticals (6.7%) | |||||||||||
Abbott Laboratories | 10,800 | 589,896 | |||||||||
Bristol-Myers Squibb Co. | 43,400 | 1,301,566 | |||||||||
Endo Pharmaceuticals Holdings, Inc.* | 8,300 | 243,190 | |||||||||
Forest Laboratories, Inc.* | 7,500 | 293,025 | |||||||||
Johnson & Johnson | 24,600 | 1,603,182 | |||||||||
Merck & Company, Inc. | 19,300 | 1,124,418 | |||||||||
Pfizer, Inc. | 4,500 | 110,745 | |||||||||
Schering-Plough Corp. | 39,300 | 1,199,436 |
See Accompanying Notes to Financial Statements.
24
Credit Suisse Large Cap Growth Fund
Schedule of Investments (continued)
October 31, 2007
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
Pharmaceuticals | |||||||||||
Sepracor, Inc.*§ | 5,800 | $ | 159,732 | ||||||||
Warner Chilcott, Ltd. Class A*§ | 16,700 | 309,451 | |||||||||
Watson Pharmaceuticals, Inc.*§ | 14,400 | 440,064 | |||||||||
7,374,705 | |||||||||||
Real Estate (0.7%) | |||||||||||
CB Richard Ellis Group, Inc. Class A*§ | 9,500 | 231,610 | |||||||||
Jones Lang LaSalle, Inc.§ | 6,100 | 581,513 | |||||||||
813,123 | |||||||||||
Road & Rail (0.9%) | |||||||||||
CSX Corp. | 2,600 | 116,402 | |||||||||
Union Pacific Corp. | 7,100 | 909,084 | |||||||||
1,025,486 | |||||||||||
Semiconductor Equipment & Products (5.4%) | |||||||||||
Applied Materials, Inc. | 43,600 | 846,712 | |||||||||
Intel Corp. | 103,600 | 2,786,840 | |||||||||
Lam Research Corp.*§ | 4,100 | 205,820 | |||||||||
Linear Technology Corp.§ | 3,000 | 99,060 | |||||||||
MEMC Electronic Materials, Inc.* | 7,600 | 556,472 | |||||||||
Teradyne, Inc.* | 26,300 | 324,542 | |||||||||
Texas Instruments, Inc. | 35,900 | 1,170,340 | |||||||||
5,989,786 | |||||||||||
Software (6.3%) | |||||||||||
Autodesk, Inc.* | 14,900 | 728,610 | |||||||||
BMC Software, Inc.* | 3,500 | 118,440 | |||||||||
Microsoft Corp. | 135,600 | 4,991,436 | |||||||||
Oracle Corp.* | 51,700 | 1,146,189 | |||||||||
6,984,675 | |||||||||||
Specialty Retail (2.9%) | |||||||||||
American Eagle Outfitters, Inc. | 13,900 | 330,542 | |||||||||
Best Buy Company, Inc.§ | 17,500 | 849,100 | |||||||||
Lowe's Companies, Inc. | 7,000 | 188,230 | |||||||||
RadioShack Corp.§ | 20,600 | 424,772 | |||||||||
Sherwin-Williams Co.§ | 9,500 | 607,240 | |||||||||
Staples, Inc. | 5,400 | 126,036 | |||||||||
TJX Companies, Inc. | 24,400 | 705,892 | |||||||||
3,231,812 | |||||||||||
Textiles & Apparel (1.2%) | |||||||||||
Guess?, Inc.§ | 4,600 | 236,394 | |||||||||
Nike, Inc. Class B | 15,700 | 1,040,282 | |||||||||
1,276,676 |
See Accompanying Notes to Financial Statements.
25
Credit Suisse Large Cap Growth Fund
Schedule of Investments (continued)
October 31, 2007
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
Tobacco (1.4%) | |||||||||||
Altria Group, Inc. | 8,400 | $ | 612,612 | ||||||||
Loews Corp.- Carolina Group | 8,400 | 720,552 | |||||||||
UST, Inc.§ | 5,000 | 266,600 | |||||||||
1,599,764 | |||||||||||
Wireless Telecommunication Services (0.5%) | |||||||||||
Telephone and Data Systems, Inc. | 6,800 | 474,640 | |||||||||
United States Cellular Corp.*§ | 1,100 | 103,565 | |||||||||
578,205 | |||||||||||
TOTAL COMMON STOCKS (Cost $96,124,685) | 110,798,609 | ||||||||||
SHORT-TERM INVESTMENTS (15.3%) | |||||||||||
State Street Navigator Prime Portfolio§§ | 16,669,637 | 16,669,637 | |||||||||
Par (000) | |||||||||||
State Street Bank and Trust Co. Euro Time Deposit, 3.600%, 11/01/07 | $ | 303 | 303,000 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $16,972,637) | 16,972,637 | ||||||||||
TOTAL INVESTMENTS AT VALUE (115.2%) (Cost $113,097,322) | 127,771,246 | ||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS (-15.2%) | (16,889,107 | ) | |||||||||
NET ASSETS (100.0%) | $ | 110,882,139 |
* Non-income producing security.
^ Not readily marketable security; security is valued at fair value as determined in good faith by, or under the direction of, the Board of Trustees.
§ Security or a portion thereof is on loan.
§§ Represents security purchased with cash collateral received for securities on loan.
See Accompanying Notes to Financial Statements.
26
Credit Suisse Mid-Cap Core Fund
Schedule of Investments
October 31, 2007
Number of Shares | Value | ||||||||||
COMMON STOCKS (99.2%) | |||||||||||
Aerospace & Defense (2.2%) | |||||||||||
Alliant Techsystems, Inc.*§ | 5,200 | $ | 574,029 | ||||||||
Goodrich Corp. | 13,200 | 919,512 | |||||||||
L-3 Communications Holdings, Inc. | 3,600 | 394,704 | |||||||||
Precision Castparts Corp. | 9,300 | 1,393,233 | |||||||||
Rockwell Collins, Inc. | 9,700 | 725,657 | |||||||||
4,007,135 | |||||||||||
Airlines (0.4%) | |||||||||||
Alaska Air Group, Inc.*§ | 6,400 | 162,560 | |||||||||
AMR Corp.*§ | 7,400 | 177,600 | |||||||||
Continental Airlines, Inc. Class B*§ | 5,100 | 175,185 | |||||||||
US Airways Group, Inc.*§ | 6,100 | 168,726 | |||||||||
684,071 | |||||||||||
Auto Components (1.2%) | |||||||||||
Autoliv, Inc. | 2,900 | 183,222 | |||||||||
BorgWarner, Inc. | 8,800 | 930,248 | |||||||||
Lear Corp.* | 30,600 | 1,087,218 | |||||||||
2,200,688 | |||||||||||
Automobiles (0.1%) | |||||||||||
Thor Industries, Inc. | 5,200 | 249,600 | |||||||||
Banks (2.4%) | |||||||||||
Bank of Hawaii Corp. | 7,700 | 409,332 | |||||||||
Cathay General Bancorp§ | 7,800 | 241,566 | |||||||||
City National Corp.§ | 6,100 | 412,360 | |||||||||
Colonial BancGroup, Inc.§ | 23,500 | 450,730 | |||||||||
East West Bancorp, Inc.§ | 5,400 | 182,196 | |||||||||
Huntington Bancshares, Inc.§ | 10,700 | 191,637 | |||||||||
KeyCorp | 6,400 | 182,080 | |||||||||
M&T Bank Corp. | 1,700 | 169,116 | |||||||||
Marshall & Ilsley Corp. | 2,100 | 89,670 | |||||||||
Northern Trust Corp. | 9,900 | 744,579 | |||||||||
Sovereign Bancorp, Inc. | 10,800 | 155,844 | |||||||||
SVB Financial Group*§ | 9,000 | 466,110 | |||||||||
Synovus Financial Corp.§ | 6,500 | 171,340 | |||||||||
Webster Financial Corp. | 8,600 | 311,664 | |||||||||
Zions Bancorporation§ | 3,700 | 218,707 | |||||||||
4,396,931 | |||||||||||
Beverages (0.7%) | |||||||||||
Hansen Natural Corp.*§ | 9,000 | 612,000 | |||||||||
Pepsi Bottling Group, Inc. | 8,600 | 370,488 | |||||||||
PepsiAmericas, Inc. | 8,900 | 317,908 | |||||||||
1,300,396 |
See Accompanying Notes to Financial Statements.
27
Credit Suisse Mid-Cap Core Fund
Schedule of Investments (continued)
October 31, 2007
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
Biotechnology (3.2%) | |||||||||||
Alexion Pharmaceuticals, Inc.* | 12,200 | $ | 933,300 | ||||||||
BioMarin Pharmaceutical, Inc.* | 34,400 | 953,912 | |||||||||
Cephalon, Inc.*§ | 10,300 | 759,522 | |||||||||
Charles River Laboratories International, Inc.* | 10,500 | 609,000 | |||||||||
Gen-Probe, Inc.* | 7,900 | 553,158 | |||||||||
IDEXX Laboratories, Inc.* | 3,300 | 401,874 | |||||||||
Invitrogen Corp.*§ | 18,100 | 1,644,746 | |||||||||
5,855,512 | |||||||||||
Building Products (0.3%) | |||||||||||
Crane Co. | 12,000 | 569,280 | |||||||||
Chemicals (4.2%) | |||||||||||
Albemarle Corp. | 11,900 | 568,344 | |||||||||
Ashland, Inc. | 5,700 | 334,704 | |||||||||
Celanese Corp. Class A | 34,600 | 1,451,816 | |||||||||
FMC Corp. | 18,900 | 1,086,750 | |||||||||
Lubrizol Corp. | 13,400 | 909,592 | |||||||||
Mosaic Co.*§ | 35,200 | 2,456,960 | |||||||||
Olin Corp.§ | 26,500 | 603,670 | |||||||||
PPG Industries, Inc. | 4,800 | 358,752 | |||||||||
7,770,588 | |||||||||||
Commercial Services & Supplies (5.5%) | |||||||||||
Apollo Group, Inc. Class A* | 12,600 | 998,676 | |||||||||
Bally Technologies, Inc.* | 4,700 | 189,551 | |||||||||
Career Education Corp.*§ | 14,200 | 507,508 | |||||||||
Convergys Corp.*§ | 10,500 | 192,465 | |||||||||
CSG Systems International, Inc.* | 15,200 | 312,056 | |||||||||
Deluxe Corp. | 17,600 | 709,984 | |||||||||
DeVry, Inc. | 8,900 | 486,741 | |||||||||
DST Systems, Inc.*§ | 10,300 | 872,513 | |||||||||
Dun & Bradstreet Corp.§ | 8,900 | 861,965 | |||||||||
ITT Educational Services, Inc.* | 7,600 | 966,644 | |||||||||
Manpower, Inc. | 13,100 | 979,094 | |||||||||
Republic Services, Inc. | 25,200 | 861,588 | |||||||||
Sotheby's§ | 24,000 | 1,300,080 | |||||||||
Strayer Education, Inc. | 3,900 | 727,194 | |||||||||
Total System Services, Inc.§ | 6,500 | 194,740 | |||||||||
10,160,799 | |||||||||||
Communications Equipment (2.1%) | |||||||||||
ADC Telecommunications, Inc.*§ | 27,500 | 514,250 | |||||||||
Ciena Corp.* | 12,200 | 583,892 | |||||||||
CommScope, Inc.*§ | 13,200 | 622,644 | |||||||||
Harris Corp. | 21,500 | 1,302,040 | |||||||||
Juniper Networks, Inc.* | 15,700 | 565,200 | |||||||||
Plantronics, Inc.§ | 7,700 | 210,595 | |||||||||
Unity Wireless Corp.* | 712,201 | 42,732 | |||||||||
3,841,353 |
See Accompanying Notes to Financial Statements.
28
Credit Suisse Mid-Cap Core Fund
Schedule of Investments (continued)
October 31, 2007
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
Computers & Peripherals (1.7%) | |||||||||||
Lexmark International, Inc. Class A* | 9,200 | $ | 386,308 | ||||||||
NCR Corp.* | 27,800 | 767,002 | |||||||||
NVIDIA Corp.* | 12,200 | 431,636 | |||||||||
Seagate Technology | 13,100 | 364,704 | |||||||||
Western Digital Corp.* | 48,900 | 1,267,488 | |||||||||
3,217,138 | |||||||||||
Construction & Engineering (3.7%) | |||||||||||
Dycom Industries, Inc.*§ | 12,200 | 344,650 | |||||||||
Fluor Corp. | 5,700 | 900,600 | |||||||||
Jacobs Engineering Group, Inc.* | 20,600 | 1,795,290 | |||||||||
McDermott International, Inc.* | 31,100 | 1,898,966 | |||||||||
Shaw Group, Inc.* | 12,400 | 925,040 | |||||||||
URS Corp.* | 15,300 | 945,693 | |||||||||
6,810,239 | |||||||||||
Containers & Packaging (0.2%) | |||||||||||
Packaging Corp. of America | 13,900 | 442,576 | |||||||||
Distributor (0.1%) | |||||||||||
WESCO International, Inc.* | 3,900 | 181,935 | |||||||||
Diversified Financials (3.5%) | |||||||||||
AmeriCredit Corp.*§ | 17,100 | 241,281 | |||||||||
Ameriprise Financial, Inc. | 2,600 | 163,748 | |||||||||
CIT Group, Inc. | 5,000 | 176,200 | |||||||||
CompuCredit Corp.*§ | 7,600 | 151,468 | |||||||||
Eaton Vance Corp.§ | 23,800 | 1,190,714 | |||||||||
Federated Investors, Inc. Class B§ | 4,500 | 193,500 | |||||||||
IndyMac Bancorp, Inc.§ | 100 | 1,342 | |||||||||
Lazard, Ltd. Class A§ | 4,600 | 230,920 | |||||||||
Morningstar, Inc.* | 5,000 | 372,100 | |||||||||
Nasdaq Stock Market, Inc.* | 42,300 | 1,975,410 | |||||||||
Raymond James Financial, Inc. | 14,700 | 547,575 | |||||||||
SEI Investments Co. | 25,700 | 812,634 | |||||||||
Waddell & Reed Financial, Inc. Class A | 12,500 | 415,250 | |||||||||
6,472,142 | |||||||||||
Diversified Telecommunication Services (0.5%) | |||||||||||
CenturyTel, Inc. | 3,700 | 162,985 | |||||||||
Cincinnati Bell, Inc.* | 74,700 | 404,874 | |||||||||
Embarq Corp.§ | 3,200 | 169,344 | |||||||||
Qwest Communications International, Inc.*§ | 20,200 | 145,036 | |||||||||
882,239 | |||||||||||
Electric Utilities (3.6%) | |||||||||||
Alliant Energy Corp. | 17,400 | 696,000 | |||||||||
CenterPoint Energy, Inc.§ | 12,300 | 206,148 | |||||||||
Constellation Energy Group | 10,500 | 994,350 | |||||||||
Edison International | 8,500 | 494,275 |
See Accompanying Notes to Financial Statements.
29
Credit Suisse Mid-Cap Core Fund
Schedule of Investments (continued)
October 31, 2007
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
Electric Utilities | |||||||||||
Entergy Corp. | 9,100 | $ | 1,090,817 | ||||||||
Mirant Corp.* | 22,200 | 940,392 | |||||||||
NRG Energy, Inc.*§ | 20,300 | 926,898 | |||||||||
PNM Resources, Inc.§ | 12,300 | 307,623 | |||||||||
PPL Corp. | 9,000 | 465,300 | |||||||||
Reliant Energy, Inc.* | 16,900 | 465,088 | |||||||||
6,586,891 | |||||||||||
Electrical Equipment (1.5%) | |||||||||||
Cooper Industries, Ltd. Class A | 3,400 | 178,126 | |||||||||
Energizer Holdings, Inc.*§ | 11,900 | 1,241,170 | |||||||||
Hubbell, Inc. Class B | 9,100 | 500,500 | |||||||||
Rockwell Automation, Inc. | 2,600 | 179,088 | |||||||||
Thomas & Betts Corp.* | 10,900 | 610,509 | |||||||||
2,709,393 | |||||||||||
Electronic Equipment & Instruments (4.4%) | |||||||||||
Amphenol Corp. Class A | 27,500 | 1,217,425 | |||||||||
Arrow Electronics, Inc.* | 23,500 | 939,530 | |||||||||
Avnet, Inc.* | 32,600 | 1,360,072 | |||||||||
AVX Corp.§ | 10,900 | 168,405 | |||||||||
Intersil Corp. Class A | 21,100 | 640,174 | |||||||||
Mettler-Toledo International, Inc.* | 3,800 | 404,130 | |||||||||
Molex, Inc.§ | 6,800 | 194,208 | |||||||||
Tech Data Corp.* | 13,200 | 519,156 | |||||||||
Varian, Inc.* | 17,800 | 1,315,242 | |||||||||
Vishay Intertechnology, Inc.* | 41,800 | 526,262 | |||||||||
Waters Corp.* | 12,200 | 939,156 | |||||||||
8,223,760 | |||||||||||
Energy Equipment & Services (4.8%) | |||||||||||
BJ Services Co.§ | 13,300 | 335,027 | |||||||||
Cameron International Corp.* | 20,500 | 1,995,880 | |||||||||
Diamond Offshore Drilling, Inc.§ | 1,600 | 181,168 | |||||||||
ENSCO International, Inc. | 3,300 | 183,117 | |||||||||
FMC Technologies, Inc.* | 25,700 | 1,558,191 | |||||||||
Global Industries, Ltd.* | 15,000 | 369,300 | |||||||||
GlobalSantaFe Corp. | 4,800 | 388,944 | |||||||||
Grant Prideco, Inc.* | 19,500 | 958,620 | |||||||||
National-Oilwell Varco, Inc.* | 12,400 | 908,176 | |||||||||
Noble Corp. | 7,800 | 413,010 | |||||||||
Pride International, Inc.* | 25,800 | 952,020 | |||||||||
Superior Energy Services, Inc.* | 13,100 | 485,748 | |||||||||
Unit Corp.* | 4,100 | 195,857 | |||||||||
8,925,058 | |||||||||||
Food & Drug Retailing (0.4%) | |||||||||||
SUPERVALU, Inc. | 5,200 | 201,500 | |||||||||
Terra Industries, Inc.* | 13,900 | 512,771 | |||||||||
714,271 |
See Accompanying Notes to Financial Statements.
30
Credit Suisse Mid-Cap Core Fund
Schedule of Investments (continued)
October 31, 2007
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
Food Products (0.8%) | |||||||||||
Corn Products International, Inc. | 15,300 | $ | 650,862 | ||||||||
Herbalife, Ltd. | 4,200 | 185,178 | |||||||||
Hormel Foods Corp. | 16,500 | 601,920 | |||||||||
1,437,960 | |||||||||||
Gas Utilities (2.9%) | |||||||||||
Atmos Energy Corp. | 6,300 | 176,715 | |||||||||
Energen Corp. | 23,200 | 1,484,800 | |||||||||
MDU Resources Group, Inc. | 28,900 | 813,824 | |||||||||
National Fuel Gas Co.§ | 12,900 | 625,521 | |||||||||
Nicor, Inc.§ | 4,300 | 186,061 | |||||||||
ONEOK, Inc. | 16,000 | 799,040 | |||||||||
Southwestern Energy Co.* | 26,000 | 1,344,980 | |||||||||
5,430,941 | |||||||||||
Healthcare Equipment & Supplies (5.2%) | |||||||||||
Beckman Coulter, Inc. | 9,700 | 686,954 | |||||||||
Dade Behring Holdings, Inc. | 4,700 | 361,571 | |||||||||
DENTSPLY International, Inc. | 19,000 | 788,120 | |||||||||
Hologic, Inc.* | 23,000 | 1,562,390 | |||||||||
Intuitive Surgical, Inc.* | 11,600 | 3,791,692 | |||||||||
Kinetic Concepts, Inc.*§ | 9,200 | 552,920 | |||||||||
Ventana Medical Systems, Inc.* | 20,700 | 1,821,600 | |||||||||
9,565,247 | |||||||||||
Healthcare Providers & Services (3.0%) | |||||||||||
AmerisourceBergen Corp. | 3,800 | 179,018 | |||||||||
Apria Healthcare Group, Inc.*§ | 6,900 | 166,773 | |||||||||
Covance, Inc.* | 9,800 | 808,500 | |||||||||
Express Scripts, Inc.* | 24,400 | 1,539,640 | |||||||||
Humana, Inc.* | 18,400 | 1,379,080 | |||||||||
Kindred Healthcare, Inc.* | 13,400 | 284,616 | |||||||||
LifePoint Hospitals, Inc.*§ | 9,200 | 280,784 | |||||||||
VCA Antech, Inc.* | 13,300 | 612,465 | |||||||||
WellCare Health Plans, Inc.*§ | 14,500 | 350,755 | |||||||||
5,601,631 | |||||||||||
Hotels, Restaurants & Leisure (0.8%) | |||||||||||
CBRL Group, Inc.§ | 4,100 | 163,590 | |||||||||
Darden Restaurants, Inc. | 8,400 | 361,200 | |||||||||
Jack in the Box, Inc.* | 5,600 | 175,672 | |||||||||
Wendy's International, Inc.§ | 5,600 | 194,656 | |||||||||
Yum! Brands, Inc. | 13,900 | 559,753 | |||||||||
1,454,871 |
See Accompanying Notes to Financial Statements.
31
Credit Suisse Mid-Cap Core Fund
Schedule of Investments (continued)
October 31, 2007
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
Household Durables (0.6%) | |||||||||||
American Greetings Corp. Class A§ | 8,800 | $ | 231,792 | ||||||||
Blyth, Inc.§ | 8,100 | 154,629 | |||||||||
HNI Corp. | 7,200 | 312,192 | |||||||||
Tupperware Brands Corp.§ | 9,300 | 335,730 | |||||||||
1,034,343 | |||||||||||
Industrial Conglomerates (1.0%) | |||||||||||
KBR, Inc.* | 31,100 | 1,333,568 | |||||||||
Teleflex, Inc. | 6,400 | 468,544 | |||||||||
1,802,112 | |||||||||||
Insurance (4.8%) | |||||||||||
Allied World Assurance Holdings, Ltd. | 3,600 | 172,476 | |||||||||
Ambac Financial Group, Inc.§ | 7,400 | 272,542 | |||||||||
American Financial Group, Inc. | 17,850 | 533,715 | |||||||||
Arch Capital Group, Ltd.* | 3,800 | 284,126 | |||||||||
Assurant, Inc.§ | 9,700 | 566,868 | |||||||||
Axis Capital Holdings, Ltd. | 9,500 | 377,530 | |||||||||
CNA Financial Corp.§ | 9,500 | 376,485 | |||||||||
Endurance Specialty Holdings, Ltd. | 7,200 | 282,312 | |||||||||
Everest Re Group, Ltd. | 12,100 | 1,289,134 | |||||||||
Fidelity National Financial, Inc. Class A§ | 34,300 | 527,877 | |||||||||
HCC Insurance Holdings, Inc. | 23,100 | 690,459 | |||||||||
Leucadia National Corp.§ | 7,300 | 369,818 | |||||||||
Nationwide Financial Services, Inc. Class A | 7,000 | 375,550 | |||||||||
PartnerRe, Ltd. | 3,600 | 299,700 | |||||||||
PMI Group, Inc. | 19,200 | 307,776 | |||||||||
Protective Life Corp. | 10,900 | 467,283 | |||||||||
Radian Group, Inc.§ | 21,100 | 265,649 | |||||||||
RenaissanceRe Holdings, Ltd. | 4,600 | 268,364 | |||||||||
SAFECO Corp.§ | 3,000 | 173,700 | |||||||||
Transatlantic Holdings, Inc. | 3,900 | 290,667 | |||||||||
W.R. Berkley Corp. | 25,150 | 756,764 | |||||||||
8,948,795 | |||||||||||
Internet & Catalog Retail (0.2%) | |||||||||||
Global Sources, Ltd.* | 10,500 | 340,305 | |||||||||
Internet Software & Services (0.8%) | |||||||||||
McAfee, Inc.* | 25,100 | 1,037,885 | |||||||||
ValueClick, Inc.*§ | 15,400 | 418,726 | |||||||||
1,456,611 | |||||||||||
IT Consulting & Services (0.1%) | |||||||||||
Computer Sciences Corp.*§ | 3,000 | 175,170 | |||||||||
Leisure Equipment & Products (0.5%) | |||||||||||
Callaway Golf Co. | 11,600 | 200,912 | |||||||||
Hasbro, Inc. | 5,900 | 176,115 | |||||||||
Polaris Industries, Inc.§ | 12,400 | 609,832 | |||||||||
986,859 |
See Accompanying Notes to Financial Statements.
32
Credit Suisse Mid-Cap Core Fund
Schedule of Investments (continued)
October 31, 2007
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
Machinery (5.2%) | |||||||||||
AGCO Corp.* | 40,500 | $ | 2,417,040 | ||||||||
Cummins, Inc. | 9,400 | 1,127,624 | |||||||||
Harsco Corp. | 12,900 | 781,998 | |||||||||
Kennametal, Inc. | 8,100 | 738,801 | |||||||||
Lincoln Electric Holdings, Inc. | 9,400 | 679,150 | |||||||||
Manitowoc Company, Inc. | 30,900 | 1,522,134 | |||||||||
Parker Hannifin Corp. | 11,600 | 932,292 | |||||||||
SPX Corp. | 10,200 | 1,033,260 | |||||||||
Terex Corp.* | 4,000 | 296,880 | |||||||||
9,529,179 | |||||||||||
Marine (0.5%) | |||||||||||
Overseas Shipholding Group, Inc.§ | 11,500 | 855,600 | |||||||||
Media (0.9%) | |||||||||||
EchoStar Communications Corp. Class A* | 11,000 | 538,560 | |||||||||
Harte-Hanks, Inc. | 12,500 | 220,375 | |||||||||
Interpublic Group of Companies, Inc.*§ | 17,100 | 176,985 | |||||||||
Netflix, Inc.* | 8,000 | 211,760 | |||||||||
Scholastic Corp.* | 13,800 | 546,204 | |||||||||
1,693,884 | |||||||||||
Metals & Mining (4.0%) | |||||||||||
Cleveland-Cliffs, Inc.§ | 27,200 | 2,601,680 | |||||||||
Freeport-McMoRan Copper & Gold, Inc. | 16,400 | 1,929,952 | |||||||||
Steel Dynamics, Inc. | 18,400 | 979,248 | |||||||||
United States Steel Corp. | 17,500 | 1,888,250 | |||||||||
7,399,130 | |||||||||||
Multi - Utilities (0.1%) | |||||||||||
NiSource, Inc. | 10,000 | 204,500 | |||||||||
Multiline Retail (0.9%) | |||||||||||
Big Lots, Inc.*§ | 12,700 | 304,546 | |||||||||
BJ's Wholesale Club, Inc.* | 15,200 | 545,376 | |||||||||
Dollar Tree Stores, Inc.* | 19,000 | 727,700 | |||||||||
1,577,622 | |||||||||||
Oil & Gas (6.9%) | |||||||||||
Bill Barrett Corp.*§ | 9,700 | 453,960 | |||||||||
Cimarex Energy Co.§ | 22,600 | 915,526 | |||||||||
Continental Resources, Inc.*§ | 40,700 | 956,857 | |||||||||
Denbury Resources, Inc.* | 17,900 | 1,013,140 | |||||||||
Exterran Holdings, Inc.*§ | 9,900 | 833,580 | |||||||||
Frontier Oil Corp. | 28,400 | 1,300,436 | |||||||||
Frontline, Ltd.§ | 4,100 | 186,140 | |||||||||
Hess Corp. | 14,900 | 1,066,989 | |||||||||
Holly Corp. | 8,600 | 540,080 | |||||||||
Murphy Oil Corp. | 9,000 | 662,670 | |||||||||
Noble Energy, Inc. | 12,300 | 941,442 |
See Accompanying Notes to Financial Statements.
33
Credit Suisse Mid-Cap Core Fund
Schedule of Investments (continued)
October 31, 2007
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
Oil & Gas | |||||||||||
Plains Exploration & Production Co.*§ | 18,400 | $ | 937,480 | ||||||||
St. Mary Land & Exploration Co. | 8,700 | 368,532 | |||||||||
Sunoco, Inc. | 6,300 | 463,680 | |||||||||
Tesoro Corp.§ | 14,500 | 877,685 | |||||||||
W&T Offshore, Inc.§ | 28,700 | 769,734 | |||||||||
Western Refining, Inc. | 12,000 | 440,160 | |||||||||
12,728,091 | |||||||||||
Pharmaceuticals (0.9%) | |||||||||||
Forest Laboratories, Inc.* | 5,400 | 210,978 | |||||||||
Mylan, Inc.§ | 11,400 | 171,456 | |||||||||
Pharmion Corp.*§ | 19,100 | 919,092 | |||||||||
Watson Pharmaceuticals, Inc.* | 12,700 | 388,112 | |||||||||
1,689,638 | |||||||||||
Real Estate (2.9%) | |||||||||||
Apartment Investment & Management Co. Class A | 3,900 | 182,247 | |||||||||
Brandywine Realty Trust | 7,300 | 188,851 | |||||||||
CB Richard Ellis Group, Inc. Class A* | 7,200 | 175,536 | |||||||||
CBL & Associates Properties, Inc.§ | 5,600 | 185,416 | |||||||||
Colonial Properties Trust | 5,300 | 166,049 | |||||||||
Developers Diversified Realty Corp. | 3,400 | 171,360 | |||||||||
First Industrial Realty Trust, Inc.§ | 4,600 | 187,450 | |||||||||
Hospitality Properties Trust§ | 14,300 | 566,280 | |||||||||
Host Hotels & Resorts, Inc. | 16,200 | 358,992 | |||||||||
HRPT Properties Trust | 18,600 | 174,654 | |||||||||
Jones Lang LaSalle, Inc.§ | 7,700 | 734,041 | |||||||||
Liberty Property Trust | 9,200 | 346,104 | |||||||||
Macerich Co. | 4,500 | 385,695 | |||||||||
Mack-Cali Realty Corp. | 10,400 | 411,736 | |||||||||
ProLogis | 7,400 | 530,876 | |||||||||
Realty Income Corp. | 6,600 | 194,964 | |||||||||
Weingarten Realty Investors§ | 11,800 | 451,468 | |||||||||
5,411,719 | |||||||||||
Road & Rail (0.1%) | |||||||||||
CSX Corp. | 4,100 | 183,557 | |||||||||
Semiconductor Equipment & Products (1.9%) | |||||||||||
Cypress Semiconductor Corp.* | 24,600 | 899,130 | |||||||||
Lam Research Corp.* | 20,700 | 1,039,140 | |||||||||
National Semiconductor Corp.§ | 14,400 | 362,016 | |||||||||
Novellus Systems, Inc.*§ | 6,500 | 184,665 | |||||||||
ON Semiconductor Corp.*§ | 30,000 | 306,000 | |||||||||
QLogic Corp.* | 12,100 | 187,913 | |||||||||
RF Micro Devices, Inc.*§ | 27,000 | 167,940 | |||||||||
Semtech Corp.*§ | 8,400 | 143,724 | |||||||||
Teradyne, Inc.* | 14,500 | 178,930 | |||||||||
3,469,458 |
See Accompanying Notes to Financial Statements.
34
Credit Suisse Mid-Cap Core Fund
Schedule of Investments (continued)
October 31, 2007
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
Software (1.8%) | |||||||||||
Autodesk, Inc.* | 7,700 | $ | 376,530 | ||||||||
BMC Software, Inc.* | 13,800 | 466,992 | |||||||||
Cadence Design Systems, Inc.* | 19,400 | 380,240 | |||||||||
Jack Henry & Associates, Inc. | 12,300 | 359,406 | |||||||||
Salesforce.com, Inc.* | 7,100 | 400,227 | |||||||||
Sybase, Inc.* | 13,000 | 371,800 | |||||||||
Synopsys, Inc.* | 35,900 | 1,014,534 | |||||||||
3,369,729 | |||||||||||
Specialty Retail (3.6%) | |||||||||||
Abercrombie & Fitch Co. Class A | 4,600 | 364,320 | |||||||||
Advance Auto Parts, Inc. | 16,200 | 552,744 | |||||||||
Aeropostale, Inc.* | 21,150 | 484,335 | |||||||||
AnnTaylor Stores Corp.* | 9,800 | 303,702 | |||||||||
AutoZone, Inc.*§ | 4,400 | 547,404 | |||||||||
Barnes & Noble, Inc. | 12,600 | 486,864 | |||||||||
Collective Brands, Inc.*§ | 10,300 | 190,447 | |||||||||
Copart, Inc.* | 10,900 | 418,342 | |||||||||
GameStop Corp. Class A* | 31,100 | 1,841,742 | |||||||||
Men's Wearhouse, Inc. | 3,900 | 164,814 | |||||||||
Ross Stores, Inc. | 20,500 | 553,910 | |||||||||
Tiffany & Co. | 10,500 | 568,890 | |||||||||
TJX Companies, Inc. | 6,300 | 182,259 | |||||||||
6,659,773 | |||||||||||
Textiles & Apparel (0.8%) | |||||||||||
Coach, Inc.* | 4,200 | 153,552 | |||||||||
Crocs, Inc.*§ | 4,600 | 343,850 | |||||||||
Fossil, Inc.* | 4,700 | 176,532 | |||||||||
Guess?, Inc. | 3,700 | 190,143 | |||||||||
Jones Apparel Group, Inc.§ | 8,700 | 182,178 | |||||||||
Polo Ralph Lauren Corp. | 2,500 | 172,000 | |||||||||
Warnaco Group, Inc.* | 7,400 | 301,106 | |||||||||
1,519,361 | |||||||||||
Tobacco (0.4%) | |||||||||||
Loews Corp. - Carolina Group | 4,400 | 377,432 | |||||||||
Universal Corp. | 7,900 | 385,046 | |||||||||
762,478 | |||||||||||
Water Utilities (0.3%) | |||||||||||
Aqua America, Inc.§ | 20,900 | 486,134 | |||||||||
Wireless Telecommunication Services (0.6%) | |||||||||||
Telephone and Data Systems, Inc.16,800 | 1,172,640 | ||||||||||
TOTAL COMMON STOCKS (Cost $167,278,017) | 183,149,333 |
See Accompanying Notes to Financial Statements.
35
Credit Suisse Mid-Cap Core Fund
Schedule of Investments (continued)
October 31, 2007
Number of Shares | Value | ||||||||||
WARRANTS (0.0%) | |||||||||||
Wireless Telecommunication Services (0.0%) | |||||||||||
Unity Wireless Corp., strike price $0.20, expires 08/17/09^ | 79,133 | $ | 0 | ||||||||
Unity Wireless Corp., strike price $0.22, expires 08/17/09^ | 79,134 | 0 | |||||||||
Unity Wireless Corp., strike price $0.27, expires 08/17/09^ | 79,133 | 0 | |||||||||
Unity Wireless Corp., strike price $0.30, expires 08/17/09^ | 79,134 | 0 | |||||||||
TOTAL WARRANTS (Cost $0) | 0 | ||||||||||
SHORT-TERM INVESTMENTS (20.7%) | |||||||||||
State Street Navigator Prime Portfolio§§ | 36,351,266 | 36,351,266 | |||||||||
Par (000) | |||||||||||
State Street Bank and Trust Co. Euro Time Deposit, 3.600%, 11/01/07 | $ | 2,000 | 2,000,000 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $38,351,266) | 38,351,266 | ||||||||||
TOTAL INVESTMENTS AT VALUE (119.9%) (Cost $205,629,283) | 221,500,599 | ||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS (-19.9%) | (36,811,618 | ) | |||||||||
NET ASSETS (100.0%) | $ | 184,688,981 |
* Non-income producing security.
^ Not readily marketable security; security is valued at fair value as determined in good faith by, or under the direction of, the Board of Directors.
§ Security or a portion thereof is on loan.
§§ Represents security purchased with cash collateral received for securities on loan.
See Accompanying Notes to Financial Statements.
36
Credit Suisse Funds
Statements of Assets and Liabilities
October 31, 2007
Large Cap Growth Fund | Mid-Cap Core Fund | ||||||||||
Assets | |||||||||||
Investments at value, including collateral for securities on loan of $16,669,637 and $36,351,266 (Cost $113,097,322 and $205,629,283, respectively) (Note 2) | $ | 127,771,2461 | $ | 221,500,5992 | |||||||
Cash | 611 | 358 | |||||||||
Dividends and interest receivable | 75,475 | 73,778 | |||||||||
Receivable for fund shares sold | 12,528 | 33,225 | |||||||||
Prepaid expenses and other assets | 34,250 | 40,920 | |||||||||
Total Assets | 127,894,110 | 221,648,880 | |||||||||
Liabilities | |||||||||||
Advisory fee payable (Note 3) | 46,863 | 109,689 | |||||||||
Administrative services fee payable (Note 3) | 14,949 | 24,841 | |||||||||
Shareholder servicing/Distribution fee payable (Note 3) | 19,132 | 49,508 | |||||||||
Payable upon return of securities loaned (Note 2) | 16,669,637 | 36,351,266 | |||||||||
Payable for fund shares redeemed | 161,358 | 299,885 | |||||||||
Trustees'/Directors' fee payable | 10,269 | 10,269 | |||||||||
Other accrued expenses payable | 89,763 | 114,441 | |||||||||
Total Liabilities | 17,011,971 | 36,959,899 | |||||||||
Net Assets | |||||||||||
Capital stock, $0.001 par value (Note 6) | 5,470 | 4,731 | |||||||||
Paid-in capital (Note 6) | 385,494,202 | 274,774,274 | |||||||||
Undistributed net investment income | 12,277 | — | |||||||||
Accumulated net realized loss on investments and futures contracts | (289,303,734 | ) | (105,961,340 | ) | |||||||
Net unrealized appreciation from investments | 14,673,924 | 15,871,316 | |||||||||
Net Assets | $ | 110,882,139 | $ | 184,688,981 | |||||||
Common Shares | |||||||||||
Net assets | $ | 105,404,236 | $ | 173,326,849 | |||||||
Shares outstanding | 5,188,194 | 4,417,281 | |||||||||
Net asset value, offering price, and redemption price per share | $ | 20.32 | $ | 39.24 | |||||||
Advisor Shares | |||||||||||
Net assets | $ | 3,540,518 | $ | 10,891,576 | |||||||
Shares outstanding | 184,034 | 301,765 | |||||||||
Net asset value, offering price, and redemption price per share | $ | 19.24 | $ | 36.09 |
See Accompanying Notes to Financial Statements.
37
Credit Suisse Funds
Statements of Assets and Liabilities (continued)
October 31, 2007
Large Cap Growth Fund | Mid-Cap Core Fund | ||||||||||
A Shares | |||||||||||
Net assets | $ | 1,284,918 | $ | 344,856 | |||||||
Shares outstanding | 64,147 | 8,937 | |||||||||
Net asset value and redemption price per share | $ | 20.03 | $ | 38.59 | |||||||
Maximum offering price per share (net asset value/(1-5.75%)) | $ | 21.25 | $ | 40.94 | |||||||
B Shares | |||||||||||
Net assets | $ | 285,280 | $ | 124,408 | |||||||
Shares outstanding | 14,889 | 3,314 | |||||||||
Net asset value and offering price per share | $ | 19.16 | $ | 37.54 | |||||||
C Shares | |||||||||||
Net assets | $ | 367,187 | $ | 1,292 | |||||||
Shares outstanding | 19,163 | 34 | |||||||||
Net asset value and offering price per share | $ | 19.16 | $ | 37.59 |
1 Including $16,288,594 of securities on loan.
2 Including $35,526,797 of securities on loan.
See Accompanying Notes to Financial Statements.
38
Credit Suisse Funds
Statements of Operations
For the Year Ended October 31, 2007
Large Cap Growth Fund | Mid-Cap Core Fund | ||||||||||
Investment Income (Note 2) | |||||||||||
Dividends | $ | 1,329,067 | $ | 1,939,369 | |||||||
Interest | 52,524 | 139,023 | |||||||||
Securities lending | 23,356 | 68,094 | |||||||||
Total investment income | 1,404,947 | 2,146,486 | |||||||||
Expenses | |||||||||||
Investment advisory fees (Note 3) | 645,967 | 1,455,716 | |||||||||
Administrative services fees (Note 3) | 159,594 | 258,009 | |||||||||
Shareholder servicing/Distribution fees (Note 3) | |||||||||||
Advisor Class | 16,833 | 62,936 | |||||||||
Class A | 3,079 | 1,043 | |||||||||
Class B | 4,227 | 844 | |||||||||
Class C | 3,620 | 16 | |||||||||
Transfer agent fees (Note 3) | 260,209 | 506,370 | |||||||||
Printing fees (Note 3) | 69,570 | 79,979 | |||||||||
Registration fees | 72,708 | 70,463 | |||||||||
Audit and tax fees | 39,570 | 40,782 | |||||||||
Legal fees | 38,069 | 40,302 | |||||||||
Trustees'/Directors' fees | 22,366 | 22,366 | |||||||||
Custodian fees | 15,677 | 18,073 | |||||||||
Insurance expense | 14,304 | 16,145 | |||||||||
Interest expense (Note 4) | 9,233 | 7,397 | |||||||||
Commitment fees (Note 4) | 2,736 | 4,806 | |||||||||
Miscellaneous expense | 9,332 | 11,012 | |||||||||
Total expenses | 1,387,094 | 2,596,259 | |||||||||
Less: fees waived (Note 3) | — | (10,055 | ) | ||||||||
Net expenses | 1,387,094 | 2,586,204 | |||||||||
Net Investment income (loss) | 17,853 | (439,718 | ) | ||||||||
Net Realized and Unrealized Gain(Loss) from Investments and Futures Contracts | |||||||||||
Net realized gain from investments | 31,559,847 | 48,710,550 | |||||||||
Net realized loss from futures contracts | — | (213,640 | ) | ||||||||
Net change in unrealized appreciation (depreciation) from investments | (12,753,759 | ) | (14,192,329 | ) | |||||||
Net realized and unrealized gain from investments and futures contracts | 18,806,088 | 34,304,581 | |||||||||
Net increase in net assets resulting from operations | $ | 18,823,941 | $ | 33,864,863 |
See Accompanying Notes to Financial Statements.
39
Credit Suisse Funds
Statements of Changes in Net Assets
Large Cap Growth Fund | Mid-Cap Core Fund | ||||||||||||||||||
For the Year Ended October 31, 2007 | For the Year Ended October 31, 2006 | For the Year Ended October 31, 2007 | For the Year Ended October 31, 2006 | ||||||||||||||||
From Operations | |||||||||||||||||||
Net investment income (loss) | $ | 17,853 | $ | (662,681 | ) | $ | (439,718 | ) | $ | (1,755,269 | ) | ||||||||
Net realized gain from investments and futures contracts | 31,559,847 | 34,717,437 | 48,496,910 | 26,226,282 | |||||||||||||||
Net change in unrealized appreciation (depreciation) from investments | (12,753,759 | ) | (18,858,217 | ) | (14,192,329 | ) | (8,486,600 | ) | |||||||||||
Net increase in net assets resulting from operations | 18,823,941 | 15,196,539 | 33,864,863 | 15,984,413 | |||||||||||||||
From Dividends | |||||||||||||||||||
Dividends from net investment income | — | (277,859 | ) | — | — | ||||||||||||||
From Capital Share Transactions (Note 6) | |||||||||||||||||||
Proceeds from sale of shares | 5,906,280 | 26,580,970 | 11,062,292 | 20,673,538 | |||||||||||||||
Reinvestment of dividends | — | 273,440 | — | — | |||||||||||||||
Net asset value of shares redeemed | (100,866,811 | ) | (153,917,412 | ) | (105,922,658 | ) | (107,079,045 | ) | |||||||||||
Net decrease in net assets from capital share transactions | (94,960,531 | ) | (127,063,002 | ) | (94,860,366 | ) | (86,405,507 | ) | |||||||||||
Net decrease in net assets | (76,136,590 | ) | (112,144,322 | ) | (60,995,503 | ) | (70,421,094 | ) | |||||||||||
Net Assets | |||||||||||||||||||
Beginning of year | 187,018,729 | 299,163,051 | 245,684,484 | 316,105,578 | |||||||||||||||
End of year | $ | 110,882,139 | $ | 187,018,729 | $ | 184,688,981 | $ | 245,684,484 | |||||||||||
Undistributed net investment income | $ | 12,277 | $ | — | $ | — | $ | — |
See Accompanying Notes to Financial Statements.
40
Credit Suisse Large Cap Growth Fund
Financial Highlights
(For a Common Class Share of the Fund Outstanding Throughout Each Year)
For the Year Ended October 31, | |||||||||||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||
Per share data | |||||||||||||||||||||||
Net asset value, beginning of year | $ | 17.40 | $ | 16.49 | $ | 15.26 | $ | 14.75 | $ | 12.53 | |||||||||||||
INVESTMENT OPERATIONS | |||||||||||||||||||||||
Net investment income (loss)1 | 0.01 | (0.04 | ) | 0.01 | (0.09 | ) | (0.05 | ) | |||||||||||||||
Net gain on investments (both realized and unrealized) | 2.91 | 0.97 | 1.22 | 0.60 | 2.27 | ||||||||||||||||||
Total from investment operations | 2.92 | 0.93 | 1.23 | 0.51 | 2.22 | ||||||||||||||||||
LESS DIVIDENDS | |||||||||||||||||||||||
Dividends from net investment income | — | (0.02 | ) | — | — | — | |||||||||||||||||
Total dividends | — | (0.02 | ) | — | — | — | |||||||||||||||||
Net asset value, end of year | $ | 20.32 | $ | 17.40 | $ | 16.49 | $ | 15.26 | $ | 14.75 | |||||||||||||
Total return2 | 16.78 | % | 5.62 | % | 8.06 | % | 3.46 | % | 17.72 | % | |||||||||||||
RATIOS AND SUPPLEMENTAL DATA | |||||||||||||||||||||||
Net assets, end of year (000s omitted) | $ | 105,404 | $ | 181,077 | $ | 291,148 | $ | 433,681 | $ | 514,668 | |||||||||||||
Ratio of expenses to average net assets | 1.10 | % | 1.20 | % | 1.17 | % | 1.16 | % | 1.15 | % | |||||||||||||
Ratio of net investment income (loss) to average net assets | 0.04 | % | (0.24 | )% | 0.09 | % | (0.57 | )% | (0.39 | )% | |||||||||||||
Portfolio turnover rate | 161 | % | 94 | % | 97 | % | 70 | % | 97 | % |
1 Per share information is calculated using the average shares outstanding method.
2 Total returns are historical and assume changes in share price and reinvestment of all dividends and distributions. Had certain expenses not been reduced during the years shown, total returns would have been lower.
See Accompanying Notes to Financial Statements.
41
Credit Suisse Large Cap Growth Fund
Financial Highlights
(For an Advisor Class Share of the Fund Outstanding Throughout Each Year)
For the Year Ended October 31, | |||||||||||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||
Per share data | |||||||||||||||||||||||
Net asset value, beginning of year | $ | 16.56 | $ | 15.76 | $ | 14.65 | $ | 14.24 | $ | 12.16 | |||||||||||||
INVESTMENT OPERATIONS | |||||||||||||||||||||||
Net investment loss1 | (0.08 | ) | (0.12 | ) | (0.04 | ) | (0.16 | ) | (0.11 | ) | |||||||||||||
Net gain on investments (both realized and unrealized) | 2.76 | 0.92 | 1.15 | 0.57 | 2.19 | ||||||||||||||||||
Total from investment operations | 2.68 | 0.80 | 1.11 | 0.41 | 2.08 | ||||||||||||||||||
Net asset value, end of year | $ | 19.24 | $ | 16.56 | $ | 15.76 | $ | 14.65 | $ | 14.24 | |||||||||||||
Total return2 | 16.18 | % | 5.08 | % | 7.58 | % | 2.88 | % | 17.11 | % | |||||||||||||
RATIOS AND SUPPLEMENTAL DATA | |||||||||||||||||||||||
Net assets, end of year (000s omitted) | $ | 3,541 | $ | 3,729 | $ | 5,334 | $ | 14,723 | $ | 17,380 | |||||||||||||
Ratio of expenses to average net assets | 1.60 | % | 1.70 | % | 1.67 | % | 1.66 | % | 1.65 | % | |||||||||||||
Ratio of net investment loss to average net assets | (0.46 | )% | (0.74 | )% | (0.41 | )% | (1.07 | )% | (0.90 | )% | |||||||||||||
Portfolio turnover rate | 161 | % | 94 | % | 97 | % | 70 | % | 97 | % |
1 Per share information is calculated using the average shares outstanding method.
2 Total returns are historical and assume changes in share price and reinvestment of all dividends and distributions. Had certain expenses not been reduced during the years shown, total returns would have been lower.
See Accompanying Notes to Financial Statements.
42
Credit Suisse Large Cap Growth Fund
Financial Highlights
(For a Class A Share of the Fund Outstanding Throughout Each Year)
For the Year Ended October 31, | |||||||||||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||
Per share data | |||||||||||||||||||||||
Net asset value, beginning of year | $ | 17.20 | $ | 16.33 | $ | 15.14 | $ | 14.68 | $ | 12.50 | |||||||||||||
INVESTMENT OPERATIONS | |||||||||||||||||||||||
Net investment loss1 | (0.04 | ) | (0.08 | ) | (0.00 | )2 | (0.12 | ) | (0.09 | ) | |||||||||||||
Net gain on investments (both realized and unrealized) | 2.87 | 0.95 | 1.19 | 0.58 | 2.27 | ||||||||||||||||||
Total from investment operations | 2.83 | 0.87 | 1.19 | 0.46 | 2.18 | ||||||||||||||||||
Net asset value, end of year | $ | 20.03 | $ | 17.20 | $ | 16.33 | $ | 15.14 | $ | 14.68 | |||||||||||||
Total return3 | 16.45 | % | 5.33 | % | 7.86 | % | 3.13 | % | 17.44 | % | |||||||||||||
RATIOS AND SUPPLEMENTAL DATA | |||||||||||||||||||||||
Net assets, end of year (000s omitted) | $ | 1,285 | $ | 1,329 | $ | 1,585 | $ | 2,490 | $ | 1,152 | |||||||||||||
Ratio of expenses to average net assets | 1.35 | % | 1.45 | % | 1.42 | % | 1.41 | % | 1.40 | % | |||||||||||||
Ratio of net investment loss to average net assets | (0.21 | )% | (0.49 | )% | (0.16 | )% | (0.82 | )% | (0.69 | )% | |||||||||||||
Portfolio turnover rate | 161 | % | 94 | % | 97 | % | 70 | % | 97 | % |
1 Per share information is calculated using the average shares outstanding method.
2 This represents less than $0.01 per share.
3 Total returns are historical and assume changes in share price, reinvestment of all dividends and distributions and no sales charge. Had certain expenses not been reduced during the years shown, total returns would have been lower.
See Accompanying Notes to Financial Statements.
43
Credit Suisse Large Cap Growth Fund
Financial Highlights
(For a Class B Share of the Fund Outstanding Throughout Each Year)
For the Year Ended October 31, | |||||||||||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||
Per share data | |||||||||||||||||||||||
Net asset value, beginning of year | $ | 16.58 | $ | 15.85 | $ | 14.82 | $ | 14.47 | $ | 12.41 | |||||||||||||
INVESTMENT OPERATIONS | |||||||||||||||||||||||
Net investment loss1 | (0.17 | ) | (0.20 | ) | (0.16 | ) | (0.23 | ) | (0.19 | ) | |||||||||||||
Net gain on investments (both realized and unrealized) | 2.75 | 0.93 | 1.19 | 0.58 | 2.25 | ||||||||||||||||||
Total from investment operations | 2.58 | 0.73 | 1.03 | 0.35 | 2.06 | ||||||||||||||||||
Net asset value, end of year | $ | 19.16 | $ | 16.58 | $ | 15.85 | $ | 14.82 | $ | 14.47 | |||||||||||||
Total return2 | 15.56 | % | 4.61 | % | 6.95 | % | 2.42 | % | 16.60 | % | |||||||||||||
RATIOS AND SUPPLEMENTAL DATA | |||||||||||||||||||||||
Net assets, end of year (000s omitted) | $ | 285 | $ | 498 | $ | 625 | $ | 543 | $ | 545 | |||||||||||||
Ratio of expenses to average net assets | 2.10 | % | 2.20 | % | 2.17 | % | 2.16 | % | 2.15 | % | |||||||||||||
Ratio of net investment loss to average net assets | (0.97 | )% | (1.24 | )% | (0.91 | )% | (1.57 | )% | (1.44 | )% | |||||||||||||
Portfolio turnover rate | 161 | % | 94 | % | 97 | % | 70 | % | 97 | % |
1 Per share information is calculated using the average shares outstanding method.
2 Total returns are historical and assume changes in share price, reinvestment of all dividends and distributions and no sales charge. Had certain expenses not been reduced during the years shown, total returns would have been lower.
See Accompanying Notes to Financial Statements.
44
Credit Suisse Large Cap Growth Fund
Financial Highlights
(For a Class C Share of the Fund Outstanding Throughout Each Year)
For the Year Ended October 31, | |||||||||||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||
Per share data | |||||||||||||||||||||||
Net asset value, beginning of year | $ | 16.58 | $ | 15.85 | $ | 14.81 | $ | 14.47 | $ | 12.41 | |||||||||||||
INVESTMENT OPERATIONS | |||||||||||||||||||||||
Net investment loss1 | (0.17 | ) | (0.20 | ) | (0.14 | ) | (0.23 | ) | (0.19 | ) | |||||||||||||
Net gain on investments (both realized and unrealized) | 2.75 | 0.93 | 1.18 | 0.57 | 2.25 | ||||||||||||||||||
Total from investment operations | 2.58 | 0.73 | 1.04 | 0.34 | 2.06 | ||||||||||||||||||
Net asset value, end of year | $ | 19.16 | $ | 16.58 | $ | 15.85 | $ | 14.81 | $ | 14.47 | |||||||||||||
Total return2 | 15.56 | % | 4.61 | % | 7.02 | % | 2.35 | % | 16.60 | % | |||||||||||||
RATIOS AND SUPPLEMENTAL DATA | |||||||||||||||||||||||
Net assets, end of year (000s omitted) | $ | 367 | $ | 385 | $ | 471 | $ | 849 | $ | 223 | |||||||||||||
Ratio of expenses to average net assets | 2.10 | % | 2.20 | % | 2.17 | % | 2.16 | % | 2.15 | % | |||||||||||||
Ratio of net investment loss to average net assets | (0.96 | )% | (1.24 | )% | (0.91 | )% | (1.57 | )% | (1.44 | )% | |||||||||||||
Portfolio turnover rate | 161 | % | 94 | % | 97 | % | 70 | % | 97 | % |
1 Per share information is calculated using the average shares outstanding method.
2 Total returns are historical and assume changes in share price, reinvestment of all dividends and distributions and no sales charge. Had certain expenses not been reduced during the years shown, total returns would have been lower.
See Accompanying Notes to Financial Statements.
45
Credit Suisse Mid-Cap Core Fund
Financial Highlights
(For a Common Class Share of the Fund Outstanding Throughout Each Year)
For the Year Ended October 31, | |||||||||||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||
Per share data | |||||||||||||||||||||||
Net asset value, beginning of year | $ | 33.21 | $ | 31.67 | $ | 28.04 | $ | 26.79 | $ | 18.98 | |||||||||||||
INVESTMENT OPERATIONS | |||||||||||||||||||||||
Net investment loss1 | (0.07 | ) | (0.19 | ) | (0.27 | ) | (0.30 | ) | (0.22 | ) | |||||||||||||
Net gain on investments and futures contracts (both realized and unrealized) | 6.10 | 1.73 | 3.90 | 1.55 | 8.03 | ||||||||||||||||||
Total from investment operations | 6.03 | 1.54 | 3.63 | 1.25 | 7.81 | ||||||||||||||||||
Net asset value, end of year | $ | 39.24 | $ | 33.21 | $ | 31.67 | $ | 28.04 | $ | 26.79 | |||||||||||||
Total return2 | 18.16 | % | 4.86 | % | 12.95 | % | 4.67 | % | 41.15 | % | |||||||||||||
RATIOS AND SUPPLEMENTAL DATA | |||||||||||||||||||||||
Net assets, end of year (000s omitted) | $ | 173,327 | $ | 228,798 | $ | 290,509 | $ | 364,298 | $ | 407,262 | |||||||||||||
Ratio of expenses to average net assets | 1.25 | % | 1.35 | % | 1.39 | % | 1.40 | % | 1.38 | % | |||||||||||||
Ratio of net investment loss to average net assets | (0.19 | )% | (0.56 | )% | (0.87 | )% | (1.08 | )% | (1.04 | )% | |||||||||||||
Decrease reflected in above operating expense ratios due to waivers | 0.00 | %3 | 0.03 | % | — | — | — | ||||||||||||||||
Portfolio turnover rate | 278 | % | 69 | % | 79 | % | 106 | % | 68 | % |
1 Per share information is calculated using the average shares outstanding method.
2 Total returns are historical and assume changes in share price and reinvestment of all dividends and distributions. Had certain expenses not been reduced during the years shown, total returns would have been lower.
3 This amount represents less than 0.01% per share.
See Accompanying Notes to Financial Statements.
46
Credit Suisse Mid-Cap Core Fund
Financial Highlights
(For an Advisor Class Share of the Fund Outstanding Throughout Each Year)
For the Year Ended October 31, | |||||||||||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||
Per share data | |||||||||||||||||||||||
Net asset value, beginning of year | $ | 30.70 | $ | 29.42 | $ | 26.18 | $ | 25.14 | $ | 17.90 | |||||||||||||
INVESTMENT OPERATIONS | |||||||||||||||||||||||
Net investment loss1 | (0.23 | ) | (0.33 | ) | (0.40 | ) | (0.41 | ) | (0.31 | ) | |||||||||||||
Net gain on investments and futures contracts (both realized and unrealized) | 5.62 | 1.61 | 3.64 | 1.45 | 7.55 | ||||||||||||||||||
Total from investment operations | 5.39 | 1.28 | 3.24 | 1.04 | 7.24 | ||||||||||||||||||
Net asset value, end of year | $ | 36.09 | $ | 30.70 | $ | 29.42 | $ | 26.18 | $ | 25.14 | |||||||||||||
Total return2 | 17.56 | % | 4.35 | % | 12.38 | % | 4.14 | % | 40.45 | % | |||||||||||||
RATIOS AND SUPPLEMENTAL DATA | |||||||||||||||||||||||
Net assets, end of year (000s omitted) | $ | 10,892 | $ | 16,250 | $ | 24,851 | $ | 26,474 | $ | 40,322 | |||||||||||||
Ratio of expenses to average net assets | 1.75 | % | 1.85 | % | 1.89 | % | 1.90 | % | 1.88 | % | |||||||||||||
Ratio of net investment loss to average net assets | (0.68 | )% | (1.06 | )% | (1.37 | )% | (1.58 | )% | (1.53 | )% | |||||||||||||
Decrease reflected in above operating expense ratio due to waivers | 0.01 | % | 0.03 | % | — | — | — | ||||||||||||||||
Portfolio turnover rate | 278 | % | 69 | % | 79 | % | 106 | % | 68 | % |
1 Per share information is calculated using the average shares outstanding method.
2 Total returns are historical and assume changes in share price and reinvestment of all dividends and distributions. Had certain expenses not been reduced during the years shown, total returns would have been lower.
See Accompanying Notes to Financial Statements.
47
Credit Suisse Mid-Cap Core Fund
Financial Highlights
(For a Class A Share of the Fund Outstanding Throughout Each Year)
For the Year Ended October 31, | |||||||||||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||
Per share data | |||||||||||||||||||||||
Net asset value, beginning of year | $ | 32.73 | $ | 31.29 | $ | 27.77 | $ | 26.60 | $ | 18.90 | |||||||||||||
INVESTMENT OPERATIONS | |||||||||||||||||||||||
Net investment loss1 | (0.15 | ) | (0.27 | ) | (0.34 | ) | (0.38 | ) | (0.33 | ) | |||||||||||||
Net gain on investments and futures contracts (both realized and unrealized) | 6.01 | 1.71 | 3.86 | 1.55 | 8.03 | ||||||||||||||||||
Total from investment operations | 5.86 | 1.44 | 3.52 | 1.17 | 7.70 | ||||||||||||||||||
Net asset value, end of year | $ | 38.59 | $ | 32.73 | $ | 31.29 | $ | 27.77 | $ | 26.60 | |||||||||||||
Total return2 | 17.90 | % | 4.60 | % | 12.68 | % | 4.40 | % | 40.74 | % | |||||||||||||
RATIOS AND SUPPLEMENTAL DATA | |||||||||||||||||||||||
Net assets, end of year (000s omitted) | $ | 345 | $ | 555 | $ | 688 | $ | 567 | $ | 75 | |||||||||||||
Ratio of expenses to average net assets | 1.50 | % | 1.60 | % | 1.64 | % | 1.65 | % | 1.63 | % | |||||||||||||
Ratio of net investment loss to average net assets | (0.42 | )% | (0.81 | )% | (1.12 | )% | (1.33 | )% | (1.36 | )% | |||||||||||||
Decrease reflected in above operating expense ratios due to waivers | 0.01 | % | 0.03 | % | — | — | — | ||||||||||||||||
Portfolio turnover rate | 278 | % | 69 | % | 79 | % | 106 | % | 68 | % |
1 Per share information is calculated using the average shares outstanding method.
2 Total returns are historical and assume changes in share price, reinvestment of all dividends and distributions and no sales charge. Had certain expenses not been reduced during the years shown, total returns would have been lower.
See Accompanying Notes to Financial Statements.
48
Credit Suisse Mid-Cap Core Fund
Financial Highlights
(For a Class B Share of the Fund Outstanding Throughout Each Period)
For the Year Ended October 31, | |||||||||||||||||||
2007 | 2006 | 2005 | 20041 | ||||||||||||||||
Per share data | |||||||||||||||||||
Net asset value, beginning of period | $ | 32.10 | $ | 30.91 | $ | 27.64 | $ | 29.10 | |||||||||||
INVESTMENT OPERATIONS | |||||||||||||||||||
Net investment loss2 | (0.43 | ) | (0.50 | ) | (0.58 | ) | (0.38 | ) | |||||||||||
Net gain (loss) on investments and futures contracts (both realized and unrealized) | 5.87 | 1.69 | 3.85 | (1.08 | ) | ||||||||||||||
Total from investment operations | 5.44 | 1.19 | 3.27 | (1.46 | ) | ||||||||||||||
Net asset value, end of period | $ | 37.54 | $ | 32.10 | $ | 30.91 | $ | 27.64 | |||||||||||
Total return3 | 16.95 | % | 3.85 | % | 11.83 | % | (5.02 | )% | |||||||||||
RATIOS AND SUPPLEMENTAL DATA | |||||||||||||||||||
Net assets, end of period (000s omitted) | $ | 124 | $ | 80 | $ | 55 | $ | 7 | |||||||||||
Ratio of expenses to average net assets | 2.25 | % | 2.35 | % | 2.39 | % | 2.40 | %4 | |||||||||||
Ratio of net investment loss to average net assets | (1.22 | )% | (1.56 | )% | (1.87 | )% | (2.08 | )%4 | |||||||||||
Decrease reflected in above operating expense ratios due to waivers | 0.00 | %5 | 0.03 | % | — | — | |||||||||||||
Portfolio turnover rate | 278 | % | 69 | % | 79 | % | 106 | % |
1 For the period February 27, 2004 (inception date) through October 31, 2004.
2 Per share information is calculated using the average shares outstanding method.
3 Total returns are historical and assume changes in share price, reinvestment of all dividends and distributions and no sales charge. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods less than one year are not annualized.
4 Annualized.
5 This amount represents less than 0.01% per share.
See Accompanying Notes to Financial Statements.
49
Credit Suisse Mid-Cap Core Fund
Financial Highlights
(For a Class C Share of the Fund Outstanding Throughout Each Period)
For the Year Ended October 31, | |||||||||||||||||||
2007 | 2006 | 2005 | 20041 | ||||||||||||||||
Per share data | |||||||||||||||||||
Net asset value, beginning of period | $ | 32.10 | $ | 30.91 | $ | 27.67 | $ | 29.10 | |||||||||||
INVESTMENT OPERATIONS | |||||||||||||||||||
Net investment loss2 | (0.40 | ) | (0.51 | ) | (0.62 | ) | (0.38 | ) | |||||||||||
Net gain (loss) on investments and futures contracts (both realized and unrealized) | 5.89 | 1.70 | 3.86 | (1.05 | ) | ||||||||||||||
Total from investment operations | 5.49 | 1.19 | 3.24 | (1.43 | ) | ||||||||||||||
Net asset value, end of period | $ | 37.59 | $ | 32.10 | $ | 30.91 | $ | 27.67 | |||||||||||
Total return3 | 17.10 | % | 3.85 | % | 11.71 | % | (4.91 | )% | |||||||||||
RATIOS AND SUPPLEMENTAL DATA | |||||||||||||||||||
Net assets, end of period (000s omitted) | $ | 1 | $ | 1 | $ | 1 | $ | 1 | |||||||||||
Ratio of expenses to average net assets | 2.16 | % | 2.35 | % | 2.39 | % | 2.40 | %4 | |||||||||||
Ratio of net investment loss to average net assets | (1.15 | )% | (1.56 | )% | (1.87 | )% | (2.08 | )%4 | |||||||||||
Decrease reflected in above operating expense ratios due to waivers | 0.00 | %5 | 0.03 | % | — | — | |||||||||||||
Portfolio turnover rate | 278 | % | 69 | % | 79 | % | 106 | % |
1 For the period February 27, 2004 (inception date) through October 31, 2004.
2 Per share information is calculated using the average shares outstanding method.
3 Total returns are historical and assume changes in share price, reinvestment of all dividends and distributions and no sales charge. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods less than one year are not annualized.
4 Annualized.
5 This amount represents less than 0.01% per share.
See Accompanying Notes to Financial Statements.
50
Credit Suisse Funds
Notes to Financial Statements
October 31, 2007
Note 1. Organization
The Credit Suisse Funds covered in this report are Credit Suisse Large Cap Growth Fund ("Large Cap Growth") and Credit Suisse Mid-Cap Core Fund ("Mid-Cap Core"), each of which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified open-end management investment company. Large Cap Growth was organized under the laws of the Commonwealth of Massachusetts as a business trust on January 20, 1987. Mid-Cap Core was incorporated under the laws of the State of Maryland on November 12, 1987. Effective December 1, 2006, the name of Large Cap Growth and Mid-Cap Core was changed from Credit Suisse Capital Appreciation Fund and Credit Suisse Mid-Cap Growth Fund, Inc., respectively.
Investment objectives for each Fund are as follows: Large Cap Growth seeks long-term capital appreciation and Mid-Cap Core seeks maximum capital appreciation.
Large Cap Growth and Mid-Cap Core each offer five classes of shares: Common Class, Advisor Class, Class A, Class B, and Class C shares. The Funds' Common Class shares are closed to new investors, with certain exceptions as set forth in the prospectus. Each class of shares in each Fund represents an equal pro rata interest in each Fund, except that they bear different expenses, which reflect the difference in the range of services provided to them. Class A shares of each Fund are sold subject to a maximum front-end sales charge of 5.75%. Class B shares are sold subject to a contingent deferred sales charge which declines from 4.00% to zero depending on the period of time the shares are held. Class C shares are sold subject to a contingent deferred sales charge of 1.00% if the shares are redeemed within the first year of purchase.
Note 2. Significant Accounting Policies
A) SECURITY VALUATION — The net asset value of each Fund is determined daily as of the close of regular trading on the New York Stock Exchange, Inc. (the "Exchange") on each day the Exchange is open for business. Equity investments are valued at market value, which is generally determined using the closing price on the exchange or market on which the security is primarily traded at the time of valuation (the "Valuation Time"). If no sales are reported, equity investments are generally valued at the most recent bid quotation as of the Valuation Time or at the lowest asked quotation in the case of a short sale of securities. Debt securities with a remaining maturity greater than 60 days are valued in accordance with the price supplied by a pricing service, which may use a matrix, formula or other objective method that takes into consideration market indices, yield curves and other specific adjustments.
51
Credit Suisse Funds
Notes to Financial Statements (continued)
October 31, 2007
Note 2. Significant Accounting Policies
Debt obligations that will mature in 60 days or less are valued on the basis of amortized cost, which approximates market value, unless it is determined that using this method would not represent fair value. Investments in mutual funds are valued at the mutual fund's closing net asset value per share on the day of valuation. Securities and other assets for which market quotations are not readily available, or whose values have been materially affected by events occurring before each Fund's Valuation Time but after the close of the securities' primary markets, are valued at fair value as determined in good faith by, or under the direction of, the Board of Trustees/Directors under procedures established by the Board of Trustees/Directors. The Funds may utilize a service provided by an independent third party which has been approved by the Board of Trustees/Directors to fair value certain securities. When fair-value pricing is employed, the pri ces of securities used by the funds to calculate its net asset value may differ from quoted or published prices for the same securities.
B) FOREIGN CURRENCY TRANSACTIONS — The books and records of the Funds 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 Funds do not isolate that portion of realized gains and losses on investments in equity securities which is due to changes in the foreign exchange rate from that which is due to changes in market prices of equity securities. The Funds isolate that portion of realized gains and losses on investments in debt securities which is due to changes in the foreign exchange rate from that which is due to changes in market prices of debt securities.
C) SECURITY TRANSACTIONS AND INVESTMENT INCOME — 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. Certain expenses are class-specific expenses and vary by class. Income, expenses (excluding class-specific expenses) and realized/unrealized gains/losses are allocated proportionately to each class of shares based upon the relative net asset value of the outstanding shares of that class. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes.
D) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Dividends from net investment income and distributions of net realized capital gains, if any,
52
Credit Suisse Funds
Notes to Financial Statements (continued)
October 31, 2007
Note 2. Significant Accounting Policies
are declared and paid at least annually. However, to the extent that a net realized capital gain can be reduced by a capital loss carryforward, such gain will not be distributed. Income and capital gain distributions are determined in accordance with federal income tax regulations which may differ from accounting principles generally accepted in the United States of America + ("GAAP").
E) FEDERAL INCOME TAXES — No provision is made for federal taxes, as it is each Fund's intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under the Internal Revenue Code of 1986, as amended, and to make the requisite distributions to its shareholders, which will be sufficient to relieve it from federal income and excise taxes.
F) USE OF ESTIMATES — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates.
G) SHORT-TERM INVESTMENTS — The Funds, together with other funds/portfolios advised by Credit Suisse Asset Management, LLC ("Credit Suisse"), an indirect, wholly-owned subsidiary of Credit Suisse Group, pool available cash into a short-term variable rate time deposit issued by State Street Bank and Trust Company ("SSB"), the Funds' custodian, or a money market fund advised by Credit Suisse. The short-term time deposit issued by SSB is a variable rate account classified as a short-term investment.
H) FUTURES — The Funds may enter into futures contracts to the extent permitted by their investment policies and objectives. Upon entering into a futures contract, the Funds are required to deposit cash or pledge U.S. Government securities as initial margin. Subsequent payments, which are dependent on the daily fluctuations in the value of the underlying instrument, are made or received by each Fund each day (daily variation margin) and are recorded as unrealized gains or losses until the contracts are closed.
When the contracts are closed, the Funds record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund's basis in the contract. Risks of entering into futures contracts for hedging purposes include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. In addition, the purchase of a futures contract involves the risk that the Funds could lose more than the original margin deposit and
53
Credit Suisse Funds
Notes to Financial Statements (continued)
October 31, 2007
Note 2. Significant Accounting Policies
subsequent payments may be required for a futures transaction. At October 31, 2007, the Funds had no open futures contracts.
I) SECURITIES LENDING — Loans of securities are required at all times to be secured by collateral at least equal to 102% of the market value of domestic securities on loan (including any accrued interest thereon) and 105% of the market value of foreign securities on loan (including any accrued interest thereon). Cash collateral received by the Funds in connection with securities lending activity may be pooled together with cash collateral for other funds/portfolios advised by Credit Suisse and may be invested in a variety of investments, including certain Credit Suisse-advised funds, funds advised by SSB, the Funds' securities lending agent or money market instruments. However, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings.
SSB has been engaged by the Funds to act as the Funds' securities lending agent. The Funds' securities lending arrangement provides that the Funds and SSB will share the net income earned from securities lending activities. During the year ended October 31, 2007, total earnings from the Fund's investments in cash collateral received in connection with Large Cap Growth and Mid-Cap Core's securities lending arrangements were $598,723, and $1,997,034, respectively of which $570,109, and $1,913,217, respectively, were rebated to borrowers (brokers). The Funds retained $23,356 and $68,094 in income, respectively, from the cash collateral investment and SSB, as lending agent, was paid $5,258 and $15,723, respectively. The Funds may also be entitled to certain minimum amounts of income from their securities lending activities. Securities lending income is accrued as earned.
J) OTHER — The Funds 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 risks (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.
The Funds 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
54
Credit Suisse Funds
Notes to Financial Statements (continued)
October 31, 2007
Note 2. Significant Accounting Policies
capital gains realized on the sale of such investments. These Funds accrue such taxes when the related income is earned or gains are realized.
The Funds may each invest up to 10% of their total assets in non-publicly traded securities. Non-publicly traded securities may be less liquid than publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from such sales could differ from the price originally paid by such Fund or the current carrying values, and the difference could be material.
Note 3. Transactions with Affiliates and Related Parties
Credit Suisse serves as investment adviser to each Fund. For its investment advisory services, effective December 1, 2006, Credit Suisse agreed to change the investment advisory fee of Large Cap Growth from 0.70% to 0.50%, and Mid-Cap Core from 0.90% to 0.70%.
For the year ended October 31, 2007, investment advisory fees earned and voluntarily waived for the Funds were as follows:
Fund | Gross Advisory Fee | Waiver | Net Advisory Fee | ||||||||||||
Large Cap Growth | $ | 645,967 | $ | — | $ | 645,967 | |||||||||
Mid-Cap Core | 1,455,716 | (10,055 | ) | 1,445,661 |
Fee waivers and reimbursements are voluntary and may be discontinued by Credit Suisse at any time. Credit Suisse will not recapture from the Fund any fees it waived during the fiscal year ended October 31, 2007.
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of Credit Suisse, and SSB serve as each Fund's co-administrators. For co-administrative services, CSAMSI currently receives a fee calculated at an annual rate of 0.09% of each Fund's average daily net assets. For the year ended October 31, 2007, co-administrative services fees earned by CSAMSI were as follows:
Fund | Co-Administration Fee | ||||||
Large Cap Growth | $ | 112,323 | |||||
Mid-Cap Core | 184,003 |
Effective December 1, 2006, the co-administration fee was reduced from an annual rate of 0.10% to 0.09%.
For its co-administrative services, SSB receives a fee, exclusive of out-of-pocket expenses, calculated in total for all the Credit Suisse funds/portfolios
55
Credit Suisse Funds
Notes to Financial Statements (continued)
October 31, 2007
Note 3. Transactions with Affiliates and Related Parties
co-administered by SSB and allocated based upon relative average net assets of each fund/portfolio, subject to an annual minimum fee. For the year ended October 31, 2007, co-administrative services fees earned by SSB (including out-of-pocket fees) were as follows:
Fund | Co-Administration Fee | ||||||
Large Cap Growth | $ | 47,271 | |||||
Mid-Cap Core | 74,006 |
In addition to serving as each Fund's co-administrator, CSAMSI currently serves as distributor of each Fund's shares. Pursuant to distribution plans adopted by each Fund pursuant to Rule 12b-1 under the 1940 Act, CSAMSI receives fees for its distribution services. For the Advisor Class shares of each Fund, the shareholder servicing fee is calculated at an annual rate of 0.50% of the average daily net assets. For the Class A shares of each Fund, the fee is calculated at an annual rate of 0.25% of average daily net assets. For the Class B and Class C shares of each Fund, the fee is calculated at an annual rate of 1.00% of average daily net assets.
Certain brokers, dealers and financial representatives provide transfer agent related services to the Funds, and receive compensation for these services from Credit Suisse. Credit Suisse is then reimbursed by the Funds. For the year ended October 31, 2007, the Funds reimbursed Credit Suisse the following amounts, which are included in each Fund's transfer agent expense as follows:
Fund | Amount | ||||||
Large Cap Growth | $ | 172,910 | |||||
Mid-Cap Core | 418,986 |
For the year ended October 31, 2007, CSAMSI and its affiliates advised the Funds that they retained the following amounts from commissions earned on the sale of the Funds' Class A shares were as follows:
Fund | Amount | ||||||
Large Cap Growth | $ | 67 | |||||
Mid-Cap Core | 579 |
Merrill Corporation ("Merrill"), an affiliate of Credit Suisse, has been engaged by the Funds to provide certain financial printing and fulfillment services. For the year ended October 31, 2007, Merrill was paid for its services by the Funds as follows:
Fund | Amount | ||||||
Large Cap Growth | $ | 53,077 | |||||
Mid-Cap Core | 59,180 |
56
Credit Suisse Funds
Notes to Financial Statements (continued)
October 31, 2007
Note 4. Line of Credit
The Funds, together with other funds/portfolios advised by Credit Suisse (collectively, the "Participating Funds"), participate in a $50 million committed, unsecured line of credit facility ("Credit Facility") for temporary or emergency purposes with Deutsche Bank, A.G. as administrative agent and syndication agent and SSB as operations agent. Under the terms of the Credit Facility, the Participating Funds pay an aggregate commitment fee at a rate of 0.10% per annum on the average unused amount of the Credit Facility, which is allocated among the Participating Funds in such manner as is determined by the governing Boards of the Participating Funds. In addition, the Participating Funds pay interest on borrowings at the Federal Funds rate plus 0.50%. At October 31, 2007, the Funds had no loans outstanding under the Credit Facility. During the year ended October 31, 2007, the Funds had borrowings under the Credit Facility as follows:
Fund | Average Daily Loan Balance | Weighted Average Interest Rate% | Maximum Daily Loan Outstanding | ||||||||||||
Large Cap Growth | $ | 2,734,667 | 5.787 | % | $ | 17,262,000 | |||||||||
Mid-Cap Core | 1,839,800 | 5.789 | % | 3,672,000 |
Note 5. Purchases and Sales of Securities
For the year ended October 31, 2007, purchases and sales of investment securities (excluding short-term investments) were as follows:
Fund | Purchases | Sales | |||||||||
Large Cap Growth | $ | 199,560,102 | $ | 284,805,671 | |||||||
Mid-Cap Core | 558,160,661 | 640,089,639 |
Note 6. Capital Share Transactions
Large Cap Growth is authorized to issue an unlimited number of full and fractional shares of beneficial interest. Mid-Cap Core has four billion full and fractional shares of capital stock authorized and classified as follows: one billion as Common Class shares, one billion as Advisor Class shares, one billion as Class A shares, 500 million as Class B shares and 500 million as Class C
57
Credit Suisse Funds
Notes to Financial Statements (continued)
October 31, 2007
Note 6. Capital Share Transactions
shares. Each Fund has a par value of $.001 per share. Transactions in classes of each Fund were as follows:
Large Cap Growth | |||||||||||||||||||
Common Class | |||||||||||||||||||
For the Year Ended October 31, 2007 | For the Year Ended October 31, 2006 | ||||||||||||||||||
Shares | Value | Shares | Value | ||||||||||||||||
Shares sold | 282,143 | $ | 5,214,306 | 1,468,210 | $ | 25,296,214 | |||||||||||||
Shares issued in reinvestment of dividends | — | — | 15,679 | 273,440 | |||||||||||||||
Shares redeemed | (5,498,174 | ) | (98,903,891 | ) | (8,737,598 | ) | (150,202,889 | ) | |||||||||||
Net decrease | (5,216,031 | ) | $ | (93,689,585 | ) | (7,253,709 | ) | $ | (124,633,235 | ) | |||||||||
Advisor Class | |||||||||||||||||||
For the Year Ended October 31, 2007 | For the Year Ended October 31, 2006 | ||||||||||||||||||
Shares | Value | Shares | Value | ||||||||||||||||
Shares sold | 22,088 | $ | 390,930 | 47,052 | $ | 776,035 | |||||||||||||
Shares redeemed | (63,194 | ) | (1,090,649 | ) | (160,414 | ) | (2,630,878 | ) | |||||||||||
Net decrease | (41,106 | ) | $ | (699,719 | ) | (113,362 | ) | $ | (1,854,843 | ) | |||||||||
Class A | |||||||||||||||||||
For the Year Ended October 31, 2007 | For the Year Ended October 31, 2006 | ||||||||||||||||||
Shares | Value | Shares | Value | ||||||||||||||||
Shares sold | 11,869 | $ | 224,926 | 19,876 | $ | 345,049 | |||||||||||||
Shares redeemed | (24,943 | ) | (457,716 | ) | (39,749 | ) | (673,168 | ) | |||||||||||
Net decrease | (13,074 | ) | $ | (232,790 | ) | (19,873 | ) | $ | (328,119 | ) | |||||||||
Class B | |||||||||||||||||||
For the Year Ended October 31, 2007 | For the Year Ended October 31, 2006 | ||||||||||||||||||
Shares | Value | Shares | Value | ||||||||||||||||
Shares sold | 4,217 | $ | 74,429 | 7,306 | $ | 124,023 | |||||||||||||
Shares redeemed | (19,372 | ) | (342,551 | ) | (16,657 | ) | (263,106 | ) | |||||||||||
Net decrease | (15,155 | ) | $ | (268,122 | ) | (9,351 | ) | $ | (139,083 | ) | |||||||||
Class C | |||||||||||||||||||
For the Year Ended October 31, 2007 | For the Year Ended October 31, 2006 | ||||||||||||||||||
Shares | Value | Shares | Value | ||||||||||||||||
Shares sold | 100 | $ | 1,689 | 2,445 | $ | 39,649 | |||||||||||||
Shares redeemed | (4,177 | ) | (72,004 | ) | (8,917 | ) | (147,371 | ) | |||||||||||
Net decrease | (4,077 | ) | $ | (70,315 | ) | (6,472 | ) | $ | (107,722 | ) |
58
Credit Suisse Funds
Notes to Financial Statements (continued)
October 31, 2007
Note 6. Capital Share Transactions
Mid-Cap Core | |||||||||||||||||||
Common Class | |||||||||||||||||||
For the Year Ended October 31, 2007 | For the Year Ended October 31, 2006 | ||||||||||||||||||
Shares | Value | Shares | Value | ||||||||||||||||
Shares sold | 232,585 | $ | 8,402,238 | 539,432 | $ | 18,141,030 | |||||||||||||
Shares redeemed | (2,704,762 | ) | (95,575,240 | ) | (2,824,066 | ) | (94,597,711 | ) | |||||||||||
Net decrease | (2,472,177 | ) | $ | (87,173,002 | ) | (2,284,634 | ) | $ | (76,456,681 | ) | |||||||||
Advisor Class | |||||||||||||||||||
For the Year Ended October 31, 2007 | For the Year Ended October 31, 2006 | ||||||||||||||||||
Shares | Value | Shares | Value | ||||||||||||||||
Shares sold | 75,932 | $ | 2,519,639 | 74,305 | $ | 2,313,885 | |||||||||||||
Shares redeemed | (303,466 | ) | (9,956,296 | ) | (389,670 | ) | (12,129,400 | ) | |||||||||||
Net decrease | (227,534 | ) | $ | (7,436,657 | ) | (315,365 | ) | $ | (9,815,515 | ) | |||||||||
Class A | |||||||||||||||||||
For the Year Ended October 31, 2007 | For the Year Ended October 31, 2006 | ||||||||||||||||||
Shares | Value | Shares | Value | ||||||||||||||||
Shares sold | 2,198 | $ | 77,462 | 4,742 | $ | 163,111 | |||||||||||||
Shares redeemed | (10,217 | ) | (356,499 | ) | (9,792 | ) | (319,967 | ) | |||||||||||
Net decrease | (8,019 | ) | $ | (279,037 | ) | (5,050 | ) | $ | (156,856 | ) | |||||||||
Class B | |||||||||||||||||||
For the Year Ended October 31, 2007 | For the Year Ended October 31, 2006 | ||||||||||||||||||
Shares | Value | Shares | Value | ||||||||||||||||
Shares sold | 1,759 | $ | 59,953 | 1,686 | $ | 55,512 | |||||||||||||
Shares redeemed | (927 | ) | (31,714 | ) | (998 | ) | (31,967 | ) | |||||||||||
Net increase | 832 | $ | 28,239 | 688 | $ | 23,545 | |||||||||||||
Class C | |||||||||||||||||||
For the Year Ended October 31, 2007 | For the Year Ended October 31, 2006 | ||||||||||||||||||
Shares | Value | Shares | Value | ||||||||||||||||
Shares sold | 84 | $ | 3,000 | — | $ | — | |||||||||||||
Shares redeemed | (84 | ) | (2,909 | ) | — | — | |||||||||||||
Net increase | — | $ | 91 | — | $ | — |
59
Credit Suisse Funds
Notes to Financial Statements (continued)
October 31, 2007
Note 6. Capital Share Transactions
On October 31, 2007, the number of shareholders that held 5% or more of the outstanding shares of each Fund were as follows:
Fund | Number of Shareholders | Approximate Percentage of Outstanding Shares | |||||||||
Large Cap Growth | |||||||||||
Common | 4 | 43 | % | ||||||||
Advisor | 5 | 86 | % | ||||||||
Class A | 5 | 78 | % | ||||||||
Class B | 5 | 62 | % | ||||||||
Class C | 5 | 95 | % | ||||||||
Mid-Cap Core | |||||||||||
Common | 5 | 63 | % | ||||||||
Advisor | 1 | 84 | % | ||||||||
Class A | 3 | 77 | % | ||||||||
Class B | 7 | 94 | % | ||||||||
Class C | 1 | 100 | % |
Some of the shareholders are omnibus accounts, which hold shares on behalf of individual shareholders.
Note 7. Federal Income Taxes
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
The tax characteristics of dividends paid during the years ended October 31, 2007 and 2006 by the Funds were as follows:
Ordinary Income | |||||||||||
Fund | 2007 | 2006 | |||||||||
Large Cap Growth | $ | — | $ | 277,859 | |||||||
Mid-Cap Core | — | — |
The tax basis components of distributable earnings differ from the amounts reflected in the Statement of Assets and Liabilities by temporary book/tax differences. These differences are primarily due to differing treatments of losses deferred due to wash sales. At October 31, 2007, the components of distributable earnings on a tax basis for the Funds were as follows:
Large Cap Growth | Mid-Cap Core | ||||||||||
Accumulated realized loss | $ | (289,145,132 | ) | $ | (104,573,087 | ) | |||||
Unrealized appreciation | 14,515,322 | 14,483,063 | |||||||||
Undistributed net investment income | 12,277 | — | |||||||||
$ | (274,617,533 | ) | $ | (90,090,024 | ) |
60
Credit Suisse Funds
Notes to Financial Statements (continued)
October 31, 2007
Note 7. Federal Income Taxes
At October 31, 2007, the Funds had capital loss carryforwards available to offset possible future capital gains were as follows:
Expires October 31, | |||||||||||||||
Fund | 2009 | 2010 | 2011 | ||||||||||||
Large Cap Growth | $ | 64,662,199 | $ | 186,923,215 | $ | 37,559,718 | |||||||||
Mid-Cap Core | 79,903,162 | 24,669,925 | — |
During the tax year ended October 31, 2007, Large Cap Growth and Mid-Cap Core have utilized $31,365,558 and $49,565,665 of the capital loss carryforwards, respectively.
As of October 31, 2007, the identified cost for federal income tax purposes, as well as the gross unrealized appreciation from investments for those securities having an excess of value over cost, gross unrealized depreciation from investments for those securities having an excess of cost over value and the net unrealized appreciation from investments were as follows:
Fund | Identified Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation | |||||||||||||||
Large Cap Growth | $ | 113,255,923 | $ | 17,187,669 | $ | (2,672,346 | ) | $ | 14,515,323 | ||||||||||
Mid-Cap Core | 207,017,534 | 25,239,001 | (10,755,936 | ) | 14,483,065 |
At October 31, 2007, accumulated undistributed net investment income, accumulated net realized gain (loss) on investments and paid-in capital have been adjusted for current period permanent book/tax differences which arose principally from differing book/tax treatments of net operating losses and real estate investments trusts reclassifications. Net assets were not affected by these reclassifications:
Fund | Paid-In Capital | Accumulated Net Realized Gain (Loss) on Investments | Undistributed Net Investment Income | ||||||||||||
Large Cap Growth | $ | — | $ | 5,576 | $ | (5,576 | ) | ||||||||
Mid-Cap Core | (476,447 | ) | 36,729 | 439,718 |
Note 8. Contingencies
In the normal course of business, the Funds may provide general indemnifications pursuant to certain contracts and organizational documents. The Funds' maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.
61
Credit Suisse Funds
Notes to Financial Statements (continued)
October 31, 2007
Note 9. Recent Accounting Pronouncements
During June 2006, the Financial Accounting Standards Board ("FASB") issued FASB Interpretation 48 ("FIN 48" or the "Interpretation"), Accounting for Uncertainty in Income Taxes — an interpretation of FASB statement 109. FIN 48 supplements FASB Statement 109, Accounting for Income Taxes, by defining the confidence level that a tax position must meet in order to be recognized in the financial statements. FIN 48 prescribes a comprehensive model for how a fund should recognize, measure, present, and disclose in its financial statements uncertain tax positions that the fund has taken or expects to take on a tax return. FIN 48 requires that the t ax effects of a position be recognized only if it is "more likely than not" to be sustained based solely on its technical merits. Management must be able to conclude that the tax law, regulations, case law, and other objective information regarding the technical merits sufficiently support the position's sustainability with a likelihood of more than 50 percent. On December 22, 2006, the SEC indicated that they would not object if the Funds implement FIN 48 in the first required financial statement reporting period for their fiscal year beginning after December 15, 2006. Management is evaluating the application of the Interpretation to the Funds and is not in a position at this time to estimate the significance of its impact, if any, on the Funds' financial statements.
On September 20, 2006, the FASB released Statement of Financial Accounting Standards No. 157 "Fair Value Measurements" ("FAS 157"). FAS 157 establishes an authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair-value measurements. The application of FAS 157 is required for fiscal years, beginning after November 15, 2007 and interim periods within those fiscal years. As of October 31, 2007, management does not believe the adoption of FAS 157 will impact the amounts reported in the financial statements, however, additional disclosures will be required in subsequent reports.
62
Credit Suisse Funds
Report of Independent Registered Public Accounting Firm
To the Board of Directors/Trustees and Shareholders of
Credit Suisse Large Cap Growth Fund and
Credit Suisse Mid-Cap Core Fund:
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 Credit Suisse Large Cap Growth Fund and Credit Suisse Mid-Cap Core Fund (hereafter referred to as the "Funds") at October 31, 2007, 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 the 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 stateme nts based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards 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, 2007 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Baltimore, Maryland
December 26, 2007
63
Credit Suisse Funds
Information Concerning Directors/Trustees and Officers (unaudited)
Name, Address (Year of Birth) | Position(s) Held with Fund | Term of Office1 and Length of Time Served | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Director/ Trustee | Other Directorships Held by Director/ Trustee | ||||||||||||||||||
Independent Directors/ Trustees | |||||||||||||||||||||||
Enrique Arzac c/o Credit Suisse Asset Management, LLC Attn: General Counsel Eleven Madison Avenue New York, New York 10010 (1941) | Director/ Trustee, Nominating Committee Member and Audit Committee Chairman | Since 2005 | Professor of Finance and Economics, Graduate School of Business, Columbia University since 1971. | 36 | Director of Epoch Holding Corporation (an investment management and investment advisory services company); Director of The Adams Express Company (a closed-end investment company); Director of Petroleum and Resources Corporation (a closed-end investment company). | ||||||||||||||||||
Richard H. Francis c/o Credit Suisse Asset Management, LLC Attn: General Counsel Eleven Madison Avenue New York, New York 10010 (1932) | Director/ Trustee, Nominating and Audit Committee Member | Since 1999 | Currently retired | 29 | None | ||||||||||||||||||
1 Each Director/Trustee and Officer serves until his or her respective successor has been duly elected and qualified.
64
Credit Suisse Funds
Information Concerning Directors/Trustees and Officers (unaudited) (continued)
Name, Address (Year of Birth) | Position(s) Held with Fund | Term of Office1 and Length of Time Served | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Director/ Trustee | Other Directorships Held by Director/ Trustee | ||||||||||||||||||
Independent Directors/ Trustees | |||||||||||||||||||||||
Jeffrey E. Garten2 Box 208200 New Haven, Connecticut 06520-8200 (1946) | Director/ Trustee, Nominating and Audit Committee Member | Since 1998 | The Juan Trippe Professor in the Practice of International Trade, Finance and Business from July 2005 to present; Partner and Chairman of Garten Rothkopf (consulting firm) from October 2005 to present; Dean of Yale School of Management from November 1995 to June 2005. | 29 | Director of Aetna, Inc. (insurance company); Director of CarMax Group (used car dealers); Director of Alcan, Inc. (smelting and refining of nonferrous metals company). | ||||||||||||||||||
Peter F. Krogh SFS/ICC 702 Georgetown University Washington, DC 20057 (1937) | Director/ Trustee, Nominating and Audit Committee Member | Since 2001 | Dean Emeritus and Distinguished Professor of International Affairs at the Edmund A. Walsh School of Foreign Service, Georgetown University from June 1995 to present. | 29 | Director of Carlisle Companies Incorporated (diversified manufacturing company). | ||||||||||||||||||
Steven N. Rappaport Lehigh Court, LLC 555 Madison Avenue 29th Floor New York, New York 10022 (1948) | Chairman of the Board of Directors/ Trustees, Nominating Committee Chairman and Audit Committee Member | Director/ Trustee since 1999 and Chairman since 2005 | Partner of Lehigh Court, LLC and RZ Capital (private investment firms) from July 2002 to present. | 36 | Director of iCAD, Inc. (surgical and medical instruments and apparatus company); Director of Presstek, Inc. (digital imaging technologies company); Director of Wood Resources, LLC. (plywood manufacturing company). | ||||||||||||||||||
2 Mr. Garten was initially appointed as a Director/Trustee of the Fund on February 6, 1998. He resigned as Director/Trustee on February 3, 2000 and was subsequently reappointed on December 21, 2000.
65
Credit Suisse Funds
Information Concerning Directors/Trustees and Officers (unaudited) (continued)
Name, Address (Year of Birth) | Position(s) Held with Fund | Term of Office1 and Length of Time Served | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Director/ Trustee | Other Directorships Held by Director/ Trustee | ||||||||||||||||||
Interested Director/ Trustee | |||||||||||||||||||||||
Michael E. Kenneally3 c/o Credit Suisse Asset Management, LLC Attn: General Counsel Eleven Madison Avenue New York, New York 10010 (1954) | Director/ Trustee | Since 2004 | Chairman and Global Chief Executive Officer of Credit Suisse from March 2003 to July 2005; Chairman and Chief Investment Officer of Banc of America Capital Management from 1998 to March 2003. | 29 | None | ||||||||||||||||||
3 Mr. Kenneally is a Director/Trustee who is an "interested person" of the Fund as defined in the Investment Company Act of 1940, as amended, because he was an officer of Credit Suisse within the last two fiscal years.
66
Credit Suisse Funds
Information Concerning Directors/Trustees and Officers (unaudited) (continued)
Name, Address (Year of Birth) | Position(s) Held with Fund | Term of Office1 and Length of Time Served | Principal Occupation(s) During Past Five Years | ||||||||||||
Officers | |||||||||||||||
Lawrence D. Haber c/o Credit Suisse Asset Management, LLC. Attn: General Counsel Eleven Madison Avenue New York, New York 10010 (1951) | Chief Executive Officer and President | Since 2007 | Managing Director and Chief Operating Officer of Credit Suisse; Member of Credit Suisse's Management Committee; Chief Financial Officer of Merrill Lynch Investment Managers from 1997 to 2003. | ||||||||||||
Michael A. Pignataro Credit Suisse Asset Management, LLC Eleven Madison Avenue New York, New York 10010 (1959) | Chief Financial Officer | Since 1999 | Director and Director of Fund Administration of Credit Suisse; Associated with Credit Suisse or its predecessor since 1984; Officer of other Credit Suisse Funds. | ||||||||||||
Emidio Morizio Credit Suisse Asset Management, LLC Eleven Madison Avenue New York, New York 10010 (1966) | Chief Compliance Officer | Since 2004 | Director and Global Head of Compliance of Credit Suisse; Associated with Credit Suisse since July 2000; Officer of other Credit Suisse Funds. | ||||||||||||
J. Kevin Gao Credit Suisse Asset Management, LLC Eleven Madison Avenue New York, New York 10010 (1967) | Chief Legal Officer since 2006, Vice President and Secretary since 2004 | Since 2004 | Director and Legal Counsel of Credit Suisse; Associated with Credit Suisse since July 2003; Associated with the law firm of Willkie Farr & Gallagher LLP from 1998 to 2003; Officer of other Credit Suisse Funds. | ||||||||||||
Robert Rizza Credit Suisse Asset Management, LLC Eleven Madison Avenue New York, New York 10010 (1965) | Treasurer | Since 2006 | Vice President of Credit Suisse; Associated with Credit Suisse since 1998; Officer of other Credit Suisse Funds. | ||||||||||||
The Statement of Additional Information includes additional information about the Directors/Trustees and is available, without charge, upon request, by calling 800-927-2874.
67
Credit Suisse Funds
Proxy Voting and Portfolio Holdings Information (unaudited)
Information regarding how each Fund voted proxies related to its portfolio securities during the 12 month period ended June 30 of each year, as well as the policies and procedures that each Fund uses to determine how to vote proxies relating to its portfolio securities are available:
• By calling 1-800-927-2874
• On the Funds' website, www.credit-suisse.com/us
• On the website of the Securities and Exchange Commission, www.sec.gov.
Each Fund files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. Each Funds' Forms N-Q are available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the SEC's Public Reference Room may be obtained by calling 1-202-551-8090.
68
P.O. BOX 55030, BOSTON, MA 02205-5030
800-927-2874 n www.credit-suisse.com/us
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. USEQGTH-AR-1007
Item 2. Code of Ethics.
The registrant has adopted a code of ethics applicable to its Chief Executive Officer, President, Chief Financial Officer and Chief Accounting Officer, or persons performing similar functions. A copy of the code is filed as Exhibit 12(a)(1) to this Form. There were no amendments to the code during the fiscal year ended October 31, 2007. There were no waivers or implicit waivers from the code granted by the registrant during the fiscal year ended October 31, 2007.
Item 3. Audit Committee Financial Expert.
The registrant’s governing board has determined that it has three audit committee financial experts serving on its audit committee: Enrique R. Arzac, Richard H. Francis and Steven N. Rappaport. Each audit committee financial expert is “independent” for purposes of this item.
Item 4. Principal Accountant Fees and Services.
(a) through (d). The information in the table below is provided for services rendered to the registrant by its independent registered public accounting firm, PricewaterhouseCoopers LLP (“PwC”), for its fiscal years ended October 31, 2006 and October 31, 2007.
|
| 2006 |
| 2007 |
| ||
Audit Fees |
| $ | 32,613 |
| $ | 33,592 |
|
Audit-Related Fees(1) |
| $ | 3,245 |
| $ | 3,340 |
|
Tax Fees(2) |
| $ | 2,515 |
| $ | 2,590 |
|
All Other Fees |
| — |
| — |
| ||
Total |
| $ | 38,373 |
| $ | 39,522 |
|
(1) Services include agreed-upon procedures in connection with the registrant’s semi-annual financial statements ($3,245 for 2006 and $3,340 for 2007).
(2) Tax services in connection with the registrant’s excise tax calculations and review of the registrant’s applicable tax returns.
The information in the table below is provided with respect to non-audit services that directly relate to the registrant’s operations and financial reporting and that were rendered by PwC to the registrant’s investment adviser, Credit Suisse Asset Management, LLC (“Credit Suisse”), and any service provider to the registrant controlling, controlled by or under common control with Credit Suisse that provided ongoing services to the registrant (“Covered Services Provider”), for the registrant’s fiscal years ended October 31, 2006 and October 31, 2007.
2
|
| 2006 |
| 2007 |
|
Audit-Related Fees |
| N/A |
| N/A |
|
Tax Fees |
| N/A |
| N/A |
|
All Other Fees |
| N/A |
| N/A |
|
Total |
| N/A |
| N/A |
|
(e)(1) Pre-Approval Policies and Procedures. The Audit Committee (“Committee”) of the registrant is responsible for pre-approving (i) all audit and permissible non-audit services to be provided by the independent registered public accounting firm to the registrant and (ii) all permissible non-audit services to be provided by the independent registered public accounting firm to Credit Suisse and any Covered Services Provider if the engagement relates directly to the operations and financial reporting of the registrant. The Committee may delegate its responsibility to pre-approve any such audit and permissible non-audit services to the Chairperson of the Committee, and the Chairperson shall report to the Committee, at its next regularly scheduled meeting after the Chairperson’s pre-approval of such services, his or her decision(s). The Committee may also establish detailed pre-approval policies and procedures for pre-approval of such services in accordance with applicable laws, including the delegation of some or all of the Committee’s pre-approval responsibilities to other persons (other than Credit Suisse or the registrant’s officers). Pre-approval by the Committee of any permissible non-audit services shall not be required so long as: (i) the aggregate amount of all such permissible non-audit services provided to the registrant, Credit Suisse and any Covered Services Provider constitutes not more than 5% of the total amount of revenues paid by the registrant to its independent registered public accounting firm during the fiscal year in which the permissible non-audit services are provided; (ii) the permissible non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the Committee and approved by the Committee (or its delegate(s)) prior to the completion of the audit.
(e)(2) The information in the table below sets forth the percentages of fees for services (other than audit, review or attest services) rendered by PwC to the registrant for which the pre-approval requirement was waived pursuant to Rule 2-01(c)(7)(i)(C) of Regulation S-X:
|
| 2006 |
| 2007 |
|
Audit-Related Fees |
| N/A |
| N/A |
|
Tax Fees |
| N/A |
| N/A |
|
All Other Fees |
| N/A |
| N/A |
|
Total |
| N/A |
| N/A |
|
3
The information in the table below sets forth the percentages of fees for services (other than audit, review or attest services) rendered by PwC to Credit Suisse and any Covered Services Provider required to be approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X, for the registrant’s fiscal years ended October 31, 2006 and October 31, 2007:
|
| 2006 |
| 2007 |
|
Audit-Related Fees |
| N/A |
| N/A |
|
Tax Fees |
| N/A |
| N/A |
|
All Other Fees |
| N/A |
| N/A |
|
Total |
| N/A |
| N/A |
|
(f) Not Applicable.
(g) The aggregate fees billed by PwC for non-audit services rendered to the registrant, Credit Suisse and Covered Service Providers for the fiscal years ended October 31, 2006 and October 31, 2007 were $5,760 and $5,930, respectively.
(h) Not Applicable.
Item 5. Audit Committee of Listed Registrants.
Form N-CSR disclosure requirement is not applicable to the registrant.
Item 6. Schedule of Investments.
Included as part of the report to shareholders filed under Item 1 of this Form.
4
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Form N-CSR disclosure requirement is not applicable to the registrant.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Form N-CSR disclosure requirement is not applicable to the registrant.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Form N-CSR disclosure requirement is not applicable to the registrant.
Item 10. Submission of Matters to a Vote of Security Holders.
None
Item 11. Controls and Procedures.
(a) As of a date within 90 days from the filing date of this report, the principal executive officer and principal financial officer concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) were effective based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934.
(b) There were no changes in registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits.
(a)(1) Registrant’s Code of Ethics is an exhibit to this report.
(a)(2) The certifications of the registrant as required by Rule 30a-2(a) under the Act are exhibits to this report.
(a)(3) Not applicable.
(b) The certifications of the registrant as required by Rule 30a-2(b) under the Act are an exhibit to this report.
5
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CREDIT SUISSE LARGE CAP GROWTH FUND
/s/ Lawrence D. Haber |
|
| |
Name: | Lawrence D. Haber |
| |
Title: | Chief Executive Officer |
| |
Date: | January 8, 2008 |
| |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
/s/ Lawrence D. Haber |
|
| |
Name: | Lawrence D. Haber |
| |
Title: | Chief Executive Officer |
| |
Date: | January 8, 2008 |
| |
/s/ Michael A. Pignataro |
|
| |
Name: | Michael A. Pignataro |
| |
Title: | Chief Financial Officer |
| |
Date: | January 8, 2008 |
| |
6