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 | ||||||||
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CREDIT SUISSE LARGE CAP GROWTH FUND | |||||||||
(Exact name of registrant as specified in charter) | |||||||||
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Eleven Madison Avenue, New York, New York |
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(Address of principal executive offices) |
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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) | |||||||||
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Registrant’s telephone number, including area code: | (212) 325-2000 |
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Date of fiscal year end: | October 31st |
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Date of reporting period: | November 1, 2007 to October 31, 2008 |
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Item 1. Reports to Stockholders.
CREDIT SUISSE FUNDS
Annual Report
October 31, 2008
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, 2008; 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, 2008 (unaudited)
December 1, 2008
Dear Shareholder:
Performance Summary
11/01/07 – 10/31/08
Fund and Benchmark | Performance | ||||||
Common Class1 | -38.08 | % | |||||
Advisor Class1 | -38.36 | % | |||||
Class A1,2 | -38.19 | % | |||||
Class B1,2 | -38.67 | % | |||||
Class C1,2 | -38.67 | % | |||||
Russell 1000® Growth Index3 | -36.95 | % |
Performance shown for the Fund's Class A, Class B and Class C Shares do not reflect sales charges, which are a maximum of 5.75%, 4.00% and 1.00%, respectively.2
Market Review: A volatile period for all equities
The year ended October 31, 2008, was characterized by volatility and dramatic losses in the equity markets. The benchmark Russell 1000 Growth, plummeted 36.95% while the S&P 500 fell by 36.10%. Additionally, the Chicago Board of Exchange Volatility Index, a measure of market volatility, hit a high of 80 in October 2008 — just below the highs reached during the market crashes of 1929 and 1987.
The current global economic crisis was caused by a multitude of factors including; a lack of liquidity, a bleak outlook for future growth, and recessionary attitudes and signals.
All 10 sectors within the large-cap S&P 500 produced negative returns during this period. The financial services and materials sectors suffered the greatest losses of -53.76% and -42.47% respectively, with the consumer staples and healthcare sectors declining the least, at -13.98% and -25.41%, respectively. These losses were primarily due to market illiquidity (financials) and weakened demand (materials). Consumer staples and healthcare are usually considered defensive bets, and while they finished the year with losses, their performance was substantially better than materials and financials.
The U.S. Federal Reserve cut the Federal Funds rate several times, dropping it from 4.50% to 1.00% by October 29, 2008. Throughout the year, the discount rate was also cut in conjunction with the Federal Funds rate, and is now at 1.25%
1
Credit Suisse Large Cap Growth Fund
Annual Investment Adviser's Report (continued)
October 31, 2008 (unaudited)
The U.S. housing sector has continued to weaken in 2008, as evidenced by the S&P/Case Shiller US Home Price Index, which measures home prices in 20 U.S. metropolitan areas. In August, the index was down 16.6% from a year earlier.
Additionally, on October 28, 2008, the Conference Board Consumer Confidence Index had fallen to an all time low. The Index is now at 38.0, down from 61.4 in September (in 1985, it was at 100). The Consumer Confidence Survey is based on a representative sample of 5,000 U.S. households.
The labor market also continued to weaken in 2008. Non-farm payrolls fell by 284,000 jobs in September and 240,000 jobs in October. The household unemployment rate now stands at 6.5%.
Finally, in addition to domestic bailout plans designed to help institutions such as global insurer AIG and mortgage lenders Fannie Mae and Freddie Mac, the Federal Reserve and Treasury have acted in concert with the financial regulatory agencies of other governments in an attempt to ease the worldwide economic crisis. On October 8, for example, the Federal Reserve led a coordinated, global round of emergency interest rate cuts.
Strategic Review and Outlook: Liquidity needs to be restored going forward
For the annual period ending October 31, 2008, the Fund's Common class shares underperformed the benchmark by 1.13% (net of fees). The main positive contributors to performance included stock and industry selection in consumer staples and utilities, as well as industry selection in the energy sector. The largest detractors to performance came from industry and poor stock selection in healthcare, stock selection in industrials, and industry selection in financials. For the last twelve months, four of the five performance drivers in our investment model produced positive returns. Growth was the only factor that detracted from performance relative to the benchmark — a fact that can be explained by the market's bleak growth prospects and the overvaluing of stocks. We think that value stocks are at or near bottom, growth stocks are following closely behind, and that this bottoming out of growth has led to underperformance.
Relative to the benchmark, the Fund was overweight in consumer discretionary by 5.83%, financials by 5.65%, and materials by 2.76%. Conversely, the portfolio was underweight in telecomm services by 10.2%, and industrials by 3.53%.
In our opinion, despite the fact that the end of October appeared to demonstrate some signs of recovery, there will continue to be months of volatility. At the end of the month, the market showed improvements in liquidity, with rates such as the LIBOR decreasing, interbank lending increasing, and the U.S. dollar strengthening. However, it is not clear that this additional liquidity in the
2
Credit Suisse Large Cap Growth Fund
Annual Investment Adviser's Report (continued)
October 31, 2008 (unaudited)
markets and between banks will truly benefit consumers. For example, banks have begun to tighten their credit standards to such an extent that the average consumer may find it more difficult to borrow money. Therefore, in this economic crisis where faith in the markets is key, we believe, like Chairman of the Federal Reserve Board, Ben Bernanke, who made this point in October, that in order for the market to recover, confidence and liquidity need to be restored.
Additionally, we have observed an increase in technical movements — caused by large hedge funds reducing leverage — not related to the fundamentals that most quantitative models are based upon. We believe that these volatile intraday swings will need to be monitored closely, but as our investment model is designed with long-term goals in mind, a drastic change in our investment model will not be made. That being said, we are continuously conducting economic, statistical, and financial research on various levels in order to enhance our model. We have gone back to the basics of finance, where we seek to buy businesses that make comfortable returns without the need for excessive leverage.
Jordan Low
Portfolio Manager
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 current investment strategies.
3
Credit Suisse Large Cap Growth Fund
Annual Investment Adviser's Report (continued)
October 31, 2008 (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).
4
Credit Suisse Large Cap Growth Fund
Annual Investment Adviser's Report (continued)
October 31, 2008 (unaudited)
Average Annual Returns as of September 30, 2008
1 Year | 5 Years | 10 Years | Since Inception | ||||||||||||||||
Common Class4 | (23.42 | )% | 1.62 | % | 0.87 | % | 7.42 | % | |||||||||||
Advisor Class5 | (23.82 | )% | 1.10 | % | 0.36 | % | 6.67 | % | |||||||||||
Class A Without Sales Charge | (23.65 | )% | 1.35 | % | — | (2.57 | )% | ||||||||||||
Class A With Maximum Sales Charge | (28.05 | )% | 0.15 | % | — | (3.41 | )% | ||||||||||||
Class B Without CDSC | (24.18 | )% | 0.59 | % | — | (3.30 | )% | ||||||||||||
Class B With CDSC | (27.21 | )% | 0.59 | % | — | (3.30 | )% | ||||||||||||
Class C Without CDSC | (24.18 | )% | 0.61 | % | — | (3.30 | )% | ||||||||||||
Class C With CDSC | (24.94 | )% | 0.61 | % | — | (3.30 | )% |
Average Annual Returns as of October 31, 2008
1 Year | 5 Years | 10 Years | Since Inception | ||||||||||||||||
Common Class4 | (38.08 | )% | (3.11 | )% | (1.26 | )% | 6.47 | % | |||||||||||
Advisor Class5 | (38.36 | )% | (3.59 | )% | (1.75 | )% | 5.54 | % | |||||||||||
Class A Without Sales Charge | (38.19 | )% | (3.35 | )% | — | (5.07 | )% | ||||||||||||
Class A With Maximum Sales Charge | (41.74 | )% | (4.49 | )% | — | (5.88 | )% | ||||||||||||
Class B Without CDSC | (38.67 | )% | (4.08 | )% | — | (5.79 | )% | ||||||||||||
Class B With CDSC | (41.13 | )% | (4.08 | )% | — | (5.79 | )% | ||||||||||||
Class C Without CDSC | (38.67 | )% | (4.08 | )% | — | (5.79 | )% | ||||||||||||
Class C With CDSC | (39.29 | )% | (4.08 | )% | — | (5.79 | )% |
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.
The annualized gross and net expense ratios after fee waivers and/or expense reimbursements are 1.24% for Common Class shares, 1.71% for Advisor Class shares, 1.50% for Class A shares, 2.28% for Class B shares and 2.26% for Class C shares.
1 Fee waivers and/or expense reimbursements may reduce expenses for the Fund, without which performance would be lower. Waivers and/or reimbursements 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 -41.74%. Total return for the Fund's Class B Shares for the reporting period, based on redemption value (including maximum contingent deferred sales charge of 4.00%), was -41.13%. Total return for the Fund's Class C shares for the reporting period, based on redemption value (including maximum contingent deferred sales charge of 1.00%), was -39.29%.
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.
5
Credit Suisse Large Cap Growth Fund
Annual Investment Adviser's Report (continued)
October 31, 2008 (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, 2008.
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.
6
Credit Suisse Large Cap Growth Fund
Annual Investment Adviser's Report (continued)
October 31, 2008 (unaudited)
Expenses and Value for a $1,000 Investment
for the six month period ended October 31, 2008
Actual Fund Return | Common Class | Advisor Class | Class A | Class B | Class C | ||||||||||||||||||
Beginning Account Value 5/1/08 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | |||||||||||||
Ending Account Value 10/31/08 | $ | 704.80 | $ | 703.00 | $ | 704.20 | $ | 701.10 | $ | 701.10 | |||||||||||||
Expenses Paid per $1,000* | $ | 6.34 | $ | 8.35 | $ | 7.41 | $ | 10.60 | $ | 10.65 | |||||||||||||
Hypothetical 5% Fund Return | |||||||||||||||||||||||
Beginning Account Value 5/1/08 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | |||||||||||||
Ending Account Value 10/31/08 | $ | 1,017.70 | $ | 1,015.33 | $ | 1,016.44 | $ | 1,012.67 | $ | 1,012.62 | |||||||||||||
Expenses Paid per $1,000* | $ | 7.51 | $ | 9.88 | $ | 8.77 | $ | 12.55 | $ | 12.60 | |||||||||||||
Common Class | Advisor Class | Class A | Class B | Class C | |||||||||||||||||||
Annualized Expense Ratios* | 1.48 | % | 1.95 | % | 1.73 | % | 2.48 | % | 2.49 | % |
* 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 366.
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.
7
Credit Suisse Large Cap Growth Fund
Annual Investment Adviser's Report (continued)
October 31, 2008 (unaudited)
SECTOR BREAKDOWN*
* Expressed as a percentage of total investments (excluding securities lending collateral if applicable) and may vary over time.
8
Credit Suisse Mid-Cap Core Fund
Annual Investment Adviser's Report
October 31, 2008 (unaudited)
December 1, 2008
Dear Shareholder:
Performance Summary
11/01/07 – 10/31/08
Fund and Benchmark | Performance | ||||||
Common Class1 | -36.42 | % | |||||
Advisor Class1 | -36.71 | % | |||||
Class A1,2 | -36.56 | % | |||||
Class B1,2 | -37.05 | % | |||||
Class C1,2 | -37.03 | % | |||||
Standard & Poor's MidCap 400® Index3 | -36.46 | % |
Performance for the Fund's Class A, Class B and Class C Shares do not reflect sales charges, which are a maximum of 5.75%, 4.00% and 1.00%, respectively.2
Market Review: A volatile period for all equities
The 12-month period ending October 31, 2008, was a very tumultuous one characterized by dramatic losses in the equity markets. The benchmark S&P 400 plummeted 36.46%, while the S&P 500 fell by 36.10%. Additionally, the Chicago Board Options Exchange Volatility Index, a measure of market volatility, hit a high of 80 in October, just below the highs reached during the crashes of 1929 and 1987.
The current global economic crisis was caused by a multitude of factors, including a lack of liquidity, a bleak outlook for future growth, and recessionary attitudes and signals.
All 10 sectors within the large-cap S&P 500 produced negative returns, with the consumer staples and healthcare sectors declining the least at -13.98% and -25.41%, respectively. The financials and materials sectors suffered the greatest losses of -53.76% and -42.47% respectively, primarily due to market illiquidity (financials) and weakened demand (materials). Consumer staples and healthcare are usually considered defensive bets, and while they finished the year with losses, their performance was substantially better than materials and financials.
The U.S. Federal Reserve cut the Federal Funds rate multiple times, dropping it from 4.50% to 1.00%, by October 29, 2008. Throughout the year, the discount rate was also cut in conjunction with the Fed Funds rate and is now at 1.25%.
The U.S. housing sector continued to weaken in 2008, as evidenced by the S&P/Case Shiller U.S. Home Price Index (which measures home prices in 20 U.S. metropolitan areas). In August, the Index was down 16.6% from a year earlier.
9
Credit Suisse Mid-Cap Core Fund
Annual Investment Adviser's Report (continued)
October 31, 2008 (unaudited)
Additionally, as reported on October 28, 2008, the Conference Board Consumer Confidence Index fell to an all-time low of 38.0, down from 61.4 in September. The Consumer Confidence Survey is based on a representative sample of 5,000 U.S. households.
The labor market also continued to weaken in 2008. Non-farm payrolls fell by 284,000 jobs September and 240,000 in October. The household unemployment rate now stands at 6.5%.
Finally, in addition to domestic bailout plans created to help institutions such as global insurer AIG, and mortgage lenders Fannie Mae and Freddie Mac, the Fed and Treasury have acted in concert with the financial agencies of other governments in an attempt to ease the worldwide economic crisis. On October 8, for example, the Fed led a coordinated, global round of emergency rate cuts.
Strategic Review and Outlook: Liquidity needs to be restored going forward
For the annual period ending October 31, 2008, the Fund's Common class shares outperformed the benchmark by 4 basis points (net of fees). The main positive contributors to performance included stock and industry selection within the consumer staples, energy and consumer discretionary sectors. The largest detractors to performance came from industry and stock selection in financials and health care, as well as industry selection in industrials. For the last twelve months, four of the five performance drivers in our investment model produced positive returns. Growth was the only factor that detracted from performance — a fact that can be explained by the market's bleak growth prospects and the overvaluing of stocks that has gone on for too long. We believe that value stocks are at or near bottom, and growth stocks are following closely behind. In our opinion, this slow bottoming out of growth has led to underperformance.
Relative to the benchmark, the Fund was overweight in the consumer discretionary sector by 5.01%, in consumer staples by 4.03%, and in materials by 2.93%. Conversely, the portfolio was underweight in utilities by 6.20% and industrials by 5.04%.
On October 29, 2008, the Federal Open Market Committee issued a press release talking about the decline in consumer expenditures, the reduction in prospects for U.S. exports, the turmoil of the markets, and the subsequent effects on households and businesses. Additionally, The FOMC expects "the declining prices of energy and other commodities and the weaker prospects for economic activity...[to cause] inflation to moderate in coming quarters to levels consistent with price stability."
As Ben Bernanke, Chairman of the Federal Reserve, mentioned in a speech at the Economic Club of New York on October 15, 2008, one root of the problem is a loss of confidence by investors and the public in the strength of key financial institutions and the markets.
10
Credit Suisse Mid-Cap Core Fund
Annual Investment Adviser's Report (continued)
October 31, 2008 (unaudited)
Despite the fact that the end of October appeared to demonstrate positive signs of recovery, we believe that there will continue to be months of volatility. At the end of the month, the market showed signs of liquidity restoration with rates such as the LIBOR decreasing, interbank lending increasing, and the U.S. dollar strengthening. However, we wonder if this additional liquidity in the markets and between banks will truly benefit the everyday consumer. For example, banks have begun to tighten their credit standards to such an extent that the average consumer will have a harder time borrowing money. Therefore, in this economic crisis where faith in the markets is key, we believe, like Bernanke, that in order for the market to recover, confidence and liquidity need to be restored.
Additionally, we have observed an increase in technical movements — caused by large hedge funds reducing leverage — not related to the fundamentals that most quantitative models are based upon. We believe that these volatile intraday swings will need to be monitored closely, but as our investment model is designed with long-term goals in mind, a drastic change in our investment model will not be made. With that being said, we are continuously conducting economic, statistical, and financial research on various levels in order to enhance our model. We have gone back to the basics of finance, where we seek to buy businesses that make comfortable returns without the need for excessive leverage.
Jordan Low
Portfolio Manager
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 current investment strategies.
11
Credit Suisse Mid-Cap Core Fund
Annual Investment Adviser's Report (continued)
October 31, 2008 (unaudited)
Comparison of Change in Value of $10,000 Investment in the
Credit Suisse Mid-Cap Core Fund1 Common Class shares, Advisor
Class shares, and the Standard & Poor's MidCap 400® Index3 for Ten Years.
Comparison of Change in Value of $10,000 Investment in the
Credit Suisse Mid-Cap Core Fund1 Class A shares2, and
the Standard & Poor's MidCap 400® Index3 from Inception (11/30/01).
12
Credit Suisse Mid-Cap Core Fund
Annual Investment Adviser's Report (continued)
October 31, 2008 (unaudited)
Comparison of Change in Value of $10,000 Investment in the
Credit Suisse Mid-Cap Core Fund1, Class B shares2, Class C shares2, and
the Standard & Poor's MidCap 400® Index3 from Inception (02/27/04).
Average Annual Returns as of September 30, 20081
1 Year | 5 Years | 10 Years | Since Inception | ||||||||||||||||
Common Class4 | (17.86 | )% | 5.07 | % | 3.01 | % | 8.91 | % | |||||||||||
Advisor Class5 | (18.27 | )% | 4.55 | % | 2.49 | % | 7.06 | % | |||||||||||
Class A Without Sales Charge | (18.06 | )% | 4.81 | % | — | 2.47 | % | ||||||||||||
Class A With Maximum Sales Charge | (22.77 | )% | 3.57 | % | — | 1.59 | % | ||||||||||||
Class B Without CDSC | (18.68 | )% | — | — | 0.37 | % | |||||||||||||
Class B With CDSC | (21.93 | )% | — | — | 0.37 | % | |||||||||||||
Class C Without CDSC | (18.66 | )% | — | — | 0.41 | % | |||||||||||||
Class C With CDSC | (19.47 | )% | — | — | 0.41 | % |
13
Credit Suisse Mid-Cap Core Fund
Annual Investment Adviser's Report (continued)
October 31, 2008 (unaudited)
Average Annual Returns as of October 31, 20081
1 Year | 5 Years | 10 Years | Since Inception | ||||||||||||||||
Common Class4 | (36.42 | )% | (1.41 | )% | 0.28 | % | 7.71 | % | |||||||||||
Advisor Class5 | (36.71 | )% | (1.90 | )% | (0.22 | )% | 5.67 | % | |||||||||||
Class A Without Sales Charge | (36.56 | )% | (1.65 | )% | — | (0.82 | )% | ||||||||||||
Class A With Maximum Sales Charge | (40.21 | )% | (2.80 | )% | — | (1.67 | )% | ||||||||||||
Class B Without CDSC | (37.05 | )% | — | — | (4.35 | )% | |||||||||||||
Class B With CDSC | (39.57 | )% | — | — | (4.35 | )% | |||||||||||||
Class C Without CDSC | (37.03 | )% | — | — | (4.32 | )% | |||||||||||||
Class C With CDSC | (37.66 | )% | — | — | (4.32 | )% |
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.
The annualized gross and net expense ratios after fee waivers and/or expense reimbursements are 1.32% for Common Class shares, 1.82% for Advisor Class shares, 1.54% for Class A shares, 2.35% for Class B shares and 2.28% for Class C shares.
1 Fee waivers and/or expense reimbursements may reduce expenses for the Fund, without which performance would be lower. Waivers and/or reimbursements 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 -40.21%. Total return for the Fund's Class B Shares for the reporting period, based on redemption value (including maximum contingent deferred sales charge of 4.00%), was -39.57%. Total return for the Fund's Class C shares for the reporting period, based on redemption value (including maximum contingent deferred sales charge of 1.00%), was -37.66%.
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. Investors cannot invest directly in an index.
4 Inception date 1/21/88.
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.
7 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.
14
Credit Suisse Mid-Cap Core Fund
Annual Investment Adviser's Report (continued)
October 31, 2008 (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, 2008.
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.
15
Credit Suisse Mid-Cap Core Fund
Annual Investment Adviser's Report (continued)
October 31, 2008 (unaudited)
Expenses and Value for a $1,000 Investment
for the six month period ended October 31, 2008
Actual Fund Return | Common Class | Advisor Class | Class A | Class B | Class C | ||||||||||||||||||
Beginning Account Value 5/1/08 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | |||||||||||||
Ending Account Value 10/31/08 | $ | 691.70 | $ | 690.20 | $ | 691.10 | $ | 688.30 | $ | 688.70 | |||||||||||||
Expenses Paid per $1,000* | $ | 5.15 | $ | 7.22 | $ | 6.12 | $ | 9.46 | $ | 8.70 | |||||||||||||
Hypothetical 5% Fund Return | |||||||||||||||||||||||
Beginning Account Value 5/1/08 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | |||||||||||||
Ending Account Value 10/31/08 | $ | 1,019.05 | $ | 1,016.59 | $ | 1,017.90 | $ | 1,013.93 | $ | 1,014.83 | |||||||||||||
Expenses Paid per $1,000* | $ | 6.14 | $ | 8.62 | $ | 7.30 | $ | 11.29 | $ | 10.38 | |||||||||||||
Common Class | Advisor Class | Class A | Class B | Class C | |||||||||||||||||||
Annualized Expense Ratios* | 1.21 | % | 1.70 | % | 1.44 | % | 2.23 | % | 2.05 | % |
* 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 366.
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.
16
Credit Suisse Mid-Cap Core Fund
Annual Investment Adviser's Report (continued)
October 31, 2008 (unaudited)
SECTOR BREAKDOWN*
* Expressed as a percentage of total investments (excluding securities lending collateral if applicable) and may vary over time.
17
Credit Suisse Large Cap Growth Fund
Schedule of Investments
October 31, 2008
Number of Shares | Value | ||||||||||
COMMON STOCKS (99.8%) | |||||||||||
Aerospace & Defense (1.8%) | |||||||||||
Alliant Techsystems, Inc.* | 2,900 | $ | 239,366 | ||||||||
General Dynamics Corp. | 800 | 48,256 | |||||||||
Goodrich Corp. | 5,100 | 186,456 | |||||||||
Hexcel Corp.* | 200 | 2,640 | |||||||||
Lockheed Martin Corp. | 300 | 25,515 | |||||||||
Northrop Grumman Corp. | 700 | 32,823 | |||||||||
Raytheon Co. | 400 | 20,444 | |||||||||
Rockwell Collins, Inc. | 6,500 | 241,995 | |||||||||
The Boeing Co. | 1,800 | 94,086 | |||||||||
TransDigm Group, Inc.* | 200 | 6,028 | |||||||||
United Technologies Corp. | 400 | 21,984 | |||||||||
919,593 | |||||||||||
Air Freight & Couriers (0.1%) | |||||||||||
FedEx Corp. | 300 | 19,611 | |||||||||
United Parcel Service, Inc. Class B | 300 | 15,834 | |||||||||
UTI Worldwide, Inc. | 1,100 | 12,936 | |||||||||
48,381 | |||||||||||
Airlines (1.5%) | |||||||||||
AMR Corp.* | 1,200 | 12,252 | |||||||||
Continental Airlines, Inc. Class B* | 700 | 13,244 | |||||||||
Delta Air Lines, Inc.* | 750 | 8,235 | |||||||||
Southwest Airlines Co. | 63,100 | 743,318 | |||||||||
777,049 | |||||||||||
Auto Components (0.7%) | |||||||||||
Autoliv, Inc. | 8,700 | 185,832 | |||||||||
BorgWarner, Inc. | 7,200 | 161,784 | |||||||||
Johnson Controls, Inc. | 800 | 14,184 | |||||||||
The Goodyear Tire & Rubber Co.* | 800 | 7,136 | |||||||||
368,936 | |||||||||||
Banks (1.2%) | |||||||||||
Astoria Financial Corp. | 1,600 | 30,432 | |||||||||
Bank of America Corp. | 1,700 | 41,089 | |||||||||
Bank of Hawaii Corp. | 1,000 | 50,710 | |||||||||
Bank of New York Mellon Corp. | 2,100 | 68,460 | |||||||||
Cullen/Frost Bankers, Inc. | 1,200 | 67,164 | |||||||||
Hudson City Bancorp, Inc. | 7,200 | 135,432 | |||||||||
Northern Trust Corp. | 3,200 | 180,192 | |||||||||
PNC Financial Services Group, Inc. | 400 | 26,668 | |||||||||
Valley National Bancorp | 500 | 9,500 | |||||||||
609,647 | |||||||||||
Beverages (2.8%) | |||||||||||
Anheuser-Busch Companies, Inc. | 2,200 | 136,466 | |||||||||
Brown-Forman Corp. Class B | 400 | 18,160 | |||||||||
Hansen Natural Corp.* | 800 | 20,256 |
See Accompanying Notes to Financial Statements.
18
Credit Suisse Large Cap Growth Fund
Schedule of Investments (continued)
October 31, 2008
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
Beverages | |||||||||||
Molson Coors Brewing Co. Class B | 600 | $ | 22,416 | ||||||||
PepsiAmericas, Inc. | 17,600 | 333,168 | |||||||||
PepsiCo, Inc. | 2,100 | 119,721 | |||||||||
The Coca-Cola Co. | 1,900 | 83,714 | |||||||||
The Pepsi Bottling Group, Inc. | 31,500 | 728,280 | |||||||||
1,462,181 | |||||||||||
Biotechnology (3.6%) | |||||||||||
Alexion Pharmaceuticals, Inc.* | 1,000 | 40,750 | |||||||||
Applied Biosystems, Inc. | 3,300 | 101,739 | |||||||||
Celgene Corp.* | 100 | 6,426 | |||||||||
Cepheid, Inc.* | 1,000 | 11,870 | |||||||||
Charles River Laboratories International, Inc.* | 2,000 | 71,660 | |||||||||
Genentech, Inc.* | 800 | 66,352 | |||||||||
Genzyme Corp.* | 600 | 43,728 | |||||||||
Gilead Sciences, Inc.* | 400 | 18,340 | |||||||||
IDEXX Laboratories, Inc.* | 700 | 24,633 | |||||||||
Invitrogen Corp.* | 45,300 | 1,304,187 | |||||||||
Myriad Genetics, Inc.* | 3,200 | 201,888 | |||||||||
Onyx Pharmaceuticals, Inc.* | 300 | 8,094 | |||||||||
1,899,667 | |||||||||||
Building Products (0.1%) | |||||||||||
Crane Co. | 1,700 | 27,829 | |||||||||
Chemicals (3.8%) | |||||||||||
Air Products & Chemicals, Inc. | 300 | 17,439 | |||||||||
Airgas, Inc. | 3,600 | 138,096 | |||||||||
Celanese Corp. Class A | 100 | 1,386 | |||||||||
CF Industries Holdings, Inc. | 9,600 | 616,224 | |||||||||
Eastman Chemical Co. | 900 | 36,351 | |||||||||
FMC Corp. | 4,500 | 195,930 | |||||||||
Lubrizol Corp. | 1,400 | 52,612 | |||||||||
Monsanto Co. | 2,300 | 204,654 | |||||||||
Olin Corp. | 9,600 | 174,336 | |||||||||
Praxair, Inc. | 300 | 19,545 | |||||||||
Rohm & Haas Co. | 600 | 42,210 | |||||||||
The Dow Chemical Co. | 1,300 | 34,671 | |||||||||
The Mosaic Co. | 11,100 | 437,451 | |||||||||
1,970,905 | |||||||||||
Commercial Services & Supplies (2.0%) | |||||||||||
Arbitron, Inc. | 1,000 | 32,580 | |||||||||
Corinthian Colleges, Inc.* | 7,000 | 99,960 | |||||||||
Darling International, Inc.* | 500 | 3,770 | |||||||||
DST Systems, Inc.* | 1,400 | 56,812 | |||||||||
FTI Consulting, Inc.* | 400 | 23,300 | |||||||||
Global Payments, Inc. | 1,900 | 76,969 | |||||||||
H&R Block, Inc. | 6,400 | 126,208 |
See Accompanying Notes to Financial Statements.
19
Credit Suisse Large Cap Growth Fund
Schedule of Investments (continued)
October 31, 2008
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
Commercial Services & Supplies | |||||||||||
Hewitt Associates, Inc. Class A* | 1,300 | $ | 36,257 | ||||||||
Intermec, Inc.* | 1,000 | 12,970 | |||||||||
Republic Services, Inc. | 10,300 | 244,110 | |||||||||
Robert Half International, Inc. | 1,700 | 32,079 | |||||||||
Rollins, Inc. | 2,000 | 35,140 | |||||||||
Sotheby's | 600 | 5,586 | |||||||||
The Brink's Co. | 1,400 | 67,886 | |||||||||
The Corporate Executive Board Co. | 400 | 11,932 | |||||||||
Waste Connections, Inc.* | 1,500 | 50,775 | |||||||||
Waste Management, Inc. | 2,200 | 68,706 | |||||||||
Weight Watchers International, Inc. | 2,800 | 87,584 | |||||||||
1,072,624 | |||||||||||
Communications Equipment (1.2%) | |||||||||||
Ciena Corp.* | 400 | 3,844 | |||||||||
Cisco Systems, Inc.* | 20,000 | 355,400 | |||||||||
Corning, Inc. | 4,900 | 53,067 | |||||||||
Emulex Corp.* | 100 | 950 | |||||||||
Juniper Networks, Inc.* | 400 | 7,496 | |||||||||
QUALCOMM, Inc. | 6,000 | 229,560 | |||||||||
650,317 | |||||||||||
Computers & Peripherals (2.6%) | |||||||||||
Apple Computer, Inc.* | 2,600 | 279,734 | |||||||||
Dell, Inc.* | 3,400 | 41,310 | |||||||||
Hewlett-Packard Co. | 8,800 | 336,864 | |||||||||
International Business Machines Corp. | 600 | 55,782 | |||||||||
NCR Corp.* | 8,900 | 162,692 | |||||||||
NetApp, Inc.* | 4,300 | 58,179 | |||||||||
NVIDIA Corp.* | 1,000 | 8,760 | |||||||||
Western Digital Corp.* | 24,900 | 410,850 | |||||||||
1,354,171 | |||||||||||
Construction & Engineering (0.9%) | |||||||||||
Fluor Corp. | 6,800 | 271,524 | |||||||||
Foster Wheeler, Ltd.* | 5,400 | 147,960 | |||||||||
Jacobs Engineering Group, Inc.* | 400 | 14,572 | |||||||||
McDermott International, Inc.* | 800 | 13,704 | |||||||||
The Shaw Group, Inc.* | 100 | 1,789 | |||||||||
449,549 | |||||||||||
Construction Materials (0.1%) | |||||||||||
Eagle Materials, Inc. | 400 | 7,084 | |||||||||
Martin Marietta Materials, Inc. | 300 | 23,514 | |||||||||
30,598 |
See Accompanying Notes to Financial Statements.
20
Credit Suisse Large Cap Growth Fund
Schedule of Investments (continued)
October 31, 2008
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
Containers & Packaging (0.8%) | |||||||||||
AptarGroup, Inc. | 2,700 | $ | 81,864 | ||||||||
Ball Corp. | 400 | 13,680 | |||||||||
Crown Holdings, Inc.* | 500 | 10,090 | |||||||||
Greif, Inc. Class A | 200 | 8,116 | |||||||||
Owens-Illinois, Inc.* | 1,200 | 27,456 | |||||||||
Packaging Corp. of America | 12,300 | 207,009 | |||||||||
Rock-Tenn Co. Class A | 100 | 3,041 | |||||||||
Sealed Air Corp. | 200 | 3,384 | |||||||||
Sonoco Products Co. | 2,700 | 67,986 | |||||||||
Temple-Inland, Inc. | 200 | 1,186 | |||||||||
423,812 | |||||||||||
Distributor (0.1%) | |||||||||||
CarMax, Inc.* | 2,500 | 26,550 | |||||||||
Diversified Financials (3.8%) | |||||||||||
American Express Co. | 1,000 | 27,500 | |||||||||
BlackRock, Inc. | 300 | 39,402 | |||||||||
Broadridge Financial Solutions, Inc. | 2,800 | 33,880 | |||||||||
Citigroup, Inc. | 2,400 | 32,760 | |||||||||
E*TRADE Financial Corp.* | 900 | 1,638 | |||||||||
Federated Investors, Inc. Class B | 1,100 | 26,620 | |||||||||
Franklin Resources, Inc. | 700 | 47,600 | |||||||||
Freddie Mac | 3,800 | 3,914 | |||||||||
GLG Partners, Inc. | 500 | 1,600 | |||||||||
Investment Technology Group, Inc.* | 3,300 | 67,353 | |||||||||
Janus Capital Group, Inc. | 200 | 2,348 | |||||||||
Merrill Lynch & Co., Inc. | 1,966 | 36,548 | |||||||||
MF Global, Ltd.* | 600 | 2,340 | |||||||||
MSCI, Inc. Class A* | 5,800 | 99,992 | |||||||||
Nasdaq OMX Group, Inc.* | 8,900 | 288,894 | |||||||||
NYSE Euronext | 300 | 9,054 | |||||||||
Raymond James Financial, Inc. | 4,400 | 102,476 | |||||||||
SEI Investments Co. | 11,400 | 201,552 | |||||||||
State Street Corp. | 3,400 | 147,390 | |||||||||
T. Rowe Price Group, Inc. | 2,200 | 86,988 | |||||||||
The Charles Schwab Corp. | 14,000 | 267,680 | |||||||||
The Goldman Sachs Group, Inc. | 400 | 37,000 | |||||||||
Visa, Inc. Class A | 3,400 | 188,190 | |||||||||
Waddell & Reed Financial, Inc. Class A | 15,500 | 225,060 | |||||||||
Western Union Co. | 500 | 7,630 | |||||||||
1,985,409 | |||||||||||
Diversified Telecommunication Services (1.5%) | |||||||||||
AT&T, Inc. | 6,600 | 176,682 | |||||||||
Clearwire Corp. Class A* | 400 | 3,468 | |||||||||
EchoStar Corp. Class A* | 4,800 | 93,216 | |||||||||
FairPoint Communications, Inc. | 77 | 307 | |||||||||
Level 3 Communications, Inc.* | 16,700 | 17,535 |
See Accompanying Notes to Financial Statements.
21
Credit Suisse Large Cap Growth Fund
Schedule of Investments (continued)
October 31, 2008
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
Diversified Telecommunication Services | |||||||||||
NeuStar, Inc. Class A* | 4,800 | $ | 94,560 | ||||||||
Verizon Communications, Inc. | 11,500 | 341,205 | |||||||||
Windstream Corp. | 7,500 | 56,325 | |||||||||
783,298 | |||||||||||
Electric Utilities (0.6%) | |||||||||||
Alliant Energy Corp. | 1,000 | 29,380 | |||||||||
Calpine Corp.* | 4,000 | 46,800 | |||||||||
Cleco Corp. | 2,300 | 52,923 | |||||||||
Constellation Energy Group | 300 | 7,263 | |||||||||
DPL, Inc. | 2,600 | 59,306 | |||||||||
Ormat Technologies, Inc. | 4,400 | 106,304 | |||||||||
PG&E Corp. | 500 | 18,335 | |||||||||
Public Service Enterprise Group, Inc. | 400 | 11,260 | |||||||||
331,571 | |||||||||||
Electronic Equipment & Instruments (1.5%) | |||||||||||
Amphenol Corp. Class A | 1,000 | 28,650 | |||||||||
Avnet, Inc.* | 2,600 | 43,524 | |||||||||
Emerson Electric Co. | 500 | 16,365 | |||||||||
Energizer Holdings, Inc.* | 400 | 19,544 | |||||||||
FLIR Systems, Inc.* | 2,100 | 67,410 | |||||||||
Intersil Corp. Class A | 1,600 | 21,904 | |||||||||
Jabil Circuit, Inc. | 11,800 | 99,238 | |||||||||
Koninklijke (Royal) Philips Electronics NV NY Shares | 500 | 9,250 | |||||||||
Rockwell Automation, Inc. | 4,000 | 110,680 | |||||||||
SunPower Corp. Class A*§ | 100 | 3,906 | |||||||||
Thermo Fisher Scientific, Inc.* | 800 | 32,480 | |||||||||
Waters Corp.* | 7,200 | 315,360 | |||||||||
768,311 | |||||||||||
Energy Equipment & Services (2.1%) | |||||||||||
Baker Hughes, Inc. | 1,800 | 62,910 | |||||||||
Cameron International Corp.* | 1,800 | 43,668 | |||||||||
Complete Production Services, Inc.* | 300 | 3,717 | |||||||||
Dresser-Rand Group, Inc.* | 5,100 | 114,240 | |||||||||
ENSCO International, Inc. | 317 | 12,049 | |||||||||
FMC Technologies, Inc.* | 2,200 | 76,978 | |||||||||
Halliburton Co. | 7,900 | 156,341 | |||||||||
Helmerich & Payne, Inc. | 1,800 | 61,758 | |||||||||
ION Geophysical Corp.* | 2,500 | 16,400 | |||||||||
Key Energy Services, Inc.* | 3,200 | 19,840 | |||||||||
National-Oilwell Varco, Inc.* | 300 | 8,967 | |||||||||
Noble Corp. | 1,874 | 60,362 | |||||||||
Oceaneering International, Inc.* | 1,400 | 39,438 | |||||||||
Patterson-UTI Energy, Inc. | 3,400 | 45,118 | |||||||||
RPC, Inc. | 100 | 1,059 | |||||||||
Schlumberger, Ltd. | 1,800 | 92,970 | |||||||||
Tidewater, Inc. | 6,800 | 296,548 | |||||||||
1,112,363 |
See Accompanying Notes to Financial Statements.
22
Credit Suisse Large Cap Growth Fund
Schedule of Investments (continued)
October 31, 2008
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
Food & Drug Retailing (3.5%) | |||||||||||
CVS Caremark Corp. | 1,400 | $ | 42,910 | ||||||||
Flowers Foods, Inc. | 25,900 | 767,935 | |||||||||
Sysco Corp. | 27,800 | 728,360 | |||||||||
Terra Industries, Inc. | 7,300 | 160,527 | |||||||||
The Kroger Co. | 900 | 24,714 | |||||||||
Walgreen Co. | 3,200 | 81,472 | |||||||||
Whole Foods Market, Inc.§ | 1,400 | 15,008 | |||||||||
1,820,926 | |||||||||||
Food Products (3.1%) | |||||||||||
Campbell Soup Co. | 3,700 | 140,415 | |||||||||
Corn Products International, Inc. | 3,700 | 89,984 | |||||||||
Dean Foods Co.* | 1,400 | 30,604 | |||||||||
Del Monte Foods Co. | 700 | 4,417 | |||||||||
General Mills, Inc. | 300 | 20,322 | |||||||||
H.J. Heinz Co. | 100 | 4,382 | |||||||||
Herbalife, Ltd. | 5,400 | 131,922 | |||||||||
Hormel Foods Corp. | 2,600 | 73,476 | |||||||||
Kellogg Co. | 300 | 15,126 | |||||||||
Kraft Foods, Inc. Class A | 800 | 23,312 | |||||||||
McCormick & Co., Inc. | 5,100 | 171,666 | |||||||||
Pilgrim's Pride Corp. | 400 | 436 | |||||||||
Ralcorp Holdings, Inc.* | 400 | 27,072 | |||||||||
Sara Lee Corp. | 1,400 | 15,652 | |||||||||
Sensient Technologies Corp. | 4,200 | 105,966 | |||||||||
The Hershey Co. | 4,400 | 163,856 | |||||||||
The J.M. Smucker Co. | 300 | 13,368 | |||||||||
Unilever NV NY Shares | 24,900 | 598,845 | |||||||||
1,630,821 | |||||||||||
Forestry & Paper (0.3%) | |||||||||||
Glatfelter | 200 | 2,062 | |||||||||
MeadWestvaco Corp. | 12,100 | 169,763 | |||||||||
171,825 | |||||||||||
Gas Utilities (1.0%) | |||||||||||
Atmos Energy Corp. | 3,200 | 77,664 | |||||||||
Kinder Morgan Management LLC* | 715 | 35,719 | |||||||||
MDU Resources Group, Inc. | 1,200 | 21,852 | |||||||||
National Fuel Gas Co. | 5,800 | 209,902 | |||||||||
Piedmont Natural Gas Co., Inc. | 3,000 | 98,760 | |||||||||
UGI Corp. | 2,000 | 47,740 | |||||||||
WGL Holdings, Inc. | 300 | 9,657 | |||||||||
501,294 | |||||||||||
Healthcare Equipment & Supplies (1.3%) | |||||||||||
Baxter International, Inc. | 300 | 18,147 | |||||||||
Becton, Dickinson & Co. | 1,000 | 69,400 | |||||||||
Boston Scientific Corp.* | 1,300 | 11,739 |
See Accompanying Notes to Financial Statements.
23
Credit Suisse Large Cap Growth Fund
Schedule of Investments (continued)
October 31, 2008
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
Healthcare Equipment & Supplies | |||||||||||
Edwards Lifesciences Corp.* | 2,500 | $ | 132,100 | ||||||||
Haemonetics Corp.* | 1,400 | 82,684 | |||||||||
Hillenbrand, Inc. | 5,200 | 98,800 | |||||||||
Hlth Corp.* | 2,183 | 18,097 | |||||||||
Kinetic Concepts, Inc.* | 1,000 | 24,210 | |||||||||
Medtronic, Inc. | 1,100 | 44,363 | |||||||||
ResMed, Inc.* | 300 | 10,278 | |||||||||
St. Jude Medical, Inc.* | 300 | 11,409 | |||||||||
STERIS Corp. | 1,900 | 64,676 | |||||||||
Stryker Corp. | 300 | 16,038 | |||||||||
Varian Medical Systems, Inc.* | 2,100 | 95,571 | |||||||||
697,512 | |||||||||||
Healthcare Providers & Services (2.8%) | |||||||||||
Aetna, Inc. | 19,700 | 489,939 | |||||||||
CIGNA Corp. | 16,900 | 275,470 | |||||||||
Covance, Inc.* | 900 | 45,000 | |||||||||
Express Scripts, Inc.* | 1,700 | 103,037 | |||||||||
Humana, Inc.* | 6,100 | 180,499 | |||||||||
Kindred Healthcare, Inc.* | 700 | 10,143 | |||||||||
Owens & Minor, Inc. | 2,200 | 95,194 | |||||||||
Pharmaceutical Product Development, Inc. | 1,800 | 55,764 | |||||||||
Quest Diagnostics, Inc. | 1,000 | 46,800 | |||||||||
UnitedHealth Group, Inc. | 1,386 | 32,890 | |||||||||
Universal Health Services, Inc. Class B | 2,100 | 88,284 | |||||||||
WebMD Health Corp. Class A* | 100 | 2,235 | |||||||||
WellPoint, Inc.* | 500 | 19,435 | |||||||||
1,444,690 | |||||||||||
Hotels, Restaurants & Leisure (1.1%) | |||||||||||
Boyd Gaming Corp. | 100 | 680 | |||||||||
Burger King Holdings, Inc. | 3,300 | 65,604 | |||||||||
CEC Entertainment, Inc.* | 900 | 23,112 | |||||||||
Chipotle Mexican Grill, Inc. Class A* | 100 | 5,075 | |||||||||
Darden Restaurants, Inc. | 200 | 4,434 | |||||||||
International Game Technology | 300 | 4,200 | |||||||||
Las Vegas Sands Corp.* | 800 | 11,352 | |||||||||
McDonald's Corp. | 2,300 | 133,239 | |||||||||
MGM Mirage* | 800 | 13,168 | |||||||||
Panera Bread Co. Class A* | 200 | 9,024 | |||||||||
Penn National Gaming, Inc.* | 500 | 9,630 | |||||||||
Starwood Hotels & Resorts Worldwide, Inc. | 300 | 6,762 | |||||||||
Tim Hortons, Inc. | 7,000 | 176,190 | |||||||||
WMS Industries, Inc.* | 1,100 | 27,500 | |||||||||
Wynn Resorts, Ltd. | 300 | 18,120 | |||||||||
Yum! Brands, Inc. | 1,600 | 46,416 | |||||||||
554,506 |
See Accompanying Notes to Financial Statements.
24
Credit Suisse Large Cap Growth Fund
Schedule of Investments (continued)
October 31, 2008
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
Household Durables (0.5%) | |||||||||||
American Greetings Corp. Class A | 3,200 | $ | 37,376 | ||||||||
Garmin, Ltd. | 1,600 | 35,920 | |||||||||
Lennar Corp. Class A | 500 | 3,870 | |||||||||
Snap-on, Inc. | 1,200 | 44,340 | |||||||||
Tupperware Brands Corp. | 4,000 | 101,200 | |||||||||
Whirlpool Corp. | 300 | 13,995 | |||||||||
236,701 | |||||||||||
Household Products (1.2%) | |||||||||||
Church & Dwight Co., Inc. | 3,400 | 200,906 | |||||||||
Clorox Co. | 300 | 18,243 | |||||||||
Colgate-Palmolive Co. | 400 | 25,104 | |||||||||
Kimberly-Clark Corp. | 300 | 18,387 | |||||||||
The Procter & Gamble Co. | 6,000 | 387,240 | |||||||||
649,880 | |||||||||||
Industrial Conglomerates (0.8%) | |||||||||||
3M Co. | 800 | 51,440 | |||||||||
General Electric Co. | 1,100 | 21,461 | |||||||||
Honeywell International, Inc. | 7,100 | 216,195 | |||||||||
KBR, Inc. | 1,300 | 19,292 | |||||||||
Reynolds American, Inc. | 700 | 34,272 | |||||||||
Textron, Inc. | 1,600 | 28,320 | |||||||||
Tyco International, Ltd. | 1,000 | 25,280 | |||||||||
Walter Industries, Inc. | 200 | 7,750 | |||||||||
404,010 | |||||||||||
Insurance (5.1%) | |||||||||||
ACE, Ltd. | 2,500 | 143,400 | |||||||||
Aflac, Inc. | 19,700 | 872,316 | |||||||||
American Financial Group, Inc. | 800 | 18,184 | |||||||||
Aon Corp. | 800 | 33,840 | |||||||||
Arthur J. Gallagher & Co. | 5,100 | 124,236 | |||||||||
Assurant, Inc. | 200 | 5,096 | |||||||||
CNA Financial Corp. | 500 | 7,780 | |||||||||
Endurance Specialty Holdings, Ltd. | 1,200 | 36,288 | |||||||||
Hanover Insurance Group, Inc. | 1,000 | 39,250 | |||||||||
Loews Corp. | 800 | 26,568 | |||||||||
Marsh & McLennan Companies, Inc. | 1,800 | 52,776 | |||||||||
MetLife, Inc. | 1,000 | 33,220 | |||||||||
PartnerRe, Ltd. | 1,000 | 67,690 | |||||||||
Prudential Financial, Inc. | 900 | 27,000 | |||||||||
Reinsurance Group of America, Inc. Class A | 1,400 | 52,276 | |||||||||
StanCorp Financial Group, Inc. | 1,700 | 57,936 | |||||||||
The Allstate Corp. | 16,800 | 443,352 | |||||||||
The Chubb Corp. | 500 | 25,910 | |||||||||
The Progressive Corp. | 100 | 1,427 | |||||||||
The Travelers Companies, Inc. | 4,900 | 208,495 | |||||||||
Torchmark Corp. | 3,300 | 137,841 |
See Accompanying Notes to Financial Statements.
25
Credit Suisse Large Cap Growth Fund
Schedule of Investments (continued)
October 31, 2008
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
Insurance | |||||||||||
Transatlantic Holdings, Inc. | 2,500 | $ | 107,125 | ||||||||
Unum Group | 8,200 | 129,150 | |||||||||
W.R. Berkley Corp. | 300 | 7,881 | |||||||||
2,659,037 | |||||||||||
Internet & Catalog Retail (0.0%) | |||||||||||
Amazon.com, Inc.* | 300 | 17,172 | |||||||||
Priceline.com, Inc.* | 100 | 5,263 | |||||||||
22,435 | |||||||||||
Internet Software & Services (1.2%) | |||||||||||
Digital River, Inc.* | 700 | 17,346 | |||||||||
eBay, Inc.* | 1,000 | 15,270 | |||||||||
Google, Inc. Class A* | 300 | 107,808 | |||||||||
McAfee, Inc.* | 300 | 9,765 | |||||||||
Sohu.com, Inc.* | 8,700 | 477,978 | |||||||||
Yahoo!, Inc.* | 2,100 | 26,922 | |||||||||
655,089 | |||||||||||
IT Consulting & Services (0.6%) | |||||||||||
Accenture, Ltd. Class A | 2,200 | 72,710 | |||||||||
Automatic Data Processing, Inc. | 1,600 | 55,920 | |||||||||
Cognizant Technology Solutions Corp. Class A* | 3,300 | 63,360 | |||||||||
IHS, Inc. Class A* | 800 | 28,312 | |||||||||
Lender Processing Services, Inc. | 3,800 | 87,666 | |||||||||
Paychex, Inc. | 600 | 17,124 | |||||||||
SAIC, Inc.* | 400 | 7,388 | |||||||||
332,480 | |||||||||||
Leisure Equipment & Products (0.0%) | |||||||||||
Marvel Entertainment, Inc.* | 100 | 3,219 | |||||||||
Machinery (2.0%) | |||||||||||
AGCO Corp.* | 9,500 | 299,440 | |||||||||
Bucyrus International, Inc. | 700 | 16,891 | |||||||||
Caterpillar, Inc. | 300 | 11,451 | |||||||||
Cummins, Inc. | 8,926 | 230,737 | |||||||||
Danaher Corp. | 300 | 17,772 | |||||||||
Deere & Co. | 300 | 11,568 | |||||||||
Donaldson Co., Inc. | 200 | 7,030 | |||||||||
Dover Corp. | 5,700 | 181,089 | |||||||||
Eaton Corp. | 300 | 13,380 | |||||||||
Gardner Denver, Inc.* | 2,000 | 51,240 | |||||||||
Harsco Corp. | 4,400 | 104,148 | |||||||||
Illinois Tool Works, Inc. | 300 | 10,017 | |||||||||
Ingersoll-Rand Company, Ltd. Class A | 207 | 3,819 | |||||||||
Joy Global, Inc. | 1,700 | 49,266 | |||||||||
Lincoln Electric Holdings, Inc. | 300 | 12,945 | |||||||||
The Manitowoc Co., Inc. | 3,000 | 29,520 | |||||||||
The Timken Co. | 500 | 7,940 | |||||||||
1,058,253 |
See Accompanying Notes to Financial Statements.
26
Credit Suisse Large Cap Growth Fund
Schedule of Investments (continued)
October 31, 2008
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
Marine (0.6%) | |||||||||||
Kirby Corp.* | 8,200 | $ | 281,424 | ||||||||
Overseas Shipholding Group, Inc. | 200 | 7,516 | |||||||||
288,940 | |||||||||||
Media (1.8%) | |||||||||||
CBS Corp. Class B | 1,900 | 18,449 | |||||||||
DIRECTV Group, Inc.* | 5,500 | 120,395 | |||||||||
DISH Network Corp. Class A* | 4,800 | 75,552 | |||||||||
Interactive Data Corp. | 3,700 | 87,246 | |||||||||
John Wiley & Sons, Inc. Class A | 1,400 | 48,692 | |||||||||
Lamar Advertising Co. Class A* | 800 | 12,136 | |||||||||
Liberty Media Corp. - Capital Series A* | 7,700 | 52,437 | |||||||||
Liberty Media Corp. - Entertainment Series A* | 3,900 | 62,790 | |||||||||
News Corp. Class A | 13,000 | 138,320 | |||||||||
News Corp. Class B | 9,800 | 104,076 | |||||||||
Omnicom Group, Inc. | 400 | 11,816 | |||||||||
Regal Entertainment Group Class A | 5,000 | 64,200 | |||||||||
Sirius XM Radio, Inc.* | 30,220 | 10,214 | |||||||||
The Interpublic Group of Companies, Inc.* | 1,400 | 7,266 | |||||||||
The Walt Disney Co. | 500 | 12,950 | |||||||||
Time Warner, Inc. | 900 | 9,081 | |||||||||
Viacom, Inc. Class A* | 5,700 | 122,265 | |||||||||
Warner Music Group Corp. | 100 | 414 | |||||||||
958,299 | |||||||||||
Metals & Mining (1.8%) | |||||||||||
AK Steel Holding Corp. | 3,300 | 45,936 | |||||||||
Alpha Natural Resources, Inc.* | 3,900 | 139,503 | |||||||||
Arch Coal, Inc. | 3,600 | 77,076 | |||||||||
Compass Minerals International, Inc. | 2,100 | 115,353 | |||||||||
CONSOL Energy, Inc. | 400 | 12,556 | |||||||||
Foundation Coal Holdings, Inc. | 2,400 | 49,824 | |||||||||
Freeport-McMoRan Copper & Gold, Inc. | 470 | 13,677 | |||||||||
Massey Energy Co. | 2,100 | 48,489 | |||||||||
Newmont Mining Corp. | 3,300 | 86,922 | |||||||||
Nucor Corp. | 1,200 | 48,612 | |||||||||
Patriot Coal Corp.* | 6,300 | 99,729 | |||||||||
Peabody Energy Corp. | 400 | 13,804 | |||||||||
Schnitzer Steel Industries, Inc. Class A | 500 | 13,465 | |||||||||
Southern Copper Corp. | 2,500 | 36,400 | |||||||||
Stillwater Mining Co.* | 200 | 792 | |||||||||
United States Steel Corp. | 900 | 33,192 | |||||||||
Worthington Industries, Inc. | 7,400 | 89,318 | |||||||||
924,648 | |||||||||||
Multi-Utilities (0.4%) | |||||||||||
Avista Corp. | 2,400 | 47,664 | |||||||||
Duke Energy Corp. | 9,000 | 147,420 | |||||||||
Vectren Corp. | 400 | 10,080 | |||||||||
205,164 |
See Accompanying Notes to Financial Statements.
27
Credit Suisse Large Cap Growth Fund
Schedule of Investments (continued)
October 31, 2008
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
Multiline Retail (4.2%) | |||||||||||
Big Lots, Inc.* | 19,800 | $ | 483,714 | ||||||||
BJ's Wholesale Club, Inc.* | 10,300 | 362,560 | |||||||||
Costco Wholesale Corp. | 3,300 | 188,133 | |||||||||
Dollar Tree, Inc.* | 6,200 | 235,724 | |||||||||
Family Dollar Stores, Inc. | 13,900 | 374,049 | |||||||||
Target Corp. | 300 | 12,036 | |||||||||
Wal-Mart Stores, Inc. | 9,500 | 530,195 | |||||||||
2,186,411 | |||||||||||
Oil & Gas (3.2%) | |||||||||||
Cabot Oil & Gas Corp. | 300 | 8,421 | |||||||||
Chevron Corp. | 4,400 | 328,240 | |||||||||
Cimarex Energy Co. | 2,000 | 80,920 | |||||||||
ConocoPhillips | 1,000 | 52,020 | |||||||||
El Paso Corp. | 1,200 | 11,640 | |||||||||
Enbridge Energy Partners LP | 400 | 15,488 | |||||||||
Enbridge, Inc. | 600 | 20,760 | |||||||||
Exxon Mobil Corp. | 3,700 | 274,244 | |||||||||
Frontier Oil Corp. | 400 | 5,284 | |||||||||
Murphy Oil Corp. | 4,900 | 248,136 | |||||||||
Noble Energy | 100 | 5,182 | |||||||||
Occidental Petroleum Corp. | 700 | 38,878 | |||||||||
Petro-Canada | 5,600 | 139,776 | |||||||||
Pioneer Natural Resources Co. | 200 | 5,566 | |||||||||
Quicksilver Resources, Inc.* | 1,400 | 14,658 | |||||||||
Royal Dutch Shell PLC ADR | 900 | 50,229 | |||||||||
Stone Energy Corp.* | 4,010 | 121,663 | |||||||||
Tesoro Corp. | 500 | 4,835 | |||||||||
The Williams Companies, Inc. | 600 | 12,582 | |||||||||
Transocean, Inc.* | 400 | 32,932 | |||||||||
W&T Offshore, Inc. | 10,600 | 203,202 | |||||||||
Whiting Petroleum Corp.* | 100 | 5,199 | |||||||||
XTO Energy, Inc. | 300 | 10,785 | |||||||||
1,690,640 | |||||||||||
Personal Products (0.4%) | |||||||||||
Alberto-Culver Co. | 3,100 | 79,763 | |||||||||
Avon Products, Inc. | 1,000 | 24,830 | |||||||||
Sally Beauty Holdings, Inc.* | 400 | 2,032 | |||||||||
The Estee Lauder Companies Inc. Class A | 2,800 | 100,912 | |||||||||
207,537 | |||||||||||
Pharmaceuticals (5.9%) | |||||||||||
Abbott Laboratories | 2,700 | 148,905 | |||||||||
Allergan, Inc. | 300 | 11,901 | |||||||||
Bristol-Myers Squibb Co. | 13,100 | 269,205 | |||||||||
Eli Lilly & Co. | 13,600 | 459,952 | |||||||||
Endo Pharmaceuticals Holdings, Inc.* | 8,900 | 164,650 | |||||||||
Forest Laboratories, Inc.* | 2,200 | 51,106 |
See Accompanying Notes to Financial Statements.
28
Credit Suisse Large Cap Growth Fund
Schedule of Investments (continued)
October 31, 2008
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
Pharmaceuticals | |||||||||||
Johnson & Johnson | 1,300 | $ | 79,742 | ||||||||
Medco Health Solutions, Inc.* | 962 | 36,508 | |||||||||
Medicis Pharmaceutical Corp. Class A | 2,700 | 38,529 | |||||||||
Merck & Co., Inc. | 7,400 | 229,030 | |||||||||
Mylan, Inc.* | 600 | 5,142 | |||||||||
Perrigo Co. | 1,700 | 57,800 | |||||||||
Pfizer, Inc. | 55,200 | 977,592 | |||||||||
Valeant Pharmaceuticals International*§ | 8,900 | 167,053 | |||||||||
Warner Chilcott, Ltd. Class A* | 1,000 | 13,870 | |||||||||
Watson Pharmaceuticals, Inc.* | 14,900 | 389,933 | |||||||||
3,100,918 | |||||||||||
Real Estate (0.1%) | |||||||||||
CB Richard Ellis Group, Inc. Class A* | 1,000 | 7,010 | |||||||||
Jones Lang LaSalle, Inc. | 800 | 26,336 | |||||||||
The St. Joe Co.* | 1,000 | 30,920 | |||||||||
64,266 | |||||||||||
Road & Rail (0.4%) | |||||||||||
Burlington Northern Santa Fe Corp. | 300 | 26,718 | |||||||||
Union Pacific Corp. | 300 | 20,031 | |||||||||
Werner Enterprises, Inc. | 9,500 | 186,390 | |||||||||
233,139 | |||||||||||
Semiconductor Equipment & Products (5.6%) | |||||||||||
Advanced Micro Devices, Inc.* | 300 | 1,050 | |||||||||
Analog Devices, Inc. | 19,900 | 425,064 | |||||||||
Applied Materials, Inc. | 3,700 | 47,767 | |||||||||
Atmel Corp.* | 1,000 | 4,150 | |||||||||
Broadcom Corp. Class A* | 2,900 | 49,532 | |||||||||
Cree, Inc.* | 200 | 3,926 | |||||||||
First Solar, Inc.* | 200 | 28,740 | |||||||||
Integrated Device Technology, Inc.* | 9,200 | 58,512 | |||||||||
Intel Corp. | 74,000 | 1,184,000 | |||||||||
Lam Research Corp.* | 900 | 20,124 | |||||||||
Marvell Technology Group, Ltd.* | 5,200 | 36,192 | |||||||||
MEMC Electronic Materials, Inc.* | 2,200 | 40,436 | |||||||||
Microchip Technology, Inc. | 700 | 17,241 | |||||||||
Micron Technology, Inc.* | 1,000 | 4,710 | |||||||||
National Semiconductor Corp. | 900 | 11,853 | |||||||||
QLogic Corp.* | 63,400 | 762,068 | |||||||||
Silicon Laboratories, Inc.* | 4,100 | 106,436 | |||||||||
Skyworks Solutions, Inc.* | 400 | 2,852 | |||||||||
STMicroelectronics NV NY Shares§ | 2,600 | 21,476 | |||||||||
Teradyne, Inc.* | 1,000 | 5,100 | |||||||||
Texas Instruments, Inc. | 4,500 | 88,020 | |||||||||
2,919,249 |
See Accompanying Notes to Financial Statements.
29
Credit Suisse Large Cap Growth Fund
Schedule of Investments (continued)
October 31, 2008
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
Software (5.8%) | |||||||||||
Activision Blizzard, Inc.* | 4,400 | $ | 54,824 | ||||||||
Adobe Systems, Inc.* | 2,200 | 58,608 | |||||||||
Autodesk, Inc.* | 7,100 | 151,301 | |||||||||
BMC Software, Inc.* | 20,000 | 516,400 | |||||||||
Cerner Corp.* | 900 | 33,507 | |||||||||
Compuware Corp.* | 2,000 | 12,760 | |||||||||
Electronic Arts, Inc.* | 400 | 9,112 | |||||||||
Gartner, Inc.* | 1,300 | 23,920 | |||||||||
Microsoft Corp. | 93,400 | 2,085,622 | |||||||||
Novell, Inc.* | 1,000 | 4,660 | |||||||||
Oracle Corp.* | 2,600 | 47,554 | |||||||||
Red Hat, Inc.* | 900 | 11,979 | |||||||||
Salesforce.com, Inc.* | 1,200 | 37,152 | |||||||||
VMware, Inc. Class A* | 300 | 9,300 | |||||||||
3,056,699 | |||||||||||
Specialty Retail (7.7%) | |||||||||||
Aaron Rents, Inc. | 4,900 | 121,471 | |||||||||
Abercrombie & Fitch Co. Class A | 400 | 11,584 | |||||||||
Advance Auto Parts, Inc. | 6,600 | 205,920 | |||||||||
Aeropostale, Inc.* | 4,200 | 101,682 | |||||||||
AnnTaylor Stores Corp.* | 700 | 8,799 | |||||||||
AutoZone, Inc.* | 300 | 38,187 | |||||||||
Bare Escentuals, Inc.* | 400 | 1,672 | |||||||||
Best Buy Co., Inc. | 1,900 | 50,939 | |||||||||
Circuit City Stores, Inc. | 300 | 78 | |||||||||
Foot Locker, Inc. | 4,000 | 58,480 | |||||||||
GameStop Corp. Class A* | 7,900 | 216,381 | |||||||||
J. Crew Group, Inc.* | 100 | 2,025 | |||||||||
Limited Brands, Inc. | 2,700 | 32,346 | |||||||||
Lowe's Companies, Inc. | 300 | 6,510 | |||||||||
O'Reilly Automotive, Inc.* | 100 | 2,711 | |||||||||
RadioShack Corp. | 47,600 | 602,616 | |||||||||
Ross Stores, Inc. | 24,700 | 807,443 | |||||||||
Staples, Inc. | 1,600 | 31,088 | |||||||||
The Gap, Inc. | 110,200 | 1,425,988 | |||||||||
The Home Depot, Inc. | 600 | 14,154 | |||||||||
The TJX Companies, Inc. | 6,400 | 171,264 | |||||||||
Tiffany & Co. | 500 | 13,725 | |||||||||
Urban Outfitters, Inc.* | 5,400 | 117,396 | |||||||||
Williams-Sonoma, Inc. | 200 | 1,656 | |||||||||
4,044,115 | |||||||||||
Textiles & Apparel (0.4%) | |||||||||||
Coach, Inc.* | 1,800 | 37,080 | |||||||||
Guess?, Inc. | 100 | 2,177 | |||||||||
NIKE, Inc. Class B | 600 | 34,578 | |||||||||
Phillips-Van Heusen Corp. | 6,200 | 151,962 | |||||||||
225,797 |
See Accompanying Notes to Financial Statements.
30
Credit Suisse Large Cap Growth Fund
Schedule of Investments (continued)
October 31, 2008
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
Tobacco (4.0%) | |||||||||||
Altria Group, Inc. | 66,600 | $ | 1,278,054 | ||||||||
Lorillard, Inc. | 800 | 52,688 | |||||||||
Philip Morris International, Inc. | 16,100 | 699,867 | |||||||||
UST, Inc. | 1,000 | 67,590 | |||||||||
2,098,199 | |||||||||||
Trading Companies & Distributors (0.2%) | |||||||||||
Fastenal Co. | 100 | 4,026 | |||||||||
MSC Industrial Direct Co., Inc. Class A | 3,300 | 118,338 | |||||||||
122,364 | |||||||||||
TOTAL COMMON STOCKS (Cost $66,376,783) | 52,241,824 | ||||||||||
SHORT-TERM INVESTMENT (0.4%) | |||||||||||
State Street Navigator Prime Portfolio§§ (Cost $209,014) | 209,014 | 209,014 | |||||||||
TOTAL INVESTMENTS AT VALUE (100.2%) (Cost $66,585,797) | 52,450,838 | ||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.2%) | (95,757 | ) | |||||||||
NET ASSETS (100.0%) | $ | 52,355,081 |
INVESTMENT ABBREVIATION
ADR = American Depositary Receipt
* Non-income producing security.
§ Security or portion thereof is out on loan.
§§ Represents security purchased with cash collateral received for securities on loan.
See Accompanying Notes to Financial Statements.
31
Credit Suisse Mid-Cap Core Fund
Schedule of Investments
October 31, 2008
Number of Shares | Value | ||||||||||
COMMON STOCKS (99.9%) | |||||||||||
Aerospace & Defense (0.2%) | |||||||||||
Alliant Techsystems, Inc.* | 2,000 | $ | 165,080 | ||||||||
BE Aerospace, Inc.* | 2,800 | 36,036 | |||||||||
201,116 | |||||||||||
Airlines (0.7%) | |||||||||||
AirTran Holdings, Inc.* | 14,200 | 58,078 | |||||||||
Alaska Air Group, Inc.* | 16,100 | 397,670 | |||||||||
Continental Airlines, Inc. Class B* | 200 | 3,784 | |||||||||
JetBlue Airways Corp.* | 22,500 | 124,875 | |||||||||
584,407 | |||||||||||
Auto Components (1.3%) | |||||||||||
ArvinMeritor, Inc. | 5,476 | 32,418 | |||||||||
BorgWarner, Inc. | 30,000 | 674,100 | |||||||||
Federal Signal Corp. | 6,100 | 51,911 | |||||||||
Lear Corp.* | 5,700 | 11,457 | |||||||||
Modine Manufacturing Co. | 4,200 | 31,080 | |||||||||
WABCO Holdings, Inc. | 5,300 | 97,361 | |||||||||
Wabtec Corp. | 7,600 | 302,176 | |||||||||
1,200,503 | |||||||||||
Automobiles (0.1%) | |||||||||||
Avis Budget Group, Inc.* | 15,000 | 24,600 | |||||||||
Thor Industries, Inc. | 2,600 | 46,540 | |||||||||
71,140 | |||||||||||
Banks (4.7%) | |||||||||||
Associated Banc-Corp. | 3,110 | 68,607 | |||||||||
Astoria Financial Corp. | 26,601 | 505,951 | |||||||||
Bank of Hawaii Corp. | 13,000 | 659,230 | |||||||||
Cathay General Bancorp | 6,300 | 154,224 | |||||||||
Commerce Bancshares, Inc. | 1,900 | 89,832 | |||||||||
Cullen/Frost Bankers, Inc. | 4,816 | 269,551 | |||||||||
First Niagara Financial Group, Inc. | 1,727 | 27,235 | |||||||||
FirstMerit Corp. | 2,567 | 59,862 | |||||||||
Hudson City Bancorp, Inc. | 16,000 | 300,960 | |||||||||
KeyCorp | 2,100 | 25,683 | |||||||||
New York Community Bancorp, Inc. | 10,300 | 161,298 | |||||||||
Old National Bancorp | 500 | 9,470 | |||||||||
PacWest Bancorp | 5,600 | 139,944 | |||||||||
Sovereign Bancorp, Inc.* | 2,500 | 7,250 | |||||||||
SunTrust Banks, Inc. | 900 | 36,126 | |||||||||
SVB Financial Group* | 8,800 | 452,760 | |||||||||
Synovus Financial Corp. | 43,100 | 445,223 | |||||||||
TCF Financial Corp. | 5,200 | 92,248 | |||||||||
The Colonial BancGroup, Inc. | 28,400 | 115,304 | |||||||||
Valley National Bancorp | 900 | 17,100 | |||||||||
Washington Federal, Inc. | 2,727 | 48,050 |
See Accompanying Notes to Financial Statements.
32
Credit Suisse Mid-Cap Core Fund
Schedule of Investments (continued)
October 31, 2008
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
Banks | |||||||||||
Webster Financial Corp. | 11,700 | $ | 216,918 | ||||||||
Westamerica BanCorporation | 3,500 | 200,375 | |||||||||
Wilmington Trust Corp. | 3,944 | 113,824 | |||||||||
4,217,025 | |||||||||||
Beverages (1.0%) | |||||||||||
Anheuser-Busch Companies, Inc. | 2,700 | 167,481 | |||||||||
Hansen Natural Corp.* | 7,700 | 194,964 | |||||||||
PepsiAmericas, Inc. | 26,994 | 510,996 | |||||||||
873,441 | |||||||||||
Biotechnology (3.6%) | |||||||||||
Applied Biosystems, Inc. | 5,700 | 175,731 | |||||||||
Cephalon, Inc.* | 6,400 | 459,008 | |||||||||
Charles River Laboratories International, Inc.* | 6,300 | 225,729 | |||||||||
IDEXX Laboratories, Inc.* | 200 | 7,038 | |||||||||
Invitrogen Corp.* | 57,164 | 1,645,752 | |||||||||
Myriad Genetics, Inc.* | 8,200 | 517,338 | |||||||||
PDL BioPharma, Inc. | 1,300 | 12,675 | |||||||||
Vertex Pharmaceuticals, Inc.* | 6,900 | 180,849 | |||||||||
3,224,120 | |||||||||||
Building Products (0.5%) | |||||||||||
Crane Co. | 24,800 | 405,976 | |||||||||
Chemicals (3.5%) | |||||||||||
Airgas, Inc. | 13,200 | 506,352 | |||||||||
CF Industries Holdings, Inc. | 700 | 44,933 | |||||||||
Chemtura Corp. | 29,700 | 51,381 | |||||||||
Cytec Industries, Inc. | 3,749 | 106,172 | |||||||||
Ferro Corp. | 24,300 | 376,164 | |||||||||
FMC Corp. | 29,300 | 1,275,722 | |||||||||
Lubrizol Corp. | 3,400 | 127,772 | |||||||||
Minerals Technologies, Inc. | 3,400 | 192,984 | |||||||||
Olin Corp. | 24,600 | 446,736 | |||||||||
OM Group, Inc.* | 400 | 8,536 | |||||||||
The Valspar Corp. | 600 | 12,270 | |||||||||
3,149,022 | |||||||||||
Commercial Services & Supplies (3.2%) | |||||||||||
Alliance Data Systems Corp.* | 6,400 | 321,024 | |||||||||
Con-way, Inc. | 4,900 | 166,796 | |||||||||
Darling International, Inc.* | 3,600 | 27,144 | |||||||||
DeVry, Inc. | 2,800 | 158,732 | |||||||||
DST Systems, Inc.* | 600 | 24,348 | |||||||||
Dun & Bradstreet Corp. | 200 | 14,738 | |||||||||
Global Payments, Inc. | 3,400 | 137,734 | |||||||||
H&R Block, Inc. | 3,500 | 69,020 | |||||||||
Herman Miller, Inc. | 11,400 | 250,800 | |||||||||
ITT Educational Services, Inc.* | 1,500 | 131,475 |
See Accompanying Notes to Financial Statements.
33
Credit Suisse Mid-Cap Core Fund
Schedule of Investments (continued)
October 31, 2008
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
Commercial Services & Supplies | |||||||||||
Korn/Ferry International* | 11,600 | $ | 161,124 | ||||||||
Manpower, Inc. | 3,800 | 118,294 | |||||||||
Republic Services, Inc. | 5,700 | 135,090 | |||||||||
Rollins, Inc. | 3,500 | 61,495 | |||||||||
Sotheby's | 7,800 | 72,618 | |||||||||
Stericycle, Inc.* | 2,400 | 140,232 | |||||||||
Strayer Education, Inc. | 900 | 203,643 | |||||||||
The Brink's Co. | 8,800 | 426,712 | |||||||||
The Corporate Executive Board Co. | 5,110 | 152,431 | |||||||||
Valassis Communications, Inc.* | 6,358 | 28,230 | |||||||||
Waste Management, Inc. | 1,500 | 46,845 | |||||||||
2,848,525 | |||||||||||
Communications Equipment (0.7%) | |||||||||||
3Com Corp.* | 46,700 | 127,491 | |||||||||
ADC Telecommunications, Inc.* | 12,400 | 78,616 | |||||||||
CommScope, Inc.* | 774 | 11,385 | |||||||||
Foundry Networks, Inc.* | 13,200 | 196,020 | |||||||||
Plantronics, Inc. | 13,400 | 193,496 | |||||||||
Unity Wireless Corp.* | 712,201 | 271 | |||||||||
607,279 | |||||||||||
Computers & Peripherals (3.1%) | |||||||||||
NCR Corp.* | 26,300 | 480,764 | |||||||||
Palm, Inc.* | 13,300 | 53,067 | |||||||||
Western Digital Corp.* | 137,300 | 2,265,450 | |||||||||
2,799,281 | |||||||||||
Construction & Engineering (0.2%) | |||||||||||
Dycom Industries, Inc.* | 10,100 | 89,688 | |||||||||
Quanta Services, Inc.* | 357 | 7,054 | |||||||||
The Shaw Group, Inc.* | 2,900 | 51,881 | |||||||||
URS Corp.* | 400 | 11,756 | |||||||||
160,379 | |||||||||||
Construction Materials (0.0%) | |||||||||||
Martin Marietta Materials, Inc. | 300 | 23,514 | |||||||||
Containers & Packaging (1.4%) | |||||||||||
Greif, Inc. Class A | 3,600 | 146,088 | |||||||||
Packaging Corp. of America | 40,600 | 683,298 | |||||||||
Sonoco Products Co. | 13,200 | 332,376 | |||||||||
Temple-Inland, Inc. | 11,600 | 68,788 | |||||||||
1,230,550 | |||||||||||
Distributor (0.1%) | |||||||||||
CarMax, Inc.* | 4,200 | 44,604 |
See Accompanying Notes to Financial Statements.
34
Credit Suisse Mid-Cap Core Fund
Schedule of Investments (continued)
October 31, 2008
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
Diversified Financials (3.6%) | |||||||||||
AmeriCredit Corp.* | 13,800 | $ | 80,868 | ||||||||
Ameriprise Financial, Inc. | 1,800 | 38,880 | |||||||||
Apollo Investment Corp. | 17,400 | 229,332 | |||||||||
BlackRock, Inc. | 300 | 39,402 | |||||||||
Broadridge Financial Solutions, Inc. | 55,300 | 669,130 | |||||||||
Eaton Vance Corp. | 6,600 | 145,200 | |||||||||
Federated Investors, Inc. Class B | 6,100 | 147,620 | |||||||||
Franklin Resources, Inc. | 700 | 47,600 | |||||||||
IndyMac Bancorp, Inc.§ | 100 | 6 | |||||||||
Investment Technology Group, Inc.* | 2,000 | 40,820 | |||||||||
Janus Capital Group, Inc. | 5,500 | 64,570 | |||||||||
Jefferies Group, Inc. | 14,900 | 235,867 | |||||||||
Raymond James Financial, Inc. | 14,574 | 339,428 | |||||||||
SEI Investments Co. | 1,700 | 30,056 | |||||||||
TD Ameritrade Holding Corp.* | 600 | 7,974 | |||||||||
Waddell & Reed Financial, Inc. Class A | 74,990 | 1,088,855 | |||||||||
3,205,608 | |||||||||||
Diversified Telecommunication Services (0.1%) | |||||||||||
Cincinnati Bell, Inc.* | 29,300 | 70,027 | |||||||||
NeuStar, Inc. Class A* | 700 | 13,790 | |||||||||
83,817 | |||||||||||
Electric Utilities (1.4%) | |||||||||||
Alliant Energy Corp. | 12,800 | 376,064 | |||||||||
Black Hills Corp. | 5,200 | 131,300 | |||||||||
DPL, Inc. | 6,100 | 139,141 | |||||||||
Great Plains Energy, Inc. | 730 | 14,191 | |||||||||
Hawaiian Electric Industries, Inc. | 1,500 | 39,930 | |||||||||
Mirant Corp.* | 600 | 10,512 | |||||||||
Northeast Utilities | 4,700 | 106,032 | |||||||||
NRG Energy, Inc.* | 1,600 | 37,200 | |||||||||
NSTAR | 1,634 | 54,004 | |||||||||
OGE Energy Corp. | 1,100 | 30,030 | |||||||||
Puget Energy, Inc. | 13,102 | 306,980 | |||||||||
1,245,384 | |||||||||||
Electronic Equipment & Instruments (1.8%) | |||||||||||
AMETEK, Inc. | 2,856 | 94,962 | |||||||||
Arrow Electronics, Inc.* | 400 | 6,980 | |||||||||
Avnet, Inc.* | 10,700 | 179,118 | |||||||||
Benchmark Electronics, Inc.* | 4,700 | 56,353 | |||||||||
Diebold, Inc. | 300 | 8,916 | |||||||||
Energizer Holdings, Inc.* | 100 | 4,886 | |||||||||
FLIR Systems, Inc.* | 8,400 | 269,640 | |||||||||
Ingram Micro, Inc. Class A* | 9,400 | 125,302 | |||||||||
Intersil Corp. Class A | 9,300 | 127,317 | |||||||||
KEMET Corp.* | 10,700 | 6,313 | |||||||||
Roper Industries, Inc. | 2,900 | 131,515 |
See Accompanying Notes to Financial Statements.
35
Credit Suisse Mid-Cap Core Fund
Schedule of Investments (continued)
October 31, 2008
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
Electronic Equipment & Instruments | |||||||||||
Thomas & Betts Corp.* | 2,312 | $ | 54,910 | ||||||||
Trimble Navigation, Ltd.* | 200 | 4,114 | |||||||||
Varian, Inc.* | 14,500 | 534,325 | |||||||||
1,604,651 | |||||||||||
Energy Equipment & Services (3.0%) | |||||||||||
FMC Technologies, Inc.* | 14,100 | 493,359 | |||||||||
Helmerich & Payne, Inc. | 9,100 | 312,221 | |||||||||
Patterson-UTI Energy, Inc. | 22,100 | 293,267 | |||||||||
Pride International, Inc.* | 4,400 | 82,676 | |||||||||
Superior Energy Services, Inc.* | 2,900 | 61,828 | |||||||||
Tidewater, Inc. | 32,400 | 1,412,964 | |||||||||
2,656,315 | |||||||||||
Food & Drug Retailing (2.2%) | |||||||||||
Terra Industries, Inc. | 90,100 | 1,981,299 | |||||||||
Food Products (3.2%) | |||||||||||
Corn Products International, Inc. | 53,100 | 1,291,392 | |||||||||
Herbalife, Ltd. | 10,500 | 256,515 | |||||||||
Hormel Foods Corp. | 1,400 | 39,564 | |||||||||
Ralcorp Holdings, Inc.* | 12,300 | 832,464 | |||||||||
Sensient Technologies Corp. | 8,000 | 201,840 | |||||||||
The J.M. Smucker Co. | 4,100 | 182,696 | |||||||||
Tootsie Roll Industries, Inc. | 3,300 | 82,071 | |||||||||
2,886,542 | |||||||||||
Gas Utilities (0.8%) | |||||||||||
Energen Corp. | 6,200 | 208,134 | |||||||||
Kinder Morgan Management LLC* | 1,500 | 74,925 | |||||||||
MDU Resources Group, Inc. | 6,500 | 118,365 | |||||||||
National Fuel Gas Co. | 4,400 | 159,236 | |||||||||
ONEOK, Inc. | 1,600 | 51,040 | |||||||||
Piedmont Natural Gas Co., Inc. | 200 | 6,584 | |||||||||
UGI Corp. | 4,300 | 102,641 | |||||||||
WGL Holdings, Inc. | 100 | 3,219 | |||||||||
724,144 | |||||||||||
Healthcare Equipment & Supplies (1.6%) | |||||||||||
Beckman Coulter, Inc. | 500 | 24,960 | |||||||||
Boston Scientific Corp.* | 1,900 | 17,157 | |||||||||
DENTSPLY International, Inc. | 16,400 | 498,232 | |||||||||
Edwards Lifesciences Corp.* | 300 | 15,852 | |||||||||
Hill-Rom Holdings, Inc. | 7,200 | 163,872 | |||||||||
Hologic, Inc.* | 2,500 | 30,600 | |||||||||
Kinetic Concepts, Inc.* | 7,900 | 191,259 | |||||||||
STERIS Corp. | 13,784 | 469,207 | |||||||||
1,411,139 |
See Accompanying Notes to Financial Statements.
36
Credit Suisse Mid-Cap Core Fund
Schedule of Investments (continued)
October 31, 2008
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
Healthcare Providers & Services (3.3%) | |||||||||||
CIGNA Corp. | 2,100 | $ | 34,230 | ||||||||
Community Health Systems, Inc.* | 8,000 | 164,000 | |||||||||
Covance, Inc.* | 2,100 | 105,000 | |||||||||
Express Scripts, Inc.* | 600 | 36,366 | |||||||||
Health Management Associates, Inc. Class A* | 30,300 | 63,630 | |||||||||
Health Net, Inc.* | 25 | 322 | |||||||||
Henry Schein, Inc.* | 4,600 | 215,326 | |||||||||
Humana, Inc.* | 1,600 | 47,344 | |||||||||
Kindred Healthcare, Inc.* | 25,100 | 363,699 | |||||||||
LifePoint Hospitals, Inc.* | 11,000 | 263,670 | |||||||||
Lincare Holdings, Inc.* | 4,100 | 108,035 | |||||||||
Omnicare, Inc. | 2,500 | 68,925 | |||||||||
Pharmaceutical Product Development, Inc. | 5,700 | 176,586 | |||||||||
Universal Health Services, Inc. Class B | 13,500 | 567,540 | |||||||||
WellCare Health Plans, Inc.* | 31,700 | 766,189 | |||||||||
2,980,862 | |||||||||||
Hotels, Restaurants & Leisure (0.5%) | |||||||||||
Boyd Gaming Corp. | 12,500 | 85,000 | |||||||||
Chipotle Mexican Grill, Inc. Class A*§ | 4,200 | 213,150 | |||||||||
Las Vegas Sands Corp.*§ | 300 | 4,257 | |||||||||
LIFE TIME FITNESS, Inc.* | 4,100 | 78,064 | |||||||||
Scientific Games Corp. Class A* | 1,600 | 28,800 | |||||||||
409,271 | |||||||||||
Household Durables (1.7%) | |||||||||||
American Greetings Corp. Class A | 9,600 | 112,128 | |||||||||
Blyth, Inc. | 93 | 800 | |||||||||
Furniture Brands International, Inc. | 25,500 | 145,095 | |||||||||
Harman International Industries, Inc. | 6,700 | 123,079 | |||||||||
HNI Corp. | 6,400 | 117,248 | |||||||||
Hovnanian Enterprises, Inc. Class A* | 4,600 | 19,734 | |||||||||
KB HOME | 2,900 | 48,401 | |||||||||
Lennar Corp. Class A | 6,500 | 50,310 | |||||||||
Mohawk Industries, Inc.* | 400 | 19,352 | |||||||||
NVR, Inc.* | 700 | 343,147 | |||||||||
The Ryland Group, Inc. | 1,036 | 19,466 | |||||||||
Toll Brothers, Inc.* | 400 | 9,248 | |||||||||
Tupperware Brands Corp. | 18,900 | 478,170 | |||||||||
1,486,178 | |||||||||||
Household Products (0.4%) | |||||||||||
Church & Dwight Co., Inc. | 2,600 | 153,634 | |||||||||
The Procter & Gamble Co. | 3,300 | 212,982 | |||||||||
366,616 | |||||||||||
Industrial Conglomerates (0.3%) | |||||||||||
Carlisle Companies, Inc. | 3,200 | 74,400 | |||||||||
KBR, Inc. | 2,200 | 32,648 |
See Accompanying Notes to Financial Statements.
37
Credit Suisse Mid-Cap Core Fund
Schedule of Investments (continued)
October 31, 2008
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
Industrial Conglomerates | |||||||||||
Teleflex, Inc. | 2,400 | $ | 127,176 | ||||||||
Textron, Inc. | 400 | 7,080 | |||||||||
Walter Industries, Inc. | 100 | 3,875 | |||||||||
245,179 | |||||||||||
Insurance (6.1%) | |||||||||||
ACE, Ltd. | 1,300 | 74,568 | |||||||||
Ambac Financial Group, Inc. | 9,000 | 24,120 | |||||||||
American Financial Group, Inc. | 52,250 | 1,187,642 | |||||||||
Aon Corp. | 900 | 38,070 | |||||||||
Arthur J. Gallagher & Co. | 14,752 | 359,359 | |||||||||
Assurant, Inc. | 1,800 | 45,864 | |||||||||
CNA Financial Corp. | 2,200 | 34,232 | |||||||||
Conseco, Inc.* | 7,500 | 13,950 | |||||||||
Endurance Specialty Holdings, Ltd. | 1,800 | 54,432 | |||||||||
Everest Re Group, Ltd. | 3,100 | 231,570 | |||||||||
Fidelity National Financial, Inc. Class A | 5,300 | 47,753 | |||||||||
First American Corp. | 2,900 | 59,189 | |||||||||
Hanover Insurance Group, Inc. | 21,449 | 841,873 | |||||||||
HCC Insurance Holdings, Inc. | 28,700 | 633,122 | |||||||||
Horace Mann Educators Corp. | 10,100 | 80,396 | |||||||||
Mercury General Corp. | 1,400 | 71,918 | |||||||||
Old Republic International Corp. | 1,400 | 12,894 | |||||||||
Protective Life Corp. | 1,200 | 10,020 | |||||||||
Radian Group, Inc. | 2,700 | 9,720 | |||||||||
Reinsurance Group of America, Inc. Class A | 2,100 | 78,414 | |||||||||
RenaissanceRe Holdings, Ltd. | 500 | 22,950 | |||||||||
StanCorp Financial Group, Inc. | 9,886 | 336,915 | |||||||||
The Chubb Corp. | 1,100 | 57,002 | |||||||||
The PMI Group, Inc. | 10,800 | 26,892 | |||||||||
The Progressive Corp. | 1,500 | 21,405 | |||||||||
The Travelers Companies, Inc. | 1,500 | 63,825 | |||||||||
Transatlantic Holdings, Inc. | 600 | 25,710 | |||||||||
Unitrin, Inc. | 3,664 | 76,944 | |||||||||
Unum Group | 1,800 | 28,350 | |||||||||
W.R. Berkley Corp. | 34,150 | 897,121 | |||||||||
XL Capital, Ltd. Class A | 1,000 | 9,700 | |||||||||
5,475,920 | |||||||||||
Internet & Catalog Retail (0.0%) | |||||||||||
Coldwater Creek, Inc.* | 5,100 | 18,309 | |||||||||
Internet Software & Services (1.2%) | |||||||||||
Digital River, Inc.* | 9,400 | 232,932 | |||||||||
McAfee, Inc.* | 2,300 | 74,865 | |||||||||
Sohu.com, Inc.* | 14,300 | 785,642 | |||||||||
1,093,439 |
See Accompanying Notes to Financial Statements.
38
Credit Suisse Mid-Cap Core Fund
Schedule of Investments (continued)
October 31, 2008
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
IT Consulting & Services (0.5%) | |||||||||||
Acxiom Corp. | 9,900 | $ | 77,814 | ||||||||
Lender Processing Services, Inc. | 14,000 | 322,980 | |||||||||
400,794 | |||||||||||
Leisure Equipment & Products (0.3%) | |||||||||||
Brunswick Corp. | 2,000 | 6,940 | |||||||||
Callaway Golf Co. | 8,900 | 93,094 | |||||||||
Marvel Entertainment, Inc.* | 6,100 | 196,359 | |||||||||
296,393 | |||||||||||
Machinery (4.4%) | |||||||||||
AGCO Corp.* | 29,200 | 920,384 | |||||||||
Donaldson Co., Inc. | 1,400 | 49,210 | |||||||||
Harsco Corp. | 7,200 | 170,424 | |||||||||
John Bean Technologies Corp. | 933 | 7,819 | |||||||||
Joy Global, Inc. | 19,500 | 565,110 | |||||||||
Kennametal, Inc. | 4,300 | 91,246 | |||||||||
Lincoln Electric Holdings, Inc. | 5,000 | 215,750 | |||||||||
Nordson Corp. | 5,000 | 184,650 | |||||||||
Reliance Steel & Aluminum Co. | 53,200 | 1,332,128 | |||||||||
SPX Corp. | 1,400 | 54,236 | |||||||||
The Timken Co. | 16,000 | 254,080 | |||||||||
Trinity Industries, Inc. | 3,200 | 54,016 | |||||||||
3,899,053 | |||||||||||
Marine (0.7%) | |||||||||||
Overseas Shipholding Group, Inc. | 15,854 | 595,793 | |||||||||
Media (3.4%) | |||||||||||
Belo Corp. Class A | 8,800 | 18,744 | |||||||||
Entercom Communications Corp. Class A | 1,000 | 670 | |||||||||
Interactive Data Corp. | 10,800 | 254,664 | |||||||||
Lamar Advertising Co. Class A* | 5,400 | 81,918 | |||||||||
Lee Enterprises, Inc.§ | 3,000 | 7,500 | |||||||||
Media General, Inc. | 2,300 | 17,549 | |||||||||
Netflix, Inc.* | 98,300 | 2,433,908 | |||||||||
Scholastic Corp. | 10,900 | 202,413 | |||||||||
3,017,366 | |||||||||||
Metals & Mining (1.5%) | |||||||||||
Alpha Natural Resources, Inc.* | 7,000 | 250,390 | |||||||||
Arch Coal, Inc. | 16,400 | 351,124 | |||||||||
Carpenter Technology Corp. | 4,295 | 77,740 | |||||||||
Cliffs Natural Resources, Inc. | 2,978 | 80,376 | |||||||||
Patriot Coal Corp.* | 16,000 | 253,280 | |||||||||
Steel Dynamics, Inc. | 5,000 | 59,600 | |||||||||
Worthington Industries, Inc. | 24,446 | 295,063 | |||||||||
1,367,573 |
See Accompanying Notes to Financial Statements.
39
Credit Suisse Mid-Cap Core Fund
Schedule of Investments (continued)
October 31, 2008
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
Multi-Utilities (0.1%) | |||||||||||
Vectren Corp. | 3,891 | $ | 98,053 | ||||||||
Westar Energy, Inc. | 227 | 4,424 | |||||||||
102,477 | |||||||||||
Multiline Retail (3.7%) | |||||||||||
99 Cents Only Stores* | 15,300 | 186,660 | |||||||||
BJ's Wholesale Club, Inc.* | 73,800 | 2,597,760 | |||||||||
Dollar Tree, Inc.* | 11,600 | 441,032 | |||||||||
Saks, Inc.* | 18,000 | 108,000 | |||||||||
3,333,452 | |||||||||||
Oil & Gas (2.2%) | |||||||||||
Bill Barrett Corp.* | 3,500 | 71,400 | |||||||||
Cimarex Energy Co. | 13,600 | 550,256 | |||||||||
Continental Resources, Inc.* | 2,500 | 80,975 | |||||||||
Denbury Resources, Inc.* | 27,800 | 353,338 | |||||||||
Encore Acquisition Co.* | 5,000 | 155,750 | |||||||||
Enterprise Products Partners LP | 1,200 | 29,280 | |||||||||
Equitable Resources, Inc. | 1,400 | 48,594 | |||||||||
Forest Oil Corp.* | 400 | 11,684 | |||||||||
Frontier Oil Corp. | 3,204 | 42,325 | |||||||||
Newfield Exploration Co.* | 4,000 | 91,920 | |||||||||
Plains Exploration & Production Co.* | 1,961 | 55,300 | |||||||||
Quicksilver Resources, Inc.* | 4,875 | 51,041 | |||||||||
W&T Offshore, Inc. | 21,500 | 412,155 | |||||||||
1,954,018 | |||||||||||
Paper & Forest Products (0.4%) | |||||||||||
Louisiana-Pacific Corp. | 9,500 | 45,600 | |||||||||
Potlatch Corp. | 3,600 | 119,556 | |||||||||
Rayonier, Inc. | 6,900 | 228,252 | |||||||||
393,408 | |||||||||||
Personal Products (0.7%) | |||||||||||
Alberto-Culver Co. | 16,000 | 411,680 | |||||||||
Elizabeth Arden, Inc.* | 2,500 | 43,225 | |||||||||
NBTY, Inc.* | 6,800 | 158,916 | |||||||||
613,821 | |||||||||||
Pharmaceuticals (3.5%) | |||||||||||
Endo Pharmaceuticals Holdings, Inc.* | 43,500 | 804,750 | |||||||||
King Pharmaceuticals, Inc.* | 35,900 | 315,561 | |||||||||
Medicis Pharmaceutical Corp. Class A | 39,700 | 566,519 | |||||||||
Perrigo Co. | 11,400 | 387,600 | |||||||||
Sepracor, Inc.* | 12,900 | 171,828 | |||||||||
Valeant Pharmaceuticals International*§ | 44,300 | 831,511 | |||||||||
Watson Pharmaceuticals, Inc.* | 2,200 | 57,574 | |||||||||
3,135,343 |
See Accompanying Notes to Financial Statements.
40
Credit Suisse Mid-Cap Core Fund
Schedule of Investments (continued)
October 31, 2008
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
Real Estate (5.0%) | |||||||||||
Alexandria Real Estate Equities, Inc. | 3,000 | $ | 208,560 | ||||||||
AMB Property Corp. | 8,900 | 213,867 | |||||||||
Apartment Investment & Management Co. Class A | 98 | 1,434 | |||||||||
BRE Properties, Inc. | 4,700 | 163,607 | |||||||||
Camden Property Trust | 4,800 | 161,808 | |||||||||
Cousins Properties, Inc. | 4,500 | 65,160 | |||||||||
Duke Realty Corp. | 13,400 | 189,074 | |||||||||
Equity One, Inc. | 4,300 | 75,121 | |||||||||
Essex Property Trust, Inc. | 2,300 | 223,790 | |||||||||
Federal Realty Investment Trust | 5,500 | 336,985 | |||||||||
Health Care REIT, Inc. | 9,300 | 413,943 | |||||||||
Highwoods Properties, Inc. | 7,200 | 178,704 | |||||||||
Hospitality Properties Trust | 12,300 | 124,845 | |||||||||
Jones Lang LaSalle, Inc. | 3,300 | 108,636 | |||||||||
Liberty Property Trust | 8,900 | 212,265 | |||||||||
Mack-Cali Realty Corp. | 14,200 | 322,624 | |||||||||
Nationwide Health Properties, Inc. | 8,900 | 265,576 | |||||||||
Realty Income Corp. | 12,900 | 298,248 | |||||||||
Regency Centers Corp. | 6,500 | 256,490 | |||||||||
The Macerich Co. | 7,100 | 208,882 | |||||||||
UDR, Inc. | 12,800 | 252,928 | |||||||||
Weingarten Realty Investors | 7,000 | 143,150 | |||||||||
4,425,697 | |||||||||||
Road & Rail (1.7%) | |||||||||||
GATX Corp. | 6,800 | 194,140 | |||||||||
J.B. Hunt Transport Services, Inc. | 6,000 | 170,580 | |||||||||
Kansas City Southern* | 5,900 | 182,133 | |||||||||
Werner Enterprises, Inc. | 47,200 | 926,064 | |||||||||
YRC Worldwide, Inc.* | 7,200 | 32,976 | |||||||||
1,505,893 | |||||||||||
Semiconductor Equipment & Products (2.9%) | |||||||||||
Atmel Corp.* | 56,800 | 235,720 | |||||||||
Cree, Inc.* | 12,100 | 237,523 | |||||||||
Cypress Semiconductor Corp.* | 3,800 | 19,038 | |||||||||
Fairchild Semiconductor International, Inc.* | 13,000 | 73,840 | |||||||||
Integrated Device Technology, Inc.* | 19,700 | 125,292 | |||||||||
International Rectifier Corp.* | 7,800 | 120,432 | |||||||||
Lam Research Corp.* | 8,100 | 181,116 | |||||||||
MPS Group, Inc.* | 13,000 | 101,270 | |||||||||
ON Semiconductor Corp.* | 18,300 | 93,513 | |||||||||
QLogic Corp.* | 74,800 | 899,096 | |||||||||
RF Micro Devices, Inc.* | 34,500 | 68,655 | |||||||||
Semtech Corp.* | 2,033 | 24,640 | |||||||||
Silicon Laboratories, Inc.* | 15,300 | 397,188 | |||||||||
SunPower Corp. Class B* | 1,042 | 30,854 | |||||||||
2,608,177 |
See Accompanying Notes to Financial Statements.
41
Credit Suisse Mid-Cap Core Fund
Schedule of Investments (continued)
October 31, 2008
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
Software (1.9%) | |||||||||||
ACI Worldwide, Inc.* | 2,600 | $ | 35,620 | ||||||||
Activision Blizzard, Inc.* | 600 | 7,476 | |||||||||
Advent Software, Inc.* | 5,400 | 101,196 | |||||||||
Cadence Design Systems, Inc.* | 33,100 | 134,717 | |||||||||
Macrovision Solutions Corp.* | 9,800 | 108,584 | |||||||||
Metavante Technologies, Inc.* | 8,000 | 134,160 | |||||||||
National Instruments Corp. | 3,500 | 88,900 | |||||||||
Parametric Technology Corp.* | 6,100 | 79,239 | |||||||||
Sybase, Inc.* | 21,700 | 577,871 | |||||||||
Synopsys, Inc.* | 20,000 | 365,600 | |||||||||
Wind River Systems, Inc.* | 8,900 | 77,786 | |||||||||
1,711,149 | |||||||||||
Specialty Retail (9.7%) | |||||||||||
Advance Auto Parts, Inc. | 17,100 | 533,520 | |||||||||
Aeropostale, Inc.* | 118,350 | 2,865,253 | |||||||||
American Eagle Outfitters, Inc. | 15,100 | 167,912 | |||||||||
AnnTaylor Stores Corp.* | 15,200 | 191,064 | |||||||||
Barnes & Noble, Inc. | 6,000 | 113,280 | |||||||||
Borders Group, Inc. | 7,100 | 24,069 | |||||||||
Charming Shoppes, Inc.* | 14,500 | 15,950 | |||||||||
Chico's FAS, Inc.* | 20,300 | 69,020 | |||||||||
Foot Locker, Inc. | 74,400 | 1,087,728 | |||||||||
Hanesbrands, Inc.* | 8,000 | 139,760 | |||||||||
O'Reilly Automotive, Inc.* | 1,000 | 27,110 | |||||||||
Pacific Sunwear of California, Inc.* | 7,100 | 24,282 | |||||||||
RadioShack Corp. | 61,200 | 774,792 | |||||||||
Regis Corp. | 4,600 | 56,902 | |||||||||
Rent-A-Center, Inc.* | 27,600 | 402,960 | |||||||||
Ross Stores, Inc. | 53,200 | 1,739,108 | |||||||||
The Buckle, Inc. | 2,700 | 71,118 | |||||||||
United Rentals, Inc.* | 10,500 | 107,625 | |||||||||
Urban Outfitters, Inc.* | 4,600 | 100,004 | |||||||||
Williams-Sonoma, Inc. | 11,177 | 92,546 | |||||||||
8,604,003 | |||||||||||
Textiles & Apparel (1.0%) | |||||||||||
Guess?, Inc. | 600 | 13,062 | |||||||||
Phillips-Van Heusen Corp. | 19,100 | 468,141 | |||||||||
Under Armour, Inc. Class A*§ | 3,100 | 80,600 | |||||||||
Warnaco Group, Inc.* | 10,300 | 307,043 | |||||||||
868,846 | |||||||||||
Tobacco (0.2%) | |||||||||||
Universal Corp. | 3,400 | 134,606 | |||||||||
Trading Companies & Distributors (0.2%) | |||||||||||
Fastenal Co. | 3,800 | 152,988 |
See Accompanying Notes to Financial Statements.
42
Credit Suisse Mid-Cap Core Fund
Schedule of Investments (continued)
October 31, 2008
Number of Shares | Value | ||||||||||
COMMON STOCKS | |||||||||||
Water Utilities (0.0%) | |||||||||||
Aqua America, Inc. | 300 | $ | 5,400 | ||||||||
Wireless Telecommunication Services (0.4%) | |||||||||||
Telephone & Data Systems, Inc. | 13,300 | 357,105 | |||||||||
TOTAL COMMON STOCKS (Cost $120,886,970) | 88,998,910 | ||||||||||
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 (1.7%) | |||||||||||
State Street Navigator Prime Portfolio§§ | 1,038,003 | 1,038,003 | |||||||||
Par (000) | |||||||||||
State Street Bank and Trust Co. Euro Time Deposit, 0.010%, 11/03/08 | $ | 444 | 444,000 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,482,003) | 1,482,003 | ||||||||||
TOTAL INVESTMENTS AT VALUE (101.6%) (Cost $122,368,973) | 90,480,913 | ||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS (-1.6%) | (1,431,920 | ) | |||||||||
NET ASSETS (100.0%) | $ | 89,048,993 |
* 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 portion thereof is out on loan.
§§ Represents security purchased with cash collateral received for securities on loan.
See Accompanying Notes to Financial Statements.
43
Credit Suisse Funds
Statements of Assets and Liabilities
October 31, 2008
Large Cap Growth Fund | Mid-Cap Core Fund | ||||||||||
Assets | |||||||||||
Investments at value, including collateral for securities on loan of $209,014 and $1,038,003 (Cost $66,585,797 and 122,368,973 respectively) (Note 2) | $ | 52,450,8381 | $ | 90,480,9132 | |||||||
Cash | — | 865 | |||||||||
Receivable for investments sold | 2,874,808 | 2,975,768 | |||||||||
Dividend and interest receivable | 45,161 | 98,082 | |||||||||
Receivable for fund shares sold | 15,998 | 17,167 | |||||||||
Prepaid expenses and other assets | 57,448 | 79,658 | |||||||||
Total Assets | 55,444,253 | 93,652,453 | |||||||||
Liabilities | |||||||||||
Advisory fee payable (Note 3) | 22,636 | 53,477 | |||||||||
Administrative services fee payable (Note 3) | 19,172 | 30,069 | |||||||||
Shareholder servicing/Distribution fee payable (Note 3) | 19,669 | 27,776 | |||||||||
Payable for investments purchased | 2,621,666 | 3,086,177 | |||||||||
Payable upon return of securities loaned (Note 2) | 209,014 | 1,038,003 | |||||||||
Payable for fund shares redeemed | 6,321 | 243,699 | |||||||||
Due to custodian | 81,292 | — | |||||||||
Trustees'/Directors' fee payable | 6,286 | 6,286 | |||||||||
Other accrued expenses payable | 103,116 | 117,973 | |||||||||
Total Liabilities | 3,089,172 | 4,603,460 | |||||||||
Net Assets | |||||||||||
Capital stock, $.001 par value (Note 6) | 4,169 | 3,587 | |||||||||
Paid-in capital (Note 6) | 363,005,515 | 235,105,240 | |||||||||
Undistributed net investment income | 217,157 | 283,559 | |||||||||
Accumulated net realized loss on investments, foreign currency transactions and futures contracts | (296,736,801 | ) | (114,455,333 | ) | |||||||
Net unrealized depreciation from investments | (14,134,959 | ) | (31,888,060 | ) | |||||||
Net Assets | $ | 52,355,081 | $ | 89,048,993 | |||||||
Common Shares | |||||||||||
Net assets | $ | 50,313,738 | $ | 83,759,811 | |||||||
Shares outstanding | 3,998,869 | 3,356,976 | |||||||||
Net asset value, offering price and redemption price per share | $ | 12.58 | $ | 24.95 | |||||||
Advisor Shares | |||||||||||
Net assets | $ | 988,414 | $ | 4,844,425 | |||||||
Shares outstanding | 83,360 | 212,126 | |||||||||
Net asset value, offering price and redemption price per share | $ | 11.86 | $ | 22.84 |
See Accompanying Notes to Financial Statements.
44
Credit Suisse Funds
Statements of Assets and Liabilities (continued)
October 31, 2008
Large Cap Growth Fund | Mid-Cap Core Fund | ||||||||||
A Shares | |||||||||||
Net assets | $ | 605,985 | $ | 399,440 | |||||||
Shares outstanding | 48,956 | 16,315 | |||||||||
Net asset value and redemption price per share | $ | 12.38 | $ | 24.48 | |||||||
Maximum offering price per share (net asset value/(1-5.75%)) | $ | 13.14 | $ | 25.97 | |||||||
B Shares | |||||||||||
Net assets | $ | 244,061 | $ | 44,504 | |||||||
Shares outstanding | 20,770 | 1,883 | |||||||||
Net asset value and offering price per share | $ | 11.75 | $ | 23.63 | |||||||
C Shares | |||||||||||
Net assets | $ | 202,883 | $ | 813 | |||||||
Shares outstanding | 17,265 | 34 | |||||||||
Net asset value and offering price per share | $ | 11.75 | $ | 23.67 |
1 Including $203,727 of securities on loan.
2 Including $1,011,423 of securities on loan.
See Accompanying Notes to Financial Statements.
45
Credit Suisse Funds
Statements of Operations
For the Year Ended October 31, 2008
Large Cap Growth Fund | Mid-Cap Core Fund | ||||||||||
Investment Income (Note 2) | |||||||||||
Dividends | $ | 1,178,874 | $ | 1,918,439 | |||||||
Interest | 10,276 | 8,233 | |||||||||
Securities lending | 94,893 | 330,615 | |||||||||
Total investment income | 1,284,043 | 2,257,287 | |||||||||
Expenses | |||||||||||
Investment advisory fees (Note 3) | 419,828 | 1,005,632 | |||||||||
Administrative services fees (Note 3) | 125,661 | 210,603 | |||||||||
Shareholder servicing/Distribution fee (Note 3) | |||||||||||
Advisor Class | 10,296 | 41,174 | |||||||||
Class A | 2,529 | 1,004 | |||||||||
Class B | 3,314 | 882 | |||||||||
Class C | 3,154 | 12 | |||||||||
Transfer agent fees (Note 3) | 231,159 | 397,329 | |||||||||
Registration fees | 72,587 | 74,803 | |||||||||
Printing fees (Note 3) | 58,747 | 49,848 | |||||||||
Custodian fees | 39,588 | 64,247 | |||||||||
Legal fees | 38,322 | 21,952 | |||||||||
Audit and tax fees | 26,350 | 31,788 | |||||||||
Trustees'/Directors' fee | 13,256 | 13,256 | |||||||||
Insurance expense | 2,531 | 4,398 | |||||||||
Interest expense (Note 4) | 1,605 | 2,385 | |||||||||
Commitment fees (Note 4) | 1,445 | 1,974 | |||||||||
Miscellaneous expense | 10,669 | '22,878 | |||||||||
Total expenses | 1,061,041 | 1,944,165 | |||||||||
Net investment income | 223,002 | 313,122 | |||||||||
Net Realized and Unrealized Gain (Loss) from Investments and Foreign Currency Related Items | |||||||||||
Net realized loss from investments | (7,438,899 | ) | (8,579,946 | ) | |||||||
Net realized gain from foreign currency transactions | 8 | — | |||||||||
Net change in unrealized appreciation (depreciation) from investments | (28,808,883 | ) | (47,759,376 | ) | |||||||
Net realized and unrealized loss from investments and foreign currency related items | (36,247,774 | ) | (56,339,322 | ) | |||||||
Net decrease in net assets resulting from operations | $ | (36,024,772 | ) | $ | (56,026,200 | ) |
See Accompanying Notes to Financial Statements.
46
Credit Suisse Funds
Statements of Changes in Net Assets
Large Cap Growth Fund | Mid-Cap Core Fund | ||||||||||||||||||
For the Year Ended October 31, 2008 | For the Year Ended October 31, 2007 | For the Year Ended October 31, 2008 | For the Year Ended October 31, 2007 | ||||||||||||||||
From Operations | |||||||||||||||||||
Net investment income (loss) | $ | 223,002 | $ | 17,853 | $ | 313,122 | $ | (439,718 | ) | ||||||||||
Net realized gain (loss) from investments, foreign currency transactions and futures contracts | (7,438,891 | ) | 31,559,847 | (8,579,946 | ) | 48,496,910 | |||||||||||||
Net change in unrealized appreciation (depreciation) from investments | (28,808,883 | ) | (12,753,759 | ) | (47,759,376 | ) | (14,192,329 | ) | |||||||||||
Net increase (decrease) in net assets resulting from operations | (36,024,772 | ) | 18,823,941 | (56,026,200 | ) | 33,864,863 | |||||||||||||
From Dividends | |||||||||||||||||||
Dividends from net investment income Common Class shares | (12,298 | ) | — | — | — | ||||||||||||||
From Capital Share Transactions (Note 6) | |||||||||||||||||||
Proceeds from sale of shares | 3,339,078 | 5,906,280 | 8,104,375 | 11,062,292 | |||||||||||||||
Reinvestment of dividends | 11,938 | — | — | — | |||||||||||||||
Net asset value of shares redeemed | (25,841,004 | ) | (100,866,811 | ) | (47,718,163 | ) | (105,922,658 | ) | |||||||||||
Net decrease in net assets from capital share transactions | (22,489,988 | ) | (94,960,531 | ) | (39,613,788 | ) | (94,860,366 | ) | |||||||||||
Net decrease in net assets | (58,527,058 | ) | (76,136,590 | ) | (95,639,988 | ) | (60,995,503 | ) | |||||||||||
Net Assets | |||||||||||||||||||
Beginning of year | 110,882,139 | 187,018,729 | 184,688,981 | 245,684,484 | |||||||||||||||
End of year | $ | 52,355,081 | $ | 110,882,139 | $ | 89,048,993 | $ | 184,688,981 | |||||||||||
Undistributed net investment income | $ | 217,157 | $ | 12,277 | $ | 283,559 | $ | — |
See Accompanying Notes to Financial Statements.
47
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, | |||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Per share data | |||||||||||||||||||||||
Net asset value, beginning of year | $ | 20.32 | $ | 17.40 | $ | 16.49 | $ | 15.26 | $ | 14.75 | |||||||||||||
INVESTMENT OPERATIONS | |||||||||||||||||||||||
Net investment income (loss)1 | 0.05 | 0.01 | (0.04 | ) | 0.01 | (0.09 | ) | ||||||||||||||||
Net gain (loss) on investments and foreign currency related items (both realized and unrealized) | (7.79 | ) | 2.91 | 0.97 | 1.22 | 0.60 | |||||||||||||||||
Total from investment operations | (7.74 | ) | 2.92 | 0.93 | 1.23 | 0.51 | |||||||||||||||||
LESS DIVIDENDS | |||||||||||||||||||||||
Dividends from net investment income | (0.00 | )3 | — | (0.02 | ) | — | — | ||||||||||||||||
Total dividends | — | — | (0.02 | ) | — | — | |||||||||||||||||
Net asset value, end of year | $ | 12.58 | $ | 20.32 | $ | 17.40 | $ | 16.49 | $ | 15.26 | |||||||||||||
Total return2 | (38.08 | )% | 16.78 | % | 5.62 | % | 8.06 | % | 3.46 | % | |||||||||||||
RATIOS AND SUPPLEMENTAL DATA | |||||||||||||||||||||||
Net assets, end of year (000s omitted) | $ | 50,314 | $ | 105,404 | $ | 181,077 | $ | 291,148 | $ | 433,681 | |||||||||||||
Ratio of expenses to average net assets | 1.24 | % | 1.10 | % | 1.20 | % | 1.17 | % | 1.16 | % | |||||||||||||
Ratio of net investment income (loss) to average net assets | 0.29 | % | 0.04 | % | (0.24 | )% | 0.09 | % | (0.57 | )% | |||||||||||||
Portfolio turnover rate | 171 | % | 161 | % | 94 | % | 97 | % | 70 | % |
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.
3 This amount represents less than $0.01 per share.
See Accompanying Notes to Financial Statements.
48
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, | |||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Per share data | |||||||||||||||||||||||
Net asset value, beginning of year | $ | 19.24 | $ | 16.56 | $ | 15.76 | $ | 14.65 | $ | 14.24 | |||||||||||||
INVESTMENT OPERATIONS | |||||||||||||||||||||||
Net investment loss1 | (0.03 | ) | (0.08 | ) | (0.12 | ) | (0.04 | ) | (0.16 | ) | |||||||||||||
Net gain (loss) on investments and foreign currency related items (both realized and unrealized) | (7.35 | ) | 2.76 | 0.92 | 1.15 | 0.57 | |||||||||||||||||
Total from investment operations | (7.38 | ) | 2.68 | 0.80 | 1.11 | 0.41 | |||||||||||||||||
Net asset value, end of year | $ | 11.86 | $ | 19.24 | $ | 16.56 | $ | 15.76 | $ | 14.65 | |||||||||||||
Total return2 | (38.36 | )% | 16.18 | % | 5.08 | % | 7.58 | % | 2.88 | % | |||||||||||||
RATIOS AND SUPPLEMENTAL DATA | |||||||||||||||||||||||
Net assets, end of year (000s omitted) | $ | 988 | $ | 3,541 | $ | 3,729 | $ | 5,334 | $ | 14,723 | |||||||||||||
Ratio of expenses to average net assets | 1.71 | % | 1.60 | % | 1.70 | % | 1.67 | % | 1.66 | % | |||||||||||||
Ratio of net investment loss to average net assets | (0.19 | )% | (0.46 | )% | (0.74 | )% | (0.41 | )% | (1.07 | )% | |||||||||||||
Portfolio turnover rate | 171 | % | 161 | % | 94 | % | 97 | % | 70 | % |
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.
See Accompanying Notes to Financial Statements.
49
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, | |||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Per share data | |||||||||||||||||||||||
Net asset value, beginning of year | $ | 20.03 | $ | 17.20 | $ | 16.33 | $ | 15.14 | $ | 14.68 | |||||||||||||
INVESTMENT OPERATIONS | |||||||||||||||||||||||
Net investment income (loss)1 | 0.01 | (0.04 | ) | (0.08 | ) | (0.00 | )2 | (0.12 | ) | ||||||||||||||
Net gain (loss) on investments and foreign currency related items (both realized and unrealized) | (7.66 | ) | 2.87 | 0.95 | 1.19 | 0.58 | |||||||||||||||||
Total from investment operations | (7.65 | ) | 2.83 | 0.87 | 1.19 | 0.46 | |||||||||||||||||
Net asset value, end of year | $ | 12.38 | $ | 20.03 | $ | 17.20 | $ | 16.33 | $ | 15.14 | |||||||||||||
Total return3 | (38.19 | )% | 16.45 | % | 5.33 | % | 7.86 | % | 3.13 | % | |||||||||||||
RATIOS AND SUPPLEMENTAL DATA | |||||||||||||||||||||||
Net assets, end of year (000s omitted) | $ | 606 | $ | 1,285 | $ | 1,329 | $ | 1,585 | $ | 2,490 | |||||||||||||
Ratio of expenses to average net assets | 1.50 | % | 1.35 | % | 1.45 | % | 1.42 | % | 1.41 | % | |||||||||||||
Ratio of net investment income (loss) to average net assets | 0.05 | % | (0.21 | )% | (0.49 | )% | (0.16 | )% | (0.82 | )% | |||||||||||||
Portfolio turnover rate | 171 | % | 161 | % | 94 | % | 97 | % | 70 | % |
1 Per share information is calculated using the average shares outstanding method.
2 This amount 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.
See Accompanying Notes to Financial Statements.
50
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 | |||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Per share data | |||||||||||||||||||||||
Net asset value, beginning of year | $ | 19.16 | $ | 16.58 | $ | 15.85 | $ | 14.82 | $ | 14.47 | |||||||||||||
INVESTMENT OPERATIONS | |||||||||||||||||||||||
Net investment loss1 | (0.12 | ) | (0.17 | ) | (0.20 | ) | (0.16 | ) | (0.23 | ) | |||||||||||||
Net gain (loss) on investments and foreign currency related items (both realized and unrealized) | (7.29 | ) | 2.75 | 0.93 | 1.19 | 0.58 | |||||||||||||||||
Total from investment operations | (7.41 | ) | 2.58 | 0.73 | 1.03 | 0.35 | |||||||||||||||||
Net asset value, end of year | $ | 11.75 | $ | 19.16 | $ | 16.58 | $ | 15.85 | $ | 14.82 | |||||||||||||
Total return2 | (38.67 | )% | 15.56 | % | 4.61 | % | 6.95 | % | 2.42 | % | |||||||||||||
RATIOS AND SUPPLEMENTAL DATA | |||||||||||||||||||||||
Net assets, end of year (000s omitted) | $ | 244 | $ | 285 | $ | 498 | $ | 625 | $ | 543 | |||||||||||||
Ratio of expenses to average net assets | 2.28 | % | 2.10 | % | 2.20 | % | 2.17 | % | 2.16 | % | |||||||||||||
Ratio of net investment loss to average net assets | (0.73 | )% | (0.97 | )% | (1.24 | )% | (0.91 | )% | (1.57 | )% | |||||||||||||
Portfolio turnover rate | 171 | % | 161 | % | 94 | % | 97 | % | 70 | % |
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.
See Accompanying Notes to Financial Statements.
51
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 | |||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Per share data | |||||||||||||||||||||||
Net asset value, beginning of year | $ | 19.16 | $ | 16.58 | $ | 15.85 | $ | 14.81 | $ | 14.47 | |||||||||||||
INVESTMENT OPERATIONS | |||||||||||||||||||||||
Net investment loss1 | (0.12 | ) | (0.17 | ) | (0.20 | ) | (0.14 | ) | (0.23 | ) | |||||||||||||
Net gain (loss) on investments and foreign currency related items (both realized and unrealized) | (7.29 | ) | 2.75 | 0.93 | 1.18 | 0.57 | |||||||||||||||||
Total from investment operations | (7.41 | ) | 2.58 | 0.73 | 1.04 | 0.34 | |||||||||||||||||
Net asset value, end of year | $ | 11.75 | $ | 19.16 | $ | 16.58 | $ | 15.85 | $ | 14.81 | |||||||||||||
Total return2 | (38.67 | )% | 15.56 | % | 4.61 | % | 7.02 | % | 2.35 | % | |||||||||||||
RATIOS AND SUPPLEMENTAL DATA | |||||||||||||||||||||||
Net assets, end of year (000s omitted) | $ | 203 | $ | 367 | $ | 385 | $ | 471 | $ | 849 | |||||||||||||
Ratio of expenses to average net assets | 2.26 | % | 2.10 | % | 2.20 | % | 2.17 | % | 2.16 | % | |||||||||||||
Ratio of net investment loss to average net assets | (0.72 | )% | (0.96 | )% | (1.24 | )% | (0.91 | )% | (1.57 | )% | |||||||||||||
Portfolio turnover rate | 171 | % | 161 | % | 94 | % | 97 | % | 70 | % |
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.
See Accompanying Notes to Financial Statements.
52
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, | |||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Per share data | |||||||||||||||||||||||
Net asset value, beginning of year | $ | 39.24 | $ | 33.21 | $ | 31.67 | $ | 28.04 | $ | 26.79 | |||||||||||||
INVESTMENT OPERATIONS | |||||||||||||||||||||||
Net investment income (loss)1 | 0.09 | (0.07 | ) | (0.19 | ) | (0.27 | ) | (0.30 | ) | ||||||||||||||
Net gain (loss) on investments and futures contracts (both realized and unrealized) | (14.38 | ) | 6.10 | 1.73 | 3.90 | 1.55 | |||||||||||||||||
Total from investment operations | (14.29 | ) | 6.03 | 1.54 | 3.63 | 1.25 | |||||||||||||||||
Net asset value, end of year | $ | 24.95 | $ | 39.24 | $ | 33.21 | $ | 31.67 | $ | 28.04 | |||||||||||||
Total return2 | (36.42 | )% | 18.16 | % | 4.86 | % | 12.95 | % | 4.67 | % | |||||||||||||
RATIOS AND SUPPLEMENTAL DATA | |||||||||||||||||||||||
Net assets, end of year (000s omitted) | $ | 83,760 | $ | 173,327 | $ | 228,798 | $ | 290,509 | $ | 364,298 | |||||||||||||
Ratio of expenses to average net assets | 1.32 | % | 1.25 | % | 1.35 | % | 1.39 | % | 1.40 | % | |||||||||||||
Ratio of net investment income (loss) to average net assets | 0.25 | % | (0.19 | )% | (0.56 | )% | (0.87 | )% | (1.08 | )% | |||||||||||||
Decrease reflected in above operating expense ratios due to waivers/reimbursements | — | 0.00 | %3 | 0.03 | % | — | — | ||||||||||||||||
Portfolio turnover rate | 208 | % | 278 | % | 69 | % | 79 | % | 106 | % |
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.
53
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, | |||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Per share data | |||||||||||||||||||||||
Net asset value, beginning of year | $ | 36.09 | $ | 30.70 | $ | 29.42 | $ | 26.18 | $ | 25.14 | |||||||||||||
INVESTMENT OPERATIONS | |||||||||||||||||||||||
Net investment loss1 | (0.08 | ) | (0.23 | ) | (0.33 | ) | (0.40 | ) | (0.41 | ) | |||||||||||||
Net gain (loss) on investments and futures contracts (both realized and unrealized) | (13.17 | ) | 5.62 | 1.61 | 3.64 | 1.45 | |||||||||||||||||
Total from investment operations | (13.25 | ) | 5.39 | 1.28 | 3.24 | 1.04 | |||||||||||||||||
Net asset value, end of year | $ | 22.84 | $ | 36.09 | $ | 30.70 | $ | 29.42 | $ | 26.18 | |||||||||||||
Total return2 | (36.71 | )% | 17.56 | % | 4.35 | % | 12.38 | % | 4.14 | % | |||||||||||||
RATIOS AND SUPPLEMENTAL DATA | |||||||||||||||||||||||
Net assets, end of year (000s omitted) | $ | 4,844 | $ | 10,892 | $ | 16,250 | $ | 24,851 | $ | 26,474 | |||||||||||||
Ratio of expenses to average net assets | 1.82 | % | 1.75 | % | 1.85 | % | 1.89 | % | 1.90 | % | |||||||||||||
Ratio of net investment loss to average net assets | (0.25 | )% | (0.68 | )% | (1.06 | )% | (1.37 | )% | (1.58 | )% | |||||||||||||
Decrease reflected in above operating expense ratios due to waivers/reimbursements | — | 0.01 | % | 0.03 | % | — | — | ||||||||||||||||
Portfolio turnover rate | 208 | % | 278 | % | 69 | % | 79 | % | 106 | % |
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.
54
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, | |||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Per share data | |||||||||||||||||||||||
Net asset value, beginning of year | $ | 38.59 | $ | 32.73 | $ | 31.29 | $ | 27.77 | $ | 26.60 | |||||||||||||
INVESTMENT OPERATIONS | |||||||||||||||||||||||
Net investment income (loss)1 | 0.04 | (0.15 | ) | (0.27 | ) | (0.34 | ) | (0.38 | ) | ||||||||||||||
Net gain (loss) on investments and futures contracts (both realized and unrealized) | (14.15 | ) | 6.01 | 1.71 | 3.86 | 1.55 | |||||||||||||||||
Total from investment operations | (14.11 | ) | 5.86 | 1.44 | 3.52 | 1.17 | |||||||||||||||||
Net asset value, end of year | $ | 24.48 | $ | 38.59 | $ | 32.73 | $ | 31.29 | $ | 27.77 | |||||||||||||
Total return2 | (36.56 | )% | 17.90 | % | 4.60 | % | 12.68 | % | 4.40 | % | |||||||||||||
RATIOS AND SUPPLEMENTAL DATA | |||||||||||||||||||||||
Net assets, end of year (000s omitted) | $ | 399 | $ | 345 | $ | 555 | $ | 688 | $ | 567 | |||||||||||||
Ratio of expenses to average net assets | 1.54 | % | 1.50 | % | 1.60 | % | 1.64 | % | 1.65 | % | |||||||||||||
Ratio of net investment income (loss) to average net assets | 0.11 | % | (0.42 | )% | (0.81 | )% | (1.12 | )% | (1.33 | )% | |||||||||||||
Decrease reflected in above operating expense ratios due to waivers/reimbursements | — | 0.01 | % | 0.03 | % | — | — | ||||||||||||||||
Portfolio turnover rate | 208 | % | 278 | % | 69 | % | 79 | % | 106 | % |
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.
55
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, | For the Period Ended October 31, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 20041 | |||||||||||||||||||
Per share data | |||||||||||||||||||||||
Net asset value, beginning of period | $ | 37.54 | $ | 32.10 | $ | 30.91 | $ | 27.64 | $ | 29.10 | |||||||||||||
INVESTMENT OPERATIONS | |||||||||||||||||||||||
Net investment loss2 | (0.27 | ) | (0.43 | ) | (0.50 | ) | (0.58 | ) | (0.38 | ) | |||||||||||||
Net gain (loss) on investments and futures contracts (both realized and unrealized) | (13.64 | ) | 5.87 | 1.69 | 3.85 | (1.08 | ) | ||||||||||||||||
Total from investment operations | (13.91 | ) | 5.44 | 1.19 | 3.27 | (1.46 | ) | ||||||||||||||||
Net asset value, end of period | $ | 23.63 | $ | 37.54 | $ | 32.10 | $ | 30.91 | $ | 27.64 | |||||||||||||
Total return3 | (37.05 | )% | 16.95 | % | 3.85 | % | 11.83 | % | (5.02 | )% | |||||||||||||
RATIOS AND SUPPLEMENTAL DATA | |||||||||||||||||||||||
Net assets, end of period (000s omitted) | $ | 45 | $ | 124 | $ | 80 | $ | 55 | $ | 7 | |||||||||||||
Ratio of expenses to average net assets | 2.35 | % | 2.25 | % | 2.35 | % | 2.39 | % | 2.40 | %4 | |||||||||||||
Ratio of net investment loss to average net assets | (0.82 | )% | (1.22 | )% | (1.56 | )% | (1.87 | )% | (2.08 | )%4 | |||||||||||||
Decrease reflected in above operating expense ratios due to waivers/reimbursements | — | 0.00 | %5 | 0.03 | % | — | — | ||||||||||||||||
Portfolio turnover rate | 208 | % | 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.
56
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, | For the Period Ended October 31, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 20041 | |||||||||||||||||||
Per share data | |||||||||||||||||||||||
Net asset value, beginning of period | $ | 37.59 | $ | 32.10 | $ | 30.91 | $ | 27.67 | $ | 29.10 | |||||||||||||
INVESTMENT OPERATIONS | |||||||||||||||||||||||
Net investment loss2 | (0.22 | ) | (0.40 | ) | (0.51 | ) | (0.62 | ) | (0.38 | ) | |||||||||||||
Net gain (loss) on investments and futures contracts (both realized and unrealized) | (13.70 | ) | 5.89 | 1.70 | 3.86 | (1.05 | ) | ||||||||||||||||
Total from investment operations | (13.92 | ) | 5.49 | 1.19 | 3.24 | (1.43 | ) | ||||||||||||||||
Net asset value, end of period | $ | 23.67 | $ | 37.59 | $ | 32.10 | $ | 30.91 | $ | 27.67 | |||||||||||||
Total return3 | (37.03 | )% | 17.10 | % | 3.85 | % | 11.71 | % | (4.91 | )% | |||||||||||||
RATIOS AND SUPPLEMENTAL DATA | |||||||||||||||||||||||
Net assets, end of year (000s omitted) | $ | 1 | $ | 1 | $ | 1 | $ | 1 | $ | 1 | |||||||||||||
Ratio of expenses to average net assets | 2.28 | % | 2.16 | % | 2.35 | % | 2.39 | % | 2.40 | %4 | |||||||||||||
Ratio of net investment loss to average net assets | (0.68 | )% | (1.15 | )% | (1.56 | )% | (1.87 | )% | (2.08 | )%4 | |||||||||||||
Decrease reflected in above operating expense ratios due to waivers/reimbursements | — | 0.00 | %5 | 0.03 | % | — | — | ||||||||||||||||
Portfolio turnover rate | 208 | % | 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.
57
Credit Suisse Funds
Notes to Financial Statements
October 31, 2008
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. 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 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. 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
58
Credit Suisse Funds
Notes to Financial Statements (continued)
October 31, 2008
Note 2. Significant Accounting Policies
valuation. Securities and other assets for which market quotations are not readily available, or whose values have been materially affected by events occurring before the 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 prices 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, 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
59
Credit Suisse Funds
Notes to Financial Statements (continued)
October 31, 2008
Note 2. Significant Accounting Policies
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.
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. The Funds have reviewed their current tax positions and have determined that no provision for income tax is required in the Funds' financial statements. The Funds' federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
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 AG, pool available cash into either 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
60
Credit Suisse Funds
Notes to Financial Statements (continued)
October 31, 2008
Note 2. Significant Accounting Policies
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 subsequent payments may be required for a futures transaction. At October 31, 2008, 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, 2008, total earnings from the Funds' investment in cash collateral received in connection with Large Cap Growth and Mid-Cap Core's securities lending arrangements were $544,865 and $1,363,378, respectively, of which $426,142 and $949,692, respectively, were rebated to borrowers (brokers). The Funds retained $94,893 and $330,615 in income, respectively, from the cash collateral investment, and SSB, as lending agent, was paid $23,830 and $83,071, respectively. The Funds may also be entitled to certain minimum amounts of income from its securities lending activities. Securities lending income is accrued as earned.
Note 3. Transactions with Affiliates and Related Parties
Credit Suisse serves as investment adviser to each Fund. For its investment advisory services, Credit Suisse is entitled to receive a fee from Large Cap Growth of 0.50%, and from Mid-Cap Core of 0.70%.
61
Credit Suisse Funds
Notes to Financial Statements (continued)
October 31, 2008
Note 3. Transactions with Affiliates and Related Parties
For the year ended October 31, 2008, investment advisory fees earned for each Fund was as follows:
Fund | Investment Advisory Fee | ||||||
Large Cap Growth | $ | 419,828 | |||||
Mid-Cap Core | 1,005,632 |
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of Credit Suisse, and SSB serve as co-administrators to the Funds. For its 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, 2008, co-administrative services fees earned by CSAMSI were as follows:
Fund | Co-Administration Fee | ||||||
Large Cap Growth | $ | 75,569 | |||||
Mid-Cap Core | 129,296 |
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 co-administered by SSB and allocated based upon the relative average net assets of each fund/portfolio, subject to an annual minimum fee. For the year ended October 31, 2008, co-administrative services fees earned by SSB (including out-of-pocket expenses) were as follows:
Fund | Co-Administration Fee | ||||||
Large Cap Growth | $ | 50,092 | |||||
Mid-Cap Core | 81,307 |
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 the average daily net assets. For 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. Common Class shares of each Fund do not bear distribution fees.
Certain brokers, dealers and financial representatives provide transfer agent related services to the Funds and receive compensation from Credit Suisse. Credit Suisse is then reimbursed by the Funds. For the year ended October 31,
62
Credit Suisse Funds
Notes to Financial Statements (continued)
October 31, 2008
Note 3. Transactions with Affiliates and Related Parties
2008, the Funds reimbursed Credit Suisse the following amount, which are included in each Fund's transfer agent expense as follows:
Fund | Amount | ||||||
Large Cap Growth | $ | 81,480 | |||||
Mid-Cap Core | 247,689 |
For the year ended October 31, 2008, 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:
Fund | Amount | ||||||
Large Cap Growth | $ | 3,518 | |||||
Mid-Cap Core | 1,887 |
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, 2008, Merrill was paid for its services by the Funds as follows:
Fund | Amount | ||||||
Large Cap Growth | $ | 42,468 | |||||
Mid-Cap Core | 42,505 |
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 SSB. 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, 2008, the Funds had no loans outstanding under the Credit Facility. During the year ended October 31, 2008, 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 | $ | 982,263 | 3.095 | % | $ | 1,581,000 | |||||||||
Mid-Cap Core | 2,183,000 | 3.277 | % | 3,831,000 |
63
Credit Suisse Funds
Notes to Financial Statements (continued)
October 31, 2008
Note 5. Purchases and Sales of Securities
For the year ended October 31, 2008, purchases and sales of investment securities (excluding short-term investments) were as follows:
Fund | Purchases | Sales | |||||||||
Large Cap Growth | $ | 142,854,117 | $ | 164,083,063 | |||||||
Mid-Cap Core | 300,735,901 | 335,380,147 |
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 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, 2008 | For the Year Ended October 31, 2007 | ||||||||||||||||||
Shares | Value | Shares | Value | ||||||||||||||||
Shares sold | 159,396 | $ | 2,774,022 | 282,143 | $ | 5,214,306 | |||||||||||||
Shares issued in reinvestment of dividends | 605 | 11,938 | — | — | |||||||||||||||
Shares redeemed | (1,349,326 | ) | (23,359,642 | ) | (5,498,174 | ) | (98,903,891 | ) | |||||||||||
Net decrease | (1,189,325 | ) | $ | (20,573,682 | ) | (5,216,031 | ) | $ | (93,689,585 | ) | |||||||||
Advisor Class | |||||||||||||||||||
For the Year Ended October 31, 2008 | For the Year Ended October 31, 2007 | ||||||||||||||||||
Shares | Value | Shares | Value | ||||||||||||||||
Shares sold | 8,227 | $ | 134,983 | 22,088 | $ | 390,930 | |||||||||||||
Shares redeemed | (108,901 | ) | (1,889,233 | ) | (63,194 | ) | (1,090,649 | ) | |||||||||||
Net decrease | (100,674 | ) | $ | (1,754,250 | ) | (41,106 | ) | $ | (699,719 | ) | |||||||||
Class A | |||||||||||||||||||
For the Year Ended October 31, 2008 | For the Year Ended October 31, 2007 | ||||||||||||||||||
Shares | Value | Shares | Value | ||||||||||||||||
Shares sold | 11,364 | $ | 193,335 | 11,869 | $ | 224,926 | |||||||||||||
Shares redeemed | (26,555 | ) | (439,504 | ) | (24,943 | ) | (457,716 | ) | |||||||||||
Net decrease | (15,191 | ) | $ | (246,169 | ) | (13,074 | ) | $ | (232,790 | ) |
64
Credit Suisse Funds
Notes to Financial Statements (continued)
October 31, 2008
Note 6. Capital Share Transactions
Class B | |||||||||||||||||||
For the Year Ended October 31, 2008 | For the Year Ended October 31, 2007 | ||||||||||||||||||
Shares | Value | Shares | Value | ||||||||||||||||
Shares sold | 12,883 | $ | 222,538 | 4,217 | $ | 74,429 | |||||||||||||
Shares redeemed | (7,002 | ) | (117,048 | ) | (19,372 | ) | (342,551 | ) | |||||||||||
Net increase (decrease) | 5,881 | $ | 105,490 | (15,155 | ) | $ | (268,122 | ) | |||||||||||
Class C | |||||||||||||||||||
For the Year Ended October 31, 2008 | For the Year Ended October 31, 2007 | ||||||||||||||||||
Shares | Value | Shares | Value | ||||||||||||||||
Share sold | 820 | $ | 14,200 | 100 | $ | 1,689 | |||||||||||||
Shares redeemed | (2,718 | ) | (35,577 | ) | (4,177 | ) | (72,004 | ) | |||||||||||
Net decrease | (1,898 | ) | $ | (21,377 | ) | (4,077 | ) | $ | (70,315 | ) | |||||||||
Mid-Cap Core | |||||||||||||||||||
Common Class | |||||||||||||||||||
For the Year Ended October 31, 2008 | For the Year Ended October 31, 2007 | ||||||||||||||||||
Shares | Value | Shares | Value | ||||||||||||||||
Shares sold | 180,449 | $ | 6,174,956 | 232,585 | $ | 8,402,238 | |||||||||||||
Shares redeemed | (1,240,754 | ) | (43,198,492 | ) | (2,704,762 | ) | (95,575,240 | ) | |||||||||||
Net decrease | (1,060,305 | ) | $ | (37,023,536 | ) | (2,472,177 | ) | $ | (87,173,002 | ) | |||||||||
Advisor Class | |||||||||||||||||||
For the Year Ended October 31, 2008 | For the Year Ended October 31, 2007 | ||||||||||||||||||
Shares | Value | Shares | Value | ||||||||||||||||
Shares sold | 47,514 | $ | 1,537,515 | 75,932 | $ | 2,519,639 | |||||||||||||
Shares redeemed | (137,153 | ) | (4,337,076 | ) | (303,466 | ) | (9,956,296 | ) | |||||||||||
Net decrease | (89,639 | ) | $ | (2,799,561 | ) | (227,534 | ) | $ | (7,436,657 | ) | |||||||||
Class A | |||||||||||||||||||
For the Year Ended October 31, 2008 | For the Year Ended October 31, 2007 | ||||||||||||||||||
Shares | Value | Shares | Value | ||||||||||||||||
Shares sold | 10,767 | $ | 368,349 | 2,198 | $ | 77,462 | |||||||||||||
Shares redeemed | (3,389 | ) | (108,554 | ) | (10,217 | ) | (356,499 | ) | |||||||||||
Net increase (decrease) | 7,378 | $ | 259,795 | (8,019 | ) | $ | (279,037 | ) |
65
Credit Suisse Funds
Notes to Financial Statements (continued)
October 31, 2008
Note 6. Capital Share Transactions
Class B | |||||||||||||||||||
For the Year Ended October 31, 2008 | For the Year Ended October 31, 2007 | ||||||||||||||||||
Shares | Value | Shares | Value | ||||||||||||||||
Shares sold | 737 | $ | 23,555 | 1,759 | $ | 59,953 | |||||||||||||
Shares redeemed | (2,168 | ) | (74,041 | ) | (927 | ) | (31,714 | ) | |||||||||||
Net increase (decrease) | (1,431 | ) | $ | (50,486 | ) | 832 | $ | 28,239 | |||||||||||
Class C | |||||||||||||||||||
For the Year Ended October 31, 2008 | For the Year Ended October 31, 2007 | ||||||||||||||||||
Shares | Value | Shares | Value | ||||||||||||||||
Share sold | — | $ | — | 84 | $ | 3,000 | |||||||||||||
Shares redeemed | — | — | (84 | ) | (2,909 | ) | |||||||||||||
Net increase | — | $ | — | — | $ | 91 |
On October 31, 2008, the number of shareholders that held 5% or more of the outstanding shares of each Class of each Fund were as follows:
Number of Shareholders | Approximate Percentage of Outstanding Shares | ||||||||||
Large Cap Growth | |||||||||||
Common Class | 5 | 42 | % | �� | |||||||
Advisor Class | 5 | 81 | % | ||||||||
Class A | 4 | 67 | % | ||||||||
Class B | 5 | 57 | % | ||||||||
Class C | 6 | 91 | % | ||||||||
Mid-Cap Core | |||||||||||
Common Class | 4 | 56 | % | ||||||||
Advisor Class | 1 | 87 | % | ||||||||
Class A | 4 | 49 | % | ||||||||
Class B | 7 | 95 | % | ||||||||
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.
66
Credit Suisse Funds
Notes to Financial Statements (continued)
October 31, 2008
Note 7. Federal Income Taxes
The tax characteristics of dividends paid during the years ended October 31, 2008 and 2007, respectively, by the Funds were as follows:
Ordinary Income | |||||||||||
Fund | 2008 | 2007 | |||||||||
Large Cap Growth | $ | 12,298 | — | ||||||||
Mid-Cap Core | 0 | — |
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, real estate investment trust reclassifications and cumulative basis adjustments on Partnerships. At October 31, 2008, the components of distributable earnings on a tax basis for the Funds were as follows:
Large Cap Growth | Mid-Cap Core | ||||||||||
Accumulated realized loss | $ | (295,651,147 | ) | $ | (110,624,083 | ) | |||||
Unrealized depreciation | (15,220,613 | ) | (35,713,252 | ) | |||||||
Undistributed net investment income | 217,157 | 277,501 | |||||||||
$ | (310,654,603 | ) | $ | (146,059,834 | ) |
At October 31, 2008, the Funds had capital loss carryforwards available to offset possible future capital gains as follows:
October 31, | |||||||||||||||||||
Fund | 2009 | 2010 | 2011 | 2016 | |||||||||||||||
Large Cap Growth | $ | 64,656,367 | $ | 186,923,215 | $ | 37,559,718 | $ | 6,511,847 | |||||||||||
Mid-Cap Core | 79,854,279 | 24,669,925 | — | $ | 6,099,879 |
During the tax year ended October 31, 2008, Large Cap Growth and Mid-Cap Core did not utilize any of the capital loss carryforwards.
It is uncertain whether the Funds will be able to realize the benefits of the capital loss carryforwards before they expire.
At October 31, 2008, 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 depreciation from investments were as follows:
Fund | Identified Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Depreciation | |||||||||||||||
Large Cap Growth | $ | 67,671,451 | $ | 927,832 | $ | (16,148,445 | ) | $ | (15,220,613 | ) | |||||||||
Mid-Cap Core | 126,194,163 | 1,788,996 | (37,502,246 | ) | (35,713,250 | ) |
At October 31, 2008, accumulated undistributed net investment income, accumulated net realized gain (loss) on investments and paid-in capital have
67
Credit Suisse Funds
Notes to Financial Statements (continued)
October 31, 2008
Note 7. Federal Income Taxes
been adjusted for current period permanent book/tax differences which arose principally from real estate investment trusts reclassifications. Net assets were not affected by these reclassifications:
Fund | Paid-In Capital | Undistributed Net Investment Income/(Loss) | Accumulated Net Realized Gain/(Loss) on Investment | ||||||||||||
Large Cap Growth | $ | — | $ | (5,824 | ) | $ | 5,824 | ||||||||
Mid-Cap Core | (56,390 | ) | (29,563 | ) | 85,953 |
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.
Note 9. Recent Accounting Pronouncements
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, 2008, 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.
In March 2008, FASB issued Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities ("FAS 161"), an amendment of FASB Statement No. 133. FAS 161 requires enhanced disclosures about (a) how and why an entity uses derivative instruments, (b) how derivative instruments and hedging activities are accounted for, and (c) how derivative instruments and related hedging activities affect a fund's financial position, financial performance, and cash flows. Management of the Fund does not believe the adoption of FAS 161 will materially impact the financial statement amounts, but will require additional disclosures. This will include qualitative and quantitative disclosures on derivative positions existing at period end and the effect of using der ivatives during the reporting period. FAS 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008.
68
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, 2008, the results of each of their operations for the year then ended and the changes in their net assets and financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial sta tements 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, 2008 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Baltimore, Maryland
December 29, 2008
69
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 | Number of Principal Occupation(s) During Past Five Years | 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, Audit Committee Chairman and Nominating Committee Member | Since 2005 | Professor of Finance and Economics, Graduate School of Business, Columbia University since 1971. | 33 | 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). | ||||||||||||||||||
Jeffrey E. Garten2 Box 208200 New Haven, Connecticut 06520-8200 (1946) | Director/ Trustee, Audit and Nominating 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. | 26 | Director of Aetna, Inc. (insurance company); Director of CarMax Group (used car dealers). | ||||||||||||||||||
1 Each Director/Trustee and Officer serves until his or her respective successor has been duly elected and qualified.
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.
70
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 | Number of Principal Occupation(s) During Past Five Years | Portfolios in Fund Complex Overseen by Director/ Trustee | Other Directorships Held by Director/ Trustee | ||||||||||||||||||
Independent Directors/ Trustees | |||||||||||||||||||||||
Peter F. Krogh SFS/ICC 702 Georgetown University Washington, DC 20057 (1937) | Director/ Trustee, Audit and Nominating 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. | 26 | 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, Audit Committee Member and Nominating Committee Chairman | Director/Trustee since 1999 and Chairman since 2005 | Partner of Lehigh Court, LLC and RZ Capital (private investment firms) from July 2002 to present. | 33 | 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). | ||||||||||||||||||
71
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 | |||||||||||||||
George R. Hornig Credit Suisse Asset Management, LLC Eleven Madison Avenue New York, New York 10010 (1954) | Chief Executive Officer and President | Since 2008 | Managing Director of Credit Suisse; Co-Chief Operating Officer of Asset Management and Head of Asset Management Americas; Associated with Credit Suisse since 1999; Officer of other Credit Suisse Funds. | ||||||||||||
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. | ||||||||||||
Cecilia Chau Credit Suisse Asset Management, LLC Eleven Madison Avenue New York, New York 10010 (1973) | Treasurer | Since 2008 | Assistant Vice President of Credit Suisse since June 2007; Associated with Alliance Bernstein L.P. from January 2007 to May 2007; Associated with Credit Suisse from August 2000 to December 2006; 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.
72
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. The 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.
73
Credit Suisse Funds
Tax Information Letter
October 31, 2008 (unaudited)
Important Tax Information for Corporate Shareholders
Corporate shareholders should note for the year ended October 31, 2008, the percentage of the Fund's investment income (i.e., net investment income plus short-term capital gains) that qualified for the intercorporate dividends received deduction is 100.00% for the Large Cap Growth Fund and 0% for the Mid-Cap Core Fund.
Important Tax Information for Shareholders
For the fiscal year ended October 31, 2008, the Large Cap Growth Fund and the Mid-Cap Core Fund designate approximately $12,298 and $0, respectively, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for reduced tax rates. These lower rates range from 5% to 15% depending on an individual's tax bracket. If the Fund pays a distribution during the calendar year 2008, complete information will be reported in conjunction with Form 1099-DIV.
74
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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-1008
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, 2008. There were no waivers or implicit waivers from the code granted by the registrant during the fiscal year ended October 31, 2008.
Item 3. Audit Committee Financial Expert.
The registrant’s governing board has determined that it has two audit committee financial experts serving on its audit committee: Enrique R. Arzac 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, 2007 and October 31, 2008.
|
| 2007 |
| 2008 |
| ||
Audit Fees |
| $ | 33,592 |
| $ | 20,000 |
|
Audit-Related Fees(1) |
| $ | 3,340 |
| $ | 3,400 |
|
Tax Fees(2) |
| $ | 2,590 |
| $ | 3,255 |
|
All Other Fees |
| — |
| — |
| ||
Total |
| $ | 39,522 |
| $ | 26,655 |
|
(1) Services include agreed-upon procedures in connection with the registrant’s semi-annual financial statements ($3,340 for 2007 and $3,400 for 2008).
(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, 2007 and October 31, 2008.
2
|
| 2007 |
| 2008 |
|
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:
|
| 2007 |
| 2008 |
|
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, 2007 and October 31, 2008:
|
| 2007 |
| 2008 |
|
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, 2007 and October 31, 2008 were $5,930 and $6,655, 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/ George R. Hornig |
|
| Name: George R. Hornig |
|
| Title: Chief Executive Officer |
|
| Date: January 8, 2009 |
|
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/ George R. Hornig |
|
| Name: George R. Hornig |
|
| Title: Chief Executive Officer |
|
| Date: January 8, 2009 |
|
| /s/ Michael A. Pignataro |
|
| Name: Michael A. Pignataro |
|
| Title: Chief Financial Officer |
|
| Date: January 8, 2009 |
|
6