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 No. 811-04604
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CREDIT SUISSE CAPITAL FUNDS
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(Exact Name of Registrant as Specified in Charter)
466 Lexington Avenue, New York, New York 10017-3140
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(Address of Principal Executive Offices) (Zip Code)
J. Kevin Gao, Esq.
Credit Suisse Capital Funds
466 Lexington Avenue
New York, New York 10017-3140
Registrant's telephone number, including area code: (212) 875-3500
Date of fiscal year end: October 31st
Date of reporting period: November 1, 2004 to October 31, 2005
ITEM 1. REPORTS TO STOCKHOLDERS.
CREDIT | ASSET
SUISSE | MANAGEMENT
CREDIT SUISSE FUNDS
Annual Report
October 31, 2005
o CREDIT SUISSE
LARGE CAP VALUE FUND
o CREDIT SUISSE
SMALL CAP VALUE FUND
The Funds' investment objectives, risks, charges and expenses (which should be
considered carefully before investing), and more complete information about the
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 466
Lexington Ave., New York, NY 10017-3140. 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. For more information, please review the
relevant 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, 2005; 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 ("csam") or any affiliate, are not fdic-insured and are not
guaranteed by csam or any affiliate. Fund investments are subject to investment
risks, including loss of your investment.
CREDIT SUISSE LARGE CAP VALUE FUND
ANNUAL INVESTMENT ADVISER'S REPORT
October 31, 2005 (unaudited)
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November 28, 2005
Dear Shareholder:
PERFORMANCE SUMMARY
11/01/04 - 10/31/05
SHARE CLASS/BENCHMARK PERFORMANCE
Common 1 13.34%
Advisor 1 12.81%
Class A 1,2 13.06%
Class B 1,2 12.23%
Class C 1,2 12.23%
Russell 1000(R) Value Index 3 11.86%
Performance for the Fund's Class A, Class B and Class C Shares is without the
maximum sales charge of 5.75%, 4.00% and 1.00%, respectively. 2
MARKET OVERVIEW: STRONG START BUT LACKLUSTER FINISH
The period was an overall positive one for the US stock market, though the
upward path was not smooth. Stocks initially surged in the wake of a decisive
Presidential election, but then fell early in 2005 when inflation and
interest-rate worries raised risk thresholds. The market rallied into the
summer, however, aided by benign inflation data and good earnings reports from a
number of visible companies. Hurricane activity and a surge in oil prices caused
the market to weaken again late in the period. The Federal Reserve, meanwhile,
continued to raise short-term interest rates in small but steady increments. In
the face of all this, the economy nonetheless appeared resilient, at least as of
late October 2005: Third-quarter GDP growth was reported at an annualized rate
of 3.9%, the tenth consecutive quarter of 3% or greater growth.
From a sector perspective, energy stocks as a group had the best
performance, buoyed by high oil and natural gas prices, while consumer
discretionary stocks were among the underperformers. Value stocks generally
outperformed growth stocks for the 12-month period, in part reflecting the
outperformance of energy stocks, which comprise a larger share of the value
universe.
STRATEGIC REVIEW: CONSUMER AND ENERGY HOLDINGS DRIVE OUTPERFORMANCE
The Fund outperformed its benchmark in the period, aided by good stock
selection in the consumer sector, in particular retailers and providers of
consumer staples products. The Fund's performance also reflected favorable stock
selection in the energy and utilities areas. On the negative side, the Fund's
1
CREDIT SUISSE LARGE CAP VALUE FUND
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
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materials holdings struggled, while its producer durables and technology stocks
had positive yet lagging returns for the period.
In terms of noteworthy recent portfolio activity, our purchases included
Bank of New York (1.1% of the Fund's net assets as of October 31, 2005), a
diversified financial services company that is nearing completion of a
restructuring. We believe that the stock is undervalued compared with its peers.
We also initiated a position in Kellogg (0.5% of the Fund's net assets as of
October 31, 2005). We added the food company after its stock had traded down to
attractive valuation levels, based on our view of the company's compelling
fundamentals. Our late-period eliminations included Smurfit-Stone, a packaging
company in the materials sector. This reflected our concerns regarding the
company's pricing power amid weaker demand for paper products in general.
Going forward, we will continue to adhere to our general strategy of
investing in dividend-paying stocks of companies with large market
capitalizations. Using proprietary bottom-up equity research and detailed
quantitative analyses, we look for stocks that are deeply discounted relative to
our view of their upside potential, in terms of valuation and/or income, with an
emphasis on companies that stand to benefit from the positive impact of a likely
significant event.
The Credit Suisse Large Cap Value Team
Stephen J. Kaszynski
Robert E. Rescoe
Adam Scheiner
In addition to historical information, this report contains
forward-looking statements, which 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 investment portfolio. 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 that projected, anticipated or implied. The fund has
no obligation to update or revise forward-looking statements.
2
CREDIT SUISSE LARGE CAP VALUE FUND
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
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COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE
CREDIT SUISSE LARGE CAP VALUE FUND 1 COMMON CLASS SHARES, AND
THE RUSSELL 1000(R) VALUE INDEX 3 FROM INCEPTION (8/01/00).
[LINE GRAPH]
Credit Suisse
Large Cap Value
Fund 1 - Common Russell 1000(R)
Date Class Value Index 3
--------- ------------------ ----------------
08/00 $10,000 $10,000
$10,432 $10,557
$10,530 $10,654
10/00 $10,870 $10,916
$10,602 $10,511
$11,296 $11,037
$11,126 $11,079
$10,957 $10,771
$10,585 $10,391
$11,027 $10,900
$11,236 $11,145
$10,898 $10,898
$10,825 $10,875
$10,430 $10,439
$ 9,770 $ 9,704
10/01 $ 9,751 $ 9,621
$10,239 $10,180
$10,548 $10,419
$10,379 $10,339
$10,506 $10,356
$10,834 $10,845
$10,505 $10,473
$10,515 $10,526
$ 9,897 $ 9,922
$ 9,192 $ 8,999
$ 9,208 $ 9,067
$ 8,444 $ 8,059
10/02 $ 9,006 $ 8,656
$ 9,162 $ 9,201
$ 8,886 $ 8,802
$ 8,657 $ 8,589
$ 8,482 $ 8,360
$ 8,525 $ 8,374
$ 9,089 $ 9,111
$ 9,566 $ 9,700
$ 9,675 $ 9,821
$ 9,691 $ 9,967
$ 9,839 $10,123
$ 9,822 $10,023
10/03 $10,234 $10,637
$10,383 $10,782
$11,048 $11,446
$11,172 $11,647
$11,348 $11,896
$11,097 $11,792
$10,938 $11,504
$11,029 $11,621
$11,399 $11,896
$11,160 $11,728
$11,183 $11,894
$11,349 $12,079
10/04 $11,412 $12,279
$12,023 $12,901
$12,373 $13,333
$12,239 $13,095
$12,697 $13,529
$12,545 $13,343
$12,208 $13,105
$12,551 $13,420
$12,741 $13,567
$13,215 $13,959
$13,135 $13,899
$13,279 $14,093
10/05 $12,934 $13,735
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE
CREDIT SUISSE LARGE CAP VALUE FUND 1 CLASS A SHARES 2,
AND THE RUSSELL 1000(R) VALUE INDEX 3 FOR TEN YEARS.
[LINE GRAPH]
Credit Suisse
Large Cap Value Russell 1000(R)
Date Fund 1 - Class A 2 Value Index 3
--------- ------------------ ----------------
10/95 $ 9,425 $10,000
$ 9,858 $10,507
$10,090 $10,771
$10,509 $11,106
$10,642 $11,190
$10,634 $11,380
$10,734 $11,424
$10,974 $11,567
$11,018 $11,576
$10,744 $11,139
$10,857 $11,457
$11,292 $11,913
10/96 $11,554 $12,373
$12,461 $13,271
$12,303 $13,101
$12,905 $13,736
$13,113 $13,938
$12,480 $13,437
$12,942 $14,002
$13,829 $14,784
$14,389 $15,418
$15,324 $16,578
$14,576 $15,987
$15,276 $16,953
10/97 $15,081 $16,480
$15,844 $17,208
$16,330 $17,711
$16,213 $17,460
$17,355 $18,635
$18,057 $19,775
$17,994 $19,907
$17,751 $19,612
$18,418 $19,864
$17,991 $19,513
$15,600 $16,609
$16,696 $17,563
10/98 $17,968 $18,924
$18,672 $19,806
$19,366 $20,479
$19,532 $20,643
$19,122 $20,351
$19,610 $20,773
$20,728 $22,712
$20,292 $22,463
$21,318 $23,115
$21,179 $22,438
$20,575 $21,606
$19,824 $20,851
10/99 $20,550 $22,051
$20,675 $21,878
$21,377 $21,984
$20,575 $21,267
$19,367 $19,687
$21,013 $22,089
$21,185 $21,832
$21,591 $22,063
$20,860 $21,055
$20,282 $21,318
$21,384 $22,504
$21,596 $22,711
10/00 $22,284 $23,270
$21,733 $22,407
$23,163 $23,529
$22,805 $23,619
$22,457 $22,962
$21,699 $22,152
$22,606 $23,237
$23,045 $23,760
$22,347 $23,232
$22,197 $23,184
$21,387 $22,254
$20,035 $20,687
10/01 $19,995 $20,509
$20,996 $21,701
$21,633 $22,212
$21,275 $22,041
$21,535 $22,076
$22,208 $23,120
$21,544 $22,327
$21,566 $22,439
$20,284 $21,151
$18,840 $19,184
$18,884 $19,330
$17,306 $17,180
10/02 $18,469 $18,453
$18,788 $19,616
$18,224 $18,764
$17,742 $18,310
$17,383 $17,821
$17,483 $17,852
$18,629 $19,423
$19,606 $20,677
$19,847 $20,936
$19,881 $21,248
$20,185 $21,579
$20,149 $21,368
10/03 $21,050 $22,675
$21,343 $22,984
$22,704 $24,400
$22,959 $24,829
$23,307 $25,360
$22,803 $25,137
$22,466 $24,524
$22,652 $24,774
$23,407 $25,359
$22,906 $25,001
$22,952 $25,356
$23,290 $25,749
10/04 $23,406 $26,177
$24,656 $27,501
$25,368 $28,422
$25,093 $27,917
$26,030 $28,841
$25,702 $28,445
$25,001 $27,936
$25,715 $28,610
$26,099 $28,921
$27,053 $29,757
$26,890 $29,629
$27,167 $30,044
10/05 $26,463 $29,281
3
CREDIT SUISSE LARGE CAP VALUE FUND
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE
CREDIT SUISSE LARGE CAP VALUE FUND 1 CLASS B SHARES 2 AND
THE RUSSELL 1000(R) VALUE INDEX 3,4 FROM INCEPTION (2/28/96).
[LINE GRAPH]
Credit Suisse
Large Cap Value Russell 1000(R)
Date Fund 1 - Class B 2 Value Index 3,4
--------- ------------------ ----------------
02/96 $10,000 $10,000
$ 9,963 $10,000
$ 9,946 $10,170
$10,034 $10,209
$10,252 $10,337
$10,290 $10,345
$10,023 $ 9,954
$10,124 $10,239
$10,529 $10,646
10/96 $10,767 $11,058
$11,609 $11,859
$11,449 $11,708
$12,003 $12,276
$12,190 $12,456
$11,593 $12,008
$12,016 $12,512
$12,827 $13,211
$13,343 $13,778
$14,204 $14,815
$13,503 $14,287
$14,148 $15,150
10/97 $13,953 $14,727
$14,654 $15,378
$15,089 $15,827
$14,973 $15,603
$16,016 $16,653
$16,661 $17,672
$16,589 $17,790
$16,357 $17,526
$16,958 $17,751
$16,557 $17,438
$14,347 $14,843
$15,349 $15,695
10/98 $16,506 $16,911
$17,147 $17,699
$17,772 $18,301
$17,909 $18,447
$17,524 $18,187
$17,965 $18,563
$18,977 $20,297
$18,567 $20,074
$19,498 $20,657
$19,354 $20,052
$18,800 $19,308
$18,094 $18,633
10/99 $18,760 $19,705
$18,858 $19,551
$19,486 $19,646
$18,742 $19,005
$17,635 $17,593
$19,122 $19,740
$19,271 $19,511
$19,626 $19,716
$18,949 $18,815
$18,412 $19,051
$19,403 $20,111
$19,577 $20,296
10/00 $20,197 $20,795
$19,676 $20,024
$20,955 $21,027
$20,628 $21,107
$20,302 $20,520
$19,597 $19,796
$20,414 $20,766
$20,787 $21,233
$20,149 $20,762
$20,004 $20,718
$19,258 $19,887
$18,027 $18,487
10/01 $17,982 $18,328
$18,873 $19,393
$19,434 $19,850
$19,100 $19,697
$19,326 $19,728
$19,911 $20,661
$19,300 $19,953
$19,310 $20,052
$18,154 $18,901
$16,849 $17,144
$16,869 $17,274
$15,461 $15,353
10/02 $16,491 $16,491
$16,758 $17,530
$16,248 $16,769
$15,814 $16,363
$15,491 $15,926
$15,562 $15,953
$16,582 $17,357
$17,430 $18,478
$17,642 $18,709
$17,652 $18,988
$17,915 $19,284
$17,868 $19,095
10/03 $18,646 $20,264
$18,899 $20,539
$20,092 $21,805
$20,300 $22,188
$20,601 $22,663
$20,142 $22,464
$19,831 $21,916
$19,987 $22,139
$20,634 $22,662
$20,177 $22,342
$20,208 $22,659
$20,491 $23,011
10/04 $20,585 $23,393
$21,665 $24,576
$22,279 $25,400
$22,023 $24,948
$22,834 $25,773
$22,535 $25,420
$21,912 $24,965
$22,512 $25,567
$22,833 $25,846
$23,656 $26,592
$23,500 $26,478
$23,735 $26,849
10/05 $23,101 $26,167
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE
CREDIT SUISSE LARGE CAP VALUE FUND 1 CLASS C SHARES 2 AND
THE RUSSELL 1000(R) VALUE INDEX 3,5 FROM INCEPTION (2/28/00).
[LINE GRAPH]
Credit Suisse
Large Cap Value
Fund 1 - Class C 2
(with maximum
contingent
deferred Russell 1000(R)
Date sales charge) Value Index 3,5
--------- ----------------- ----------------
02/00 $10,000 $10,000
$10,066 $10,000
$10,910 $11,220
$10,991 $11,090
$11,193 $11,207
$10,812 $10,695
$10,500 $10,829
$11,067 $11,431
$11,166 $11,536
10/00 $11,520 $11,820
$11,227 $11,382
$11,958 $11,952
$11,766 $11,997
$11,574 $11,664
$11,174 $11,252
$11,641 $11,803
$11,854 $12,069
$11,490 $11,801
$11,407 $11,776
$10,981 $11,304
$10,279 $10,508
10/01 $10,253 $10,418
$10,763 $11,023
$11,079 $11,283
$10,888 $11,196
$11,017 $11,214
$11,354 $11,744
$11,004 $11,341
$11,010 $11,398
$10,354 $10,744
$ 9,607 $ 9,745
$ 9,618 $ 9,819
$ 8,813 $ 8,727
10/02 $ 9,397 $ 9,373
$ 9,556 $ 9,964
$ 9,258 $ 9,531
$ 9,016 $ 9,301
$ 8,825 $ 9,053
$ 8,871 $ 9,068
$ 9,449 $ 9,866
$ 9,935 $10,503
$10,051 $10,635
$10,062 $10,793
$10,213 $10,961
$10,186 $10,854
10/03 $10,632 $11,518
$10,776 $11,675
$11,454 $12,394
$11,573 $12,612
$11,745 $12,882
$11,483 $12,769
$11,310 $12,457
$11,393 $12,584
$11,764 $12,881
$11,502 $12,700
$11,520 $12,880
$11,682 $13,080
10/04 $11,736 $13,297
$12,349 $13,969
$12,700 $14,437
$12,554 $14,180
$13,019 $14,650
$12,847 $14,449
$12,490 $14,190
$12,834 $14,532
$13,018 $14,691
$13,489 $15,115
$13,400 $15,050
$13,528 $15,261
10/05 $13,172 $14,874
4
CREDIT SUISSE LARGE CAP VALUE FUND
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE
CREDIT SUISSE LARGE CAP VALUE FUND 1 ADVISOR CLASS SHARES AND
THE RUSSELL 1000(R) VALUE INDEX 3,6 FROM INCEPTION (6/6/03).
[LINE GRAPH]
Credit Suisse
Large Cap Value
Fund 1 - Advisor Russell 1000(R)
Date Class Value Index 3,6
--------- ----------------- ----------------
06/03 $10,000 $10,000
$ 9,905 $10,125
$ 9,916 $10,276
$10,067 $10,436
$10,047 $10,334
10/03 $10,490 $10,966
$10,642 $11,116
$11,312 $11,800
$11,439 $12,008
$11,612 $12,265
$11,354 $12,157
04/04 $11,186 $11,860
$11,279 $11,981
$11,647 $12,264
$11,398 $12,091
$11,416 $12,263
$11,588 $12,453
10/04 $11,640 $12,660
$12,260 $13,300
$12,611 $13,746
$12,469 $13,501
$12,933 $13,948
$12,769 $13,757
04/05 $12,422 $13,511
$12,769 $13,836
$12,958 $13,987
$13,431 $14,391
$13,344 $14,329
$13,485 $14,530
10/05 $13,131 $14,161
5
CREDIT SUISSE LARGE CAP VALUE FUND
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2005 1
SINCE
1 YEAR 5 YEARS 10 YEARS INCEPTION
------ ------- -------- ---------
Common Class 17.01% 4.75% -- 5.64%
Advisor Class 16.38% -- -- 13.75%
Class A Without Sales Charge 7 16.65% 4.70% 11.14% 11.74%
Class A With Maximum Sales Charge 7 9.93% 3.46% 10.48% 11.24%
Class B Without CDSC 15.83% 3.93% -- 9.43%
Class B With CDSC 11.83% 3.93% -- 9.43%
Class C Without CDSC 15.80% 3.91% -- 5.56%
Class C With CDSC 14.80% 3.91% -- 5.56%
AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 2005 1
SINCE
1 YEAR 5 YEARS 10 YEARS INCEPTION
------ ------- -------- ---------
Common Class 13.34% 3.54% -- 5.02%
Advisor Class 12.81% -- -- 11.99%
Class A Without Sales Charge 7 13.06% 3.50% 10.88% 11.44%
Class A With Maximum Sales Charge 7 6.58% 2.28% 10.22% 10.94%
Class B Without CDSC 12.23% 2.72% -- 9.04%
Class B With CDSC 8.23% 2.72% -- 9.04%
Class C Without CDSC 12.23% 2.72% -- 4.97%
Class C With CDSC 11.23% 2.72% -- 4.97%
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 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.Csam.Com/us.
________________
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 Class A Shares for the reporting period, based on
offering price (with maximum sales charge of 5.75%), was 6.58%. Total
return for Class B Shares for the reporting period, based on redemption
value (including maximum contingent deferred sales charge of 4%), was
8.23%. Total return for Class C Shares for the reporting period, based on
redemption value (including maximum contingent deferred sales charge of
1%), was 11.23%.
3 The Russell 1000(R) Value Index measures the performance of those
companies in the Russell 1000(R) Index with lower price-to-book ratios
and lower 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 Performance for the benchmark is not available for February 28, 1996 (date
of inception). For that reason, performance of the benchmark is shown from
March 1, 1996.
5 Performance for the benchmark is not available for February 28, 2000 (date
of inception). For that reason, performance of the benchmark is shown from
March 1, 2000.
6 Performance for the benchmark is not available for June 6, 2003 (date of
inception). For that reason, performance of the benchmark is shown from
June 1, 2003.
7 Inception Date: 7/9/92.
6
CREDIT SUISSE LARGE CAP VALUE FUND
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (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, 2005.
The table illustrates your Fund's expenses in two ways:
o 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.
o HYPOTHETICAL 5% FUND RETURN. This helps you to compare your Fund's
ongoing expenses with those of other mutual funds using the Fund's
actual expense ratio and a hypothetical rate of return of 5% per year
before expenses. Examples using a 5% hypothetical fund return may be
found in the shareholder reports of other mutual funds. The
hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
Please note that the expenses shown in these tables are meant to highlight
your ongoing expenses only and do not reflect any transaction costs, such as
sales charges (loads) or redemption fees. If these transaction costs had been
included, your costs would have been higher. The "Expenses Paid per $1,000" line
of the tables is useful in comparing ongoing expenses only and will not help you
determine the relative total expenses of owning different funds.
7
CREDIT SUISSE LARGE CAP VALUE FUND
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
EXPENSES AND VALUE OF A $1,000 INVESTMENT
FOR THE SIX MONTH PERIOD ENDED OCTOBER 31, 2005
- --------------------------------------------------------------------------------
COMMON ADVISOR
ACTUAL FUND RETURN CLASS CLASS CLASS A CLASS B CLASS C
--------- --------- --------- --------- ---------
Beginning Account
Value 5/1/05 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account
Value 10/31/05 $1,059.50 $1,057.00 $1,058.50 $1,054.30 $1,054.50
Expenses Paid
per $1,000* $ 4.78 $ 7.36 $ 6.07 $ 9.94 $ 9.94
HYPOTHETICAL 5% FUND RETURN
Beginning Account
Value 5/1/05 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account
Value 10/31/05 $1,020.57 $1,018.05 $1,019.31 $1,015.53 $1,015.53
Expenses Paid
per $1,000* $ 4.69 $ 7.22 $ 5.96 $ 9.75 $ 9.75
COMMON ADVISOR
CLASS CLASS CLASS A CLASS B CLASS C
--------- --------- --------- --------- ---------
ANNUALIZED EXPENSE RATIOS* 0.92% 1.42% 1.17% 1.92% 1.92%
______________
* Expenses are equal to the fund's annualized expense ratio for each share
class, multiplied by the average account value over the period, multiplied
by the number of days in the most recent fiscal half year period, then
divided by 365.
The "expenses paid per $1,000" and the "annualized expense ratios" in the
tables are based on actual expenses paid by the fund during the period,
net of fee waivers and/or expense reimbursements. If those fee waivers
and/or expense reimbursements had not been in effect, the fund's actual
expenses would have been higher.
For more information, please refer to the Fund's prospectus.
8
CREDIT SUISSE LARGE CAP VALUE FUND
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
SECTOR BREAKDOWN*
[BAR CHART]
Financial Services 31.7%
Consumer Discretionary 9.3%
Integrated Oils 9.1%
Health Care 9.0%
Other Energy 7.9%
Utilities 6.6%
Technology 6.3%
Consumer Staples 5.8%
Other 5.2%
Producer Durables 5.1%
Materials & Processing 2.9%
Short-Term Investments 1.1%
______________
* Expressed as a percentage of total investments (excluding security lending
collateral) and may vary over time.
9
CREDIT SUISSE SMALL CAP VALUE FUND
ANNUAL INVESTMENT ADVISER'S REPORT
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
November 28, 2005
Dear Shareholder:
PERFORMANCE SUMMARY
11/01/04 - 10/31/05
SHARE CLASS/BENCHMARK PERFORMANCE
Common 1 15.56%
Class A 1,2 15.54%
Class B 1,2 14.72%
Class C 1,2 14.72%
Russell 2000(R) Index 3 12.08%
Russell 2000(R) Value Index 3 13.04%
Performance for the Fund's Class A, Class B and Class C Shares is without the
maximum sales charge of 5.75%, 4.00% and 1.00%, respectively. 2
MARKET OVERVIEW: STRONG START BUT LACKLUSTER FINISH
The period was an overall positive one for the US stock market, though the
upward path was not smooth. Stocks initially surged in the wake of a decisive
Presidential election, but then fell early in 2005 when inflation and
interest-rate worries raised risk thresholds. The market rallied into the
summer, however, aided by benign inflation data and good earnings reports from a
number of visible companies. Hurricane activity and a surge in oil prices caused
the market to weaken again late in the period. The Federal Reserve, meanwhile,
continued to raise short-term interest rates in small but steady increments. In
the face of all this, the economy nonetheless appeared resilient, at least as of
late October 2005: Third-quarter GDP growth was reported at an annualized rate
of 3.9%, the tenth consecutive quarter of 3% or greater growth.
From a sector perspective, energy stocks as a group had the best
performance, buoyed by high oil and natural gas prices, while consumer
discretionary stocks were among the underperformers. Value stocks generally
outperformed growth stocks for the 12-month period, in part reflecting the
outperformance of energy stocks, which comprise a larger share of the value
universe. Small cap stocks modestly outperformed large cap stocks.
10
CREDIT SUISSE SMALL CAP VALUE FUND
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
STRATEGIC REVIEW: AIDED BY ENERGY APPROACH
The Fund's outperformance was attributable in part to good stock selection
in the energy, producer durables and transportation sectors. The Fund's
overweighting in the energy sector also proved beneficial to its performance, as
it outpaced the broader market by a large margin. Another factor that helped the
Fund's relative performance was its underweighting in the financial services
sector (based in part on our concerns over a flattening yield curve), which had
a positive yet lagging return within the benchmark. Negative contributors to the
Fund's performance in the period included its consumer discretionary and health
care holdings, as well as its underweighting in the utilities sector.
With regard to noteworthy portfolio activity, our recent purchases
included Salem Communications (0.6% of the Fund's net assets as of October 31,
2005), a niche radio broadcaster we viewed as attractively valued. We also
established a position in Source Interlink (1.9% of the Fund's net assets as of
October 31, 2005), a provider of marketing and fulfillment services to
retailers, such as store-based and online sellers of magazines and DVDs. We view
the company as inexpensive relative to its growth prospects.
Our late-period sales included Eagle Materials, a provider of materials
used in residential and commercial construction. The stock had rallied to reach
our sell target. We also pared our overall exposure to energy companies before
energy stocks tumbled in October, selling stocks such as Oceaneering
International that had performed well.
Going forward, we will continue to seek to identify undervalued stocks of
small US companies. Using proprietary bottom-up equity research, we look for
stocks that are deeply discounted relative to our view of their upside
potential, with an emphasis on companies that stand to benefit from the positive
impact of a likely significant event.
The Credit Suisse Value Team
Stephen J. Kaszynski
Robert E. Rescoe
T. Ryan Harkins
11
CREDIT SUISSE SMALL CAP VALUE FUND
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
Investments in small companies may be more volatile and less liquid than
investments in larger companies.
In addition to historical information, this report contains
forward-looking statements, which 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 investment portfolio. 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 that projected, anticipated or implied. The fund has
no obligation to update or revise forward-looking statements.
12
CREDIT SUISSE SMALL CAP VALUE FUND
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE CREDIT SUISSE
SMALL CAP VALUE FUND 1 COMMON CLASS SHARES, THE RUSSELL 2000(R) INDEX 3 AND
THE RUSSELL 2000(R) VALUE INDEX 3 FROM INCEPTION (8/01/00).
[LINE GRAPH]
Credit Suisse
Small Cap Value
Fund 1 - Common Russell 2000(R) Russell 2000(R)
Date Class Index 3 Value Index 3
--------- --------------- --------------- ---------------
08/00 $10,000 $10,000 $10,000
$10,511 $10,763 $10,447
$10,482 $10,447 $10,388
10/00 $10,562 $ 9,981 $10,351
$10,308 $ 8,956 $10,140
$11,546 $ 9,725 $11,230
$11,662 $10,232 $11,540
$11,403 $ 9,560 $11,524
$11,298 $ 9,093 $11,339
$11,953 $ 9,804 $11,864
$12,300 $10,045 $12,169
$12,581 $10,392 $12,658
$12,393 $ 9,830 $12,375
$12,316 $ 9,512 $12,331
$11,172 $ 8,232 $10,970
10/01 $11,595 $ 8,713 $11,256
$12,118 $ 9,388 $12,066
$12,842 $ 9,967 $12,805
$12,980 $ 9,864 $12,974
$13,345 $ 9,593 $13,054
$14,137 $10,365 $14,031
$14,451 $10,459 $14,525
$13,936 $ 9,995 $14,044
$13,420 $ 9,499 $13,734
$12,050 $ 8,065 $11,693
$12,396 $ 8,044 $11,642
$11,428 $ 7,467 $10,811
10/02 $11,666 $ 7,706 $10,973
$12,081 $ 8,394 $11,848
$11,850 $ 7,926 $11,342
$11,404 $ 7,707 $11,023
$11,253 $ 7,474 $10,652
$11,171 $ 7,570 $10,766
$11,939 $ 8,288 $11,789
$12,557 $ 9,177 $12,993
$12,625 $ 9,344 $13,212
$12,948 $ 9,928 $13,871
$13,407 $10,383 $14,399
$13,044 $10,191 $14,233
10/03 $13,737 $11,047 $15,393
$14,251 $11,439 $15,984
$14,835 $11,672 $16,563
$15,203 $12,179 $17,136
$15,383 $12,289 $17,468
$15,499 $12,403 $17,709
$15,333 $11,771 $16,794
$15,463 $11,958 $16,997
$16,228 $12,461 $17,860
$15,658 $11,623 $17,039
$15,506 $11,563 $17,206
$16,257 $12,106 $17,887
10/04 $16,366 $12,344 $18,164
$17,673 $13,414 $19,775
$18,087 $13,811 $20,248
$17,659 $13,235 $19,464
$18,682 $13,459 $19,852
$18,286 $13,074 $19,443
$17,326 $12,325 $18,440
$18,103 $13,132 $19,564
$18,857 $13,639 $20,429
$20,007 $14,504 $21,592
$19,833 $14,236 $21,095
$19,761 $14,280 $21,059
10/05 $18,912 $13,836 $20,531
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE CREDIT SUISSE
SMALL CAP VALUE FUND 1 CLASS A SHARES 2, THE RUSSELL 2000(R) INDEX 3 AND THE
RUSSELL 2000(R) VALUE INDEX3 FOR TEN YEARS.
[LINE GRAPH]
Credit Suisse
Small Cap Value Russell 2000(R) Russell 2000(R)
Date Fund 1 - Class A 2 Index 3 Value Index 3
--------- ------------------ --------------- ---------------
10/95 $ 9,425 $10,000 $10,000
$ 9,838 $ 9,596 $10,397
$ 9,965 $ 9,853 $10,720
$ 9,807 $ 9,728 $10,791
$10,081 $10,133 $10,960
$10,355 $10,307 $11,190
$10,477 $10,536 $11,495
$10,775 $10,717 $11,786
$10,559 $11,273 $11,647
$ 9,796 $11,923 $11,028
$10,320 $12,169 $11,506
$10,693 $12,387 $11,820
10/96 $10,728 $11,833 $11,957
$11,101 $12,330 $12,601
$11,418 $12,655 $13,010
$11,485 $12,641 $13,210
$11,533 $13,035 $13,335
$11,290 $13,301 $12,978
$11,320 $14,012 $13,168
$12,361 $14,564 $14,217
$12,928 $13,966 $14,936
$13,671 $12,746 $15,563
$13,920 $13,486 $15,810
$14,663 $14,013 $16,862
10/97 $14,213 $13,797 $16,403
$14,368 $14,366 $16,583
$14,403 $14,742 $17,145
$14,287 $15,037 $16,835
$15,295 $14,672 $17,853
$15,818 $13,980 $18,577
$15,747 $14,019 $18,668
$15,094 $15,578 $18,008
$14,623 $16,246 $17,906
$13,570 $17,002 $16,503
$11,516 $17,391 $13,919
$11,968 $18,664 $14,705
10/98 $12,621 $17,844 $15,141
$13,108 $17,729 $15,551
$13,739 $18,039 $16,039
$12,850 $17,754 $15,675
$12,085 $19,067 $14,605
$12,150 $19,853 $14,484
$13,239 $19,963 $15,806
$13,479 $18,888 $16,292
$14,083 $18,927 $16,882
$14,096 $17,395 $16,482
$13,577 $14,017 $15,879
$13,259 $15,115 $15,562
10/99 $13,311 $15,731 $15,250
$13,711 $16,556 $15,329
$13,941 $17,580 $15,800
$13,122 $17,814 $15,387
$13,682 $16,371 $16,328
$15,012 $16,627 $16,404
$14,710 $18,117 $16,501
$14,681 $18,381 $16,249
$15,105 $19,213 $16,724
$15,342 $18,685 $17,282
$16,118 $17,994 $18,054
$16,075 $17,998 $17,952
10/00 $16,197 $18,071 $17,888
$15,808 $19,150 $17,524
$17,709 $21,317 $19,407
$17,878 $20,974 $19,942
$17,482 $24,438 $19,915
$17,330 $22,827 $19,595
$18,333 $21,453 $20,503
$18,855 $20,202 $21,030
$19,285 $21,963 $21,875
$18,998 $21,257 $21,385
$18,880 $22,879 $21,310
$17,119 $22,206 $18,958
10/01 $17,768 $21,216 $19,453
$18,568 $19,037 $20,851
$19,681 $20,672 $22,128
$19,893 $21,749 $22,422
$20,460 $20,322 $22,559
$21,661 $19,329 $24,248
$22,151 $20,840 $25,102
$21,353 $21,353 $24,271
$20,575 $22,089 $23,734
$18,480 $20,894 $20,208
$19,009 $20,219 $20,119
$17,529 $17,498 $18,682
10/02 $17,894 $18,522 $18,962
$18,528 $19,955 $20,476
$18,174 $21,187 $19,601
$17,482 $20,967 $19,049
$17,252 $20,392 $18,408
$17,136 $22,032 $18,605
$18,311 $22,232 $20,373
$19,255 $21,245 $22,453
$19,370 $20,191 $22,832
$19,852 $17,143 $23,972
$20,566 $17,100 $24,883
$19,999 $15,872 $24,597
10/03 $21,079 $16,381 $26,601
$21,855 $17,843 $27,623
$22,746 $16,849 $28,623
$23,320 $16,382 $29,613
$23,596 $15,887 $30,187
$23,773 $16,092 $30,604
$23,519 $17,618 $29,022
$23,717 $19,508 $29,373
$24,887 $19,861 $30,865
$24,015 $21,105 $29,445
$23,795 $22,071 $29,734
$24,931 $21,663 $30,911
10/04 $25,108 $23,483 $31,391
$27,117 $24,316 $34,175
$27,750 $24,810 $34,992
$27,095 $25,889 $33,637
$28,659 $26,122 $34,307
$28,053 $26,365 $33,600
$26,574 $25,020 $31,866
$27,774 $25,418 $33,810
$28,925 $26,488 $35,305
$30,694 $24,706 $37,313
$30,428 $24,580 $36,455
$30,319 $25,732 $36,393
10/05 $29,010 $24,855 $35,480
13
CREDIT SUISSE SMALL CAP VALUE FUND
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE CREDIT SUISSE
SMALL CAP VALUE FUND 1 CLASS B SHARES 2, THE RUSSELL 2000(R) INDEX 3,4 AND THE
RUSSELL 2000(R) VALUE INDEX 3,4 FROM INCEPTION (2/28/96).
[LINE GRAPH]
Credit Suisse
Small Cap Value Russell 2000(R) Russell 2000(R)
Date Fund 1 - Class B 2 Index 3,4 Value Index 3,4
--------- ------------------ --------------- ---------------
02/96 $10,000 $10,000 $10,000
$ 9,931 $10,000 $10,000
$10,195 $10,204 $10,210
$10,310 $10,749 $10,488
$10,603 $11,173 $10,754
$10,385 $10,714 $10,627
$ 9,627 $ 9,778 $10,062
$10,138 $10,346 $10,499
$10,499 $10,750 $10,785
10/96 $10,528 $10,585 $10,910
$10,884 $11,021 $11,498
$11,196 $11,310 $11,871
$11,250 $11,536 $12,053
$11,298 $11,256 $12,168
$11,052 $10,725 $11,841
$11,070 $10,755 $12,015
$12,083 $11,951 $12,972
$12,634 $12,463 $13,628
$13,347 $13,043 $14,200
$13,580 $13,342 $14,426
$14,299 $14,318 $15,385
10/97 $13,850 $13,689 $14,967
$13,991 $13,600 $15,131
$14,016 $13,838 $15,644
$13,896 $13,620 $15,361
$14,872 $14,627 $16,289
$15,367 $15,230 $16,950
$15,291 $15,315 $17,034
$14,644 $14,490 $16,431
$14,188 $14,520 $16,338
$13,154 $13,345 $15,058
$11,157 $10,753 $12,700
$11,588 $11,595 $13,417
10/98 $12,191 $12,068 $13,815
$12,656 $12,701 $14,189
$13,259 $13,487 $14,634
$12,396 $13,666 $14,302
$11,647 $12,559 $13,326
$11,704 $12,755 $13,216
$12,745 $13,898 $14,422
$12,973 $14,101 $14,866
$13,544 $14,739 $15,404
$13,544 $14,335 $15,038
$13,043 $13,804 $14,489
$12,726 $13,807 $14,199
10/99 $12,770 $13,863 $13,915
$13,143 $14,691 $13,987
$13,353 $16,354 $14,417
$12,566 $16,090 $14,040
$13,093 $18,748 $14,898
$14,358 $17,512 $14,968
$14,063 $16,457 $15,056
$14,028 $15,498 $14,827
$14,422 $16,849 $15,260
$14,640 $16,307 $15,768
$15,370 $17,551 $16,473
$15,321 $17,035 $16,380
10/00 $15,427 $16,276 $16,322
$15,045 $14,604 $15,989
$16,838 $15,859 $17,707
$16,995 $16,685 $18,196
$16,615 $15,590 $18,171
$16,450 $14,828 $17,880
$17,400 $15,987 $18,707
$17,888 $16,381 $19,188
$18,284 $16,946 $19,960
$17,995 $16,029 $19,513
$17,871 $15,511 $19,444
$16,202 $13,424 $17,298
10/01 $16,797 $14,209 $17,749
$17,549 $15,309 $19,026
$18,591 $16,254 $20,191
$18,771 $16,085 $20,458
$19,291 $15,644 $20,583
$20,417 $16,902 $22,125
$20,862 $17,056 $22,904
$20,105 $16,298 $22,146
$19,358 $15,490 $21,656
$17,371 $13,151 $18,438
$17,853 $13,118 $18,357
$16,453 $12,176 $17,046
10/02 $16,784 $12,567 $17,302
$17,371 $13,688 $18,683
$17,026 $12,926 $17,885
$16,373 $12,568 $17,381
$16,145 $12,188 $16,797
$16,021 $12,345 $16,976
$17,109 $13,516 $18,589
$17,990 $14,966 $20,487
$18,073 $15,237 $20,833
$18,519 $16,190 $21,873
$19,171 $16,932 $22,704
$18,633 $16,619 $22,443
10/03 $19,617 $18,015 $24,272
$20,332 $18,654 $25,204
$21,150 $19,033 $26,116
$21,664 $19,861 $27,020
$21,916 $20,040 $27,544
$22,069 $20,226 $27,924
$21,807 $19,194 $26,481
$21,982 $19,500 $26,801
$23,054 $20,321 $28,162
$22,233 $18,953 $26,867
$22,015 $18,856 $27,130
$23,054 $19,741 $28,205
10/04 $23,196 $20,130 $28,642
$25,034 $21,875 $31,182
$25,607 $22,522 $31,928
$24,978 $21,583 $30,692
$26,418 $21,948 $31,303
$25,837 $21,320 $30,658
$24,457 $20,098 $29,076
$25,546 $21,415 $30,850
$26,599 $22,242 $32,213
$28,209 $23,652 $34,046
$27,931 $23,214 $33,263
$27,822 $23,286 $33,207
10/05 $26,611 $22,562 $32,373
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE CREDIT SUISSE
SMALL CAP VALUE FUND 1 CLASS C SHARES 2, THE RUSSELL 2000(R) INDEX 3,5 AND THE
RUSSELL 2000(R) VALUE INDEX 3,5 FROM INCEPTION (2/28/00).
[LINE GRAPH]
Credit Suisse
Small Cap Value
Fund 1 - Class C 2
(with maximum
contingent
deferred Russell 2000(R) Russell 2000(R)
Date sales charge) Index 3,5 Value Index 3,5
--------- ------------------ --------------- ---------------
02/00 $10,000 $10,000 $10,000
$10,270 $10,000 $10,000
$11,256 $ 9,341 $10,047
$11,019 $ 8,778 $10,106
$10,992 $ 8,267 $ 9,952
$11,300 $ 8,987 $10,243
$11,471 $ 8,698 $10,584
$12,044 $ 9,362 $11,058
$12,006 $ 9,087 $10,995
10/00 $12,088 $ 8,681 $10,956
$11,788 $ 7,790 $10,733
$13,200 $ 8,459 $11,886
$13,323 $ 8,900 $12,214
$13,018 $ 8,316 $12,197
$12,895 $ 7,909 $12,002
$13,635 $ 8,528 $12,557
$14,018 $ 8,738 $12,880
$14,329 $ 9,039 $13,398
$14,102 $ 8,550 $13,098
$14,005 $ 8,274 $13,052
$12,693 $ 7,160 $11,611
10/01 $13,167 $ 7,579 $11,914
$13,752 $ 8,166 $12,771
$14,571 $ 8,670 $13,553
$14,712 $ 8,580 $13,733
$15,121 $ 8,345 $13,816
$16,006 $ 9,015 $14,851
$16,356 $ 9,097 $15,374
$15,761 $ 8,694 $14,865
$15,173 $ 8,262 $14,536
$13,619 $ 7,015 $12,376
$13,998 $ 6,997 $12,322
$12,897 $ 6,495 $11,442
10/02 $13,158 $ 6,703 $11,614
$13,611 $ 7,301 $12,541
$13,348 $ 6,895 $12,005
$12,835 $ 6,704 $11,667
$12,655 $ 6,501 $11,275
$12,558 $ 6,585 $11,395
$13,413 $ 7,209 $12,478
$14,098 $ 7,983 $13,752
$14,171 $ 8,127 $13,984
$14,513 $ 8,636 $14,682
$15,027 $ 9,032 $15,240
$14,603 $ 8,864 $15,065
10/03 $15,377 $ 9,609 $16,292
$15,939 $ 9,950 $16,918
$16,583 $10,152 $17,530
$16,987 $10,594 $18,137
$17,177 $10,689 $18,489
$17,297 $10,789 $18,744
$17,099 $10,238 $17,775
$17,237 $10,401 $17,990
$18,072 $10,839 $18,904
$17,426 $10,110 $18,034
$17,254 $10,058 $18,211
$18,072 $10,530 $18,932
10/04 $18,183 $10,737 $19,226
$19,621 $11,668 $20,931
$20,080 $12,014 $21,431
$19,585 $11,513 $20,602
$20,708 $11,707 $21,012
$20,251 $11,372 $20,579
$19,175 $10,721 $19,517
$20,032 $11,423 $20,707
$20,851 $11,864 $21,623
$22,108 $12,616 $22,853
$21,898 $12,383 $22,327
$21,812 $12,421 $22,290
10/05 $20,860 $13,836 $20,531
14
CREDIT SUISSE SMALL CAP VALUE FUND
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2005 1
SINCE
1 YEAR 5 YEARS 10 YEARS INCEPTION
------ ------- -------- ---------
Common Class 21.55% 13.52% -- 14.09%
Class A Without Sales Charge 6 21.61% 13.53% 11.99% 14.18%
Class A With Maximum Sales Charge 6 14.61% 12.20% 11.33% 13.67%
Class B Without CDSC 20.68% 12.67% -- 11.26%
Class B With CDSC 16.68% 12.67% -- 11.26%
Class C Without CDSC 20.70% 12.68% -- 14.97%
Class C With CDSC 19.70% 12.68% -- 14.97%
AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 2005 1
SINCE
1 YEAR 5 YEARS 10 YEARS INCEPTION
------ ------- -------- ---------
Common Class 15.56% 12.36% -- 12.90%
Class A Without Sales Charge 6 15.54% 12.36% 11.90% 13.71%
Class A With Maximum Sales Charge 6 8.89% 11.03% 11.24% 13.20%
Class B Without CDSC 14.72% 11.52% -- 10.65%
Class B With CDSC 10.72% 11.52% -- 10.65%
Class C Without CDSC 14.72% 11.53% -- 13.84%
Class C With CDSC 13.72% 11.53% -- 13.84%
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 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.Csam.Com/us.
_____________
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 Class A Shares for the reporting period, based on
offering price (with maximum sales charge of 5.75%), was 8.89%. Total
return for Class B Shares for the reporting period, based on redemption
value (including maximum contingent deferred sales charge of 4%), was
10.72%. Total return for Class C Shares for the reporting period, based on
redemption value (including maximum contingent deferred sales charge of
1%), was 13.72%.
3 The Russell 2000(R) Index measures the performance of the 2,000 smallest
companies in the Russell 3000(R) Index, which represent approximately 8%
of the total market capitalization of the Russell 3000(R) Index. It is an
unmanaged index of common stocks that includes reinvestment of dividends
and is compiled by Frank Russell Company. The Russell 2000(R) Value Index
measures the performance of those Russell 2000(R) companies with lower
price-to-book ratios and lower forecasted growth values. Investors cannot
invest directly in an index.
4 Performance for the benchmark is not available for February 28, 1996 (date
of inception). For that reason, performance is shown from March 1, 1996.
5 Performance for the benchmark is not available for February 28, 2000 (date
of inception). For that reason, performance is shown from March 1, 2000.
6 Inception Date: 7/9/92.
15
CREDIT SUISSE SMALL CAP VALUE FUND
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (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, 2005.
The table illustrates your Fund's expenses in two ways:
o 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.
o 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.
16
CREDIT SUISSE SMALL CAP VALUE FUND
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
EXPENSES AND VALUE OF A $1,000 INVESTMENT
FOR THE SIX MONTH PERIOD ENDED OCTOBER 31, 2005
- --------------------------------------------------------------------------------
COMMON
ACTUAL FUND RETURN CLASS CLASS A CLASS B CLASS C
--------- --------- --------- ---------
Beginning Account Value 5/1/05 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value 10/31/05 $1,091.60 $1,091.70 $1,088.10 $1,087.90
Expenses Paid per $1,000* $ 7.33 $ 7.33 $ 11.26 $ 11.26
HYPOTHETICAL 5% FUND RETURN
Beginning Account Value 5/1/05 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value 10/31/05 $1,018.20 $1,018.20 $1,014.42 $1,014.42
Expenses Paid per $1,000* $ 7.07 $ 7.07 $ 10.87 $ 10.87
COMMON
CLASS CLASS A CLASS B CLASS C
--------- --------- --------- ---------
ANNUALIZED EXPENSE RATIOS* 1.39% 1.39% 2.14% 2.14%
_____________
* Expenses are equal to the fund's annualized expense ratio for each share
class, multiplied by the average account value over the period, multiplied
by the number of days in the most recent fiscal half year period, then
divided by 365.
The "expenses paid per $1,000" and the "annualized expense ratios" in the
tables are based on actual expenses paid by the fund during the period,
net of fee waivers and/or expense reimbursements. If those fee waivers
and/or expense reimbursements had not been in effect, the fund's actual
expenses would have been higher.
For more information, please refer to the Fund's prospectus.
17
CREDIT SUISSE SMALL CAP VALUE FUND
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
SECTOR BREAKDOWN*
[BAR GRAPH]
Financial Services 20.1%
Consumer Discretionary 17.3%
Materials & Processing 14.0%
Producer Durables 11.8%
Auto & Transportation 7.8%
Other Energy 6.1%
Short-Term Investments 5.0%
Health Care 4.5%
Utilities 4.3%
Other 2.8%
Consumer Staples 2.5%
Technology 2.0%
Integrated Oils 1.8%
_____________
* Expressed as a percentage of total investments (excluding security lending
collateral) and may vary over time.
18
CREDIT SUISSE LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS
October 31, 2005
- --------------------------------------------------------------------------------
NUMBER OF
SHARES VALUE
------------ -------------
COMMON STOCKS (98.6%)
AEROSPACE & DEFENSE (3.6%)
L-3 Communications Holdings, Inc. 50,100 $ 3,898,782
United Technologies Corp. 160,200 8,215,056
-------------
12,113,838
-------------
BANKS (15.0%)
Bank of America Corp. 223,674 9,783,501
Bank of New York Company, Inc. 114,800 3,592,092
Hudson City Bancorp, Inc.ss. 464,479 5,499,436
Mellon Financial Corp. 105,900 3,355,971
Mercantile Bankshares Corp.ss. 65,200 3,674,672
North Fork Bancorporation, Inc. 254,100 6,438,894
South Financial Group, Inc. 121,900 3,360,783
U.S. Bancorp 117,300 3,469,734
Wells Fargo & Co. 179,700 10,817,940
-------------
49,993,023
-------------
BUILDING PRODUCTS (1.5%)
American Standard Companies, Inc. 133,800 5,089,752
-------------
CHEMICALS (1.3%)
Du Pont (E. I.) de Nemours & Co. 107,300 4,473,337
-------------
COMMERCIAL SERVICES & SUPPLIES (0.5%)
Cendant Corp. 87,700 1,527,734
-------------
COMPUTERS & PERIPHERALS (2.1%)
International Business Machines Corp. 84,500 6,918,860
-------------
DIVERSIFIED FINANCIALS (9.4%)
American Express Co. 76,800 3,822,336
Capital One Financial Corp. 53,000 4,046,550
Citigroup, Inc. 211,900 9,700,782
Freddie Mac 90,300 5,539,905
Lehman Brothers Holdings, Inc. 38,600 4,619,262
MBNA Corp. 139,700 3,572,129
-------------
31,300,964
-------------
DIVERSIFIED TELECOMMUNICATION SERVICES (3.2%)
ALLTEL Corp. 43,700 2,703,282
Sprint Nextel Corp. 198,100 4,617,711
Telus Corp. 87,600 3,302,520
-------------
10,623,513
-------------
ELECTRIC UTILITIES (3.4%)
Dominion Resources, Inc. 42,100 3,202,968
Exelon Corp. 61,100 3,179,033
TXU Corp. 48,000 4,836,000
-------------
11,218,001
-------------
See Accompanying Notes to Financial Statements.
19
CREDIT SUISSE LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NUMBER OF
SHARES VALUE
------------ -------------
COMMON STOCKS
ELECTRICAL EQUIPMENT (1.2%)
Emerson Electric Co. 56,500 $ 3,929,575
-------------
ENERGY EQUIPMENT & SERVICES (2.1%)
Weatherford International, Ltd.*ss. 110,700 6,929,820
-------------
FOOD PRODUCTS (0.5%)
Kellogg Co. 41,200 1,819,804
-------------
HEALTHCARE PROVIDERS & SERVICES (2.3%)
Aetna, Inc. 86,900 7,695,864
-------------
HOTELS, RESTAURANTS & LEISURE (1.2%)
McDonald's Corp. 127,600 4,032,160
-------------
HOUSEHOLD PRODUCTS (2.4%)
Procter & Gamble Co. 145,300 8,135,347
-------------
INDUSTRIAL CONGLOMERATES (4.0%)
General Electric Co. 232,100 7,870,511
Tyco International, Ltd. 201,400 5,314,946
-------------
13,185,457
-------------
INSURANCE (7.3%)
Allstate Corp. 61,100 3,225,469
AMBAC Financial Group, Inc. 35,100 2,488,239
Hartford Financial Services Group, Inc. 138,300 11,029,425
St. Paul Travelers Companies, Inc. 168,800 7,601,064
-------------
24,344,197
-------------
MACHINERY (2.6%)
Deere & Co. 49,300 2,991,524
Dover Corp. 43,700 1,703,426
ITT Industries, Inc. 38,700 3,931,920
-------------
8,626,870
-------------
MEDIA (2.0%)
Time Warner, Inc. 382,100 6,812,843
-------------
MULTILINE RETAIL (1.1%)
J.C. Penney Company, Inc. 70,300 3,599,360
-------------
OFFICE ELECTRONICS (0.5%)
Zebra Technologies Corp. Class A*ss. 40,300 1,737,333
-------------
OIL & GAS (14.8%)
Apache Corp. 84,300 5,380,869
Burlington Resources, Inc. 93,800 6,774,236
ConocoPhillips 241,800 15,808,884
Exxon Mobil Corp. 186,300 10,458,882
See Accompanying Notes to Financial Statements.
20
CREDIT SUISSE LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NUMBER OF
SHARES VALUE
------------ -------------
COMMON STOCKS
OIL & GAS
Murphy Oil Corp. 85,200 $ 3,991,620
Newfield Exploration Co.* 74,000 3,354,420
Noble Energy, Inc. 92,000 3,684,600
-------------
49,453,511
-------------
PERSONAL PRODUCTS (0.7%)
Avon Products, Inc. 89,300 2,410,207
-------------
PHARMACEUTICALS (6.6%)
Johnson & Johnson 125,500 7,858,810
Mylan Laboratories, Inc. 180,300 3,463,563
Pfizer, Inc. 257,400 5,595,876
Wyeth 115,900 5,164,504
-------------
22,082,753
-------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (1.1%)
Intel Corp. 151,800 3,567,300
-------------
SOFTWARE (1.5%)
Microsoft Corp. 190,200 4,888,140
-------------
SPECIALTY RETAIL (3.9%)
Best Buy Company, Inc. 69,000 3,053,940
Home Depot, Inc. 82,100 3,369,384
Office Depot, Inc.* 233,200 6,419,996
-------------
12,843,320
-------------
TOBACCO (2.8%)
Altria Group, Inc. 125,000 9,381,250
-------------
TOTAL COMMON STOCKS (Cost $257,796,182) 328,734,133
-------------
SHORT-TERM INVESTMENTS (5.8%)
State Street Navigator Prime Fundss.ss. 15,644,697 15,644,697
PAR
(000)
------------
State Street Bank and Trust Co. Euro Time
Deposit, 2.850%, 11/01/05 $ 3,580 3,580,000
-------------
TOTAL SHORT-TERM INVESTMENTS (Cost $19,224,697) 19,224,697
-------------
TOTAL INVESTMENTS AT VALUE (104.4%)
(Cost $277,020,879) 347,958,830
LIABILITIES IN EXCESS OF OTHER ASSETS (-4.4%) (14,527,749)
-------------
NET ASSETS (100.0%) $ 333,431,081
=============
See Accompanying Notes to Financial Statements.
21
CREDIT SUISSE LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
_______________
* Non-income producing security.
ss. Security or portion thereof is out on loan.
ss.ss. Represents security purchased with cash collateral received for
securities on loan.
See Accompanying Notes to Financial Statements.
22
CREDIT SUISSE SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS
October 31, 2005
- --------------------------------------------------------------------------------
NUMBER OF
SHARES VALUE
------------ -------------
COMMON STOCKS (94.9%)
AEROSPACE & DEFENSE (0.6%)
DRS Technologies, Inc. 38,900 $ 1,916,214
-------------
AGRICULTURE (0.9%)
Delta and Pine Land Co. 127,000 3,168,650
-------------
AUTO COMPONENTS (5.8%)
Accuride Corp.* 511,700 6,498,590
Modine Manufacturing Co.ss. 140,300 4,638,318
Proliance International, Inc.* 281,598 1,450,230
Visteon Corp.*ss. 830,100 6,914,733
-------------
19,501,871
-------------
BANKS (10.2%)
Alabama National Bancorp. 76,600 4,954,488
First Niagara Financial Group, Inc.ss. 251,200 3,700,176
Independent Bank Corp./MA 59,700 1,790,403
NewAlliance Bancshares, Inc.* 300,100 4,327,442
Partners Trust Financial Group, Inc.ss. 288,500 3,361,025
Prosperity Bancshares, Inc.ss. 129,700 3,954,553
Provident Financial Services, Inc. 203,000 3,572,800
Sun Bancorp, Inc. 169,400 3,369,366
Susquehanna Bancshares, Inc. 55,900 1,290,731
Webster Financial Corp. 86,500 3,993,705
-------------
34,314,689
-------------
BUILDING PRODUCTS (0.7%)
Griffon Corp.* 103,300 2,272,600
-------------
CHEMICALS (2.3%)
Chemtura Corp. 367,400 3,931,180
H.B. Fuller Co. 120,700 3,617,379
-------------
7,548,559
-------------
COMMERCIAL SERVICES & SUPPLIES (4.6%)
Banta Corp. 129,100 6,498,894
Viad Corp. 148,200 4,269,642
Watson Wyatt & Company Holdings 174,500 4,624,250
-------------
15,392,786
-------------
CONSTRUCTION & ENGINEERING (1.4%)
EMCOR Group, Inc.* 74,500 4,544,500
-------------
CONTAINERS & PACKAGING (3.8%)
AptarGroup, Inc. 148,900 7,622,191
Crown Holdings, Inc.* 323,600 5,248,792
-------------
12,870,983
-------------
DISTRIBUTION & WHOLESALE (1.1%)
Spectrum Brands, Inc.ss. 176,000 3,643,200
-------------
See Accompanying Notes to Financial Statements.
23
CREDIT SUISSE SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NUMBER OF
SHARES VALUE
------------ -------------
COMMON STOCKS
DIVERSIFIED FINANCIALS (3.5%)
Apollo Investment Corp. 212,700 $ 3,973,236
Assured Guaranty, Ltd. 166,900 3,735,222
National Financial Partners Corp. 90,000 4,070,700
-------------
11,779,158
-------------
DIVERSIFIED TELECOMMUNICATION SERVICES (0.9%)
Iowa Telecommunications Services, Inc.ss. 174,900 2,885,850
-------------
ELECTRIC UTILITIES (1.6%)
Empire District Electric Co.ss. 123,600 2,496,720
OGE Energy Corp. 115,200 2,967,552
-------------
5,464,272
-------------
ELECTRICAL EQUIPMENT (2.9%)
AMETEK, Inc. 127,900 5,209,367
Brady Corp. 159,700 4,594,569
-------------
9,803,936
-------------
ELECTRONIC EQUIPMENT & INSTRUMENTS (3.9%)
Electro Scientific Industries, Inc.* 152,200 3,343,834
Roper Industries, Inc. 76,700 2,891,590
Varian, Inc.* 129,100 4,747,007
Woodhead Industries, Inc. 161,200 2,029,508
-------------
13,011,939
-------------
FOOD & DRUG RETAILING (1.6%)
Ruddick Corp. 248,300 5,465,083
-------------
FOOD PRODUCTS (0.9%)
Sensient Technologies Corp. 173,800 3,074,522
-------------
GAS UTILITIES (1.8%)
National Fuel Gas Co. 99,700 3,004,958
WGL Holdings, Inc. 101,400 3,151,512
-------------
6,156,470
-------------
HEALTHCARE EQUIPMENT & SUPPLIES (2.6%)
Arrow International, Inc.ss. 143,400 4,149,996
Invacare Corp. 134,000 4,527,860
-------------
8,677,856
-------------
HEALTHCARE PROVIDERS & SERVICES (3.1%)
Centene Corp.* 130,000 2,619,500
LifePoint Hospitals, Inc.*ss. 95,900 3,749,690
Service Corp. International*ss. 487,100 4,077,027
-------------
10,446,217
-------------
See Accompanying Notes to Financial Statements.
24
CREDIT SUISSE SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NUMBER OF
SHARES VALUE
------------ -------------
COMMON STOCKS
HOTELS, RESTAURANTS & LEISURE (2.6%)
Landry's Restaurants, Inc.ss. 184,000 $ 5,060,000
Marcus Corp.ss. 171,575 3,767,787
-------------
8,827,787
-------------
HOUSEHOLD PRODUCTS (0.3%)
Prestige Brands Holdings, Inc.*ss. 90,000 1,084,500
-------------
INDUSTRIAL CONGLOMERATES (2.8%)
Carlisle Companies, Inc. 79,400 5,295,186
Teleflex, Inc.ss. 60,600 4,011,114
-------------
9,306,300
-------------
INSURANCE (5.2%)
Allmerica Financial Corp. 110,900 4,225,290
Argonaut Group, Inc.* 140,300 4,091,148
Platinum Underwriters Holdings, Ltd. 184,100 5,245,009
ProAssurance Corp.*ss. 86,200 4,034,160
-------------
17,595,607
-------------
MACHINERY (8.4%)
Albany International Corp. Class A 91,700 3,542,371
Briggs & Stratton Corp. 145,200 4,643,496
ESCO Technologies, Inc.* 144,400 6,246,744
Flowserve Corp.*ss. 166,500 5,827,500
NACCO Industries, Inc. Class A 16,300 1,892,593
The Manitowoc Company, Inc. 111,100 5,911,631
-------------
28,064,335
-------------
MEDIA (4.8%)
4Kids Entertainment, Inc.*ss. 178,300 3,041,798
Harte-Hanks, Inc. 180,900 4,631,040
Salem Communications Corp. Class A Class A* 98,800 1,849,536
Source Interlink Companies, Inc.*ss. 630,600 6,419,508
-------------
15,941,882
-------------
METALS & MINING (1.3%)
Quanex Corp. 74,650 4,322,981
-------------
OIL & GAS (8.1%)
Comstock Resources, Inc.* 150,000 4,516,500
Denbury Resources, Inc.* 152,700 6,662,301
Forest Oil Corp.* 94,200 4,114,656
KCS Energy, Inc.*ss. 267,800 6,459,336
Range Resources Corp. 148,100 5,285,689
-------------
27,038,482
-------------
REAL ESTATE (1.1%)
Eagle Hospitality Properties Trust, Inc. 389,400 3,703,194
-------------
See Accompanying Notes to Financial Statements.
25
CREDIT SUISSE SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NUMBER OF
SHARES VALUE
------------ -------------
COMMON STOCKS
ROAD & RAIL (1.9%)
Laidlaw International, Inc. 180,600 $ 4,106,844
Werner Enterprises, Inc.ss. 132,350 2,371,712
-------------
6,478,556
-------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (0.5%)
Credence Systems Corp.*ss. 196,400 1,512,280
-------------
SPECIALTY RETAIL (1.9%)
Aeropostale, Inc.* 151,800 2,966,172
Hughes Supply, Inc. 106,300 3,555,735
-------------
6,521,907
-------------
TEXTILES & APPAREL (1.8%)
Hartmarx Corp.*ss. 260,700 1,819,686
Warnaco Group, Inc.* 182,700 4,143,636
-------------
5,963,322
-------------
TOTAL COMMON STOCKS (Cost $227,922,872) 318,300,488
-------------
SHORT-TERM INVESTMENTS (20.0%)
State Street Navigator Prime Fundss.ss. 50,432,984 50,432,984
PAR
(000)
------------
State Street Bank and Trust Co. Euro Time
Deposit, 2.850%, 11/01/05 $ 16,702 16,702,000
-------------
TOTAL SHORT-TERM INVESTMENTS (Cost $67,134,984) 67,134,984
-------------
TOTAL INVESTMENTS AT VALUE (114.9%)
(Cost $295,057,856) 385,435,472
LIABILITIES IN EXCESS OF OTHER ASSETS (-14.9%) (50,045,139)
-------------
NET ASSETS (100.0%) $ 335,390,333
=============
_______________
* Non-income producing security.
ss. Security or portion thereof is out on loan.
ss.ss. Represents security purchased with cash collateral received for
securities on loan.
See Accompanying Notes to Financial Statements.
26
CREDIT SUISSE FUNDS
STATEMENT OF ASSETS AND LIABILITIES
October 31, 2005
- --------------------------------------------------------------------------------
LARGE CAP SMALL CAP
VALUE FUND VALUE FUND
------------- -------------
ASSETS
Investments at value, including collateral for securities on loan of
$15,644,697 and $50,432,984, respectively (Cost $277,020,879,
and $295,057,856, respectively) (Note 2) $ 347,958,830 1 $ 385,435,472 2
Cash 425 101
Dividend and interest receivable 306,046 191,731
Receivable for fund shares sold 1,255,860 1,250,609
Receivable for investments sold 4,434,190 2,016,012
Prepaid expenses and other assets 33,237 44,028
------------- -------------
Total Assets 353,988,588 388,937,953
------------- -------------
LIABILITIES
Advisory fee payable (Note 3) 156,349 208,990
Administrative services fee payable (Note 3) 45,852 46,267
Shareholder servicing/Distribution fee payable (Note 3) 86,261 92,538
Payable upon return of securities loaned (Note 2) 15,644,697 50,432,984
Payable for fund shares redeemed 250,640 240,882
Trustees' fee payable 2,840 2,840
Payable for investments purchased 4,214,569 2,381,406
Other accrued expenses payable 156,299 141,713
------------- -------------
Total Liabilities 20,557,507 53,547,620
------------- -------------
NET ASSETS
Capital stock, $0.001 par value (Note 6) 15,854 14,151
Paid-in capital (Note 6) 223,421,127 210,038,564
Accumulated net realized gain on investments
and foreign currency transactions 39,056,149 34,960,002
Net unrealized appreciation from investments 70,937,951 90,377,616
------------- -------------
Net Assets $ 333,431,081 $ 335,390,333
============= =============
COMMON SHARES
Net assets $ 591,155 $ 74,013,066
Shares outstanding 28,190 3,104,449
------------- -------------
Net asset value, offering price, and redemption price per share $ 20.97 $ 23.84
============= =============
ADVISOR SHARES
Net assets $ 8,367,986 N/A
Shares outstanding 396,658 N/A
------------- -------------
Net asset value, offering price, and redemption price per share $ 21.10 N/A
============= =============
See Accompanying Notes to Financial Statements.
27
CREDIT SUISSE FUNDS
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
LARGE CAP SMALL CAP
VALUE FUND VALUE FUND
------------- -------------
A SHARES
Net assets $ 300,777,044 $ 227,165,751
Shares outstanding 14,287,822 9,487,841
------------- -------------
Net asset value and redemption price per share $ 21.05 $ 23.94
============= =============
Maximum offering price per share (net asset value/(1-5.75%)) $ 22.33 $ 25.40
============= =============
B SHARES
Net assets $ 20,056,747 $ 18,132,593
Shares outstanding 965,308 824,767
------------- -------------
Net asset value and offering price per share $ 20.78 $ 21.99
============= =============
C SHARES
Net assets $ 3,638,149 $ 16,078,923
Shares outstanding 175,952 733,950
------------- -------------
Net asset value and offering price per share $ 20.68 $ 21.91
============= =============
_______________
1 Including $15,241,260 of securities on loan.
2 Including $49,154,829 of securities on loan.
See Accompanying Notes to Financial Statements.
28
CREDIT SUISSE FUNDS
STATEMENT OF OPERATIONS
For the Year Ended October 31, 2005
- --------------------------------------------------------------------------------
LARGE CAP SMALL CAP
VALUE FUND VALUE FUND
------------- -------------
INTEREST INCOME (NOTE 2)
Dividends $ 7,125,872 $ 3,578,994
Interest 115,150 194,690
Securities lending 24,000 45,230
Foreign taxes withheld (17,095) --
------------- -------------
Total investment income 7,247,927 3,818,914
------------- -------------
EXPENSES
Investment advisory fees (Note 3) 1,932,730 2,346,618
Administrative services fees (Note 3) 586,465 533,290
Shareholder servicing/Distribution fees (Note 3)
Common Class -- 159,836
Advisor Class 48,894 --
Class A 780,016 544,094
Class B 226,741 199,137
Class C 39,046 139,734
Transfer agent fees (Note 3) 414,501 431,940
Printing fees (Note 3) 46,848 53,109
Registration fees 65,371 71,336
Audit fees 43,282 39,548
Custodian fees 30,637 31,034
Legal fees 25,373 25,549
Insurance expense 9,482 8,786
Commitment fees (Note 4) 8,517 7,928
Trustees' fees 9,094 9,095
Miscellaneous expense 13,141 11,176
------------- -------------
Total expenses 4,280,138 4,612,210
------------- -------------
Net investment income (loss) 2,967,789 (793,296)
------------- -------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS AND
FOREIGN CURRENCY RELATED ITEMS
Net realized gain from investments 40,850,934 36,063,294
Net realized gain on foreign currency transactions 3,286 --
Net change in unrealized appreciation (depreciation)
from investments (780,833) 6,808,700
------------- -------------
Net realized and unrealized gain from investments 40,073,387 42,871,994
------------- -------------
Net increase in net assets resulting from operations $ 43,041,176 $ 42,078,698
============= =============
See Accompanying Notes to Financial Statements.
29
CREDIT SUISSE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
LARGE CAP VALUE FUND SMALL CAP VALUE FUND
------------------------------ -------------------------------
FOR THE YEAR ENDED OCTOBER 31, FOR THE YEAR ENDED OCTOBER 31,
2005 2004 2005 2004
------------- ------------- ------------- --------------
FROM OPERATIONS
Net investment income (loss) $ 2,967,789 $ 3,005,688 $ (793,296) $ (873,699)
Net realized gain from investments and
foreign currency transactions 40,854,220 23,074,340 36,063,294 28,393,507
Net change in unrealized appreciation
(depreciation) from investments
and foreign currency translations (780,833) 12,646,399 6,808,700 21,745,107
------------- ------------- ------------- --------------
Net increase in net assets
resulting from operations 43,041,176 38,726,427 42,078,698 49,264,915
------------- ------------- ------------- --------------
FROM DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income
Common Class shares (8,380) (7,968) -- --
Advisor shares (72,120) (106,265) -- --
Class A shares (3,033,174) (2,867,502) -- --
Class B shares (53,593) (51,526) -- --
Class C shares (8,921) (7,128) -- --
Distributions from net realized gains
Common Class shares (42,520) (19,226) (4,991,665) (2,480,205)
Advisor shares (730,089) (600,700) -- --
Class A shares (19,844,244) (8,164,902) (18,702,976) (9,958,591)
Class B shares (1,556,864) (798,605) (2,007,856) (1,256,227)
Class C shares (248,446) (94,482) (1,230,506) (484,122)
------------- ------------- ------------- --------------
Net decrease in net assets resulting
from dividends and distributions (25,598,351) (12,718,304) (26,933,003) (14,179,145)
------------- ------------- ------------- --------------
FROM CAPITAL SHARE TRANSACTIONS (Note 6)
Proceeds from sale of shares 32,045,431 30,700,269 105,952,515 73,355,864
Reinvestment of dividends
and distributions 23,706,286 11,727,989 24,873,671 13,222,116
Net asset value of shares redeemed (84,331,477) (86,526,431) (91,459,760) (107,878,366)
------------- ------------- ------------- --------------
Net increase (decrease) in net assets
from capital share transactions (28,579,760) (44,098,173) 39,366,426 (21,300,386)
------------- ------------- ------------- --------------
Net increase (decrease) in net assets (11,136,935) (18,090,050) 54,512,121 13,785,384
NET ASSETS
Beginning of year 344,568,016 362,658,066 280,878,212 267,092,828
------------- ------------- ------------- --------------
End of year $ 333,431,081 $ 344,568,016 $ 335,390,333 $ 280,878,212
============= ============= ============= ==============
UNDISTRIBUTED NET INVESTMENT
INCOME $ -- $ 163,177 $ -- $ --
============= ============= ============= ==============
See Accompanying Notes to Financial Statements.
30
CREDIT SUISSE LARGE CAP VALUE FUND
FINANCIAL HIGHLIGHTS
(For a Common Class Share of the Fund Outstanding Throughout Each Year)
- --------------------------------------------------------------------------------
FOR THE YEAR ENDED OCTOBER 31,
--------------------------------------------------------------------
2005 2004 2003 2002 2001
---------- ---------- ---------- ---------- ----------
PER SHARE DATA
Net asset value, beginning of year $ 19.98 $ 18.61 $ 16.82 $ 19.95 $ 24.63
---------- ---------- ---------- ---------- ----------
INVESTMENT OPERATIONS
Net investment income 1 0.24 0.23 0.14 0.17 0.19
Net gain (loss) on investments
and foreign currency related items
(both realized and unrealized) 2.32 1.87 2.10 (1.45) (2.52)
---------- ---------- ---------- ---------- ----------
Total from investment operations 2.56 2.10 2.24 (1.28) (2.33)
---------- ---------- ---------- ---------- ----------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.25) (0.23) (0.14) (0.19) (0.22)
Distributions from net realized gains (1.32) (0.50) (0.31) (1.66) (2.13)
---------- ---------- ---------- ---------- ----------
Total dividends and distributions (1.57) (0.73) (0.45) (1.85) (2.35)
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF YEAR $ 20.97 $ 19.98 $ 18.61 $ 16.82 $ 19.95
========== ========== ========== ========== ==========
Total return 2 13.34% 11.51% 13.63% (7.63)% (10.51)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 591 $ 664 $ 737 $ 3,061 $ 3,421
Ratio of expenses to average net assets 0.91% 0.95% 1.24% 1.03% 1.03%
Ratio of net investment income to average
net assets 1.15% 1.16% 0.82% 0.92% 0.86%
Decrease reflected in above operating expense
ratios due to waivers/reimbursements -- -- -- 0.29% 0.18%
Portfolio turnover rate 58% 48% 53% 28% 38%
_______________
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.
31
CREDIT SUISSE LARGE CAP VALUE FUND
FINANCIAL HIGHLIGHTS
(For an Advisor Class Share of the Fund Outstanding Throughout Each Period)
- --------------------------------------------------------------------------------
FOR THE YEAR ENDED OCTOBER 31,
---------------------------------------
2005 2004 2003 1
---------- ---------- ----------
PER SHARE DATA
Net asset value, beginning of period $ 20.09 $ 18.71 $ 17.84
---------- ---------- ----------
INVESTMENT OPERATIONS
Net investment income 2 0.14 0.13 0.04
Net gain on investments
and foreign currency related items
(both realized and unrealized) 2.34 1.88 0.83
---------- ---------- ----------
Total from investment operations 2.48 2.01 0.87
---------- ---------- ----------
LESS DIVIDENDS
Dividends from net investment income (0.15) (0.13) (0.00) 3
Distributions from net realized gains (1.32) (0.50) --
---------- ---------- ----------
Total dividends and distributions (1.47) (0.63) --
---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 21.10 $ 20.09 $ 18.71
========== ========== ==========
Total return 4 12.81% 10.96% 4.90%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 8,368 $ 12,228 $ 22,336
Ratio of expenses to average net assets 1.41% 1.45% 1.49% 5
Ratio of net investment income to average
net assets 0.65% 0.66% 0.51% 5
Portfolio turnover rate 58% 48% 53%
_______________
1 For the period June 6, 2003 (inception date) through October 31, 2003.
2 Per share information is calculated using the average shares outstanding
method.
3 This amount represents less than $(0.01) per share.
4 Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Total returns for periods
less than one year are not annualized.
5 Annualized.
See Accompanying Notes to Financial Statements.
32
CREDIT SUISSE LARGE CAP VALUE FUND
FINANCIAL HIGHLIGHTS
(For a Class A Share of the Fund Outstanding Throughout Each Year)
- --------------------------------------------------------------------------------
FOR THE YEAR ENDED OCTOBER 31,
--------------------------------------------------------------------
2005 2004 2003 2002 2001
---------- ---------- ---------- ---------- ----------
PER SHARE DATA
Net asset value, beginning of year $ 20.05 $ 18.68 $ 16.83 $ 19.96 $ 24.62
---------- ---------- ---------- ---------- ----------
INVESTMENT OPERATIONS
Net investment income 1 0.19 0.18 0.14 0.17 0.21
Net gain (loss) on investments
and foreign currency related items
(both realized and unrealized) 2.33 1.87 2.15 (1.45) (2.55)
---------- ---------- ---------- ---------- ----------
Total from investment operations 2.52 2.05 2.29 (1.28) (2.34)
---------- ---------- ---------- ---------- ----------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.20) (0.18) (0.13) (0.19) (0.19)
Distributions from net realized gains (1.32) (0.50) (0.31) (1.66) (2.13)
---------- ---------- ---------- ---------- ----------
Total dividends and distributions (1.52) (0.68) (0.44) (1.85) (2.32)
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF YEAR $ 21.05 $ 20.05 $ 18.68 $ 16.83 $ 19.96
========== ========== ========== ========== ==========
Total return 2 13.06% 11.19% 13.97% (7.63)% (10.48)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 300,777 $ 302,823 $ 306,410 $ 114,733 $ 133,665
Ratio of expenses to average net assets 1.16% 1.20% 1.24% 1.03% 1.04%
Ratio of net investment income to average
net assets 0.91% 0.91% 0.78% 0.90% 0.94%
Decrease reflected in above operating expense
ratios due to waivers/reimbursements -- -- -- 0.28% 0.10%
Portfolio turnover rate 58% 48% 53% 28% 38%
_______________
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.
33
CREDIT SUISSE LARGE CAP VALUE FUND
FINANCIAL HIGHLIGHTS
(For a Class B Share of the Fund Outstanding Throughout Each Year)
- --------------------------------------------------------------------------------
FOR THE YEAR ENDED OCTOBER 31,
--------------------------------------------------------------------
2005 2004 2003 2002 2001
---------- ---------- ---------- ---------- ----------
PER SHARE DATA
Net asset value, beginning of year $ 19.81 $ 18.46 $ 16.66 $ 19.78 $ 24.44
---------- ---------- ---------- ---------- ----------
INVESTMENT OPERATIONS
Net investment income 1 0.04 0.03 0.01 0.03 0.04
Net gain (loss) on investments
and foreign currency related items
(both realized and unrealized) 2.30 1.85 2.13 (1.43) (2.52)
---------- ---------- ---------- ---------- ----------
Total from investment operations 2.34 1.88 2.14 (1.40) (2.48)
---------- ---------- ---------- ---------- ----------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.05) (0.03) (0.03) (0.06) (0.05)
Distributions from net realized gains (1.32) (0.50) (0.31) (1.66) (2.13)
---------- ---------- ---------- ---------- ----------
Total dividends and distributions (1.37) (0.53) (0.34) (1.72) (2.18)
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF YEAR $ 20.78 $ 19.81 $ 18.46 $ 16.66 $ 19.78
========== ========== ========== ========== ==========
Total return 2 12.23% 10.40% 13.07% (8.29)% (11.00)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 20,057 $ 25,118 $ 29,696 $ 28,312 $ 33,087
Ratio of expenses to average net assets 1.91% 1.95% 1.99% 1.78% 1.79%
Ratio of net investment income to average
net assets 0.15% 0.16% 0.06% 0.15% 0.19%
Decrease reflected in above operating expense
ratios due to waivers/reimbursements -- -- -- 0.27% 0.10%
Portfolio turnover rate 58% 48% 53% 28% 38%
_______________
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.
34
CREDIT SUISSE LARGE CAP VALUE FUND
FINANCIAL HIGHLIGHTS
(For a Class C Share of the Fund Outstanding Throughout Each Year)
- --------------------------------------------------------------------------------
FOR THE YEAR ENDED OCTOBER 31,
--------------------------------------------------------------------
2005 2004 2003 2002 2001
---------- ---------- ---------- ---------- ----------
PER SHARE DATA
Net asset value, beginning of year $ 19.72 $ 18.38 $ 16.58 $ 19.71 $ 24.39
---------- ---------- ---------- ---------- ----------
INVESTMENT OPERATIONS
Net investment income 1 0.03 0.03 0.01 0.03 0.03
Net gain (loss) on investments
and foreign currency related items
(both realized and unrealized) 2.30 1.84 2.13 (1.43) (2.51)
---------- ---------- ---------- ---------- ----------
Total from investment operations 2.33 1.87 2.14 (1.40) (2.48)
---------- ---------- ---------- ---------- ----------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.05) (0.03) (0.03) (0.07) (0.07)
Distributions from net realized gains (1.32) (0.50) (0.31) (1.66) (2.13)
---------- ---------- ---------- ---------- ----------
Total dividends and distributions (1.37) (0.53) (0.34) (1.73) (2.20)
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF YEAR $ 20.68 $ 19.72 $ 18.38 $ 16.58 $ 19.71
========== ========== ========== ========== ==========
Total return 2 12.23% 10.39% 13.14% (8.35)% (11.07)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 3,638 $ 3,736 $ 3,479 $ 2,104 $ 1,916
Ratio of expenses to average net assets 1.91% 1.95% 1.99% 1.78% 1.79%
Ratio of net investment income to average
net assets 0.15% 0.16% 0.06% 0.16% 0.13%
Decrease reflected in above operating expense
ratios due to waivers/reimbursements -- -- -- 0.28% 0.10%
Portfolio turnover rate 58% 48% 53% 28% 38%
_______________
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.
35
CREDIT SUISSE SMALL CAP VALUE FUND
FINANCIAL HIGHLIGHTS
(For a Common Class Share of the Fund Outstanding Throughout Each Year)
- --------------------------------------------------------------------------------
FOR THE YEAR ENDED OCTOBER 31,
--------------------------------------------------------------------
2005 2004 2003 2002 2001
---------- ---------- ---------- ---------- ----------
PER SHARE DATA
Net asset value, beginning of year $ 22.66 $ 20.02 $ 18.56 $ 21.07 $ 22.62
---------- ---------- ---------- ---------- ----------
INVESTMENT OPERATIONS
Net investment income (loss) 1 (0.03) (0.05) (0.02) 0.02 0.04
Net gain on investments
(both realized and unrealized) 3.39 3.75 3.08 0.31 1.72
---------- ---------- ---------- ---------- ----------
Total from investment operations 3.36 3.70 3.06 0.33 1.76
---------- ---------- ---------- ---------- ----------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income -- -- (0.01) (0.05) (0.09)
Distributions from net realized gains (2.18) (1.06) (1.59) (2.79) (3.22)
---------- ---------- ---------- ---------- ----------
Total dividends and distributions (2.18) (1.06) (1.60) (2.84) (3.31)
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF YEAR $ 23.84 $ 22.66 $ 20.02 $ 18.56 $ 21.07
========== ========== ========== ========== ==========
Total return 2 15.56% 19.14% 17.75% 0.61% 9.79%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 74,013 $ 50,068 $ 47,969 $ 45,075 $ 30,667
Ratio of expenses to average net assets 1.38% 1.42% 1.48% 1.32% 1.33%
Ratio of net investment income (loss)
to average net assets (0.16)% (0.22)% (0.10)% 0.12% 0.18%
Decrease reflected in above operating expense
ratios due to waivers/reimbursements -- -- 0.04% 0.14% 0.02%
Portfolio turnover rate 43% 41% 30% 18% 54%
_______________
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.
36
CREDIT SUISSE SMALL CAP VALUE FUND
FINANCIAL HIGHLIGHTS
(For a Class A Share of the Fund Outstanding Throughout Each Year)
- --------------------------------------------------------------------------------
FOR THE YEAR ENDED OCTOBER 31,
--------------------------------------------------------------------
2005 2004 2003 2002 2001
---------- ---------- ---------- ---------- ----------
PER SHARE DATA
Net asset value, beginning of year $ 22.75 $ 20.10 $ 18.62 $ 21.09 $ 22.54
---------- ---------- ---------- ---------- ----------
INVESTMENT OPERATIONS
Net investment income (loss) 1 (0.04) (0.05) (0.02) 0.02 0.05
Net gain on investments
(both realized and unrealized) 3.42 3.76 3.10 0.33 1.76
---------- ---------- ---------- ---------- ----------
Total from investment operations 3.38 3.71 3.08 0.35 1.81
---------- ---------- ---------- ---------- ----------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income -- -- (0.01) (0.03) (0.04)
Distributions from net realized gains (2.19) (1.06) (1.59) (2.79) (3.22)
---------- ---------- ---------- ---------- ----------
Total dividends and distributions (2.19) (1.06) (1.60) (2.82) (3.26)
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF YEAR $ 23.94 $ 22.75 $ 20.10 $ 18.62 $ 21.09
========== ========== ========== ========== ==========
Total return 2 15.54% 19.11% 17.80% 0.71% 9.70%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 227,166 $ 198,773 $ 188,318 $ 151,340 $ 199,213
Ratio of expenses to average net assets 1.38% 1.42% 1.48% 1.32% 1.33%
Ratio of net investment income (loss)
to average net assets (0.16)% 0.22% (0.11)% 0.11% 0.25%
Decrease reflected in above operating expense
ratios due to waivers/reimbursements -- -- 0.04% 0.12% 0.02%
Portfolio turnover rate 43% 41% 30% 18% 54%
_______________
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.
37
CREDIT SUISSE SMALL CAP VALUE FUND
FINANCIAL HIGHLIGHTS
(For a Class B Share of the Fund Outstanding Throughout Each Year)
- --------------------------------------------------------------------------------
FOR THE YEAR ENDED OCTOBER 31,
--------------------------------------------------------------------
2005 2004 2003 2002 2001
---------- ---------- ---------- ---------- ----------
PER SHARE DATA
Net asset value, beginning of year $ 21.20 $ 18.93 $ 17.74 $ 20.33 $ 21.95
---------- ---------- ---------- ---------- ----------
INVESTMENT OPERATIONS
Net investment loss 1 (0.20) (0.20) (0.15) (0.12) (0.10)
Net gain on investments
(both realized and unrealized) 3.17 3.53 2.93 0.32 1.70
---------- ---------- ---------- ---------- ----------
Total from investment operations 2.97 3.33 2.78 0.20 1.60
---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS
Distributions from net realized gains (2.18) (1.06) (1.59) (2.79) (3.22)
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF YEAR $ 21.99 $ 21.20 $ 18.93 $ 17.74 $ 20.33
========== ========== ========== ========== ==========
Total return 2 14.72% 18.25% 16.88% (0.08)% 8.88%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 18,133 $ 20,425 $ 22,669 $ 19,999 $ 17,818
Ratio of expenses to average net assets 2.13% 2.17% 2.23% 2.07% 2.08%
Ratio of net investment loss to average net assets (0.91)% (0.97)% (0.86)% (0.63)% (0.50)%
Decrease reflected in above operating expense
ratios due to waivers/reimbursements -- -- 0.04% 0.13% 0.02%
Portfolio turnover rate 43% 41% 30% 18% 54%
_______________
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 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.
38
CREDIT SUISSE SMALL CAP VALUE FUND
FINANCIAL HIGHLIGHTS
(For a Class C Share of the Fund Outstanding Throughout Each Year)
- --------------------------------------------------------------------------------
FOR THE YEAR ENDED OCTOBER 31,
--------------------------------------------------------------------
2005 2004 2003 2002 2001
---------- ---------- ---------- ---------- ----------
PER SHARE DATA
Net asset value, beginning of year $ 21.13 $ 18.87 $ 17.69 $ 20.28 $ 21.94
---------- ---------- ---------- ---------- ----------
INVESTMENT OPERATIONS
Net investment loss 1 (0.20) (0.19) (0.15) (0.12) (0.11)
Net gain on investments
(both realized and unrealized) 3.16 3.51 2.92 0.32 1.67
---------- ---------- ---------- ---------- ----------
Total from investment operations 2.96 3.32 2.77 0.20 1.56
---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS
Distributions from net realized gains (2.18) (1.06) (1.59) (2.79) (3.22)
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF YEAR $ 21.91 $ 21.13 $ 18.87 $ 17.69 $ 20.28
========== ========== ========== ========== ==========
Total return 2 14.72% 18.25% 16.87% (0.07)% 8.93%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 16,079 $ 11,613 $ 8,138 $ 4,271 $ 1,481
Ratio of expenses to average net assets 2.13% 2.17% 2.23% 2.07% 2.08%
Ratio of net investment loss to average net assets (0.91)% (0.97)% (0.86)% (0.63)% (0.52)%
Decrease reflected in above operating expense
ratios due to waivers/reimbursements -- -- 0.04% 0.14% 0.02%
Portfolio turnover rate 43% 41% 30% 18% 54%
_______________
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 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.
39
CREDIT SUISSE FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2005
- --------------------------------------------------------------------------------
NOTE 1. ORGANIZATION
The Credit Suisse Capital Funds (the "Trust") covered in this report are
comprised of Credit Suisse Large Cap Value Fund ("Large Cap Value") and Credit
Suisse Small Cap Value Fund ("Small Cap Value"), (each a "Fund" and
collectively, the "Funds"). The Trust is registered under the Investment Company
Act of 1940, as amended (the "1940 Act"), as an open-end management investment
company. The Trust was organized under the laws of the Commonwealth of
Massachusetts as a business trust on November 26, 1985. Each Fund is classified
as diversified.
Investment objectives for each Fund are as follows: Large Cap Value seeks
long-term capital appreciation and continuity of income; Small Cap Value seeks a
high level of growth of capital.
Large Cap Value offers five classes of shares: Common Class shares,
Advisor Class shares, Class A shares, Class B shares and Class C shares. Small
Cap Value offers four classes of shares: Common Class shares, Class A shares,
Class B shares and Class C shares. Effective December 12, 2001, Large Cap Value
closed the Common Class to new investments, except for reinvestment of
dividends. Large Cap Value's Common Class shareholders as of the close of
business on December 12, 2001 may continue to hold Common Class shares but may
not add to their accounts. Although no further shares can be purchased, Large
Cap Value's shareholders can redeem their Common Class shares through any
available method. The Small Cap Value's Common Class shares are closed to new
investors, other than (1) investors in employee retirement, stock, bonus,
pension or profit-sharing plans, (2) investment advisory clients of Credit
Suisse Asset Management, LLC ("CSAM"), (3) certain registered investment
advisers ("RIAs"), (4) certain broker-dealers and RIAs with clients
participating in comprehensive fee programs and (5) employees of CSAM or its
affiliates and current and former Directors or Trustees of funds advised by CSAM
or its affiliates. Any Common Class shareholder as of the close of business on
December 12, 2001 can continue to buy Common Class shares of the fund and open
new accounts under the same Social Security number. Each class of shares in each
Fund represents an equal pro rata interest in each Fund, except that they bear
different expenses, which reflect the difference in the range of services
provided to them. Class A shares of each Fund are sold subject to a front-end
sales charge of up to 5.75%. Class B shares are sold subject to a contingent
deferred sales charge which declines from 4% to zero depending on the period of
time the shares are held. Class C
40
CREDIT SUISSE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NOTE 1. ORGANIZATION
shares of each Fund are sold subject to a contingent deferred sales charge of
1.00% if 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. Each Fund's
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
this method would not represent fair value. Investments in mutual funds are
valued at the mutual fund's closing net asset value per share on the day of
valuation. Securities and other assets for which market quotations are not
readily available, or whose values have been materially affected by events
occurring before the Funds' 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 under procedures
established by the Board of Trustees. The Funds may utilize a service provided
by an independent third party which has been approved by the Board of Trustees
to fair value certain securities. When fair-value pricing is employed, the
prices of securities used by a fund to calculate its net asset value may differ
from quoted or published prices for the same securities.
B) 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 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 outstanding
shares of that class. The cost of investments sold is determined
41
CREDIT SUISSE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
by use of the specific identification method for both financial reporting and
income tax purposes.
C) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net
investment income, if any, are declared and paid quarterly by Large Cap Value
and at least annually by Small Cap Value. Distributions of net realized capital
gains, if any, are declared and paid at least annually by the Funds. However, to
the extent that a net realized capital gain can be reduced by a capital loss
carryforward, such gain will not be distributed. Income and capital gain
distributions are determined in accordance with federal income tax regulations,
which may differ from accounting principles generally accepted in the United
States of America (GAAP).
D) 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 make the requisite distributions to its shareholders which
will be sufficient to relieve it from federal income and excise taxes.
E) 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 revenues and expenses during the reporting period.
Actual results could differ from these estimates.
F) SHORT-TERM INVESTMENTS -- The Funds, together with other
funds/portfolios advised by Credit Suisse Asset Management, LLC ("CSAM"), an
indirect, wholly-owned subsidiary of Credit Suisse Group, 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 CSAM. The short-term time deposit issued by SSB is a variable rate account
classified as a short-term investment.
G) 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
42
CREDIT SUISSE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
lending activity may be pooled together with cash collateral for other
funds/portfolios advised by CSAM and may be invested in a variety of
investments, including certain CSAM-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, 2005, total earnings from the Fund's investment in cash
collateral received in connection with Large Cap Value and Small Cap Value's
security lending arrangements were $330,830, and $1,247,548, respectively, of
which $296,670, and $1,183,232, respectively, were rebated to borrowers
(brokers). The Funds retained $24,000, and $45,230 in income, respectively, from
the cash collateral investment and SSB, as lending agent, was paid $10,160, and
$19,086, respectively. The Funds may also be entitled to certain minimum amounts
of income from their securities lending activities. Securities lending is
accrued as earned.
H) OTHER -- Large Cap Value may invest up to 10% and Small Cap Value may
invest up to 15% of its net assets in restricted and other illiquid securities.
Non-publicly traded securities may be less liquid than publicly traded
securities. Although these securities may be resold in privately negotiated
transactions, the prices realized from such sales could differ from the price
originally paid by the Funds or the current carrying values, and the difference
could be material.
NOTE 3. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
CSAM serves as investment adviser for the Funds. For its investment
advisory services, CSAM is entitled to receive the following fees, computed
daily and payable monthly, on each Fund's average daily net assets as follows:
FUND ANNUAL RATE
------ -----------
Large Cap Value 0.75% of average daily net assets up to and including $75 million
0.50% of average daily net assets in excess of $75 million
Small Cap Value 0.875% of first $100 million of average daily net assets
0.75% of next $100 million of average daily net assets
0.625% of average daily net assets over $200 million
For the year ended October 31, 2005, investment advisory fees earned for
each Fund were as follows:
43
CREDIT SUISSE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NOTE 3. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
FUND GROSS ADVISORY FEE
------ ------------------
Large Cap Value $ 1,932,730
Small Cap Value 2,346,618
Fee waivers and reimbursements are voluntary and may be discontinued by
CSAM at any time.
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate
of CSAM, 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 0.10% of each Fund's average daily net assets.
For the year ended October 31, 2005, co-administrative services fees earned by
CSAMSI were as follows:
FUND CO-ADMINISTRATION FEE
------ ---------------------
Large Cap Value $ 349,046
Small Cap Value 315,458
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 relative
average net assets of each fund/portfolio, subject to an annual minimum fee.
For the year ended October 31, 2005, co-administrative services fees
earned by SSB (including out-of-pocket fees) were as follows:
FUND CO-ADMINISTRATION FEE
------ ---------------------
Large Cap Value $ 237,419
Small Cap Value 217,832
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. This fee is calculated at an annual rate of
0.25% of the average daily net assets of the Common Class of Small Cap Value and
Class A shares of each Fund. Advisor Class shares of Large Cap Value may pay
this fee at an annual rate not to exceed 0.75% of such classes average daily
assets; such fee is currently calculated at the annual rate of 0.50% of the
average daily net assets of such class. For the Class B and Class C shares, the
fee is calculated at annual rate of 1.00% of average daily net assets of such
classes.
44
CREDIT SUISSE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NOTE 3. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
Certain brokers, dealers and financial representatives provide transfer
agent related services to the Funds, and receive compensation from CSAM. CSAM is
then reimbursed by the Funds. For the year ended October 31, 2005, the Small Cap
Value Fund reimbursed CSAM the following amounts, which are included in the Fund
transfer agent expense as follows:
FUND AMOUNT
------ ---------
Small Cap Value $ 158,438
For the year ended October 31, 2005, 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 Value $ 14,978
Small Cap Value 30,303
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Funds to provide certain financial printing and fulfillment services. For
the year ended October 31, 2005, Merrill was paid for its services by the Funds
as follows:
FUND AMOUNT
------ --------
Large Cap Value $ 8,131
Small Cap Value 8,085
NOTE 4. LINE OF CREDIT
The Funds, together with other funds/portfolios advised by CSAM
(collectively, the "Participating Funds"), participate in a $75 million
committed, unsecured line of credit facility ("Credit Facility") for temporary
or emergency purposes with Deutsche Bank, A.G. as administrative agent and
syndication agent and SSB as operations agent. Under the terms of the Credit
Facility, the Participating Funds pay an aggregate commitment fee at a rate of
0.10% per annum on the average unused amount of the Credit Facility, which is
allocated among the Participating Funds in such manner as is determined by the
governing Boards of the Participating Funds. In addition, the Participating
Funds pay interest on borrowings at the Federal Funds rate plus 0.50%. At
October 31, 2005, and during the year ended October 31, 2005, the Funds had no
borrowings under the Credit Facility.
45
CREDIT SUISSE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NOTE 5. PURCHASES AND SALES OF SECURITIES
For the year ended October 31, 2005, purchases and sales of investment
securities (excluding short-term investments) were as follows:
PURCHASES SALES
------------- --------------
Large Cap Value $ 198,669,399 $ 247,033,956
Small Cap Value 130,554,499 135,044,035
NOTE 6. CAPITAL SHARE TRANSACTIONS
Large Cap Value is authorized to issue an unlimited number of full and
fractional shares of beneficial interest, $0.001 par value per share, of which
an unlimited number of shares are classified as Common Class shares, Advisor
Class shares, Class A shares, Class B shares and Class C shares. Small Cap Value
is authorized to issue an unlimited number of full and fractional shares of
beneficial interest, $.001 par value per share, of which an unlimited number of
shares are classified as Common Class shares, Class A shares, Class B shares and
Class C shares. Transactions in capital shares of the Funds were as follows:
LARGE CAP VALUE
--------------------------------------------------------
COMMON CLASS
--------------------------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
OCTOBER 31, 2005 OCTOBER 31, 2004
--------------------------------------------------------
SHARES VALUE SHARES VALUE
----------- ------------ ----------- -------------
Shares issued in reinvestment of
dividends and distributions 2,481 $ 49,506 1,301 $ 24,882
Shares redeemed (7,513) (154,832) (7,655) (148,490)
----------- ------------ ----------- -------------
Net decrease (5,032) $ (105,326) (6,354) $ (123,608)
=========== ============ =========== =============
LARGE CAP VALUE
--------------------------------------------------------
ADVISOR CLASS
--------------------------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
OCTOBER 31, 2005 OCTOBER 31, 2004
--------------------------------------------------------
SHARES VALUE SHARES VALUE
----------- ------------ ----------- -------------
Shares sold 61,977 $ 1,287,597 93,310 $ 1,829,621
Shares issued in reinvestment of
dividends and distributions 40,096 802,200 36,998 706,961
Shares redeemed (314,077) (6,471,666) (715,248) (14,140,852)
----------- ------------ ----------- -------------
Net decrease (212,004) $ (4,381,869) (584,940) $ (11,604,270)
=========== ============ =========== =============
46
CREDIT SUISSE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NOTE 6. CAPITAL SHARE TRANSACTIONS
LARGE CAP VALUE
--------------------------------------------------------
CLASS A
--------------------------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
OCTOBER 31, 2005 OCTOBER 31, 2004
--------------------------------------------------------
SHARES VALUE SHARES VALUE
----------- ------------ ----------- -------------
Shares sold 1,390,878 $ 28,943,323 1,319,472 $ 26,008,199
Shares issued in reinvestment of
dividends and distributions 1,067,455 21,352,065 531,611 10,191,675
Shares redeemed (3,275,850) (67,806,252) (3,152,005) (61,935,697)
----------- ------------ ----------- -------------
Net decrease (817,517) $(17,510,864) (1,300,922) $ (25,735,823)
=========== ============ =========== =============
LARGE CAP VALUE
--------------------------------------------------------
CLASS B
--------------------------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
OCTOBER 31, 2005 OCTOBER 31, 2004
--------------------------------------------------------
SHARES VALUE SHARES VALUE
----------- ------------ ----------- -------------
Shares sold 69,764 $ 1,411,742 86,581 $ 1,671,302
Shares issued in reinvestment of
dividends and distributions 65,273 1,282,519 38,328 719,319
Shares redeemed (437,878) (8,987,992) (465,367) (9,028,287)
----------- ------------ ----------- -------------
Net decrease (302,841) $ (6,293,731) (340,458) $ (6,637,666)
=========== ============ =========== =============
LARGE CAP VALUE
--------------------------------------------------------
CLASS C
--------------------------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
OCTOBER 31, 2005 OCTOBER 31, 2004
--------------------------------------------------------
SHARES VALUE SHARES VALUE
----------- ------------ ----------- -------------
Shares sold 20,215 $ 402,769 61,896 $ 1,191,147
Shares issued in reinvestment of
dividends and distributions 11,253 219,996 4,557 85,152
Shares redeemed (45,000) (910,735) (66,298) (1,273,105)
----------- ------------ ----------- -------------
Net increase (decrease) (13,532) $ (287,970) 155 $ 3,194
=========== ============ =========== =============
SMALL CAP VALUE
--------------------------------------------------------
COMMON CLASS
--------------------------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
OCTOBER 31, 2005 OCTOBER 31, 2004
--------------------------------------------------------
SHARES VALUE SHARES VALUE
----------- ------------ ----------- -------------
Shares sold 1,507,009 $ 36,109,474 649,415 $ 14,092,209
Shares issued in reinvestment of
dividends and distributions 223,428 4,957,871 121,963 2,461,214
Shares redeemed (835,342) (19,682,856) (957,605) (20,733,147)
----------- ------------ ----------- -------------
Net increase (decrease) 895,095 $ 21,384,489 (186,227) $ (4,179,724)
=========== ============ =========== =============
47
CREDIT SUISSE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NOTE 6. CAPITAL SHARE TRANSACTIONS
SMALL CAP VALUE
--------------------------------------------------------
CLASS A
--------------------------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
OCTOBER 31, 2005 OCTOBER 31, 2004
--------------------------------------------------------
SHARES VALUE SHARES VALUE
----------- ------------ ----------- -------------
Shares sold 2,629,854 $ 62,247,948 2,507,834 $ 53,689,869
Shares issued in reinvestment of
dividends and distributions 785,344 17,505,316 461,139 9,342,671
Shares redeemed (2,664,545) (62,603,687) (3,602,673) (77,659,751)
----------- ------------ ----------- -------------
Net increase (decrease) 750,653 $ 17,149,577 (633,700) $ (14,627,211)
=========== ============ =========== =============
SMALL CAP VALUE
--------------------------------------------------------
CLASS B
--------------------------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
OCTOBER 31, 2005 OCTOBER 31, 2004
--------------------------------------------------------
SHARES VALUE SHARES VALUE
----------- ------------ ----------- -------------
Shares sold 95,400 $ 2,064,361 76,218 $ 1,522,417
Shares issued in reinvestment of
distributions 82,688 1,703,368 56,847 1,080,090
Shares redeemed (316,688) (6,919,461) (367,111) (7,409,177)
----------- ------------ ----------- -------------
Net decrease (138,600) $ (3,151,732) (234,046) $ (4,806,670)
=========== ============ =========== =============
SMALL CAP VALUE
--------------------------------------------------------
CLASS C
--------------------------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
OCTOBER 31, 2005 OCTOBER 31, 2004
--------------------------------------------------------
SHARES VALUE SHARES VALUE
----------- ------------ ----------- -------------
Shares sold 255,397 $ 5,530,732 202,943 $ 4,051,369
Shares issued in reinvestment of
distributions 34,443 707,116 17,853 338,141
Shares redeemed (105,409) (2,253,756) (102,474) (2,076,291)
----------- ------------ ----------- -------------
Net increase 184,431$ 3,984,092 118,322 $ 2,313,219
=========== ============ =========== =============
48
CREDIT SUISSE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NOTE 6. CAPITAL SHARE TRANSACTIONS
On October 31, 2005, the number of shareholders that held 5% or more of
the outstanding shares of each class of the Funds were as follows:
NUMBER OF APPROXIMATE PERCENTAGE
FUND SHAREHOLDERS OF OUTSTANDING SHARES
----- ------------ ----------------------
Large Cap Value
Common Class 4 46%
Advisor Class 1 95%
Class A 2 19%
Class B 1 7%
Class C 3 26%
Small Cap Value
Common Class 2 72%
Class A 3 16%
Class B 1 6%
Class C 1 10%
Some of the shareholders are omnibus accounts, which hold shares on behalf
of individual shareholders.
NOTE 7. FEDERAL INCOME TAXES
Income and capital gain distributions are determined in accordance with
federal income tax regulations, which may differ from GAAP.
The tax characteristics of dividends and distributions paid during the
years ended October 31, 2005 and 2004, respectively, by the Funds were as
follows:
ORDINARY INCOME LONG-TERM CAPITAL GAIN
------------------------- --------------------------
FUND 2005 2004 2005 2004
--------------- ----------- ----------- ------------ -----------
Large Cap Value $ 6,721,735 $ 3,040,389 $ 18,876,616 $ 9,667,915
Small Cap Value 4,844,486 2,334,168 22,088,517 11,844,977
At October 31, 2005, the Funds had no capital loss carryforwards available
to offset possible future capital gains.
The tax basis of 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 losses deferred on
wash sales. At October 31, 2005, the components of distributable earnings on a
tax basis for the Funds were as follows:
LARGE CAP VALUE SMALL CAP VALUE
--------------- ---------------
Undistributed net investment income $ 7,410,238 $ 2,110,179
Accumulated realized gain 31,735,713 32,958,879
Unrealized appreciation 70,848,149 90,268,560
--------------- ---------------
$ 109,994,100 $ 125,337,618
=============== ===============
49
CREDIT SUISSE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NOTE 7. FEDERAL INCOME TAXES
As of October 31, 2005, the identified cost for federal income tax
purposes, as well as the gross unrealized appreciation from investments for
those securities having an excess of value over cost, gross unrealized
depreciation from investments for those securities having an excess of cost over
value and the net unrealized appreciation from investments were as follows:
GROSS UNREALIZED GROSS UNREALIZED NET UNREALIZED
FUND IDENTIFIED COST APPRECIATION (DEPRECIATION) APPRECIATION
- ---- --------------- ---------------- ---------------- --------------
Large Cap Value $ 277,110,678 $ 75,981,921 $ 5,133,772 $ 70,848,149
Small Cap Value 295,166,911 95,286,786 5,018,226 90,268,560
At October 31, 2005, accumulated undistributed net investment income and
accumulated net realized gain (loss) from investments have been adjusted for
current period permanent book/tax differences which arose principally from
differing book/tax treatments of net operating losses, foreign currency
gain/(loss), real estate investment trusts and dividend resignations. Net assets
were not affected by these reclassifications:
ACCUMULATED NET
UNDISTRIBUTED NET REALIZED GAIN ON
FUND INVESTMENT INCOME INVESTMENTS
---- ----------------- ----------------
Large Cap Value $ 45,222 $ (45,222)
Small Cap Value 793,296 (793,296)
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.
50
CREDIT SUISSE FUNDS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
- --------------------------------------------------------------------------------
To the Board of Trustees and Shareholders of
Credit Suisse Large Cap Value Fund and
Credit Suisse Small Cap Value 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 Value Fund
and Credit Suisse Small Cap Value Fund (hereafter referred to as the "Funds") at
October 31, 2005, the results of each of their operations for the year then
ended, the changes in each of their net assets for each of the two years in the
period then ended and the financial highlights for each of the years (or
periods) presented, in conformity with accounting principles generally accepted
in the United States of America. These financial statements and financial
highlights (hereafter referred to as "financial statements") are the
responsibility of the Funds' management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at October 31, 2005 by correspondence with the
custodian, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Baltimore, Maryland
December 19, 2005
51
CREDIT SUISSE FUNDS
INFORMATION CONCERNING TRUSTEES AND OFFICERS (UNAUDITED)
- --------------------------------------------------------------------------------
TERM NUMBER OF
OF OFFICE 1 PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH FUND SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ----------------------- ------------- ----------- ------------------------- -------------- -----------------------
INDEPENDENT TRUSTEES
Enrique Arzac Trustee, Since Professor of Finance 47 Director of The
c/o Credit Suisse Asset Nominating 2005 and Economics, Adams Express
Management, LLC. Committee Graduate School of (a closed-end
Attn: General Counsel Member and Business, Columbia investment
466 Lexington Avenue Audit University since 1971 company);
New York, New York Committee Director of
10017-3140 Chairman Petroleum and
Resources
Date of Birth: 02/10/41 Corporation
(a closed-end
investment
company)
Richard H. Francis Trustee, Since Currently retired 41 None
c/o Credit Suisse Asset Nominating 2001
Management, LLC and Audit
Attn: General Counsel Committee
466 Lexington Avenue Member
New York, New York
10017-3140
Date of Birth: 04/23/32
Jeffrey E. Garten Trustee, Since The Juan Trippe 40 Director of
Box 208200 Nominating 2001 Professor in the Practice Aetna, Inc.
New Haven, Connecticut and Audit of International Trade, (insurance company);
06520-8200 Committee Finance and Business Director of
Member from July 2005 to CarMax Group
Date of Birth: 10/29/46 present; Partner and (used car dealers)
Chairman of Garten
Rothkopf (consulting
firm) from October 2005
to present; Dean of Yale
School of Management
from November 1995
to June 2005.
Peter F. Krogh Trustee, Since Dean Emeritus and 40 Director of
301 ICC Nominating 2001 Distinguished Professor Carlisle Companies
Georgetown University and Audit of International Affairs Incorporated
Washington, DC 20057 Committee at the Edmund A. (diversified
Member Walsh School of manufacturing
Date of Birth: 02/11/37 Foreign Service, company)
Georgetown University
from June 1995
to present.
_______________
1 Each Trustee and Officer serves until his or her respective successor has
been duly elected and qualified.
52
CREDIT SUISSE FUNDS
INFORMATION CONCERNING TRUSTEES AND OFFICERS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
TERM NUMBER OF
OF OFFICE 1 PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH FUND SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ----------------------- ------------- ----------- ------------------------- -------------- -----------------------
INDEPENDENT TRUSTEES
James S. Pasman, Jr. Trustee, Since Currently retired 42 Director of
c/o Credit Suisse Asset Nominating 2001 Education
Management, LLC and Audit Management
Attn: General Counsel Committee Corp.
466 Lexington Avenue Member
New York, New York
10017-3140
Date of Birth: 12/20/30
Steven N. Rappaport Chairman of Trustee Partner of Lehigh Court, 46 Director of
Lehigh Court, LLC the Board since LLC and RZ Capital Presstek, Inc.
40 East 52nd Street of Trustees, 2001 (private investment (digital imaging
New York, New York Nominating and firms) from July 2002 technologies
10022 Committee Chairman to present; Transition company); Director
Chairman and since Adviser to SunGard of Wood Resources,
Date of Birth: 07/10/48 Audit 2005 Securities Finance, Inc. LLC. (plywood
Committee from February 2002 to manufacturing
Member July 2002; President of company)
SunGard Securities
Finance, Inc. from 2001
to February 2002;
President of Loanet, Inc.
(on-line accounting
service) from 1997 to
2001.
INTERESTED TRUSTEE
Michael E. Kenneally 2,3 Trustee Since Chairman and Global 40 None
c/o Credit Suisse Asset 2004 Chief Executive Officer
Management, LLC of CSAM from March
Attn: General Counsel 2003 to July 2005
466 Lexington Avenue Chairman and Chief
New York, New York Investment Officer of
10017-3140 Banc of America Capital
Management from
Date of Birth: 03/30/54 1998 to March 2003.
_______________
2 Mr. Kenneally is a Trustee who is an "interested person" of the Fund as
defined in the 1940 Act, because he was an officer of CSAM within the last
two fiscal years.
3 Effective July 31, 2005, Steven B. Plump was appointed as Chief Executive
Officer and President of the Fund. Mr. Kenneally, who previously held
these positions, resigned effective July 31, 2005.
53
CREDIT SUISSE FUNDS
INFORMATION CONCERNING TRUSTEES AND OFFICERS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
TERM OF
OFFICE 1 AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH FUND SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- ----------------------- -------------- ------------ -------------------------------------------------------
OFFICERS
Steven B. Plump 3 Chief Since Managing Director; Associated with CSAM or
Credit Suisse Asset Executive 2005 its predecessor since 1995; Officer of other
Management, LLC. Officer and Credit Suisse Funds
466 Lexington Avenue President
New York, New York
10017-3140
Date of Birth: 02/08/59
Michael A. Pignataro Chief Since Director and Director of Fund Administration of CSAM;
Credit Suisse Asset Financial 2001 Associated with CSAM or its predecessor since 1984;
Management, LLC Officer and Officer of other Credit Suisse Funds
466 Lexington Avenue Treasurer
New York, New York
10017-3140
Date of Birth: 11/15/59
Emidio Morizio Chief Since Director and Global Head of Compliance of CSAM;
Credit Suisse Asset Compliance 2004 Associated with CSAM since July 2000; Vice President
Management, LLC Officer and Director of Compliance of Forstmann-Leff
466 Lexington Avenue Associates from 1998 to June 2000; Officer of
New York, New York other Credit Suisse Funds
10017-3140
Date of Birth: 09/21/66
Ajay Mehra Chief Since Director and General Counsel (Americas) of CSAM
Credit Suisse Asset Legal Officer 2004 since September 2004; Senior Associate of Shearman
Management, LLC & Sterling LLP from September 2000 to September 2004;
466 Lexington Avenue Senior Counsel of the SEC Division of Investment
New York, New York Management from June 1997 to September 2000;
10017-3140 Officer of other Credit Suisse Funds
Date of Birth: 08/14/70
J. Kevin Gao Vice Since Vice President and Associate General Counsel of CSAM;
Credit Suisse Asset President 2004 Associated with CSAM since July 2003; Associated
Management, LLC and with the law firm of Willkie Farr & Gallagher LLP from
466 Lexington Avenue Secretary 1998 to 2003; Officer of other Credit Suisse Funds
New York, New York
10017-3140
Date of Birth: 10/13/67
Robert Rizza Assistant Since Assistant Vice President of CSAM; Associated with CSAM
Credit Suisse Asset Treasurer 2002 since 1998; Officer of other Credit Suisse Funds
Management, LLC
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 12/09/65
3 Effective July 31, 2005, Steven B. Plump was appointed as Chief Executive
Officer and President of the Fund. Mr. Kenneally, who previously held
these positions, resigned effective July 31, 2005.
The Statement of Additional Information includes additional information
about the Trustees and is available, without charge, upon request, by calling
800-927-2874.
54
CREDIT SUISSE FUNDS
TAX INFORMATION LETTER
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
IMPORTANT TAX INFORMATION FOR CORPORATE SHAREHOLDERS
Corporate shareholders should note for the year ended October 31, 2005,
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 84.68% for the Large Cap Value Fund and 100% for the Small
Cap Value Fund.
For the fiscal year ended October 31, 2005 certain dividends paid by the
Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs
and Growth Tax Relief Reconciliation Act of 2003. Complete information will be
reported in conjunction with your 2005 Form 1099-DIV.
For the fiscal year ended October 31, 2005, Large Cap Value and Small Cap
Value designates approximately $6,721,735 and $4,844,487, 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 of 2005, complete information will
be reported in conjuction with Form 1099-DIV.
IMPORTANT TAX INFORMATION FOR SHAREHOLDERS
During the year ended October 31, 2005, the Funds declared the following
dividends that were designated as 20% long-term capital gains dividends:
FUND AMOUNT
------ -----------
Large Cap Value $18,876,616
Small Cap Value 22,087,060
55
CREDIT SUISSE FUNDS
PROXY VOTING AND PORTFOLIO HOLDINGS INFORMATION
- --------------------------------------------------------------------------------
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:
o By calling 1-800-927-2874
o On the Funds' website, www.csam.com/us
o On the website of the Securities and Exchange Commission,
http://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 http://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 1-800-SEC-0330.
56
P.O. BOX 55030, BOSTON, MA 02205-5030 CREDIT | ASSET
800-927-2874 o WWW.CSAM.COM/US SUISSE | MANAGEMENT
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. USEQVAL-AR-1005
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, 2005. There were no waivers or implicit waivers from the
code granted by the registrant during the fiscal year ended October 31, 2005.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant's governing board has determined that it has four audit committee
financial experts serving on its audit committee: Enrique R. Arzac, Richard H.
Francis, James S. Pasman, Jr., 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, 2004
and October 31, 2005.
- ---------------------------------------- -------------------------------------- --------------------------------------
2004 2005
- ---------------------------------------- -------------------------------------- --------------------------------------
Audit Fees $41,543 $65,612
- ---------------------------------------- -------------------------------------- --------------------------------------
Audit-Related Fees1 $9,000 $6,300
- ---------------------------------------- -------------------------------------- --------------------------------------
Tax Fees2 $4,646 $4,878
- ---------------------------------------- -------------------------------------- --------------------------------------
All Other Fees -- --
- ---------------------------------------- -------------------------------------- --------------------------------------
Total $55,189 $76,790
- ---------------------------------------- -------------------------------------- --------------------------------------
1 Services include agreed-upon procedures in connection with the registrant's
semi-annual financial statements ($3,000 for 2004 and $3,150 for 2005), the
registrant's third quarter 2004 Form N-Q filing ($1,500) in 2004.
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 ("CSAM"), and any service provider to the
registrant controlling, controlled by or under common control with CSAM that
provided ongoing services to the registrant ("Covered Services Provider"), for
the registrant's fiscal years ended October 31, 2004 and October 31, 2005.
- ---------------------------------------- -------------------------------------- --------------------------------------
2004 2005
- ---------------------------------------- -------------------------------------- --------------------------------------
2
- ---------------------------------------- -------------------------------------- --------------------------------------
Audit-Related Fees N/A N/A
- ---------------------------------------- -------------------------------------- --------------------------------------
Tax Fees N/A N/A
- ---------------------------------------- -------------------------------------- --------------------------------------
All Other Fees N/A $394,000
- ---------------------------------------- -------------------------------------- --------------------------------------
Total N/A $394,000
- ---------------------------------------- -------------------------------------- --------------------------------------
(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 CSAM 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 CSAM 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, CSAM 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:
- ---------------------------------------- -------------------------------------- --------------------------------------
2004 2005
- ---------------------------------------- -------------------------------------- --------------------------------------
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 CSAM
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, 2004 and October 31, 2005:
- ---------------------------------------- -------------------------------------- --------------------------------------
2004 2005
- ---------------------------------------- -------------------------------------- --------------------------------------
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, CSAM and Covered Service Providers for the fiscal years ended
October 31, 2004 and October 31, 2005 were $13,646 and $11,178 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.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
4
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
5
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.
6
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 CAPITAL FUNDS
/s/ Steven B. Plump
-------------------
Name: Steven B. Plump
Title: Chief Executive Officer
Date: January 9, 2006
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/ Steven B. Plump
-------------------
Name: Steven B. Plump
Title: Chief Executive Officer
Date: January 9, 2006
/s/ Michael A. Pignataro
------------------------
Name: Michael A. Pignataro
Title: Chief Financial Officer
Date: January 9, 2006
7