<Page>
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. 811-5041
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CREDIT SUISSE CAPITAL APPRECIATION FUND
------------------------------------------------------------------------
(Exact Name of Registrant as Specified in Charter)
466 Lexington Avenue, New York, New York 10017-3140
-------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Hal Liebes, Esq.
Credit Suisse Capital Appreciation Fund
466 Lexington Avenue
New York, New York 10017-3147
Registrant's telephone number, including area code:(212) 875-3500
Date of fiscal year end: October 31, 2003
Date of reporting period: April 30, 2003
<Page>
ITEM 1. REPORTS TO STOCKHOLDERS.
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE FUNDS
SEMIANNUAL REPORT
APRIL 30, 2003
(UNAUDITED)
- - CREDIT SUISSE
CAPITAL APPRECIATION FUND
- - CREDIT SUISSE
EMERGING GROWTH FUND
- - CREDIT SUISSE
SMALL CAP GROWTH FUND
- - CREDIT SUISSE
STRATEGIC SMALL CAP FUND
More complete information about the Funds, including charges and expenses, is
provided in the PROSPECTUS, which must precede or accompany this document and
which should be read carefully before investing. You may obtain additional
copies by calling 800-927-2874 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.
<Page>
THE FUNDS' INVESTMENT ADVISER AND CO-ADMINISTRATORS MAY WAIVE SOME FEES AND/OR
REIMBURSE SOME EXPENSES, WITHOUT WHICH PERFORMANCE WOULD BE LOWER. WAIVERS
AND/OR REIMBURSEMENTS ARE SUBJECT TO CHANGE.
RETURNS INCLUDE CHANGE IN SHARE PRICE AND REINVESTMENT OF DIVIDENDS AND CAPITAL
GAINS. PAST PERFORMANCE CANNOT GUARANTEE FUTURE RESULTS. RETURNS AND SHARE PRICE
WILL FLUCTUATE, AND REDEMPTION VALUE MAY BE MORE OR LESS THAN ORIGINAL COST.
THE VIEWS OF THE FUNDS' MANAGEMENT ARE AS OF THE DATE OF THE LETTER AND THE
FUNDS HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF APRIL 30, 2003; THESE VIEWS
AND FUNDS 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.
<Page>
CREDIT SUISSE CAPITAL APPRECIATION FUND
SEMIANNUAL INVESTMENT ADVISER'S REPORT
April 30, 2003
May 21, 2003
Dear Shareholder:
For the six months ended April 30, 2003, the Common Class and Advisor Class
shares of Credit Suisse Capital Appreciation Fund (the "Fund")(1) had gains of
1.60% and 1.32%, respectively, versus an increase of 4.27% for the Russell
1000(R) Growth Index.(2) The Fund's Class A (without sales charge), Class B
(without contingent deferred sales charge) and Class C (without contingent
deferred sales charge) shares(3) had gains of 1.52%, 1.13% and 1.13%,
respectively, for the period.
The period was a volatile but ultimately positive one for the U.S. stock
market. The threat of war, a soft economy and a clouded profit outlook hampered
stocks through much of the period. Equities ended the period on a positive note,
however, rallying in April in the wake of a seemingly swift and successful
U.S.-led mission in Iraq. The quick end to the war supported stocks by lowering
risk thresholds in general. It also calmed investors' worries over worst-case
scenarios regarding energy costs, a key factor in the economy.
Against this backdrop, the Fund had a gain but underperformed its
benchmark. Stocks that hindered the Fund included its pharmaceutical holdings
and consumer-discretionary holdings. On the positive side, stocks that aided the
Fund included specific producer durables holdings and a transportation/shipping
stock.
In terms of sector strategy, we remained fairly well diversified in the
period, with an overweighting in the consumer-discretionary area (including
media stocks). We added to the health-care sector, where we were also
overweighted as of the end of the period. We believe that the health-care sector
is one of the better areas with respect to secular revenue generation, in an
economy where revenue growth has been lackluster. One sector weighting we
reduced was financial services, mostly on stock-specific factors. We pared or
eliminated positions in certain companies that, while we believe them to be
strong franchises, have a clouded intermediate-term earnings outlook. Elsewhere
of note, we maintained a roughly neutral weighting in technology.
Barring other military flare-ups anytime soon, we believe Washington may
now be more inclined to deliver on tax cuts and other stimulus packages this
year. That said, the economy might remain sluggish for a spell, with a material
recovery in corporate earnings pushed out perhaps to the fourth quarter of
1
<Page>
2003 or later. Amid the uncertainty, our focus will remain on identifying
high-quality companies we feel have good or improving revenue growth and the
potential for significant profit-margin gains as revenues rise.
Jeffrey T. Rose Marian U. Pardo
Co-Portfolio Manager Co-Portfolio Manager
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 THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE FUND HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
2
<Page>
AVERAGE ANNUAL RETURNS AS OF MARCH 31, 2003(1)
<Table>
<Caption>
SINCE INCEPTION
1 YEAR 5 YEARS 10 YEARS INCEPTION DATE
------ ------- -------- --------- ---------
Common Class (28.41%) (4.26%) 7.74% 8.53% 8/17/87
Advisor Class (28.70%) (4.71%) 7.23% 8.16% 8/17/87
Class A Without
Sales Charge (28.56%) - - (25.75%) 11/30/01
Class A With Maximum
Sales Charge (32.67%) - - (28.97%) 11/30/01
Class B Without CDSC (29.05%) - - (26.26%) 11/30/01
Class B With CDSC (31.89%) - - (27.93%) 11/30/01
Class C Without CDSC (29.11%) - - (26.31%) 11/30/01
Class C With CDSC (29.82%) - - (26.31%) 11/30/01
</Table>
AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2003(1)
<Table>
<Caption>
SINCE INCEPTION
1 YEAR 5 YEARS 10 YEARS INCEPTION DATE
------ ------- -------- --------- ---------
Common Class (17.34%) (3.51%) 8.87% 8.91% 8/17/87
Advisor Class (17.76%) (3.99%) 8.35% 8.53% 8/17/87
Class A Without
Sales Charge (17.49%) - - (21.09%) 11/30/01
Class A With Maximum
Sales Charge (22.24%) - - (24.31%) 11/30/01
Class B Without CDSC (18.13%) - - (21.71%) 11/30/01
Class B With CDSC (21.41%) - - (23.37%) 11/30/01
Class C Without CDSC (18.13%) - - (21.71%) 11/30/01
Class C With CDSC (18.95%) - - (21.71%) 11/30/01
</Table>
Past performance is not predictive of future performance. Investment return and
principal value of an investment will fluctuate so that an investor's shares
upon redemption may be worth more or less than their 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.
- ----------
(1) Fee waivers and/or expense reimbursements reduced expenses for the Fund,
without which performance would be lower. Waivers and/or reimbursements may
be discontinued at any time.
(2) The Russell 1000(R) Growth Index measures the performance of those
companies in the Russell 1000(R) Index with higher price-to-book ratios and
higher forecasted growth values. It is an unmanaged index of common stocks
that includes reinvestment of dividends and is compiled by Frank Russell
Company. Investors cannot invest directly in an index.
(3) Total return for Class A Shares for the reporting period, based on offering
price (with maximum sales charge of 5.75%), was down 4.30%. Total return
for Class B Shares for the reporting period, based on redemption value
(including maximum contingent deferred sales charge of 4%), was down 2.87%.
Total return for Class C Shares for the reporting period, based on
redemption value (including maximum contingent deferred sales charge of
1%), was 0.13%.
3
<Page>
CREDIT SUISSE EMERGING GROWTH FUND
SEMIANNUAL INVESTMENT ADVISER'S REPORT
April 30, 2003
May 21, 2003
Dear Shareholder:
For the six months ended April 30, 2003, the Common Class and Advisor Class
Shares of Credit Suisse Emerging Growth Fund (the "Fund")(1) had gains of 6.95%
and 6.70%, respectively, versus increases of 7.76% for the Russell 2500(TM)
Growth Index(2) and 8.20% for the Russell Midcap(R) Growth Index.(3) The Fund's
Class A Shares(4) (without sales charge) had a gain of 6.77% for the same
period.
The period was a volatile but ultimately positive one for the U.S. stock
market. The threat of war, a soft economy and a clouded profit outlook hampered
stocks through much of the period. Equities ended the period on a positive note,
however, rallying in April in the wake of a seemingly swift and successful
U.S.-led mission in Iraq. The quick end to the war supported stocks by lowering
risk thresholds in general. It also calmed investors' worries over worst-case
scenarios regarding energy costs, a key factor in the economy.
Stocks that helped the Fund's return in this environment included its
consumer-discretionary financial-services and technology holdings. On the
negative side, the Fund's health-care and materials stocks hindered its relative
performance.
With respect to sector allocation, we increased our exposure to the
technology area late in 2002. We added a number of software and electronic names
based on their valuations and a better inventory backdrop; we have since trimmed
or eliminated some of these positions, as they quickly tested our upside price
disciplines. We remained overweighted in health care, based on the sector's
relatively stable earnings growth within an uncertain economic environment. That
said, we selectively sold some health-care stocks in early 2003. Elsewhere of
note, we remained about neutrally weighted in energy.
We believe that the economy may stay on a positive yet tepid growth path
for the rest of the year, with a possible economic acceleration heading into
2004. Thus, while an easing of geopolitical risk could continue to support
stocks for a while, a broad-based improvement in revenue growth could be
forestalled. With much of the recent corporate profits coming from productivity
gains, revenue growth in our view is necessary for sustainable earnings growth.
For our part, we believe that individual stock selection is
4
<Page>
critical in this environment, and our focus will remain on companies we deem to
have solid finances and compelling business plans.
Elizabeth B. Dater Sammy Oh Roger M. Harris
Co-Portfolio Manager Co-Portfolio Manager Co-Portfolio Manager
INVESTING IN EMERGING-GROWTH COMPANIES ENTAILS SPECIAL RISK CONSIDERATIONS,
SUCH AS INVESTING IN THE SECURITIES OF START-UP COMPANIES OR COMPANIES INVOLVED
IN "SPECIAL SITUATIONS."
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 THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE FUND HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
5
<Page>
AVERAGE ANNUAL RETURNS AS OF MARCH 31, 2003(1)
<Table>
<Caption>
SINCE INCEPTION
1 YEAR 5 YEARS 10 YEARS INCEPTION DATE
------ ------- -------- --------- ---------
Common Class (26.40%) (9.12%) 4.52% 8.69% 1/21/88
Advisor Class (26.79%) (9.57%) 4.03% 6.74% 6/20/91
Class A Without
Sales Charge (26.71%) - - (21.32%) 11/30/01
Class A With Maximum
Sales Charge (30.94%) - - (24.74%) 11/30/01
</Table>
AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2003(1)
<Table>
<Caption>
SINCE INCEPTION
1 YEAR 5 YEARS 10 YEARS INCEPTION DATE
------ ------- -------- --------- ---------
Common Class (19.89%) (8.01%) 5.43% 9.14% 1/21/88
Advisor Class (20.32%) (8.46%) 4.93% 7.31% 6/20/91
Class A Without
Sales Charge (20.21%) - - (16.19%) 11/30/01
Class A With Maximum
Sales Charge (24.79%) - - (19.62%) 11/30/01
</Table>
Past performance is not predictive of future performance. Investment return and
principal value of an investment will fluctuate so that an investor's shares
upon redemption may be worth more or less than their 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.
- ----------
(1) Fee waivers and/or expense reimbursements reduced expenses for the Fund,
without which performance would be lower. Waivers and/or reimbursements may
be discontinued at any time.
(2) The Russell 2500(TM) Growth Index measures the performance of those
companies in the Russell 2500(TM) Index with higher price-to-book ratios
and higher forecasted growth values. It is an unmanaged index of common
stocks that includes reinvestment of dividends and is compiled by Frank
Russell Company. Investors cannot invest directly in a an index.
(3) The Russell Midcap Growth(R) Index measures the performance of those
companies in the Russell Midcap(R) Index with higher price-to-book ratios
and higher forecasted growth values. The stocks are also members of the
Russell 1000(R) Growth Index. 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) Total return for Class A Shares for the reporting period, based on offering
price (with maximum sales charge of 5.75%), was 0.65%.
6
<Page>
CREDIT SUISSE SMALL CAP GROWTH FUND
SEMIANNUAL INVESTMENT ADVISER'S REPORT
April 30, 2003
May 21, 2003
Dear Shareholder:
For the six months ended April 30, 2003, the Common Class Shares of Credit
Suisse Small Cap Growth Fund (the "Fund")1 had a gain of 5.25%, versus an
increase of 7.65% for the Russell 2000(R) Growth Index.2 The Fund's Class A
Shares3 (without sales charge) also had a gain of 5.25% for the period.
The period was a volatile but ultimately positive one for the U.S. stock
market. The threat of war, a soft economy and a clouded profit outlook hampered
stocks through much of the period. Equities ended the period on a positive note,
however, rallying in April in the wake of a seemingly swift and successful
U.S.-led mission in Iraq. The quick end to the war supported stocks by lowering
risk thresholds in general. It also calmed investors' worries over worst-case
scenarios regarding energy costs, a key factor in the economy.
The Fund had a gain, yet underperformed its benchmark. We attribute this
primarily to the Fund's financial-services and health-care stocks. While the
Fund's holdings in both collectively had positive returns in the period, they
lagged the Fund's benchmark's return in these sectors. On the positive side,
good performers for the Fund included its transportation and producer durables
holdings.
With respect to sector allocation, we increased our exposure to the
technology area late in 2002. We added a number of software and electronic names
based on their valuations and a better inventory backdrop; we have since trimmed
or eliminated some of these positions, as they quickly tested our upside price
disciplines. We remained overweighted in health care, based on the sector's
relatively stable earnings growth within an uncertain economic environment. That
said, we selectively sold some health-care stocks in early 2003. Elsewhere of
note, we remained about neutrally weighted in energy.
Looking ahead, we believe that the economy may stay on a positive yet tepid
growth path for the rest of the year, with a possible economic acceleration
heading into 2004. Thus, while an easing of geopolitical risk could continue to
support stocks for a while, a broad-based improvement in revenue growth could be
forestalled. With much of the recent corporate profits coming from productivity
gains, revenue growth in our view is necessary for sustainable earnings growth.
For our part, we believe that individual stock
7
<Page>
selection is critical in this environment, and our focus will remain on
companies we deem to have solid finances and compelling business plans.
Elizabeth B. Dater Sammy Oh
Co-Portfolio Manager Co-Portfolio Manager
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 THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE FUND HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
8
<Page>
AVERAGE ANNUAL RETURNS AS OF MARCH 31, 2003(1)
<Table>
<Caption>
SINCE INCEPTION
1 YEAR 5 YEARS INCEPTION DATE
------ ------- --------- ---------
Common Class (30.12%) (1.28%) 4.01% 12/31/96
Class A Without Sales Charge (30.12%) - (21.02%) 11/30/01
Class A With Maximum Sales Charge (34.15%) - (24.45%) 11/30/01
</Table>
AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2003(1)
<Table>
<Caption>
SINCE INCEPTION
1 YEAR 5 YEARS INCEPTION DATE
------ ------- --------- ---------
Common Class (22.84%) 0.36% 5.15% 12/31/96
Class A Without Sales Charge (22.90%) - (15.80%) 11/30/01
Class A With Maximum Sales Charge (27.35%) - (19.25%) 11/30/01
</Table>
Past performance is not predictive of future performance. Investment return and
principal value of an investment will fluctuate so that an investor's shares
upon redemption may be worth more or less than their 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.
- ----------
(1) Fee waivers and/or expense reimbursements reduced expenses for the Fund,
without which performance would be lower. Waivers and/or reimbursements may
be discontinued at any time.
(2) The Russell 2000 Growth(R) Index measures the performance of those
companies in the Russell 2000(R) Index with higher price-to-book ratios and
higher forecasted growth values. It is an unmanaged index of common stocks
that includes reinvestment of dividends and is compiled by Frank Russell
Company. Investors cannot invest directly in an index.
(3) Total return for Class A Shares for the reporting period, based on offering
price (with maximum sales charge of 5.75%) was down 0.82%.
9
<Page>
CREDIT SUISSE STRATEGIC SMALL CAP FUND
SEMIANNUAL INVESTMENT ADVISER'S REPORT
April 30, 2003
May 21, 2003
Dear Shareholder:
For the six months ended April 30, 2003, the Class A Shares (without sales
charge) of Credit Suisse Strategic Small Cap Fund (the "Fund")(1) had a loss of
0.17%, versus an increase of 7.55% for the Russell 2000(R) Index.(2) The Fund's
Class B Shares(3) (without contingent deferred sales charge) and Class C
Shares(3) (without contingent deferred sales charge) both had losses of 0.62%.
The period was a volatile but ultimately positive one for the U.S. stock
market. The threat of war, a soft economy and a clouded profit outlook hampered
stocks through much of the period. Equities ended the period on a positive note,
however, rallying in April in the wake of a seemingly swift and successful
U.S.-led mission in Iraq. The quick end to the war supported stocks by lowering
risk thresholds in general. It also calmed investors' worries over worst-case
scenarios regarding energy costs, a key factor in the economy.
One significant contributor to the Fund's underperformance was its exposure
to consumer discretionary companies. Several of the Fund's holdings in this area
were hit hard by fears of slowing consumer spending, given the lackluster
economic data and the tendency of consumers to rein in spending during times of
crisis. That notwithstanding, we continue to view our holdings here favorably
for their longer-term prospects, with few exceptions. The Fund's technology,
materials and producer durables holdings also hindered its return. On the
positive side, the Fund's health-care and energy stocks aided its relative
performance.
The success on the war front has, thus far, seemed to have reduced some of
the overhanging geopolitical risk. This in turn sparked a mini rally in the
stock market, eased pressure on oil costs and helped stabilize other
commodities. Of course, as the U.S. pursues its war on global terrorism,
tensions could return to upset financial markets at any time.
Meanwhile, our economy looks like it will struggle for growth in the near
term at least. The unemployment rate has been drifting upward, and both service
and supply purchasing indexes indicate that growth is unlikely to accelerate
soon. In addition, growth in the money supply has slowed.
On a positive note, wide yield spreads in the bond market have continued to
narrow, which suggests that investors have become less risk-averse. And the
potential for fiscal stimulus -- which may be more likely, given the end of the
Iraq war -- combined with declining oil prices and continued refinancing
10
<Page>
activity could provide a boost to consumers and the economy in the latter part
of 2003 and into next year.
For our part, notwithstanding recent performance, we will continue to focus
on the long-term fundamentals of the companies in the portfolio, while
attempting to identify new opportunities created by market volatility. In terms
of portfolio activity, we purchased a number of technology stocks in late 2002,
based on our analysis of stock valuations combined with an improving inventory
backdrop. Within health care, where we were overweighted through much of the
period, we selectively sold some stocks and ended the period with a roughly
neutral weighting. Elsewhere of note, we scaled back our energy position and
remained underweighted in financial services.
Elizabeth B. Dater Roger M. Harris
Co-Portfolio Manager Co-Portfolio Manager
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 THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE FUND HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
11
<Page>
CUMULATIVE RETURNS AS OF MARCH 31, 2003(1)
<Table>
<Caption>
SINCE INCEPTION
INCEPTION DATE
--------- ---------
Class A Without Sales Charge (11.74%) 8/15/02
Class A With Maximum Sales Charge (16.81%) 8/15/02
Class B Without CDSC (12.15%) 8/15/02
Class B With CDSC (15.48%) 8/15/02
Class C Without CDSC (12.15%) 8/15/02
Class C With CDSC (12.98%) 8/15/02
</Table>
CUMULATIVE RETURNS AS OF APRIL 30, 2003(1)
<Table>
<Caption>
SINCE INCEPTION
INCEPTION DATE
--------- ---------
Class A Without Sales Charge (4.86%) 8/15/02
Class A With Maximum Sales Charge (10.33%) 8/15/02
Class B Without CDSC (5.39%) 8/15/02
Class B With CDSC (8.97%) 8/15/02
Class C Without CDSC (5.39%) 8/15/02
Class C With CDSC (6.29%) 8/15/02
</Table>
Past performance is not predictive of future performance. Investment return and
principal value of an investment will fluctuate so that an investor's shares
upon redemption may be worth more or less than their 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.
- ----------
(1) Fee waivers and/or expense reimbursements reduced expenses for the Fund,
without which performance would be lower. Waivers and/or reimbursements may
be discontinued at any time.
(2) 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. Investors cannot invest directly
in an index.
(3) Total return for Class A Shares for the reporting period, based on offering
price (with maximum sales charge of 5.75%), was down 5.89%. Total return
for Class B Shares for the reporting period, based on redemption value
(including maximum contingent deferred sales charge of 4%), was down 4.39%.
Total return for Class C Shares for the reporting period, based on
redemption value (including maximum deferred sales charge of 1%), was down
1.56%.
12
<Page>
CREDIT SUISSE CAPITAL APPRECIATION FUND
SCHEDULE OF INVESTMENTS
April 30, 2003 (Unaudited)
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- ------------
COMMON STOCKS (95.5%)
AEROSPACE & DEFENSE (1.5%)
United Technologies Corp. 123,000 $ 7,602,630
------------
AIR FREIGHT & COURIERS (2.5%)
United Parcel Service, Inc. Class B 210,000 13,045,200
------------
BANKS (3.8%)
Bank of America Corp. 82,900 6,138,745
Wells Fargo & Co. 275,900 13,314,934
------------
19,453,679
------------
BEVERAGES (5.2%)
Anheuser-Busch Companies, Inc. 251,300 12,534,844
Pepsi Bottling Group, Inc. 196,500 4,036,110
PepsiCo, Inc. 238,300 10,313,624
------------
26,884,578
------------
BIOTECHNOLOGY (4.5%)
Amgen, Inc.* 82,500 5,058,075
Genentech, Inc.* 142,700 5,421,173
Gilead Sciences, Inc.* 139,500 6,436,530
MedImmune, Inc.* 176,600 6,228,682
------------
23,144,460
------------
COMMERCIAL SERVICES & SUPPLIES (2.2%)
Stericycle, Inc.* 127,200 4,997,688
Weight Watchers International, Inc.* 135,500 6,365,790
------------
11,363,478
------------
COMMUNICATIONS EQUIPMENT (1.9%)
Cisco Systems, Inc.* 634,100 9,536,864
------------
COMPUTERS & PERIPHERALS (2.4%)
Dell Computer Corp.* 324,800 9,389,968
EMC Corp.* 303,200 2,756,088
------------
12,146,056
------------
DIVERSIFIED FINANCIALS (2.6%)
Doral Financial Corp. 70,700 2,828,707
SLM Corp. 93,500 10,472,000
------------
13,300,707
------------
ELECTRICAL EQUIPMENT (1.8%)
Harris Corp. 330,100 9,427,656
------------
ENERGY EQUIPMENT & SERVICES (1.0%)
Bonneville Pacific Corp.*++ 16,883 1
Transocean, Inc. 107,600 2,049,780
Weatherford International, Ltd.* 77,200 3,105,756
------------
5,155,537
------------
</Table>
See Accompanying Notes to Financial Statements.
13
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- ------------
COMMON STOCKS (CONTINUED)
HEALTHCARE EQUIPMENT & SUPPLIES (5.7%)
Biomet, Inc. 379,600 $ 11,562,616
Medtronic, Inc. 364,400 17,396,456
------------
28,959,072
------------
HEALTHCARE PROVIDERS & SERVICES (3.9%)
Anthem, Inc.* 124,500 8,545,680
Caremark Rx, Inc.* 271,000 5,395,610
WebMD Corp.* 608,200 5,863,048
------------
19,804,338
------------
HOTELS, RESTAURANTS & LEISURE (0.6%)
Wendy's International, Inc. 104,700 3,040,488
------------
INDUSTRIAL CONGLOMERATES (3.4%)
General Electric Co. 431,600 12,710,620
Tyco International, Ltd. 306,200 4,776,720
------------
17,487,340
------------
INSURANCE (1.2%)
American International Group, Inc. 109,721 6,358,332
------------
INTERNET & CATALOG RETAIL (3.3%)
USA Interactive* 561,200 16,807,940
------------
MACHINERY (1.4%)
Danaher Corp. 104,400 7,201,512
------------
MEDIA (13.2%)
AOL Time Warner, Inc.* 653,800 8,943,984
Clear Channel Communications, Inc.* 204,200 7,986,262
Comcast Corp. Special Class A* 321,800 9,673,308
E.W. Scripps Co. Class A 62,600 4,961,050
Fox Entertainment Group, Inc. Class A* 258,900 6,576,060
Gannett Company, Inc. 68,300 5,171,676
Pixar, Inc.* 75,900 4,431,801
Univision Communications, Inc. Class A* 125,100 3,788,028
Viacom, Inc. Class B* 372,292 16,161,196
------------
67,693,365
------------
MULTILINE RETAIL (2.9%)
Wal-Mart Stores, Inc. 263,000 14,812,160
------------
OIL & GAS (0.4%)
XTO Energy, Inc. 103,500 2,018,250
------------
PERSONAL PRODUCTS (2.0%)
Estee Lauder Companies, Inc. Class A 206,900 6,724,250
Gillette Co. 115,500 3,516,975
------------
10,241,225
------------
</Table>
See Accompanying Notes to Financial Statements.
14
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- -------------
COMMON STOCKS (CONCLUDED)
PHARMACEUTICALS (14.2%)
Barr Laboratories, Inc.* 137,450 $ 7,642,220
Forest Laboratories, Inc.* 193,700 10,018,164
Johnson & Johnson 237,082 13,361,942
Pfizer, Inc. 748,675 23,021,756
Watson Pharmaceuticals, Inc.* 335,400 9,750,078
Wyeth 200,900 8,745,177
-------------
72,539,337
-------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (5.8%)
Analog Devices, Inc.* 336,900 11,158,128
Intel Corp. 708,200 13,030,880
Texas Instruments, Inc. 295,500 5,463,795
-------------
29,652,803
-------------
SOFTWARE (7.0%)
Microsoft Corp. 967,900 24,749,203
Symantec Corp.* 94,400 4,148,880
VERITAS Software Corp.* 318,500 7,010,185
-------------
35,908,268
-------------
SPECIALTY RETAIL (1.1%)
Home Depot, Inc. 198,950 5,596,463
-------------
TOTAL COMMON STOCKS (Cost $496,874,491) 489,181,738
-------------
<Caption>
PAR
(000)
---------
SHORT-TERM INVESTMENT (3.8%)
State Street Bank and Trust Co. Euro Time Deposit, 1.188%, 5/01/03
(Cost $19,412,000) $ 19,412 19,412,000
-------------
TOTAL INVESTMENTS AT VALUE (99.3%) (Cost $516,286,491) 508,593,738
OTHER ASSETS IN EXCESS OF LIABILITIES (0.7%) 3,435,581
-------------
NET ASSETS (100.0%) $ 512,029,319
=============
</Table>
- ----------
* Non-income producing security.
++ Restricted security, not readily marketable; security is valued at fair
value as determined in good faith by the Board of Trustees.
See Accompanying Notes to Financial Statements.
15
<Page>
CREDIT SUISSE EMERGING GROWTH FUND
SCHEDULE OF INVESTMENTS
April 30, 2003 (Unaudited)
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- ------------
COMMON STOCKS (94.9%)
AUTO COMPONENTS (2.9%)
BorgWarner, Inc. 107,600 $ 6,312,892
Lear Corp.* 108,700 4,319,738
------------
10,632,630
------------
BANKS (3.8%)
IndyMac Bancorp, Inc. 407,400 9,076,872
New York Community Bancorp, Inc. 134,600 4,673,312
------------
13,750,184
------------
BIOTECHNOLOGY (2.5%)
Affymetrix, Inc.* 287,500 5,333,125
IDEC Pharmaceuticals Corp.* 111,300 3,645,075
------------
8,978,200
------------
COMMERCIAL SERVICES & SUPPLIES (5.1%)
BISYS Group, Inc.* 251,600 4,247,008
Certegy, Inc.* 139,100 3,476,109
Corinthian Colleges, Inc.* 53,400 2,445,186
ITT Educational Services, Inc.* 131,200 3,870,400
Kroll, Inc.* 196,700 4,386,410
------------
18,425,113
------------
COMMUNICATIONS EQUIPMENT (1.0%)
Polycom, Inc.* 355,600 3,491,992
------------
COMPUTERS & PERIPHERALS (0.7%)
Pinnacle Systems, Inc.* 251,600 2,377,620
------------
CONTAINERS & PACKAGING (2.2%)
Owens-Illinois, Inc.* 404,300 3,594,227
Pactiv Corp.* 203,300 4,171,716
------------
7,765,943
------------
DIVERSIFIED FINANCIALS (1.6%)
Legg Mason, Inc. 107,500 5,837,250
------------
ENERGY EQUIPMENT & SERVICES (1.7%)
BJ Services Co.* 65,600 2,395,056
ENSCO International, Inc. 68,800 1,747,520
Smith International, Inc.* 61,300 2,179,828
------------
6,322,404
------------
FOOD PRODUCTS (1.3%)
Delta and Pine Land Co. 196,000 4,558,960
------------
</Table>
See Accompanying Notes to Financial Statements.
16
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- ------------
COMMON STOCKS (CONTINUED)
HEALTHCARE PROVIDERS & SERVICES (14.4%)
Accredo Health, Inc.* 144,100 $ 2,128,357
AmerisourceBergen Corp. 59,000 3,413,150
Anthem, Inc.* 93,300 6,404,112
Caremark Rx, Inc.* 470,200 9,361,682
Community Health Systems, Inc.* 409,000 7,771,000
Health Net, Inc.* 221,800 5,786,762
Manor Care, Inc.* 197,900 3,849,155
Mid Atlantic Medical Services, Inc.* 180,900 7,878,195
Triad Hospitals, Inc.* 247,700 5,451,877
------------
52,044,290
------------
HOTELS, RESTAURANTS & LEISURE (2.5%)
Starwood Hotels & Resorts Worldwide, Inc. 172,000 4,616,480
Yum! Brands, Inc.* 173,700 4,290,390
------------
8,906,870
------------
INSURANCE (7.9%)
Ambac Financial Group, Inc. 184,500 10,765,575
Everest Re Group, Ltd. 51,300 3,573,045
John Hancock Financial Services, Inc. 129,700 3,763,894
MBIA, Inc. 136,300 6,092,610
Radian Group, Inc. 107,300 4,259,810
------------
28,454,934
------------
INTERNET SOFTWARE & SERVICES (2.2%)
NetWolves Corp.*++ 1,000,000 1,480,000
Openwave Systems, Inc.* 1,557,100 2,693,783
webMethods, Inc.* 392,400 3,947,544
------------
8,121,327
------------
MEDIA (6.2%)
Cox Radio, Inc. Class A* 374,200 8,535,502
TMP Worldwide, Inc.* 305,400 5,121,558
Westwood One, Inc.* 245,500 8,567,950
------------
22,225,010
------------
MULTILINE RETAIL (2.6%)
Dollar Tree Stores, Inc.* 374,700 9,536,115
------------
OIL & GAS (2.7%)
Devon Energy Corp. 74,189 3,505,421
Pioneer Natural Resources Co.* 69,200 1,655,264
Pogo Producing Co. 117,800 4,664,880
------------
9,825,565
------------
</Table>
See Accompanying Notes to Financial Statements.
17
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- ------------
COMMON STOCKS (CONCLUDED)
PHARMACEUTICALS (8.4%)
Barr Laboratories, Inc.* 61,800 $ 3,436,080
King Pharmaceuticals, Inc.* 248,000 3,127,280
Mylan Laboratories, Inc. 178,400 5,043,368
Sepracor, Inc.* 533,200 10,210,780
Shire Pharmaceuticals Group PLC ADR* 246,400 4,903,360
Watson Pharmaceuticals, Inc.* 117,600 3,418,632
------------
30,139,500
------------
ROAD & RAIL (1.2%)
Swift Transportation Company, Inc.* 239,300 4,336,116
------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (10.1%)
Analog Devices, Inc.* 123,500 4,090,320
Cymer, Inc.* 170,900 4,879,195
Integrated Circuit Systems, Inc.* 146,800 3,188,496
KLA-Tencor Corp.* 99,300 4,071,300
Lam Research Corp.* 269,700 3,918,741
Microchip Technology, Inc. 229,200 4,765,068
Novellus Systems, Inc.* 127,300 3,569,492
Skyworks Solutions, Inc.* 421,100 2,252,885
Xilinx, Inc.* 209,000 5,657,630
------------
36,393,127
------------
SOFTWARE (7.8%)
Autodesk, Inc. 231,600 3,603,696
BEA Systems, Inc.* 291,700 3,124,107
Documentum, Inc.* 176,700 3,249,513
Informatica Corp.* 421,500 2,752,395
J. D. Edwards & Co.* 293,200 3,512,536
Manugistics Group, Inc.* 1,096,200 3,540,726
Network Associates, Inc.* 191,900 2,193,417
Quest Software, Inc.* 277,300 2,967,110
Take-Two Interactive Software, Inc.* 136,600 3,073,500
------------
28,017,000
------------
SPECIALTY RETAIL (5.0%)
Abercrombie & Fitch Co. Class A* 300,200 9,870,576
AnnTaylor Stores Corp.* 174,000 4,116,840
The TJX Companies, Inc. 204,000 3,927,000
------------
17,914,416
------------
TEXTILES & APPAREL (1.1%)
Polo Ralph Lauren Corp.* 175,600 4,117,820
------------
TOTAL COMMON STOCKS (Cost $337,721,182) 342,172,386
------------
</Table>
See Accompanying Notes to Financial Statements.
18
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- -------------
PREFERRED STOCKS (0.0%)
COSMETICS-TOILETRY (0.0%)
Opal Concepts Series B*++ 792,603 $ 0
-------------
TELECOMMUNICATIONS (0.0%)
Celletra, Ltd. Series C*++ 1,102,524 0
-------------
TOTAL PREFERRED STOCKS (Cost $8,999,999) 0
-------------
WARRANTS (0.0%)
HEALTHCARE PROVIDERS & SERVICES (0.0%)
Women First HeathCare, Inc. expires 3/18/04*
(Cost $0) 5,516 1,470
-------------
<Caption>
PAR
(000)
---------
SHORT-TERM INVESTMENT (4.7%)
State Street Bank and Trust Co. Euro Time Deposit, 1.188%, 5/01/03
(Cost $16,836,000) $ 16,836 16,836,000
-------------
TOTAL INVESTMENTS AT VALUE (99.6%) (Cost $363,557,181) 359,009,856
OTHER ASSETS IN EXCESS OF LIABILITIES (0.4%) 1,567,876
-------------
NET ASSETS (100.0%) $ 360,577,732
=============
</Table>
INVESTMENT ABBREVIATIONS
ADR = American Depositary Receipt
- ----------
* Non-income producing security.
++ Restricted security, not readily marketable; security is valued at fair
value as determined in good faith by the Board of Directors.
See Accompanying Notes to Financial Statements.
19
<Page>
CREDIT SUISSE SMALL CAP GROWTH FUND
SCHEDULE OF INVESTMENTS
April 30, 2003 (Unaudited)
<Table>
<Caption>
NUMBER OF
SHARES VALUE
---------- ----------
COMMON STOCKS (94.7%)
AIR FREIGHT & COURIERS (1.2%)
J.B. Hunt Transport Services, Inc.* 14,400 $ 497,520
-----------
AUTO COMPONENTS (1.0%)
BorgWarner, Inc. 7,600 445,892
-----------
BANKS (2.2%)
IndyMac Bancorp, Inc. 24,200 539,176
Westamerica Bancorp. 9,200 396,520
-----------
935,696
-----------
BIOTECHNOLOGY (3.5%)
Affymetrix, Inc.* 27,800 515,690
BioMarin Pharmaceutical, Inc.* 38,900 427,122
Cubist Pharmaceuticals, Inc.* 30,800 284,284
OSI Pharmaceuticals, Inc.* 12,400 260,400
-----------
1,487,496
-----------
CHEMICALS (1.0%)
Airgas, Inc.* 21,500 434,945
-----------
COMMERCIAL SERVICES & SUPPLIES (3.3%)
Education Management Corp.* 9,500 463,790
Kroll, Inc.* 29,800 664,540
Moore Corporation Ltd.* 27,400 312,908
-----------
1,441,238
-----------
COMMUNICATIONS EQUIPMENT (3.0%)
Adaptec, Inc.* 44,800 306,432
InterDigital Communications Corp.* 25,900 583,527
Polycom, Inc.* 41,600 408,512
-----------
1,298,471
-----------
COMPUTERS & PERIPHERALS (2.0%)
Avid Technology, Inc.* 32,000 879,040
-----------
CONTAINERS & PACKAGING (1.3%)
Constar International, Inc.* 31,400 227,650
Crown Holdings, Inc.* 61,000 323,300
-----------
550,950
-----------
DIVERSIFIED FINANCIALS (2.9%)
Affiliated Managers Group, Inc.* 10,300 476,993
Jefferies Group, Inc. 8,000 310,560
Raymond James Financial, Inc. 16,800 481,824
-----------
1,269,377
-----------
ENERGY EQUIPMENT & SERVICES (1.8%)
FMC Technologies, Inc.* 20,900 393,338
Newpark Resources, Inc.* 84,000 393,960
-----------
787,298
-----------
</Table>
See Accompanying Notes to Financial Statements.
20
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
---------- -----------
COMMON STOCKS (CONTINUED)
FOOD & DRUG RETAILING (1.0%)
Performance Food Group Co.* 12,300 $ 431,484
-----------
FOOD PRODUCTS (1.9%)
Delta and Pine Land Co. 22,200 516,372
Hain Celestial Group, Inc.* 17,100 295,146
-----------
811,518
-----------
HEALTHCARE EQUIPMENT & SUPPLIES (3.0%)
Fisher Scientific International, Inc.* 11,000 316,910
SonoSite, Inc.* 21,700 351,540
Therasense, Inc.* 33,000 261,030
Wilson Greatbatch Technologies, Inc.* 11,600 380,364
-----------
1,309,844
-----------
HEALTHCARE PROVIDERS & SERVICES (10.9%)
Accredo Health, Inc.* 26,600 392,882
AdvancePCS* 21,900 658,314
Apria Healthcare Group, Inc.* 17,800 417,410
Community Health Systems, Inc.* 30,000 570,000
Coventry Health Care, Inc.* 25,800 1,053,156
LifePoint Hospitals, Inc.* 39,400 769,088
Mid Atlantic Medical Services, Inc.* 19,600 853,580
-----------
4,714,430
-----------
HOTELS, RESTAURANTS & LEISURE (1.8%)
O' Charley's, Inc.* 17,000 344,080
Penn National Gaming, Inc.* 22,900 447,237
-----------
791,317
-----------
INSURANCE (2.1%)
HCC Insurance Holdings, Inc. 20,900 574,750
U.S.I. Holdings Corp.* 32,400 340,200
-----------
914,950
-----------
INTERNET & CATALOG RETAIL (1.1%)
ValueVision Media, Inc. Class A* 38,300 486,027
-----------
INTERNET SOFTWARE & SERVICES (4.1%)
Chordiant Software, Inc.* 207,400 219,844
DoubleClick, Inc.* 50,000 430,000
MatrixOne, Inc.* 103,700 362,950
Openwave Systems, Inc.* 172,400 298,252
webMethods, Inc.* 45,300 455,718
-----------
1,766,764
-----------
IT CONSULTING & SERVICES (2.3%)
CACI International, Inc. Class A* 15,800 551,894
Titan Corp.* 53,700 431,211
-----------
983,105
-----------
</Table>
See Accompanying Notes to Financial Statements.
21
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
---------- -----------
COMMON STOCKS (CONTINUED)
MACHINERY (0.8%)
Oshkosh Truck Corp. 6,200 $ 347,200
----------
MEDIA (6.8%)
Cumulus Media, Inc. Class A* 36,200 624,088
Emmis Communications Corp. Class A* 37,000 701,890
Entercom Communications Corp.* 12,100 587,939
Getty Images, Inc.* 19,500 660,075
Scholastic Corp.* 13,300 377,853
----------
2,951,845
----------
MULTILINE RETAIL (0.1%)
BJ's Wholesale Club, Inc.* 2,300 32,583
----------
OIL & GAS (3.3%)
Remington Oil & Gas Corp.* 25,400 398,018
Spinnaker Exploration Co.* 16,600 355,240
Stone Energy Corp.* 18,500 649,905
----------
1,403,163
----------
PHARMACEUTICALS (6.3%)
Inspire Phamaceuticals, Inc.* 23,500 343,100
K-V Pharmaceutical Co. Class A* 22,400 503,776
Medicis Pharmaceutical Corp. Class A* 16,200 933,768
Sepracor, Inc.* 48,300 924,945
----------
2,705,589
----------
ROAD & RAIL (1.1%)
Swift Transportation Company, Inc.* 25,200 456,624
----------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (7.1%)
Brooks Automation, Inc.* 27,308 231,299
Cymer, Inc.* 20,300 579,565
Integrated Circuit Systems, Inc.* 17,400 377,928
Lam Research Corp.* 29,200 424,276
Semtech Corp.* 29,000 461,100
Silicon Image, Inc.* 46,000 275,080
Skyworks Solutions, Inc.* 49,000 262,150
Varian Semiconductor Equipment Associates, Inc.* 18,700 431,035
----------
3,042,433
----------
SOFTWARE (9.8%)
Agile Software Corp.* 43,700 303,278
Documentum, Inc.* 39,300 722,727
Hyperion Solutions Corp.* 5,300 149,884
Informatica Corp.* 57,700 376,781
J. D. Edwards & Co.* 30,900 370,182
Legato Systems, Inc.* 86,600 512,672
Manugistics Group, Inc.* 98,400 317,832
Micromuse, Inc.* 34,800 227,627
QRS Corp.* 5,850 30,420
Radiant Systems, Inc.* 48,800 308,904
</Table>
See Accompanying Notes to Financial Statements.
22
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
---------- -----------
COMMON STOCKS (CONCLUDED)
SOFTWARE (CONCLUDED)
Take-Two Interactive Software, Inc.* 28,700 $ 645,750
Verisity, Ltd.* 21,300 249,849
-----------
4,215,906
-----------
SPECIALTY RETAIL (6.3%)
AnnTaylor Stores Corp.* 20,500 485,030
Cost Plus, Inc.* 15,900 488,607
Gymboree Corp.* 25,400 424,434
Hot Topic, Inc.* 16,750 409,537
Linens `n Things, Inc.* 24,600 521,274
Movie Gallery, Inc.* 21,800 403,104
-----------
2,731,986
-----------
TEXTILES & APPAREL (0.7%)
Tommy Hilfiger Corp.* 37,600 309,072
-----------
TRADING COMPANIES & DISTRIBUTORS (1.0%)
MSC Industrial Direct Company, Inc. Class A* 22,300 412,550
-----------
TOTAL COMMON STOCKS (Cost $41,007,678) 40,846,313
-----------
PREFERRED STOCK (0.0%)
INTERNET SOFTWARE & SERVICES (0.0%)
Planetweb, Inc.*++
(Cost $149,913) 27,600 1,932
-----------
WARRANTS (0.0%)
ELECTRONIC EQUIPMENT & INSTRUMENTS (0.0%)
APW, Ltd.*^@
(Cost $0) 17 0
-----------
<Caption>
PAR
(000)
----------
SHORT-TERM INVESTMENT (6.1%)
State Street Bank and Trust Co. Euro Time
Deposit, 1.188%, 5/01/03
(Cost $2,621,000) $ 2,621 2,621,000
-----------
TOTAL INVESTMENTS AT VALUE (100.8%) (Cost $43,778,591) 43,469,245
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.8%) (341,865)
-----------
NET ASSETS (100.0%) $43,127,380
===========
</Table>
- ----------
* Non-income producing security.
++ Restricted security, not readily marketable; security is valued at fair
value as determined in good faith by the Board of Directors.
^ Not readily marketable security; security is valued at fair value as
determined in good faith by the Board of Directors.
@ Company filed for bankruptcy on 9/12/02.
See Accompanying Notes to Financial Statements.
23
<Page>
CREDIT SUISSE STRATEGIC SMALL CAP FUND
SCHEDULE OF INVESTMENTS
April 30, 2003 (Unaudited)
<Table>
<Caption>
NUMBER OF
SHARES VALUE
---------- -----------
COMMON STOCKS (85.8%)
AIR FREIGHT & COURIERS (1.1%)
J.B. Hunt Transport Services, Inc.* 300 $ 10,365
-----------
AIRLINES (0.5%)
Skywest, Inc. 400 5,116
-----------
AUTO COMPONENTS (1.2%)
BorgWarner, Inc. 200 11,734
-----------
BANKS (4.4%)
First Niagara Financial Group, Inc. 100 1,215
IndyMac Bancorp, Inc. 800 17,824
Southwest Bancorporation of Texas, Inc.* 300 10,194
Westamerica Bancorp. 300 12,930
-----------
42,163
-----------
BIOTECHNOLOGY (0.5%)
BioMarin Pharmaceutical, Inc.* 400 4,392
-----------
CHEMICALS (0.8%)
Airgas, Inc.* 400 8,092
-----------
COMMERCIAL SERVICES & SUPPLIES (4.4%)
Banta Corp. 300 9,315
Certegy, Inc.* 300 7,497
Kroll, Inc.* 500 11,150
Moore Corporation Ltd.* 1,300 14,846
-----------
42,808
-----------
COMMUNICATIONS EQUIPMENT (1.5%)
InterDigital Communications Corp.* 400 9,012
Polycom, Inc.* 600 5,892
-----------
14,904
-----------
COMPUTERS & PERIPHERALS (0.9%)
Avid Technology, Inc.* 300 8,241
-----------
CONSTRUCTION & ENGINEERING (1.1%)
EMCOR Group, Inc.* 200 10,214
-----------
CONTAINERS & PACKAGING (4.7%)
Constar International, Inc.* 1,400 10,150
Crown Holdings, Inc.* 4,700 24,910
Silgan Holdings, Inc.* 400 10,648
-----------
45,708
-----------
DIVERSIFIED FINANCIALS (3.4%)
Affiliated Managers Group, Inc.* 300 13,893
Legg Mason, Inc. 200 10,860
Raymond James Financial, Inc. 300 8,604
-----------
33,357
-----------
</Table>
See Accompanying Notes to Financial Statements.
24
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
---------- -----------
COMMON STOCKS (CONTINUED)
ENERGY EQUIPMENT & SERVICES (2.3%)
Newpark Resources, Inc.* 2,700 $ 12,663
SEACOR SMIT, Inc.* 200 7,164
Tesco Corp.* 200 2,120
-----------
21,947
-----------
FOOD PRODUCTS (1.9%)
Del Monte Foods Co.* 800 6,360
Delta and Pine Land Co. 500 11,630
-----------
17,990
-----------
HEALTHCARE EQUIPMENT & SUPPLIES (1.2%)
Respironics, Inc.* 300 11,526
-----------
HEALTHCARE PROVIDERS & SERVICES (8.0%)
AdvancePCS* 300 9,018
Apria Healthcare Group, Inc.* 300 7,035
Community Health Systems, Inc.* 600 11,400
Coventry Health Care, Inc.* 300 12,246
Genesis Health Ventures, Inc.* 400 5,984
LifePoint Hospitals, Inc.* 600 11,712
Pediatrix Medical Group, Inc.* 400 12,748
PSS World Medical, Inc.* 1,300 7,813
-----------
77,956
-----------
HOTELS, RESTAURANTS & LEISURE (2.0%)
CEC Entertainment, Inc.* 300 9,033
Extended Stay America, Inc.* 900 10,674
-----------
19,707
-----------
HOUSEHOLD DURABLES (2.7%)
Beazer Homes USA, Inc.* 300 21,075
Interface, Inc. Class A 1,300 4,680
-----------
25,755
-----------
INSURANCE (3.1%)
HCC Insurance Holdings, Inc. 600 16,500
Platinum Underwriters Holdings, Ltd. 300 7,935
StanCorp Financial Group, Inc. 100 5,370
-----------
29,805
-----------
INTERNET & CATALOG RETAIL (1.6%)
ValueVision Media, Inc. Class A* 1,200 15,228
-----------
INTERNET SOFTWARE & SERVICES (1.3%)
Chordiant Software, Inc.* 3,700 3,922
Fidelity National Information Solutions, Inc.* 500 8,775
-----------
12,697
-----------
</Table>
See Accompanying Notes to Financial Statements.
25
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
---------- -----------
COMMON STOCKS (CONTINUED)
IT CONSULTING & SERVICES (1.3%)
Tier Technologies, Inc. Class B* 600 $ 3,960
Titan Corp.* 1,100 8,833
-----------
12,793
-----------
MACHINERY (1.5%)
ESCO Technologies, Inc.* 200 7,842
Kennametal, Inc. 200 6,298
-----------
14,140
-----------
MEDIA (9.6%)
Cox Radio, Inc. Class A* 300 6,843
Cumulus Media, Inc. Class A* 1,100 18,964
Emmis Communications Corp. Class A* 700 13,279
Entercom Communications Corp.* 200 9,718
Gray Television, Inc.* 1,000 11,050
MDC Corporation, Inc.* 6,300 33,075
-----------
92,929
-----------
MINING (0.4%)
GrafTech International Ltd.* 900 3,618
-----------
OIL & GAS (3.1%)
Remington Oil & Gas Corp.* 500 7,835
Spinnaker Exploration Co.* 400 8,560
Stone Energy Corp.* 400 14,052
-----------
30,447
-----------
PERSONAL PRODUCTS (0.9%)
Elizabeth Arden, Inc.* 700 8,890
-----------
PHARMACEUTICALS (2.7%)
K-V Pharmaceutical Co. Class A* 500 11,245
Sepracor, Inc.* 400 7,660
SICOR, Inc.* 400 7,172
-----------
26,077
-----------
REAL ESTATE (1.3%)
iStar Financial, Inc. 300 8,979
Meristar Hospitality Corp. 900 3,744
-----------
12,723
-----------
ROAD & RAIL (1.6%)
Pacer International, Inc.* 400 6,360
Werner Enterprises, Inc. 400 9,036
-----------
15,396
-----------
</Table>
See Accompanying Notes to Financial Statements.
26
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
---------- -----------
COMMON STOCKS (CONCLUDED)
SEMICONDUCTOR EQUIPMENT & PRODUCTS (6.0%)
Axcelis Technologies, Inc.* 1,800 $ 10,224
Brooks Automation, Inc.* 800 6,776
Cymer, Inc.* 400 11,420
Entegris, Inc.* 200 2,294
Integrated Circuit Systems, Inc.* 400 8,688
Integrated Device Technology, Inc.* 1,000 10,330
Lam Research Corp.* 300 4,359
Skyworks Solutions, Inc.* 800 4,280
-----------
58,371
-----------
SOFTWARE (5.5%)
Actuate Corp.* 2,600 4,732
Documentum, Inc.* 700 12,873
J. D. Edwards & Co.* 700 8,386
Manugistics Group, Inc.* 1,500 4,845
Radiant Systems, Inc.* 3,600 22,788
-----------
53,624
-----------
SPECIALTY RETAIL (1.9%)
Linens `n Things, Inc.* 500 10,595
Too, Inc.* 400 7,424
-----------
18,019
-----------
TEXTILES & APPAREL (0.3%)
Tommy Hilfiger Corp.* 400 3,288
-----------
TRADING COMPANIES & DISTRIBUTORS (1.1%)
MSC Industrial Direct Company, Inc. Class A* 600 11,100
-----------
TOTAL COMMON STOCKS (Cost $806,275) 831,120
-----------
TOTAL INVESTMENTS AT VALUE (85.8%) (Cost $806,275) 831,120
-----------
OTHER ASSETS IN EXCESS OF LIABILITIES (14.2%) 137,274
-----------
NET ASSETS (100.0%) $ 968,394
===========
</Table>
- ----------
* Non-income producing security.
See Accompanying Notes to Financial Statements.
27
<Page>
CREDIT SUISSE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2003 (Unaudited)
<Table>
<Caption>
CAPITAL EMERGING SMALL CAP STRATEGIC SMALL
APPRECIATION FUND GROWTH FUND GROWTH FUND CAP FUND
----------------- ------------- ------------- ---------------
ASSETS
Investments at value (Cost $516,286,491,
$363,557,181, $43,778,591, and
$806,275, respectively) (Note 1) $ 508,593,738 $ 359,009,856 $ 43,469,245 $ 831,120
Cash 620 3,469,620 835 77,384
Receivable for investments sold 9,097,174 355,152 67,722 6,219
Receivable for fund shares sold 911,391 217,552 129,936 --
Dividend and interest receivable 29,516 19,923 3,662 169
Receivable from investment adviser (Note 2) -- -- -- 32,163
Deferred offering costs (Note 1) -- -- -- 53,172
Prepaid expenses and other assets 12,497 9,470 9,494 13,179
----------------- ------------- ------------- ---------------
Total Assets 518,644,936 363,081,573 43,680,894 1,013,406
----------------- ------------- ------------- ---------------
LIABILITIES
Advisory fee payable (Note 2) 309,286 264,616 119 --
Administrative services fee payable (Note 2) 90,618 63,178 7,336 168
Shareholder servicing/Distribution fee
payable (Note 2) 7,068 15,232 8,375 512
Payable for fund shares redeemed 734,390 434,072 8,839 --
Payable for investments purchased 4,944,062 1,311,292 417,715 7,702
Trustees'/Directors' fee payable 709 709 709 917
Other accrued expenses payable 529,484 414,742 110,421 35,713
----------------- ------------- ------------- ---------------
Total Liabilities 6,615,617 2,503,841 553,514 45,012
----------------- ------------- ------------- ---------------
NET ASSETS
Capital stock, $0.001 par value (Note 6) 40,259 17,871 3,259 108
Paid-in capital (Note 6) 954,993,856 692,194,366 66,572,734 1,068,747
Accumulated net investment loss (1,098,764) (2,100,393) (246,797) (61,368)
Accumulated net realized loss
on investments (434,213,279) (324,986,787) (22,892,470) (63,938)
Net unrealized appreciation
(depreciation) from investments (7,692,753) (4,547,325) (309,346) 24,845
----------------- ------------- ------------- ---------------
Net Assets $ 512,029,319 $ 360,577,732 $ 43,127,380 $ 968,394
================= ============= ============= ===============
COMMON SHARES
Net assets $ 496,039,034 $ 325,030,851 $ 42,794,444 N/A
Shares outstanding 38,963,148 16,010,238 3,233,346 N/A
----------------- ------------- ------------- ---------------
Net asset value, offering price, and
redemption price per share $ 12.73 $ 20.30 $ 13.24 N/A
================= ============= ============= ===============
ADVISOR SHARES
Net assets $ 15,047,164 $ 35,543,188 N/A N/A
Shares outstanding 1,221,067 1,860,836 N/A N/A
----------------- ------------- ------------- ---------------
Net asset value, offering price and
redemption price per share $ 12.32 $ 19.10 N/A N/A
================= ============= ============= ===============
A SHARES
Net assets $ 594,900 $ 3,693 $ 332,936 $ 425,733
Shares outstanding 46,889 183 25,167 47,357
----------------- ------------- ------------- ---------------
Net asset value and redemption
price per share $ 12.69 $ 20.18 $ 13.23 $ 8.99
================= ============= ============= ===============
Maximum offering price per share
(net asset value/(1-5.75%)) $ 13.46 $ 21.41 $ 14.04 $ 9.54
================= ============= ============= ===============
B SHARES
Net assets $ 268,209 N/A N/A $ 268,870
Shares outstanding 21,366 N/A N/A 30,000
----------------- ------------- ------------- ---------------
Net asset value and offering price per share $ 12.55 N/A N/A $ 8.96
================= ============= ============= ===============
C SHARES
Net assets $ 80,012 N/A N/A $ 273,791
Shares outstanding 6,375 N/A N/A 30,550
----------------- ------------- ------------- ---------------
Net asset value and offering price per share $ 12.55 N/A N/A $ 8.96
================= ============= ============= ===============
</Table>
See Accompanying Notes to Financial Statements.
28
<Page>
CREDIT SUISSE FUNDS
STATEMENTS OF OPERATIONS
For the Six Months Ended April 30, 2003 (Unaudited)
<Table>
<Caption>
CAPITAL EMERGING SMALL CAP STRATEGIC SMALL
APPRECIATION FUND GROWTH FUND GROWTH FUND CAP FUND
----------------- --------------- --------------- ---------------
INVESTMENT INCOME (Note 1)
Dividends $ 2,109,816 $ 595,994 $ 23,194 $ 1,241
Interest 69,378 100,467 12,997 170
--------------- --------------- --------------- ---------------
Total investment income 2,179,194 696,461 36,191 1,411
--------------- --------------- --------------- ---------------
EXPENSES
Investment advisory fees (Note 2) 1,824,901 1,649,902 202,135 4,362
Administrative services fees (Note 2) 420,989 296,227 35,354 3,062
Shareholder servicing/Distribution
fees (Note 2) 38,041 92,305 50,534 3,144
Transfer agent fees (Note 2) 789,444 582,986 86,602 993
Registration fees 74,971 65,809 38,669 8,221
Printing fees (Note 2) 50,701 41,520 36,140 20,992
Audit fees 36,612 27,468 9,491 9,486
Custodian fees 32,660 26,511 11,832 4,118
Legal fees 24,553 24,173 17,301 18,920
Insurance expense 15,553 22,401 3,756 3,075
Interest expense 13,532 7,089 626 17
Trustees'/Directors' fees 7,119 7,119 7,119 6,969
Offering Costs -- -- -- 91,325
Miscellaneous expense 3,448 2,390 1,246 398
--------------- --------------- --------------- ---------------
Total expenses 3,332,524 2,845,900 500,805 175,082
Less: fees waived and expenses
reimbursed (Note 2) (54,566) (49,046) (217,817) (166,658)
--------------- --------------- --------------- ---------------
Net expenses 3,277,958 2,796,854 282,988 8,424
--------------- --------------- --------------- ---------------
Net investment loss (1,098,764) (2,100,393) (246,797) (7,013)
--------------- --------------- --------------- ---------------
NET REALIZED AND UNREALIZED GAIN
(LOSS) FROM INVESTMENTS
Net realized loss from investments (63,474,227) (8,053,954) (4,568,732) (35,502)
Net change in unrealized appreciation
(depreciation) from investments 71,736,415 33,503,281 7,092,716 41,271
--------------- --------------- --------------- ---------------
Net realized and unrealized gain
from investments 8,262,188 25,449,327 2,523,984 5,769
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets
resulting from operations $ 7,163,424 $ 23,348,934 $ 2,277,187 $ (1,244)
=============== =============== =============== ===============
</Table>
See Accompanying Notes to Financial Statements.
29
<Page>
CREDIT SUISSE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
CAPITAL APPRECIATION FUND
-----------------------------------------------------
FOR THE SIX MONTHS
ENDED FOR THE YEAR
APRIL 30, 2003 ENDED
(UNAUDITED) OCTOBER 31, 2002
------------------------ -------------------------
FROM OPERATIONS
Net investment loss $ (1,098,764) $ (3,761,055)
Net realized loss from investments (63,474,227) (187,905,054)
Net change in unrealized appreciation (depreciation) from investments 71,736,415 (1,820,396)
------------------------ -------------------------
Net increase (decrease) in net assets resulting from operations 7,163,424 (193,486,505)
------------------------ -------------------------
FROM DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income
Class A shares -- --
Class B shares -- --
Class C shares -- --
------------------------ -------------------------
Distributions from net realized gains
Common Class shares -- (64,750)
Advisor shares -- (1,962)
------------------------ -------------------------
Net decrease in net assets resulting from dividends and distributions -- (66,712)
------------------------ -------------------------
FROM CAPITAL SHARE TRANSACTIONS (Note 6)
Proceeds from sale of shares 40,339,833 283,614,582
Reinvestment of dividends and distributions -- 64,408
Net asset value of shares redeemed (118,979,465) (431,736,766)
------------------------ -------------------------
Net increase (decrease) in net assets from capital share transactions (78,639,632) (148,057,776)
------------------------ -------------------------
Net increase (decrease) in net assets (71,476,208) (341,610,993)
------------------------ -------------------------
NET ASSETS
Beginning of period 583,505,527 925,116,520
------------------------ -------------------------
End of period $ 512,029,319 $ 583,505,527
======================== =========================
ACCUMULATED NET INVESTMENT LOSS $ (1,098,764) $ --
======================== =========================
</Table>
- ----------
(1) For the period August 15, 2002 (inception date) through October 31, 2002.
See Accompanying Notes to Financial Statements.
30
<Page>
<Table>
<Caption>
EMERGING GROWTH FUND
-----------------------------------------------------------
FOR THE SIX MONTHS
ENDED FOR THE YEAR
APRIL 30, 2003 ENDED
(UNAUDITED) OCTOBER 31, 2002
-------------------------- ------------------------------
FROM OPERATIONS
Net investment loss $ (2,100,393) $ (7,526,403)
Net realized loss from investments (8,053,954) (10,588,870)
Net change in unrealized appreciation (depreciation) from
investments 33,503,281 (84,278,177)
-------------------------- ------------------------------
Net increase (decrease) in net assets resulting from operations 23,348,934 (102,393,450)
-------------------------- ------------------------------
FROM DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income
Class A shares -- --
Class B shares -- --
Class C shares -- --
-------------------------- ------------------------------
Distributions from net realized gains
Common Class shares -- (98,422)
Advisor shares -- (12,023)
-------------------------- ------------------------------
Net decrease in net assets resulting from dividends and
distributions -- (110,445)
-------------------------- ------------------------------
FROM CAPITAL SHARE TRANSACTIONS (Note 6)
Proceeds from sale of shares 33,345,706 131,226,241
Reinvestment of dividends and distributions -- 109,170
Net asset value of shares redeemed (96,896,076) (607,725,162)
-------------------------- ------------------------------
Net increase (decrease) in net assets from capital share
transactions (63,550,370) (476,389,751)
-------------------------- ------------------------------
Net increase (decrease) in net assets (40,201,436) (578,893,646)
-------------------------- ------------------------------
NET ASSETS
Beginning of period 400,779,168 979,672,814
-------------------------- ------------------------------
End of period $ 360,577,732 $ 400,779,168
========================== ==============================
ACCUMULATED NET INVESTMENT LOSS $ (2,100,393) $ --
========================== ==============================
<Caption>
SMALL CAP GROWTH FUND
-----------------------------------------------------------
FOR THE SIX MONTHS
ENDED FOR THE YEAR
APRIL 30, 2003 ENDED
(UNAUDITED) OCTOBER 31, 2002
-------------------------- ------------------------------
FROM OPERATIONS
Net investment loss $ (246,797) $ (498,823)
Net realized loss from investments (4,568,732) (5,878,573)
Net change in unrealized appreciation (depreciation) from
investments 7,092,716 (2,296,548)
-------------------------- ------------------------------
Net increase (decrease) in net assets resulting from operations 2,277,187 (8,673,944)
-------------------------- ------------------------------
FROM DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income
Class A shares -- --
Class B shares -- --
Class C shares -- --
-------------------------- ------------------------------
Distributions from net realized gains
Common Class shares -- --
Advisor shares -- --
-------------------------- ------------------------------
Net decrease in net assets resulting from dividends and
distributions -- --
-------------------------- ------------------------------
FROM CAPITAL SHARE TRANSACTIONS (Note 6)
Proceeds from sale of shares 13,893,326 75,293,387
Reinvestment of dividends and distributions -- --
Net asset value of shares redeemed (16,283,023) (59,824,402)
-------------------------- ------------------------------
Net increase (decrease) in net assets from capital share
transactions (2,389,697) 15,468,985
-------------------------- ------------------------------
Net increase (decrease) in net assets (112,510) 6,795,041
-------------------------- ------------------------------
NET ASSETS
Beginning of period 43,239,890 36,444,849
-------------------------- ------------------------------
End of period $ 43,127,380 $ 43,239,890
========================== ==============================
ACCUMULATED NET INVESTMENT LOSS $ (246,797) $ --
========================== ==============================
<Caption>
STRATEGIC SMALL CAP FUND
-----------------------------------------------------------
FOR THE SIX MONTHS
ENDED FOR THE PERIOD
APRIL 30, 2003 ENDED
(UNAUDITED) 10/31/2002(1)
-------------------------- -----------------------------
FROM OPERATIONS
Net investment loss $ (7,013) $ (2,816)
Net realized loss from investments (35,502) (28,436)
Net change in unrealized appreciation (depreciation) from
investments 41,271 (16,426)
-------------------------- -----------------------------
Net increase (decrease) in net assets resulting from operations (1,244) (47,678)
-------------------------- -----------------------------
FROM DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income
Class A shares (21,738) --
Class B shares (15,631) --
Class C shares (15,631) --
-------------------------- -----------------------------
Distributions from net realized gains
Common Class shares -- --
Advisor shares -- --
-------------------------- -----------------------------
Net decrease in net assets resulting from dividends and
distributions (53,000) --
-------------------------- -----------------------------
FROM CAPITAL SHARE TRANSACTIONS (Note 6)
Proceeds from sale of shares 70,037 1,000,279
Reinvestment of dividends and distributions -- --
Net asset value of shares redeemed -- --
-------------------------- -----------------------------
Net increase (decrease) in net assets from capital share
transactions 70,037 1,000,279
-------------------------- -----------------------------
Net increase (decrease) in net assets 15,793 952,601
-------------------------- -----------------------------
NET ASSETS
Beginning of period 952,601 --
-------------------------- -----------------------------
End of period $ 968,394 $ 952,601
========================== =============================
ACCUMULATED NET INVESTMENT LOSS $ (61,368) $ (1,355)
========================== =============================
</Table>
See Accompanying Notes to Financial Statements.
31
<Page>
CREDIT SUISSE CAPITAL APPRECIATION FUND
FINANCIAL HIGHLIGHTS
(For a Common Class Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE YEAR ENDED OCTOBER 31,
APRIL 30, 2003 ---------------------------------------------------------------
(UNAUDITED) 2002 2001 2000 1999 1998
-------------- ---------- --------- ----------- ----------- ----------
PER SHARE DATA
Net asset value, beginning of period $ 12.53 $ 16.23 $ 30.57 $ 25.82 $ 19.52 $ 21.09
INVESTMENT OPERATIONS
Net investment income (loss) (0.02)(1) (0.07)(1) (0.02) (0.05) (0.05) 0.01
Net gain (loss) on investments
(both realized and unrealized) 0.22 (3.63) (10.04) 7.72 7.27 2.31
-------------- ---------- --------- ----------- ----------- ----------
Total from investment operations 0.20 (3.70) (10.06) 7.67 7.22 2.32
-------------- ---------- --------- ----------- ----------- ----------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income -- -- -- -- (0.01) (0.08)
Distributions from net realized gains -- 0.00(2) (4.28) (2.92) (0.91) (3.81)
-------------- ---------- --------- ----------- ----------- ----------
Total dividends and distributions -- -- (4.28) (2.92) (0.92) (3.89)
-------------- ---------- --------- ----------- ----------- ----------
NET ASSET VALUE, END OF PERIOD $ 12.73 $ 12.53 $ 16.23 $ 30.57 $ 25.82 $ 19.52
============== ========== ========= =========== =========== ==========
Total return(3) 1.60% (22.79)% (37.59)% 31.50% 38.28% 12.75%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 496,039 $ 566,064 $ 899,234 $ 1,618,147 $ 1,005,670 $ 646,657
Ratio of expenses to average net assets(4) 1.24%(5) 1.11% 0.99% 0.98% 1.01% 1.00%
Ratio of net investment income (loss) to
average net assets (0.41)%(5) (0.45)% (0.09)% (0.19)% (0.23)% 0.05%
Decrease reflected in above operating
expense ratios due to waivers 0.02%(5) -- -- -- -- --
Portfolio turnover rate 25% 50% 100% 140% 144% 169%
</Table>
- ----------
(1) Per share information is calculated using the average share outstanding
method.
(2) This represents less than $0.01 per share.
(3) Total returns are historical and assume changes in share price and
reinvestments of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been lower.
Total returns for periods less than one year are not annualized.
(4) Interest earned on uninvested cash balances is used to offset portions of
the transfer agent expense. These arrangements resulted in a reduction to
the Common Class shares' net expense ratio by .00%, .02%, .01% and .00% for
the years ended October 31, 2001, 2000, 1999, and 1998, respectively. The
Common Class shares' operating expense ratios after reflecting these
arrangements were .99%, .96%, 1.00% and 1.00% for the years ended October
31, 2001, 2000, 1999 and 1998, respectively. For the year ended October 31,
2002 and the six months ended April 30, 2003 there were no transfer agent
credits.
(5) Annualized.
See Accompanying Notes to Financial Statements.
32
<Page>
CREDIT SUISSE CAPITAL APPRECIATION FUND
FINANCIAL HIGHLIGHTS
(For an Advisor Class Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE YEAR ENDED OCTOBER 31,
APRIL 30, 2003 ---------------------------------------------------------------
(UNAUDITED) 2002 2001 2000 1999 1998
-------------- ---------- --------- ---------- ---------- ---------
PER SHARE DATA
Net asset value, beginning of period $ 12.16 $ 15.82 $ 29.88 $ 25.28 $ 19.21 $ 20.82
-------------- ---------- --------- ---------- ---------- ---------
INVESTMENT OPERATIONS
Net investment loss (0.05)(1) (0.14)(1) (0.12) (0.21) (0.20) (0.09)
Net gain (loss) on investments
(both realized and unrealized) 0.21 (3.52) (9.81) 7.58 7.18 2.29
-------------- ---------- --------- ---------- ---------- ---------
Total from investment operations 0.16 (3.66) (9.93) 7.37 6.98 2.20
-------------- ---------- --------- ---------- ---------- ---------
LESS DISTRIBUTIONS
Distributions from net realized gains -- 0.00(2) (4.13) (2.77) (0.91) (3.81)
-------------- ---------- --------- ---------- ---------- ---------
NET ASSET VALUE, END OF PERIOD $ 12.32 $ 12.16 $ 15.82 $ 29.88 $ 25.28 $ 19.21
============== ========== ========= ========== ========== =========
Total return(3) 1.32% (23.13)% (37.91)% 30.83% 37.62% 12.23%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 15,047 $ 16,693 $ 25,882 $ 34,058 $ 29,299 $ 26,836
Ratio of expenses to average net assets(4) 1.74%(5) 1.61% 1.49% 1.48% 1.51% 1.43%
Ratio of net investment loss to average
net assets (0.90)%(5) (0.96)% (0.62)% (0.69)% (0.73)% (0.39)%
Decrease reflected in above operating
expense ratios due to waivers 0.02%(5) -- -- -- -- --
Portfolio turnover rate 25% 50% 100% 140% 144% 169%
</Table>
- ----------
(1) Per share information is calculated using the average share outstanding
method.
(2) This represents less than $0.01 per share.
(3) Total returns are historical and assume changes in share price and
reinvestments of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been lower.
Total returns for periods less than one year are not annualized.
(4) Interest earned on uninvested cash balances is used to offset portions of
the transfer agent expense. These arrangements resulted in a reduction to
the Advisor Class shares' net expense ratio by .00%, .02%, .01%, and .00%
for the years ended October 31, 2001, 2000, 1999 and 1998, respectively.
The Advisor Class shares' operating expense ratios after reflecting these
arrangements were 1.49%, 1.46%, 1.50% and 1.43% for the years ended October
31, 2001, 2000, 1999 and 1998, respectively. For the year ended October 31,
2002 and the six months ended April 30, 2003 there were no transfer agent
credits.
(5) Annualized.
See Accompanying Notes to Financial Statements.
33
<Page>
CREDIT SUISSE CAPITAL APPRECIATION FUND
FINANCIAL HIGHLIGHTS
(For a Class A Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX MONTHS FOR THE PERIOD
ENDED ENDED
APRIL 30, 2003 OCTOBER 31,
(UNAUDITED) 2002(1)
------------------ --------------
PER SHARE DATA
Net asset value, beginning of period $ 12.50 $ 17.75
------------------ --------------
INVESTMENT OPERATIONS
Net investment loss(2) (0.04) (0.09)
Net gain (loss) on investments (both realized and unrealized) 0.23 (5.16)
------------------ --------------
Total from investment operations 0.19 (5.25)
------------------ --------------
LESS DISTRIBUTIONS
Distributions from net realized gains -- 0.00(3)
------------------ --------------
NET ASSET VALUE, END OF PERIOD $ 12.69 $ 12.50
================== ==============
Total return(4) 1.52% (29.57)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 595 $ 450
Ratio of expenses to average net assets(5),(6) 1.49% 1.40%
Ratio of net investment loss to average net assets(5),(6) (0.70)% (0.77)%
Decrease reflected in above operating expense ratios
due to waivers(5) 0.02% --
Portfolio turnover rate 25% 50%
</Table>
- ----------
(1) For the period November 30, 2001 (inception date) through October 31, 2002.
(2) Per share information is calculated using the average share outstanding
method.
(3) This represents less than $0.01 per share.
(4) Total returns are historical and assume changes in share price,
reinvestments of all dividends and distributions, and no sales charge. Had
certain expenses not been reduced during the periods shown, total returns
would have been lower. Total returns for periods less than one year are not
annualized.
(5) Annualized.
(6) Interest earned on uninvested cash balances is used to offset portions of
the transfer agent expense. These arrangements had no effect on Class A
Shares' expense ratio.
See Accompanying Notes to Financial Statements.
34
<Page>
CREDIT SUISSE CAPITAL APPRECIATION FUND
FINANCIAL HIGHLIGHTS
(For a Class B Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX MONTHS FOR THE PERIOD
ENDED ENDED
APRIL 30, 2003 OCTOBER 31,
(UNAUDITED) 2002(1)
------------------ --------------
PER SHARE DATA
Net asset value, beginning of period $ 12.41 $ 17.75
------------------ --------------
INVESTMENT OPERATIONS
Net investment loss(2) (0.09) (0.18)
Net gain (loss) on investments (both realized and unrealized) 0.23 (5.16)
------------------ --------------
Total from investment operations 0.14 (5.34)
------------------ --------------
LESS DISTRIBUTIONS
Distributions from net realized gains -- 0.00(3)
------------------ --------------
Total distributions -- --
------------------ --------------
NET ASSET VALUE, END OF PERIOD $ 12.55 $ 12.41
================== ==============
Total return(4) 1.13% (30.08)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 268 $ 206
Ratio of expenses to average net assets(5),(6) 2.24% 2.15%
Ratio of net investment loss to average net assets(5) (1.46)% (1.51)%
Decrease reflected in above operating expense ratios due to waivers(5) 0.02% --
Portfolio turnover rate 25% 50%
</Table>
- ----------
(1) For the period November 30, 2001 (inception date) through October 31, 2002.
(2) Per share information is calculated using the average share outstanding
method.
(3) This represents less than $0.01 per share.
(4) Total returns are historical and assume changes in share price,
reinvestments of all dividends and distributions, and no sales charge. Had
certain expenses not been reduced during the periods shown, total returns
would have been lower. Total returns for periods less than one year are not
annualized.
(5) Annualized.
(6) Interest earned on uninvested cash balances is used to offset portions of
the transfer agent expense. These arrangements had no effect on Class B
Shares' expense ratio.
See Accompanying Notes to Financial Statements.
35
<Page>
CREDIT SUISSE CAPITAL APPRECIATION FUND
FINANCIAL HIGHLIGHTS
(For a Class C Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX MONTHS FOR THE
ENDED PERIOD ENDED
APRIL 30, 2003 OCTOBER 31,
(UNAUDITED) 2002(1)
------------------ ------------------
PER SHARE DATA
Net asset value, beginning of period $ 12.41 $ 17.75
------------------ ------------------
INVESTMENT OPERATIONS
Net investment loss(2) (0.09) (0.18)
Net gain (loss) on investments
(both realized and unrealized) 0.23 (5.16)
------------------ ------------------
Total from investment operations 0.14 (5.34)
------------------ ------------------
LESS DISTRIBUTIONS
Distributions from net realized gains -- 0.00(3)
------------------ ------------------
NET ASSET VALUE, END OF PERIOD $ 12.55 $ 12.41
================== ==================
Total return(4) 1.13% (30.08)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 80 $ 93
Ratio of expenses to average net assets(5),(6) 2.24% 2.14%
Ratio of net investment loss to average net assets(5) (1.42)% (1.49)%
Decrease reflected in above operating expense
ratios due to waivers(5) 0.02% --
Portfolio turnover rate 25% 50%
</Table>
- ----------
(1) For the period November 30, 2001 (inception date) through October 31, 2002.
(2) Per share information is calculated using the average share outstanding
method.
(3) This represents less than $0.01 per share.
(4) Total returns are historical and assume changes in share price,
reinvestments of all dividends and distributions, and no sales charge. Had
certain expenses not been reduced during the periods shown, total returns
would have been lower. Total returns for periods less than one year are not
annualized.
(5) Annualized.
(6) Interest earned on uninvested cash balances is used to offset portions of
the transfer agent expense. These arrangements had no effect on Class C
Shares' expense ratio.
See Accompanying Notes to Financial Statements.
36
<Page>
CREDIT SUISSE EMERGING GROWTH FUND
FINANCIAL HIGHLIGHTS
(For a Common Class Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE YEAR ENDED OCTOBER 31,
APRIL 30, 2003 ----------------------------------------------------------------------
(UNAUDITED) 2002 2001 2000 1999 1998
-------------- ---------- ---------- ---------- ---------- ----------
PER SHARE DATA
Net asset value, beginning of period $ 18.98 $ 23.60 $ 50.24 $ 43.73 $ 33.69 $ 39.66
------------- ---------- ---------- ---------- ---------- ----------
INVESTMENT OPERATIONS
Net investment loss (0.10)(1) (0.23)(1) (0.26) (0.33) (0.33) (0.12)
Net gain (loss) on investments
(both realized and unrealized) 1.42 (4.39) (17.89) 13.07 10.37 (3.46)
------------- ---------- ---------- ---------- ---------- ----------
Total from investment operations 1.32 (4.62) (18.15) 12.74 10.04 (3.58)
------------- ---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS
Distributions from net realized gains -- 0.00(2) (8.49) (6.23) -- (2.39)
------------- ---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 20.30 $ 18.98 $ 23.60 $ 50.24 $ 43.73 $ 33.69
============= ========== ========== ========== ========== ==========
Total return(3) 6.95% (19.57)% (42.61)% 30.60% 29.80% (9.40)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period
(000s omitted) $ 325,031 $ 357,872 $ 877,983 $2,114,737 $1,592,595 $1,532,521
Ratio of expenses to average
net assets(4) 1.47%(5) 1.35% 1.28% 1.19% 1.23% 1.22%
Ratio of net investment loss to
average net assets (1.10)%(5) (0.98)% (0.73)% (0.65)% (0.75)% (0.48)%
Decrease reflected in above
operating expense ratios due to
waivers(5) 0.03%(5) -- -- -- -- --
Portfolio turnover rate 22% 67% 177% 191% 154% 92%
</Table>
- ----------
(1) Per share information is calculated using the average share outstanding
method.
(2) This represents less than $0.01 per share.
(3) Total returns are historical and assume changes in share price and
reinvestments of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been lower.
Total returns for periods less than one year are not annualized.
(4) Interest earned on uninvested cash balances is used to offset portions of
the transfer agent expense. These arrangements resulted in a reduction to
the Common Class Shares' net expense ratio by .00%, .02%, .01%, and .00%
for the years ended October 31, 2001, 2000, 1999, and 1998, respectively.
The Common Class Shares' operating expense ratio after reflecting these
arrangements were 1.28%, 1.17%, 1.22% and 1.22% for the years ended October
31, 2001, 2000, 1999, and 1998, respectively. For the year ended October
31, 2002 and the six months ended April 30, 2003 there were no transfer
agent credits.
(5) Annualized.
See Accompanying Notes to Financial Statements.
37
<Page>
CREDIT SUISSE EMERGING GROWTH FUND
FINANCIAL HIGHLIGHTS
(For an Advisor Class Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE YEAR ENDED OCTOBER 31,
APRIL 30, 2003 ----------------------------------------------------------------------
(UNAUDITED) 2002 2001 2000 1999 1998
-------------- ---------- ---------- ---------- ---------- ----------
PER SHARE DATA
Net asset value, beginning of
period $ 17.90 $ 22.38 $ 48.02 $ 41.99 $ 32.51 $ 38.50
------------- ---------- ---------- ---------- ---------- ----------
INVESTMENT OPERATIONS
Net investment loss (0.14)(1) (0.33)(1) (0.46) (0.61) (0.65) (0.49)
Net gain (loss) on investments
(both realized and unrealized) 1.34 (4.15) (16.96) 12.61 10.13 (3.11)
------------- ---------- ---------- ---------- ---------- ----------
Total from investment operations 1.20 (4.48) (17.42) 12.00 9.48 (3.60)
------------- ---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS
Distributions from net realized
gains -- 0.00(2) (8.22) (5.97) -- (2.39)
------------- ---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 19.10 $ 17.90 $ 22.38 $ 48.02 $ 41.99 $ 32.51
============= ========== ========== ========== ========== ==========
Total return(3) 6.70% (20.01)% (42.88)% 29.96% 29.16% (9.75)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period
(000s omitted) $ 35,543 $ 42,906 $ 101,690 $ 277,802 $ 228,244 $ 311,023
Ratio of expenses to average
net assets(4) 1.97%(5) 1.85% 1.78% 1.69% 1.72% 1.62%
Ratio of net investment loss to
average net assets (1.59)%(5) (1.49)% (1.23)% (1.15)% (1.25)% (0.87)%
Decrease reflected in above
operating expense ratios due to
waivers 0.03%(5) -- -- -- -- --
Portfolio turnover rate 22% 67% 177% 191% 154% 92%
</Table>
- ----------
(1) Per share information is calculated using the average share outstanding
method.
(2) This represents less than $0.01 per share.
(3) Total returns are historical and assume changes in share price and
reinvestments of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been lower.
Total returns for periods less than one year are not annualized.
(4) Interest earned on uninvested cash balances is used to offset portions of
the transfer agent expense. These arrangements resulted in a reduction to
the Advisor Class Shares' net expense ratio by .00%, .02%, .01%, and .00%
for the years ended October 31, 2001, 2000, 1999, and 1998, respectively.
The Advisor Class Shares' operating expense ratios after reflecting these
arrangements were 1.78%, 1.67%, 1.71%, and 1.62% for the years ended
October 31, 2001, 2000, 1999, and 1998, respectively. For the year ended
October 31, 2002 and the six months ended April 30, 2003 there were no
transfer agent credits.
(5) Annualized.
See Accompanying Notes to Financial Statements.
38
<Page>
CREDIT SUISSE EMERGING GROWTH FUND
FINANCIAL HIGHLIGHTS
(For a Class A Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX FOR THE
MONTHS ENDED PERIOD ENDED
APRIL 30, 2003 OCTOBER 31,
(UNAUDITED) 2002(1)
------------- -------------
PER SHARE DATA
Net asset value, beginning of period $ 18.90 $ 25.92
------------- -------------
INVESTMENT OPERATIONS
Net investment loss(2) (0.14) (0.28)
Net gain (loss) on investments
(both realized and unrealized) 1.42 (6.74)
------------- -------------
Total from investment operations 1.28 (7.02)
------------- -------------
LESS DISTRIBUTIONS
Distributions from net realized gains -- 0.00(3)
------------- -------------
NET ASSET VALUE, END OF PERIOD $ 20.18 $ 18.90
============= =============
Total return(4) 6.77% (27.08)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 4 $ 1
Ratio of expenses to average net assets(5),(6) 1.72% 1.71%
Ratio of net investment loss to average net assets(5) (1.46)% (1.35)%
Decrease reflected in above operating expense
ratios due to waivers(5) 0.01% --
Portfolio turnover rate 22% 67%
</Table>
- ----------
(1) For the period November 30, 2001 (inception date) through October 31, 2002.
(2) Per share information is calculated using the average share outstanding
method.
(3) This represents less than $0.01 per share.
(4) Total returns are historical and assume changes in share price,
reinvestments of all dividends and distributions and no sales charge. Had
certain expenses not been reduced during the periods shown, total returns
would have been lower. Total returns for periods less than one year are not
annualized.
(5) Annualized.
(6) Interest earned on uninvested cash balances is used to offset portions of
the transfer agent expense. These arrangements had no effect on Class A
Shares' expense ratio.
See Accompanying Notes to Financial Statements.
39
<Page>
CREDIT SUISSE SMALL CAP GROWTH FUND
FINANCIAL HIGHLIGHTS
(For a Common Class Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE YEAR ENDED OCTOBER 31,
APRIL 30, 2003 ----------------------------------------------------------------------
(UNAUDITED) 2002 2001 2000 1999 1998
------------ ---------- ---------- ---------- ---------- ----------
PER SHARE DATA
Net asset value, beginning of
period $ 12.58 $ 15.38 $ 23.11 $ 16.60 $ 10.11 $ 12.25
------------ ---------- ---------- ---------- ---------- ----------
INVESTMENT OPERATIONS
Net investment loss (0.08)(1) (0.18)(1) (0.18) (0.13) (0.13) (0.34)
Net gain (loss) on investments
(both realized and unrealized) 0.74 (2.62) (7.55) 7.28 6.62 (1.74)
------------ ---------- ---------- ---------- ---------- ----------
Total from investment operations 0.66 (2.80) (7.73) 7.15 6.49 (2.08)
------------ ---------- ---------- ---------- ---------- ----------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income -- -- -- -- -- (0.06)
Distributions from net realized gains -- -- -- (0.64) -- --
------------ ---------- ---------- ---------- ---------- ----------
Total dividends and distributions -- -- -- (0.64) -- (0.06)
------------ ---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 13.24 $ 12.58 $ 15.38 $ 23.11 $ 16.60 $ 10.11
============ ========== ========== ========== ========== ==========
Total return(2) 5.25% (18.21)% (33.45)% 43.65% 64.19% (17.00)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s
omitted) $ 42,794 $ 42,918 $ 36,445 $ 47,900 $ 9,020 $ 4,544
Ratio of expenses to average net
assets(3) 1.40%(4) 1.40% 1.40% 1.42% 1.41% 1.40%
Ratio of net investment loss to
average net assets (1.22)%(4) (1.18)% (1.04)% (0.80)% (1.06)% (0.95)%
Decrease reflected in above
operating expense ratios due to
waivers/reimbursements 1.08%(4) 0.98% 0.54% 0.56% 2.13% 1.10%
Portfolio turnover rate 35% 72% 74% 94% 192% 115%
</Table>
- ----------
(1) Per share information is calculated using the average share outstanding
method.
(2) Total returns are historical and assume changes in share price and
reinvestments of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been lower.
Total returns for periods less than one year are not annualized.
(3) Interest earned on uninvested cash balances is used to offset portions of
the transfer agent expense. These arrangements resulted in a reduction to
the Common Class Shares' net expense ratio by .00%, .02%, .01%, and .00%
for the years ended October 31, 2001, 2000, 1999, and 1998, respectively.
The Common Shares' operating expense ratio after reflecting these
arrangements was 1.40% for the years ended October 31, 2001, 2000, 1999,
and 1998, respectively. For the year ended October 31, 2002 and the six
months ended April 30, 2003 there were no transfer agent credits.
(4) Annualized.
See Accompanying Notes to Financial Statements.
40
<Page>
CREDIT SUISSE SMALL CAP GROWTH FUND
FINANCIAL HIGHLIGHTS
(For a Class A Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX FOR THE
MONTHS ENDED PERIOD ENDED
APRIL 30, 2003 OCTOBER 31,
(UNAUDITED) 2002(1)
------------- -------------
PER SHARE DATA
Net asset value, beginning of period $ 12.57 $ 16.88
------------- -------------
INVESTMENT OPERATIONS
Net investment loss(2) (0.08) (0.15)
Net gain (loss) on investments (both realized and
unrealized) 0.74 (4.16)
------------- -------------
Total from investment operations 0.66 (4.31)
------------- -------------
NET ASSET VALUE, END OF PERIOD $ 13.23 $ 12.57
============= =============
Total return(3) 5.25% (25.53)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 333 $ 322
Ratio of expenses to average net assets(4),(5) 1.40% 1.40%
Ratio of net investment loss to average net assets(4) (1.22)% (1.14)%
Decrease reflected in above operating expense ratios
due to waivers/reimbursements(4) 1.08% 1.13%
Portfolio turnover rate 35% 72%
</Table>
- ----------
(1) For the period November 30, 2001 (inception date) through October 31, 2002.
(2) Per share information is calculated using the average share outstanding
method.
(3) Total returns are historical and assume changes in share price,
reinvestments of all dividends and distributions, and no sales charge. Had
certain expenses not been reduced during the periods shown, total returns
would have been lower. Total returns for periods less than one year are not
annualized.
(4) Annualized.
(5) Interest earned on uninvested cash balances is used to offset portions of
the transfer agent expense. These arrangements had no effect on Class A
Shares' expense ratio.
See Accompanying Notes to Financial Statements.
41
<Page>
CREDIT SUISSE STRATEGIC SMALL CAP FUND
FINANCIAL HIGHLIGHTS
(For a Class A Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX FOR THE
MONTHS ENDED PERIOD ENDED
APRIL 30, 2003 OCTOBER 31,
(UNAUDITED) 2002(1)
------------- -------------
PER SHARE DATA
Net asset value, beginning of period $ 9.54 $ 10.00
------------- -------------
INVESTMENT OPERATIONS
Net investment loss(2) (0.05) (0.02)
Net gain (loss) on investments (both realized and
unrealized) 0.04 (0.44)
------------- -------------
Total from investment operations (0.01) (0.46)
------------- -------------
LESS DIVIDENDS
Dividends from net investment income (0.54) --
------------- -------------
NET ASSET VALUE, END OF PERIOD $ 8.99 $ 9.54
============= =============
Total return(3) (0.17)% (4.60)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 426 $ 381
Ratio of expenses to average net assets(4),(5) 1.40% 1.40%
Ratio of net investment loss to average net assets(4) (1.09) (0.90)%
Decrease reflected in above operating expense ratios
due to waivers/reimbursements(4) 36.25% 39.96%
Portfolio turnover rate 31% 33%
</Table>
- ----------
(1) For the period August 15, 2002 (inception date) through October 31, 2002.
(2) Per share information is calculated using the average share outstanding
method.
(3) Total returns are historical and assume changes in share price,
reinvestments of all dividends and distributions, and no sales charge. Had
certain expenses not been reduced during the periods shown, total returns
would have been lower. Total returns for periods less than one year are not
annualized.
(4) Annualized.
(5) Interest earned on uninvested cash balances is used to offset portions of
the transfer agent expense. These arrangements had no effect on Class A
Shares' expense ratio.
See Accompanying Notes to Financial Statements.
42
<Page>
CREDIT SUISSE STRATEGIC SMALL CAP FUND
FINANCIAL HIGHLIGHTS
(For a Class B Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX FOR THE
MONTHS ENDED PERIOD ENDED
APRIL 30, 2003 OCTOBER 31,
(UNAUDITED) 2002(1)
------------- -------------
PER SHARE DATA
Net asset value, beginning of period $ 9.52 $ 10.00
------------- -------------
INVESTMENT OPERATIONS
Net investment loss(2) (0.08) (0.03)
Net gain (loss) on investments (both realized and
unrealized) 0.04 (0.45)
------------- -------------
Total from investment operations (0.04) (0.48)
------------- -------------
LESS DIVIDENDS
Dividends from net investment income (0.52) --
------------- -------------
NET ASSET VALUE, END OF PERIOD $ 8.96 $ 9.52
============= =============
Total return(3) (0.62)% (4.80)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 269 $ 286
Ratio of expenses to average net assets(4),(5) 2.15% 2.15%
Ratio of net investment loss to average net assets(4) (1.84)% (1.65)%
Decrease reflected in above operating expense ratios
due to waivers/reimbursements(4) 36.25% 39.96%
Portfolio turnover rate 31% 33%
</Table>
- ----------
(1) For the period August 15, 2002 (inception date) through October 31, 2002.
(2) Per share information is calculated using the average share outstanding
method.
(3) Total returns are historical and assume changes in share price,
reinvestments of all dividends and distributions, and no sales charge. Had
certain expenses not been reduced during the periods shown, total returns
would have been lower. Total returns for periods less than one year are not
annualized.
(4) Annualized.
(5) Interest earned on uninvested cash balances is used to offset portions of
the transfer agent expense. These arrangements had no effect on Class B
Shares' expense ratio.
See Accompanying Notes to Financial Statements.
43
<Page>
CREDIT SUISSE STRATEGIC SMALL CAP FUND
FINANCIAL HIGHLIGHTS
(For a Class C Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX FOR THE
MONTHS ENDED PERIOD ENDED
APRIL 30, 2003 OCTOBER 31,
(UNAUDITED) 2002(1)
------------- -------------
PER SHARE DATA
Net asset value, beginning of period $ 9.52 $ 10.00
------------- -------------
INVESTMENT OPERATIONS
Net investment loss(2) (0.08) (0.03)
Net gain (loss) on investments (both realized and
unrealized) 0.04 (0.45)
------------- -------------
Total from investment operations (0.04) (0.48)
------------- -------------
LESS DIVIDENDS
Dividends from net investment income (0.52) --
------------- -------------
NET ASSET VALUE, END OF PERIOD $ 8.96 $ 9.52
============= =============
Total return(3) (0.62)% (4.80)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 274 $ 286
Ratio of expenses to average net assets(4),(5) 2.15% 2.15%
Ratio of net investment loss to average net assets(4) (1.84)% (1.65)%
Decrease reflected in above operating expense ratios
due to waivers/reimbursements(4) 36.25% 39.96%
Portfolio turnover rate 31% 33%
</Table>
- ----------
(1) For the period August 15, 2002 (inception date) through October 31, 2002.
(2) Per share information is calculated using the average share outstanding
method.
(3) Total returns are historical and assume changes in share price,
reinvestments of all dividends and distributions, and no sales charge. Had
certain expenses not been reduced during the periods shown, total returns
would have been lower. Total returns for periods less than one year are not
annualized.
(4) Annualized.
(5) Interest earned on uninvested cash balances is used to offset portions of
the transfer agent expense. These arrangements had no effect on Class C
Shares' expense ratio.
See Accompanying Notes to Financial Statements.
44
<Page>
CREDIT SUISSE FUNDS
NOTES TO FINANCIAL STATEMENTS
April 30, 2003 (Unaudited)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Credit Suisse Funds covered in this report are Credit Suisse Capital
Appreciation Fund ("Capital Appreciation"), Credit Suisse Emerging Growth Fund
("Emerging Growth"), Credit Suisse Small Cap Growth Fund ("Small Cap Growth"),
and Credit Suisse Strategic Small Cap Fund ("Strategic Small Cap"), which are
registered under the Investment Company Act of 1940, as amended (the "1940
Act"), as open-end management investment companies. Capital Appreciation and
Small Cap Growth are diversified as defined in the 1940 Act. Emerging Growth and
Strategic Small Cap are non-diversified. Capital Appreciation was organized
under the laws of the Commonwealth of Massachusetts as a business trust on
January 20, 1987. Emerging Growth, Small Cap Growth and Strategic Small Cap were
incorporated under the laws of the State of Maryland on November 12, 1987,
October 31, 1996, and June 26, 2001, respectively.
Investment objectives for each Fund are as follows: Capital Appreciation
seeks long-term capital appreciation, Emerging Growth seeks maximum capital
appreciation, Small Cap Growth seeks growth of capital and Strategic Small Cap
seeks capital appreciation.
Capital Appreciation offers five classes of shares, Common Class, Advisor
Class, Class A, Class B, and Class C. Emerging Growth offers three classes of
shares, Common Class, Advisor Class, and Class A shares. Small Cap Growth offers
Common Class and Class A shares. Strategic Small Cap offers Class A, Class B and
Class C shares. Effective December 12, 2001, Capital Appreciation, Emerging
Growth and Small Cap Growth closed the Common Class shares to new investors.
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. Common Class shares of Small Cap Growth
bear expenses paid pursuant to a distribution plan at an annual rate of 0.25% of
the average daily net assets of the Fund's Common Class shares. Common Class
shares of Capital Appreciation and Emerging Growth are not subject to
distribution fees. Advisor Class shares of Capital Appreciation and Emerging
Growth Funds bear expenses paid pursuant to a shareholder servicing and
distribution plan at an annual rate not to exceed 0.75% of the average daily net
assets of the applicable Fund's Advisor Class shares. Advisor Class shares
currently bear expenses of 0.50% of average daily net assets. Class A shares of
each Fund are sold subject to a maximum front end sales charge of 5.75% and bear
expenses paid pursuant to a distribution plan at an annual rate of 0.25% of the
average daily net assets of each Fund's Class A shares. Class B shares are sold
subject
45
<Page>
to a contingent deferred sales charge which declines from 4.00% to zero
depending on the period of time the shares are held and bear expenses paid
pursuant to a distribution plan at an annual rate of 1.00% of the average daily
net assets of the applicable Fund's Class B shares. Class C shares are sold
subject to a contingent deferred sales charge of 1.00% if the shares are
redeemed within the first year of purchase and bear expenses paid pursuant to a
distribution plan at an annual rate of 1.00% of the average daily net assets of
the applicable Fund's Class C shares.
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. 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. If no sales
are reported, investments are generally valued at the most recent bid price.
Debt securities with a remaining maturity greater than 60 days are valued on the
basis of broker quotations or valuations provided by a pricing service that may
use a matrix, formula or other objective method that takes into consideration
market indices, yield curves and other specific adjustments. Securities and
other assets for which market quotations are not readily available are valued at
fair value as determined in good faith by the Board of Trustees/Directors under
procedures established by the Board of Trustees/Directors in the absence of
readily ascertainable market values. Debt obligations that will mature in 60
days or less are valued on the basis of amortized cost, which approximates
market value, unless the Board determines that using this method would not
reflect an investment's fair value.
B) FOREIGN CURRENCY TRANSACTIONS -- The books and records of the Funds are
maintained in U.S. dollars. Transactions denominated in foreign currencies are
recorded at the current prevailing exchange rates. All assets and liabilities
denominated in foreign currencies are translated into U.S. dollar amounts at the
current exchange rate at the end of the period. Translation gains or losses
resulting from changes in the exchange rate during the reporting period and
realized gains and losses on the settlement of foreign currency transactions are
reported in the results of operations for the current period. The Funds do not
isolate that portion of realized gains and losses on investments in equity
securities which is due to changes in the foreign exchange rate from that which
is due to changes in market prices of equity securities. The Funds isolate that
portion of realized gains and losses
46
<Page>
on investments in debt securities which is due to changes in the foreign
exchange rate from that which is due to changes in market prices of debt
securities.
C) SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted for on a trade date basis. Interest income is recorded on the accrual
basis. Dividends are recorded on the ex-dividend date. Certain expenses are
class-specific expenses and vary by class. Income, expenses (excluding
class-specific expenses) and realized/unrealized gains/losses are allocated
proportionately to each class of shares based upon the relative net asset value
of the outstanding shares of that class. The cost of investments sold is
determined by use of the specific identification method for both financial
reporting and income tax purposes.
D) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net
investment income and distributions of net realized capital gains, if any, are
declared and paid at least annually. However, to the extent that a net realized
capital gain can be reduced by a capital loss carryover, such gain will not be
distributed. Income and capital gain distributions are determined in accordance
with federal income tax regulations which may differ from accounting principles
generally accepted in the United States of America ("GAAP").
E) FEDERAL INCOME TAXES -- No provision is made for federal taxes, as it is
each Fund's intention to have the Fund 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.
F) USE OF ESTIMATES -- The preparation of financial statements in
conformity with GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from these estimates.
G) SHORT-TERM INVESTMENTS -- The Funds, together with other
funds/portfolios advised by Credit Suisse Asset Management, LLC ("CSAM") an
indirect, wholly-owned subsidiary of Credit Suisse Group, pool available cash
into a short-term time deposit issued by State Street Bank and Trust Company
("SSB"), the Funds' custodian. The short-term time deposit is a variable rate
account classified as a short-term investment.
47
<Page>
H) SECURITIES LENDING -- Loans of securities are required at all times to
be secured by collateral at least equal to 102% of the market value of domestic
securities on loan including any accrued interest thereon and 105% of the market
value of foreign securities on loan including any accrued interest thereon. Cash
Collateral received by the Funds in connection with securities lending activity
may be invested in a variety of investments including certain CSAM-advised funds
or the AIM Institutional Funds -- Liquid Assets Portfolio. 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. The Funds had
no securities out on loan at April 30, 2003.
Credit Suisse First Boston ("CSFB"), an affiliate of CSAM, has been engaged
by the Funds to act as the Funds' securities lending agent. Prior to April 1,
2003, CSFB had agreed to charge the Funds fees for its securities lending
activities equal to its costs in providing services as securities lending agent
and had voluntarily waived such fees through March 31, 2003. Effective April 1,
2003, the Funds and CSFB entered into an arrangement to share the income earned
from securities lending activities, whereby, generally, the Funds will receive
75% and CSFB will receive 25% of the income, in accordance with the provisions
of the securities lending agency agreement. If CSFB should enter into a
securities lending agency agreement with another comparable investment company
client under which it will receive a smaller proportion of the fees, its fee
agreement with the Funds shall be reduced to such lower fee amount.
I) OTHER -- The Funds may invest in securities of foreign countries and
governments which involve certain risks in addition to those inherent in
domestic investments. Such risks generally include, among others, currency risks
(fluctuations in currency exchange rates), information risk (key information may
be inaccurate or unavailable) and political risk (expropriation, nationalization
or the imposition of capital or currency controls or punitive taxes).
Other risks of investing in foreign securities include liquidity and
valuation risks. These Funds may be subject to taxes imposed by countries in
which they invest, with respect to their investments in issuers existing or
operating in such countries. Such taxes are generally based on income earned or
repatriated and capital gains realized on the sale of such investments. These
Funds accrue such taxes when the related income or gains are earned.
Capital Appreciation and Emerging Growth may invest up to 10% of its total
assets in non-publicly traded securities. Small Cap Growth and Strategic Small
48
<Page>
Cap each may invest up to 15% of its net assets in such 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 Fund
or the current carrying values, and the difference could be material.
Strategic Small Cap capitalized certain costs which were included in the
offering of its shares. These costs amounted to $183,800 and are being amortized
over a twelve month period from inception date.
NOTE 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
CSAM serves as investment adviser to each Fund. For its investment advisory
services, CSAM is entitled to receive the following fees, computed daily and
payable monthly, of each Fund's average daily net assets:
<Table>
<Caption>
FUND ANNUAL RATE
---- -----------
Capital Appreciation 0.70% of average daily net assets
Emerging Growth 0.90% of average daily net assets
Small Cap Growth 1.00% of average daily net assets
Strategic Small Cap 0.95% of average daily net assets
</Table>
For the six months ended April 30, 2003, investment advisory fees earned,
voluntarily waived, and expenses reimbursed for the Funds were as follows:
<Table>
<Caption>
GROSS NET
ADVISORY ADVISORY EXPENSE
FUND FEE WAIVER FEE REIMBURSEMENT
---- ----------- --------- ----------- -------------
Capital Appreciation $ 1,824,901 $ (54,566) $ 1,770,335 $ --
Emerging Growth 1,649,902 (49,046) 1,600,856 --
Small Cap Growth 202,135 (202,135) -- (15,682)
Strategic Small Cap 4,362 (4,362) -- (162,296)
</Table>
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 is entitled to receive a fee
calculated at an annual rate of 0.10% of each Fund's average daily net assets.
For the six months ended April 30, 2003, co-administrative services fees
earned by CSAMSI were as follows:
<Table>
<Caption>
FUND CO-ADMINISTRATOR FEE
---- --------------------
Capital Appreciation $ 260,700
Emerging Growth 183,323
Small Cap Growth 20,213
Strategic Small Cap 459
</Table>
49
<Page>
For its co-administrative services SSB receives a fee, exclusive of
out-of-pocket expenses, based upon the following fee structure calculated in
total for all the Credit Suisse Funds co-administered by SSB and allocated based
upon relative average net assets of each fund.
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ -----------
First $5 billion 0.050% of average daily net assets
Next $5 billion 0.035% of average daily net assets
Over $10 billion 0.020% of average daily net assets
</Table>
For the six months ended April 30, 2003, co-administrative service fees
earned by SSB (including out-of-pocket fees) were as follows:
<Table>
<Caption>
FUND CO-ADMINISTRATOR FEE
---- --------------------
Capital Appreciation $ 160,289
Emerging Growth 112,904
Small Cap Growth 15,141
Strategic Small Cap 2,603
</Table>
In addition to serving as each Fund's co-administrator, CSAMSI currently
serves as distributor of each Fund's shares. Pursuant to a distribution plan
adopted by each Fund pursuant to Rule 12b-1 under the 1940 Act, CSAMSI receives
a fee 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 shares of Small Cap
Growth. For the Advisor Class shares of Capital Appreciation and Emerging
Growth, the shareholder servicing fee is calculated at an annual rate of 0.50%
of the average daily net assets. For the Class A shares of each Fund, the fee is
calculated at an annual rate of 0.25% of average daily net assets of each Fund.
For the Class B and Class C shares of Capital Appreciation and Strategic Small
Cap, the fee is calculated at an annual rate of 1.00% of average daily net
assets of such Fund. CSAMSI may use this fee to compensate service organizations
for shareholder servicing and distribution services. For the six months ended
April 30, 2003, shareholder servicing and distribution fees paid to CSAMSI were
as follows:
<Table>
<Caption>
SHAREHOLDER SERVICING/
FUND DISTRIBUTION FEE
---- ----------------
Capital Appreciation
CLASS
Advisor $ 35,931
Class A 592
Class B 1,100
Class C 418
--------
$ 38,041
========
</Table>
50
<Page>
<Table>
<Caption>
SHAREHOLDER SERVICING/
FUND DISTRIBUTION FEE
---- ----------------
Emerging Growth
CLASS
Advisor $ 92,303
Class A 2
--------
$ 92,305
========
Small Cap Growth
CLASS
Common $ 50,132
Class A 402
--------
$ 50,534
========
Strategic Small Cap
CLASS
Class A $ 483
Class B 1,326
Class C 1,335
-------
$ 3,144
=======
</Table>
Certain brokers, dealers and financial representatives provide transfer
agent related services to the Funds, and receive compensation for these services
from CSAM. CSAM is then reimbursed by the Funds. For the six months ended April
30, 2003, the Funds reimbursed CSAM the following amounts, which are included in
the Funds' transfer agent expense:
<Table>
<Caption>
FUND AMOUNT
---- ---------
Capital Appreciation $ 434,946
Emerging Growth 336,979
Small Cap Growth 50,584
Strategic Small Cap --
</Table>
For the six months ended April 30, 2003, CSAMSI and its affiliates advised
the Funds that it retained the following amounts from commissions earned on the
sale of the Funds' Class A shares:
<Table>
<Caption>
FUND AMOUNT
---- ------
Capital Appreciation $ 305
Emerging Growth --
Small Cap Growth 562
Strategic Small Cap 1,313
</Table>
51
<Page>
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Funds to provide certain financial printing and fulfillment services. For
the six months ended April 30, 2003, Merrill was paid for its services by the
Funds as follows:
<Table>
<Caption>
FUND AMOUNT
---- -------
Small Cap Growth $ 8,434
Strategic Small Cap 9,196
</Table>
NOTE 3. LINE OF CREDIT
The Funds, together with other funds/portfolios advised by CSAM
(collectively, the "Participating Funds"), participate in a $150 million
committed, unsecured line of credit facility ("Credit Facility") with Deutsche
Bank, A.G. as administrative agent and syndication agent and SSB as operations
agent for temporary or emergency purposes. 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 April
30, 2003 the Funds had no loans outstanding under the Credit Facility. During
the six months ended April 30, 2003, the Funds had borrowings under the Credit
Facility as follows:
<Table>
<Caption>
AVERAGE DAILY WEIGHTED AVERAGE MAXIMUM DAILY
FUND LOAN BALANCE INTEREST RATE% LOAN OUTSTANDING
---- -------------- ---------------- -----------------
Capital Appreciation $ 10,061,000 1.772% $ 10,840,000
Emerging Growth 5,362,000 1.750% 5,765,000
Small Cap Growth 2,565,200 1.760% 2,713,000
</Table>
NOTE 4. PURCHASES AND SALES OF SECURITIES
For the six months ended April 30, 2003, purchases and sales of investment
securities (excluding short-term investments) were as follows:
<Table>
<Caption>
FUND PURCHASES SALES
---- ------------- -------------
Capital Appreciation $ 127,651,793 $ 226,811,310
Emerging Growth 76,600,168 134,349,544
Small Cap Growth 13,579,480 14,362,469
Strategic Small Cap 336,399 235,601
</Table>
52
<Page>
At April 30, 2003, 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 (depreciation) from investments were as follows:
<Table>
<Caption>
NET UNREALIZED
UNREALIZED UNREALIZED APPRECIATION
FUND IDENTIFIED COST APPRECIATION DEPRECIATION (DEPRECIATION)
---- --------------- ------------ ------------ ---------------
Capital Appreciation $ 516,286,491 $ 50,424,243 $ (58,116,996) $ (7,692,753)
Emerging Growth 363,557,181 56,667,692 (61,215,017) (4,547,325)
Small Cap Growth 43,778,591 5,979,418 (6,288,764) (309,346)
Strategic Small Cap 806,275 92,803 (67,958) 24,845
</Table>
NOTE 5. RESTRICTED SECURITIES
Certain investments of the Funds are restricted as to resale and are valued
at fair value as determined in good faith by the Board of Directors under
procedures established by the Board of Directors in the absence of readily
ascertainable market values. The table below shows the number of shares held,
the acquisition dates, aggregate cost, fair value as of April 30, 2003, value
per share of such security and percentage of net assets which the securities
represent.
<Table>
<Caption>
PERCENTAGE
OF NET
SECURITY NUMBER OF ACQUISTION FAIR VALUE PER ASSET
FUND DESCRIPTION SHARES DATE COST VALUE SHARE VALUE
---- ----------- --------- ---------- ---- ----- --------- ---------
Emerging Growth Celletra Ltd 1,102,524 4/05/2000 $ 7,000,000 $ -- $ -- 0.00%
Opal Concepts 792,603 8/31/1995 1,999,999 -- -- 0.00%
Netwolves Corp 1,000,000 11/07/2001 1,742,000 1,480,000 1.48 0.41%
Small Cap Growth Planetweb, Inc. 27,600 9/08/2000 149,913 1,932 0.07 0.00%
</Table>
NOTE 6. CAPITAL SHARE TRANSACTIONS
Capital Appreciation is authorized to issue an unlimited number of full and
fractional shares of beneficial interest. Emerging Growth and Small Cap Growth
have four billion full and fractional shares of capital stock authorized.
Emerging Growth has one billion and Small Cap Growth has two billion of those
shares classified as Common class shares. Strategic Small Cap has three billion
full and fractional shares of capital stock authorized. Emerging Growth has two
billion and Small Cap Growth has one billion of those shares classified as
Advisor class shares. Emerging Growth, Small Cap Growth and Strategic Small Cap
have one billion of those shares classified as Class A shares. Strategic Small
Cap has one billion of those shares classified
53
<Page>
as Class B shares and Class C shares. All of the Funds shares have a par value
of $.001 per share. Transactions in classes of each Fund were as follows:
<Table>
<Caption>
CAPITAL APPRECIATION
------------------------------------------------------------------------
COMMON CLASS
------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2003 (UNAUDITED) OCTOBER 31, 2002
------------------------------------------------------------------------
SHARES VALUE SHARES VALUE
--------------- --------------- --------------- ---------------
Shares sold 3,046,331 $ 37,557,626 17,137,894 $ 273,794,775
Shares issued in reinvestment
of distributions -- -- 3,458 62,484
Shares redeemed (9,267,790) (114,483,139) (27,374,743) (419,401,989)
--------------- --------------- --------------- ---------------
Net decrease (6,221,459) $ (76,925,513) (10,233,391) $ (145,544,730)
=============== =============== =============== ===============
<Caption>
CAPITAL APPRECIATION
------------------------------------------------------------------------
ADVISOR CLASS
------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2003 (UNAUDITED) OCTOBER 31, 2002
------------------------------------------------------------------------
SHARES VALUE SHARES VALUE
--------------- --------------- --------------- ---------------
Shares sold 201,588 $ 2,415,431 619,470 $ 8,855,133
Shares issued in reinvestment
of distributions -- -- 109 1,924
Shares redeemed (353,751) (4,309,528) (882,304) (12,218,492)
--------------- --------------- --------------- ---------------
Net decrease (152,163) $ (1,894,097) (262,725) $ (3,361,435)
=============== =============== =============== ===============
<Caption>
CAPITAL APPRECIATION
------------------------------------------------------------------------
CLASS A
------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2003 (UNAUDITED) OCTOBER 31, 2002(1)
------------------------------------------------------------------------
SHARES VALUE SHARES VALUE
--------------- --------------- --------------- ---------------
Shares sold 16,330 $ 199,721 41,079 $ 563,424
Shares redeemed (5,409) (65,563) (5,111) (59,757)
--------------- --------------- --------------- ---------------
Net increase 10,921 $ 134,158 35,968 $ 503,667
=============== =============== =============== ===============
<Caption>
CAPITAL APPRECIATION
------------------------------------------------------------------------
CLASS B
------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2003 (UNAUDITED) OCTOBER 31, 2002(1)
------------------------------------------------------------------------
SHARES VALUE SHARES VALUE
--------------- --------------- --------------- ---------------
Shares sold 13,008 $ 157,780 19,968 $ 279,354
Shares redeemed (8,221) (98,375) (3,389) (42,956)
--------------- --------------- --------------- ---------------
Net increase 4,787 $ 59,405 16,579 $ 236,398
=============== =============== =============== ===============
</Table>
54
<Page>
<Table>
<Caption>
CAPITAL APPRECIATION
------------------------------------------------------------------------
CLASS C
------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2003 (UNAUDITED) OCTOBER 31, 2002(1)
------------------------------------------------------------------------
SHARES VALUE SHARES VALUE
--------------- --------------- --------------- ---------------
Shares sold 764 $ 9,275 8,584 $ 121,896
Shares redeemed (1,865) (22,860) (1,108) (13,572)
--------------- --------------- --------------- ---------------
Net increase (decrease) (1,101) $ (13,585) 7,476 $ 108,324
=============== =============== =============== ===============
<Caption>
EMERGING GROWTH
------------------------------------------------------------------------
COMMON CLASS
------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2003 (UNAUDITED) OCTOBER 31, 2002
------------------------------------------------------------------------
SHARES VALUE SHARES VALUE
--------------- --------------- --------------- ---------------
Shares sold 1,541,948 $ 29,658,332 5,219,691 $ 124,703,050
Shares issued in reinvestment
of distributions -- -- 3,599 97,148
Shares redeemed (4,387,174) (83,531,276) (23,572,373) (551,953,242)
--------------- --------------- --------------- ---------------
Net decrease (2,845,226) $ (53,872,944) (18,349,083) $ (427,153,044)
=============== =============== =============== ===============
<Caption>
EMERGING GROWTH
------------------------------------------------------------------------
ADVISOR CLASS
------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2003 (UNAUDITED) OCTOBER 31, 2002
------------------------------------------------------------------------
SHARES VALUE SHARES VALUE
--------------- --------------- --------------- ---------------
Shares sold 202,469 $ 3,684,875 290,550 $ 6,522,051
Shares issued in reinvestment
of distributions -- -- 470 12,022
Shares redeemed (738,373) (13,364,800) (2,438,342) (55,771,920)
--------------- --------------- --------------- ---------------
Net decrease (535,904) $ (9,679,925) (2,147,322) $ (49,237,847)
=============== =============== =============== ===============
<Caption>
EMERGING GROWTH
------------------------------------------------------------------------
CLASS A
------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2003 (UNAUDITED) OCTOBER 31, 2002(1)
------------------------------------------------------------------------
SHARES VALUE SHARES VALUE
--------------- --------------- --------------- ---------------
Shares sold 139 $ 2,499 44 $ 1,140
--------------- --------------- --------------- ---------------
Net increase 139 $ 2,499 44 $ 1,140
=============== =============== =============== ===============
</Table>
55
<Page>
<Table>
<Caption>
SMALL CAP GROWTH
------------------------------------------------------------------------
COMMON CLASS
------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2003 (UNAUDITED) OCTOBER 31, 2002
------------------------------------------------------------------------
SHARES VALUE SHARES VALUE
--------------- --------------- --------------- ---------------
Shares sold 1,089,356 $ 13,866,484 4,756,064 $ 74,660,322
Shares redeemed (1,267,846) (16,250,290) (3,714,321) (59,611,761)
--------------- --------------- --------------- ---------------
Net increase (decrease) (178,490) $ (2,383,806) 1,041,743 $ 15,048,561
=============== =============== =============== ===============
<Caption>
SMALL CAP GROWTH
------------------------------------------------------------------------
CLASS A
------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2003 (UNAUDITED) OCTOBER 31, 2002(1)
------------------------------------------------------------------------
SHARES VALUE SHARES VALUE
--------------- --------------- --------------- ---------------
Shares sold 2,181 $ 26,842 42,063 $ 633,065
Shares redeemed (2,606) (32,733) (16,471) (212,641)
--------------- --------------- --------------- ---------------
Net increase (decrease) (425) $ (5,891) 25,592 $ 420,424
=============== =============== =============== ===============
<Caption>
STRATEGIC SMALL CAP
------------------------------------------------------------------------
CLASS A
------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2003 (UNAUDITED) OCTOBER 31, 2002(2)
------------------------------------------------------------------------
SHARES VALUE SHARES VALUE
--------------- --------------- --------------- ---------------
Shares sold 7,357 $ 65,447 40,000 $ 400,000
--------------- --------------- --------------- ---------------
Net increase 7,357 $ 65,447 40,000 $ 400,000
=============== =============== =============== ===============
<Caption>
STRATEGIC SMALL CAP
------------------------------------------------------------------------
CLASS B
------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2003 (UNAUDITED) OCTOBER 31, 2002(2)
------------------------------------------------------------------------
SHARES VALUE SHARES VALUE
--------------- --------------- --------------- ---------------
Shares sold -- $ -- 30,000 $ 300,000
--------------- --------------- --------------- ---------------
Net increase -- $ -- 30,000 $ 300,000
=============== =============== =============== ===============
<Caption>
STRATEGIC SMALL CAP
------------------------------------------------------------------------
CLASS C
------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2003 (UNAUDITED) OCTOBER 31, 2002(2)
------------------------------------------------------------------------
SHARES VALUE SHARES VALUE
--------------- --------------- --------------- ---------------
Shares sold 550 $ 4,590 30,000 $ 300,279
--------------- --------------- --------------- ---------------
Net increase 550 $ 4,590 30,000 $ 300,279
=============== =============== =============== ===============
</Table>
- ----------
(1) For the period November 30, 2001 (inception date) through October 31, 2002.
(2) For the period August 15, 2002 (inception date) through October 31, 2002.
56
<Page>
On April 30, 2003, the number of shareholders that held 5% or more of the
outstanding shares of each Fund were as follows:
<Table>
<Caption>
NUMBER OF APPROXIMATE PERCENTAGE
FUND SHAREHOLDERS OF OUTSTANDING SHARES
---- ------------ ----------------------
Capital Appreciation
CLASS
Common 3 34%
Advisor 2 66%
Class A 9 85%
Class B 7 70%
Class C 4 85%
Emerging Growth
CLASS
Common 4 58%
Advisor 1 92%
Class A 2 96%
Small Cap Growth
CLASS
Common 3 71%
Class A 6 72%
Strategic Small Cap
CLASS
Class A 2 90%
Class C 1 98%
</Table>
Some of the shareholders are comprised of omnibus accounts, which are held on
behalf of several individual shareholders.
57
<Page>
CREDIT SUISSE CAPITAL APPRECIATION FUND
SHAREHOLDER MEETING RESULTS (UNAUDITED)
A special meeting of shareholders of the Credit Suisse Capital Appreciation
Fund (the "Fund") was held at 466 Lexington Avenue, 16th Floor, New York, NY
10017 on April 11, 2003 and adjourned to May 2, 2003, May 16, 2003 and June 5,
2003. The following matters were voted upon by the shareholders of the Fund and
the results are presented below. Shares delivered not voted are included on the
total for the proposals. Only Proposal 1 was approved.
1. To Elect the Following Nominees as Directors:
<Table>
<Caption>
FOR WITHHELD
---------- ---------
Richard H. Francis 18,995,581 5,591,423
Jack W. Fritz 18,997,653 5,589,351
Joseph D. Gallagher 18,994,288 5,592,716
Jeffrey E. Garten 18,984,380 5,602,625
Peter F. Krogh 18,986,509 5,600,495
James S. Pasman, Jr. 18,986,937 5,600,067
Steven N. Rappaport 19,003,699 5,583,305
William W. Priest 18,989,504 5,597,501
Total Eligible Shares 41,985,692
Total Shares Voted 24,587,004
% of Shares Voted 58.56%
</Table>
2-A. To Modify the Fundamental Investment Restriction on Borrowing Money:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ---------------
For 15,170,820 36.13% 61.70%
Against 5,120,140 12.20% 20.83%
Abstain 1,239,031 2.95% 5.04%
Broker Non-votes 3,057,013 7.28% 12.43%
</Table>
2-B. To Modify the Fundamental Investment Restriction on Lending:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ---------------
For 15,331,338 36.52% 62.36%
Against 4,959,409 11.81% 20.17%
Abstain 1,239,245 2.95% 5.04%
Broker Non-votes 3,057,013 7.28% 12.43%
</Table>
2-C. To Modify the Fundamental Investment Restriction on Real Estate
Investments:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ---------------
For 15,346,869 36.55% 62.42%
Against 4,955,830 11.80% 20.16%
Abstain 1,227,293 2.92% 4.99%
Broker Non-votes 3,057,013 7.28% 12.43%
</Table>
58
<Page>
2-D. To Remove the Fundamental Investment Restriction on Short Sales:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ---------------
For 15,149,165 36.08% 61.62%
Against 5,136,255 12.23% 20.89%
Abstain 1,244,571 2.96% 5.06%
Broker Non-votes 3,057,013 7.28% 12.43%
</Table>
2-E. To Remove the Fundamental Investment Restriction on Margin Transactions:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ---------------
For 15,106,793 35.98% 61.44%
Against 5,178,610 12.33% 21.07%
Abstain 1,244,587 2.96% 5.06%
Broker Non-votes 3,057,013 7.28% 12.43%
</Table>
2-F. To Remove the Fundamental Investment Restriction on Investments in Oil, Gas
and Mineral Programs:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ---------------
For 15,254,907 36.33% 62.05%
Against 5,041,250 12.01% 20.50%
Abstain 1,233,834 2.94% 5.02%
Broker Non-votes 3,057,013 7.28% 12.43%
</Table>
2-G. To Remove the Fundamental Investment Restriction on Pledging Assets:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ---------------
For 15,115,031 36.00% 61.47%
Against 5,149,999 12.27% 20.95%
Abstain 1,264,961 3.01% 5.15%
Broker Non-votes 3,057,013 7.28% 12.43%
</Table>
2-H. To Remove the Fundamental Investment Restriction on Investments in
Securities Issued by Other Investment Companies:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ---------------
For 15,290,931 36.42% 62.19%
Against 5,001,246 11.91% 20.34%
Abstain 1,237,814 2.95% 5.04%
Broker Non-votes 3,057,013 7.28% 12.43%
</Table>
59
<Page>
2-I. To Remove the Fundamental Investment Restriction on Acquiring More than 10%
of Voting Securities of Any One Issuer:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ---------------
For 15,152,365 36.09% 61.63%
Against 5,119,391 12.19% 20.82%
Abstain 1,258,235 3.00% 5.12%
Broker Non-votes 3,057,013 7.28% 12.43%
</Table>
3. To Change the Fund's Investment Objective from Fundamental to
Non-Fundamental:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ---------------
For 14,419,872 34.35% 58.65%
Against 5,986,798 14.26% 24.93%
Abstain 1,123,321 2.68% 4.57%
Broker Non-votes 3,057,013 7.28% 12.43%
</Table>
4-A. To Amend the Charter Document to Allow Involuntary Redemptions:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ---------------
For 14,601,666 34.78% 59.39%
Against 5,788,494 13.79% 23.54%
Abstain 1,139,831 2.71% 4.64%
Broker Non-votes 3,057,013 7.28% 12.43%
</Table>
4-B. To Amend the Charter Document to Allow Mergers Without Shareholder
Approval:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ---------------
For 14,307,073 34.08% 58.19%
Against 6,128,977 14.60% 24.83%
Abstain 1,093,942 2.61% 4.45%
Broker Non-votes 3,057,013 7.28% 12.43%
</Table>
60
<Page>
CREDIT SUISSE EMERGING GROWTH FUND
SHAREHOLDER MEETING RESULTS (UNAUDITED)
A special meeting of shareholders of the Credit Suisse Emerging Growth Fund
(the "Fund") was held at 466 Lexington Avenue, 16th Floor, New York, NY 10017 on
April 11, 2003 and adjourned to May 2, 2003, May 16, 2003 and June 5, 2003. The
following matters were voted upon by the shareholders of the Fund and the
results are presented below. Shares delivered not voted are included on the
total for the proposals. All proposals except Proposal 4 were approved.
1. To Elect the Following Nominees as Directors:
<Table>
<Caption>
FOR WITHHELD
---------- ---------
Richard H. Francis 11,834,284 1,140,909
Jack W. Fritz 11,838,847 1,136,347
Joseph D. Gallagher 11,832,261 1,142,933
Jeffrey E. Garten 11,826,393 1,148,801
Peter F. Krogh 11,835,403 1,139,790
James S. Pasman, Jr. 11,824,005 1,151,189
Steven N. Rappaport 11,836,903 1,138,291
William W. Priest 11,831,484 1,143,709
Total Eligible Shares 18,751,885
Total Shares Voted 12,975,194
% of Shares Voted 69.19%
</Table>
2-A. To Modify the Fundamental Investment Restriction on Borrowing Money:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ---------------
For 9,593,788 51.16% 73.94%
Against 707,583 3.77% 5.45%
Abstain 1,136,367 6.06% 8.76%
Broker Non-votes 1,537,455 8.20% 11.85%
</Table>
2-B. To Modify the Fundamental Investment Restriction on Lending:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ---------------
For 9,573,494 51.05% 73.78%
Against 733,831 3.91% 5.66%
Abstain 1,130,414 6.03% 8.71%
Broker Non-votes 1,537,455 8.20% 11.85%
</Table>
2-C. To Modify the Fundamental Investment Restriction on Real Estate
Investments:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ---------------
For 9,635,770 51.39% 74.26%
Against 674,117 3.60% 5.20%
Abstain 1,127,851 6.01% 8.69%
Broker Non-votes 1,537,455 8.20% 11.85%
</Table>
61
<Page>
2-D. To Remove the Fundamental Investment Restriction on Short Sales:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ---------------
For 9,584,326 51.11% 73.87%
Against 713,004 3.80% 5.49%
Abstain 1,140,409 6.08% 8.79%
Broker Non-votes 1,537,455 8.20% 11.85%
</Table>
2-E. To Remove the Fundamental Investment Restriction on Margin Transactions:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ---------------
For 9,565,678 51.01% 73.72%
Against 733,572 3.91% 5.65%
Abstain 1,138,489 6.07% 8.78%
Broker Non-votes 1,537,455 8.20% 11.85%
</Table>
2-F. To Remove the Fundamental Investment Restriction on Investments in Oil, Gas
and Mineral Programs:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ---------------
For 9,627,474 51.34% 74.20%
Against 679,014 3.62% 5.23%
Abstain 1,131,251 6.03% 8.72%
Broker Non-votes 1,537,455 8.20% 11.85%
</Table>
2-G. To Remove the Fundamental Investment Restriction on Pledging Assets:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ---------------
For 9,582,087 51.01% 73.85%
Against 716,925 3.82% 5.53%
Abstain 1,138,727 6.07% 8.77%
Broker Non-votes 1,537,455 8.20% 11.85%
</Table>
2-H. To Remove the Fundamental Investment Restriction on Investments in
Securities Issued by Other Investment Companies:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ---------------
For 9,561,455 50.99% 73.69%
Against 746,767 3.98% 5.76%
Abstain 1,129,516 6.02% 8.70%
Broker Non-votes 1,537,455 8.20% 11.85%
</Table>
62
<Page>
3. To Change the Fund's Investment Objective from Fundamental to
Non-Fundamental:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ---------------
For 8,917,871 47.56% 68.73%
Against 1,403,476 7.49% 10.82%
Abstain 1,116,391 5.95% 8.60%
Broker Non-votes 1,537,455 8.20% 11.85%
</Table>
4. To Amend the Charter Document to Allow Involuntary Redemptions:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ---------------
For 9,064,218 48.34% 69.86%
Against 1,149,838 6.13% 8.86%
Abstain 1,223,683 6.53% 9.43%
Broker Non-votes 1,537,455 8.20% 11.85%
</Table>
63
<Page>
CREDIT SUISSE SMALL CAP GROWTH FUND
SHAREHOLDER MEETING RESULTS (UNAUDITED)
A special meeting of shareholders of the Credit Suisse Small Cap Growth Fund
(the "Fund") was held at 466 Lexington Avenue, 16th Floor, New York, NY 10017 on
April 11, 2003 and adjourned to May 2, 2003 and May 16, 2003. The following
matters were voted upon by the shareholders of the Fund and the results are
presented below. Shares delivered not voted are included on the total for the
proposals. All proposals were approved.
1. To Elect the Following Nominees as Directors:
<Table>
<Caption>
FOR WITHHELD
--------- --------
Richard H. Francis 2,176,762 63,748
Jack W. Fritz 2,176,759 63,751
Joseph D. Gallagher 2,178,521 61,989
Jeffrey E. Garten 2,174,280 66,230
Peter F. Krogh 2,174,065 66,445
James S. Pasman, Jr. 2,173,459 67,051
Steven N. Rappaport 2,179,230 61,280
William W. Priest 2,174,327 66,183
Total Eligible Shares 3,174,429
Total Shares Voted 2,240,510
% of Shares Voted 70.58%
</Table>
2-A. To Modify the Fundamental Investment Restriction on Borrowing Money:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ---------------
For 1,703,554 53.67% 76.03%
Against 39,790 1.25% 1.78%
Abstain 140,214 4.42% 6.26%
Broker Non-votes 356,952 11.25% 15.93%
</Table>
2-B. To Modify the Fundamental Investment Restriction on Lending:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ---------------
For 1,703,786 53.67% 76.05%
Against 39,707 1.25% 1.77%
Abstain 140,065 4.41% 6.25%
Broker Non-votes 356,952 11.25% 15.93%
</Table>
2-C. To Modify the Fundamental Investment Restriction on Real Estate
Investments:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ---------------
For 1,703,994 53.65% 76.01%
Against 39,477 1.24% 1.76%
Abstain 141,087 4.44% 6.30%
Broker Non-votes 356,952 11.25% 15.93%
</Table>
64
<Page>
2-D. To Remove the Fundamental Investment Restriction on Margin Transactions:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ---------------
For 1,698,613 53.51% 75.81%
Against 44,870 1.41% 2.00%
Abstain 140,075 4.41% 6.25%
Broker Non-votes 356,952 11.25% 15.93%
</Table>
2-E. To Remove the Fundamental Investment Restriction on Investments in Oil, Gas
and Mineral Programs:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ---------------
For 1,705,562 53.73% 76.12%
Against 36,810 1.16% 1.64%
Abstain 141,186 4.45% 6.30%
Broker Non-votes 356,952 11.25% 15.93%
</Table>
3. To Change the Fund's Investment Objective from Fundamental to
Non-Fundamental:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ---------------
For 1,590,556 50.11% 70.99%
Against 90,880 2.86% 4.06%
Abstain 202,123 6.37% 9.02%
Broker Non-votes 356,952 11.25% 15.93%
</Table>
4. To Amend the Charter Document to Allow Involuntary Redemptions:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ---------------
For 1,604,820 50.56% 71.63%
Against 75,666 2.38% 3.38%
Abstain 203,072 6.40% 9.06%
Broker Non-votes 356,952 11.25% 15.93%
</Table>
65
<Page>
CREDIT SUISSE STRATEGIC SMALL CAP FUND
SHAREHOLDER MEETING RESULTS (UNAUDITED)
A special meeting of shareholders of the Credit Suisse Strategic Small Cap
Fund (the "Fund") was held at 466 Lexington Avenue, 16th Floor, New York, NY
10017 on April 11, 2003 and adjourned to May 2, 2003. The following matters were
voted upon by the shareholders of the Fund and the results are presented below.
Shares delivered not voted are included on the total for the proposals. All
proposals were approved.
1. To Elect the Following Nominees as Directors:
<Table>
<Caption>
FOR WITHHELD
------- --------
Richard H. Francis 103,529 0
Jack W. Fritz 103,529 0
Joseph D. Gallagher 103,529 0
Jeffrey E. Garten 103,529 0
Peter F. Krogh 103,529 0
James S. Pasman, Jr. 103,529 0
Steven N. Rappaport 103,529 0
William W. Priest 103,529 0
Total Eligible Shares 107,240
Total Shares Voted 103,529
% of Shares Voted 96.54%
</Table>
2-A. To Modify the Fundamental Investment Restriction on Borrowing Money:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
------- ----------------- --------------
For 101,185 94.35% 97.74%
Against 0 0.00% 0.00%
Abstain 0 0.00% 0.00%
Broker Non-votes 2,344 2.19% 2.26%
</Table>
2-B. To Modify the Fundamental Investment Restriction on Lending:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
------- ----------------- --------------
For 101,185 94.35% 97.74%
Against 0 0.00% 0.00%
Abstain 0 0.00% 0.00%
Broker Non-votes 2,344 2.19% 2.26%
</Table>
2-C. To Modify the Fundamental Investment Restriction on Real Estate
Investments:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
------- ----------------- --------------
For 101,185 94.35% 97.74%
Against 0 0.00% 0.00%
Abstain 0 0.00% 0.00%
Broker Non-votes 2,344 2.19% 2.26%
</Table>
66
<Page>
3. To Change the Fund's Investment Objective from Fundamental to
Non-Fundamental:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
------- ----------------- --------------
For 101,071 94.25% 97.63%
Against 0 0.00% 0.00%
Abstain 113 0.11% 0.11%
Broker Non-votes 2,344 2.19% 2.26%
</Table>
4. To Amend the Charter Document to Allow Involuntary Redemptions:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
------- ----------------- --------------
For 100,475 93.69% 97.05%
Against 709 0.66% 0.69%
Abstain 0 0.00% 0.00%
Broker Non-votes 2,344 2.19% 2.26%
</Table>
67
<Page>
CREDIT SUISSE FUNDS
PRIVACY POLICY NOTICE
We are committed to maintaining the privacy of every current and prospective
customer. We recognize that you entrust important personal information to us,
and we wish to assure you that we take seriously our responsibilities in
protecting and safeguarding this information.
In connection with making available investment products and services to
current and potential customers, we may obtain nonpublic personal information
about you. This information may include your name, address, e-mail address,
social security number, account number, assets, income, financial situation,
transaction history and other personal information.
We may collect nonpublic information about you from the following sources:
- Information we receive on applications, forms, questionnaires, web sites,
agreements or in the course of establishing or maintaining a customer
relationship; and
- Information about your transactions with us, our affiliates, or others.
We do not disclose any nonpublic personal information about our customers or
former customers to anyone, except with your consent or as otherwise permitted
by law. In cases where we believe that additional products and services may be
of interest to you, we may share the information described above with our
affiliates. We may also disclose this information to firms that perform services
on our behalf. These agents and service providers are required to treat the
information confidentially and use it only for the purpose for which it is
provided.
We restrict access to nonpublic personal information about you to those
employees, agents or other parties who need to know that information to provide
products or services to you or in connection with your investments with or
through us. We maintain physical, electronic and procedural safeguards that
comply with federal standards to guard your nonpublic personal information.
NOTE: THIS NOTICE IS PROVIDED TO CLIENTS AND PROSPECTIVE CLIENTS OF CREDIT
SUISSE ASSET MANAGEMENT, LLC ("CSAM"), CSAM CAPITAL INC., AND CREDIT SUISSE
ASSET MANAGEMENT SECURITIES, INC., AND SHAREHOLDERS AND PROSPECTIVE SHAREHOLDERS
IN CSAM SPONSORED AND ADVISED INVESTMENT COMPANIES, INCLUDING CREDIT SUISSE
FUNDS, AND OTHER CONSUMERS AND CUSTOMERS, AS APPLICABLE. THIS NOTICE IS NOT
INTENDED TO BE INCORPORATED IN ANY OFFERING MATERIALS BUT IS MERELY A STATEMENT
OF OUR CURRENT PRIVACY POLICY, AND MAY BE AMENDED FROM TIME TO TIME UPON NOTICE
TO YOU. THIS NOTICE IS DATED AS OF MAY 20, 2003.
68
<Page>
P.O. BOX 55030, BOSTON, MA 02205-5030
800-927-2874 - www.csam-americas.com
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. CSGTH-3-0403
<Page>
ITEM 2. CODE OF ETHICS.
Form N-CSR disclosure requirement not yet effective with respect to the
Registrant.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Form N-CSR disclosure requirement not yet effective with respect to the
Registrant.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Form N-CSR disclosure requirement not yet effective with respect to the
Registrant.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to the Registrant.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 8. [RESERVED]
ITEM 9. CONTROLS AND PROCEDURES.
(a) The Principal Executive Officer and Principal Financial Officer concluded
that the Registrant's Disclosure Controls and Procedures are effective based on
their evaluation of the Disclosure Controls and Procedures as of a date within
90 days of the filing date of this report.
(b) There were no significant changes in Registrant's internal controls or in
other factors that could significantly affect these controls subsequent to the
date of their evaluation, including any corrective actions with regard to
significant deficiencies and material weaknesses.
ITEM 10. EXHIBITS.
(a) Form N-CSR disclosure requirement not yet effective with respect to the
Registrant.
(b) The certifications of the Registrant as required by Rule 30a-2 under the Act
are exhibits to this report.
<Page>
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 Appreciation Fund
/s/ Joseph D. Gallagher
-----------------------
Name: Joseph D. Gallagher
Title: Chief Executive Officer
Date: July 2, 2003
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/ Joseph D. Gallagher
-----------------------
Name: Joseph D. Gallagher
Title: Chief Executive Officer
Date: July 2, 2003
/s/ Michael A. Pignataro
Name: Michael A. Pignataro
Title: Chief Financial Officer
Date: July 2, 2003