<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. 811-04604
---------------------------------------------------------------------
CREDIT SUISSE CAPITAL FUNDS
---------------------------------------------------------------------
(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 Funds
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
ITEM 1. REPORTS TO STOCKHOLDERS.
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE FUNDS
SEMIANNUAL REPORT
APRIL 30, 2003
(UNAUDITED)
- - CREDIT SUISSE
TAX EFFICIENT FUND
MORE COMPLETE INFORMATION ABOUT THE FUND, 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 FUND'S INVESTMENT ADVISER AND CO-ADMINISTRATORS MAY WAIVE SOME FEES AND/OR
REIMBURSE SOME EXPENSES, WITHOUT WHICH PERFORMANCE WOULD BE LOWER. WAIVERS
AND/OR REIMBURSEMENTS ARE SUBJECT TO CHANGE.
RETURNS 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 FUND'S MANAGEMENT ARE AS OF THE DATE OF THE LETTER AND THE FUND
HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF APRIL 30, 2003; THESE VIEWS AND
FUND HOLDINGS MAY HAVE CHANGED SUBSEQUENT TO THESE DATES. NOTHING IN THIS
DOCUMENT IS A RECOMMENDATION TO PURCHASE OR SELL SECURITIES.
FUND SHARES ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF CREDIT SUISSE ASSET
MANAGEMENT, LLC ("CSAM") OR ANY AFFILIATE, ARE NOT FDIC-INSURED AND ARE NOT
GUARANTEED BY CSAM OR ANY AFFILIATE.
<Page>
CREDIT SUISSE TAX EFFICIENT 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 Tax Efficient Fund(1),(2) (the "Fund") had a gain of 3.88%, versus an
increase of 4.48% for the Standard & Poor's 500 Index.(3) The Fund's Class A
Shares (without sales charge), Class B Shares (without contingent deferred sales
charge) and Class C Shares (without contingent deferred sales charge) had gains
of 3.80%(4), 3.51%(4) and 3.51%(4), respectively, for the same period.
RETURNS AFTER TAXES(5)
<Table>
<Caption>
COMMON CLASS A CLASS B CLASS C
SHARES SHARES SHARES SHARES
------ ------- ------- -------
After taxes on distributions, without maximum
sales load, or CDSC, as applicable 3.80% 3.71% 3.51% 3.51%
After taxes on distributions, with maximum
sales load, or CDSC, as applicable 3.80% (2.25%) (0.49%) 2.51%
After taxes on distributions and sale of Fund
shares, without maximum sales load,
or CDSC, as applicable 2.38% 2.33% 2.15% 2.15%
After taxes on distributions and sale of Fund
shares, with maximum sales load, or CDSC,
as applicable 2.38% (1.33%) (0.30%) 1.54%
</Table>
The period was an ultimately positive one for the U.S. stock market, due to a
post-war rally in April that erased earlier losses. Stocks initially fell, beset
by a tepid economy and lackluster earnings-growth prospects, and by the threat
of war. However, as the war with Iraq wound down, risk factors eased
considerably and investors reentered the equity market. In this environment, the
Fund had a gain but modestly lagged its benchmark. Stocks that hindered the Fund
included specific materials, industrial and consumer-discretionary holdings. On
the positive side, stocks that aided the Fund included its health-care and
consumer-staples holdings.
We believe that the war and the early 2003 turbulence in energy costs should
prove to be short-term influences on the U.S. economy. Provided that some
stability can prevail in Iraq and the broader region going forward (and assuming
continued success on the anti-terrorism front), perhaps the resumption of normal
economic conditions may finally occur. We regard normal conditions as those in
which the forces of monetary and fiscal policy and the value of the U.S. dollar
affect the economy with their usual strength and in the usual timeframe.
1
<Page>
Pessimists can point to the 6% U.S. unemployment rate (as of April 2003) and
weak economies in Continental Europe and Japan as negative influences. Yet the
stimulus provided by monetary ease and deficit spending could revive the economy
under normal conditions, including growth in investment demand equal to or
faster than the historical average rate. Average or above average investment
demand, combined with at least average consumer demand and robust government
demand, usually provide a favorable environment for equities (although, of
course, past performance cannot guarantee future results.)
Anticipating a return to normal conditions, we have pruned the portfolio of
several names that, in our view, lack the potential to perform well as economic
conditions improve. While doing so, we added names we deemed to have strong
fundamentals and good potential to perform well in a recovering economy.
Although we expect economic growth to accelerate, greater competitive
pressure and limited pricing power are conditions we feel are likely to persist.
Some managements face these challenges better than others do. If and when we do
not get the results we expect, we will act in a timely manner to replace
underperformers with stocks that we believe have better long-term potential.
Hugh Neuburger
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
Return Before Taxes (28.05%) -- -- (20.14%) 8/01/00
Return After Taxes
on Distributions (28.11%) -- -- (20.43%) 8/01/00
Return After Taxes on
Distributions and
Sale of Fund Shares (17.22%) -- -- (17.81%) 8/01/00
Class A
Return Before Taxes
Without Sales Charge (28.02%) (3.89%) 6.46% 7.43% 12/15/86
Return Before Taxes
With Maximum
Sales Charge (32.14%) (5.02%) 5.83% 7.04% 12/15/86
Return After Taxes on
Distributions Without
Sales Charge (28.08%) (4.46%) 5.06% 5.62% 12/15/86
Return After Taxes on
Distributions With
Maximum Sales Charge (32.20%) (5.59%) 4.44% 5.24% 12/15/86
Return After Taxes
on Distributions and
Sale of Fund Shares
Without Sales Charge (17.20%) (3.64%) 5.05% 5.60% 12/15/86
Return After Taxes
on Distributions
and Sale of Fund Shares
With Maximum
Sales Charge (19.73%) (4.63%) 4.46% 5.23% 12/15/86
</Table>
3
<Page>
AVERAGE ANNUAL RETURNS AS OF MARCH 31, 2003(1)
<Table>
<Caption>
SINCE INCEPTION
1 YEAR 5 YEARS 10 YEARS INCEPTION DATE
------ ------- -------- --------- ---------
Class B
Return Before Taxes
Without CDSC (28.56%) (4.60%) -- 3.55% 2/28/96
Return Before Taxes With
Maximum CDSC (31.42%) (4.60%) -- 3.55% 2/28/96
Return After Taxes
on Distributions
Without CDSC (28.56%) (5.17%) -- 2.49% 2/28/96
Return After Taxes on
Distributions With
Maximum CDSC (31.42%) (5.17%) -- 2.49% 2/28/96
Return After Taxes
on Distributions and
Sale of Fund Shares
Without CDSC (17.54%) (4.25%) -- 2.68% 2/28/96
Return After Taxes
on Distributions and
Sale of Fund Shares
With Maximum CDSC (19.29%) (4.25%) -- 2.68% 2/28/96
Class C
Return Before Taxes
Without CDSC (28.56%) -- -- (16.05%) 2/28/00
Return Before Taxes With
Maximum CDSC (29.28%) -- -- (16.05%) 2/28/00
Return After Taxes
on Distributions
Without CDSC (28.56%) -- -- (16.31%) 2/28/00
Return After Taxes on
Distributions With
Maximum CDSC (29.28%) -- -- (16.31%) 2/28/00
Return After Taxes
on Distributions and
Sale of Fund Shares
Without CDSC (17.54%) -- -- (14.20%) 2/28/00
Return After Taxes
on Distributions
and Sale of Fund Shares
With Maximum CDSC (17.98%) -- -- (14.20%) 2/28/00
</Table>
4
<Page>
AVERAGE ANNUAL RETURNS AS OF MARCH 31, 2003(1)
<Table>
<Caption>
SINCE INCEPTION
1 YEAR 5 YEARS 10 YEARS INCEPTION DATE
------ ------- -------- --------- ---------
Common Class
Return Before Taxes (16.09%) -- -- (17.37%) 8/01/00
Return After Taxes
on Distributions (16.09%) -- -- (17.67%) 8/01/00
Return After Taxes
on Distributions and
Sale of Fund Shares (9.83%) -- -- (13.29%) 8/01/00
Class A
Return Before Taxes
Without Sales Charge (16.06%) (2.47%) 7.51% 7.88% 12/15/86
Return Before Taxes
With Maximum
Sales Charge (20.90%) (3.62%) 6.88% 7.49% 12/15/86
Return After Taxes on
Distributions Without
Sales Charge (16.13%) (3.05%) 6.10% 6.07% 12/15/86
Return After Taxes on
Distributions With
Maximum Sales
Charge (20.96%) (4.20%) 5.48% 5.69% 12/15/86
Return After Taxes
on Distributions and
Sale of Fund Shares
Without Sales Charge (9.86%) (1.78%) 5.89% 5.94% 12/15/86
Return After Taxes
on Distributions and
Sale of Fund Shares
With Maximum
Sales Charge (12.83%) (2.68%) 5.34% 5.59% 12/15/86
</Table>
5
<Page>
AVERAGE ANNUAL RETURNS AS OF MARCH 31, 2003(1)
<Table>
<Caption>
SINCE INCEPTION
1 YEAR 5 YEARS 10 YEARS INCEPTION DATE
------ ------- -------- --------- ---------
Class B
Return Before Taxes
Without CDSC (16.61%) (3.19%) -- 4.59% 2/28/96
Return Before Taxes
With Maximum CDSC (19.94%) (3.19%) -- 4.59% 2/28/96
Return After Taxes
on Distributions
Without CDSC (16.61%) (3.77%) -- 3.53% 2/28/96
Return After Taxes on
Distributions With
Maximum CDSC (19.94%) (3.77%) -- 3.53% 2/28/96
Return After Taxes on
Distributions and
Sale of Fund Shares
Without CDSC (10.20%) (2.32%) -- 3.68% 2/28/96
Return After Taxes
on Distributions and
Sale of Fund Shares
With Maximum CDSC (12.25%) (2.32%) -- 3.68% 2/28/96
Class C
Return Before Taxes
Without CDSC (16.61%) -- -- (13.66%) 2/28/00
Return Before Taxes
With Maximum CDSC (17.44%) -- -- (13.66%) 2/28/00
Return After Taxes
on Distributions
Without CDSC (16.61%) -- -- (13.92%) 2/28/00
Return After Taxes on
Distributions With
Maximum CDSC (17.44%) -- -- (13.92%) 2/28/00
Return After Taxes
on Distributions and
Sale of Fund Shares
Without CDSC (10.20%) -- -- (10.44%) 2/28/00
Return After Taxes
on Distributions and
Sale of Fund Shares
With Maximum CDSC (10.71%) -- -- (10.44%) 2/28/00
</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.
6
<Page>
(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) Effective June 3, 2002 the Fund's name was changed from Credit Suisse Blue
Chip Fund and the Fund's investment objective changed to long-term capital
appreciation on an after-tax basis. The Fund implements an explicit
investment strategy of seeking to reduce, though not eliminate, taxable
distributions to shareholders. The investment adviser's attempts to manage
the Fund in a tax efficient manner may hurt the Fund's performance on a
pre-tax basis. Therefore, the Fund may be less attractive to persons who
invest in the Fund through tax-advantaged vehicles, such as IRA's or 401(k)
plans.
(3) The Standard & Poor's 500 Index is an unmanaged index (with no defined
investment objective) of common stocks. It includes reinvestment of
dividends, and is a registered trademark of McGraw-Hill Co., Inc. 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 down 2.17%. Total return
for Class B shares for the reporting period, based on redemption value
(including maximum contingent deferred sales charge, or CDSC, of 4%), was
down 0.49%. Total return for Class C shares for the reporting period, based
on redemption value (including maximum CDSC of 1%), was 2.51%.
(5) After-tax returns are calculated using the historical highest individual
federal marginal income tax rates and do not reflect the impact of state or
local taxes. Actual returns depend on an investor's circumstances and may
differ from those shown. Actual after-tax returns may not be relevant to
investors who hold their shares through tax-advantaged arrangements, such
as IRA's or 401(k) plans. The after-tax performance figures provided in
this report may vary from the after-tax performance figures provided by
other sources. In some cases the returns after taxes may exceed the returns
before taxes due to an assumed tax benefit from any losses on a sale of
fund shares at the end of the period.
7
<Page>
CREDIT SUISSE TAX EFFICIENT FUND
SCHEDULE OF INVESTMENTS
April 30, 2003 (Unaudited)
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- -----
COMMON STOCKS (100.0%)
AEROSPACE & DEFENSE (2.8%)
United Technologies Corp. 38,500 $ 2,379,685
------------
AIR FREIGHT & COURIERS (1.2%)
FedEx Corp. 16,600 994,008
------------
BANKS (8.1%)
Bank of America Corp. 24,000 1,777,200
Bank One Corp. 34,500 1,243,725
Charter One Financial, Inc. 61,000 1,772,050
Wells Fargo & Co. 43,200 2,084,832
------------
6,877,807
------------
BEVERAGES (1.3%)
PepsiCo, Inc. 25,500 1,103,640
------------
BIOTECHNOLOGY (3.6%)
Amgen, Inc.* 50,000 3,065,500
------------
CHEMICALS (1.4%)
PPG Industries, Inc. 24,000 1,164,240
------------
COMMERCIAL SERVICES & SUPPLIES (1.6%)
Avery Dennison Corp. 25,000 1,325,250
------------
COMMUNICATIONS EQUIPMENT (1.8%)
Cisco Systems, Inc.* 101,500 1,526,560
------------
COMPUTERS & PERIPHERALS (4.0%)
Dell Computer Corp.* 41,000 1,185,310
International Business Machines Corp. 26,140 2,219,286
------------
3,404,596
------------
DIVERSIFIED FINANCIALS (7.6%)
Citigroup, Inc. 72,600 2,849,550
Freddie Mac 20,500 1,186,950
J.P. Morgan Chase & Co. 40,000 1,174,000
Merrill Lynch & Company, Inc. 29,500 1,210,975
------------
6,421,475
------------
DIVERSIFIED TELECOMMUNICATION SERVICES (3.6%)
BellSouth Corp. 57,000 1,452,930
Verizon Communications, Inc. 44,000 1,644,720
------------
3,097,650
------------
FOOD & DRUG RETAILING (1.2%)
CVS Corp. 41,500 1,004,715
------------
FOOD PRODUCTS (1.3%)
General Mills, Inc. 25,000 1,127,750
------------
HEALTHCARE EQUIPMENT & SUPPLIES (1.5%)
Medtronic, Inc. 27,000 1,288,980
------------
</Table>
See Accompanying Notes to Financial Statements.
8
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- -----
COMMON STOCKS (CONTINUED)
HOUSEHOLD PRODUCTS (3.5%)
Colgate-Palmolive Co. 26,000 $ 1,486,420
Procter & Gamble Co. 16,200 1,455,570
------------
2,941,990
------------
INDUSTRIAL CONGLOMERATES (3.3%)
General Electric Co. 58,900 1,734,605
Tyco International, Ltd. 67,300 1,049,880
------------
2,784,485
------------
INSURANCE (6.3%)
Hartford Financial Services Group, Inc. 36,700 1,495,892
Marsh & McLennan Companies, Inc. 42,200 2,012,096
St. Paul Companies, Inc. 42,200 1,449,148
Travelers Property Casualty Corp. Class B 23,000 373,750
------------
5,330,886
------------
MEDIA (8.1%)
Clear Channel Communications, Inc.* 22,000 860,420
E.W. Scripps Co. Class A 22,900 1,814,825
Gannett Company, Inc. 6,000 454,320
Omnicom Group, Inc. 30,400 1,881,760
Viacom, Inc. Class B* 43,000 1,866,630
------------
6,877,955
------------
MULTILINE RETAIL (7.8%)
Costco Wholesale Corp.* 42,500 1,471,775
Target Corp. 53,000 1,772,320
Wal-Mart Stores, Inc. 60,000 3,379,200
------------
6,623,295
------------
OIL & GAS (5.8%)
ConocoPhillips 40,704 2,047,411
Exxon Mobil Corp. 81,000 2,851,200
------------
4,898,611
------------
PERSONAL PRODUCTS (2.1%)
Avon Products, Inc. 12,500 727,125
Estee Lauder Companies, Inc. Class A 33,700 1,095,250
------------
1,822,375
------------
PHARMACEUTICALS (11.8%)
Abbott Laboratories 40,500 1,645,515
Johnson & Johnson 52,000 2,930,720
Pfizer, Inc. 115,180 3,541,785
Wyeth 43,300 1,884,849
------------
10,002,869
------------
</Table>
See Accompanying Notes to Financial Statements.
9
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- -----
COMMON STOCKS (CONCLUDED)
SEMICONDUCTOR EQUIPMENT & PRODUCTS (4.6%)
Intel Corp. 107,000 $ 1,968,800
Maxim Integrated Products, Inc. 15,500 608,995
Texas Instruments, Inc. 73,300 1,355,317
------------
3,933,112
------------
SOFTWARE (5.7%)
Mercury Interactive Corp.* 16,000 543,040
Microsoft Corp. 131,000 3,349,670
Symantec Corp.* 11,000 483,450
VERITAS Software Corp.* 22,000 484,220
------------
4,860,380
------------
TOTAL COMMON STOCKS (Cost $76,384,800) 84,857,814
------------
TOTAL INVESTMENTS AT VALUE (100.0%) (Cost $76,384,800) 84,857,814
LIABILITIES IN EXCESS OF OTHER ASSETS (0.0%) (10,426)
------------
NET ASSETS (100.0%) $ 84,847,388
============
</Table>
- ----------
* Non-income producing security.
See Accompanying Notes to Financial Statements.
10
<Page>
CREDIT SUISSE TAX EFFICIENT FUND
STATEMENT OF ASSETS AND LIABILITIES
April 30, 2003 (Unaudited)
<Table>
ASSETS
Investments at value (Cost $76,384,800) (Note 1) $ 84,857,814
Receivable for investments sold 293,574
Dividend receivable 92,624
Receivable for fund shares sold 96
Prepaid expenses 6,555
------------
Total Assets 85,250,663
------------
LIABILITIES
Due to custodian 190,269
Advisory fee payable (Note 2) 27,817
Administrative services fee payable (Note 2) 15,040
Distribution fee payable (Note 2) 30,462
Trustees' fee payable 71
Payable for fund shares redeemed 35
Other accrued expenses payable 139,581
------------
Total Liabilities 403,275
------------
NET ASSETS
Capital stock, $0.001 par value (Note 5) 6,751
Paid-in capital (Note 5) 91,805,561
Undistributed net investment income 108,832
Accumulated net realized loss on investments (15,546,770)
Net unrealized appreciation from investments 8,473,014
------------
Net Assets $ 84,847,388
============
COMMON SHARES
Net assets $ 755,833
Shares outstanding 59,379
------------
Net asset value, offering price, and redemption price per share $ 12.73
============
A SHARES
Net assets $ 61,880,479
Shares outstanding 4,855,373
------------
Net asset value and redemption price per share $ 12.74
============
Maximum offering price per share (net asset value/(1-5.75%)) $ 13.52
============
B SHARES
Net assets $ 19,363,270
Shares outstanding 1,600,592
------------
Net asset value and offering price per share $ 12.10
============
C SHARES
Net assets $ 2,847,806
Shares outstanding 235,453
------------
Net asset value and offering price per share $ 12.10
============
</Table>
See Accompanying Notes to Financial Statements.
11
<Page>
CREDIT SUISSE TAX EFFICIENT FUND
STATEMENT OF OPERATIONS
For the Six Months Ended April 30, 2003 (Unaudited)
<Table>
INVESTMENT INCOME (NOTE 1)
Dividends $ 695,753
Interest 538
------------
Total investment income 696,291
------------
EXPENSES
Investment advisory fees (Note 2) 320,933
Administrative services fees (Note 2) 70,418
Distribution fees (Note 2) 192,468
Transfer agent fees (Note 2) 94,575
Printing fees (Note 2) 36,802
Registration fees 33,144
Legal fees 28,293
Audit fees 11,929
Custodian fees 6,189
Insurance expense 5,087
Trustees' fees 2,402
Interest expense 2,015
Miscellaneous expense 1,222
------------
Total expenses 805,477
Less: fees waived (Note 2) (218,029)
------------
Net expenses 587,448
------------
Net investment income 108,843
------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized loss from investments (3,723,706)
Net change in unrealized appreciation (depreciation) from
investment 6,621,047
------------
Net realized and unrealized gain from investments 2,897,341
------------
Net increase in net assets resulting from operations $ 3,006,184
============
</Table>
See Accompanying Notes to Financial Statements.
12
<Page>
CREDIT SUISSE TAX EFFICIENT FUND
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE YEAR
APRIL 30, 200 ENDED
(UNAUDITED) OCTOBER 31, 2002
-------------- ----------------
FROM OPERATIONS
Net investment income $ 108,843 $ 142,577
Net realized loss from investments (3,723,706) (10,387,080)
Net change in unrealized appreciation (depreciation)
from investments 6,621,047 (13,227,307)
------------ ------------
Net increase (decrease) in net assets resulting from
operations 3,006,184 (23,471,810)
------------ ------------
FROM DIVIDENDS
Dividends from net investment income
Common Class shares (1,947) --
Class A shares (140,641) --
------------ ------------
Net decrease in net assets resulting from dividends (142,588) --
------------ ------------
FROM CAPITAL SHARE TRANSACTIONS (NOTE 5)
Proceeds from sale of shares 1,924,764 8,194,566
Reinvestment of dividends 121,024 --
Net asset value of shares redeemed (10,965,649) (57,525,553)
------------ ------------
Net decrease in net assets from capital share transactions (8,919,861) (49,330,987)
------------ ------------
Net decrease in net assets (6,056,265) (72,802,797)
NET ASSETS
Beginning of period 90,903,653 163,706,450
------------ ------------
End of period $ 84,847,388 $ 90,903,653
============ ============
UNDISTRIBUTED NET INVESTMENT INCOME $ 108,832 $ 142,577
============ ============
</Table>
See Accompanying Notes to Financial Statements.
13
<Page>
CREDIT SUISSE TAX EFFICIENT 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(1)
-------------- --------- --------- ---------
PER SHARE DATA
Net asset value, beginning of period $ 12.28 $ 15.14 $ 22.55 $ 22.55
--------- --------- --------- ---------
INVESTMENT OPERATIONS
Net investment income (loss)(2) 0.03 0.04 0.01 (0.02)
Net gain (loss) on investments (both realized and unrealized) 0.45 (2.90) (6.47) 0.02
--------- --------- --------- ---------
Total from investment operations 0.48 (2.86) (6.46) --
--------- --------- --------- ---------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.03) -- -- --
Distributions from net realized gains -- -- (0.95) --
--------- --------- --------- ---------
Total dividends and distributions (0.03) -- (0.95) --
--------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 12.73 $ 12.28 $ 15.14 $ 22.55
========= ========= ========= =========
Total return(3) 3.88% (18.89)% (29.66)% 0.00%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 756 $ 899 $ 1,395 $ 1,002
Ratio of expenses to average net assets 1.17%(4) 1.09% 1.10% 0.27%(4)
Ratio of net investment income (loss) to average net assets 0.46%(4) 0.28% 0.05% (0.11)%(4)
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 0.51%(4) 0.38% 0.14% --
Portfolio turnover rate 24% 19% 17% 26%
</Table>
- ----------
(1) For the period August 1, 2000 (inception date) through October 31, 2000.
(2) Per share information is calculated using the average share outstanding
method.
(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) Annualized.
See Accompanying Notes to Financial Statements.
14
<Page>
CREDIT SUISSE TAX EFFICIENT FUND
FINANCIAL HIGHLIGHTS
(For a Class A 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 $ 12.30 $ 15.16 $ 22.54 $ 21.27 $ 16.52 $ 14.56
--------- --------- --------- --------- --------- ---------
INVESTMENT OPERATIONS
Net investment income (loss)(1) 0.03 0.04 0.01 (0.04) (0.03) --
Net gain (loss) on investments
(both realized and unrealized) 0.44 (2.90) (6.44) 2.92 5.04 2.88
--------- --------- --------- --------- --------- ---------
Total from investment operations 0.47 (2.86) (6.43) 2.88 5.01 2.88
--------- --------- --------- --------- --------- ---------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.03) -- -- -- -- (0.02)
Distributions from net realized gains -- -- (0.95) (1.61) (0.26) (0.90)
--------- --------- --------- --------- --------- ---------
Total dividends and distributions (0.03) -- (0.95) (1.61) (0.26) (0.92)
--------- --------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 12.74 $ 12.30 $ 15.16 $ 22.54 $ 21.27 $ 16.52
========= ========= ========= ========= ========= =========
Total return(2) 3.80% (18.87)% (29.56)% 14.39% 30.77% 21.00%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period
(000s omitted) $ 61,880 $ 65,319 $ 102,935 $ 159,945 $ 135,677 $ 97,078
Ratio of expenses to average net
assets 1.17%(3) 1.09% 1.10% 1.14% 1.23% 1.29%
Ratio of net investment income
(loss) to average net assets 0.45%(3) 0.29% 0.04% (0.19)% (0.16)% (0.02)%
Decrease reflected in above
operating expense ratios due
to waivers/reimbursements 0.51%(3) 0.39% 0.11% -- -- --
Portfolio turnover rate 24% 19% 17% 26% 35% 21%
</Table>
- ----------
(1) Per share information is calculated using the average share outstanding
method.
(2) 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.
(3) Annualized.
See Accompanying Notes to Financial Statements.
15
<Page>
CREDIT SUISSE TAX EFFICIENT FUND
FINANCIAL HIGHLIGHTS
(For a Class B 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 $ 11.69 $ 14.52 $ 21.79 $ 20.75 $ 16.25 $ 14.41
-------------- --------- --------- --------- --------- ---------
INVESTMENT OPERATIONS
Net investment loss(1) (0.02) (0.07) (0.12) (0.20) (0.17) (0.12)
Net gain (loss) on investments
(both realized and unrealized) 0.43 (2.76) (6.20) 2.85 4.93 2.86
-------------- --------- --------- --------- --------- ---------
Total from investment operations 0.41 (2.83) (6.32) 2.65 4.76 2.74
-------------- --------- --------- --------- --------- ---------
LESS DISTRIBUTIONS
Distributions from net realized gains -- -- (0.95) (1.61) (0.26) (0.90)
-------------- --------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 12.10 $ 11.69 $ 14.52 $ 21.79 $ 20.75 $ 16.25
============== ========= ========= ========= ========= =========
Total return(2) 3.51% (19.49)% (30.10)% 13.58% 29.73% 20.20%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period
(000s omitted) $ 19,363 $ 21,490 $ 35,270 $ 50,233 $ 32,783 $ 17,438
Ratio of expenses to average net
assets 1.92%(3) 1.84% 1.85% 1.85% 1.93% 1.99%
Ratio of net investment loss
to average net assets (0.29)%(3) (0.46)% (0.71)% (0.91)% (0.86)% (0.72)%
Decrease reflected in above
operating expense ratios due to
waivers/reimbursements 0.51%(3) 0.39% 0.11% -- -- --
Portfolio turnover rate 24% 19% 17% 26% 35% 21%
</Table>
- ----------
(1) Per share information is calculated using the average share outstanding
method.
(2) 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.
(3) Annualized.
See Accompanying Notes to Financial Statements.
16
<Page>
CREDIT SUISSE TAX EFFICIENT FUND
FINANCIAL HIGHLIGHTS
(For a Class C 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(1)
-------------- --------- --------- -------
PER SHARE DATA
Net asset value, beginning of period $ 11.69 $ 14.52 $ 21.79 $ 20.01
-------------- --------- --------- -------
INVESTMENT OPERATIONS
Net investment loss(2) (0.02) (0.06) (0.12) (0.17)
Net gain (loss) on investments (both
realized and unrealized) 0.43 (2.77) (6.20) 1.95
-------------- --------- --------- -------
Total from investment operations 0.41 (2.83) (6.32) 1.78
-------------- --------- --------- -------
LESS DISTRIBUTIONS
Distributions from net realized gains -- -- (0.95) --
-------------- --------- --------- -------
NET ASSET VALUE, END OF PERIOD $ 12.10 $ 11.69 $ 14.52 $ 21.79
============== ========= ========= =======
Total return(3) 3.51% (19.49)% (30.10)% 8.90%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period
(000s omitted) $ 2,848 $ 3,195 $ 4,220 $ 4,412
Ratio of expenses to average net
assets 1.92% 1.84% 1.85% 1.32%(4)
Ratio of net investment loss to
average net assets (0.29)%(4) (0.45)% (0.71)% (0.91)%(4)
Decrease reflected in above
operating expense ratios due to
waivers/reimbursements 0.51% 0.40% 0.11% --
Portfolio turnover rate 24% 19% 17% 26%
</Table>
- ----------
(1) For the period February 28, 2000 (inception date) through October 31, 2000.
(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.
See Accompanying Notes to Financial Statements.
17
<Page>
CREDIT SUISSE TAX EFFICIENT FUND
NOTES TO FINANCIAL STATEMENTS
April 30, 2003 (Unaudited)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Credit Suisse Tax Efficient Fund, a series of the Credit Suisse Capital Funds
(the "Trust"), is registered under the Investment Company Act of 1940, as
amended (the "1940 Act"), as a diversified, open-end management investment
company that seeks long-term capital appreciation on an after-tax basis. The
Trust was organized under the laws of the Commonwealth of Massachusetts as a
business trust on November 26, 1985.
The Fund is authorized to offer four classes of shares: Common Class, Class
A, Class B and Class C. Effective December 12, 2001, Common Class shares closed
to new investments, except for reinvestments of dividends. Common Class
shareholders may continue to hold Common Class shares but may not add to their
accounts. Although no further shares can be purchased, shareholders can redeem
their Common Class shares through any available method. Effective March 21,
2002, Class D shares ceased operations. Each class of shares in the Fund
represents an equal pro rata interest in the Fund, except that they bear
different expenses which reflect the differences in the range of services
provided to them. Common Class shares of the Fund 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. Class A shares are sold with a front-end
sales charge of up to 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 the Fund's
Class A shares. Class B shares are sold subject to a contingent deferred sales
charge which declines from 4.00% to zero depending on the period of time the
shares are held and bear expenses paid pursuant to a distribution plan at an
annual rate of 1.00% of the average daily net assets of the Fund's Class B
shares. Class C shares are sold subject to a contingent deferred sales charge of
1.00% if 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 Fund's Class C shares.
A) SECURITY VALUATION -- The net asset value of the 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. The 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, equity 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,
18
<Page>
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 under procedures established
by the Board of Trustees 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) 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. Income, expenses
(excluding class-specific expenses) and realized/unrealized gains/losses are
allocated proportionately to each class of shares based upon the relative net
asset value of outstanding shares of that class. The cost of investments sold is
determined by use of the specific identification method for both financial
reporting and income tax purposes.
C) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net
investment income 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").
D) FEDERAL INCOME TAXES -- No provision is made for federal taxes as it is
the Fund's intention to continue to qualify for and elect the tax treatment
applicable to regulated investment companies under the Internal Revenue Code of
1986, as amended, and make the requisite distributions to its shareholders which
will be sufficient to relieve it from federal income and excise taxes.
E) USE OF ESTIMATES -- The preparation of financial statements in conformity
with GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Actual results could
differ from these estimates.
19
<Page>
F) SHORT-TERM INVESTMENTS -- The Fund, 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 Fund's custodian. The short-term time deposit is a variable rate account
classified as a short-term investment.
G) SECURITIES LENDING -- Loans of securities are required at all times to be
secured by collateral at least equal to 102% of the market value of domestic
securities on loan including any accrued interest thereon and 105% of the market
value of foreign securities on loan including any accrued interest thereon. Cash
Collateral received by the Fund 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 Fund
had no securities out on loan during the six months ended April 30, 2003.
Credit Suisse First Boston ("CSFB"), an affiliate of CSAM, has been engaged
by the Fund to act as the Fund's securities lending agent. Prior to April 1,
2003, CSFB had agreed to charge the Fund 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 Fund and CSFB entered into an arrangement to share the income earned
from securities lending activities, whereby, generally, the Fund 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 Fund shall be reduced to such lower fee amount.
NOTE 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
CSAM serves as investment adviser for the Fund. For its investment advisory
services, CSAM is entitled to receive a fee from the Fund based on the following
fee structure:
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ -----------
First $100 million 0.75% of average daily net assets
Over $100 million 0.50% of average daily net assets
20
<Page>
For the six months ended April 30, 2003, investment advisory fees earned and
voluntarily waived were $320,933 and $218,029, respectively.
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of
CSAM, and SSB serve as co-administrators to the Fund.
For its co-administrative services, CSAMSI currently receives a fee
calculated at an annual rate of 0.10% of the Fund's average daily net assets.
For the six months ended April 30, 2003, co-administrative services fees earned
by CSAMSI were $42,791.
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/Portfolios co-administered by SSB and
allocated based upon relative average net assets of each fund/portfolio.
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ -----------
First $5 billion .050% of average daily net assets
Next $5 billion .035% of average daily net assets
Over $10 billion .020% of average daily net assets
For the six months ended April 30, 2003, co-administrative service fees
earned by SSB (including out-of-pocket expenses) were $27,627.
In addition to serving as the Fund's co-administrator, CSAMSI currently
serves as distributor of the Fund's shares. Pursuant to distribution plans
adopted by the Fund pursuant to Rule 12b-1 under the 1940 Act, CSAMSI receives
fees for its distribution services. This fee is calculated at an annual rate of
0.25% of the average daily net assets of the Common class shares and Class A
shares of the Fund. For the Class B shares and Class C shares of the Fund, the
fee is calculated at an annual rate of 1.00% of average daily net assets of
Class B shares and Class C shares of the Fund. For the six months ended April
30, 2003, distribution fees paid to CSAMSI were as follows:
<Table>
<Caption>
CLASS DISTRIBUTION FEE
------------ ----------------
Common Class $ 1,007
Class A 77,479
Class B 99,397
Class C 14,585
----------
$ 192,468
==========
</Table>
Certain brokers, dealers and financial representatives provide transfer agent
related services to the Fund, and receive compensation for these
21
<Page>
services from CSAM. CSAM is then reimbursed by the Fund. For the six months
ended April 30, 2003, the Fund reimbursed CSAM $1,421 which is included in the
Fund's transfer agent expense.
For the six months ended April 30, 2003, CSAMSI and its affiliates advised
the Fund that they retained $13,542 from commissions earned on the sales of the
Fund's Class A shares.
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Fund to provide certain financial printing and fulfillment services. For the
six months ended April 30, 2003, Merrill was paid $10,237 for its services to
the Fund.
NOTE 3. LINE OF CREDIT
The Fund, together with other funds/portfolios advised by CSAM (collectively,
the "Participating Funds"), participates in a $150 million committed, unsecured
line of credit facility ("Credit Facility") with Deutsche Bank, A.G. as
administrative agent and syndication agent and State Street Bank and Trust
Company 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, and during the six months ended April 30, 2003, the
Fund had no borrowings under the Credit Facility.
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 $20,292,139 and $29,019,136,
respectively.
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: $76,384,800,
$14,860,727, $(6,387,713) and $8,473,014, respectively.
22
<Page>
NOTE 5. CAPITAL SHARE TRANSACTIONS
The Fund is authorized to issue an unlimited number of full and fractional
shares of beneficial interest, $.001 par value per share, of which an unlimited
number of shares are classified as the Common Class shares, Class A shares,
Class B shares, and Class C shares. Transactions in capital shares for each
class of the Fund were as follows:
<Table>
<Caption>
COMMON CLASS
----------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2003 (UNAUDITED) OCTOBER 31, 2002
----------------------------------------------------------
SHARES VALUE SHARES VALUE
------------- ------------- ------------- -------------
Shares sold 39 $ 505 29,164 $ 473,793
Shares issued in reinvestment
of dividends 147 1,860 -- --
Shares redeemed (13,976) (166,023) (48,090) (689,981)
------------- ------------- ------------- -------------
Net decrease (13,790) $ (163,658) (18,926) $ (216,188)
============= ============= ============= =============
<Caption>
CLASS A
----------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2003 (UNAUDITED) OCTOBER 31, 2002
----------------------------------------------------------
SHARES VALUE SHARES VALUE
------------- ------------- ------------- -------------
Shares sold 144,132 $ 1,727,049 204,856 $ 2,742,660
Shares issued in reinvestment
of dividends 9,416 119,164 -- --
Shares redeemed (610,648) (7,418,588) (1,680,530) (23,172,404)
------------- ------------- ------------- -------------
Net decrease (457,100) $ (5,572,375) (1,475,674) $ (20,429,744)
============= ============= ============= =============
<Caption>
CLASS B
----------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2003 (UNAUDITED) OCTOBER 31, 2002
----------------------------------------------------------
SHARES VALUE SHARES VALUE
------------- ------------- ------------- -------------
Shares sold 14,902 $ 175,090 121,941 $ 1,868,259
Shares redeemed (252,720) (2,921,450) (711,742) (9,536,588)
------------- ------------- ------------- -------------
Net decrease (237,818) $ (2,746,360) (589,801) $ (7,668,329)
============= ============= ============= =============
<Caption>
CLASS C
----------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2003 (UNAUDITED) OCTOBER 31, 2002
----------------------------------------------------------
SHARES VALUE SHARES VALUE
------------- ------------- ------------- -------------
Shares sold 1,867 $ 22,120 96,550 $ 1,424,556
Shares redeemed (39,823) (459,588) (113,756) (1,664,618)
------------- ------------- ------------- -------------
Net decrease (37,956) $ (437,468) (17,206) $ (240,062)
============= ============= ============= =============
</Table>
23
<Page>
<Table>
<Caption>
CLASS D
----------------------------
FOR THE YEAR ENDED
OCTOBER 31, 2002(1)
------------- -------------
SHARES VALUE
------------- -------------
Shares sold 103,477 $ 1,685,298
Shares redeemed (1,407,894) (22,461,962)
------------- -------------
Net decrease (1,304,417) $ (20,776,664)
============= =============
</Table>
- ----------
(1) Class D ceased operations on March 21, 2002.
Management has determined that due to an administrative oversight, new sales
of Common Class shares other than pursuant to reinvestment of dividends took
place after February 28, 2002, when there was no effective Common Class
prospectus. A right of rescission will be offered to shareholders who purchased
Common Class shares after February 28, 2002. The Fund will not bear any of the
costs of the rescission offer, including payments due to shareholders who accept
the offer.
On April 30, 2003, the number of shareholders that held 5% or more of the
outstanding shares of each class of the Fund were as follows:
<Table>
<Caption>
NUMBER OF APPROXIMATE PERCENTAGE
CLASS SHAREHOLDERS OF OUTSTANDING SHARES
----- ------------ ----------------------
Common Class 1 6%
Class C 2 12%
</Table>
Some of the shareholders are comprised of omnibus accounts, which are held on
behalf of several individual shareholders.
24
<Page>
CREDIT SUISSE TAX EFFICIENT FUND
SHAREHOLDER MEETING RESULTS (UNAUDITED)
A special meeting of shareholders of the Credit Suisse Tax Efficient 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 were approved except proposals 4A and 4B.
1. To Elect the Following Nominees as Trustees:
<Table>
<Caption>
FOR WITHHELD
----------- ----------
Richard H. Francis 4,548,696 420,794
Jack W. Fritz 4,542,565 426,925
Joseph D. Gallagher 4,541,133 428,356
Jeffrey E. Garten 4,543,807 425,683
Peter F. Krogh 4,545,853 423,636
James S. Pasman, Jr. 4,556,460 413,030
Steven N. Rappaport 4,544,235 425,254
William W. Priest 4,546,816 422,674
Total Eligible Shares 7,111,784
Total Shares Voted 4,969,490
% of Shares Voted 69.88%
</Table>
2-A. To Modify the Fundamental Investment Restriction on Borrowing Money:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
--------- ------------------ --------------
For 4,109,796 57.79% 82.70%
Against 418,875 5.89% 8.43%
Abstain 324,959 4.57% 6.54%
Broker Non-votes 115,860 1.63% 2.33%
</Table>
2-B. To Modify the Fundamental Investment Restriction on Lending:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
--------- ------------------ --------------
For 4,104,920 57.72% 82.60%
Against 425,882 5.99% 8.57%
Abstain 322,827 4.54% 6.50%
Broker Non-votes 115,860 1.63% 2.33%
</Table>
25
<Page>
2-C. To Modify the Fundamental Investment Restriction on Real Estate
Investments:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
--------- ------------------ --------------
For 4,116,630 57.89% 82.84%
Against 409,122 5.75% 8.23%
Abstain 327,878 4.61% 6.60%
Broker Non-votes 115,860 1.63% 2.33%
</Table>
2-D. To Modify the Fundamental Investment Restriction on Commodities:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
--------- ------------------ --------------
For 4,081,432 57.39% 82.13%
Against 437,675 6.15% 8.81%
Abstain 334,523 4.70% 6.73%
Broker Non-votes 115,860 1.63% 2.33%
</Table>
2-E. To Remove the Fundamental Investment Restriction on Margin Transactions:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
--------- ------------------ --------------
For 4,067,583 57.20% 81.85%
Against 462,117 6.50% 9.30%
Abstain 323,930 4.56% 6.52%
Broker Non-votes 115,860 1.63% 2.33%
</Table>
2-F. To Modify the Fundamental Investment Restriction on Investing for Control:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
--------- ------------------ --------------
For 4,104,169 57.71% 82.59%
Against 427,481 6.01% 8.60%
Abstain 321,980 4.53% 6.48%
Broker Non-votes 115,860 1.63% 2.33%
</Table>
26
<Page>
2-G. To Modify the Fundamental Investment Restriction on Investment in
Securities Owned by Management:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
--------- ------------------ --------------
For 4,083,972 57.43% 82.18%
Against 451,331 6.35% 9.08%
Abstain 318,327 4.48% 6.41%
Broker Non-votes 115,860 1.63% 2.33%
</Table>
2-H. To Modify the Fundamental Investment Restriction on Unseasoned Issuers:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
--------- ------------------ --------------
For 4,075,774 57.31% 82.02%
Against 455,661 6.41% 9.17%
Abstain 322,195 4.53% 6.48%
Broker Non-votes 115,860 1.63% 2.33%
</Table>
2-I. To Remove the Fundamental Investment Restriction on Pledging Assets:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
--------- ------------------ --------------
For 4,062,067 57.12% 81.74%
Against 462,587 6.51% 9.31%
Abstain 328,977 4.63% 6.62%
Broker Non-votes 115,860 1.63% 2.33%
</Table>
2-J. 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 4,085,480 57.45% 82.21%
Against 448,138 6.30% 9.02%
Abstain 320,012 4.50% 6.44%
Broker Non-votes 115,860 1.63% 2.33%
</Table>
27
<Page>
2-K. To Remove the Fundamental Investment Restriction on Joint Trading Accounts:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
--------- ------------------ --------------
For 4,122,136 57.96% 82.95%
Against 420,984 5.92% 8.47%
Abstain 310,510 4.37% 6.25%
Broker Non-votes 115,860 1.63% 2.33%
</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 3,712,397 52.20% 74.70%
Against 796,572 11.20% 16.03%
Abstain 344,661 4.85% 6.94%
Broker Non-votes 115,860 1.63% 2.33%
</Table>
4-A. To Amend the Charter Document to Allow Involuntary Redemptions:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
--------- ------------------ --------------
For 3,666,476 51.56% 73.78%
Against 812,955 11.43% 16.36%
Abstain 374,199 5.26% 7.53%
Broker Non-votes 115,860 1.63% 2.33%
</Table>
4-B. To Amend the Charter Document to Allow Reorganization of the Fund or its
Series Without Shareholder Approval:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
--------- ------------------ --------------
For 3,607,584 50.73% 72.60%
Against 906,973 12.75% 18.25%
Abstain 339,072 4.77% 6.82%
Broker Non-votes 115,860 1.63% 2.33%
</Table>
28
<Page>
CREDIT SUISSE TAX EFFICIENT FUND
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.
29
<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. CSTXE-3-0403
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE FUNDS
Semiannual Report
April 30, 2003
(Unaudited)
- - CREDIT SUISSE
LARGE CAP VALUE FUND
- - CREDIT SUISSE
SMALL CAP VALUE 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 LARGE CAP VALUE FUND
SEMIANNUAL INVESTMENT ADVISER'S REPORT
April 30, 2003
May 30, 2003
Dear Shareholder:
For the six months ended April 30, 2003, the Common Class Shares of Credit
Suisse Large Cap Value Fund(1) (the "Fund") had a gain of 0.92%, versus an
increase of 5.25% for the Russell 1000(R) Value Index.(2) The Fund's Class A
Shares (without sales charge), Class B Shares (without contingent deferred sales
charge) and Class C Shares (without contingent deferred sales charge) had
returns of 0.86%(3), 0.55%(3) and 0.55%(3), respectively, 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.
Against this backdrop, the Fund had a modest gain but underperformed its
benchmark. We generally attribute this to the Fund's avoidance of lower-quality
companies that had a strong upward bounce in the period after years of poor
performance. These included certain technology and telecommunications companies
with less-than-compelling balance sheets. On the positive side, the Fund's
utilities and transportation stocks contributed positively to its return.
We view the U.S. economy as being in a state of suspended animation. While it
has now been two years since the end of the last recession, the double blow of
9/11 followed by the confrontation with Iraq has forestalled what could have
been a more normal rebound.
For growth to turn robust, we believe that personal consumption expenditures
have to reaccelerate. Restraints on this front include the lack of pent-up
demand following several years of strong consumer spending; a difficult
employment climate; and the eventual vanishing benefits of historically low
interest rates.
On the positive side, inventories have remained quite lean, corporate
restructuring is taking out cost from the most inefficient sectors, and pricing
power is returning in an economy that has avoided deflation. A weaker dollar,
meanwhile, may support the exporting sectors of the U.S. economy.
1
<Page>
The general uncertainty notwithstanding, we believe that a number of
opportunities exist on a stock-specific basis. At present, we favor certain
healthcare companies, including a number of pharmaceutical names. We also see
value in energy stocks that are trading well below the levels of three years
ago, despite the elevation in energy prices over the past year.
Finally, we are exploring potential opportunities in the technology sector.
In our opinion, a long period of cost and capacity reductions may soon allow for
more efficiency and improved profitability. We also note that the typical
capital spending cycle is three years, a span that has now been surpassed. Given
all this, we will continue to look for purchase candidates in the sector.
The Credit Suisse Value Team
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 (21.31%) -- -- (5.81%) 8/01/00
Class A Without
Sales Charge (21.28%) (0.64%) 9.15% 11.19% 9/19/49
Class A With Maximum
Sales Charge (25.82%) (1.82%) 8.50% 11.06% 9/19/49
Class B Without CDSC (21.84%) (1.36%) -- 6.44% 2/28/96
Class B With CDSC (24.89%) (1.36%) -- 6.44% 2/28/96
Class C Without CDSC (21.87%) -- -- (3.81%) 2/28/00
Class C With CDSC (22.63%) -- -- (3.81%) 2/28/00
</Table>
AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2003(1)
<Table>
<Caption>
SINCE INCEPTION
1 YEAR 5 YEARS 10 YEARS INCEPTION DATE
------- ------- -------- --------- ---------
Common Class (13.47%) -- -- (3.41%) 8/01/00
Class A Without
Sales Charge (13.53%) 0.70% 10.11% 11.30% 9/19/49
Class A With Maximum
Sales Charge (18.51%) (0.49%) 9.46% 11.17% 9/19/49
Class B Without CDSC (14.08%) (0.01%) -- 7.31% 2/28/96
Class B With CDSC (17.44%) (0.01%) -- 7.31% 2/28/96
Class C Without CDSC (14.13%) -- -- (1.77%) 2/28/00
Class C With CDSC (14.97%) -- -- (1.77%) 2/28/00
</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) Value Index measures the performance of those companies
in the Russell 1000(R) Index with lower price-to-book ratios and lower
forecasted growth values. It is an unmanaged index of common stocks that
includes reinvestment of dividends and is compiled by Frank Russell
Company. Investors cannot invest directly in an index.
(3) Total return for Class A Shares for the reporting period, based on offering
price (with maximum sales charge of 5.75%), was down 4.95%. Total return
for Class B Shares for the reporting period, based on redemption value
(including maximum contingent deferred sales charge of 4%), was down 3.39%.
Total return for Class C Shares for the reporting period, based on
redemption value (including maximum contingent deferred sales charge of
1%), was down 0.43%.
3
<Page>
CREDIT SUISSE SMALL CAP VALUE FUND
SEMIANNUAL INVESTMENT ADVISER'S REPORT
April 30, 2003
May 30, 2003
Dear Shareholder:
For the six months ended April 30, 2003, the Common Class Shares of Credit
Suisse Small Cap Value Fund(1) (the "Fund") had a gain of 2.34%, versus
increases of 7.55% and 7.44%, respectively, for the Russell 2000(R) Index(2) and
the Russell 2000(R) Value Index.(2) The Fund's Class A Shares (without sales
charge), Class B Shares (without contingent deferred sales charge) and Class C
Shares (without contingent deferred sales charge) had gains of 2.33%(3),
1.94%(3) and 1.94%(3), respectively, 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.
Against this backdrop, the Fund had a modest gain but underperformed its
benchmarks. We attribute this in part to the Fund's underweighting in the
technology sector during much of the period. While the Fund was helped by good
stock selection in the technology area, that sector was one of the market's best
performers for the six months. In addition, the Fund avoided certain
lower-quality companies, in various sectors, that had a strong upward bounce in
the period (for example, heavily indebted small-cap telephone companies). On the
positive side, the Fund's utilities and transportation stocks contributed
positively to its return.
We view the U.S. economy as being in a state of suspended animation. While it
has now been two years since the end of the last recession, the double blow of
9/11 followed by the confrontation with Iraq has forestalled what could have
been a more normal rebound.
For growth to turn robust, we believe that personal consumption expenditures
have to reaccelerate. Restraints on this front include the lack of pent-up
demand following several years of strong consumer spending; a difficult
employment climate; and the eventual vanishing benefits of historically low
interest rates.
On the positive side, inventories have remained quite lean, corporate
restructuring is taking out cost from the most inefficient sectors, and pricing
power is returning in an economy that has avoided deflation. A weaker dollar,
meanwhile, may support the exporting sectors of the U.S. economy.
4
<Page>
The general uncertainty notwithstanding, we believe that a number of
opportunities may exist on a stock-specific basis. At present, we favor certain
healthcare companies, including a number of pharmaceutical names. We also see
value in energy stocks that are trading well below the levels of three years
ago, despite the elevation in energy prices over the past year.
Finally, we are exploring potential opportunities in the technology sector.
In our opinion, a long period of cost and capacity reductions may soon allow for
more efficiency and improved profitability. We also note that the typical
capital spending cycle is three years, a span that has now been surpassed. Given
all this, we will continue to look for purchase candidates in the sector.
The Credit Suisse Value Team
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.
5
<Page>
AVERAGE ANNUAL RETURNS AS OF MARCH 31, 2003(1)
<Table>
SINCE INCEPTION
1 YEAR 5 YEARS 10 YEARS INCEPTION DATE
------- ------- -------- --------- ---------
Common Class (20.98%) -- -- 4.24% 8/01/00
Class A Without
Sales Charge (20.89%) 1.61% 9.18% 12.53% 2/08/67
Class A With Maximum
Sales Charge (25.45%) 0.42% 8.54% 12.35% 2/08/67
Class B Without CDSC (21.53%) 0.84% -- 6.88% 2/28/96
Class B With CDSC (24.40%) 0.84% -- 6.88% 2/28/96
Class C Without CDSC (21.55%) -- -- 7.65% 2/28/00
Class C With CDSC (22.26%) -- -- 7.65% 2/28/00
</Table>
AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2003(1)
<Table>
SINCE INCEPTION
1 YEAR 5 YEARS 10 YEARS INCEPTION DATE
------- ------- -------- --------- ---------
Common Class (17.38%) -- -- 6.66% 8/01/00
Class A Without
Sales Charge (17.34%) 3.06% 10.14% 12.71% 2/08/67
Class A With Maximum
Sales Charge (22.10%) 1.85% 9.50% 12.53% 2/08/67
Class B Without CDSC (17.99%) 2.27% -- 7.78% 2/28/96
Class B With CDSC (20.98%) 2.27% -- 7.78% 2/28/96
Class C Without CDSC (17.99%) -- -- 9.71% 2/28/00
Class C With CDSC (18.74%) -- -- 9.71% 2/28/00
</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 represents approximately 8%
of the total market capitalization of the Russell 3000(R) Index. It is an
unmanaged index of common stocks that includes reinvestment of dividends
and is compiled by Frank Russell Company. The Russell 3000(R) Index is
composed of 3,000 of the largest U.S. companies by market capitalization.
The Russell 2000(R) Value Index measures the performance of those companies
in the Russell 2000(R) Index with lower price-to-book ratios and lower
forecasted growth values. It is an unmanaged index of common stocks that
includes reinvestment of dividends and is compiled by Frank Russell
Company. Investors cannot invest directly in an index.
(3) Total return for Class A Shares for the reporting period, based on offering
price (with maximum sales charge of 5.75%), was down 3.57%. Total return
for Class B Shares for the reporting period, based on redemption value
(including maximum contingent deferred sales charge of 4%), was down 1.79%.
Total return for Class C Shares for the reporting period, based on
redemption value (including maximum contingent deferred sales charge of
1%), was 1.01%.
6
<Page>
CREDIT SUISSE LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS
April 30, 2003 (Unaudited)
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- -------------
COMMON STOCKS (95.2%)
AEROSPACE & DEFENSE (5.6%)
General Dynamics Corp. 49,700 $ 3,084,879
United Technologies Corp. 83,700 5,173,497
-------------
8,258,376
-------------
BANKS (9.6%)
Bank of America Corp. 26,937 1,994,685
Banknorth Group, Inc. 157,600 3,763,488
Charter One Financial, Inc. 105,000 3,050,250
Washington Mutual, Inc. 134,000 5,293,000
-------------
14,101,423
-------------
BEVERAGES (3.3%)
Pepsi Bottling Group, Inc. 163,600 3,360,344
PepsiCo, Inc. 33,200 1,436,896
-------------
4,797,240
-------------
BIOTECHNOLOGY (1.9%)
Amgen, Inc.* 44,600 2,734,426
-------------
CHEMICALS (1.8%)
Engelhard Corp. 108,600 2,666,130
-------------
COMMERCIAL SERVICES & SUPPLIES (3.5%)
Avery Dennison Corp. 97,700 5,179,077
-------------
COMPUTERS & PERIPHERALS (1.8%)
Hewlett-Packard Co. 160,800 2,621,040
-------------
DIVERSIFIED FINANCIALS (9.7%)
American Express Co. 90,300 3,418,758
Citigroup, Inc. 147,433 5,786,745
Freddie Mac 54,300 3,143,970
Morgan Stanley 43,100 1,928,725
-------------
14,278,198
-------------
DIVERSIFIED TELECOMMUNICATION SERVICES (2.8%)
ALLTEL Corp. 46,000 2,155,560
SBC Communications, Inc. 85,300 1,992,608
-------------
4,148,168
-------------
ELECTRIC UTILITIES (2.5%)
Progress Energy, Inc. 88,700 3,705,886
-------------
ELECTRICAL EQUIPMENT (1.8%)
Emerson Electric Co. 50,800 2,575,560
-------------
ENERGY EQUIPMENT & SERVICES (1.5%)
Cooper Cameron Corp.* 22,000 1,052,920
Weatherford International, Ltd.* 28,600 1,150,578
-------------
2,203,498
-------------
</Table>
See Accompanying Notes to Financial Statements.
7
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- -------------
COMMON STOCKS(CONCLUDED)
FOOD PRODUCTS (2.6%)
General Mills, Inc. 84,000 $ 3,789,240
-------------
HEALTHCARE PROVIDERS & SERVICES (2.1%)
Cardinal Health, Inc. 56,500 3,123,320
-------------
HOUSEHOLD PRODUCTS (3.2%)
Kimberly-Clark Corp. 94,200 4,688,334
-------------
INDUSTRIAL CONGLOMERATES (4.7%)
3M Co. 15,200 1,915,808
General Electric Co. 87,000 2,562,150
Tyco International, Ltd. 151,000 2,355,600
-------------
6,833,558
-------------
INSURANCE (8.6%)
American International Group, Inc. 56,814 3,292,372
Hartford Financial Services Group, Inc. 101,300 4,128,988
Marsh & McLennan Companies, Inc. 34,000 1,621,120
St. Paul Companies, Inc. 105,100 3,609,134
-------------
12,651,614
-------------
IT CONSULTING & SERVICES (1.1%)
Unisys Corp.* 161,200 1,676,480
-------------
MEDIA (1.8%)
Tribune Co. 52,400 2,566,552
-------------
OIL & GAS (7.9%)
Burlington Resources, Inc. 88,300 4,089,173
ConocoPhillips 79,000 3,973,700
Exxon Mobil Corp. 102,300 3,600,960
-------------
11,663,833
-------------
PERSONAL PRODUCTS (2.2%)
Avon Products, Inc. 56,000 3,257,520
-------------
PHARMACEUTICALS (6.9%)
Johnson & Johnson 87,100 4,908,956
Merck & Company, Inc. 40,600 2,362,108
Pfizer, Inc. 93,516 2,875,617
-------------
10,146,681
-------------
ROAD & RAIL (2.5%)
Burlington Northern Santa Fe Corp. 128,300 3,612,928
-------------
SOFTWARE (2.4%)
Microsoft Corp. 140,200 3,584,914
-------------
SPECIALTY RETAIL (2.0%)
Home Depot, Inc. 101,900 2,866,447
-------------
TOBACCO (1.4%)
Altria Group, Inc. 68,700 2,113,212
-------------
TOTAL COMMON STOCKS (Cost $118,844,576) 139,843,655
-------------
</Table>
See Accompanying Notes to Financial Statements.
8
<Page>
<Table>
<Caption>
PAR
(000) VALUE
----------- -------------
MORTGAGE-BACKED SECURITY (0.0%)
Ginnie Mae Pool #002217X, 6.500%, 8/15/03
(Cost $17) $ 0** $ 18
SHORT-TERM INVESTMENT (4.8%)
State Street Bank and Trust Co. Euro Time
Deposit, 1.188%, 5/01/03
(Cost $7,124,000) 7,124 7,124,000
-------------
TOTAL INVESTMENTS AT VALUE (100.0%)
(Cost $125,968,594) 146,967,673
LIABILITIES IN EXCESS OF OTHER ASSETS (0.0%) (21,545)
-------------
NET ASSETS (100.0%) $ 146,946,128
=============
</Table>
- ----------
* Non-income producing security.
** Amounts represent less than $1,000 par value.
See Accompanying Notes to Financial Statements.
9
<Page>
CREDIT SUISSE SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS
April 30, 2003 (Unaudited)
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- -------------
COMMON STOCKS (92.9%)
AEROSPACE & DEFENSE (1.0%)
DRS Technologies, Inc.* 80,000 $ 2,240,800
-------------
BANKS (17.4%)
Alabama National Bancorp 53,300 2,456,064
Banknorth Group, Inc. 138,200 3,300,216
Century Bancorp, Inc. Class A 26,700 689,394
Cullen/Frost Bankers, Inc. 79,700 2,613,363
First Financial Holdings, Inc. 141,100 3,798,271
FirstFed Financial Corp.* 134,000 4,353,660
FirstMerit Corp. 170,000 3,485,000
Hudson United Bancorp 157,800 5,261,052
Prosperity Bancshares, Inc. 130,600 2,301,172
Sky Financial Group, Inc. 119,000 2,399,040
Susquehanna Bancshares, Inc. 158,900 3,614,975
Webster Financial Corp. 120,000 4,504,800
-------------
38,777,007
-------------
CHEMICALS (2.7%)
Cambrex Corp. 86,400 1,503,360
H.B. Fuller Co. 180,000 4,415,400
-------------
5,918,760
-------------
COMMERCIAL SERVICES & SUPPLIES (3.4%)
Banta Corp. 130,000 4,036,500
Watson Wyatt & Company Holdings* 175,800 3,586,320
-------------
7,622,820
-------------
CONSTRUCTION & ENGINEERING (1.7%)
EMCOR Group, Inc.* 75,000 3,830,250
-------------
CONTAINERS & PACKAGING (3.3%)
AptarGroup, Inc. 150,000 5,163,000
Myers Industries, Inc. 205,618 2,064,405
-------------
7,227,405
-------------
ELECTRICAL EQUIPMENT (3.6%)
AMETEK, Inc. 64,400 2,427,880
Brady Corp. 120,000 4,021,200
C&D Technologies, Inc. 120,000 1,596,000
-------------
8,045,080
-------------
ELECTRONIC EQUIPMENT & INSTRUMENTS (9.0%)
Electro Scientific Industries, Inc.* 156,200 2,097,766
Littelfuse, Inc.* 149,000 2,914,440
Pioneer-Standard Electronics, Inc. 239,450 2,320,270
Rogers Corp.* 150,000 4,965,000
Roper Industries, Inc. 38,600 1,180,774
Varian, Inc.* 144,000 4,551,840
Woodhead Industries, Inc. 162,300 1,947,600
-------------
19,977,690
-------------
</Table>
See Accompanying Notes to Financial Statements.
10
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- -------------
COMMON STOCKS (CONTINUED)
ENERGY EQUIPMENT & SERVICES (4.1%)
Oceaneering International, Inc.* 197,000 $ 4,444,320
Varco International, Inc.* 261,767 4,604,482
-------------
9,048,802
-------------
FOOD & DRUG RETAILING (1.5%)
Ruddick Corp. 250,000 3,327,500
-------------
FOOD PRODUCTS (3.6%)
Del Monte Foods Co.* 398,800 3,170,460
Sensient Technologies Corp. 220,800 4,879,680
-------------
8,050,140
-------------
GAS UTILITIES (3.8%)
National Fuel Gas Co. 179,200 4,204,032
WGL Holdings, Inc. 160,000 4,316,800
-------------
8,520,832
-------------
HEALTHCARE EQUIPMENT & SUPPLIES (5.0%)
Arrow International, Inc. 100,000 4,266,000
Cooper Companies, Inc. 116,400 3,247,560
Invacare Corp. 110,000 3,514,500
-------------
11,028,060
-------------
HEALTHCARE PROVIDERS & SERVICES (0.9%)
LifePoint Hospitals, Inc.* 96,500 1,883,680
-------------
HOTELS, RESTAURANTS & LEISURE (1.0%)
Marcus Corp. 159,975 2,271,645
-------------
HOUSEHOLD DURABLES (4.2%)
Ethan Allen Interiors, Inc. 100,000 3,368,000
Lancaster Colony Corp. 141,000 6,024,930
-------------
9,392,930
-------------
INDUSTRIAL CONGLOMERATES (4.0%)
Carlisle Companies, Inc. 80,000 3,628,800
Lydall, Inc.* 199,500 1,895,250
Teleflex, Inc. 85,000 3,263,150
-------------
8,787,200
-------------
INSURANCE (5.5%)
Brown & Brown 86,100 3,079,797
HCC Insurance Holdings, Inc. 149,400 4,108,500
Horace Mann Educators Corp. 200,000 2,954,000
Selective Insurance Group, Inc. 86,400 2,167,776
-------------
12,310,073
-------------
IT CONSULTING & SERVICES (1.0%)
Keane, Inc.* 230,200 2,219,128
-------------
MACHINERY (5.3%)
ESCO Technologies, Inc.* 101,100 3,964,131
</Table>
See Accompanying Notes to Financial Statements.
11
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- -------------
COMMON STOCKS (CONCLUDED)
MACHINERY (CONCLUDED)
Flowserve Corp.* 167,600 $ 2,587,744
Graco, Inc. 78,000 2,394,600
The Manitowoc Company, Inc. 157,000 2,920,200
-------------
11,866,675
-------------
MEDIA (1.8%)
Harte-Hanks, Inc. 225,000 4,050,000
-------------
OIL & GAS (0.7%)
Evergreen Resources, Inc.* 33,600 1,597,680
-------------
PHARMACEUTICALS (1.6%)
K-V Pharmaceutical Co. Class A* 152,800 3,436,472
-------------
REAL ESTATE (1.1%)
Liberty Property Trust 80,000 2,503,200
-------------
ROAD & RAIL (1.9%)
Werner Enterprises, Inc. 185,000 4,179,150
-------------
SOFTWARE (2.3%)
Progress Software Corp.* 260,000 5,067,400
-------------
TRADING COMPANIES & DISTRIBUTORS (1.5%)
MSC Industrial Direct Company, Inc. Class A* 175,000 3,237,500
-------------
TOTAL COMMON STOCKS (Cost $166,635,930) 206,417,879
-------------
WARRANTS (0.0%)
BANKS (0.0%)
Dime Bancorp. Expires 11/22/05*
(Cost $5,015) 22,100 3,094
-------------
<Caption>
PAR
(000)
-----------
SHORT-TERM INVESTMENT (7.3%)
State Street Bank and Trust Co. Euro
Time Deposit, 1.188%, 5/01/03
(Cost $16,239,000) $ 16,239 16,239,000
-------------
TOTAL INVESTMENTS AT VALUE (100.2%)
(Cost $182,879,945) 222,659,973
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.2%) (384,886)
-------------
NET ASSETS (100.0%) $ 222,275,087
=============
</Table>
- ----------
* Non-income producing security.
See Accompanying Notes to Financial Statements.
12
<Page>
CREDIT SUISSE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2003 (Unaudited)
<Table>
<Caption>
LARGE CAP SMALL CAP
VALUE FUND VALUE FUND
---------------- ----------------
ASSETS
Investments at value (Cost $125,968,594,
and $182,879,945, respectively) (Note 1) $ 146,967,673 $ 222,659,973
Cash 148 353
Dividend and interest receivable 231,958 186,321
Receivable for fund shares sold 51,690 179,409
Receivable for investments sold -- 80,632
Prepaid expenses 6,704 18,435
---------------- ----------------
Total Assets 147,258,173 223,125,123
---------------- ----------------
LIABILITIES
Advisory fee payable (Note 2) 64,820 125,097
Administrative services fee payable (Note 2) 25,940 38,761
Distribution fee payable (Note 2) 47,646 58,843
Payable for fund shares redeemed 18,285 471,322
Other accrued expenses payable 155,354 156,013
---------------- ----------------
Total Liabilities 312,045 850,036
---------------- ----------------
NET ASSETS
Capital stock, $0.001 par value (Note 5) 8,880 12,825
Paid-in capital (Note 5) 125,125,020 181,368,496
Undistributed net investment income 75,340 25,056
Accumulated net realized gain on investments 737,809 1,088,682
Net unrealized appreciation from investments 20,999,079 39,780,028
---------------- ----------------
Net Assets $ 146,946,128 $ 222,275,087
================ ================
COMMON SHARES
Net assets $ 2,853,680 $ 43,462,131
Shares outstanding 172,112 2,498,115
---------------- ----------------
Net asset value, offering price, and redemption
price per share $ 16.58 $ 17.40
================ ================
A SHARES
Net assets $ 114,018,320 $ 153,575,689
Shares outstanding 6,874,889 8,796,893
---------------- ----------------
Net asset value and redemption price per share $ 16.58 $ 17.46
================ ================
Maximum offering price per share (net asset
value/(1-5.75%)) $ 17.59 $ 18.53
================ ================
B SHARES
Net assets $ 27,517,181 $ 19,836,211
Shares outstanding 1,676,308 1,201,449
---------------- ----------------
Net asset value and offering price per share $ 16.42 $ 16.51
================ ================
C SHARES
Net assets $ 2,556,947 $ 5,401,056
Shares outstanding 156,498 328,158
---------------- ----------------
Net asset value and offering price per share $ 16.34 $ 16.46
================ ================
</Table>
See Accompanying Notes to Financial Statements.
13
<Page>
CREDIT SUISSE FUNDS
STATEMENTS OF OPERATIONS
For the Six Months Ended April 30, 2003 (Unaudited)
<Table>
<Caption>
LARGE CAP SMALL CAP
VALUE FUND VALUE FUND
---------------- ----------------
INVESTMENT INCOME (Note 1)
Dividends $ 1,388,497 $ 1,510,561
Interest 46,280 128,767
---------------- ----------------
Total investment income 1,434,777 1,639,328
---------------- ----------------
EXPENSES
Investment advisory fees (Note 2) 447,943 854,170
Administrative services fees (Note 2) 115,456 173,762
Distribution fees (Note 2) 288,664 357,033
Transfer agent fees (Note 2) 126,224 226,409
Registration fees 42,124 43,178
Printing fees (Note 2) 33,493 42,725
Legal fees 22,135 18,885
Audit fees 15,004 14,179
Custodian fees 7,636 11,861
Insurance expense 7,139 8,074
Interest expense 2,590 3,955
Trustees' fees 2,402 2,402
Miscellaneous expense -- 885
---------------- ----------------
Total expenses 1,110,810 1,757,518
Less: fees waived (Note 2) (204,888) (175,534)
---------------- ----------------
Net expenses 905,922 1,581,984
---------------- ----------------
Net investment income 528,855 57,344
---------------- ----------------
NET REALIZED AND UNREALIZED GAIN (Loss) FROM INVESTMENTS
Net realized gain from investments 3,799,541 1,964,580
Net change in unrealized appreciation (depreciation)
from investments (3,019,327) 2,933,849
---------------- ----------------
Net realized and unrealized gain from investments 780,214 4,898,429
---------------- ----------------
Net increase in net assets resulting from operations $ 1,309,069 $ 4,955,773
================ ================
</Table>
See Accompanying Notes to Financial Statements.
14
<Page>
CREDIT SUISSE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
LARGE CAP VALUE FUND SMALL CAP VALUE FUND
------------------------------------ ------------------------------------
FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED MONTHS ENDED ENDED
APRIL 30, 2003 OCTOBER 31, APRIL 30, 2003 OCTOBER 31,
(UNAUDITED) 2002 (UNAUDITED) 2002
---------------- ---------------- ---------------- ----------------
FROM OPERATIONS
Net investment income $ 528,855 $ 1,449,341 $ 57,344 $ 118,128
Net realized gain from investments 3,799,541 3,173,446 1,964,580 19,290,175
Net change in unrealized appreciation
(depreciation) from investments (3,019,327) (13,538,321) 2,933,849 (14,804,671)
---------------- ---------------- ---------------- ----------------
Net increase (decrease) in net assets
resulting from operations 1,309,069 (8,915,534) 4,955,773 4,603,632
---------------- ---------------- ---------------- ----------------
FROM DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income
Common Class shares (15,056) (28,797) (39,448) (76,133)
Class A shares (557,165) (1,322,171) (121,771) (268,011)
Class B shares (37,592) (111,266) -- --
Class C shares (3,180) (7,918) -- --
Class D shares -- (82,437) -- --
Distributions from net realized gains
Common Class shares (56,140) (222,334) (4,176,399) (4,111,025)
Class A shares (2,083,702) (11,038,633) (12,892,153) (26,202,108)
Class B shares (529,888) (2,788,798) (1,785,920) (2,444,105)
Class C shares (42,341) (165,188) (400,677) (221,991)
Class D shares -- (3,299,124) -- --
---------------- ---------------- ---------------- ----------------
Net decrease in net assets resulting from
dividends and distributions (3,325,064) (19,066,666) (19,416,368) (33,323,373)
---------------- ---------------- ---------------- ----------------
FROM CAPITAL SHARE TRANSACTIONS (Note 5)
Proceeds from sale of shares 13,007,792 22,065,483 36,525,930 90,362,161
Exchange value of shares due to merger -- 14,973,364 -- --
Reinvestment of dividends and distributions 2,839,852 16,059,536 18,257,578 31,664,945
Net asset value of shares redeemed (15,095,840) (90,669,775) (38,733,230) (121,800,767)
---------------- ---------------- ---------------- ----------------
Net increase (decrease) in net assets from
capital share transactions 751,804 (37,571,392) 16,050,278 226,339
---------------- ---------------- ---------------- ----------------
Net increase (decrease) in net assets (1,264,191) (65,553,592) 1,589,683 (28,493,402)
NET ASSETS
Beginning of period 148,210,319 213,763,911 220,685,404 249,178,806
---------------- ---------------- ---------------- ----------------
End of period $ 146,946,128 $ 148,210,319 $ 222,275,087 $ 220,685,404
================ ================ ================ ================
UNDISTRIBUTED NET INVESTMENT INCOME $ 75,340 $ 159,478 $ 25,056 $ 128,931
================ ================ ================ ================
</Table>
See Accompanying Notes to Financial Statements.
15
<Page>
CREDIT SUISSE LARGE CAP VALUE 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(1)
------------------ --------- --------- ---------
PER SHARE DATA
Net asset value, beginning of period $ 16.82 $ 19.95 $ 24.63 $ 22.44
--------- --------- --------- ---------
INVESTMENT OPERATIONS
Net investment income(2) 0.07 0.17 0.19 0.02
Net gain (loss) on investments
(both realized and unrealized) 0.08 (1.45) (2.52) 2.21
--------- --------- --------- ---------
Total from investment operations 0.15 (1.28) (2.33) 2.23
--------- --------- --------- ---------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.08) (0.19) (0.22) (0.04)
Distributions from net realized gains (0.31) (1.66) (2.13) --
--------- --------- --------- ---------
Total dividends and distributions (0.39) (1.85) (2.35) (0.04)
--------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 16.58 $ 16.82 $ 19.95 $ 24.63
========= ========= ========= =========
Total return(3) 0.92% (7.63)% (10.51)% 9.96%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 2,854 $ 3,061 $ 3,421 $ 96
Ratio of expenses to average net assets 1.12%(4) 1.03% 1.03% 0.43%(4)
Ratio of net investment income to average net assets 0.90%(4) 0.92% 0.86% 0.07%(4)
Decrease reflected in above operating expense ratios due
to waivers 0.29%(4) 0.29% 0.18% --
Portfolio turnover rate 20% 28% 38% 55%
</Table>
- ----------
(1) For the period August 1, 2000 (inception date) through October 31, 2000.
(2) Per share information is calculated using the average share outstanding
method.
(3) Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been lower.
Total returns for periods less than one year are not annualized.
(4) Annualized.
See Accompanying Notes to Financial Statements.
16
<Page>
CREDIT SUISSE LARGE CAP VALUE FUND
FINANCIAL HIGHLIGHTS
(For a Class A Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX MONTHS
ENDED
APRIL 30, 2003
(UNAUDITED)
-------------------
PER SHARE DATA
Net asset value, beginning of period $ 16.83
----------
INVESTMENT OPERATIONS
Net investment income(1) 0.07
Net gain (loss) on investments
(both realized and unrealized) 0.07
----------
Total from investment operations 0.14
----------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.08)
Distributions from net realized gains (0.31)
----------
Total dividends and distributions (0.39)
----------
NET ASSET VALUE, END OF PERIOD $ 16.58
==========
Total return(2) 0.86%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 114,018
Ratio of expenses to average net assets 1.12%(3)
Ratio of net investment income to average
net assets 0.90%(3)
Decrease reflected in above operating
expense ratios due to waivers 0.29%(3)
Portfolio turnover rate 20%
<Caption>
FOR THE YEAR ENDED OCTOBER 31,
----------------------------------------------------------------------
2002 2001 2000 1999 1998
---------- ---------- ---------- ---------- ----------
PER SHARE DATA
Net asset value, beginning of period $ 19.96 $ 24.62 $ 23.49 $ 22.60 $ 20.09
---------- ---------- ---------- ---------- ----------
INVESTMENT OPERATIONS
Net investment income(1) 0.17 0.21 0.16 0.12 0.20
Net gain (loss) on investments
(both realized and unrealized) (1.45) (2.55) 1.78 2.87 3.51
---------- ---------- ---------- ---------- ----------
Total from investment operations (1.28) (2.34) 1.94 2.99 3.71
---------- ---------- ---------- ---------- ----------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.19) (0.19) (0.12) (0.09) (0.17)
Distributions from net realized gains (1.66) (2.13) (0.69) (2.01) (1.03)
---------- ---------- ---------- ---------- ----------
Total dividends and distributions (1.85) (2.32) (0.81) (2.10) (1.20)
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 16.83 $ 19.96 $ 24.62 $ 23.49 $ 22.60
========== ========== ========== ========== ==========
Total return(2) (7.63)% (10.48)% 8.44% 14.37% 19.14%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 114,733 $ 133,665 $ 162,871 $ 174,213 $ 163,936
Ratio of expenses to average net assets 1.03% 1.04% 1.08% 1.11% 1.13%
Ratio of net investment income to average
net assets 0.90% 0.90% 0.71% 0.52% 0.92%
Decrease reflected in above operating
expense ratios due to waivers 0.28% 0.10% -- -- --
Portfolio turnover rate 28% 38% 55% 25% 33%
</Table>
- ----------
(1) Per share information is calculated using the average share outstanding
method.
(2) Total returns are historical and assume changes in share price,
reinvestment of all dividends and distributions, and no sales charge. Had
certain expenses not been reduced during the periods shown, total returns
would have been lower. Total returns for periods less than one year are not
annualized.
(3) Annualized.
See Accompanying Notes to Financial Statements.
17
<Page>
CREDIT SUISSE LARGE CAP VALUE FUND
FINANCIAL HIGHLIGHTS
(For a Class B Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX MONTHS
ENDED
APRIL 30, 2003
(UNAUDITED)
------------------
PER SHARE DATA
Net asset value, beginning of period $ 16.66
----------
INVESTMENT OPERATIONS
Net investment income (loss)(1) 0.01
Net gain (loss) on investments
(both realized and unrealized) 0.08
----------
Total from investment operations 0.09
----------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.02)
Distributions from net realized gains (0.31)
----------
Total dividends and distributions (0.33)
----------
NET ASSET VALUE, END OF PERIOD $ 16.42
==========
Total return(2) 0.55%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 27,517
Ratio of expenses to average net assets 1.87%(3)
Ratio of net investment income (loss) to
average net assets 0.15%(3)
Decrease reflected in above operating
expense ratios due to waivers 0.29%(3)
Portfolio turnover rate 20%
<Caption>
FOR THE YEAR ENDED OCTOBER 31,
----------------------------------------------------------------------
2002 2001 2000 1999 1998
---------- ---------- ---------- ---------- ----------
PER SHARE DATA
Net asset value, beginning of period $ 19.78 $ 24.44 $ 23.37 $ 22.55 $ 20.06
---------- ---------- ---------- ---------- ----------
INVESTMENT OPERATIONS
Net investment income (loss)(1) 0.03 0.04 -- (0.04) 0.04
Net gain (loss) on investments
(both realized and unrealized) (1.43) (2.52) 1.76 2.88 3.50
---------- ---------- ---------- ---------- ----------
Total from investment operations (1.40) (2.48) 1.76 2.84 3.54
---------- ---------- ---------- ---------- ----------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.06) (0.05) -- (0.01) (0.02)
Distributions from net realized gains (1.66) (2.13) (0.69) (2.01) (1.03)
---------- ---------- ---------- ---------- ----------
Total dividends and distributions (1.72) (2.18) (0.69) (2.02) (1.05)
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 16.66 $ 19.78 $ 24.44 $ 23.37 $ 22.55
========== ========== ========== ========== ==========
Total return(2) (8.29)% (11.00)% 7.66% 13.66% 18.29%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 28,312 $ 33,087 $ 41,194 $ 41,144 $ 33,325
Ratio of expenses to average net assets 1.78% 1.79% 1.80% 1.81% 1.83%
Ratio of net investment income (loss) to
average net assets 0.15% 0.19% (0.01)% (0.18)% 0.22%
Decrease reflected in above operating
expense ratios due to waivers 0.27% 0.10% -- -- --
Portfolio turnover rate 28% 38% 55% 25% 33%
</Table>
- ----------
(1) Per share information is calculated using the average share outstanding
method.
(2) Total returns are historical and assume changes in share price,
reinvestment of all dividends and distributions, and no sales charge. Had
certain expenses not been reduced during the periods shown, total returns
would have been lower. Total returns for periods less than one year are not
annualized.
(3) Annualized.
See Accompanying Notes to Financial Statements.
18
<Page>
CREDIT SUISSE LARGE CAP VALUE FUND
FINANCIAL HIGHLIGHTS
(For a Class C 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(1)
------------------ --------- --------- ----------
PER SHARE DATA
Net asset value, beginning of period $ 16.58 $ 19.71 $ 24.39 $ 20.87
--------- --------- --------- ----------
INVESTMENT OPERATIONS
Net investment income (loss)(2) 0.01 0.03 0.03 (0.01)
Net gain (loss) on investments (both
realized and unrealized) 0.08 (1.43) (2.51) 3.56
--------- --------- --------- ----------
Total from investment operations 0.09 (1.40) (2.48) 3.55
--------- --------- --------- ----------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.02) (0.07) (0.07) (0.03)
Distributions from net realized gains (0.31) (1.66) (2.13) --
--------- --------- --------- ----------
Total dividends and distributions (0.33) (1.73) (2.20) (0.03)
--------- --------- --------- ----------
NET ASSET VALUE, END OF PERIOD $ 16.34 $ 16.58 $ 19.71 $ 24.39
========= ========= ========= ==========
Total return(3) 0.55% (8.35)% (11.07)% 17.02%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 2,557 $ 2,104 $ 1,916 $ 496
Ratio of expenses to average net assets 1.87%(4) 1.78% 1.79% 1.28%(4)
Ratio of net investment income (loss) to average net assets 0.15%(4) 0.16% 0.13% (0.03)%(4)
Decrease reflected in above operating expense ratios
due to waivers 0.29%(4) 0.28% 0.10% --
Portfolio turnover rate 20% 28% 38% 55%
</Table>
- ----------
(1) For the period February 28, 2000 (inception date) through October 31, 2000.
(2) Per share information is calculated using the average share outstanding
method.
(3) Total returns are historical and assume changes in share price,
reinvestment of all dividends and distributions, and no sales charge. Had
certain expenses not been reduced during the periods shown, total returns
would have been lower. Total returns for periods less than one year are not
annualized.
(4) Annualized.
See Accompanying Notes to Financial Statements.
19
<Page>
CREDIT SUISSE SMALL CAP VALUE 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(1)
------------------ --------- --------- ----------
PER SHARE DATA
Net asset value, beginning of period $ 18.56 $ 21.07 $ 22.62 $ 21.35
--------- --------- --------- ----------
INVESTMENT OPERATIONS
Net investment income(2) 0.01 0.02 0.04 0.02
Net gain on investments
(both realized and unrealized) 0.43 0.31 1.72 1.25
--------- --------- --------- ----------
Total from investment operations 0.44 0.33 1.76 1.27
--------- --------- --------- ----------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.01) (0.05) (0.09) --
Distributions from net realized gains (1.59) (2.79) (3.22) --
--------- --------- --------- ----------
Total dividends and distributions (1.60) (2.84) (3.31) --
--------- --------- --------- ----------
NET ASSET VALUE, END OF PERIOD $ 17.40 $ 18.56 $ 21.07 $ 22.62
========= ========= ========= ==========
Total return(3) 2.34% 0.61% 9.79% 5.95%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 43,462 $ 45,075 $ 30,667 $ 105
Ratio of expenses to average net assets 1.39%(4) 1.32% 1.33% 0.34%(4)
Ratio of net investment income to average net assets 0.14%(4) 0.12% 0.18% 0.09%(4)
Decrease reflected in above operating expense
ratios due to waivers 0.16%(4) 0.14% 0.02% --
Portfolio turnover rate 6% 18% 54% 42%
</Table>
- ----------
(1) For the period August 1, 2000 (inception date) through October 31, 2000.
(2) Per share information is calculated using the average share outstanding
method.
(3) Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been lower.
Total returns for periods less than one year are not annualized.
(4) Annualized.
See Accompanying Notes to Financial Statements.
20
<Page>
CREDIT SUISSE SMALL CAP VALUE FUND
FINANCIAL HIGHLIGHTS
(For a Class A Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED
APRIL 30, 2003
(UNAUDITED)
-------------------
PER SHARE DATA
Net asset value, beginning of period $ 18.62
-----------
INVESTMENT OPERATIONS
Net investment income(1) 0.01
Net gain (loss) on investments
(both realized and unrealized) 0.43
-----------
Total from investment operations 0.44
-----------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.01)
Distributions from net realized gains (1.59)
-----------
Total dividends and distributions (1.60)
-----------
NET ASSET VALUE, END OF PERIOD $ 17.46
===========
Total return(2) 2.33%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 153,576
Ratio of expenses to average net assets 1.39%(3)
Ratio of net investment income to average
net assets 0.14%(3)
Decrease reflected in above operating
expense ratios due to waivers 0.16%(3)
Portfolio turnover rate 6%
<Caption>
FOR THE YEAR ENDED OCTOBER 31,
---------------------------------------------------------------------------
2002 2001 2000 1999 1998
----------- ----------- ----------- ----------- -----------
PER SHARE DATA
Net asset value, beginning of period $ 21.09 $ 22.54 $ 20.52 $ 19.54 $ 23.34
----------- ----------- ----------- ----------- -----------
INVESTMENT OPERATIONS
Net investment income(1) 0.02 0.05 0.06 0.06 0.07
Net gain (loss) on investments
(both realized and unrealized) 0.33 1.76 4.05 1.01 (2.55)
----------- ----------- ----------- ----------- -----------
Total from investment operations 0.35 1.81 4.11 1.07 (2.48)
----------- ----------- ----------- ----------- -----------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.03) (0.04) (0.04) (0.07) (0.06)
Distributions from net realized gains (2.79) (3.22) (2.05) (0.02) (1.26)
----------- ----------- ----------- ----------- -----------
Total dividends and distributions (2.82) (3.26) (2.09) (0.09) (1.32)
----------- ----------- ----------- ----------- -----------
NET ASSET VALUE, END OF PERIOD $ 18.62 $ 21.09 $ 22.54 $ 20.52 $ 19.54
=========== =========== =========== =========== ===========
Total return(2) 0.71% 9.70% 21.69% 5.47% (11.20)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 151,340 $ 199,213 $ 188,501 $ 188,192 $ 237,873
Ratio of expenses to average net assets 1.32% 1.33% 1.39% 1.37% 1.29%
Ratio of net investment income to average
net assets 0.11% 0.25% 0.28% 0.33% 0.30%
Decrease reflected in above operating
expense ratios due to waivers 0.12% 0.02% -- -- --
Portfolio turnover rate 18% 54% 42% 30% 42%
</Table>
- ----------
(1) Per share information is calculated using the average share outstanding
method.
(2) Total returns are historical and assume changes in share price,
reinvestment of all dividends and distributions, and no sales charge. Had
certain expenses not been reduced during the periods shown, total returns
would have been lower. Total returns for periods less than one year are not
annualized.
(3) Annualized.
See Accompanying Notes to Financial Statements.
21
<Page>
CREDIT SUISSE SMALL CAP VALUE FUND
FINANCIAL HIGHLIGHTS
(For a Class B Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED
APRIL 30, 2003
(UNAUDITED)
-------------------
PER SHARE DATA
Net asset value, beginning of period $ 17.74
-----------
INVESTMENT OPERATIONS
Net investment loss(1) (0.05)
Net gain (loss) on investments
(both realized and unrealized) 0.41
-----------
Total from investment operations 0.36
-----------
LESS DISTRIBUTIONS
Distributions from net realized gains (1.59)
-----------
NET ASSET VALUE, END OF PERIOD $ 16.51
===========
Total return(2) 1.94%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 19,836
Ratio of expenses to average net assets 2.14%(3)
Ratio of net investment loss to average
net assets (0.61)%(3)
Decrease reflected in above operating
expense ratios due to waivers 0.16%(3)
Portfolio turnover rate 6%
<Caption>
FOR THE YEAR ENDED OCTOBER 31,
---------------------------------------------------------------------------
2002 2001 2000 1999 1998
----------- ----------- ----------- ----------- -----------
PER SHARE DATA
Net asset value, beginning of period $ 20.33 $ 21.95 $ 20.13 $ 19.23 $ 23.12
----------- ----------- ----------- ----------- -----------
INVESTMENT OPERATIONS
Net investment loss(1) (0.12) (0.10) (0.09) (0.14) (0.09)
Net gain (loss) on investments
(both realized and unrealized) 0.32 1.70 3.96 1.06 (2.55)
----------- ----------- ----------- ----------- -----------
Total from investment operations 0.20 1.60 3.87 0.92 (2.64)
----------- ----------- ----------- ----------- -----------
LESS DISTRIBUTIONS
Distributions from net realized gains (2.79) (3.22) (2.05) (0.02) (1.25)
----------- ----------- ----------- ----------- -----------
NET ASSET VALUE, END OF PERIOD $ 17.74 $ 20.33 $ 21.95 $ 20.13 $ 19.23
=========== =========== =========== =========== ===========
Total return(2) (0.08)% 8.88% 20.80% 4.75% (11.98)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 19,999 $ 17,818 $ 17,255 $ 19,257 $ 22,284
Ratio of expenses to average net assets 2.07% 2.08% 2.10% 2.07% 1.99%
Ratio of net investment loss to average
net assets (0.63)% (0.50)% (0.43)% (0.71)% (0.40)%
Decrease reflected in above operating
expense ratios due to waivers 0.13% 0.02% -- -- --
Portfolio turnover rate 18% 54% 42% 30% 42%
</Table>
- ----------
(1) Per share information is calculated using the average share outstanding
method.
(2) Total returns are historical and assume changes in share price,
reinvestment of all distributions, and no sales charge. Had certain
expenses not been reduced during the periods shown, total returns would
have been lower. Total returns for periods less than one year are not
annualized.
(3) Annualized.
See Accompanying Notes to Financial Statements.
22
<Page>
CREDIT SUISSE SMALL CAP VALUE FUND
FINANCIAL HIGHLIGHTS
(For a Class C 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(1)
------------------ ---------- ---------- ----------
PER SHARE DATA
Net asset value, beginning of period $ 17.69 $ 20.28 $ 21.94 $ 17.96
---------- ---------- ---------- ----------
INVESTMENT OPERATIONS
Net investment loss(2) (0.05) (0.12) (0.11) (0.07)
Net gain on investments
(both realized and unrealized) 0.41 0.32 1.67 4.05
---------- ---------- ---------- ----------
Total from investment operations 0.36 0.20 1.56 3.98
---------- ---------- ---------- ----------
LESS DISTRIBUTIONS
Distributions from net realized gains (1.59) (2.79) (3.22) --
---------- ---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 16.46 $ 17.69 $ 20.28 $ 21.94
========== ========== ========== ==========
Total return(3) 1.94% (0.07)% 8.93% 22.16%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 5,401 $ 4,271 $ 1,481 $ 220
Ratio of expenses to average net assets 2.14%(4) 2.07% 2.08% 1.42%(4)
Ratio of net investment loss to average net assets (0.62)%(4) (0.63)% (0.52)% (0.33)%(4)
Decrease reflected in above operating expense
ratios due to waivers 0.16%(4) 0.14% 0.02% --
Portfolio turnover rate 6% 18% 54% 42%
</Table>
- ----------
(1) For the period February 28, 2000 (inception date) through October 31, 2000.
(2) Per share information is calculated using the average share outstanding
method.
(3) Total returns are historical and assume changes in share price,
reinvestment of all distributions, and no sales charge. Had certain
expenses not been reduced during the periods shown, total returns would
have been lower. Total returns for periods less than one year are not
annualized.
(4) Annualized.
See Accompanying Notes to Financial Statements.
23
<Page>
CREDIT SUISSE FUNDS
NOTES TO FINANCIAL STATEMENTS
April 30, 2003 (Unaudited)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Credit Suisse Capital Funds (the "Trust") covered in this report are
comprised of Credit Suisse Large Cap Value Fund ("Large Cap Value") and Credit
Suisse Small Cap Value Fund ("Small Cap Value"), (each a "Fund" and
collectively, the "Funds"). The Trust is registered under the Investment Company
Act of 1940, as amended (the "1940 Act"), as an open-end management investment
company. The Trust was organized under the laws of the Commonwealth of
Massachusetts as a business trust on November 26, 1985. Each Fund is classified
as diversified.
Investment objectives for each Fund are as follows: Large Cap Value seeks
long-term capital appreciation and continuity of income; Small Cap Value seeks a
high level of growth of capital.
Large Cap Value and Small Cap Value are authorized to offer four classes of
shares: Common Class, Class A, Class B, and Class C. 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 differences in the range of services
provided to them. Common Class shares of each Fund 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. Class A of each Fund shares are sold
subject to a front-end sales charge of up to 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 the Fund's Class A shares. Class B shares are sold subject to a
contingent deferred sales charge which declines from 4% to zero depending on the
period of time the shares are held and bear expenses paid pursuant to a
distribution plan at an annual rate of 1.00% of the average daily net assets of
the Fund's Class B shares. Class C shares of each Fund are sold subject to a
contingent deferred sales charge of 1.00% if 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 Fund's Class C shares.
Effective December 12, 2001, Small Cap Value Fund closed the Common Class to
new investors. Effective December 12, 2001, Large Cap Value closed the Common
Class to new investments, except for reinvestments of dividends. Large Cap
Value's Common Class shareholders as of the close of business on December 12,
2001 may continue to hold Common Class shares but may not add to their accounts.
Although no further shares can be purchased, Large Cap Value's shareholders can
redeem their Common Class shares through any available method. Effective March
18, 2002, Large Cap Value ceased operations on its Class D shares.
24
<Page>
Effective as of the close of business on April 12, 2002, Large Cap Value
acquired all of the net assets of the Credit Suisse Balanced Fund ("Balanced")
in a tax-free exchange of shares. The shares exchanged were 741,460 shares
(valued at $14,901,765) of the Class A of Large Cap Value for 1,561,419 shares
of the Common Class of Balanced, and 3,563 shares (valued at $71,599) of the
Class A of Large Cap Value for 7,511 shares of the Advisor Class of Balanced.
Balanced Fund's net assets of $14,973,364 at that date, which included $476,771
of unrealized depreciation, were combined with those of Large Cap Value. The
aggregate net assets of Balanced and Large Cap Value immediately before the
acquisition were $14,973,364 and $178,554,035, respectively, and the combined
net assets of Large Cap Value after the acquisition were $193,527,399.
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, equity investments are generally valued at the most recent reported
bid price. Debt securities with maturities greater than 60 days are valued on
the basis of broker quotations or valuations provided by a pricing service which
may use a matrix, formula or other objective method that takes into
consideration market indices, yield curves and other specific adjustments.
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 under procedures established by the Board of Trustees 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) 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. Income, expenses
(excluding class-specific expenses) and realized/unrealized gains/losses are
allocated proportionately to each class of shares based upon the relative net
asset value of outstanding shares of that class. The cost of investments sold is
determined by use of the specific identification method for both financial
reporting and income tax purposes.
25
<Page>
C) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net
investment income, if any, are declared and paid quarterly for Large Cap Value
and at least annually for Small Cap Value. Distributions of net realized capital
gains, if any, are declared and paid at least annually for the Funds. 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).
D) FEDERAL INCOME TAXES -- No provision is made for federal taxes as it is
each Fund's intention to continue to qualify for and elect the tax treatment
applicable to regulated investment companies under the Internal Revenue Code of
1986, as amended, and make the requisite distributions to its shareholders which
will be sufficient to relieve it from federal income and excise taxes.
E) USE OF ESTIMATES -- The preparation of financial statements in conformity
with GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Actual results could
differ from these estimates.
F) SHORT-TERM INVESTMENTS -- The Funds, together with other funds/portfolios
advised by Credit Suisse Asset Management, LLC ("CSAM") an indirect,
wholly-owned subsidiary of Credit Suisse Group, pool available cash into 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.
G) SECURITIES LENDING -- Loans of securities are required at all times to be
secured by collateral at least equal to 102% of the market value of domestic
securities on loan including any accrued interest thereon and 105% of the market
value of foreign securities on loan including any accrued interest thereon. Cash
collateral received by the Funds in connection with securities lending activity
may be invested in a variety of investments including certain CSAM-advised funds
or the AIM Institutional Funds -- Liquid Asset 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 during the six months ended April 30, 2003.
26
<Page>
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.
H) OTHER -- Large Cap Value may invest up to 10% of its net assets in
restricted and other illiquid securities. Non-publicly traded securities may be
less liquid than publicly traded securities. Although these securities may be
resold in privately negotiated transactions, the prices realized from such sales
could differ from the price originally paid by the Funds or the current carrying
values, and the difference could be material.
NOTE 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
CSAM serves as investment adviser for the Funds. For its investment advisory
services, CSAM is entitled to receive the following fees, computed daily and
payable monthly, on each Fund's average daily net assets as follows:
<Table>
<Caption>
FUND ANNUAL RATE
---- -----------
Large Cap Value .75% of average daily net assets less than $75 million
.50% of average daily net assets greater than $75 million
Small Cap Value .875% of first $100 million of average daily net assets
.75% of next $100 million of average daily net assets
.625% of average daily net assets over $200 million
</Table>
For the six months ended April 30, 2003, investment advisory fees earned and
voluntarily waived for each Fund were as follows:
<Table>
<Caption>
GROSS NET
ADVISORY ADVISORY
FUND FEE WAIVER FEE
---- -------- ------ --------
Large Cap Value $ 447,943 $ (204,888) $ 243,055
Small Cap Value 854,170 (175,534) 678,636
</Table>
27
<Page>
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of
CSAM, and SSB serve as co-administrators to the Funds.
For its co-administrative services, CSAMSI currently receives a fee
calculated at an annual rate of 0.10% of each Fund's average daily net assets.
For the six months ended April 30, 2003, co-administrative services fees earned
by CSAMSI were as follows:
<Table>
<Caption>
FUND CO-ADMINISTRATION FEE
---- ---------------------
Large Cap Value $ 70,992
Small Cap Value 106,914
</Table>
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/Portfolios co-administered by SSB and
allocated based upon relative average net assets of each fund/portfolio.
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ -----------
First $5 billion .050% of average daily net assets
Next $5 billion .035% of average daily net assets
Over $10 billion .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-ADMINISTRATION FEE
---- ---------------------
Large Cap Value $ 44,464
Small Cap Value 66,848
</Table>
In addition to serving as each Fund's co-administrator, CSAMSI currently
serves as distributor of each Fund's shares. Pursuant to distribution plans
adopted by each Fund pursuant to Rule 12b-1 under the 1940 Act, CSAMSI receives
fees for its distribution services. This fee is calculated at an annual rate of
0.25% of the average daily net assets of the Common Class and Class A shares of
each Fund. For the Class B and Class C shares, the fee is calculated at annual
rate of 1.00% of average daily net assets of each Fund. For the six months ended
April 30, 2003, distribution fees paid to CSAMSI were as follows:
<Table>
<Caption>
FUND DISTRIBUTION FEE
---- ----------------
Large Cap Value
Common Class $ 3,683
Class A 136,738
Class B 137,018
Class C 11,225
----------
$ 288,664
==========
</Table>
28
<Page>
<Table>
<Caption>
FUND DISTRIBUTION FEE
---- ----------------
Small Cap Value
Common Class $ 53,457
Class A 183,913
Class B 96,913
Class C 22,750
----------
$ 357,033
==========
</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
---- --------
Large Cap Value $ 849
Small Cap Value 41,377
</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
---- --------
Large Cap Value $ 24,804
Small Cap Value 36,275
</Table>
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
---- --------
Large Cap Value $ 6,426
Small Cap Value 4,237
</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
29
<Page>
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 and during the six months ended April 30, 2003, the Funds had no
borrowings under the Credit Facility.
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
---- --------- -----
Large Cap Value $ 26,964,137 $ 27,051,443
Small Cap Value 13,079,406 18,290,219
</Table>
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>
IDENTIFIED UNREALIZED UNREALIZED NET UNREALIZED
FUND COST APPRECIATION DEPRECIATION APPRECIATION
---- ---------- ------------- ------------ -------------
Large Cap Value $ 125,968,594 $ 24,412,782 $ (3,413,703) $ 20,999,079
Small Cap Value 182,879,945 48,458,085 (8,678,057) 39,780,028
</Table>
NOTE 5. CAPITAL SHARE TRANSACTIONS
Each Fund is authorized to issue an unlimited number of full and fractional
shares of beneficial interest, $.001 par value per share, of which an unlimited
number of shares are classified as Common Class shares, Class A shares, Class B
shares and Class C shares. Transactions in capital shares of the Funds were as
follows:
<Table>
<Caption>
LARGE CAP VALUE
--------------------------------------------------------
COMMON CLASS
--------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2003 (UNAUDITED) OCTOBER 31, 2002
--------------------------------------------------------
SHARES VALUE SHARES VALUE
----------- ----------- ----------- -----------
Shares sold -- $ -- 103,965 $ 2,023,735
Shares issued in reinvestment of
dividends and distributions 4,292 70,618 12,434 242,387
Shares redeemed (14,103) (227,340) (105,918) (2,094,726)
----------- ----------- ----------- -----------
Net increase (decrease) (9,811) $ (156,722) 10,481 $ 171,396
=========== =========== =========== ===========
</Table>
30
<Page>
<Table>
<Caption>
LARGE CAP VALUE
----------------------------------------------------------
CLASS A
----------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2003 (UNAUDITED) OCTOBER 31, 2002
----------------------------------------------------------
SHARES VALUE SHARES VALUE
----------- ------------- ----------- -------------
Shares sold 589,836 $ 9,332,338 626,066 $ 12,458,395
Shares exchanged due to merger -- -- 745,023 14,973,364
Shares issued in reinvestment of
dividends and distributions 134,857 2,220,151 493,645 9,681,586
Shares redeemed (667,734) (10,841,522) (1,742,654) (33,021,060)
----------- ------------ ----------- -------------
Net increase 56,959 $ 710,967 122,080 $ 4,092,285
=========== ============= =========== =============
<Caption>
LARGE CAP VALUE
----------------------------------------------------------
CLASS B
----------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2003 (UNAUDITED) OCTOBER 31, 2002
----------------------------------------------------------
SHARES VALUE SHARES VALUE
----------- ------------- ----------- -------------
Shares sold 192,146 $ 3,125,391 290,681 $ 5,488,383
Shares issued in reinvestment of
dividends and distributions 30,934 506,656 133,172 2,598,132
Shares redeemed (246,264) (3,911,115) (396,941) (7,219,735)
----------- ------------ ----------- -------------
Net increase (decrease) (23,184) $ (279,068) 26,912 $ 866,780
=========== ============= =========== =============
<Caption>
LARGE CAP VALUE
----------------------------------------------------------
CLASS C
----------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2003 (UNAUDITED) OCTOBER 31, 2002
----------------------------------------------------------
SHARES VALUE SHARES VALUE
----------- ------------ ----------- -------------
Shares sold 34,263 $ 550,063 54,693 $ 1,022,052
Shares issued in reinvestment of
dividends and distributions 2,602 42,427 8,035 155,964
Shares redeemed (7,247) (115,863) (33,052) (615,500)
----------- ------------ ----------- -------------
Net increase 29,618 $ 476,627 29,676 $ 562,516
=========== ============= =========== =============
<Caption>
LARGE CAP VALUE
---------------------------
CLASS D
---------------------------
FOR THE YEAR ENDED
OCTOBER 31, 2003
---------------------------
SHARES VALUE
----------- -------------
Shares sold 53,963 $ 1,072,918
Shares issued in reinvestment of
dividends and distributions 171,387 3,381,467
Shares redeemed (2,311,557) (47,718,754)
----------- -------------
Net decrease (2,086,207) $ (43,264,369)
=========== =============
</Table>
31
<Page>
<Table>
<Caption>
SMALL CAP VALUE
----------------------------------------------------------
COMMON CLASS
----------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2003 (UNAUDITED) OCTOBER 31, 2002
----------------------------------------------------------
SHARES VALUE SHARES VALUE
----------- ------------- ----------- -------------
Shares sold 616,141 $ 11,025,154 2,037,442 $ 43,491,976
Shares issued in reinvestment of
dividends and distributions 239,082 4,181,492 206,532 4,122,723
Shares redeemed (785,500) (13,529,490) (1,271,379) (26,177,786)
----------- ------------- ----------- -------------
Net increase 69,723 $ 1,677,156 972,595 $ 21,436,913
=========== ============= =========== =============
<Caption>
SMALL CAP VALUE
----------------------------------------------------------
CLASS A
----------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2003 (UNAUDITED) OCTOBER 31, 2002
----------------------------------------------------------
SHARES VALUE SHARES VALUE
----------- ------------- ----------- -------------
Shares sold 1,280,091 $ 21,987,403 1,317,940 $ 35,671,755
Shares issued in reinvestment of
dividends and distributions 691,170 12,130,136 1,250,540 25,063,759
Shares redeemed (1,303,706) (22,405,931) (3,884,528) (90,304,871)
----------- ------------- ----------- -------------
Net increase (decrease) 667,555 $ 11,711,608 (1,316,048) $ (29,569,357)
=========== ============= =========== =============
<Caption>
SMALL CAP VALUE
----------------------------------------------------------
CLASS B
----------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2003 (UNAUDITED) OCTOBER 31, 2002
----------------------------------------------------------
SHARES VALUE SHARES VALUE
----------- ------------- ----------- -------------
Shares sold 120,743 $ 1,963,160 352,858 $ 7,019,306
Shares issued in reinvestment of
distributions 94,730 1,577,261 117,607 2,258,049
Shares redeemed (141,357) (2,289,007) (219,418) (4,302,841)
----------- ------------- ----------- -------------
Net increase 74,116 $ 1,251,414 251,047 $ 4,974,514
=========== ============= =========== =============
<Caption>
SMALL CAP VALUE
----------------------------------------------------------
CLASS C
----------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2003 (UNAUDITED) OCTOBER 31, 2002
----------------------------------------------------------
SHARES VALUE SHARES VALUE
----------- ------------- ----------- -------------
Shares sold 95,970 $ 1,550,213 210,925 $ 4,179,124
Shares issued in reinvestment of
distributions 22,210 368,689 11,516 220,414
Shares redeemed (31,483) (508,802) (54,000) (1,015,269)
----------- ------------- ----------- -------------
Net increase 86,697 $ 1,410,100 168,441 $ 3,384,269
=========== ============= =========== =============
</Table>
- ----------
(1) Large Cap Value Class D ceased operations effective March 18, 2002.
32
<Page>
Management has determined that due to an administrative oversight, new sales
of Common Class shares other than pursuant to reinvestment of dividends took
place after February 28, 2002, when there was no effective Common Class
prospectus. A right of rescission will be offered to shareholders who purchased
Common Class shares after February 28, 2002. The Fund will not bear any of the
costs of the rescission offer, including payments due to shareholders who accept
the offer.
On April 30, 2003, the number of shareholders that held 5% or more of the
outstanding shares of each class of the Funds were as follows:
<Table>
<Caption>
NUMBER OF APPROXIMATE PERCENTAGE
FUND SHAREHOLDERS OF OUTSTANDING SHARES
---- ------------ ----------------------
Large Cap Value
Common Class 1 74%
Class C 2 17%
Small Cap Value
Common Class 3 66%
</Table>
Some of the shareholders are comprised of omnibus accounts, which are held on
behalf of several individual shareholders.
NOTE 6. SUBSEQUENT EVENT
On April 25, 2003, shareholders of Credit Suisse Strategic Value Fund
("Strategic Value"), approved a reorganization (the "Reorganization") into Large
Cap Value. The Reorganization was completed on June 6, 2003, and each
shareholder of Strategic Value became a shareholder of Large Cap Value and
received on a tax-free basis shares of Large Cap Value with the same aggregate
net asset value as their shares of the Strategic Value.
33
<Page>
CREDIT SUISSE LARGE CAP VALUE FUND
SHAREHOLDER MEETING RESULTS (UNAUDITED)
A special meeting of shareholders of the Credit Suisse Large Cap Value 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 were approved except Proposals 4-A and
4-B.
1. To Elect the Following Nominees as Trustees:
<Table>
<Caption>
FOR WITHHELD
----------- ----------
Richard H. Francis 6,065,819 277,859
Jack W. Fritz 6,061,565 282,113
Joseph D. Gallagher 6,056,324 287,354
Jeffrey E. Garten 6,057,511 286,167
Peter F. Krogh 6,062,570 281,108
James S. Pasman, Jr. 6,051,420 292,258
Steven N. Rappaport 6,057,826 285,852
William W. Priest 6,063,588 280,090
Total Eligible Shares 8,792,770
Total Shares Voted 6,343,678
% of Shares Voted 72.15%
</Table>
2-A. To Modify the Fundamental Investment Restriction on Borrowing Money:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
----------- ------------------ --------------
For 5,501,862 62.57% 86.73%
Against 388,277 4.42% 6.13%
Abstain 261,494 2.97% 4.12%
Broker Non-votes 192,045 2.18% 3.02%
</Table>
2-B. To Modify the Fundamental Investment Restriction on Lending:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
----------- ------------------ --------------
For 5,508,747 62.65% 86.84%
Against 382,826 4.35% 6.04%
Abstain 260,060 2.96% 4.10%
Broker Non-votes 192,045 2.18% 3.02%
</Table>
34
<Page>
2-C. To Modify the Fundamental Investment Restriction on Real Estate
Investments:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
----------- ------------------ --------------
For 5,520,464 62.78% 87.02%
Against 382,102 4.35% 6.02%
Abstain 249,067 2.83% 3.93%
Broker Non-votes 192,045 2.18% 3.03%
</Table>
2-D. To Modify the Fundamental Investment Restriction on Investing in
Commodities:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
----------- ------------------ --------------
For 5,493,145 62.47% 86.59%
Against 398,192 4.53% 6.28%
Abstain 260,296 2.96% 4.10%
Broker Non-votes 192,045 2.18% 3.03%
</Table>
2-E. To Remove the Fundamental Investment Restriction on Margin Transactions:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
----------- ------------------ --------------
For 5,464,274 62.15% 86.14%
Against 435,450 4.95% 6.87%
Abstain 251,909 2.87% 3.97%
Broker Non-votes 192,045 2.18% 3.02%
</Table>
2-F. To Remove the Fundamental Investment Restriction on Investing for Control:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
----------- ------------------ --------------
For 5,488,170 62.42% 86.51%
Against 404,622 4.60% 6.38%
Abstain 258,841 2.94% 4.08%
Broker Non-votes 192,045 2.18% 3.03%
</Table>
2-G. To Remove the Fundamental Investment Restriction on Investment in
Securities Owned by Management:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
----------- ------------------ --------------
For 5,471,798 62.23% 86.25%
Against 421,960 4.80% 6.65%
Abstain 257,876 2.93% 4.07%
Broker Non-votes 192,045 2.18% 3.03%
</Table>
35
<Page>
2-H. To Remove the Fundamental Investment Restriction on Investment in
Unseasoned Issuers:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
----------- ------------------ --------------
For 5,439,813 61.87% 85.75%
Against 455,500 5.18% 7.18%
Abstain 256,320 2.92% 4.04%
Broker Non-votes 192,045 2.18% 3.03%
</Table>
2-I. To Remove the Fundamental Investment Restriction on Pledging Assets:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
----------- ------------------ --------------
For 5,480,929 62.34% 86.40%
Against 420,850 4.79% 6.63%
Abstain 249,854 2.84% 3.94%
Broker Non-votes 192,045 2.18% 3.03%
</Table>
2-J. 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 5,517,941 62.76% 86.98%
Against 384,558 4.37% 6.06%
Abstain 249,134 2.83% 3.93%
Broker Non-votes 192,045 2.18% 3.03%
</Table>
2-K. To Remove the Fundamental Investment Restriction on Joint Trading Accounts:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
----------- ------------------ --------------
For 5,504,754 62.61% 86.78%
Against 393,029 4.47% 6.20%
Abstain 253,850 2.89% 4.00%
Broker Non-votes 192,045 2.18% 3.02%
</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 4,572,838 52.01% 72.09%
Against 1,298,166 14.76% 20.46%
Abstain 280,630 3.19% 4.42%
Broker Non-votes 192,045 2.18% 3.03%
</Table>
36
<Page>
4-A. To Amend the Charter Document to Allow Involuntary Redemptions:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
----------- ------------------ --------------
For 4,619,711 52.54% 72.82%
Against 1,292,231 14.70% 20.37%
Abstain 239,691 2.73% 3.78%
Broker Non-votes 192,045 2.18% 3.03%
</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 4,524,232 51.45% 71.32%
Against 1,412,575 16.07% 22.27%
Abstain 214,826 2.44% 3.39%
Broker Non-votes 192,045 2.18% 3.02%
</Table>
37
<Page>
CREDIT SUISSE SMALL CAP VALUE FUND
SHAREHOLDER MEETING RESULTS (UNAUDITED)
A special meeting of shareholders of the Credit Suisse Small Cap Value 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 except Proposals 3 and 4-A.
1. To Elect the Following Nominees as Trustees:
<Table>
<Caption>
FOR WITHHELD
------------ ------------
Richard H. Francis 7,576,142 261,197
Jack W. Fritz 7,559,018 278,320
Joseph D. Gallagher 7,572,997 264,341
Jeffrey E. Garten 7,562,225 275,113
Peter F. Krogh 7,580,447 256,891
James S. Pasman, Jr. 7,559,944 277,395
Steven N. Rappaport 7,578,447 258,891
William W. Priest 7,573,042 264,297
Total Eligible Shares 12,763,354
Total Shares Voted 7,837,339
% of Shares Voted 61.41%
</Table>
2-A. To Modify the Fundamental Investment Restriction on Borrowing Money:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
----------- ------------------ --------------
For 6,821,039 53.44% 87.04%
Against 309,035 2.42% 3.94%
Abstain 265,066 2.08% 3.38%
Broker Non-votes 442,199 3.47% 5.64%
</Table>
2-B. To Modify the Fundamental Investment Restriction on Lending:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
----------- ------------------ --------------
For 6,811,954 53.37% 86.92%
Against 313,349 2.46% 4.00%
Abstain 269,837 2.11% 3.44%
Broker Non-votes 442,199 3.47% 5.64%
</Table>
38
<Page>
2-C. To Modify the Fundamental Investment Restriction on Real Estate
Investments:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
----------- ------------------ --------------
For 6,729,594 52.73% 85.86%
Against 293,618 2.30% 3.75%
Abstain 371,928 2.91% 4.75%
Broker Non-votes 442,199 3.47% 5.64%
</Table>
2-D. To Remove the Fundamental Investment Restriction on Investing in
Commodities:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
----------- ------------------ --------------
For 6,698,902 52.49% 85.47%
Against 322,199 2.53% 4.11%
Abstain 374,038 2.93% 4.78%
Broker Non-votes 442,199 3.47% 5.64%
</Table>
2-E. To Remove the Fundamental Investment Restriction on Margin Transactions:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
----------- ------------------ --------------
For 6,797,040 53.25% 86.73%
Against 336,873 2.64% 4.30%
Abstain 261,227 2.05% 3.33%
Broker Non-votes 442,199 3.47% 5.64%
</Table>
2-F. To Remove the Fundamental Investment Restriction on Investing for Control:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
----------- ------------------ --------------
For 6,718,704 52.64% 85.73%
Against 304,652 2.39% 3.89%
Abstain 371,784 2.91% 4.74%
Broker Non-votes 442,199 3.47% 5.64%
</Table>
2-G. To Remove the Fundamental Investment Restriction on Pledging Assets:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
----------- ------------------ --------------
For 6,806,288 53.33% 86.85%
Against 326,070 2.56% 4.16%
Abstain 262,782 2.06% 3.35%
Broker Non-votes 442,199 3.47% 5.64%
</Table>
39
<Page>
2-H. To Remove the Fundamental Investment Restriction on Investing in Restricted
Securities:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
----------- ------------------ --------------
For 6,788,713 53.19% 86.62%
Against 339,807 2.66% 4.34%
Abstain 266,620 2.09% 3.40%
Broker Non-votes 442,199 3.47% 5.64%
</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 4,814,447 37.72% 61.43%
Against 2,337,791 18.32% 29.83%
Abstain 242,902 1.90% 3.10%
Broker Non-votes 442,199 3.47% 5.64%
</Table>
4-A. To Amend the Charter Document to Allow Involuntary Redemptions:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
----------- ------------------ --------------
For 4,836,502 37.89% 61.71%
Against 2,309,858 18.10% 29.47%
Abstain 248,780 1.95% 3.18%
Broker Non-votes 442,199 3.47% 5.64%
</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 4,727,359 37.04% 60.32%
Against 2,446,065 19.16% 31.21%
Abstain 221,716 1.74% 2.83%
Broker Non-votes 442,199 3.47% 5.64%
</Table>
40
<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.
41
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
P.O. BOX 55030, BOSTON, MA 02205-5030
800-927-2874 - www.csam-americas.com
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. CSVAL-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.
<Page>
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.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934 and the Investment Company Act of 1940, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.
Credit Suisse Capital Funds
/s/ 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
<Page>
/s/ Michael A. Pignataro
Name: Michael A. Pignataro
Title: Chief Financial Officer
Date: July 2, 2003