<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. 811-07261
--------------------------------------------------------
CREDIT SUISSE TRUST
------------------------------------------------------------
(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 Trust
466 Lexington Avenue
New York, New York 10017-3140
Registrant's telephone number, including area code:(212) 875-3500
Date of fiscal year end: December 31, 2003
Date of reporting period: January 1, 2003 to December 31, 2003
<Page>
ITEM 1. REPORTS TO STOCKHOLDERS.
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE FUNDS
ANNUAL REPORT
December 31, 2003
CREDIT SUISSE TRUST
- - GLOBAL POST-VENTURE CAPITAL PORTFOLIO
CREDIT SUISSE TRUST (THE "TRUST") SHARES ARE NOT AVAILABLE DIRECTLY TO
INDIVIDUAL INVESTORS, BUT MAY BE OFFERED ONLY THROUGH CERTAIN INSURANCE PRODUCTS
AND PENSION AND RETIREMENT PLANS.
MORE COMPLETE INFORMATION ABOUT THE TRUST, INCLUDING CHARGES AND EXPENSES, IS
PROVIDED IN THE PROSPECTUS, WHICH SHOULD BE READ CAREFULLY BEFORE INVESTING. YOU
MAY OBTAIN ADDITIONAL COPIES BY CALLING 800-222-8977 OR BY WRITING TO CREDIT
SUISSE TRUST, 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. THE TRUST IS ADVISED BY CREDIT SUISSE
ASSET MANAGEMENT, LLC.
<Page>
THE PORTFOLIO'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 PORTFOLIO'S MANAGEMENT ARE AS OF THE DATE OF THE LETTER AND THE
PORTFOLIO HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF DECEMBER 31, 2003; THESE
VIEWS AND PORTFOLIO HOLDINGS MAY HAVE CHANGED SUBSEQUENT TO THESE DATES. NOTHING
IN THIS DOCUMENT IS A RECOMMENDATION TO PURCHASE OR SELL SECURITIES.
PORTFOLIO 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 TRUST -- GLOBAL POST-VENTURE CAPITAL PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT
December 31, 2003 (Unaudited)
January 21, 2004
Dear Shareholder:
For the 12 months ended December 31, 2003, Credit Suisse Trust -- Global
Post-Venture Capital Portfolio(1) (the "Portfolio") had a gain of 47.66%, versus
increases of 30.80% for the Morgan Stanley Capital International World Index(2)
and 42.73% for the Russell MidCap(R) Growth Index(3).
The period was a positive one for most stock markets around the world. While
markets initially struggled, due largely to shifting perceptions of how a war
with Iraq might proceed, they began to recover in late March on progress made by
the U.S. and its allies. When the war came to a swift and seemingly successful
end in April, a major cloud of uncertainty lifted and investors embraced risk.
Optimism over a potential recovery in the U.S. economy -- and by extension, the
global economy -- also supported equities. Grounds for this optimism included
historically low interest rates, a significant tax-reduction package, and an
upturn in leading economic indicators in the U.S., Europe and non-Japan Asia. By
the end of the period, the various stimulus tools appeared to be paying off,
with third-quarter GDP growth in the U.S. exceeding most analysts' expectations.
Against this backdrop, a number of the Portfolio's holdings had good
showings, including its technology, consumer-discretionary, consumer-staples and
health-care stocks. Stocks that hindered the Portfolio included certain energy
holdings, though energy remained a relatively small weighting in the Portfolio.
We made no major changes to the Portfolio's regional or sector allocation.
From a regional standpoint, we remained biased in favor of the U.S., based on
company-specific factors as well as our positive outlook on the country's
economic prospects. The bulk of the rest of the portfolio was mostly invested in
the U.K. and Continental Europe, with smaller positions in Canada, Japan and
non-Japan Asia. Noteworthy sector weightings (aside from technology, which
accounts for the lion's share of the post-venture-capital world) included
consumer stocks, most specifically retail companies. We continued to favor these
stocks for their potential to be early beneficiaries of a U.S. and global
economic rebound. Elsewhere, we modestly increased our exposure to health-care
services companies late in the period, mostly hospitals.
While we are encouraged by the strong third-quarter U.S. GDP growth rate and
by some recent improvements in the employment picture, a good deal of optimism
may already be priced into the market. But regardless of what may be in store
for stocks over the near term, we continue to believe that venture-backed
companies comprise an asset class that offers growth potential
1
<Page>
for patient investors. These companies typically have managements that are
incented by December 31, 2003 (Unaudited) equity ownership; they tend to develop
innovative technologies and products within a range of industries; and they
often receive management expertise and professional contacts from venture
capitalists. We view these as growth-supporting factors, and we will continue to
strive to identify companies we deem to have the best long-term prospects.
The Credit Suisse Global Post-venture Capital Team
Robert S. Janis
Greg Norton-Kidd
Calvin E. Chung
INTERNATIONAL INVESTING ENTAILS SPECIAL RISK CONSIDERATIONS, INCLUDING
CURRENCY FLUCTUATIONS, LOWER LIQUIDITY, ECONOMIC AND POLITICAL RISKS, AND
DIFFERENCES IN ACCOUNTING METHODS. BECAUSE OF THE NATURE OF THE PORTFOLIO'S
POST-VENTURE-CAPITAL INVESTMENTS AND CERTAIN AGGRESSIVE STRATEGIES IT MAY USE,
AN INVESTMENT IN THE PORTFOLIO MAY NOT BE APPROPRIATE FOR ALL INVESTORS.
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 PORTFOLIO'S INVESTMENTS. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
2
<Page>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE
CREDIT SUISSE TRUST -- GLOBAL POST-VENTURE CAPITAL PORTFOLIO(1), THE MSCI
WORLD INDEX(2) AND THE RUSSELL MIDCAP(R) GROWTH INDEX(3)
FROM INCEPTION (9/30/96).
<Table>
<Caption>
CREDIT SUISSE TRUST-
GLOBAL POST-VENTURE CAPITAL PORTFOLIO(1) MSCI WORLD INDEX(2) RUSSELL MIDCAP(R) GROWTH INDEX(3)
9/30/1996 $ 10,000 $ 10,393 $ 10,005
10/31/1996 $ 9,730 $ 10,468 $ 9,888
11/30/1996 $ 9,760 $ 11,056 $ 10,470
12/31/1996 $ 9,760 $ 10,881 $ 10,294
1/31/1997 $ 10,200 $ 11,014 $ 10,750
2/28/1997 $ 9,520 $ 11,143 $ 10,513
3/31/1997 $ 8,870 $ 10,924 $ 9,919
4/30/1997 $ 8,900 $ 11,283 $ 10,162
5/31/1997 $ 9,880 $ 11,982 $ 11,072
6/30/1997 $ 10,090 $ 12,581 $ 11,379
7/31/1997 $ 10,950 $ 13,162 $ 12,468
8/31/1997 $ 10,860 $ 12,283 $ 12,346
9/30/1997 $ 11,570 $ 12,953 $ 12,971
10/31/1997 $ 10,840 $ 12,273 $ 12,322
11/30/1997 $ 10,840 $ 12,492 $ 12,451
12/31/1997 $ 11,062 $ 12,646 $ 12,615
1/31/1998 $ 10,932 $ 13,001 $ 12,387
2/28/1998 $ 12,032 $ 13,882 $ 13,552
3/31/1998 $ 12,742 $ 14,470 $ 14,120
4/30/1998 $ 12,912 $ 14,614 $ 14,312
5/31/1998 $ 12,022 $ 14,433 $ 13,723
6/30/1998 $ 12,522 $ 14,778 $ 14,111
7/31/1998 $ 11,312 $ 14,756 $ 13,507
8/31/1998 $ 8,941 $ 12,790 $ 10,929
9/30/1998 $ 9,591 $ 13,019 $ 11,756
10/31/1998 $ 9,952 $ 14,198 $ 12,621
11/30/1998 $ 10,762 $ 15,044 $ 13,473
12/31/1998 $ 11,822 $ 15,782 $ 14,868
1/31/1999 $ 12,182 $ 16,129 $ 15,314
2/28/1999 $ 11,262 $ 15,703 $ 14,565
3/31/1999 $ 12,132 $ 16,359 $ 15,376
4/30/1999 $ 12,232 $ 17,006 $ 16,076
5/31/1999 $ 12,062 $ 16,387 $ 15,870
6/30/1999 $ 13,282 $ 17,153 $ 16,978
7/31/1999 $ 12,682 $ 17,104 $ 16,437
8/31/1999 $ 12,682 $ 17,076 $ 16,266
9/30/1999 $ 12,702 $ 16,912 $ 16,128
10/31/1999 $ 13,762 $ 17,794 $ 17,375
11/30/1999 $ 15,832 $ 18,297 $ 19,174
12/31/1999 $ 19,263 $ 19,780 $ 22,494
1/31/2000 $ 18,983 $ 18,650 $ 22,490
2/29/2000 $ 22,303 $ 18,702 $ 27,217
3/31/2000 $ 22,383 $ 19,997 $ 27,244
4/30/2000 $ 20,293 $ 19,154 $ 24,599
5/31/2000 $ 19,073 $ 18,671 $ 22,806
6/30/2000 $ 20,223 $ 19,303 $ 25,225
7/31/2000 $ 19,613 $ 18,762 $ 23,628
8/31/2000 $ 22,453 $ 19,374 $ 27,192
9/30/2000 $ 21,683 $ 18,346 $ 25,862
10/31/2000 $ 19,153 $ 18,041 $ 24,093
11/30/2000 $ 15,172 $ 16,948 $ 18,858
12/31/2000 $ 15,615 $ 17,225 $ 19,851
1/31/2001 $ 16,085 $ 17,559 $ 20,985
2/28/2001 $ 13,975 $ 16,077 $ 17,355
3/31/2001 $ 12,107 $ 15,024 $ 14,871
4/30/2001 $ 13,207 $ 16,139 $ 17,350
5/31/2001 $ 12,955 $ 15,938 $ 17,269
6/30/2001 $ 12,554 $ 15,441 $ 17,277
7/31/2001 $ 11,671 $ 15,238 $ 16,113
8/31/2001 $ 10,937 $ 14,509 $ 14,945
9/30/2001 $ 9,367 $ 13,233 $ 12,474
10/31/2001 $ 9,928 $ 13,488 $ 13,786
11/30/2001 $ 10,719 $ 14,288 $ 15,270
12/31/2001 $ 11,144 $ 14,379 $ 15,851
1/31/2002 $ 10,719 $ 13,945 $ 15,336
2/28/2002 $ 10,330 $ 13,827 $ 14,466
3/31/2002 $ 10,868 $ 14,441 $ 15,570
4/30/2002 $ 10,559 $ 13,956 $ 14,746
5/31/2002 $ 10,249 $ 13,988 $ 14,307
6/30/2002 $ 9,573 $ 13,142 $ 12,727
7/31/2002 $ 8,358 $ 12,036 $ 11,490
8/31/2002 $ 8,025 $ 12,061 $ 11,450
9/30/2002 $ 7,246 $ 10,737 $ 10,541
10/31/2002 $ 7,463 $ 11,532 $ 11,358
11/30/2002 $ 8,014 $ 12,156 $ 12,247
12/31/2002 $ 7,337 $ 11,569 $ 11,508
1/31/2003 $ 7,108 $ 11,220 $ 11,395
2/28/2003 $ 6,867 $ 11,028 $ 11,296
3/31/2003 $ 6,753 $ 10,997 $ 11,506
4/30/2003 $ 7,486 $ 11,979 $ 12,289
5/31/2003 $ 8,369 $ 12,670 $ 13,471
6/30/2003 $ 8,702 $ 12,894 $ 13,664
7/31/2003 $ 9,057 $ 13,158 $ 14,152
8/31/2003 $ 9,630 $ 13,446 $ 14,932
9/30/2003 $ 9,688 $ 13,531 $ 14,642
10/31/2003 $ 10,467 $ 14,337 $ 15,822
11/30/2003 $ 10,582 $ 14,558 $ 16,246
12/31/2003 $ 10,834 $ 15,365 $ 16,618
</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 portfolio distributions or the redemption of portfolio shares.
Performance includes the effect of deducting expenses, but does not include
charges and expenses attributable to any particular variable contract or Plan.
Accordingly, the Prospectus of the sponsoring Participating Insurance Company
separate account or Plan documents or other informational materials supplied by
Plan sponsors should be carefully reviewed for information on relevant charges
and expenses. Excluding these charges and expenses from quotations of
performance has the effect of increasing the performance quoted, and the effect
of these charges should be considered when comparing performance to that of
other mutual funds.
3
<Page>
AVERAGE ANNUAL RETURNS AS OF DECEMBER 31, 2003(1)
<Table>
<Caption>
1 YEAR 5 YEARS SINCE INCEPTION
------ ------- ---------------
47.66% (1.73)% 1.11%
</Table>
- ----------
(1) Fee waivers and/or expense reimbursements reduced expenses for the
Portfolio, without which performance would be lower. Waivers and/or
reimbursements may be discontinued at any time.
(2) The Morgan Stanley Capital International World Index is a free
float-adjusted market capitalization index that is designed to measure
global developed-market equity performance. It is the exclusive property of
Morgan Stanley Capital International Inc. Investors cannot invest directly
in an index.
(3) The Russell Midcap(R) Growth Index measures the performance of those
companies in the Russell Midcap(R) Index with higher price-to-book ratios
and higher forecasted growth values. The stocks are also members of the
Russell 1000(R) Growth Index. It is an unmanaged index of common stocks
that includes reinvestment of dividends and is compiled by Frank Russell
Company. Investors cannot invest directly in an index.
4
<Page>
CREDIT SUISSE TRUST -- GLOBAL POST-VENTURE CAPITAL PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 2003
<Table>
<Caption>
NUMBER OF
SHARES VALUE
-------------- --------------
COMMON STOCKS (93.1%)
CANADA (2.6%)
ELECTRONIC EQUIPMENT & INSTRUMENTS (1.0%)
Celestica, Inc.* 67,800 $ 1,021,746
--------------
LEISURE EQUIPMENT & PRODUCTS (1.6%)
Hockey Company Holdings, Inc.* 85,100 987,812
Mega Bloks, Rule 144A*,+ 37,100 660,321
--------------
1,648,133
--------------
TOTAL CANADA 2,669,879
--------------
FRANCE (2.1%)
OFFICE ELECTRONICS (2.1%)
Neopost SA 42,535 2,146,062
--------------
TOTAL FRANCE 2,146,062
--------------
IRELAND (2.2%)
AIRLINES (2.2%)
Ryanair Holdings PLC* 221,800 1,846,466
Ryanair Holdings PLC ADR* 8,680 439,555
--------------
TOTAL IRELAND 2,286,021
--------------
JAPAN (5.6%)
DIVERSIFIED FINANCIALS (0.9%)
JAFCO Company, Ltd. 11,500 903,518
--------------
HOTELS, RESTAURANTS & LEISURE (2.6%)
Round One Corp. 1,163 2,691,275
--------------
SPECIALTY RETAIL (2.1%)
USS Company, Ltd. 30,220 2,137,423
--------------
TOTAL JAPAN 5,732,216
--------------
NETHERLANDS (2.7%)
FOOD PRODUCTS (2.7%)
Nutreco Holdings NV 99,593 2,736,040
--------------
TOTAL NETHERLANDS 2,736,040
--------------
NORWAY (2.1%)
ELECTRONIC EQUIPMENT & INSTRUMENTS (2.1%)
Tandberg ASA* 287,330 2,116,277
--------------
TOTAL NORWAY 2,116,277
--------------
SINGAPORE (0.9%)
ELECTRONIC EQUIPMENT & INSTRUMENTS (0.9%)
Flextronics International, Ltd.* 64,800 961,632
--------------
TOTAL SINGAPORE 961,632
--------------
</Table>
See Accompanying Notes to Financial Statements.
5
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
-------------- --------------
COMMON STOCKS
SWEDEN (2.3%)
HEALTHCARE EQUIPMENT & SUPPLIES (2.3%)
Getinge AB Class B 246,400 $ 2,362,876
--------------
TOTAL SWEDEN 2,362,876
--------------
SWITZERLAND (1.6%)
HEALTHCARE EQUIPMENT & SUPPLIES (1.6%)
Nobel Biocare Holding AG 15,738 1,593,842
--------------
TOTAL SWITZERLAND 1,593,842
--------------
TAIWAN (1.2%)
SEMICONDUCTOR EQUIPMENT & PRODUCTS (1.2%)
MediaTek, Inc. 132,300 1,243,114
--------------
TOTAL TAIWAN 1,243,114
--------------
UNITED KINGDOM (8.1%)
DIVERSIFIED FINANCIALS (2.2%)
3i Group PLC 201,600 2,228,524
--------------
HOTELS, RESTAURANTS & LEISURE (2.8%)
Enterprise Inns PLC 51,210 929,571
William Hill PLC 253,800 1,940,033
--------------
2,869,604
--------------
HOUSEHOLD DURABLES (1.1%)
MFI Furniture Group PLC 428,280 1,157,696
--------------
SOFTWARE (2.0%)
Amdocs, Ltd.* 59,000 1,326,320
Sage Group PLC 247,150 777,581
--------------
2,103,901
--------------
TOTAL UNITED KINGDOM 8,359,725
--------------
UNITED STATES (61.7%)
BANKS (1.2%)
Mellon Financial Corp. 39,600 1,271,556
--------------
COMMERCIAL SERVICES & SUPPLIES (0.9%)
BISYS Group, Inc.* 63,500 944,880
--------------
DIVERSIFIED FINANCIALS (6.7%)
E*TRADE Group, Inc.* 337,600 4,270,640
Franklin Resources, Inc. 48,900 2,545,734
--------------
6,816,374
--------------
ELECTRONIC EQUIPMENT & INSTRUMENTS (4.1%)
Sanmina-SCI Corp.* 152,100 1,917,981
Solectron Corp.* 386,000 2,281,260
--------------
4,199,241
--------------
</Table>
See Accompanying Notes to Financial Statements.
6
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
-------------- --------------
UNITED STATES
FOOD & DRUG RETAILING (4.0%)
Whole Foods Market, Inc.* 24,100 $ 1,617,833
Wild Oats Markets, Inc.* 191,600 2,477,388
--------------
4,095,221
--------------
HEALTHCARE PROVIDERS & SERVICES (15.7%)
Accredo Health, Inc.* 80,950 2,558,829
AMERIGROUP Corp.* 21,200 904,180
Centene Corp.* 45,400 1,271,654
Community Health Systems, Inc.* 62,300 1,655,934
Pediatrix Medical Group, Inc.* 45,400 2,501,086
Select Medical Corp. 171,000 2,783,880
Triad Hospitals, Inc.* 61,700 2,052,759
United Surgical Partners International, Inc.* 71,500 2,393,820
--------------
16,122,142
--------------
HOTELS, RESTAURANTS & LEISURE (0.9%)
Buffalo Wild Wings, Inc.* 11,600 301,020
Panera Bread Co. Class A* 16,300 644,339
--------------
945,359
--------------
HOUSEHOLD DURABLES (1.4%)
Yankee Candle Company, Inc.* 52,800 1,443,024
--------------
INTERNET SOFTWARE & SERVICES (1.7%)
Corillian Corp.* 119,800 755,938
Digitas, Inc.* 107,900 1,005,628
--------------
1,761,566
--------------
MEDIA (5.9%)
Clear Channel Communications, Inc. 30,100 1,409,583
Journal Register Co.* 64,100 1,326,870
Netflix, Inc.* 27,900 1,525,851
Radio One, Inc. Class A* 89,000 1,739,950
--------------
6,002,254
--------------
MULTILINE RETAIL (0.9%)
Dollar Tree Stores, Inc.* 31,200 937,872
--------------
OIL & GAS (1.6%)
Newfield Exploration Co.* 36,800 1,639,072
--------------
PHARMACEUTICALS (0.9%)
Sepracor, Inc.* 39,300 940,449
--------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (3.4%)
Cypress Semiconductor Corp.* 64,700 1,381,992
GlobespanVirata, Inc.* 206,800 1,215,984
NPTest Holding Corp.* 81,200 896,448
--------------
3,494,424
--------------
</Table>
See Accompanying Notes to Financial Statements.
7
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
-------------- --------------
UNITED STATES
SOFTWARE (7.8%)
Activision, Inc.* 61,800 $ 1,124,760
JDA Software Group, Inc.* 157,000 2,592,070
Lawson Software, Inc.* 133,400 1,097,882
Micromuse, Inc.* 166,300 1,147,470
Siebel Systems, Inc.* 146,700 2,034,729
--------------
7,996,911
--------------
SPECIALTY RETAIL (4.5%)
Aeropostale, Inc.* 43,500 1,192,770
Gymboree Corp.* 57,500 990,725
Hot Topic, Inc.* 36,900 1,087,074
Urban Outfitters, Inc.* 35,200 1,304,160
--------------
4,574,729
--------------
WIRELESS TELECOMMUNICATION SERVICES (0.1%)
Wireless Facilities, Inc.* 3,875 57,583
--------------
TOTAL UNITED STATES 63,242,657
--------------
TOTAL COMMON STOCKS (Cost $72,097,693) 95,450,341
--------------
PREFERRED STOCKS (0.7%)
UNITED STATES (0.7%)
CONSUMER SERVICES (0.7%)
PRN Corp.*,++ 79,000 711,000
--------------
INTERNET SOFTWARE & SERVICES (0.0%)
Planetweb, Inc.*,++ 183,800 12,866
--------------
TOTAL PREFERRED STOCKS (Cost $1,709,331) 723,866
--------------
WARRANT (0.0%)
UNITED STATES (0.0%)
CONSUMER SERVICES (0.0%)
PRN Corp. strike $0.01, expires August 2011*,++ (Cost $0) 18,283 0
--------------
LIMITED PARTNERSHIPS (1.3%)
UNITED STATES (1.3%)
VENTURE CAPITAL (1.3%)
Austin Ventures VIII LP*,++ 180,003 119,536
CVC European Equity III LP*,++ 528,056 483,067
Madison Dearborn Capital Partners, Inc.*,++ 260,596 186,515
Oak Investment Partners X LP*,++ 808,221 550,344
--------------
TOTAL LIMITED PARTNERSHIPS (Cost $1,555,727) 1,339,462
--------------
</Table>
See Accompanying Notes to Financial Statements.
8
<Page>
<Table>
<Caption>
PAR
(000) VALUE
-------------- --------------
SHORT-TERM INVESTMENT (6.6%)
State Street Bank and Trust Co. Euro Time
Deposit, 0.750%, 1/02/04 (Cost $6,813,000) $ 6,813 $ 6,813,000
--------------
TOTAL INVESTMENTS AT VALUE (101.7%) (Cost $82,175,751) 104,326,669
LIABILITIES IN EXCESS OF OTHER ASSETS (-1.7%) (1,749,374)
--------------
NET ASSETS (100.0%) $ 102,577,295
==============
</Table>
INVESTMENT ABBREVIATIONS
ADR = American Depositary Receipt
* Non-income producing security.
+ Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At December 31,
2003, these securities amounted to a value of $660,321 or 0.6% of net assets.
++ Restricted security, not readily marketable; security is valued at fair value
as determined in good faith by the Board of Trustees.
See Accompanying Notes to Financial Statements.
9
<Page>
CREDIT SUISSE TRUST -- GLOBAL POST-VENTURE CAPITAL PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
December 31, 2003
<Table>
ASSETS
Investments at value (Cost $82,175,751) (Note 1) $ 104,326,669
Cash 555
Foreign currency at value (cost $61) 64
Receivable for portfolio shares sold 179,503
Dividend and interest receivable 44,316
Prepaid expenses 16,577
---------------
Total Assets 104,567,684
---------------
LIABILITIES
Advisory fee payable (Note 2) 112,940
Administrative services fee payable (Note 2) 18,271
Payable for investments purchased 1,274,757
Payable for portfolio shares redeemed 544,971
Other accrued expenses payable 39,450
---------------
Total Liabilities 1,990,389
---------------
NET ASSETS
Capital stock, $0.001 par value (Note 6) 10,855
Paid-in capital (Note 6) 162,288,281
Undistributed net investment income 6,573
Accumulated net realized loss on investments and foreign curency transactions (81,881,134)
Net unrealized appreciation from investments and foreign currency translations 22,152,720
---------------
Net Assets $ 102,577,295
===============
Shares outstanding 10,854,730
---------------
Net asset value, offering price, and redemption price per share $ 9.45
===============
</Table>
See Accompanying Notes to Financial Statements.
10
<Page>
CREDIT SUISSE TRUST -- GLOBAL POST-VENTURE CAPITAL PORTFOLIO
STATEMENT OF OPERATIONS
For the Year Ended December 31, 2003
<Table>
INVESTMENT INCOME (Note 1)
Dividends $ 389,875
Interest 32,875
Net investment loss allocated from partnerships (56,642)
Foreign taxes withheld (34,695)
---------------
Total investment income 331,413
---------------
EXPENSES
Investment advisory fees (Note 2) 906,018
Administrative services fees (Note 2) 118,975
Printing fees (Note 2) 51,253
Legal fees 35,686
Audit fees 21,697
Custodian fees 20,183
Insurance expense 9,479
Transfer agent fees (Note 2) 8,223
Commitment fees (Note 3) 2,414
Trustees' fees 2,310
Registration fees 1,004
Miscellaneous expense 7,202
---------------
Total expenses 1,184,444
Less: fees waived (Note 2) (169,704)
---------------
Net expenses 1,014,740
Net investment loss (683,327)
---------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS AND
FOREIGN CURRENCY RELATED ITEMS
Net realized loss from investments (1,542,991)
Net realized loss on foreign currency transactions (35,441)
Net change in unrealized appreciation (depreciation) from investments 30,796,744
Net change in unrealized appreciation (depreciation) from foreign currency translations 1,382
---------------
Net realized and unrealized gain from investments and foreign currency related items 29,219,694
---------------
Net increase in net assets resulting from operations $ 28,536,367
===============
</Table>
See Accompanying Notes to Financial Statements.
11
<Page>
CREDIT SUISSE TRUST -- GLOBAL POST-VENTURE CAPITAL PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE YEAR FOR THE YEAR
ENDED ENDED
DECEMBER 31, 2003 DECEMBER 31, 2002
----------------- -----------------
FROM OPERATIONS
Net investment loss $ (683,327) $ (742,211)
----------------- -----------------
Net realized loss on investments and foreign
currency transactions (1,578,432) (19,610,320)
Net change in unrealized appreciation (depreciation) from
investments and foreign currency translations 30,798,126 (13,793,254)
---------------- -----------------
Net increase (decrease) in net assets resulting from operations 28,536,367 (34,145,785)
---------------- -----------------
FROM CAPITAL SHARE TRANSACTIONS (Note 6)
Proceeds from sale of shares 60,688,150 80,332,614
Net asset value of shares redeemed (47,279,820) (92,211,758)
----------------- -----------------
Net increase (decrease) in net assets from capital share transactions 13,408,330 (11,879,144)
----------------- -----------------
Net increase (decrease) in net assets 41,944,697 (46,024,929)
NET ASSETS
Beginning of year 60,632,598 106,657,527
----------------- -----------------
End of year $ 102,577,295 $ 60,632,598
================= =================
Undistributed Net Investment Income $ 6,573 $ --
================= =================
</Table>
See Accompanying Notes to Financial Statements.
12
<Page>
CREDIT SUISSE TRUST -- GLOBAL POST-VENTURE CAPITAL PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Year)
<Table>
<Caption>
FOR THE YEAR ENDED DECEMBER 31,
----------------------------------------------------------------------
2003 2002 2001 2000(1) 1999
---------- ---------- ---------- ---------- ----------
PER SHARE DATA
Net asset value, beginning of year $ 6.40 $ 9.72 $ 13.62 $ 19.26 $ 11.82
---------- ---------- ---------- ---------- ----------
INVESTMENT OPERATIONS
Net investment loss (0.06) (0.08) (0.09) (0.09) (0.08)
Net gain (loss) on investments
and foreign currency related items
(both realized and unrealized) 3.11 (3.24) (3.81) (3.56) 7.52
---------- ---------- ---------- ---------- ----------
Total from investment operations 3.05 (3.32) (3.90) (3.65) 7.44
---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS
Distributions from net realized gains -- -- -- (1.99) --
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF YEAR $ 9.45 $ 6.40 $ 9.72 $ 13.62 $ 19.26
========== ========== ========== ========== ==========
Total return(2) 47.66% (34.16)% (28.63)% (18.94)% 62.94%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 102,577 $ 60,633 $ 160,658 $ 168,034 $ 151,784
Ratio of expenses to average net assets(3) 1.40% 1.40% 1.40% 1.42% 1.41%
Ratio of net investment loss to average
net assets (0.94)% (0.90)% (0.84)% (0.75)% (0.87)%
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 0.23% 0.31% 0.21% 0.11% 0.18%
Portfolio turnover rate 86% 86% 121% 69% 44%
</Table>
(1) Certain distribution amounts have been reclassified to conform to the
current year presentation.
(2) Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the years shown, total returns would have been lower.
(3) Interest earned on uninvested cash balances may be used to offset portions
of the transfer agent expense. These arrangements resulted in a reduction
to the Portfolio's net expense ratio by .02% and .01% for the years ended
December 31, 2000 and 1999, respectively. The Portfolio's net operating
expense ratio after reflecting these arrangements was 1.40% for the years
ended December 31, 2000 and 1999, respectively. For the years ended
December 31, 2003, 2002 and 2001, there was no effect on the net operating
expense ratio because of transfer agent credits.
See Accompanying Notes to Financial Statements.
13
<Page>
CREDIT SUISSE TRUST -- GLOBAL POST-VENTURE CAPITAL PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2003
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Credit Suisse Trust (the "Trust") is an open-end management investment
company registered under the Investment Company Act of 1940, as amended, and
currently offers eight managed investment portfolios of which one, the Global
Post-Venture Capital Portfolio (the "Portfolio"), is included in this report.
The Portfolio is a diversified investment fund that seeks long-term growth of
capital. Shares of the Portfolio are not available directly to individual
investors but may be offered only through (a) variable annuity contracts and
variable life insurance contracts offered by separate accounts of certain
insurance companies and (b) tax-qualified pension and retirement plans. The
Portfolio may not be available in connection with a particular contract or plan.
The Trust was organized under the laws of the Commonwealth of Massachusetts as a
business trust on March 15, 1995.
A) SECURITY VALUATION -- The net asset value of the Portfolio is determined
daily as of the close of regular trading on the New York Stock Exchange, Inc.
(the "Exchange") on each day the Exchange is open for business. The Portfolio's
equity investments are valued at market value, which is generally determined
using the closing price on the exchange or market on which the security is
primarily traded at the time of valuation (the "Valuation Time"). If no sales
are reported, equity investments are generally valued at the most recent bid
quotation as of the Valuation Time or at the lowest asked quotation in the case
of a short sale of securities. Debt securities with a remaining maturity greater
than 60 days are valued in accordance with the price supplied by a pricing
service, which may use a matrix, formula or other objective method that takes
into consideration market indices, yield curves and other specific adjustments.
Debt obligations that will mature in 60 days or less are valued on the basis of
amortized cost, which approximates market value, unless it is determined that
this method would not represent fair value. Securities and other assets for
which market quotations are not readily available, or whose values have been
materially affected by events occurring before the Portfolio's Valuation Time
but after the close of the securities' primary markets, are valued at fair value
as determined in good faith by the Board of Trustees under procedures
established by the Board of Trustees.
The Portfolio initially values its investments in private-equity portfolios
("Limited Partnerships") at the amount invested in the Limited Partnerships,
less related expenses, where identifiable, unless and until Credit Suisse Asset
Management, LLC ("CSAM") determines that such value does not represent
14
<Page>
fair value in which case fair value will be determined. Thereafter, investments
in Limited Partnerships held by the Portfolio are valued at their "fair values"
using procedures approved by the Board of Trustees. CSAM shall review daily the
Portfolio's fair valued securities.
B) FOREIGN CURRENCY TRANSACTIONS -- The books and records of the Portfolio
are maintained in U.S. dollars. Transactions denominated in foreign currencies
are recorded at the current prevailing exchange rates. All assets and
liabilities denominated in foreign currencies are translated into U.S. dollar
amounts at the current exchange rate at the end of the period. Translation gains
or losses resulting from changes in the exchange rate during the reporting
period and realized gains and losses on the settlement of foreign currency
transactions are reported in the results of operations for the current period.
The Portfolio does not isolate that portion of realized gains and losses on
investments in equity securities which is due to changes in the foreign exchange
rate from that which is due to changes in market prices of equity securities.
The Portfolio isolates that portion of realized gains and losses on investments
in debt securities which is due to changes in the foreign exchange rate from
that which is due to changes in market prices of debt securities.
C) SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted for on a trade date basis. Interest income is recorded on the accrual
basis. Dividends are recorded on the ex-dividend date. The cost of investments
sold is determined by use of the specific identification method for both
financial reporting and income tax purposes.
D) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net
investment income and distributions of net realized capital gains, if any, are
declared and paid at least annually. However, to the extent that a net realized
capital gain can be reduced by a capital loss carryforward, such gain will not
be distributed. Income and capital gain distributions are determined in
accordance with federal income tax regulations, which may differ from accounting
principles generally accepted in the United States of America ("GAAP").
E) FEDERAL INCOME TAXES -- No provision is made for federal taxes as it is
the Trust's intention to have the Portfolio 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.
15
<Page>
F) USE OF ESTIMATES -- The preparation of financial statements in conformity
with GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Actual results could
differ from these estimates.
G) SHORT TERM INVESTMENTS -- The Portfolio, together with other
funds/portfolios advised by CSAM, an indirect, wholly-owned subsidiary of Credit
Suisse Group, pools available cash into either a short-term variable rate time
deposit issued by State Street Bank and Trust Company ("SSB"), the Portfolio's
custodian, or a money market fund advised by CSAM. The short-term time deposit
issued by SSB is a variable rate account classified as a short-term investment.
H) FORWARD FOREIGN CURRENCY CONTRACTS -- The Portfolio may enter into forward
foreign currency contracts for the purchase or sale of a specific foreign
currency at a fixed price on a future date. Risks may arise upon entering into
these contracts from the potential inability of counterparties to meet the terms
of their contracts and from unanticipated movements in the value of a foreign
currency. The Portfolio will enter into forward foreign currency contracts
primarily for hedging purposes. Forward foreign currency contracts are adjusted
by the daily exchange rate of the underlying currency and any gains or losses
are recorded for financial statement purposes as unrealized until the contract
settlement date or an offsetting position is entered into. At December 31, 2003,
the Portfolio had no open forward foreign currency contracts.
I) SECURITIES LENDING -- Loans of securities are required at all times to be
secured by collateral at least equal to 102% of the market value of domestic
securities on loan including any accrued interest thereon and 105% of the market
value of foreign securities on loan including any accrued interest thereon. Cash
collateral received by the Portfolio in connection with securities lending
activity is pooled together with cash collateral for other funds/portfolios
advised by CSAM and may be invested in a variety of investments, including
certain CSAM-advised funds, money market instruments and the AIM Institutional
Funds -- Liquid Asset Portfolio. However, in the event of default or bankruptcy
by the other party to the agreement,
16
<Page>
realization and/or retention of the collateral may be subject to legal
proceedings. The Portfolio had no securities out on loan during the year ended
December 31, 2003.
Credit Suisse First Boston ("CSFB"), an affiliate of CSAM, has been engaged
by the Portfolio to act as the Portfolio's securities lending agent. Prior to
April 1, 2003, CSFB had agreed to charge the Portfolio 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 Portfolio and CSFB entered into an arrangement to
share the income earned from securities lending activities, whereby, generally,
the Portfolio 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 Portfolio shall be reduced to
such lower fee amount. Securities lending income is accrued as earned. The
Portfolio earned no income from securities lending for the year ended December
31, 2003.
J) PARTNERSHIP ACCOUNTING POLICY -- The Portfolio records its pro-rata share
of the income/(loss) and capital gains/(losses) allocated from the underlying
partnerships and adjusts the cost of the underlying partnerships accordingly.
These amounts are included in the Portfolio's Statement of Operations.
K) OTHER -- The Portfolio may invest in securities of foreign countries and
governments which involve certain risks in addition to those inherent in
domestic investments. Such risks generally include, among others, currency risk
(fluctuations in currency exchange rates), information risk (key information may
be inaccurate or unavailable) and political risk (expropriation, nationalization
or the imposition of capital or currency controls or punitive taxes). Other
risks of investing in foreign securities include liquidity and valuation risks.
The Portfolio may be subject to taxes imposed by countries in which it
invests with respect to its investments in issuers existing or operating in such
countries. Such taxes are generally based on income earned or repatriated and
capital gains realized on the sale of such investments. The Portfolio accrues
such taxes when the related income or gains are earned.
The Portfolio may invest up to 15% of its net assets in non-publicly traded
securities. Non-publicly traded securities may be less liquid than publicly
traded securities. Although these securities may be resold in privately
17
<Page>
negotiated transactions, the prices realized from such sales could differ from
the price originally paid by the Portfolio 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 Portfolio. For its investment
advisory services, CSAM is entitled to receive a fee from the Portfolio at an
annual rate of 1.25% of the Portfolio's average daily net assets. For the year
ended December 31, 2003, investment advisory fees earned and voluntarily waived
were $906,018 and $169,704, respectively.
Credit Suisse Asset Management Limited (CSAM U.K.) ("CSAM Ltd. U.K."), Credit
Suisse Asset Management Limited (CSAM Japan) ("CSAM Ltd. Japan") and Credit
Suisse Asset Management Limited (CSAM Australia) ("CSAM Ltd. Australia"),
affiliates of CSAM, are sub-investment advisers to the Portfolio. CSAM Ltd.
U.K., CSAM Ltd. Japan and CSAM Ltd. Australia's sub-investment advisory fees are
paid by CSAM out of CSAM's net investment advisory fee and is not paid by the
Portfolio.
Abbott Capital Management, LLC ("Abbott Capital") serves as sub-investment
adviser for the Portfolio's assets invested in Limited Partnerships. Pursuant to
the sub-advisory agreement between Abbott Capital and CSAM, Abbott Capital is
entitled to a quarterly fee from CSAM at the annual rate of 1.00% of the value
of the Portfolio's Limited Partnerships as of the end of each calendar quarter,
which fee amount or a portion thereof may be waived by Abbott Capital. No
compensation is paid by the Portfolio to Abbott Capital for its sub-investment
advisory services.
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of
CSAM, and SSB serve as co-administrators to the Portfolio.
For its co-administrative services, CSAMSI currently receives a fee
calculated at an annual rate of 0.10% of the average daily net assets of the
Portfolio. For the year ended December 31, 2003, co-administrative services fees
earned by CSAMSI were $72,482.
For its co-administrative services, SSB receives a fee, exclusive of
out-of-pocket expenses, based upon the following fee schedule calculated in
total for all the Credit Suisse funds/portfolios co-administered by SSB and
allocated based upon relative average net assets of each fund/portfolio subject
to an annual minimum fee.
18
<Page>
NOTE 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ -----------
First $5 billion 0.050% of average daily net assets
Next $5 billion 0.035% of average daily net assets
Over $10 billion 0.020% of average daily net assets
</Table>
For the year ended December 31, 2003, co-administrative services fees earned
by SSB (including out-of-pocket expenses) were $46,493.
In addition to serving as the Portfolio's co-administrator, CSAMSI currently
serves as distributor of the Portfolio's shares without compensation.
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Portfolio to provide certain financial printing and fulfillment services.
For the year ended December 31, 2003, Merrill was paid $21,046 for its services
to the Portfolio.
NOTE 3. LINE OF CREDIT
The Portfolio, together with other funds/portfolios advised by CSAM
(collectively, the "Participating Funds"), participates in a $100 million
committed, unsecured line of credit facility ("Credit Facility") for temporary
or emergency purposes with Deutsche Bank, A.G. as administrative agent and
syndication agent and SSB as operations agent. Under the terms of the Credit
Facility, the Participating Funds pay an aggregate commitment fee at a rate of
0.10% per annum on the average unused amount of the Credit Facility, which is
allocated among the Participating Funds in such manner as is determined by the
governing Boards of the Participating Funds. In addition, the Participating
Funds pay interest on borrowings at the Federal Funds rate plus 0.50%. At
December 31, 2003, and during the year ended December 31, 2003, the Portfolio
had no borrowings under the Credit Facility.
NOTE 4. PURCHASES AND SALES OF SECURITIES
For the year ended December 31, 2003, purchases and sales of investment
securities (excluding short-term investments) were $69,244,217and $59,559,235,
respectively.
NOTE 5. RESTRICTED SECURITIES
Certain of the Portfolio's investments are restricted as to resale, and are
valued at fair value as determined in good faith by the Board of Trustees under
procedures established by the Board of Trustees. The table below shows the
number of shares held, the acquisition dates, aggregate cost, fair values as of
December 31, 2003, the value per share of such securities and percentage of net
assets which the securities represent.
19
<Page>
NOTE 5. RESTRICTED SECURITIES
<Table>
<Caption>
PERCENTAGE OF
SECURITY NUMBER OF ACQUISITION FAIR VALUE PER NET ASSETS OPEN
SECURITY TYPE SHARES DATE COST VALUE SHARE VALUE COMMITMENTS
- ----------------------- ---------------- --------- ----------- ----------- ------------ ---------- ------------- -----------
Austin Ventures
VIII LP Ltd. Partnership 180,003 7/13/01 $ 167,700 $ 119,536 $ 0.66 0.12% $ 373,330
CVC European
Equity III LP Ltd. Partnership 528,056 9/04/01 464,128 483,067 0.91 0.47% 471,944
Madison Dearborn
Capital Partners, Inc. Ltd. Partnership 260,596 4/02/01 215,980 186,515 0.72 0.18% 739,404
Oak Investment
Partners X LP Ltd. Partnership 808,221 1/18/01 707,919 550,344 0.68 0.54% 691,779
Planetweb, Inc. Preferred Stock 183,800 9/08/00 998,331 12,866 0.07 0.01% --
PRN Corp. Preferred Stock 79,000 8/13/01 711,000 711,000 9.00 0.69% --
PRN Corp. Warrant 18,283 8/14/01 -- -- -- -- --
----------- ------------ ---- -----------
$ 3,265,058 $ 2,063,328 2.01% $ 2,276,457
=========== ============ ==== ===========
</Table>
NOTE 6. CAPITAL SHARE TRANSACTIONS
The Trust is authorized to issue an unlimited number of full and fractional
shares of beneficial interest, $.001 par value per share. Transactions in
capital shares of the Portfolio were as follows:
<Table>
<Caption>
FOR THE YEAR ENDED FOR THE YEAR ENDED
DECEMBER 31, 2003 DECEMBER 31, 2002
------------------ ------------------
Shares sold 7,854,852 9,776,103
Shares redeemed (6,480,897) (11,272,031)
---------- -----------
Net increase (decrease) 1,373,955 (1,495,928)
========== ===========
</Table>
On December 31, 2003, the number of shareholders that held 5% or more of the
outstanding shares of the Portfolio were as follows:
<Table>
<Caption>
NUMBER OF APPROXIMATE PERCENTAGE
SHAREHOLDERS OF OUTSTANDING SHARES
------------ ---------------------
5 76%
</Table>
Some of the shareholders are omnibus accounts, which hold shares on behalf of
individual shareholders.
NOTE 7. FEDERAL INCOME TAXES
Income and capital gain distributions are determined in accordance with
federal income tax regulations, which may differ from GAAP. These differences
are primarily due to differing treatments of foreign currency transactions,
losses deferred due to wash sales and post October losses.
There were no distributions in the year ended December 31, 2003 and 2002.
20
<Page>
NOTE 7. FEDERAL INCOME TAXES
At December 31, 2003, the components of distributable earnings on a tax basis
were as follows:
<Table>
Accumulated net realized loss $ (81,611,249)
Unrealized appreciation 21,892,162
Undistributed ordinary loss--other (2,754)
--------------
$ (59,721,841)
==============
</Table>
At December 31, 2003, the Portfolio had capital loss carryforwards available
to offset possible future capital gains as follows:
<Table>
<Caption>
EXPIRES DECEMBER 31,
---------------------------------------------------------------
2009 2010 2011
------------ ------------ -----------
$ 57,257,384 $ 19,475,667 $ 4,878,198
</Table>
Under current tax law, certain capital losses realized after October 31
within a taxable year may be deferred and treated as occurring on the first day
of the following tax year. For the tax period ended December 31, 2003, the
Portfolio elected to defer net losses arising between November 1, 2003 and
December 31, 2003 as follows:
<Table>
<Caption>
CURRENCY CAPITAL
-------- -------
$ 2,754 $ --
</Table>
At December 31, 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 from investments were $82,436,309, $23,910,982,
$(2,020,622) and $21,890,360, respectively.
At December 31, 2003, the Portfolio reclassified $689,900 to accumulated
undistributed net investment income and $35,425 to accumulated net realized gain
(loss) from investments from paid-in capital, to adjust for current period
permanent book/tax differences which arose principally from differing book/tax
treatments of net operating losses and foreign currency transactions. Net assets
were not affected by these reclassifications.
NOTE 8. CONTINGENCIES
In the normal course of business, the Portfolio may provide general
indemnifications pursuant to certain contracts and organizational documents. The
Portfolio's maximum exposure under these arrangements is dependent on future
claims that may be made against the Portfolio and, therefore, cannot be
estimated; however, based on experience, the risk of loss from such claims is
considered remote.
21
<Page>
CREDIT SUISSE TRUST -- GLOBAL POST-VENTURE CAPITAL PORTFOLIO
REPORT OF INDEPENDENT AUDITORS
To the Board of Trustees of Credit Suisse Trust
and Shareholders of Credit Suisse Trust-Global Post-Venture Capital Portfolio:
In our opinion, the accompanying statement of assets and liabilities,
including the schedule of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Global Post-Venture Capital
Portfolio (the "Portfolio"), a portfolio of the Credit Suisse Trust, at December
31, 2003, the results of its operations for the year then ended, the changes in
its net assets for each of the two years in the period then ended and the
financial highlights for each of the five years in the period then ended, in
conformity with accounting principles generally accepted in the United States of
America. These financial statements and financial highlights (hereafter referred
to as "financial statements") are the responsibility of the Portfolio's
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these financial
statements in accordance with auditing standards generally accepted in the
United States of America, which require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at December 31, 2003 by
correspondence with the custodian, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 3, 2004
22
<Page>
CREDIT SUISSE TRUST -- GLOBAL POST-VENTURE CAPITAL PORTFOLIO
INFORMATION CONCERNING TRUSTEES AND OFFICERS (UNAUDITED)
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ----------------------- --------------- ------------ ------------------------ ------------- -------------------
INDEPENDENT TRUSTEES
Richard H. Francis Trustee, Since Currently retired 43 None
c/o Credit Suisse Asset Nominating 1999
Management, LLC and Audit
466 Lexington Avenue Committee
New York, New York Member
10017-3140
Date of Birth: 04/23/32
Jeffrey E. Garten(2) Trustee, Since Dean of Yale 42 Director of Aetna,
Box 208200 Nominating 1998 School of Inc. (insurance
New Haven, Connecticut and Audit Management and company); Director
06520-8200 Committee William S. Beinecke of Calpine
Member Professor in the Corporation (energy
Date of Birth: 10/29/46 Practice of provider); Director
International of CarMax Group
Trade and Finance (used car dealers)
(11/95 - present)
</Table>
- ----------
(1) Each Trustee and Officer serves until his or her respective successor has
been duly elected and qualified.
(2) Mr. Garten was initially appointed as a Trustee of the Trust on February 6,
1998. He resigned as Trustee on February 3, 2000, and was subsequently
re-appointed on December 21, 2000.
23
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ----------------------- --------------- ------------ ------------------------ ------------- -------------------
INDEPENDENT TRUSTEES
Peter F. Krogh Trustee, Since Dean Emeritus and 42 Director of
301 ICC Nominating 2001 Distinguished Professor Carlisle Companies
Georgetown University and Audit of International Incorporated
Washington, DC 20057 Committee Affairs at the Edmund (diversified
Member A. Walsh School of manufacturing
Date of Birth: 02/11/37 Foreign Service, company); Member of
Georgetown University Selection Committee
(6/95 - present); for Truman Scholars
Moderator of PBS and Henry Luce
foreign affairs Scholars; Senior
television series (1988 Associate of Center
- 2000) for Strategic and
International
Studies; Trustee of
numerous world
affairs
organizations
James S. Pasman, Jr. Trustee, Since Currently retired 41 Director of
c/o Credit Suisse Asset Nominating 1999 Education
Management, LLC and Audit Management
466 Lexington Avenue Committee Corp.
New York, New York Member
10017-3140
Date of Birth: 12/20/30
Steven N. Rappaport Trustee, Since Partner of Lehigh 44 None
Lehigh Court, LLC Nominating 1999 Court, LLC and RZ
40 East 52nd Street Committee Capital (private
New York, New York Member and investment firms) (7/02
10022 Audit - present); Consultant
Committee to SunGard Securities
Date of Birth: 07/10/48 Chairman Finance, Inc. from
February 2002 to July
2002; President of
SunGard Securities
Finance, Inc. from 2001
to February 2002;
President of Loanet,
Inc. (on-line
accounting service)
from 1997 to 2001
</Table>
24
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ----------------------- --------------- ------------ ------------------------ ------------- -----------------------
INDEPENDENT TRUSTEES
Joseph D. Gallagher(3) Trustee, Since Managing Director, 45 None
Credit Suisse Asset Chairman of 2003 Chief Executive Officer
Management, LLC the Board and of CSAM and Global
466 Lexington Avenue Chief Chief Operating Officer
New York, New York Executive of Credit Suisse Asset
10017-3140 Officer Management since 2003;
Global Chief Financial
Date of Birth: 12/14/62 Officer, Credit Suisse
Asset Management from
1999 to 2003; Chief
Executive Officer and
Director of Credit
Suisse Asset Management
Limited, London,
England, from June 2000
to 2003; Director of
Credit Suisse Asset
Management Funds (UK)
Limited, London,
England, from June 2000
to 2003; Managing
Director, Head - Asian
Corporate Finance and
M&A, Credit Suisse
First Boston, Hong Kong,
China, from January 1998
to May 1999
William W. Priest, Trustee Since Co-Managing Partner, 49 Director of Globe
Jr.(4) 1999 Steinberg Priest & Wireless, LLC (maritime
Steinberg Priest & Sloane Capital communications
Sloane Management, LLC since company); Director of
Capital Management, LLC March 2001; Chairman InfraRed X (medical
12 East 49th Street and Managing Director device company)
12th Floor of CSAM from 2000 to
New York, New York February 2001, Chief
10017 Executive Officer and
Managing Director of
Date of Birth: 09/24/41 CSAM from 1990 to 2000
</Table>
- ----------
(3) Mr. Gallagher is a Trustee who is an "interested person" of the Trust as
defined in the 1940 Act, because he is an officer of CSAM.
(4) Mr. Priest is a Trustee who is an "interested person" of the Trust as
defined in the 1940 Act, because he provided consulting services to CSAM
within the last two years (ended 12/31/02).
25
<Page>
<Table>
<Caption>
TERM
OF OFFICE(1)
AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH TRUST SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- ----------------------- --------------- ------------ -----------------------------------------------
OFFICERS
Hal Liebes Vice Since Managing Director and Global General Counsel of
Credit Suisse Asset President and 1999 CSAM; Associated with CSAM since 1997; Officer
Management, LLC Secretary of other Credit Suisse Funds
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 07/06/64
Michael A. Pignataro Chief Since Director and Director of Fund Administration of
Credit Suisse Asset Financial 1999 CSAM; Associated with CSAM since 1984; Officer
Management, LLC Officer and of other Credit Suisse Funds
466 Lexington Avenue Treasurer
New York, New York
10017-3140
Date of Birth: 11/15/59
Gregory N. Bressler Assistant Since Director and Deputy General Counsel of CSAM;
Credit Suisse Asset Secretary 2000 Associated with CSAM since January 2000;
Management, LLC Associated with the law firm of Swidler Berlin
466 Lexington Avenue Shereff Friedman LLP from 1996 to 2000; Officer
New York, New York of other Credit Suisse Funds
10017-3140
Date of Birth: 11/17/66
Rocco A. Del Guercio Assistant Since Vice President of CSAM; Associated with CSAM
Credit Suisse Asset Treasurer 1999 since June 1996; Officer of other Credit Suisse
Management, LLC Funds
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 04/28/63
Joseph Parascondola Assistant Since Assistant Vice President of CSAM; Associated
Credit Suisse Asset Treasurer 2000 with CSAM since April 2000; Assistant Vice
Management, LLC President, Deutsche Asset Management from
466 Lexington Avenue January 1999 to April 2000; Assistant Vice
New York, New York President, Weiss, Peck & Greer LLC from November
10017-3140 1995 to December 1998; Officer of other Credit
Suisse Funds
Date of Birth: 06/05/63
</Table>
26
<Page>
<Table>
<Caption>
TERM
OF OFFICE(1)
AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH TRUST SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- ----------------------- --------------- ------------ ----------------------------------------------
OFFICERS
Robert M. Rizza Credit Assistant Since Assistant Vice President of CSAM; Associated
Suisse Asset Treasurer 2000 with CSAM since 1998; Officer of other Credit
Management, LLC Suisse Funds
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 12/09/65
</Table>
The Statement of Additional Information includes additional information about
the Trustees and is available, without charge, upon request, by calling
800-222-8977.
27
<Page>
This page intentionally left blank
<Page>
This page intentionally left blank
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
P.O. BOX 55030, BOSTON, MA 02205-5030
800-222-8977 - www.csam.com
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. TRGPV-2-1203
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE FUNDS
ANNUAL REPORT
DECEMBER 31, 2003
CREDIT SUISSE TRUST
- - INTERNATIONAL FOCUS PORTFOLIO
CREDIT SUISSE TRUST (THE "TRUST") SHARES ARE NOT AVAILABLE DIRECTLY TO
INDIVIDUAL INVESTORS, BUT MAY BE OFFERED ONLY THROUGH CERTAIN INSURANCE PRODUCTS
AND PENSION AND RETIREMENT PLANS.
MORE COMPLETE INFORMATION ABOUT THE TRUST, INCLUDING CHARGES AND EXPENSES, IS
PROVIDED IN THE PROSPECTUS, WHICH SHOULD BE READ CAREFULLY BEFORE INVESTING. YOU
MAY OBTAIN ADDITIONAL COPIES BY CALLING 800-222-8977 OR BY WRITING TO CREDIT
SUISSE TRUST, 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. THE TRUST IS ADVISED BY CREDIT SUISSE
ASSET MANAGEMENT, LLC.
<Page>
THE PORTFOLIO'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 PORTFOLIO'S MANAGEMENT ARE AS OF THE DATE OF THE LETTER AND THE
PORTFOLIO HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF DECEMBER 31, 2003; THESE
VIEWS AND PORTFOLIO HOLDINGS MAY HAVE CHANGED SUBSEQUENT TO THESE DATES. NOTHING
IN THIS DOCUMENT IS A RECOMMENDATION TO PURCHASE OR SELL SECURITIES.
PORTFOLIO 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 TRUST -- INTERNATIONAL FOCUS PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT
December 31, 2003 (Unaudited)
January 21, 2004
Dear Shareholder:
For the 12 months ended December 31, 2003, Credit Suisse Trust --
International Focus Portfolio (the "Portfolio") had a gain of 33.09%, versus an
increase of 41.42% for the Morgan Stanley Capital International ACWI (All
Country World Index) Free Ex-USA Index.1
The period was a positive one for most stock markets around the world. While
markets initially struggled, due largely to shifting perceptions of how a war
with Iraq might proceed, they began to recover in late March on progress made by
the U.S. and its allies. When the war came to a swift and seemingly successful
end in April, a major cloud of uncertainty lifted and investors embraced risk.
Optimism over a potential recovery in the U.S. economy -- and by extension, the
global economy -- also supported equities. Grounds for this optimism included
historically low interest rates, a significant tax-reduction package in the
U.S., and an upturn in leading economic indicators in the U.S., Europe and Asia.
By the end of the period, the various stimulus tools appeared to be paying off,
with third-quarter GDP growth in the U.S. exceeding most analysts' expectations.
For dollar-based investors, returns were enhanced by a strengthening in the
euro and Japanese yen vs. the U.S. dollar, although the rise in these currencies
hampered the stocks of certain Japanese and European exporting companies late in
the period.
The Portfolio participated in the global rally but underperformed its
benchmark. Factors that hindered the Portfolio's relative return included its
underweighting in or avoidance of certain Australian and non-Japan Asian stocks
that had strong rallies. The Portfolio's underexposure to the euro during much
of the period also hampered its performance. On the positive side, stock
selection in Japan was a positive for the Portfolio, as it was in Europe as a
whole.
Our general view is that the quality and consistency of earnings will matter
more to investors in 2004 (stocks of less profitable companies generally
outperformed in 2003). Though we are not inclined to take a defensive stance at
present, we will continue to adhere to our "fair value" stock-selection
discipline, with a focus on our perception of profitable companies with
sustainable earnings-growth potential.
On the currency front, we think that the dollar could continue to weaken, but
at a slower pace. The recent strength in the yen and euro could hamper major
exporters to the U.S. (partly because of that, we are maintaining
1
<Page>
a modest underweighting in Japan for now). Still, we will look for opportunities
to purchase exporter stocks at attractive valuations.
From a sector perspective, we favored the industrial area, ending the period
with a December 31, 2003 (Unaudited) sizable overweighting. We believe that a
number of industrial companies could benefit from a rise in capital expenditures
over the next year, as this type of spending replaces the consumer as the main
economic pillar.
We were roughly neutrally weighted in the materials sector, but intend to
scale back our exposure over the intermediate term. Rising commodity prices have
supported many materials stocks; however, we think that much optimism is now
priced into these shares, and that specific commodities are nearing price peaks.
One exception may be paper, and we remain overweighted in that subsector. In the
financial sector, where we are underweighted, we have been gradually shifting
away from retail banks in favor of companies with more exposure to the capital
markets.
Finally, despite the now prolonged outperformance of emerging stock markets
vs. developed markets, we continue to have a generally positive view on the
group. Certain areas remain attractively valued in our view, especially
considering that emerging markets tend to be highly and positively correlated
with growth in the United States.
The Credit Suisse International Equity Team
Nancy Nierman
Anne S. Budlong
Greg Norton-Kidd
Emily Alejos
Harry M. Jaffe
Chris Matyszewski
INTERNATIONAL INVESTING ENTAILS SPECIAL RISK CONSIDERATIONS, INCLUDING
CURRENCY FLUCTUATIONS, LOWER LIQUIDITY, ECONOMIC AND POLITICAL RISKS, AND
DIFFERENCES IN ACCOUNTING METHODS. THE PORTFOLIO'S 15 LARGEST HOLDINGS MAY
ACCOUNT FOR 40% OR MORE OF THE PORTFOLIO'S ASSETS. AS A RESULT OF THIS STRATEGY,
THE PORTFOLIO MAY BE SUBJECT TO GREATER VOLATILITY THAN A PORTFOLIO THAT INVESTS
IN A LARGER NUMBER OF ISSUES.
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 PORTFOLIO'S INVESTMENTS. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
2
<Page>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE
CREDIT SUISSE TRUST -- INTERNATIONAL FOCUS PORTFOLIO
AND THE MORGAN STANLEY CAPITAL INTERNATIONAL ACWI FREE EX-USA INDEX(1)
FROM INCEPTION (6/30/95).
<Table>
<Caption>
CREDIT SUISSE TRUST -- MSCI ALL COUNTRY WORLD INDEX
INTERNATIONAL FOCUS PORTFOLIO FREE EX-USA INDEX(1)
6/30/1995 $ 10,000 $ 9,862
7/31/1995 $ 10,270 $ 10,422
8/31/1995 $ 10,490 $ 10,060
9/30/1995 $ 10,590 $ 10,232
10/31/1995 $ 10,320 $ 9,959
11/30/1995 $ 10,480 $ 10,192
12/31/1995 $ 10,730 $ 10,595
1/31/1996 $ 11,082 $ 10,741
2/29/1996 $ 11,042 $ 10,741
3/31/1996 $ 11,344 $ 10,941
4/30/1996 $ 11,898 $ 11,273
5/31/1996 $ 11,657 $ 11,104
6/30/1996 $ 11,798 $ 11,160
7/31/1996 $ 11,163 $ 10,789
8/31/1996 $ 11,254 $ 10,853
9/30/1996 $ 11,485 $ 11,122
10/31/1996 $ 11,334 $ 11,011
11/30/1996 $ 11,777 $ 11,436
12/31/1996 $ 11,801 $ 11,303
1/31/1997 $ 11,832 $ 11,095
2/28/1997 $ 12,027 $ 11,299
3/31/1997 $ 11,955 $ 11,275
4/30/1997 $ 12,212 $ 11,370
5/31/1997 $ 13,045 $ 12,073
6/30/1997 $ 13,569 $ 12,739
7/31/1997 $ 13,908 $ 12,997
8/31/1997 $ 12,778 $ 11,974
9/30/1997 $ 13,364 $ 12,622
10/31/1997 $ 11,965 $ 11,547
11/30/1997 $ 11,657 $ 11,403
12/31/1997 $ 11,535 $ 11,534
1/31/1998 $ 11,678 $ 11,879
2/28/1998 $ 12,480 $ 12,672
3/31/1998 $ 13,173 $ 13,110
4/30/1998 $ 13,481 $ 13,203
5/31/1998 $ 13,426 $ 12,964
6/30/1998 $ 13,063 $ 12,915
7/31/1998 $ 13,283 $ 13,038
8/31/1998 $ 11,370 $ 11,199
9/30/1998 $ 10,853 $ 10,963
10/31/1998 $ 11,469 $ 12,111
11/30/1998 $ 12,041 $ 12,762
12/31/1998 $ 12,151 $ 13,202
1/31/1999 $ 12,207 $ 13,188
2/28/1999 $ 11,831 $ 12,892
3/31/1999 $ 12,295 $ 13,515
4/30/1999 $ 12,561 $ 14,191
5/31/1999 $ 12,008 $ 13,524
6/30/1999 $ 12,992 $ 14,146
7/31/1999 $ 13,710 $ 14,477
8/31/1999 $ 13,910 $ 14,528
9/30/1999 $ 14,120 $ 14,626
10/31/1999 $ 14,816 $ 15,170
11/30/1999 $ 16,596 $ 15,777
12/31/1999 $ 18,644 $ 17,282
1/31/2000 $ 17,829 $ 16,344
2/29/2000 $ 19,079 $ 16,785
3/31/2000 $ 18,566 $ 17,417
4/30/2000 $ 16,958 $ 16,445
5/31/2000 $ 16,400 $ 16,024
6/30/2000 $ 17,014 $ 16,707
7/31/2000 $ 16,121 $ 16,047
8/31/2000 $ 16,601 $ 16,246
9/30/2000 $ 15,384 $ 15,344
10/31/2000 $ 14,357 $ 14,857
11/30/2000 $ 13,453 $ 14,190
12/31/2000 $ 13,816 $ 14,675
1/31/2001 $ 14,022 $ 14,895
2/28/2001 $ 12,631 $ 13,716
3/31/2001 $ 11,563 $ 12,746
4/30/2001 $ 12,104 $ 13,613
5/31/2001 $ 11,807 $ 13,237
6/30/2001 $ 11,614 $ 12,729
7/31/2001 $ 11,421 $ 12,446
8/31/2001 $ 11,099 $ 12,137
9/30/2001 $ 9,863 $ 10,849
10/31/2001 $ 10,121 $ 11,153
11/30/2001 $ 10,546 $ 11,664
12/31/2001 $ 10,739 $ 11,814
1/31/2002 $ 10,558 $ 11,308
2/28/2002 $ 10,520 $ 11,389
3/31/2002 $ 11,099 $ 12,055
4/30/2002 $ 11,061 $ 12,134
5/31/2002 $ 11,035 $ 12,266
6/30/2002 $ 10,571 $ 11,736
7/31/2002 $ 9,412 $ 10,592
8/31/2002 $ 9,451 $ 10,593
9/30/2002 $ 8,266 $ 9,471
10/31/2002 $ 8,627 $ 9,979
11/30/2002 $ 8,897 $ 10,458
12/31/2002 $ 8,601 $ 10,121
1/31/2003 $ 8,215 $ 9,766
2/28/2003 $ 8,073 $ 9,568
3/31/2003 $ 7,880 $ 9,383
4/30/2003 $ 8,691 $ 10,287
5/31/2003 $ 9,116 $ 10,942
6/30/2003 $ 9,361 $ 11,245
7/31/2003 $ 9,593 $ 11,542
8/31/2003 $ 9,940 $ 11,886
9/30/2003 $ 9,934 $ 12,219
10/31/2003 $ 10,645 $ 13,011
11/30/2003 $ 10,697 $ 13,295
12/31/2003 $ 11,447 $ 14,310
</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 portfolio distributions or the redemption of portfolio shares.
Performance includes the effect of deducting expenses, but does not include
charges and expenses attributable to any particular variable contract or Plan.
Accordingly, the Prospectus of the sponsoring Participating Insurance Company
separate account or Plan documents or other informational materials supplied by
Plan sponsors should be carefully reviewed for information on relevant charges
and expenses. Excluding these charges and expenses from quotations of
performance has the effect of increasing the performance quoted, and the effect
of these charges should be considered when comparing performance to that of
other mutual funds.
AVERAGE ANNUAL RETURNS AS OF 12/31/03
<Table>
<Caption>
1 YEAR 5 YEAR SINCE INCEPTION
------ ------ ---------------
33.09% (1.19%) 1.60%
</Table>
- ----------
(1) The Morgan Stanley Capital International ACWI (All Country World Index)
Free Ex-USA Index is a free float-adjusted market capitalization index that
is designed to measure equity-market performance in the global developed
and emerging markets, excluding the U.S. It is the exclusive property of
Morgan Stanley Capital International, Inc. Investors cannot invest directly
in an index.
3
<Page>
CREDIT SUISSE TRUST -- INTERNATIONAL FOCUS PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 2003
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- --------------
COMMON STOCKS (97.4%)
BRAZIL (3.6%)
METALS & MINING (2.1%)
Companhia Vale do Rio Doce ADR 23,300 $ 1,363,050
Companhia Vale do Rio Doce ADR Class A 11,120 572,791
--------------
1,935,841
--------------
OIL & GAS (1.5%)
Petroleo Brasileiro SA ADR 44,840 1,311,122
--------------
TOTAL BRAZIL 3,246,963
--------------
FINLAND (3.5%)
COMMUNICATIONS EQUIPMENT (1.4%)
Nokia Oyj 76,070 1,315,487
--------------
PAPER & FOREST PRODUCTS (2.1%)
Stora Enso Oyj 140,990 1,899,308
--------------
TOTAL FINLAND 3,214,795
--------------
FRANCE (13.9%)
AUTOMOBILES (1.8%)
Renault SA 23,640 1,631,063
--------------
BANKS (4.4%)
BNP Paribas SA 37,510 2,361,878
Credit Agricole SA 68,694 1,640,232
--------------
4,002,110
--------------
CONSTRUCTION & ENGINEERING (1.6%)
Vinci SA 18,030 1,493,022
--------------
DIVERSIFIED TELECOMMUNICATION SERVICES (1.9%)
France Telecom SA* 60,240 1,721,792
--------------
MEDIA (1.9%)
Lagardere S.C.A.@ 30,590 1,766,022
--------------
MULTILINE RETAIL (1.2%)
Pinault-Printemps-Redoute SA 10,810 1,045,138
--------------
TEXTILES & APPAREL (1.1%)
LVMH Moet Hennessy Louis Vuitton SA 13,650 993,446
--------------
TOTAL FRANCE 12,652,593
--------------
GERMANY (8.9%)
AUTOMOBILES (1.4%)
DaimlerChrysler AG 27,910 1,302,559
--------------
CHEMICALS (2.0%)
BASF AG 32,840 1,846,627
--------------
ELECTRIC UTILITIES (1.7%)
E.ON AG 23,300 1,520,611
--------------
INDUSTRIAL CONGLOMERATES (2.1%)
Siemens AG 23,645 1,893,864
--------------
</Table>
See Accompanying Notes to Financial Statements.
4
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- --------------
COMMON STOCKS
GERMANY
MACHINERY (1.7%)
MAN AG 49,020 $ 1,487,045
--------------
TOTAL GERMANY 8,050,706
--------------
HONG KONG (0.5%)
INDUSTRIAL CONGLOMERATES (0.5%)
Hutchison Whampoa, Ltd. 62,000 455,192
--------------
TOTAL HONG KONG 455,192
--------------
IRELAND (1.5%)
BANKS (1.5%)
Bank of Ireland 101,260 1,379,423
--------------
TOTAL IRELAND 1,379,423
--------------
ITALY (3.1%)
OIL & GAS (3.1%)
Eni SpA* 150,710 2,843,868
--------------
TOTAL ITALY 2,843,868
--------------
JAPAN (18.1%)
AUTOMOBILES (1.3%)
Honda Motor Company, Ltd. 27,400 1,216,982
--------------
ELECTRICAL EQUIPMENT (1.5%)
Nitto Denko Corp. 26,100 1,388,168
--------------
ELECTRONIC EQUIPMENT & INSTRUMENTS (2.9%)
Kyocera Corp. 14,100 939,386
Omron Corp. 84,800 1,721,004
--------------
2,660,390
--------------
HOUSEHOLD PRODUCTS (2.2%)
Uni-Charm Corp. 40,200 1,976,803
--------------
LEISURE EQUIPMENT & PRODUCTS (1.6%)
Nintendo Company, Ltd. 20 1,866
Yamaha Corp. 72,100 1,416,166
--------------
1,418,032
--------------
MACHINERY (3.2%)
FANUC, Ltd. 21,000 1,258,001
THK Company, Ltd.@ 79,600 1,619,185
--------------
2,877,186
--------------
MARINE (1.1%)
Nippon Yusen Kabushiki Kaisha 218,000 986,564
--------------
SPECIALTY RETAIL (1.0%)
Yamada Denki Company, Ltd. 27,700 930,484
--------------
</Table>
See Accompanying Notes to Financial Statements.
5
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- --------------
COMMON STOCKS
JAPAN
TRADING COMPANIES & DISTRIBUTORS (2.2%)
Mitsubishi Corp. 190,000 $ 2,013,997
--------------
WIRELESS TELECOMMUNICATION SERVICES (1.1%)
NTT DoCoMo, Inc. 450 1,020,342
--------------
TOTAL JAPAN 16,488,948
--------------
MEXICO (2.2%)
DIVERSIFIED TELECOMMUNICATION SERVICES (1.0%)
Telefonos de Mexico SA de CV ADR 27,450 906,673
--------------
WIRELESS TELECOMMUNICATION SERVICES (1.2%)
America Movil SA de CV ADR Series L 40,790 1,115,199
--------------
TOTAL MEXICO 2,021,872
--------------
NETHERLANDS (6.5%)
DIVERSIFIED FINANCIALS (2.6%)
ING Groep NV 103,730 2,419,230
--------------
FOOD PRODUCTS (1.8%)
Koninklijke Numico NV@* 58,370 1,613,124
--------------
MEDIA (2.1%)
VNU NV 59,300 1,873,692
--------------
TOTAL NETHERLANDS 5,906,046
--------------
NORWAY (2.1%)
BANKS (2.1%)
DnB Holding ASA@ 283,810 1,894,114
--------------
TOTAL NORWAY 1,894,114
--------------
SINGAPORE (2.5%)
BANKS (2.5%)
DBS Group Holdings, Ltd. 67,000 579,933
United Overseas Bank, Ltd. 221,547 1,721,969
--------------
TOTAL SINGAPORE 2,301,902
--------------
SOUTH KOREA (2.0%)
SEMICONDUCTOR EQUIPMENT & PRODUCTS (2.0%)
Samsung Electronics Company, Ltd. 4,925 1,864,184
--------------
TOTAL SOUTH KOREA 1,864,184
--------------
SPAIN (1.6%)
ELECTRIC UTILITIES (1.6%)
Endesa SA 73,430 1,412,470
--------------
TOTAL SPAIN 1,412,470
--------------
</Table>
See Accompanying Notes to Financial Statements.
6
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- --------------
COMMON STOCKS
SWEDEN (1.4%)
MACHINERY (1.4%)
SKF AB Class B 33,190 $ 1,282,340
--------------
TOTAL SWEDEN 1,282,340
--------------
SWITZERLAND (8.9%)
BANKS (2.6%)
UBS AG 34,060 2,332,631
--------------
FOOD PRODUCTS (2.3%)
Nestle SA 8,350 2,086,234
--------------
INSURANCE (2.1%)
Zurich Financial Services AG 13,560 1,951,631
--------------
PHARMACEUTICALS (1.9%)
Novartis AG 37,626 1,708,268
--------------
TOTAL SWITZERLAND 8,078,764
--------------
TAIWAN (1.5%)
SEMICONDUCTOR EQUIPMENT & PRODUCTS (1.5%)
Taiwan Semiconductor Manufacturing Company, Ltd. 720,080 1,346,836
--------------
TOTAL TAIWAN 1,346,836
--------------
UNITED KINGDOM (15.6%)
BANKS (1.2%)
HSBC Holdings PLC 71,600 1,129,738
--------------
BEVERAGES (1.3%)
Diageo PLC 86,340 1,136,028
--------------
COMMERCIAL SERVICES & SUPPLIES (1.5%)
Capita Group PLC 320,400 1,393,762
--------------
FOOD PRODUCTS (1.8%)
Cadbury Schweppes PLC 225,250 1,654,257
--------------
INDUSTRIAL CONGLOMERATES (1.6%)
FKI PLC 747,323 1,431,469
--------------
OIL & GAS (1.6%)
BP PLC 180,300 1,462,122
--------------
PHARMACEUTICALS (4.5%)
AstraZeneca PLC 48,420 2,323,001
GlaxoSmithKline PLC 79,020 1,810,659
--------------
4,133,660
--------------
WIRELESS TELECOMMUNICATION SERVICES (2.1%)
Vodafone Group PLC 753,050 1,867,082
--------------
TOTAL UNITED KINGDOM 14,208,118
--------------
TOTAL COMMON STOCKS (Cost $68,898,829) 88,649,134
--------------
</Table>
See Accompanying Notes to Financial Statements.
7
<Page>
<Table>
<Caption>
PAR
(000) VALUE
--------- --------------
SHORT-TERM INVESTMENTS (9.3%)
Barclays Tri-Party Repurchase Agreement, (Agreement
dated 12/31/03, to be repurchased at $6,391,012,
collateralized by $107,722 Federal National Mortgage
Association 4.00% -5.13% due 9/2/08-1/2/14,
$1,553,157 Federal Home Loan Mortgage Corporation
3.00% -5.88% due 7/15/04-11/5/12, and $4,857,610
Federal Home Loan Bank 2.38% due 2/15/06-8/15/06
Market value of collateral is $6,518,489), 1.010%,
1/02/04@@ $ 6,391 $ 6,390,658
State Street Bank and Trust Co. Euro Time
Deposit, 0.750%, 1/02/04 2,059 2,059,000
--------------
TOTAL SHORT-TERM INVESTMENTS (Cost $8,449,658) 8,449,658
--------------
TOTAL INVESTMENTS AT VALUE (106.7%) (Cost $77,348,487) 97,098,792
LIABILITIES IN EXCESS OF OTHER ASSETS (-6.7%) (6,129,232)
--------------
NET ASSETS (100.0%) $ 90,969,560
==============
</Table>
INVESTMENT ABBREVIATIONS
ADR = American Depositary Receipt
* Non-income producing security.
@ Security or portion thereof is out on loan.
@@ Represents security purchased with cash collateral received for securities
on loan.
See Accompanying Notes to Financial Statements.
8
<Page>
CREDIT SUISSE TRUST -- INTERNATIONAL FOCUS PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
December 31, 2003
<Table>
ASSETS
Investments at value, including collateral for securities on loan of
$6,390,658 (Cost $77,348,487) (Note 1) $ 97,098,792(1)
Cash 924
Foreign currency at value (Cost $235,943) 239,632
Dividend and interest receivable 198,174
Receivable for portfolio shares sold 1,219
Prepaid expenses and other assets 16,306
--------------
Total Assets 97,555,047
--------------
LIABILITIES
Advisory fee payable (Note 2) 75,276
Administrative services fee payable (Note 2) 16,476
Payable upon return of securities loaned (Note 1) 6,390,658
Payable for portfolio shares redeemed 57,869
Other accrued expenses payable 45,208
--------------
Total Liabilities 6,585,487
--------------
NET ASSETS
Capital stock, $0.001 par value (Note 5) 10,273
Paid-in capital (Note 5) 203,780,053
Undistributed net investment income 824,282
Accumulated net realized loss on investments and foreign
currency transactions (133,411,410)
Net unrealized appreciation from investments and foreign currency
translations 19,766,362
--------------
Net Assets $ 90,969,560
==============
Shares outstanding 10,273,416
--------------
Net asset value, offering price, and redemption price per share $ 8.85
==============
</Table>
(1) Includes $6,063,064 of securities on loan.
See Accompanying Notes to Financial Statements.
9
<Page>
STATEMENT OF OPERATIONS
For the Year Ended December 31, 2003
<Table>
INVESTMENT INCOME (Note 1)
Dividends $ 2,318,179
Interest 22,730
Securities lending 14,359
Foreign taxes withheld (334,668)
--------------
Total investment income 2,020,600
--------------
EXPENSES
Investment advisory fees (Note 2) 834,069
Administrative services fees (Note 2) 135,302
Printing fees (Note 2) 63,901
Custodian fees 56,240
Legal fees 33,225
Audit fees 22,960
Insurance expense 11,386
Transfer agent fees 6,098
Commitment fees (Note 3) 3,008
Interest expense (Note 3) 1,858
Trustees' fees 2,310
Miscellaneous expense 8,674
--------------
Total expenses 1,179,031
--------------
Net investment income 841,569
--------------
NET REALIZED AND UNREALIZED GAIN (Loss) FROM INVESTMENTS AND
FOREIGN CURRENCY RELATED ITEMS
Net realized gain from investments 284,115
Net realized loss on foreign currency transactions (15,605)
Net change in unrealized appreciation (depreciation) from investments 23,384,255
Net change in unrealized appreciation (depreciation) from
foreign currency translations (3,336)
--------------
Net realized and unrealized gain from investments and
foreign currency related items 23,649,429
--------------
Net increase in net assets resulting from operations $ 24,490,998
==============
</Table>
See Accompanying Notes to Financial Statements.
10
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE YEAR FOR THE YEAR
ENDED ENDED
DECEMBER 31, 2003 DECEMBER 31, 2002
----------------- -----------------
FROM OPERATIONS
Net investment income $ 841,569 $ 756,218
Net realized gain (loss) on investments and foreign
currency transactions 268,510 (30,686,897)
Net change in unrealized appreciation (depreciation) from
investments and foreign currency translations 23,380,919 5,991,103
-------------- --------------
Net increase (decrease) in net assets resulting from
operations 24,490,998 (23,939,576)
-------------- --------------
FROM DIVIDENDS
Dividends from net investment income (388,857) --
-------------- --------------
Net decrease in net assets resulting from dividends (388,857) --
-------------- --------------
FROM CAPITAL SHARE TRANSACTIONS (Note 5)
Proceeds from sale of shares 91,489,957 252,210,070
Reinvestment of dividends 388,857 --
Net asset value of shares redeemed (111,398,881) (289,608,452)
-------------- --------------
Net decrease in net assets from capital share transactions (19,520,067) (37,398,382)
-------------- --------------
Net increase (decrease) in net assets 4,582,074 (61,337,958)
NET ASSETS
Beginning of year 86,387,486 147,725,444
-------------- --------------
End of year $ 90,969,560 $ 86,387,486
============== ==============
Undistributed Net Investment Income $ 824,282 $ 388,822
============== ==============
</Table>
See Accompanying Notes to Financial Statements.
11
<Page>
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Year)
<Table>
<Caption>
FOR THE YEAR ENDED DECEMBER 31,
-----------------------------------------------------------------------
2003 2002 2001 2000 1999(1)
----------- ----------- ----------- ----------- -----------
PER SHARE DATA
Net asset value, beginning of year $ 6.68 $ 8.34 $ 10.73 $ 16.70 $ 10.99
----------- ----------- ----------- ----------- -----------
INVESTMENT OPERATIONS
Net investment income 0.09 0.06 0.05 0.10 0.08
Net gain (loss) on investments
and foreign currency related items
(both realized and unrealized) 2.12 (1.72) (2.44) (4.42) 5.78
----------- ----------- ----------- ----------- -----------
Total from investment operations 2.21 (1.66) (2.39) (4.32) 5.86
----------- ----------- ----------- ----------- -----------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.04) -- -- (0.08) (0.15)
Distributions from net realized gains -- -- -- (1.56) --
Return of capital -- -- -- (0.01) --
----------- ----------- ----------- ----------- -----------
Total dividends and distributions (0.04) -- -- (1.65) (0.15)
----------- ----------- ----------- ----------- -----------
NET ASSET VALUE, END OF YEAR $ 8.85 $ 6.68 $ 8.34 $ 10.73 $ 16.70
=========== =========== =========== =========== ===========
Total return(2) 33.09% (19.90)% (22.27)% (25.90)% 53.43%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 90,970 $ 86,387 $ 147,725 $ 473,249 $ 610,547
Ratio of expenses to average net assets(3) 1.41% 1.42% 1.30% 1.31% 1.33%
Ratio of net investment income to average
net assets 1.01% 0.61% 0.34% 0.57% 0.63%
Portfolio turnover rate 131% 134% 166% 112% 145%
</Table>
(1) Certain dividend and distribution amounts have been reclassified to conform
to the current year presentation.
(2) Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions.
(3) Interest earned on uninvested cash balances is used to offset portions of
the transfer agent expense. These arrangements resulted in a reduction to
the Portfolio's net expense ratio by .02% and .01% for the years ended
December 31, 2000 and 1999, respectively. The Portfolio's net operating
expense ratio after reflecting these arrangements was 1.29% and 1.32% for
the years ended December 31, 2000 and 1999, respectively. For the years
ended December 31, 2003, 2002, and 2001, there was no effect on the net
operating expense ratio because of transfer agent credits.
See Accompanying Notes to Financial Statements.
12
<Page>
CREDIT SUISSE TRUST -- INTERNATIONAL FOCUS PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2003
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Credit Suisse Trust (the "Trust") is an open-end management investment
company registered under the Investment Company Act of 1940 as amended, and
currently offers eight managed investment portfolios of which one, the
International Focus Portfolio (the "Portfolio"), is included in this report. The
Portfolio is a diversified investment fund that seeks long-term capital
appreciation. Shares of the Portfolio are not available directly to individual
investors but may be offered only through (a) variable annuity contracts and
variable life insurance contracts offered by separate accounts of certain
insurance companies and (b) tax-qualified pension and retirement plans. The
Portfolio may not be available in connection with a particular contract or plan.
The Trust was organized under laws of the Commonwealth of Massachusetts as a
business trust on March 15, 1995.
A) SECURITY VALUATION -- The net asset value of the Portfolio is determined
daily as of the close of regular trading on the New York Stock Exchange, Inc.
(the "Exchange") on each day the Exchange is open for business. The Portfolio's
equity investments are valued at market value, which is generally determined
using the closing price on the exchange or market on which the security is
primarily traded at the time of valuation (the "Valuation Time"). If no sales
are reported, equity investments are generally valued at the most recent bid
quotation as of the Valuation Time or at the lowest asked quotation in the case
of a short sale of securities. Debt securities with a remaining maturity greater
than 60 days are valued in accordance with the price supplied by a pricing
service, which may use a matrix, formula or other objective method that takes
into consideration market indices, yield curves and other specific adjustments.
Debt obligations that will mature in 60 days or less are valued on the basis of
amortized cost, which approximates market value, unless it is determined that
this method would not represent fair value. Securities and other assets for
which market quotations are not readily available, or whose values have been
materially affected by events occurring before the Portfolio's Valuation Time
but after the close of the securities' primary markets, are valued at fair value
as determined in good faith by the Board of Trustees under procedures
established by the Board of Trustees.
B) FOREIGN CURRENCY TRANSACTIONS -- The books and records of the Portfolio
are maintained in U.S. dollars. Transactions denominated in foreign currencies
are recorded at the current prevailing exchange rates. All assets and
liabilities denominated in foreign currencies are translated into U.S. dollar
amounts at the current exchange rate at the end of the period.
13
<Page>
Translation gains or losses resulting from changes in the exchange rate during
the reporting period and realized gains and losses on the settlement of foreign
currency transactions are reported in the results of operations for the current
period. The Portfolio does not isolate that portion of realized gains and losses
on investments in equity securities which is due to changes in the foreign
exchange rate from that which is due to changes in market prices of equity
securities. The Portfolio isolates that portion of realized gains and losses on
investments in debt securities which is due to changes in the foreign exchange
rate from that which is due to changes in market prices of debt securities.
C) SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted for on a trade date basis. Interest income is recorded on the accrual
basis. Dividends are recorded on the ex-dividend date. The cost of investments
sold is determined by use of the specific identification method for both
financial reporting and income tax purposes.
D) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net
investment income and distributions of net realized capital gains, if any, are
declared and paid at least annually. However, to the extent that a net realized
capital gain can be reduced by a capital loss carryforward, such gain will not
be distributed. Income and capital gain distributions are determined in
accordance with federal income tax regulations which may differ from accounting
principles generally accepted in the United States of America ("GAAP").
E) FEDERAL INCOME TAXES -- No provision is made for federal taxes as it is
the Trust's intention to have the Portfolio continue to qualify for and elect
the tax treatment applicable to regulated investment companies under the
Internal Revenue Code of 1986, as amended, and make the requisite distributions
to its shareholders which will be sufficient to relieve it from federal income
and excise taxes.
F) USE OF ESTIMATES -- The preparation of financial statements in conformity
with GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Actual results could
differ from these estimates.
G) SHORT-TERM INVESTMENTS -- The Portfolio, together with other
funds/portfolios advised by Credit Suisse Asset Management, LLC ("CSAM"), an
indirect, wholly-owned subsidiary of Credit Suisse Group,
14
<Page>
pools available cash into either a short-term variable rate time deposit issued
by State Street Bank and Trust Company ("SSB"), the Portfolio's custodian, or a
money market fund advised by CSAM. The short-term time deposit issued by SSB is
a variable rate account classified as a short-term investment.
H) FORWARD FOREIGN CURRENCY CONTRACTS -- The Portfolio may enter into forward
foreign currency contracts for the purchase or sale of a specific foreign
currency at a fixed price on a future date. Risks may arise upon entering into
these contracts from the potential inability of counterparties to meet the terms
of their contracts and from unanticipated movements in the value of a foreign
currency. The Portfolio will enter into forward foreign currency contracts
primarily for hedging purposes. Forward foreign currency contracts are adjusted
by the daily exchange rate of the underlying currency and any gains or losses
are recorded for financial statement purposes as unrealized until the contract
settlement date or an offsetting position is entered into. At December 31, 2003,
the Portfolio had no open forward foreign currency contracts.
I) SECURITIES LENDING -- Loans of securities are required at all times to be
secured by collateral at least equal to 102% of the market value of domestic
securities on loan including any accrued interest thereon and 105% of the market
value of foreign securities on loan including any accrued interest thereon. Cash
collateral received by the Portfolio in connection with securities lending
activity is pooled together with cash collateral for other funds/portfolios
advised by CSAM and may be invested in a variety of investments, including
certain CSAM-advised funds, money market instruments and 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 market value of securities on loan to brokers and the value of collateral
held by the Portfolio with respect to such loans at December 31, 2003 is as
follows:
<Table>
<Caption>
MARKET VALUE OF VALUE OF
SECURITIES LOANED COLLATERAL RECEIVED
----------------- -------------------
$ 6,063,064 $ 6,390,658
</Table>
Credit Suisse First Boston ("CSFB"), an affiliate of CSAM, has been engaged
by the Portfolio to act as the Portfolio's securities lending agent. Prior to
April 1, 2003, CSFB had agreed to charge the Portfolio fees for its securities
lending activities equal to its costs in providing services as securities
lending
15
<Page>
agent and had voluntarily waived such fees through March 31, 2003. Effective
April 1, 2003, the Portfolio and CSFB entered into an arrangement to share the
income earned from securities lending activities, whereby, generally, the
Portfolio 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 Portfolio shall be reduced to
such lower fee amount. Securities lending income is accrued as earned.
J) OTHER -- The Portfolio may invest in securities of foreign countries and
governments which involve certain risks in addition to those inherent in
domestic investments. Such risks generally include, among others, currency risk
(fluctuations in currency exchange rates), information risk (key information may
be inaccurate or unavailable) and political risk (expropriation, nationalization
or the imposition of capital or currency controls or punitive taxes). Other
risks of investing in foreign securities include liquidity and valuation risks.
The Portfolio may be subject to taxes imposed by countries in which it
invests with respect to its investments in issuers existing or operating in such
countries. Such taxes are generally based on income earned or repatriated and
capital gains realized on the sale of such investments. The Portfolio accrues
such taxes when the related income or gains are earned.
NOTE 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
CSAM serves as investment adviser for the Portfolio. For its investment
advisory services, CSAM is entitled to receive a fee from the Portfolio at an
annual rate of 1.00% of the Portfolio's average daily net assets. For the year
ended December 31, 2003, investment advisory fees earned were $834,069.
Credit Suisse Asset Management Limited (CSAM U.K.) ("CSAM Ltd. U.K."), Credit
Suisse Asset Management Limited (CSAM Japan) ("CSAM Ltd. Japan") and Credit
Suisse Asset Management Limited (CSAM Australia) ("CSAM Ltd. Australia"),
affiliates of CSAM, are sub-investment advisers to the Portfolio. CSAM Ltd.
U.K., CSAM Ltd. Japan, and CSAM Ltd. Australia's sub-investment advisory fees
are paid by CSAM out of CSAM's net investment advisory fee and are not paid by
the Portfolio.
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of
CSAM, and SSB serve as co-administrators to the Portfolio.
16
<Page>
For its co-administrative services, CSAMSI currently receives a fee
calculated at an annual rate of 0.10% of the average daily net assets of the
Portfolio. For the year ended December 31, 2003, co-administrative services fees
earned by CSAMSI were $83,407.
For its co-administrative services, SSB receives a fee, exclusive of
out-of-pocket expenses, based upon the following fee schedule calculated in
total for all the Credit Suisse funds/portfolios co-administered by SSB and
allocated based upon relative average net assets of each fund/portfolio subject
to an annual minimum fee.
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ -----------
First $5 billion 0.050% of average daily net assets
Next $5 billion 0.035% of average daily net assets
Over $10 billion 0.020% of average daily net assets
</Table>
For the year ended December 31, 2003, co-administrative services fees earned
by SSB (including out-of-pocket expenses) were $51,895.
In addition to serving as the Portfolio's co-administrator, CSAMSI currently
serves as distributor of the Portfolio's shares without compensation.
For the year ended December 31, 2003, CSFB received $4,941 in fees for its
securities lending activities.
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Portfolio to provide certain financial printing and fulfillment services.
For the year ended December 31, 2003, Merrill was paid $18,636 for its services
to the Portfolio.
NOTE 3. LINE OF CREDIT
The Portfolio, together with other funds/portfolios advised by CSAM
(collectively, the "Participating Funds"), participates in a $100 million
committed, unsecured line of credit facility ("Credit Facility") for temporary
or emergency purposes with Deutsche Bank, A.G as administrative agent and
syndication agent and SSB as operations agent. Under the terms of the Credit
Facility, the Participating Funds pay an aggregate commitment fee at a rate of
0.10% per annum on the average unused amount of the Credit Facility, which is
allocated among the Participating Funds in such manner as is determined by the
governing Boards of the Participating Funds. In addition, the Participating
Funds pay interest on borrowings at the Federal Funds rate plus 0.50%. At
December 31, 2003, the Portfolio had no loans outstanding under
17
<Page>
the Credit Facility. During the year ended December 31, 2003, the Portfolio had
borrowings under the Credit Facility as follows:
<Table>
<Caption>
AVERAGE DAILY WEIGHTED AVERAGE MAXIMUM DAILY
LOAN BALANCE INTEREST RATE % LOAN OUTSTANDING
------------- ---------------- ----------------
$ 2,367,375 1.766% $ 4,170,000
</Table>
NOTE 4. PURCHASES AND SALES OF SECURITIES
For the year ended December 31, 2003, purchases and sales of investment
securities (excluding short-term investments) were $106,102,663 and
$126,503,398, respectively.
NOTE 5. CAPITAL SHARE TRANSACTIONS
The Trust is authorized to issue an unlimited number of full and fractional
shares of beneficial interest, $.001 par value per share. Transactions in
capital shares of the Portfolio were as follows:
<Table>
<Caption>
FOR THE YEAR ENDED FOR THE YEAR ENDED
DECEMBER 31, 2003 DECEMBER 31, 2002
------------------ ------------------
Shares sold 13,623,363 31,416,820
Shares issued in reinvestment of dividends 49,917 --
Shares redeemed (16,338,646) (36,191,927)
----------- -----------
Net decrease (2,665,366) (4,775,107)
=========== ===========
</Table>
On December 31, 2003, the number of shareholders that held 5% or more of the
outstanding shares of the Portfolio were as follows:
<Table>
<Caption>
NUMBER OF APPROXIMATE PERCENTAGE
SHAREHOLDERS OF OUTSTANDING SHARES
------------ ----------------------
4 90%
</Table>
Some of the shareholders are omnibus accounts, which hold shares on behalf of
individual shareholders.
NOTE 6. FEDERAL INCOME TAXES
Income and capital gain distributions are determined in accordance with
federal income tax regulations, which may differ from GAAP. These differences
are primarily due to differing treatments of foreign currency transactions, and
losses deferred due to wash sales.
18
<Page>
The tax character of dividends and distributions paid during the years ended
December 31, 2003 and 2002 for the Portfolio was as follows:
<Table>
<Caption>
ORDINARY INCOME
---------------------
2003 2002
--------- --------
$ 388,857 --
</Table>
At December 31, 2003, the components of distributable earnings on a tax basis
for the Portfolio were as follows:
<Table>
Undistributed ordinary income $ 824,282
Accumulated net realized loss (133,103,702)
Unrealized appreciation 19,458,654
--------------
$ (112,820,766)
==============
</Table>
At December 31, 2003, the Portfolio had capital loss carryforwards available
to offset possible future capital gains as follows:
<Table>
<Caption>
EXPIRES DECEMBER 31,
-------------------------------------------------------------
2009 2010 2011
------------- ------------- ------------
$ (92,606,907) $ (37,413,453) $ (3,083,342)
</Table>
Under current tax law, certain capital losses realized after October 31
within a taxable year may be deferred and treated as occurring on the first day
of the following tax year. For the tax period ended December 31, 2003, the
Portfolio had no net losses arising between November 1, 2003 and
December 31, 2003.
At December 31, 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 from investments were $77,656,194, $19,512,626,
$(70,028) and $19,442,598, respectively.
At December 31, 2003, the Portfolio reclassified $17,252 from undistributed
net investment income to accumulated net realized loss from investments, to
adjust for current period permanent book/tax differences which arose principally
from differing book/tax treatments of foreign currency transactions. Net assets
were not affected by these reclassifications.
19
<Page>
NOTE 7. CONTINGENCIES
In the normal course of business, the Portfolio may provide general
indemnifications pursuant to certain contracts and organizational documents. The
Portfolio's maximum exposure under these arrangements is dependent on future
claims that may be made against the Portfolio and, therefore, cannot be
estimated; however, based on experience, the risk of loss from such claims is
considered remote.
20
<Page>
CREDIT SUISSE TRUST-- INTERNATIONAL FOCUS PORTFOLIO
REPORT OF INDEPENDENT AUDITORS
To the Board of Trustees of Credit Suisse Trust and Shareholders of Credit
Suisse Trust-International Focus Portfolio:
In our opinion, the accompanying statement of assets and liabilities,
including the schedule of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of International Focus Portfolio (the
"Portfolio"), a portfolio of the Credit Suisse Trust, at December 31, 2003, the
results of its operations for the year then ended, the changes in its net assets
for each of the two years in the period then ended and the financial highlights
for each of the five years in the period then ended, in conformity with
accounting principles generally accepted in the United States of America. These
financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Portfolio's management;
our responsibility is to express an opinion on these financial statements based
on our audits. We conducted our audits of these financial statements in
accordance with auditing standards generally accepted in the United States of
America, which require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at December 31, 2003 by
correspondence with the custodian, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 3, 2004
21
<Page>
CREDIT SUISSE TRUST -- INTERNATIONAL FOCUS PORTFOLIO
INFORMATION CONCERNING TRUSTEES AND OFFICERS (UNAUDITED)
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ------------------------- ------------- ------------ ----------------------- ------------- ---------------
INDEPENDENT TRUSTEES
Richard H. Francis Trustee, Since Currently retired 43 None
c/o Credit Suisse Asset Nominating 1999
Management, LLC and
466 Lexington Avenue Audit
New York, New York Committee
10017-3140 Member
Date of Birth: 04/23/32
Jeffrey E. Garten(2) Trustee, Since Dean of Yale School of 42 Director of
Box 208200 Nominating 1998 Management and Aetna, Inc.
New Haven, Connecticut and William S. Beinecke (insurance
06520-8200 Audit Professor in the company);
Committee Practice of Director of
Date of Birth: 10/29/46 Member International Calpine
Trade and Finance Corporation
(11/95 - present) (energy
provider);
Director of
CarMax Group
(used car
dealers)
</Table>
- ----------
(1) Each Trustee and Officer serves until his or her respective successor has
been duly elected and qualified.
(2) Mr. Garten was initially appointed as a Trustee of the Trust on February 6,
1998. He resigned as Trustee on February 3, 2000, and was subsequently
re-appointed on December 21, 2000.
22
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ------------------------- ------------- ------------ ----------------------- ------------- ---------------
INDEPENDENT TRUSTEES
Peter F. Krogh Trustee, Since Dean Emeritus and 42 Director
301 ICC Nominating 2001 Distinguished Professor of Carlisle
Georgetown University and of International Companies
Washington, DC 20057 Audit Affairs at the Edmund Incorporated
Committee A. Walsh School of (diversified
Date of Birth: 02/11/37 Member Foreign Service, manufacturing
Georgetown University company);
(6/95 - present); Member of
Moderator of PBS Selection
foreign affairs Committee
television for Truman
series (1988 - 2000) Scholars and
Henry Luce
Scholars; Senior
Associate of
Center for
Strategic and
International
Studies; Trustee
of numerous
world affairs
organizations
James S. Pasman, Jr. Trustee, Since Currently retired 44 Director of
c/o Credit Suisse Asset Nominating 1999 Education
Management, LLC and Management
466 Lexington Avenue Audit Corp.
New York, New York Committee
10017-3140 Member
Date of Birth: 12/20/30
Steven N. Rappaport Trustee, Since Partner of Lehigh Court, 44 None
Lehigh Court, LLC Nominating 1999 LLC and RZ Capital
40 East 52nd Street Committee (private investment
New York, New York Member and firms) (7/02 - present);
10022 Audit Consultant to SunGard
Committee Securities Finance, Inc.
Date of Birth: 07/10/48 Chairman from February 2002 to
July 2002; President of
SunGard Securities
Finance, Inc. from 2001
to February 2002;
President of Loanet, Inc.
(on-line accounting
service) from 1997
to 2001
</Table>
23
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ------------------------- ------------- ------------ ------------------------ ------------- ---------------
INTERESTED TRUSTEES
Joseph D. Gallagher(3) Trustee, Since Managing Director, Chief 45 None
Credit Suisse Asset Chairman of 2003 Executive Officer of
Management, LLC the Board and CSAM and Global Chief
466 Lexington Avenue Chief Operating Officer of
New York, New York Executive Credit Suisse Asset
10017-3140 Officer Management since 2003;
Global Chief Financial
Date of Birth: 12/14/62 Officer, Credit Suisse
Asset Management from
1999 to 2003; Chief
Executive Officer and
Director of Credit
Suisse Asset Management
Limited, London,
England, from
June 2000 to 2003;
Director of Credit Suisse
Asset Management
Funds (UK) Limited,
London, England, from
June 2000 to 2003;
Managing Director,
Head - Asian Corporate
Finance and M&A, Credit
Suisse First Boston,
Hong Kong, China, from
January 1998 to
May 1999
William W. Priest, Jr.(4) Trustee Since Co-Managing Partner, 49 Director of
Steinberg Priest & Sloane 1999 Steinberg Priest & Sloane Globe Wireless,
Capital Management, LLC Capital Management, LLC LLC (maritime
12 East 49th Street since March 2001; communications
12th Floor Chairman and Managing company);
New York, New York Director of CSAM from Director of
10017 2000 to February 2001, InfraRed X
Chief Executive Officer (medical device
Date of Birth: 09/24/41 and Managing Director of company)
CSAM from 1990 to 2000
</Table>
- ----------
(3) Mr. Gallagher is a Trustee who is an "interested person" of the Trust as
defined in the 1940 Act, because he is an officer of CSAM.
(4) Mr. Priest is a Trustee who is an "interested person" of the Trust as
defined in the 1940 Act, because he provided consulting services to CSAM
within the last two years (ended 12/31/02).
24
<Page>
<Table>
<Caption>
TERM
OF OFFICE(1)
AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH TRUST SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- ------------------------- ----------- ------------ ----------------------------------------------------------
OFFICERS
Hal Liebes Vice Since Managing Director and Global General Counsel of CSAM;
Credit Suisse Asset President and 1999 Associated with CSAM since 1997; Officer of other Credit
Management, LLC Secretary Suisse Funds
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 07/06/64
Michael A. Pignataro Chief Since Director and Director of Fund Administration of CSAM;
Credit Suisse Asset Financial 1999 Associated with CSAM since 1984; Officer of other Credit
Management, LLC Officer and Suisse Funds
466 Lexington Avenue Treasurer
New York, New York
10017-3140
Date of Birth: 11/15/59
Gregory N. Bressler Assistant Since Director and Deputy General Counsel of CSAM; Associated
Credit Suisse Asset Secretary 2000 with CSAM since January 2000; Associated with the law
Management, LLC firm of Swidler Berlin Shereff Friedman LLP from 1996 to
466 Lexington Avenue 2000; Officer of other Credit Suisse Funds
New York, New York
10017-3140
Date of Birth: 11/17/66
Rocco A. Del Guercio Assistant Since Vice President of CSAM; Associated with CSAM since
Credit Suisse Asset Treasurer 1999 June 1996; Officer of other Credit Suisse Funds
Management, LLC
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 04/28/63
Joseph Parascondola Assistant Since Assistant Vice President of CSAM; Associated with CSAM
Credit Suisse Asset Treasurer 2000 since April 2000; Assistant Vice President, Deutsche Asset
Management, LLC Management from January 1999 to April 2000; Assistant
466 Lexington Avenue Vice President, Weiss, Peck & Greer LLC from November
New York, New York 1995 to December 1998; Officer of other Credit Suisse
10017-3140 Funds
Date of Birth: 06/05/63
</Table>
25
<Page>
<Table>
<Caption>
TERM
OF OFFICE(1)
AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH TRUST SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- ------------------------- ----------- ------------ ----------------------------------------------------------
OFFICERS
Robert M. Rizza Assistant Since Assistant Vice President of CSAM; Associated with CSAM
Credit Suisse Asset Treasurer 2002 since 1998; Officer of other Credit Suisse Funds
Management, LLC
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 12/09/65
</Table>
The Statement of Additional Information includes additional information about
the Trustees and is available, without charge, upon request, by calling
800-222-8977.
26
<Page>
CREDIT SUISSE TRUST -- INTERNATIONAL FOCUS PORTFOLIO
TAX INFORMATION LETTER (UNAUDITED)
December 31, 2003
IMPORTANT TAX INFORMATION FOR CORPORATE SHAREHOLDERS
During the fiscal year ended December 31, 2003, the Portfolio distributed
$2,318,179 of foreign source income on which the Portfolio paid foreign taxes of
$333,595. This information is being furnished to you pursuant to notice
requirements of Section 853(a) and 855(d) of the Internal Revenue Code 1986, as
amended the "Code", and the Treasury Regulations thereunder.
27
<Page>
This page intentionally left blank
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
P.O. BOX 55030, BOSTON, MA 02205-5030
800-222-8977 - www.csam.com
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR.
TRINF-2-1203
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE FUNDS
ANNUAL REPORT
DECEMBER 31, 2003
CREDIT SUISSE TRUST
- - SMALL CAP GROWTH PORTFOLIO
CREDIT SUISSE TRUST (THE "TRUST") SHARES ARE NOT AVAILABLE DIRECTLY TO
INDIVIDUAL INVESTORS, BUT MAY BE OFFERED ONLY THROUGH CERTAIN INSURANCE PRODUCTS
AND PENSION AND RETIREMENT PLANS.
MORE COMPLETE INFORMATION ABOUT THE TRUST, INCLUDING CHARGES AND EXPENSES, IS
PROVIDED IN THE PROSPECTUS, WHICH SHOULD BE READ CAREFULLY BEFORE INVESTING. YOU
MAY OBTAIN ADDITIONAL COPIES BY CALLING 800-222-8977 OR BY WRITING TO CREDIT
SUISSE TRUST, 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. THE TRUST IS ADVISED BY CREDIT SUISSE
ASSET MANAGEMENT, LLC.
<Page>
THE PORTFOLIO'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 PORTFOLIO'S MANAGEMENT ARE AS OF THE DATE OF THE LETTER AND THE
PORTFOLIO HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF DECEMBER 31, 2003; THESE
VIEWS AND PORTFOLIO HOLDINGS MAY HAVE CHANGED SUBSEQUENT TO THESE DATES. NOTHING
IN THIS DOCUMENT IS A RECOMMENDATION TO PURCHASE OR SELL SECURITIES.
PORTFOLIO 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 TRUST -- SMALL CAP GROWTH PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT
December 31, 2003 (Unaudited)
January 21, 2004
Dear Shareholder:
For the 12 months ended December 31, 2003, Credit Suisse Trust -- Small Cap
Growth Portfolio (the "Portfolio") had a gain of 48.55%, versus an increase of
48.54% for the Russell 2000(R) Growth Index.(1)
The period was a positive one for the U.S. stock market. Equities initially
struggled, hindered by a great deal of uncertainty regarding a looming conflict
with Iraq and a related decline in consumer sentiment. Stocks began to recover
in March, however, rising rapidly in 2003's second quarter, and then continued
to rally in a more subdued manner. When the war came to a swift and seemingly
successful end in April, a major cloud of uncertainty lifted and investors
embraced risk.
Optimism over a potential economic recovery also supported equities. Grounds
for this optimism included historically low interest rates, a significant
tax-reduction package, and an upturn in leading economic indicators around the
world. By the end of the period, the various stimulus tools appeared to be
paying off, with third-quarter GDP growth in the U.S. exceeding expectations.
Within this environment of lowered risk thresholds, small-cap growth stocks
performed well in both absolute terms and relative to larger-cap growth stocks.
The Portfolio performed in line with its benchmark for the period, despite a
very challenging investing environment in the middle part of the year. When
stocks surged upward during the summer, the rally was paced by lower-tier
stocks, specifically micro-cap stocks of companies with little or even negative
current earnings. Our focus remained on what we deem to be higher-quality
companies. With regard to sector attribution, stocks that helped the Portfolio's
return included its consumer discretionary, technology and transportation
holdings. Stocks that hindered the Portfolio (in a relative sense) included its
energy and materials holdings.
In terms of sector positioning, the main areas of focus in the Portfolio
remained the health-care, consumer-discretionary and technology sectors.
Regarding the last, our exposure was roughly evenly divided between software and
electronics companies. Both areas, we believe, could continue to benefit from a
re-commitment to corporate capital spending. Our overweighting in the
consumer-discretionary area reflects the number of interesting company-specific
opportunities we continue to see here, ranging from media stocks to niche retail
names.
1
<Page>
Within health care, one move we made late in the period was to trim our
exposure to HMOs. We decided to scale this exposure back based on valuations --
these stocks have performed well over the past year -- along with a likely
slowdown in the rate of HMO premium growth. These companies have been able to
raise premium prices significantly for several years now, and we think such
growth may be less robust going forward. That said, we still favor certain
health-care service companies, such as hospitals, where new technologies are
being employed that could boost productivity over time.
We are generally optimistic that the economy could show sustained,
significant growth, aided by the considerable amount of monetary and fiscal
stimulus in the system. And since inventories have now declined to noteworthy
lows across almost all industries, we believe that re-stocking could be another
source of growth during the next few quarters; we will monitor this trend
carefully. Finally, we note that merger and acquisition activity appears to be
picking up again after a long lull. We expect to see a trend in which more large
companies acquire small, growing companies as they shift their focus away from
cost-cutting and toward growth-generating strategies. For our part, we will
remain focused on companies we deem to have healthy balance sheets and
executable business plans.
The Credit Suisse Small/Mid-Cap Growth Team
Sammy Oh
Roger M. Harris
Robert S. Janis
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 PORTFOLIO'S INVESTMENTS. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
2
<Page>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE
CREDIT SUISSE TRUST -- SMALL CAP GROWTH PORTFOLIO
AND THE RUSSELL 2000(R) GROWTH INDEX(1)
FROM INCEPTION (6/30/95).
<Table>
<Caption>
CREDIT SUISSE
TRUST--SMALL
CAP GROWTH RUSSELL 2000(R)
PORTFOLIO GROWTH INDEX(1)
6/30/95 $ 10,000 $ 10,107
7/31/95 $ 10,320 $ 10,895
8/31/95 $ 11,040 $ 11,030
9/30/95 $ 11,560 $ 11,257
10/31/95 $ 11,190 $ 10,703
11/30/95 $ 11,990 $ 11,176
12/31/95 $ 12,510 $ 11,423
1/31/96 $ 12,360 $ 11,329
2/29/96 $ 12,840 $ 11,845
3/31/96 $ 13,130 $ 12,079
4/30/96 $ 14,420 $ 13,007
5/31/96 $ 15,150 $ 13,674
6/30/96 $ 14,280 $ 12,785
7/31/96 $ 12,690 $ 11,224
8/31/96 $ 13,700 $ 12,055
9/30/96 $ 14,370 $ 12,676
10/31/96 $ 13,920 $ 12,129
11/30/96 $ 13,930 $ 12,467
12/31/96 $ 14,240 $ 12,710
1/31/97 $ 14,580 $ 13,027
2/28/97 $ 13,520 $ 12,240
3/31/97 $ 12,440 $ 11,377
4/30/97 $ 12,250 $ 11,245
5/31/97 $ 13,980 $ 12,935
6/30/97 $ 14,620 $ 13,374
7/31/97 $ 15,400 $ 14,059
8/31/97 $ 15,820 $ 14,481
9/30/97 $ 17,210 $ 15,637
10/31/97 $ 16,420 $ 14,697
11/30/97 $ 16,140 $ 14,347
12/31/97 $ 16,480 $ 14,355
1/31/98 $ 15,860 $ 14,164
2/28/98 $ 17,230 $ 15,414
3/31/98 $ 18,110 $ 16,061
4/30/98 $ 18,230 $ 16,159
5/31/98 $ 16,840 $ 14,985
6/30/98 $ 17,270 $ 15,138
7/31/98 $ 15,620 $ 13,874
8/31/98 $ 12,460 $ 10,672
9/30/98 $ 13,350 $ 11,754
10/31/98 $ 13,870 $ 12,367
11/30/98 $ 14,880 $ 13,326
12/31/98 $ 16,010 $ 14,532
1/31/99 $ 16,400 $ 15,185
2/28/99 $ 14,840 $ 13,796
3/31/99 $ 15,500 $ 14,288
4/30/99 $ 15,500 $ 15,549
5/31/99 $ 15,590 $ 15,574
6/30/99 $ 17,090 $ 16,394
7/31/99 $ 17,050 $ 15,887
8/31/99 $ 16,980 $ 15,293
9/30/99 $ 17,700 $ 15,588
10/31/99 $ 19,000 $ 15,987
11/30/99 $ 22,040 $ 17,678
12/31/99 $ 27,069 $ 20,794
1/31/2000 $ 26,532 $ 20,600
2/29/2000 $ 36,017 $ 25,393
3/31/2000 $ 31,274 $ 22,724
4/30/2000 $ 26,832 $ 20,429
5/31/2000 $ 24,145 $ 18,640
6/30/2000 $ 27,720 $ 21,048
7/31/2000 $ 24,807 $ 19,245
8/31/2000 $ 28,227 $ 21,269
9/30/2000 $ 26,129 $ 20,212
10/31/2000 $ 24,125 $ 18,572
11/30/2000 $ 20,219 $ 15,200
12/31/2000 $ 22,167 $ 16,130
1/31/2001 $ 22,220 $ 17,435
2/28/2001 $ 19,309 $ 15,045
3/31/2001 $ 16,758 $ 13,677
4/30/2001 $ 19,203 $ 15,351
5/31/2001 $ 18,897 $ 15,707
6/30/2001 $ 19,163 $ 16,136
7/31/2001 $ 18,127 $ 14,760
8/31/2001 $ 16,944 $ 13,837
9/30/2001 $ 14,060 $ 11,604
10/31/2001 $ 15,641 $ 12,720
11/30/2001 $ 17,263 $ 13,782
12/31/2001 $ 18,618 $ 14,640
1/31/2002 $ 17,980 $ 14,119
2/28/2002 $ 16,505 $ 13,206
3/31/2002 $ 17,861 $ 14,353
4/30/2002 $ 17,303 $ 14,043
5/31/2002 $ 16,093 $ 13,222
6/30/2002 $ 14,578 $ 12,101
7/31/2002 $ 12,239 $ 10,241
8/31/2002 $ 12,067 $ 10,236
9/30/2002 $ 11,522 $ 9,497
10/31/2002 $ 12,279 $ 9,977
11/30/2002 $ 13,223 $ 10,966
12/31/2002 $ 12,346 $ 10,209
1/31/2003 $ 12,160 $ 9,932
2/28/2003 $ 11,934 $ 9,666
3/31/2003 $ 12,107 $ 9,812
4/30/2003 $ 13,023 $ 10,741
5/31/2003 $ 14,538 $ 11,951
6/30/2003 $ 14,671 $ 12,182
7/31/2003 $ 15,801 $ 13,103
8/31/2003 $ 16,691 $ 13,806
9/30/2003 $ 15,947 $ 13,457
10/31/2003 $ 17,887 $ 14,620
11/30/2003 $ 18,233 $ 15,096
12/31/2003 $ 18,339 $ 15,003
</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 portfolio distributions or the redemption of portfolio shares.
Performance includes the effect of deducting expenses, but does not include
charges and expenses attributable to any particular variable contract or Plan.
Accordingly, the Prospectus of the sponsoring Participating Insurance Company
separate account or Plan documents or other informational materials supplied by
Plan sponsors should be carefully reviewed for information on relevant charges
and expenses. Excluding these charges and expenses from quotations of
performance has the effect of increasing the performance quoted, and the effect
of these charges should be considered when comparing performance to that of
other mutual funds.
<Table>
<Caption>
AVERAGE ANNUAL RETURNS AS OF DECEMBER 31, 2003
-----------------------------------------------
1 YEAR 5 YEARS SINCE INCEPTION
------ ------- ---------------
48.55% 2.75% 7.39%
</Table>
- ----------
(1) The Russell 2000(R) Growth Index measures the performance of those
companies in the Russell 2000(R) Index with higher price-to-book ratios and
higher forecasted growth values. It is an unmanaged index of common stocks
that includes reinvestment of dividends and is compiled by Frank Russell
Company. Investors cannot invest directly in an index.
3
<Page>
CREDIT SUISSE TRUST -- SMALL CAP GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 2003
<Table>
<Caption>
NUMBER OF
SHARES VALUE
-------------- --------------
COMMON STOCKS (96.6%)
AGRICULTURE (1.1%)
Delta & Pine Land Co. 321,500 $ 8,166,100
--------------
AUTO COMPONENTS (1.0%)
Quantum Fuel Systems Technologies Worldwide, Inc.* 960,200 7,720,008
--------------
BANKS (1.9%)
Boston Private Financial Holdings, Inc. 295,200 7,332,768
IndyMac Bancorp, Inc. 255,700 7,617,303
--------------
14,950,071
--------------
BIOTECHNOLOGY (2.3%)
BioMarin Pharmaceutical, Inc.* 517,600 4,021,234
Cubist Pharmaceuticals, Inc.* 607,300 7,384,768
Nabi Biopharmaceuticals* 506,900 6,442,699
--------------
17,848,701
--------------
BUILDING PRODUCTS (1.0%)
Griffon Corp.* 377,500 7,648,150
--------------
CHEMICALS (0.8%)
Airgas, Inc. 274,900 5,904,852
--------------
COMMERCIAL SERVICES & SUPPLIES (3.3%)
Headwaters, Inc.* 535,400 10,504,548
Kroll, Inc.* 406,500 10,569,000
Pegasus Solutions, Inc.* 428,800 4,489,536
--------------
25,563,084
--------------
COMMUNICATIONS EQUIPMENT (2.8%)
Extreme Networks, Inc.* 993,700 7,164,577
InterDigital Communications Corp.* 413,900 8,542,896
Polycom, Inc.* 294,300 5,744,736
--------------
21,452,209
--------------
COMPUTERS & PERIPHERALS (2.2%)
Avid Technology, Inc.* 351,800 16,886,400
--------------
CONTAINERS & PACKAGING (1.0%)
Crown Holdings, Inc.* 891,100 8,073,366
--------------
DIVERSIFIED FINANCIALS (3.6%)
Affiliated Managers Group, Inc.* 175,900 12,240,881
Jefferies Group, Inc. 300,900 9,935,718
Nelnet, Inc. Class A* 244,900 5,485,760
Raymond James Financial, Inc. 18,700 704,990
--------------
28,367,349
--------------
ELECTRONIC EQUIPMENT & INSTRUMENTS (0.8%)
Lexar Media, Inc.* 360,400 6,281,772
--------------
</Table>
See Accompanying Notes to Financial Statements.
4
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
-------------- --------------
COMMON STOCKS
ENERGY EQUIPMENT & SERVICES (1.7%)
FMC Technologies, Inc.* 325,800 $ 7,591,140
Newpark Resources, Inc.* 1,218,400 5,836,136
--------------
13,427,276
--------------
FOOD PRODUCTS (2.2%)
American Italian Pasta Co. Class A* 140,000 5,866,000
Hain Celestial Group, Inc.* 468,400 10,871,564
--------------
16,737,564
--------------
HEALTHCARE EQUIPMENT & SUPPLIES (3.8%)
Fisher Scientific International, Inc.* 157,300 6,507,501
SonoSite, Inc.* 352,500 7,557,600
Therasense, Inc.* 414,400 8,412,320
Wilson Greatbatch Technologies, Inc.* 161,100 6,809,697
--------------
29,287,118
--------------
HEALTHCARE PROVIDERS & SERVICES (9.7%)
Accredo Health, Inc.* 706,800 22,341,948
Apria Healthcare Group, Inc.* 256,000 7,288,320
Centene Corp.* 372,500 10,433,725
Community Health Systems, Inc.* 376,900 10,018,002
LifePoint Hospitals, Inc.* 525,500 15,475,975
Province Healthcare Co.* 625,000 10,000,000
--------------
75,557,970
--------------
INSURANCE (1.8%)
HCC Insurance Holdings, Inc. 270,000 8,586,000
U.S.I. Holdings Corp.* 430,000 5,611,500
--------------
14,197,500
--------------
INTERNET SOFTWARE & SERVICES (8.8%)
Ask Jeeves, Inc.* 547,600 9,922,512
Chordiant Software, Inc.* 2,028,200 11,053,690
DoubleClick, Inc.* 829,000 8,472,380
FileNET Corp.* 372,300 10,081,884
MatrixOne, Inc.* 1,514,300 9,328,088
Openwave Systems, Inc.* 847,066 9,317,726
RealNetworks, Inc.* 442,300 2,525,533
webMethods, Inc.* 780,300 7,139,745
--------------
67,841,558
--------------
IT CONSULTING & SERVICES (1.0%)
CACI International, Inc. Class A* 162,700 7,910,474
--------------
MEDIA (5.1%)
Cumulus Media, Inc. Class A* 626,800 13,789,600
Emmis Communications Corp. Class A* 606,800 16,413,940
Getty Images, Inc.* 192,800 9,665,064
--------------
39,868,604
--------------
</Table>
See Accompanying Notes to Financial Statements.
5
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
-------------- --------------
COMMON STOCKS
METALS & MINING (1.0%)
GrafTech International, Ltd.* 591,200 $ 7,981,200
--------------
OIL & GAS (4.0%)
Remington Oil & Gas Corp.* 289,000 5,690,410
Spinnaker Exploration Co.* 243,300 7,851,291
Stone Energy Corp.* 243,000 10,315,350
Tom Brown, Inc.* 211,200 6,811,200
--------------
30,668,251
--------------
PHARMACEUTICALS (6.9%)
Angiotech Pharmaceuticals, Inc.* 199,200 9,163,200
Inspire Phamaceuticals, Inc.* 418,400 5,924,544
K-V Pharmaceutical Co. Class A* 314,650 8,023,575
Medicis Pharmaceutical Corp. Class A 244,900 17,461,370
Sepracor, Inc.* 543,200 12,998,776
--------------
53,571,465
--------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (9.8%)
Actel Corp.* 380,900 9,179,690
Asyst Technologies, Inc.* 496,600 8,616,010
Axcelis Technologies, Inc.* 1,161,800 11,873,596
Cymer, Inc.* 163,000 7,528,970
Entegris, Inc.* 597,800 7,681,730
OmniVision Technologies, Inc.* 136,000 7,514,000
Semtech Corp.* 286,800 6,518,964
Silicon Image, Inc.* 930,400 6,726,792
Varian Semiconductor Equipment Associates, Inc.* 241,200 10,538,028
--------------
76,177,780
--------------
SOFTWARE (9.1%)
Activision, Inc.* 707,700 12,880,140
Agile Software Corp.* 735,500 7,281,450
Hyperion Solutions Corp.* 431,100 12,993,354
Informatica Corp.* 665,000 6,849,500
Manugistics Group, Inc.* 848,400 5,302,500
QRS Corp.* 214,550 1,742,146
Radiant Systems, Inc.* 758,450 6,378,565
Take-Two Interactive Software, Inc.* 389,600 11,224,376
Verisity, Ltd.* 445,600 5,681,400
--------------
70,333,431
--------------
SPECIALTY RETAIL (7.6%)
Aeropostale, Inc.* 321,100 8,804,562
American Eagle Outfitters, Inc.* 384,700 6,309,080
AnnTaylor Stores Corp.* 276,600 10,787,400
Cost Plus, Inc.* 181,900 7,457,900
Guitar Center, Inc.* 218,200 7,108,956
Gymboree Corp.* 437,900 7,545,017
Linens 'n Things, Inc.* 351,300 10,567,104
--------------
58,580,019
--------------
</Table>
See Accompanying Notes to Financial Statements.
6
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
-------------- --------------
COMMON STOCKS
TEXTILES & APPAREL (1.3%)
Tommy Hilfiger Corp.* 682,700 $ 10,110,787
--------------
TRADING COMPANIES & DISTRIBUTORS (1.0%)
MSC Industrial Direct Company, Inc. Class A 277,500 7,631,250
--------------
TOTAL COMMON STOCKS (Cost $631,466,905) 748,744,309
--------------
PREFERRED STOCK (0.0%)**
INTERNET SOFTWARE & SERVICES (0.0%)
Planetweb, Inc.*,++
(Cost $3,944,440) 726,200 50,834
--------------
WARRANT (0.0%)
ELECTRONIC EQUIPMENT & INSTRUMENTS (0.0%)
APW, Ltd. expires 7/31/09*,^
(Cost $0) 360 0
--------------
<Caption>
PAR
(000)
--------------
SHORT-TERM INVESTMENT (4.7%)
State Street Bank and Trust Co. Euro Time Deposit,
0.750%, 1/02/04 (Cost $36,425,000) $ 36,425 36,425,000
--------------
TOTAL INVESTMENTS AT VALUE (101.3%) (Cost $671,836,345) 785,220,143
LIABILITIES IN EXCESS OF OTHER ASSETS (-1.3%) (9,872,948)
--------------
NET ASSETS (100.0%) $ 775,347,195
==============
</Table>
* Non-income producing security.
** This represents less than 0.0% of net assets.
^ Not readily marketable security; security is valued at fair value as
determined in good faith by the Board of Trustees.
++ Restricted security, not readily marketable; security is valued at fair
value as determined in good faith by the Board of Trustees.
See Accompanying Notes to Financial Statements.
7
<Page>
CREDIT SUISSE TRUST -- SMALL CAP GROWTH PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
December 31, 2003
<Table>
ASSETS
Investments at value (Cost $671,836,345) (Note 1) $ 785,220,143
Cash 994
Receivable for portfolio shares sold 90,124
Dividend and interest receivable 34,937
Prepaid expenses 47,052
--------------
Total Assets 785,393,250
--------------
LIABILITIES
Advisory fee payable (Note 2) 579,918
Administrative services fee payable (Note 2) 139,033
Payable for investments purchased 7,602,179
Payable for portfolio shares redeemed 1,597,552
Other accrued expenses payable 127,373
--------------
Total Liabilities 10,046,055
--------------
NET ASSETS
Capital stock, $0.001 par value (Note 6) 56,203
Paid-in capital (Note 6) 941,267,968
Accumulated net realized loss on investments (279,360,774)
Net unrealized appreciation from investments 113,383,798
--------------
Net Assets $ 775,347,195
==============
Shares outstanding 56,203,377
--------------
Net asset value, offering price, and redemption price per share $ 13.80
==============
</Table>
See Accompanying Notes to Financial Statements.
8
<Page>
CREDIT SUISSE TRUST -- SMALL CAP GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
For the Year Ended December 31, 2003
<Table>
INVESTMENT INCOME (Note 1)
Dividends $ 646,928
Interest 257,549
--------------
Total investment income 904,477
--------------
EXPENSES
Investment advisory fees (Note 2) 5,413,558
Administrative services fees (Note 2) 954,419
Printing fees (Note 2) 131,248
Custodian fees 62,454
Audit fees 37,664
Legal fees 33,255
Insurance expense 27,998
Transfer agent fees 21,923
Commitment fees (Note 3) 20,587
Trustees' fees 2,300
Miscellaneous expense 16,706
--------------
Total expenses 6,722,112
--------------
Net investment loss (5,817,635)
--------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized loss from investments (767,560)
Net change in unrealized appreciation (depreciation)
from investments 244,451,934
--------------
Net realized and unrealized gain from investments 243,684,374
--------------
Net increase in net assets resulting from operations $ 237,866,739
==============
</Table>
See Accompanying Notes to Financial Statements.
9
<Page>
CREDIT SUISSE TRUST -- SMALL CAP GROWTH PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE YEAR FOR THE YEAR
ENDED ENDED
DECEMBER 31, 2003 DECEMBER 31, 2002
----------------- -----------------
FROM OPERATIONS
Net investment loss $ (5,817,635) $ (6,137,171)
Net realized loss on investments (767,560) (93,216,515)
Net change in unrealized appreciation (depreciation)
from investments 244,451,934 (185,741,706)
----------------- -----------------
Net increase (decrease) in net assets resulting
from operations 237,866,739 (285,095,392)
----------------- -----------------
FROM CAPITAL SHARE TRANSACTIONS (Note 6)
Proceeds from sale of shares 146,699,021 112,470,536
Net asset value of shares redeemed (110,831,643) (190,580,987)
----------------- -----------------
Net increase (decrease) in net assets from capital
share transactions 35,867,378 (78,110,451)
----------------- -----------------
Net increase (decrease) in net assets 273,734,117 (363,205,843)
NET ASSETS
Beginning of year 501,613,078 864,818,921
----------------- -----------------
End of year $ 775,347,195 $ 501,613,078
================= =================
</Table>
See Accompanying Notes to Financial Statements.
10
<Page>
CREDIT SUISSE TRUST -- SMALL CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Year)
<Table>
<Caption>
FOR THE YEAR ENDED DECEMBER 31,
------------------------------------------------------------------------
2003 2002 2001 2000(1) 1999
------------ ------------ ------------ ------------ ------------
PER SHARE DATA
Net asset value, beginning of year $ 9.29 $ 14.01 $ 16.68 $ 26.20 $ 16.01
------------ ------------ ------------ ------------ ------------
INVESTMENT OPERATIONS
Net investment loss (0.10) (0.11) (0.10) (0.15) (0.12)
Net gain (loss) on investments
(both realized and unrealized) 4.61 (4.61) (2.57) (4.60) 11.07
------------ ------------ ------------ ------------ ------------
Total from investment operations 4.51 (4.72) (2.67) (4.75) 10.95
------------ ------------ ------------ ------------ ------------
LESS DISTRIBUTIONS
Distributions from net realized gains -- -- -- (4.77) (0.76)
------------ ------------ ------------ ------------ ------------
NET ASSET VALUE, END OF YEAR $ 13.80 $ 9.29 $ 14.01 $ 16.68 $ 26.20
============ ============ ============ ============ ============
Total return(2) 48.55% (33.69)% (16.01)% (18.11)% 69.08%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 775,347 $ 501,613 $ 864,819 $ 1,101,182 $ 1,272,542
Ratio of expenses to average net assets(3) 1.12% 1.14% 1.12% 1.13% 1.15%
Ratio of net investment loss to average
net assets (0.97)% (0.94)% (0.73)% (0.57)% (0.72)%
Portfolio turnover rate 76% 69% 91% 85% 122%
</Table>
(1) Certain distribution amounts have been reclassified to conform to the
current year presentation.
(2) Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions.
(3) Interest earned on uninvested cash balances may be used to offset portions
of the transfer agent expense. These arrangements resulted in a reduction
to the Portfolio's net expense ratio by .02%, and .01% for the years ended
December 31, 2000, and 1999, respectively. The Portfolio's net operating
expense ratio after reflecting these arrangements was 1.11% and 1.14% for
the years ended December 31, 2000 and 1999, respectively. For the years
ended December 31, 2003, 2002, and 2001, there was no effect on the net
operating expense ratio because of transfer agent credits.
See Accompanying Notes to Financial Statements.
11
<Page>
CREDIT SUISSE TRUST -- SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2003
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Credit Suisse Trust (the "Trust") is an open-end management investment
company registered under the Investment Company Act of 1940, as amended, and
currently offers eight managed investment portfolios of which one, the Small Cap
Growth Portfolio (the "Portfolio"), is included in this report. The Portfolio is
a diversified investment fund that seeks capital growth. Shares of the Portfolio
are not available directly to individual investors but may be offered only
through (a) variable annuity contracts and variable life insurance contracts
offered by separate accounts of certain insurance companies and (b)
tax-qualified pension and retirement plans. The Portfolio may not be available
in connection with a particular contract or plan. The Trust was organized under
laws of the Commonwealth of Massachusetts as a business trust on March 15, 1995.
A) SECURITY VALUATION -- The net asset value of the Portfolio is determined
daily as of the close of regular trading on the New York Stock Exchange, Inc.
(the "Exchange") on each day the Exchange is open for business. The Portfolio's
equity investments are valued at market value, which is generally determined
using the closing price on the exchange or market on which the security is
primarily traded at the time of valuation (the "Valuation Time"). If no sales
are reported, equity investments are generally valued at the most recent bid
quotation as of the Valuation Time or at the lowest asked quotation in the case
of a short sale of securities. Debt securities with a remaining maturity greater
than 60 days are valued in accordance with the price supplied by a pricing
service, which may use a matrix, formula or other objective method that takes
into consideration market indices, yield curves and other specific adjustments.
Debt obligations that will mature in 60 days or less are valued on the basis of
amortized cost, which approximates market value, unless it is determined that
this method would not represent fair value. Securities and other assets for
which market quotations are not readily available, or whose values have been
materially affected by events occurring before the Portfolio's Valuation Time
but after the close of the securities' primary markets, are valued at fair value
as determined in good faith by the Board of Trustees under procedures
established by the Board of Trustees.
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. The cost of investments
sold is determined by use of the specific identification method for both
financial reporting and income tax purposes.
12
<Page>
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 carryforward, such gain will not
be distributed. Income and capital gain distributions are determined in
accordance with federal income tax regulations which may differ from accounting
principles generally accepted in the United States of America ("GAAP").
D) FEDERAL INCOME TAXES -- No provision is made for federal taxes as it is
the Trust's intention to have the Portfolio 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 Portfolio, together with other
funds/portfolios advised by Credit Suisse Asset Management, LLC ("CSAM") an
indirect, wholly-owned subsidiary of Credit Suisse Group, pools available cash
into either a short-term variable rate time deposit issued by State Street Bank
and Trust Company ("SSB"), the Portfolio's custodian, or a money market fund
advised by CSAM. The short-term time deposit issued by SSB is a variable rate
account classified as a short-term investment.
G) SECURITIES LENDING -- Loans of securities are required at all times to be
secured by collateral at least equal to 102% of the market value of domestic
securities on loan including any accrued interest thereon and 105% of the market
value of foreign securities on loan including any accrued interest thereon. Cash
collateral received by the Portfolio in connection with securities lending
activity is pooled together with cash collateral for other funds/portfolios
advised by CSAM and may be invested in a variety of investments, including
certain CSAM-advised funds, money market instruments and 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
13
<Page>
proceedings. The Portfolio had no securities out on loan at December 31, 2003.
Credit Suisse First Boston ("CSFB"), an affiliate of CSAM, has been engaged
by the Portfolio to act as the Portfolio's securities lending agent. Prior to
April 1, 2003, CSFB had agreed to charge the Portfolio 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 Portfolio and CSFB entered into an arrangement to
share the income earned from securities lending activities, whereby, generally,
the Portfolio 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 Portfolio shall be reduced to
such lower fee amount. Securities lending income is accrued as earned. The
Portfolio earned no income from securities lending for the year ended December
31, 2003.
E) OTHER -- The Portfolio may invest up to 15% of its net assets in
restricted and other illiquid traded securities. Non-publicly traded securities
may be less liquid than publicly traded securities. Although these securities
may be resold in privately negotiated transactions, the prices realized from
such sales could differ from the price originally paid by the Portfolio 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 Portfolio. For its investment
advisory services, CSAM is entitled to receive a fee from the Portfolio at an
annual rate of 0.90% of the average daily net assets of the Portfolio. For the
year ended December 31, 2003, investment advisory fees earned were $5,413,558.
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of
CSAM, and SSB serve as co-administrators to the Portfolio.
For its co-administrative services, CSAMSI currently receives a fee
calculated at an annual rate of 0.10% of the average daily net assets of the
Portfolio. For the year ended December 31, 2003, co-administrative services fees
earned by CSAMSI were $601,507.
14
<Page>
For its co-administrative services, SSB receives a fee, exclusive of
out-of-pocket expenses, based upon the following fee schedule calculated in
total for all the Credit Suisse funds/portfolios co-administered by SSB and
allocated based upon relative average net assets of each fund/portfolio subject
to an annual minimum fee.
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ ------------
First $5 billion 0.050% of average daily net assets
Next $5 billion 0.035% of average daily net assets
Over $10 billion 0.020% of average daily net assets
</Table>
For the year ended December 31, 2003, co-administrative services fees earned
by SSB (including out-of-pocket expenses) were $352,912.
In addition to serving as the Portfolio's co-administrator, CSAMSI currently
serves as distributor of the Portfolio's shares without compensation.
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Portfolio to provide certain financial printing and fulfillment services.
For the year ended December 31, 2003, Merrill was paid $21,085 for its services
to the Portfolio.
NOTE 3. LINE OF CREDIT
The Portfolio, together with other funds/portfolios advised by CSAM
(collectively, the "Participating Funds"), participates in a $100 million
committed, unsecured line of credit facility ("Credit Facility") for temporary
or emergency purposes with Deutsche Bank, A.G. as administrative agent and
syndication agent and SSB as operations agent. Under the terms of the Credit
Facility, the Participating Funds pay an aggregate commitment fee at a rate of
0.10% per annum on the average unused amount of the Credit Facility, which is
allocated among the Participating Funds in such manner as is determined by the
governing Boards of the Participating Funds. In addition, the Participating
Funds pay interest on borrowings at the Federal Funds rate plus 0.50%. At
December 31, 2003 and during the year ended December 31, 2003, the Portfolio had
no borrowings under the Credit Facility.
NOTE 4. PURCHASES AND SALES OF SECURITIES
For the year ended December 31, 2003, purchases and sales of investment
securities (excluding short-term investments) were $470,325,691 and
$440,870,502, respectively.
15
<Page>
NOTE 5. RESTRICTED SECURITIES
Certain of the Portfolio's investments are restricted as to resale and 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. The table below shows the number of shares held,
the acquisition date, aggregate cost, fair value as of December 31, 2003, value
per share of such security, and percentage of net assets which the security
represents.
<Table>
<Caption>
NUMBER VALUE
OF ACQUISITION FAIR PER PERCENTAGE
SECURITY SECURITY TYPE SHARES DATE COST VALUE SHARE OF NET ASSETS
- --------------- --------------- ------- ----------- ----------- ---------- ------- -------------
Planetweb, Inc. Preferred Stock 726,200 9/08/00 $ 3,944,440 $ 50,834 $ 0.07 0.01%
</Table>
NOTE 6. CAPITAL SHARE TRANSACTIONS
The Trust is authorized to issue an unlimited number of full and fractional
shares of beneficial interest, $.001 par value per share. Transactions in
capital shares of the Portfolio were as follows:
<Table>
<Caption>
FOR THE YEAR ENDED FOR THE YEAR ENDED
DECEMBER 31, 2003 DECEMBER 31, 2002
------------------ ------------------
Shares sold 12,617,432 9,823,734
Shares redeemed (10,401,597) (17,552,678)
----------- -----------
Net increase/(decrease) 2,215,835 (7,728,944)
=========== ===========
</Table>
On December 31, 2003, the number of shareholders that held 5% or more of the
outstanding shares of the Portfolio were as follows:
<Table>
<Caption>
NUMBER OF APPROXIMATE PERCENTAGE
SHAREHOLDERS OF OUTSTANDING SHARES
------------ ----------------------
3 82%
</Table>
Some of the shareholders are omnibus accounts, which hold shares on behalf of
individual shareholders.
NOTE 7. FEDERAL INCOME TAXES
Income and capital gain distributions are determined in accordance with
federal income tax regulations, which may differ from GAAP. These differences
are primarily due to differing treatments of losses deferred due to net
operating losses and wash sales.
There were no distributions in the years ended December 31, 2003 and 2002.
16
<Page>
At December 31, 2003, the components of distributable earnings on a tax basis
for the Portfolio were as follows:
<Table>
<Caption>
Accumulated net realized loss $ (275,921,095)
Unrealized appreciation 109,944,119
--------------
$ (165,976,976)
==============
</Table>
At December 31, 2003, the Portfolio had capital loss carryforwards available
to offset possible future capital gains as follows:
<Table>
<Caption>
EXPIRES DECEMBER 31,
-------------------------------------------------------
2009 2010 2011
-------------- ------------- ------------
$ 177,434,138 $ 93,228,766 $ 5,258,191
</Table>
Under current tax law, certain capital losses realized after October 31
within a taxable year may be deferred and treated as occurring on the first day
of the following tax year. For the tax year ended December 31, 2003, the
Portfolio had no net losses arising between November 1, 2003 and December 31,
2003.
At December 31, 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 from investments were $675,276,024 $149,599,908,
$(39,655,789) and $109,944,119, respectively.
At December 31, 2003, the Portfolio reclassified $5,817,635 from paid-in
capital to undistributed net investment loss, to adjust for current period
permanent book/tax differences which arose principally from differing book/tax
treatments of losses deferred due to net operating losses. Net assets were not
affected by these reclassifications.
NOTE 8. CONTINGENCIES
In the normal course of business, the Portfolio may provide general
indemnifications pursuant to certain contracts and organizational documents. The
Portfolio's maximum exposure under these arrangements is dependent on future
claims that may be made against the Portfolio and, therefore, cannot be
estimated; however, based on experience, the risk of loss from such claims is
considered remote.
17
<Page>
CREDIT SUISSE TRUST -- SMALL CAP GROWTH PORTFOLIO
REPORT OF INDEPENDENT AUDITORS
To the Board of Trustees of Credit Suisse Trust and Shareholders of Credit
Suisse Trust-Small Cap Growth Portfolio:
In our opinion, the accompanying statement of assets and liabilities,
including the schedule of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Small Cap Growth Portfolio (the
"Portfolio"), a portfolio of the Credit Suisse Trust, at December 31, 2003, the
results of its operations for the year then ended, the changes in its net assets
for each of the two years in the period then ended and the financial highlights
for each of the five years in the period then ended, in conformity with
accounting principles generally accepted in the United States of America. These
financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Portfolio's management;
our responsibility is to express an opinion on these financial statements based
on our audits. We conducted our audits of these financial statements in
accordance with auditing standards generally accepted in the United States of
America, which require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at December 31, 2003 by
correspondence with the custodian, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 03, 2004
18
<Page>
CREDIT SUISSE TRUST -- SMALL CAP GROWTH PORTFOLIO
INFORMATION CONCERNING TRUSTEES AND OFFICERS (UNAUDITED)
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- --------------------------- ---------------------- ------------ --------------------- --------------- -------------------
INDEPENDENT TRUSTEES
Richard H. Francis Trustee, Nominating Since 1999 Currently retired 43 None
c/o Credit Suisse Asset and Audit Committee
Management, LLC Member
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 04/23/32
Jeffrey E. Garten(2) Trustee, Nominating Since 1998 Dean of Yale School 42 Director of Aetna,
Box 208200 and Audit Committee of Management and Inc. (insurance
New Haven, Connecticut Member William S. Beinecke company); Director
06520-8200 Professor in the of Calpine
Practice of Corporation (energy
Date of Birth: 10/29/46 International Trade provider); Director
and Finance (11/95 - of CarMax Group
present) (used car dealers)
</Table>
- ----------
(1) Each Trustee and Officer serves until his or her respective successor has
been duly elected and qualified.
(2) Mr. Garten was initially appointed as a Trustee of the Trust on February 6,
1998. He resigned as Trustee on February 3, 2000, and was subsequently
re-appointed on December 21, 2000.
19
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- --------------------------- ---------------------- ------------ --------------------- --------------- -------------------
INDEPENDENT TRUSTEES
Peter F. Krogh Trustee, Since Dean Emeritus and 42 Director of Carlisle
301 ICC Nominating 2001 Distinguished Companies
Georgetown University and Audit Professor of Incorporated
Washington, DC 20057 Committee International (diversified
Member Affairs at the manufacturing
Date of Birth: 02/11/37 Edmund A. Walsh company); Member of
School of Foreign Selection Committee
Service, Georgetown for Truman Scholars
University (6/95 - and Henry Luce
present); Moderator Scholars; Senior
of PBS foreign Associate of Center
affairs television for Strategic and
series (1988 - 2000) International
Studies; Trustee of
numerous world
affairs
organizations
James S. Pasman, Jr. Trustee, Since Currently retired 44 Director of
c/o Credit Suisse Asset Nominating 1999 Education
Management, LLC and Audit Management
466 Lexington Avenue Committee Corp.
New York, New York Member
10017-3140
Date of Birth: 12/20/30
Steven N. Rappaport Trustee, Since Partner of Lehigh 44 None
Lehigh Court, LLC Nominating 1999 Court, LLC and RZ
40 East 52nd Street Committee Capital (private
New York, New York 10022 Member and investment firms)
Audit (7/02 - present);
Committee Consultant to
Date of Birth: 07/10/48 Chairman SunGard Securities
Finance, Inc. from
February 2002 to
July 2002; President
of SunGard
Securities Finance,
Inc. from 2001 to
February 2002;
President of Loanet,
Inc. (on-line
accounting service)
from 1997 to 2001
</Table>
20
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- --------------------------- ---------------------- ------------ --------------------- --------------- -------------------
INTERESTED TRUSTEES
Joseph D. Gallagher(3) Trustee, Since Managing Director, 45 None
Credit Suisse Asset Chairman of 2003 Chief Executive
Management, LLC the Board and Officer of CSAM and
466 Lexington Avenue Chief Global Chief
New York, New York Executive Operating Officer of
10017-3140 Officer Credit Suisse Asset
Management since
Date of Birth: 12/14/62 2003; Global Chief
Financial Officer,
Credit Suisse Asset
Management from 1999
to 2003; Chief
Executive Officer
and Director of
Credit Suisse Asset
Management Limited,
London, England,
from June 2000 to
2003; Director of
Credit Suisse Asset
Management Funds
(UK) Limited,
London, England,
from June 2000 to
2003; Managing
Director, Head -
Asian Corporate
Finance and M&A,
Credit Suisse First
Boston, Hong Kong,
China, from January
1998 to May 1999
William W. Priest, Jr.(4) Trustee Since Co-Managing 49 Director of Globe
Steinberg Priest & Sloane 1999 Partner, Steinberg Wireless, LLC
Capital Management, LLC Priest & Sloane (maritime communica-
12 East 49th Street Capital Management, tions company);
12th Floor LLC since March Director of InfraRed
New York, New York 10017 2001; Chairman and X (medical device
Managing Director of company)
Date of Birth: 09/24/41 CSAM from 2000 to
February 2001, Chief
Executive Officer
and Managing
Director of CSAM
from 1990 to 2000
</Table>
- ----------
(3) Mr. Gallagher is a Trustee who is an "interested person" of the Trust as
defined in the 1940 Act, because he is an officer of CSAM.
(4) Mr. Priest is a Trustee who is an "interested person" of the Trust as
defined in the 1940 Act, because he provided consulting services to CSAM
within the last two years (ended 12/31/02).
21
<Page>
<Table>
<Caption>
TERM
OF OFFICE(1)
AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH TRUST SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- --------------------------- ---------------------- ------------ ----------------------------------------------
OFFICERS
Hal Liebes Vice Since Managing Director and Global General Counsel
Credit Suisse Asset President and 1999 of CSAM; Associated with CSAM since 1997;
Management, LLC Secretary Officer of other Credit Suisse Funds
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 07/06/64
Michael A. Pignataro Chief Since Director and Director of Fund Administration
Credit Suisse Asset Financial 1999 of CSAM; Associated with CSAM since 1984;
Management, LLC Officer and Officer of other Credit Suisse Funds
466 Lexington Avenue Treasurer
New York, New York
10017-3140
Date of Birth: 11/15/59
Gregory N. Bressler Assistant Since Director and Deputy General Counsel of CSAM;
Credit Suisse Asset Secretary 2000 Associated with CSAM since January 2000;
Management, LLC Associated with the law firm of Swidler
466 Lexington Avenue Berlin Shereff Friedman LLP from 1996 to
New York, New York 2000; Officer of other Credit Suisse Funds
10017-3140
Date of Birth: 11/17/66
Rocco A. Del Guercio Assistant Since President of CSAM; Associated with CSAM 1996;
Credit Suisse Asset Treasurer 1999 Officer of other Credit Suisse Funds
Management, LLC
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 04/28/63
Joseph Parascondola Assistant Since Assistant Vice President of CSAM; Associated
Credit Suisse Asset Treasurer 2000 with CSAM since April 2000; Assistant Vice
Management, LLC President, Deutsche Asset Management from
466 Lexington Avenue January 1999 to April 2000; Assistant Vice
New York, New York President, Weiss, Peck & Greer LLC from
10017-3140 November 1995 to December 1998; Officer of
other Credit Suisse Funds
Date of Birth: 06/05/63
</Table>
22
<Page>
<Table>
<Caption>
TERM
OF OFFICE(1)
AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH TRUST SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- --------------------------- ---------------------- ------------ ----------------------------------------------
OFFICERS
Robert M. Rizza Assistant Since Assistant Vice President of CSAM; Associated
Credit Suisse Asset Treasurer 2002 with CSAM since 1998; Officer of other Credit
Management, LLC Suisse Funds
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 12/09/65
</Table>
The Statement of Additional Information includes additional information about
the Trustees and is available, without charge, upon request, by calling
800-222-8977.
23
<Page>
This page intentionally left blank
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
P.O. BOX 55030, BOSTON, MA 02205-5030
800-222-8977 - www.csam.com
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. TRSCG-2-1203
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE FUNDS
ANNUAL REPORT
DECEMBER 31, 2003
CREDIT SUISSE TRUST
- - EMERGING GROWTH PORTFOLIO
CREDIT SUISSE TRUST (THE "TRUST") SHARES ARE NOT AVAILABLE DIRECTLY TO
INDIVIDUAL INVESTORS, BUT MAY BE OFFERED ONLY THROUGH CERTAIN INSURANCE PRODUCTS
AND PENSION AND RETIREMENT PLANS.
MORE COMPLETE INFORMATION ABOUT THE TRUST, INCLUDING CHARGES AND EXPENSES, IS
PROVIDED IN THE PROSPECTUS, WHICH SHOULD BE READ CAREFULLY BEFORE INVESTING. YOU
MAY OBTAIN ADDITIONAL COPIES BY CALLING 800-222-8977 OR BY WRITING TO CREDIT
SUISSE TRUST, 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. THE TRUST IS ADVISED BY CREDIT SUISSE
ASSET MANAGEMENT, LLC.
<Page>
THE PORTFOLIO'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 PORTFOLIO'S MANAGEMENT ARE AS OF THE DATE OF THE LETTER AND THE
PORTFOLIO HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF DECEMBER 31, 2003; THESE
VIEWS AND PORTFOLIO HOLDINGS MAY HAVE CHANGED SUBSEQUENT TO THESE DATES. NOTHING
IN THIS DOCUMENT IS A RECOMMENDATION TO PURCHASE OR SELL SECURITIES.
PORTFOLIO 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 TRUST -- EMERGING GROWTH PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT
December 31, 2003 (Unaudited)
January 29, 2004
Dear Shareholder:
For the 12 months ended December 31, 2003, Credit Suisse Trust -- Emerging
Growth Portfolio (1) (the "Portfolio") had a gain of 43.42%, versus increases of
46.32% for the Russell 2500(TM) Growth Index(2) and 42.73% for the Russell
Midcap(R) Growth Index.(3)
The 12-month period was a positive one for the U.S. stock market, though
equities struggled early on, hindered by a great deal of uncertainty regarding a
looming conflict with Iraq and a related decline in consumer sentiment. But when
the war came to a swift and seemingly successful end in April, a major cloud of
uncertainty lifted and investors embraced risk. Optimism over a potential
economic recovery also supported equities. Grounds for this optimism included
historically low interest rates, a significant tax-reduction package, and an
upturn in leading economic indicators around the world. Indeed, late in the year
U.S. GDP growth was surprisingly robust (8.2% for the third quarter on an
annualized basis).
Within this environment of lowered risk thresholds, emerging-growth stocks
performed well in both absolute terms and relative to larger-cap stocks in
general.
Stocks that aided the Portfolio's performance included its consumer,
financial-services and producer-durables holdings. On the negative side,
relatively speaking, the Portfolio's underperformance of the Russell 2500(TM)
Growth Index was attributable in part to its technology holdings. While the
Portfolio's technology stocks collectively had a strong gain in absolute terms
for the period, they lagged the Russell 2500(TM) Growth Index's technology
component.
We made no dramatic shifts in the Portfolio's sector allocation, though we
did selectively increase our exposure to the technology area in the middle part
of the period. Because some of these holdings rallied sharply, we trimmed back
the exposure based on our sell discipline. Our technology holdings continued to
be roughly evenly divided between software and electronics companies. The other
main areas of focus in the Portfolio remained the consumer-discretionary,
financial-services and health-care sectors. Our overweighting in the
consumer-discretionary area reflects the number of interesting company-specific
opportunities we continue to see here, ranging from media stocks to niche retail
names. In the financial-services sector, we favored asset-management and
insurance companies. Our bias in the health-care area was toward services
companies, such as hospitals and managed-care companies.
1
<Page>
We are generally optimistic that the economy could show sustained,
significant growth, aided by the considerable amount of monetary and fiscal
stimulus in the system. And since inventories have now declined to noteworthy
lows across almost all industries, re-stocking could be another source of growth
during the next few quarters; we will monitor this trend carefully. Finally, we
note that merger and acquisition activity appears to be picking up again after a
long lull. We expect to see a trend in which more large companies acquire
smaller, growing companies as they shift their focus away from cost-cutting and
toward growth-generating strategies. For our part, we will remain focused on
companies we deem to have healthy balance sheets and executable business plans.
The Credit Suisse Small/Mid-Cap Growth Team
Roger M. Harris
Sammy Oh
Robert S. Janis
INVESTING IN EMERGING-GROWTH COMPANIES ENTAILS SPECIAL RISK CONSIDERATIONS,
SUCH AS INVESTING IN THE SECURITIES OF START-UP COMPANIES OR COMPANIES INVOLVED
IN "SPECIAL SITUATIONS."
IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING
STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKET,
INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT REGULATION AND
THEIR POTENTIAL IMPACT ON THE PORTFOLIO'S INVESTMENTS. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
2
<Page>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE
CREDIT SUISSE TRUST -- EMERGING GROWTH PORTFOLIO(1),
THE RUSSELL 2500(TM) GROWTH INDEX(2) AND
THE RUSSELL MIDCAP(R) GROWTH INDEX(3) FROM INCEPTION (9/13/99).
<Table>
<Caption>
CREDIT SUISSE TRUST --
EMERGING GROWTH PORTFOLIO(1) RUSSELL 2500(TM) GROWTH INDEX(2) RUSSELL MIDCAP(R) GROWTH INDEX(3)
--------------------------------- --------------------------------- ---------------------------------
9/13/1999 $ 10,000 $ 10,000 $ 10,000
9/30/1999 $ 9,530 $ 9,568 $ 9,507
10/31/1999 $ 9,950 $ 10,034 $ 10,243
11/30/1999 $ 11,200 $ 11,219 $ 11,303
12/31/1999 $ 13,195 $ 13,335 $ 13,260
1/31/2000 $ 13,286 $ 13,260 $ 13,258
2/29/2000 $ 17,233 $ 16,662 $ 16,044
3/31/2000 $ 15,961 $ 15,354 $ 16,061
4/30/2000 $ 13,791 $ 13,858 $ 14,501
5/31/2000 $ 12,862 $ 12,624 $ 13,444
6/30/2000 $ 14,831 $ 14,294 $ 14,870
7/31/2000 $ 14,033 $ 13,122 $ 13,929
8/31/2000 $ 15,406 $ 14,833 $ 16,030
9/30/2000 $ 15,174 $ 13,873 $ 15,246
10/31/2000 $ 14,134 $ 13,015 $ 14,203
11/30/2000 $ 11,923 $ 10,536 $ 11,117
12/31/2000 $ 12,993 $ 11,189 $ 11,702
1/31/2001 $ 12,892 $ 11,914 $ 12,371
2/28/2001 $ 10,952 $ 10,075 $ 10,231
3/31/2001 $ 9,821 $ 8,961 $ 8,767
4/30/2001 $ 11,074 $ 10,326 $ 10,228
5/31/2001 $ 10,912 $ 10,626 $ 10,180
6/30/2001 $ 11,266 $ 10,867 $ 10,185
7/31/2001 $ 10,659 $ 10,066 $ 9,499
8/31/2001 $ 10,084 $ 9,397 $ 8,810
9/30/2001 $ 8,871 $ 7,925 $ 7,354
10/31/2001 $ 9,528 $ 8,707 $ 8,127
11/30/2001 $ 10,387 $ 9,459 $ 9,002
12/31/2001 $ 10,862 $ 9,978 $ 9,344
1/31/2002 $ 10,366 $ 9,551 $ 9,041
2/28/2002 $ 9,780 $ 8,961 $ 8,528
3/31/2002 $ 10,407 $ 9,682 $ 9,179
4/30/2002 $ 10,195 $ 9,361 $ 8,693
5/31/2002 $ 9,740 $ 8,889 $ 8,434
6/30/2002 $ 9,043 $ 8,072 $ 7,503
7/31/2002 $ 7,790 $ 7,070 $ 6,774
8/31/2002 $ 7,790 $ 7,068 $ 6,750
9/30/2002 $ 7,275 $ 6,534 $ 6,214
10/31/2002 $ 7,689 $ 6,910 $ 6,696
11/30/2002 $ 8,154 $ 7,552 $ 7,220
12/31/2002 $ 7,679 $ 7,075 $ 6,784
1/31/2003 $ 7,689 $ 6,921 $ 6,717
2/28/2003 $ 7,578 $ 6,759 $ 6,659
3/31/2003 $ 7,679 $ 6,849 $ 6,783
4/30/2003 $ 8,214 $ 7,446 $ 7,245
5/31/2003 $ 9,013 $ 8,235 $ 7,941
6/30/2003 $ 9,215 $ 8,405 $ 8,055
7/31/2003 $ 9,639 $ 8,964 $ 8,343
8/31/2003 $ 10,185 $ 9,445 $ 8,802
9/30/2003 $ 9,831 $ 9,242 $ 8,632
10/31/2003 $ 10,781 $ 10,002 $ 9,327
11/30/2003 $ 11,013 $ 10,340 $ 9,577
12/31/2003 $ 11,013 $ 10,351 $ 9,682
</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 portfolio distributions or the redemption of portfolio shares.
Performance includes the effect of deducting expenses, but does not include
charges and expenses attributable to any particular variable contract or Plan.
Accordingly, the Prospectus of the sponsoring Participating Insurance Company
separate account or Plan documents or other informational materials supplied by
Plan sponsors should be carefully reviewed for information on relevant charges
and expenses. Excluding these charges and expenses from quotations of
performance has the effect of increasing the performance quoted, and the effect
of these charges should be considered when comparing performance to that of
other mutual funds.
AVERAGE ANNUAL RETURNS AS OF DECEMBER 31, 2003(1)
<Table>
<Caption>
1 YEAR SINCE INCEPTION
------- ---------------
43.42% 2.27%
</Table>
- ----------
(1) Fee waivers and/or expense reimbursements reduced expenses for the
Portfolio, without which performance would be lower. Waivers and/or
reimbursements may be discontinued at any time.
(2) The Russell 2500(TM) Growth Index measures the performance of those
companies in the Russell 2500(TM) Index with higher price-to-book ratios
and higher forecasted growth values. It is an unmanaged index of common
stocks that includes reinvestment of dividends and is compiled by Frank
Russell Company. Investors cannot invest directly in an index.
(3) The Russell MidCap(R) Growth Index measures the performance of those
companies in the Russell Midcap(R) Index with higher price-to-book ratios
and higher forecasted growth values. The stocks are also members of the
Russell 1000(R) Growth Index. It is an unmanaged index of common stocks
that includes reinvestment of dividends and is compiled by Frank Russell
Company. Investors cannot invest directly in an index.
3
<Page>
CREDIT SUISSE TRUST -- EMERGING GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 2003
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------------- ---------------
COMMON STOCKS (95.4%)
AGRICULTURE (1.0%)
Delta & Pine Land Co. 16,900 $ 429,260
---------------
AUTO COMPONENTS (1.1%)
BorgWarner, Inc. 5,400 459,378
---------------
BANKS (2.9%)
IndyMac Bancorp, Inc. 21,100 628,569
New York Community Bancorp, Inc. 15,333 583,421
---------------
1,211,990
---------------
COMMERCIAL SERVICES & SUPPLIES (5.3%)
BISYS Group, Inc.* 24,000 357,120
Certegy, Inc. 12,300 403,440
Fiserv, Inc.* 10,100 399,051
Kroll, Inc.* 17,300 449,800
Monster Worldwide, Inc.* 27,100 595,116
---------------
2,204,527
---------------
COMMUNICATIONS EQUIPMENT (5.3%)
ADC Telecommunications, Inc.* 200,700 596,079
Advanced Fibre Communications, Inc.* 21,900 441,285
Andrew Corp.* 37,200 428,172
Avaya, Inc.* 29,900 386,906
Polycom, Inc.* 17,100 333,792
---------------
2,186,234
---------------
COMPUTERS & PERIPHERALS (1.3%)
ATI Technologies, Inc.* 34,500 521,640
---------------
CONTAINERS & PACKAGING (2.2%)
Ball Corp. 7,600 452,732
Pactiv Corp.* 19,700 470,830
---------------
923,562
---------------
DIVERSIFIED FINANCIALS (5.3%)
Chicago Merchantile Exchange 14,000 1,013,040
Franklin Resources, Inc. 9,000 468,540
Legg Mason, Inc. 9,400 725,492
---------------
2,207,072
---------------
ELECTRONIC EQUIPMENT & INSTRUMENTS (2.9%)
Intersil Corp. Class A 15,700 390,145
Sanmina-SCI Corp.* 64,500 813,345
---------------
1,203,490
---------------
ENERGY EQUIPMENT & SERVICES (1.9%)
ENSCO International, Inc. 12,300 334,191
Weatherford International, Ltd.* 12,600 453,600
---------------
787,791
---------------
</Table>
See Accompanying Notes to Financial Statements.
4
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------------- ---------------
COMMON STOCKS
HEALTHCARE PROVIDERS & SERVICES (17.2%)
Accredo Health, Inc.* 37,100 $ 1,172,731
Anthem, Inc.* 6,900 517,500
Caremark Rx, Inc.* 18,100 458,473
Community Health Systems, Inc.* 32,800 871,824
Coventry Health Care, Inc.* 4,100 264,409
Health Net, Inc.* 13,600 444,720
Manor Care, Inc. 12,600 435,582
Mid Atlantic Medical Services, Inc.* 10,300 667,440
Omnicare, Inc. 19,000 767,410
PacifiCare Health Systems, Inc.* 7,300 493,480
Quest Diagnostics, Inc.* 5,800 424,038
Triad Hospitals, Inc.* 19,600 652,092
---------------
7,169,699
---------------
HOTELS, RESTAURANTS & LEISURE (1.2%)
Yum! Brands, Inc.* 13,900 478,160
---------------
INSURANCE (5.9%)
Ambac Financial Group, Inc. 11,200 777,168
Radian Group, Inc. 12,400 604,500
SAFECO Corp. 12,100 471,053
UnumProvident Corp. 38,700 610,299
---------------
2,463,020
---------------
INTERNET SOFTWARE & SERVICES (5.1%)
Ask Jeeves, Inc.* 23,400 424,008
DoubleClick, Inc.* 43,900 448,658
MatrixOne, Inc.* 45,000 277,200
Openwave Systems, Inc.* 48,433 532,763
RealNetworks, Inc.* 23,300 133,043
webMethods, Inc.* 34,600 316,590
---------------
2,132,262
---------------
MEDIA (4.9%)
Cox Radio, Inc. Class A* 32,200 812,406
Entercom Communications Corp.* 6,000 317,760
Lamar Advertising Co.* 11,800 440,376
Westwood One, Inc.* 13,400 458,414
---------------
2,028,956
---------------
MULTILINE RETAIL (1.1%)
Dollar Tree Stores, Inc.* 15,800 474,948
---------------
OIL & GAS (2.8%)
Pioneer Natural Resources Co.* 20,600 657,758
Pogo Producing Co. 10,200 492,660
---------------
1,150,418
---------------
</Table>
See Accompanying Notes to Financial Statements.
5
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------------- ---------------
COMMON STOCKS
PHARMACEUTICALS (7.1%)
Angiotech Pharmaceuticals, Inc.* 11,300 $ 519,800
Barr Laboratories, Inc.* 5,400 415,530
Mylan Laboratories, Inc. 23,775 600,556
Sepracor, Inc.* 29,800 713,114
SICOR, Inc.* 3,300 89,760
Watson Pharmaceuticals, Inc.* 13,500 621,000
---------------
2,959,760
---------------
ROAD & RAIL (0.9%)
Swift Transportation Company, Inc.* 17,000 357,340
---------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (7.4%)
Analog Devices, Inc. 11,000 502,150
Cymer, Inc.* 10,900 503,471
Fairchild Semiconductor International, Inc.* 26,800 669,196
Integrated Circuit Systems, Inc.* 9,400 267,806
Lam Research Corp.* 23,000 742,900
Semtech Corp.* 16,400 372,772
---------------
3,058,295
---------------
SOFTWARE (7.5%)
Activision, Inc.* 28,800 524,160
BEA Systems, Inc.* 25,100 308,730
Hyperion Solutions Corp.* 24,800 747,472
Informatica Corp.* 35,600 366,680
Manugistics Group, Inc.* 48,200 301,250
Quest Software, Inc.* 30,200 428,840
Take-Two Interactive Software, Inc.* 15,200 437,912
---------------
3,115,044
---------------
SPECIALTY RETAIL (5.1%)
AnnTaylor Stores Corp.* 21,900 854,100
Linens `n Things, Inc.* 15,300 460,224
Office Depot, Inc.* 25,300 422,763
Pier 1 Imports, Inc. 17,500 382,550
---------------
2,119,637
---------------
TOTAL COMMON STOCKS (Cost $30,469,629) 39,642,483
---------------
<Caption>
PAR
(000)
---------------
SHORT-TERM INVESTMENT (4.8%)
State Street Bank and Trust Co. Euro Time
Deposit, 0.750%, 1/02/04 (Cost $2,015,000) $ 2,015 2,015,000
---------------
TOTAL INVESTMENTS AT VALUE (100.2%)
(Cost $32,484,629) 41,657,483
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.2%) (88,115)
---------------
NET ASSETS (100.0%) $ 41,569,368
===============
</Table>
- ----------
* Non-income producing security.
See Accompanying Notes to Financial Statements.
6
<Page>
CREDIT SUISSE TRUST -- EMERGING GROWTH PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
December 31, 2003
<Table>
ASSETS
Investments at value (Cost $32,484,629) (Note 1) $ 41,657,483
Cash 718
Receivable for portfolio shares sold 7,283
Dividend and interest receivable 3,545
Prepaid expenses 14,935
---------------
Total Assets 41,683,964
---------------
LIABILITIES
Advisory fee payable (Note 2) 42,091
Administrative services fee payable (Note 2) 7,963
Payable for portfolio shares redeemed 32,578
Other accrued expenses payable 31,964
---------------
Total Liabilities 114,596
---------------
NET ASSETS
Capital stock, $0.001 par value (Note 5) 3,813
Paid-in capital (Note 5) 56,609,838
Accumulated net realized loss on investments (24,217,137)
Net unrealized appreciation from investments 9,172,854
---------------
Net Assets $ 41,569,368
===============
Shares outstanding 3,812,764
---------------
Net asset value, offering price, and redemption price per share $ 10.90
===============
</Table>
See Accompanying Notes to Financial Statements.
7
<Page>
CREDIT SUISSE TRUST -- EMERGING GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
For the Year Ended December 31, 2003
<Table>
INVESTMENT INCOME (Note 1)
Dividends $ 102,226
Interest 20,694
---------------
Total investment income 122,920
---------------
EXPENSES
Investment advisory fees (Note 2) 314,316
Administrative services fees (Note 2) 60,293
Printing fees (Note 2) 32,654
Legal fees 32,339
Audit fees 18,347
Insurance expense 7,804
Custodian fees 7,776
Transfer agent fees 4,245
Trustees' fees 2,310
Commitment fees (Note 3) 1,229
Miscellaneous expense 5,741
---------------
Total expenses 487,054
Less: fees waived (Note 2) (50,503)
---------------
Net expenses 436,551
---------------
Net investment loss (313,631)
---------------
NET REALIZED AND UNREALIZED GAIN FROM INVESTMENTS
Net realized gain from investments 2,677,733
Net change in unrealized appreciation (depreciation) from investments 10,218,597
---------------
Net realized and unrealized gain from investments 12,896,330
---------------
Net increase in net assets resulting from operations $ 12,582,699
===============
</Table>
See Accompanying Notes to Financial Statements.
8
<Page>
CREDIT SUISSE TRUST -- EMERGING GROWTH PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE YEAR FOR THE YEAR
ENDED ENDED
DECEMBER 31, 2003 DECEMBER 31, 2002
------------------ ------------------
FROM OPERATIONS
Net investment loss $ (313,631) $ (329,718)
Net realized gain (loss) on investments 2,677,733 (4,161,921)
Net change in unrealized appreciation
(depreciation) from investments 10,218,597 (9,896,884)
------------------ ------------------
Net increase (decrease) in net assets
resulting from operations 12,582,699 (14,388,523)
------------------ ------------------
FROM CAPITAL SHARE TRANSACTIONS (Note 5)
Proceeds from sale of shares 3,089,773 2,071,569
Net asset value of shares redeemed (4,856,628) (8,219,361)
------------------ ------------------
Net decrease in net assets from capital
share transactions (1,766,855) (6,147,792)
------------------ ------------------
Net increase (decrease) in net assets 10,815,844 (20,536,315)
NET ASSETS
Beginning of year 30,753,524 51,289,839
------------------ ------------------
End of year $ 41,569,368 $ 30,753,524
================== ==================
</Table>
See Accompanying Notes to Financial Statements.
9
<Page>
CREDIT SUISSE TRUST -- EMERGING GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE YEAR ENDED DECEMBER 31,
----------------------------------------------------------------------
2003 2002 2001 2000 1999(1)
-------- -------- -------- -------- --------
PER SHARE DATA
Net asset value, beginning of period $ 7.60 $ 10.75 $ 12.86 $ 13.07 $ 10.00
-------- -------- -------- -------- --------
INVESTMENT OPERATIONS
Net investment income (loss) (0.08) (0.08) (0.08) (0.06)(2) 0.04
Net gain (loss) on investments
(both realized and unrealized) 3.38 (3.07) (2.03) (0.14) 3.14
-------- -------- -------- -------- --------
Total from investment operations 3.30 (3.15) (2.11) (0.20) 3.18
-------- -------- -------- -------- --------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income -- -- -- (0.00)(3) (0.11)
Distributions from net realized gains -- -- -- (0.01) --
-------- -------- -------- -------- --------
Total dividends and distributions -- -- -- (0.01) (0.11)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 10.90 $ 7.60 $ 10.75 $ 12.86 $ 13.07
======== ======== ======== ======== ========
Total return(4) 43.42% (29.30)% (16.41)% (1.53)% 31.95%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 41,569 $ 30,754 $ 51,290 $ 55,882 $ 6,624
Ratio of expenses to average net assets(5) 1.25% 1.25% 1.25% 1.26% 1.25%(6)
Ratio of net investment income (loss)
to average net assets (0.90)% (0.84)% (0.81)% (0.45)% 0.01%(6)
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 0.14% 0.11% 0.04% 0.04% 9.91%(6)
Portfolio turnover rate 73% 74% 173% 135% 31%
</Table>
(1) For the period September 13, 1999 (commencement of operations) through
December 31, 1999.
(2) Per share information is calculated using the average shares outstanding
method.
(3) This amount represents less than $0.01 per share.
(4) Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the years shown, total returns would have been lower.
Total returns for periods less than one year are not annualized.
(5) Interest earned on uninvested cash balances may be used to offset portions
of the transfer agent expense. These arrangements resulted in a reduction to
the Portfolio's net expense ratio by .01% for the year ended December 31,
2000. The Portfolio's net operating expense ratio after reflecting these
arrangements was 1.25% for the year ended December 31, 2000. For the years
ended December 31, 2003, 2002, 2001, and for the period ended December 31,
1999, there was no effect on the net operating expense ratio because of
transfer agent credits.
(6) Annualized.
See Accompanying Notes to Financial Statements.
10
<Page>
CREDIT SUISSE TRUST -- EMERGING GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2003
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Credit Suisse Trust (the "Trust") is an open-end management investment
company registered under the Investment Company Act of 1940, as amended, and
currently offers eight managed investment portfolios of which one, the Emerging
Growth Portfolio (the "Portfolio"), is included in this report. The Portfolio is
a non-diversified investment fund that seeks maximum capital appreciation.
Shares of the Portfolio are not available directly to individual investors but
may be offered only through (a) variable annuity contracts and variable life
insurance contracts offered by separate accounts of certain insurance companies
and (b) tax-qualified pension and retirement plans. The Portfolio may not be
available in connection with a particular contract or plan. The Trust was
organized under the laws of the Commonwealth of Massachusetts as a business
trust on March 15, 1995.
A) SECURITY VALUATION -- The net asset value of the Portfolio is determined
daily as of the close of regular trading on the New York Stock Exchange, Inc.
(the "Exchange") on each day the Exchange is open for business. The Portfolio's
equity investments are valued at market value, which is generally determined
using the closing price on the exchange or market on which the security is
primarily traded at the time of valuation (the "Valuation Time"). If no sales
are reported, equity investments are generally valued at the most recent bid
quotation as of the Valuation Time or at the lowest asked quotation in the case
of a short sale of securities. Debt securities with a remaining maturity greater
than 60 days are valued in accordance with the price supplied by a pricing
service, which may use a matrix, formula or other objective method that takes
into consideration market indices, yield curves and other specific adjustments.
Debt obligations that will mature in 60 days or less are valued on the basis of
amortized cost, which approximates market value, unless it is determined that
this method would not represent fair value. Securities and other assets for
which market quotations are not readily available, or whose values have been
materially affected by events occurring before the Portfolio's Valuation Time
but after the close of the securities' primary markets, are valued at fair value
as determined in good faith by the Board of Trustees under procedures
established by the Board of Trustees.
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. The cost of investments
sold is determined by use of the specific identification method for both
financial reporting and income tax purposes.
11
<Page>
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(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 carryforward, such gain will not
be distributed. Income and capital gain distributions are determined in
accordance with federal income tax regulations which may differ from accounting
principles generally accepted in the United States of America ("GAAP").
D) FEDERAL INCOME TAXES -- No provision is made for federal taxes as it is
the Trust's intention to have the Portfolio 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 Portfolio, together with other
funds/portfolios advised by Credit Suisse Asset Management, LLC ("CSAM"), an
indirect, wholly-owned subsidiary of Credit Suisse Group, pools available cash
into either a short-term variable rate time deposit issued by State Street Bank
and Trust Company ("SSB"), the Portfolio' custodian, or a money market fund
advised by CSAM. The short-term time deposit issued by SSB is a variable rate
account classified as a short-term investment.
G) SECURITIES LENDING -- Loans of securities are required at all times to be
secured by collateral at least equal to 102% of the market value of domestic
securities on loan including any accrued interest thereon and 105% of the market
value of foreign securities on loan including any accrued interest thereon. Cash
collateral received by the Portfolio in connection with securities lending
activity is pooled together with cash collateral for other funds/portfolios
advised by CSAM and may be invested in a variety of investments, including
certain CSAM-advised funds, money market instruments and 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 Portfolio had no securities
out on loan during the year ended December 31, 2003.
12
<Page>
Credit Suisse First Boston ("CSFB"), an affiliate of CSAM, has been engaged
by the Portfolio to act as the Portfolio's securities lending agent. Prior to
April 1, 2003, CSFB had agreed to charge the Portfolio 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 Portfolio and CSFB entered into an arrangement to
share the income earned from securities lending activities, whereby, generally,
the Portfolio 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 Portfolio shall be reduced to
such lower fee amount. Securities lending income is accrued as earned. The
Portfolio earned no income from securities lending for the year ended December
31, 2003.
NOTE 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
CSAM serves as investment adviser for the Portfolio. For its investment
advisory services, CSAM is entitled to receive a fee from the Portfolio at an
annual rate of 0.90% of the Portfolio's average daily net assets. For the year
ended December 31, 2003, investment advisory fees earned and voluntarily waived
were $314,316 and $50,503, respectively.
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of
CSAM, and SSB, serve as co-administrators to the Portfolio.
For its co-administrative services, CSAMSI currently receives a fee
calculated at an annual rate of 0.10% of the average daily net assets of the
Portfolio. For the year ended December 31, 2003, co-administrative services fees
earned by CSAMSI were $34,924.
For its co-administrative services, SSB receives a fee, exclusive of
out-of-pocket expenses, based upon the following fee schedule calculated in
total for all the Credit Suisse funds/portfolios co-administered by SSB and
allocated based upon relative average net assets of each fund/portfolio, subject
to an annual minimum fee.
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ ----------------------------------
First $5 billion 0.050% of average daily net assets
Next $5 billion 0.035% of average daily net assets
Over $10 billion 0.020% of average daily net assets
</Table>
For the year ended December 31, 2003, co-administrative services fees earned
by SSB (including out-of-pocket expenses) were $25,369.
13
<Page>
In addition to serving as the Portfolio's co-administrator, CSAMSI currently
serves as distributor of the Portfolio's shares without compensation.
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Portfolio to provide certain financial printing and fulfillment services.
For the year December 31, 2003 Sended December 31, 2003, Merrill was paid $6,286
for its services to the Portfolio.
NOTE 3. LINE OF CREDIT
The Portfolio, together with other funds/portfolios advised by CSAM
(collectively, the "Participating Funds"), participates in a $100 million
committed, unsecured line of credit facility ("Credit Facility") for temporary
or emergency purposes with Deutsche Bank, A.G. as administrative agent and
syndication agent and SSB as operations agent. Under the terms of the Credit
Facility, the Participating Funds pay an aggregate commitment fee at a rate of
0.10% per annum on the average unused amount of the Credit Facility, which is
allocated among the Participating Funds in such manner as is determined by the
governing Boards of the Participating Funds. In addition, the Participating
Funds pay interest on borrowings at the Federal Funds rate plus 0.50%. At
December 31, 2003 and during the year ended December 31, 2003, the Portfolio had
no borrowings outstanding under the Credit Facility.
NOTE 4. PURCHASES AND SALES OF SECURITIES
For the year ended December 31, 2003, purchases and sales of investment
securities (excluding short-term investments) were $24,030,461 and $26,052,409,
respectively.
NOTE 5. CAPITAL SHARE TRANSACTIONS
The Trust is authorized to issue an unlimited number of full and fractional
shares of beneficial interest, $0.001 par value per share. Transactions in
shares of the Portfolio were as follows:
<Table>
<Caption>
FOR THE YEAR ENDED FOR THE YEAR ENDED
DECEMBER 31, 2003 DECEMBER 31, 2002
------------------ ------------------
Shares sold 317,577 225,073
Shares redeemed (553,853) (946,715)
-------- --------
Net decrease (236,276) (721,642)
======== ========
</Table>
14
<Page>
On December 31, 2003, the number of shareholders that held 5% or more of the
outstanding shares of the Portfolio were as follows:
<Table>
<Caption>
NUMBER OF APPROXIMATE PERCENTAGE
SHAREHOLDERS OF OUTSTANDING SHARES
------------ ----------------------
3 94%
</Table>
Some of the shareholders are omnibus accounts, which hold shares on behalf of
individual shareholders.
NOTE 6. FEDERAL INCOME TAXES
Income and capital gain distributions are determined in accordance with
federal income tax regulations, which may differ from GAAP. These differences
are primarily due to differing treatments of losses deferred due to wash sales.
There were no distributions in the year ended December 31, 2003 and 2002.
At December 31, 2003, the components of distributable earnings on a tax basis
for the Portfolio were as follows:
<Table>
Accumulated realized loss $ (24,168,526)
Unrealized appreciation 9,124,243
--------------
$ (15,044,283)
==============
</Table>
At December 31, 2003, the Portfolio had capital loss carryforwards available
to offset possible future capital gains as follows:
<Table>
<Caption>
EXPIRES DECEMBER 31,
------------------------------------------------
2008 2009 2010
----------- ------------- -------------
$ 1,460,984 $ 18,641,648 $ 4,065,894
</Table>
The Portfolio utilized net capital loss carryforward of $2,459,386 during
2003.
Under current tax law, certain capital losses realized after October 31
within a taxable year may be deferred and treated as occurring on the first day
of the following tax year. For the tax period ended December 31, 2003, the
Portfolio had no net losses arising between November 1, 2003 and December 31,
2003.
At December 31, 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 from investments were $32,533,240, $10,137,779,
$(1,013,536) and $9,124,243, respectively.
15
<Page>
At December 31, 2003, the Portfolio reclassified $313,631 from paid-in
capital to undistributed net investment loss, to adjust for current period
permanent book/tax differences which arose principally from differing book/tax
treatments of net operating losses. Net assets were not affected by these
reclassifications.
NOTE 7. CONTINGENCIES
In the normal course of business, the Portfolio may provide general
indemnifications pursuant to certain contracts and organizational documents. The
Portfolio's maximum exposure under these arrangements is dependent on future
claims that may be made against the Portfolio and, therefore, cannot be
estimated; however, based on experience, the risk of loss from such claims is
considered remote.
16
<Page>
CREDIT SUISSE TRUST -- EMERGING GROWTH PORTFOLIO
REPORT OF INDEPENDENT AUDITORS
To the Board of Trustees of Credit Suisse Trust and Shareholders of Credit
Suisse Trust -- Emerging Growth Portfolio:
In our opinion, the accompanying statement of assets and liabilities,
including the schedule of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Emerging Growth Portfolio (the
"Portfolio"), a portfolio of the Credit Suisse Trust, at December 31, 2003, the
results of its operations for the year then ended, the changes in its net assets
for each of the two years in the period then ended and the financial highlights
for each of the periods presented, in conformity with accounting principles
generally accepted in the United States of America. These financial statements
and financial highlights (hereafter referred to as "financial statements") are
the responsibility of the Portfolio's management; our responsibility is to
express an opinion on these financial statements based on our audits. We
conducted our audits of these financial statements in accordance with auditing
standards generally accepted in the United States of America, which require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audits, which included confirmation
of securities at December 31, 2003 by correspondence with the custodian, provide
a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 3, 2004
17
<Page>
CREDIT SUISSE TRUST -- EMERGING GROWTH PORTFOLIO
INFORMATION CONCERNING TRUSTEES AND OFFICERS (UNAUDITED)
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ------------------------------- ----------------- ------------ -------------------------- ----------------- ---------------
INDEPENDENT TRUSTEES
Richard H. Francis Trustee, Since Currently retired 43 None
c/o Credit Suisse Asset Nominating 1999
Management, LLC and
466 Lexington Avenue Audit
New York, New York Committee
10017-3140 Member
Date of Birth: 04/23/32
Jeffrey E. Garten(2) Trustee, Since Dean of Yale 42 Director of
Box 208200 Nominating 1998 School of Aetna, Inc.
New Haven, Connecticut and Management and (insurance
06520-8200 Audit William S. Beinecke company);
Committee Professor in the Director of
Date of Birth: 10/29/46 Member Practice of Calpine
International Corporation
Trade and Finance (energy
(11/95 - present) provider);
Director of
CarMax Group
(used car
dealers)
</Table>
- ----------
(1) Each Trustee and Officer serves until his or her respective successor has
been duly elected and qualified.
(2) Mr. Garten was initially appointed as a Trustee of the Trust on February 6,
1998. He resigned as Trustee on February 3, 2000, and was subsequently
re-appointed on December 21, 2000.
18
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ------------------------------- ----------------- ------------ -------------------------- ----------------- ---------------
INDEPENDENT TRUSTEES
Peter F. Krogh Trustee, Since Dean Emeritus and 42 Director
301 ICC Nominating 2001 Distinguished Professor of Carlisle
Georgetown University and of International Affairs Companies
Washington, DC 20057 Audit at the Edmund A. Incorporated
Committee Walsh School of (diversified
Date of Birth: 02/11/37 Member Foreign Service, manufacturing
Georgetown University company);
(6/95 - present); Member of
Moderator of PBS Selection
foreign affairs television Committee for
series (1988 - 2000) Truman
Scholars and
Henry Luce
Scholars; Senior
Associate of
Center for
Strategic and
International
Studies; Trustee
of numerous
world affairs
organizations
James S. Pasman, Jr. Trustee, Since Currently retired 44 Director of
c/o Credit Suisse Asset Nominating 1999 Education
Management, LLC and Audit Management
466 Lexington Avenue Committee Corp.
New York, New York Member
10017-3140
Date of Birth: 12/20/30
Steven N. Rappaport Trustee, Since Partner of Lehigh Court, 44 None
Lehigh Court, LLC Nominating 1999 LLC and RZ Capital
40 East 52nd Street Committee (private investment firms)
New York, New York Member and (7/02 - present);
10022 Audit Consultant to SunGard
Committee Securities Finance, Inc.
Date of Birth: 07/10/48 Chairman from February 2002 to
July 2002; President of
SunGard Securities
Finance, Inc. from 2001 to
February 2002; President
of Loanet, Inc. (on-line
accounting service) from
1997 to 2001
</Table>
19
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ------------------------------- ----------------- ------------ -------------------------- ----------------- ---------------
INTERESTED TRUSTEES
Joseph D. Gallagher(3) Trustee, Since Managing Director, 45 None
Credit Suisse Asset Chairman of 2003 Chief Executive Officer of
Management, LLC the Board and CSAM and Global Chief
466 Lexington Avenue Chief Operating Officer of
New York, New York Executive Credit Suisse Asset
10017-3140 Officer Management since 2003;
Global Chief Financial
Date of Birth: 12/14/62 Officer, Credit Suisse
Asset Management from 1999
to 2003; Chief Executive
Officer and Director of
Credit Suisse Asset
Management Limited,
London, England, from June
2000 to 2003; Director of
Credit Suisse Asset
Management Funds (UK)
Limited, London, England,
from June 2000 to 2003;
Managing Director, Head -
Asian Corporate Finance
and M&A, Credit Suisse
First Boston, Hong Kong,
China, from January 1998
to May 1999
William W. Priest, Jr.(4) Trustee Since Co-Managing Partner, 49 Director of
Steinberg Priest & Sloane 1999 Steinberg Priest & Sloane Globe Wireless,
Capital Management, LLC Capital Management, LLC LLC (maritime
12 East 49th Street since March 2001; communications
12th Floor Chairman and Managing company);
New York, New York Director of CSAM from Director of
10017 2000 to February 2001; InfraRed X
Chief Executive Officer (medical device
Date of Birth: 09/24/41 and Managing Director of company)
CSAM from 1990 to 2000
</Table>
- ----------
(3) Mr. Gallagher is a Trustee who is an "interested person" of the Trust as
defined in the 1940 Act, because he is an officer of CSAM.
(4) Mr. Priest is a Trustee who is an "interested person" of the Trust as
defined in the 1940 Act, because he provided consulting services to CSAM
within the last two years (ended 12/31/02).
20
<Page>
<Table>
<Caption>
TERM
OF OFFICE(1)
AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH TRUST SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- ------------------------------------ ------------------- ------------ ------------------------------------------------------
OFFICERS
Hal Liebes Vice President Since Managing Director and Global General Counsel of CSAM;
Credit Suisse Asset and Secretary 1999 Associated with CSAM since 1997; Officer of other Credit
Management, LLC Suisse Funds
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 07/06/64
Michael A. Pignataro Chief Since Director and Director of Fund Administration of CSAM;
Credit Suisse Asset Financial 1999 Associated with CSAM since 1984; Officer of other Credit
Management, LLC Officer and Suisse Funds
466 Lexington Avenue Treasurer
New York, New York
10017-3140
Date of Birth: 11/15/59
Gregory N. Bressler Assistant Since Director and Deputy General Counsel of CSAM; Associated
Credit Suisse Asset Secretary 2000 with CSAM since January 2000; Associated with the law
Management, LLC firm of Swidler Berlin Shereff Friedman LLP from 1996 to
466 Lexington Avenue 2000; Officer of other Credit Suisse Funds
New York, New York
10017-3140
Date of Birth: 11/17/66
Rocco A. Del Guercio Assistant Since Vice President of CSAM; Associated with CSAM since June
Credit Suisse Asset Treasurer 1999 1996; Officer of other Credit Suisse Funds
Management, LLC
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 04/28/63
Joseph Parascondola Assistant Since Assistant Vice President of CSAM; Associated with CSAM
Credit Suisse Asset Treasurer 2000 since April 2000; Assistant Vice President, Deutsche Asset
Management, LLC Management from January 1999 to April 2000; Assistant
466 Lexington Avenue Vice President, Weiss, Peck & Greer LLC from November
New York, New York 1995 to December 1998; Officer of other Credit Suisse
10017-3140 Funds
Date of Birth: 06/05/63
</Table>
21
<Page>
<Table>
<Caption>
TERM
OF OFFICE(1)
AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH TRUST SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- ------------------------------------ ------------------- ------------ ------------------------------------------------------
OFFICERS
Robert M. Rizza Assistant Since Assistant Vice President of CSAM; Associated with CSAM
Credit Suisse Asset Treasurer 2002 since 1998; Officer of other Credit Suisse Funds
Management, LLC
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 12/09/65
</Table>
The Statement of Additional Information includes additional information
about the Trustees and is available, without charge, upon request, by calling
800-222-8977.
22
<Page>
This page intentionally left blank
<Page>
This page intentionally left blank
<Page>
P.O. BOX 55030, BOSTON, MA 02205-5030
800-222-8977 - www.csam.com
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. TREMG-2-1203
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE FUNDS
ANNUAL REPORT
DECEMBER 31, 2003
CREDIT SUISSE TRUST
- - LARGE CAP VALUE PORTFOLIO
CREDIT SUISSE TRUST (THE "TRUST") SHARES ARE NOT AVAILABLE DIRECTLY TO
INDIVIDUAL INVESTORS, BUT MAY BE OFFERED ONLY THROUGH CERTAIN INSURANCE PRODUCTS
AND PENSION AND RETIREMENT PLANS.
MORE COMPLETE INFORMATION ABOUT THE TRUST, INCLUDING CHARGES AND EXPENSES, IS
PROVIDED IN THE PROSPECTUS, WHICH SHOULD BE READ CAREFULLY BEFORE INVESTING. YOU
MAY OBTAIN ADDITIONAL COPIES BY CALLING 800-222-8977 OR BY WRITING TO CREDIT
SUISSE TRUST, 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. THE TRUST IS ADVISED BY CREDIT SUISSE
ASSET MANAGEMENT, LLC.
<Page>
THE PORTFOLIO'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 PORTFOLIO'S MANAGEMENT ARE AS OF THE DATE OF THE LETTER AND THE
PORTFOLIO HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF DECEMBER 31, 2003; THESE
VIEWS AND PORTFOLIO HOLDINGS MAY HAVE CHANGED SUBSEQUENT TO THESE DATES. NOTHING
IN THIS DOCUMENT IS A RECOMMENDATION TO PURCHASE OR SELL SECURITIES.
PORTFOLIO 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 TRUST -- LARGE CAP VALUE PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT
December 31, 2003 (Unaudited)
January 28, 2004
Dear Shareholder:
For the 12 months ended December 31, 2003, Credit Suisse Trust -- Large Cap
Value Portfolio(1) (the "Portfolio") had a gain of 25.16%, versus an increase of
30.03% for the Russell 1000(R) Value Index(2).
The 12-month period was a positive one for the U.S. stock market, though
equities struggled early on, hindered by a great deal of uncertainty regarding a
looming conflict with Iraq and a related decline in consumer sentiment. But when
the war came to a swift and seemingly successful end in April, a major cloud of
uncertainty lifted and investors embraced risk. Optimism over a potential
economic recovery also supported equities. Grounds for this optimism included
historically low interest rates, a significant tax-reduction package, and an
upturn in leading economic indicators around the world. Indeed, late in the year
U.S. GDP growth was surprisingly robust (8.2% for the third quarter on an
annualized basis).
The Portfolio participated in the market's rally, but it underperformed its
benchmark, which we attribute in large part to our focus on high quality
companies with relatively stable profits. The market's upward move was paced by
"high beta" stocks (i.e., stocks that tend to outperform in rallying markets),
representing companies with lackluster or even negative earnings. This was
particularly true among information technology companies, which benefited from
speculation that an improving economy would aid these long-struggling stocks.
The outperformance of lower-tier stocks for the period notwithstanding, we
continue to adhere to a discipline of owning profitable companies generating
current free cash flows, in the belief that this strategy will provide
competitive results over time.
Another factor that hindered the Portfolio was its underweighting in the
financial-services sector. The sector, which accounts for about a third of the
Portfolio's benchmark, outperformed the broader market for the 12 months. On the
positive side, stocks that helped the Portfolio's performance for the year
included its producer durables holdings.
In terms of noteworthy sector allocations, we ended the period with
overweighted positions in the materials and producer durables areas. This is
based in part on evidence that capital spending appears to be improving.
Elsewhere of note, we intend to remain underweighted in the financial-services
sector over the next 12 months. Given the early stages of an economic rebound,
combined with burdensome budget and trade deficits and a weakening dollar, we
expect to see upward pressure on interest rates. While
1
<Page>
we do not believe there will be a dramatic rise in rates, any increase might
significantly hinder earnings growth for certain financial companies.
Our search for opportunities in the technology sector continues, though
valuations have become loftier here. We may selectively add technology stocks if
and when market volatility results in what we consider to be compelling
valuation stories.
The Credit Suisse Value Team
Stephen J. Kazynski
Scott T. Lewis
Robert E. Rescoe
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 PORTFOLIO'S INVESTMENTS. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
2
<Page>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE
CREDIT SUISSE TRUST--LARGE CAP VALUE PORTFOLIO(1) AND THE
RUSSELL 1000(R) VALUE INDEX(2) FROM INCEPTION (10/31/97).
<Table>
<Caption>
CREDIT SUISSE TRUST - RUSSELL 1000(R)
LARGE CAP VALUE PORTFOLIO(1) VALUE INDEX(2)
10/31/97 $ 10,000 $ 10,000
11/30/97 $ 10,130 $ 10,442
12/31/97 $ 10,389 $ 10,747
1/31/98 $ 10,450 $ 10,595
2/28/98 $ 11,134 $ 11,308
3/31/98 $ 11,556 $ 12,000
4/30/98 $ 11,596 $ 12,080
5/31/98 $ 11,566 $ 11,901
6/30/98 $ 11,677 $ 12,053
7/31/98 $ 11,375 $ 11,841
8/31/98 $ 9,756 $ 10,079
9/30/98 $ 10,037 $ 10,657
10/31/98 $ 10,741 $ 11,483
11/30/98 $ 11,355 $ 12,018
12/31/98 $ 11,649 $ 12,427
1/31/99 $ 11,720 $ 12,526
2/28/99 $ 11,447 $ 12,349
3/31/99 $ 11,578 $ 12,605
4/30/99 $ 12,877 $ 13,782
5/31/99 $ 13,019 $ 13,631
6/30/99 $ 13,425 $ 14,026
7/31/99 $ 12,958 $ 13,616
8/31/99 $ 12,715 $ 13,110
9/30/99 $ 12,380 $ 12,652
10/31/99 $ 12,441 $ 13,380
11/30/99 $ 12,370 $ 13,276
12/31/99 $ 12,377 $ 13,340
1/31/2000 $ 11,398 $ 12,905
2/29/2000 $ 10,753 $ 11,946
3/31/2000 $ 12,158 $ 13,404
4/30/2000 $ 12,221 $ 13,248
5/31/2000 $ 12,668 $ 13,388
6/30/2000 $ 12,075 $ 12,776
7/31/2000 $ 12,148 $ 12,936
8/31/2000 $ 12,918 $ 13,656
9/30/2000 $ 12,887 $ 13,781
10/31/2000 $ 13,178 $ 14,120
11/30/2000 $ 12,606 $ 13,597
12/31/2000 $ 13,479 $ 14,278
1/31/2001 $ 13,777 $ 14,332
2/28/2001 $ 13,777 $ 13,934
3/31/2001 $ 13,320 $ 13,442
4/30/2001 $ 13,968 $ 14,100
5/31/2001 $ 14,350 $ 14,418
6/30/2001 $ 13,926 $ 14,098
7/31/2001 $ 13,851 $ 14,068
8/31/2001 $ 13,437 $ 13,504
9/30/2001 $ 12,449 $ 12,553
10/31/2001 $ 12,523 $ 12,445
11/30/2001 $ 13,267 $ 13,168
12/31/2001 $ 13,607 $ 13,478
1/31/2002 $ 13,384 $ 13,375
2/28/2002 $ 13,479 $ 13,396
3/31/2002 $ 13,894 $ 14,030
4/30/2002 $ 13,384 $ 13,548
5/31/2002 $ 13,203 $ 13,616
6/30/2002 $ 12,290 $ 12,834
7/31/2002 $ 11,174 $ 11,641
8/31/2002 $ 11,079 $ 11,729
9/30/2002 $ 9,804 $ 10,425
10/31/2002 $ 10,441 $ 11,198
11/30/2002 $ 11,004 $ 11,903
12/31/2002 $ 10,464 $ 11,386
1/31/2003 $ 10,271 $ 11,111
2/28/2003 $ 10,099 $ 10,814
3/31/2003 $ 10,121 $ 10,833
4/30/2003 $ 10,733 $ 11,786
5/31/2003 $ 11,281 $ 12,547
6/30/2003 $ 11,388 $ 12,704
7/31/2003 $ 11,431 $ 12,893
8/31/2003 $ 11,603 $ 13,094
9/30/2003 $ 11,582 $ 12,966
10/31/2003 $ 12,145 $ 13,760
11/30/2003 $ 12,329 $ 13,947
12/31/2003 $ 13,098 $ 14,806
</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 portfolio distributions or the redemption of portfolio shares.
Performance includes the effect of deducting expenses, but does not include
charges and expenses attributable to any particular variable contract or Plan.
Accordingly, the Prospectus of the sponsoring Participating Insurance Company
separate account or Plan documents or other informational materials supplied by
Plan sponsors should be carefully reviewed for information on relevant charges
and expenses. Excluding these charges and expenses from quotations of
performance has the effect of increasing the performance quoted, and the effect
of these charges should be considered when comparing performance to that of
other mutual funds.
<Table>
<Caption>
AVERAGE ANNUAL RETURNS AS OF DECEMBER 31, 2003(1)
------------------------------------------------
SINCE
1 YEAR 5 YEARS INCEPTION
------ ------- ---------
25.16% 2.37% 4.47%
</Table>
- ----------
(1) Fee waivers and/or expense reimbursements reduced expenses for the
Portfolio, 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
<Page>
CREDIT SUISSE TRUST -- LARGE CAP VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 2003
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- -------------
COMMON STOCKS (89.1%)
AEROSPACE & DEFENSE (6.7%)
Alliant Techsystems, Inc.* 4,700 $ 271,472
Boeing Co. 6,700 282,338
Lockheed Martin Corp. 11,100 570,540
United Technologies Corp. 9,000 852,930
-------------
1,977,280
-------------
AUTO COMPONENTS (3.3%)
Johnson Controls, Inc. 4,000 464,480
Lear Corp. 8,300 509,039
-------------
973,519
-------------
BANKS (11.9%)
Bank of America Corp. 15,400 1,238,622
Charter One Financial, Inc. 8,060 278,473
Mellon Financial Corp. 11,900 382,109
Wachovia Corp. 11,200 521,808
Washington Mutual, Inc. 9,100 365,092
Wells Fargo & Co. 12,600 742,014
-------------
3,528,118
-------------
BUILDING PRODUCTS (2.0%)
American Standard Companies, Inc.* 5,900 594,130
-------------
CHEMICALS (3.0%)
E. I. du Pont de Nemours & Co. 12,700 582,803
PPG Industries, Inc. 4,700 300,894
-------------
883,697
-------------
COMMERCIAL SERVICES & SUPPLIES (1.7%)
Cendant Corp.* 22,900 509,983
-------------
COMPUTERS & PERIPHERALS (3.5%)
Hewlett-Packard Co. 22,616 519,490
Seagate Technology 27,200 514,080
-------------
1,033,570
-------------
DIVERSIFIED FINANCIALS (4.4%)
Freddie Mac 9,100 530,712
Lehman Brothers Holdings, Inc. 5,200 401,544
Morgan Stanley 6,400 370,368
-------------
1,302,624
-------------
DIVERSIFIED TELECOMMUNICATION SERVICES (3.5%)
ALLTEL Corp. 6,400 298,112
BellSouth Corp. 10,700 302,810
Verizon Communications, Inc. 12,200 427,976
-------------
1,028,898
-------------
ELECTRIC UTILITIES (1.2%)
Progress Energy, Inc. 7,500 339,450
-------------
</Table>
See Accompanying Notes to Financial Statements.
4
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- -------------
COMMON STOCKS
ELECTRICAL EQUIPMENT (0.9%)
Emerson Electric Co. 4,100 $ 265,475
-------------
FOOD PRODUCTS (1.9%)
Dean Foods Co.* 8,400 276,108
General Mills, Inc. 6,600 298,980
-------------
575,088
-------------
HEALTHCARE PROVIDERS & SERVICES (1.5%)
Aetna, Inc. 6,400 432,512
-------------
HOUSEHOLD DURABLES (1.7%)
Newell Rubbermaid, Inc. 22,200 505,494
-------------
INDUSTRIAL CONGLOMERATES (3.3%)
Textron, Inc. 6,300 359,478
Tyco International, Ltd. 23,400 620,100
-------------
979,578
-------------
INSURANCE (6.8%)
Allstate Corp. 8,600 369,972
Chubb Corp. 7,800 531,180
Hartford Financial Services Group, Inc. 10,600 625,718
St. Paul Companies, Inc. 12,500 495,625
-------------
2,022,495
-------------
IT CONSULTING & SERVICES (1.2%)
Unisys Corp.* 23,600 350,460
-------------
MACHINERY (4.1%)
Eaton Corp. 4,900 529,102
Harsco Corp. 6,300 276,066
ITT Industries, Inc. 5,600 415,576
-------------
1,220,744
-------------
MEDIA (3.1%)
Gannett Company, Inc. 3,300 294,228
Tribune Co. 5,200 268,320
Viacom, Inc. Class B 7,900 350,602
-------------
913,150
-------------
MULTI-UTILITIES (1.7%)
Calpine Corp. * 105,600 507,936
-------------
OIL & GAS (7.5%)
Apache Corp. 3,400 275,740
ConocoPhillips 11,302 741,072
Devon Energy Corp. 6,500 372,190
Exxon Mobil Corp. 14,400 590,400
Noble Energy, Inc. 5,000 222,150
-------------
2,201,552
-------------
</Table>
See Accompanying Notes to Financial Statements.
5
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- -------------
COMMON STOCKS
PAPER & FOREST PRODUCTS (1.9%)
MeadWestvaco Corp. 18,700 $ 556,325
-------------
PHARMACEUTICALS (7.1%)
Abbott Laboratories 9,400 438,040
Bristol-Myers Squibb Co. 9,000 257,400
Johnson & Johnson 9,100 470,106
Pfizer, Inc. 16,700 590,011
Wyeth 8,200 348,090
-------------
2,103,647
-------------
ROAD & RAIL (2.3%)
Burlington Northern Santa Fe Corp. 20,600 666,410
-------------
TOBACCO (2.9%)
Altria Group, Inc. 9,100 495,222
R.J. Reynolds Tobacco Holdings, Inc. 6,100 354,715
-------------
849,937
-------------
TOTAL COMMON STOCKS (Cost $22,474,018) 26,322,072
-------------
<Caption>
PAR
(000)
---------
SHORT-TERM INVESTMENT (10.9%)
State Street Bank and Trust Co. Euro Time Deposit,
0.750%, 1/02/04 (Cost $3,218,000) $ 3,218 3,218,000
-------------
TOTAL INVESTMENTS AT VALUE (100.0%) (Cost $25,692,018) 29,540,072
LIABILITIES IN EXCESS OF OTHER ASSETS (0.0%) (4,171)
-------------
NET ASSETS (100.0%) $ 29,535,901
=============
</Table>
* Non-income producing security.
See Accompanying Notes to Financial Statements.
6
<Page>
CREDIT SUISSE TRUST -- LARGE CAP VALUE PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
December 31, 2003
<Table>
ASSETS
Investments at value (Cost $25,692,018) (Note 1) $ 29,540,072
Cash 372
Receivable for investments sold 470,505
Dividend and interest receivable 41,989
Receivable for portfolio shares sold 5,660
Prepaid expenses 13,391
-------------
Total Assets 30,071,989
-------------
LIABILITIES
Advisory fee payable (Note 2) 28,933
Administrative services fee payable (Note 2) 5,221
Payable for investments purchased 485,610
Other accrued expenses payable 16,324
-------------
Total Liabilities 536,088
-------------
NET ASSETS
Capital stock, $0.001 par value (Note 5) 2,441
Paid-in capital (Note 5) 29,411,579
Undistributed net investment income 221,475
Accumulated net realized loss from investments (3,947,648)
Net unrealized appreciation from investments 3,848,054
-------------
Net Assets $ 29,535,901
=============
Shares outstanding 2,441,113
-------------
Net asset value, offering price, and redemption price per share $ 12.10
=============
</Table>
See Accompanying Notes to Financial Statements.
7
<Page>
CREDIT SUISSE TRUST -- LARGE CAP VALUE PORTFOLIO
STATEMENT OF OPERATIONS
For the Year Ended December 31, 2003
<Table>
INVESTMENT INCOME (Note 1)
Dividends $ 441,753
Interest 10,146
-------------
Total investment income 451,899
-------------
EXPENSES
Investment advisory fees (Note 2) 171,881
Administrative services fees (Note 2) 39,874
Legal fees 32,174
Audit fees 17,752
Insurance expense 7,541
Custodian fees 3,596
Transfer agent fees 2,986
Trustees' fees 2,310
Printing fees (Note 2) 1,819
Commitment fees (Note 3) 840
Interest expense (Note 3) 608
Miscellaneous expense 5,455
-------------
Total expenses 286,836
Less: fees waived (Note 2) (57,661)
-------------
Net expenses 229,175
-------------
Net investment income 222,724
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized loss from investments (881,911)
Net change in unrealized appreciation (depreciation) from investments 6,106,687
-------------
Net realized and unrealized gain from investments 5,224,776
-------------
Net increase in net assets resulting from operations $ 5,447,500
=============
</Table>
See Accompanying Notes to Financial Statements.
8
<Page>
CREDIT SUISSE TRUST -- LARGE CAP VALUE PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE YEAR FOR THE YEAR
ENDED ENDED
DECEMBER 31, 2003 DECEMBER 31, 2002
----------------- -----------------
FROM OPERATIONS
Net investment income $ 222,724 $ 181,700
Net realized loss on investments (881,911) (1,775,291)
Net change in unrealized appreciation (depreciation) from investments 6,106,687 (5,540,539)
------------- -------------
Net increase (decrease) in net assets resulting from operations 5,447,500 (7,134,130)
------------- -------------
FROM DIVIDENDS
Dividends from net investment income (181,610) (251,483)
------------- -------------
Net decrease in net assets resulting from dividends (181,610) (251,483)
------------- -------------
FROM CAPITAL SHARE TRANSACTIONS (Note 5)
Proceeds from sale of shares 11,460,920 6,883,677
Reinvestment of dividends 181,610 251,483
Net asset value of shares redeemed (8,858,376) (8,544,077)
------------- -------------
Net increase (decrease) in net assets from capital share transactions 2,784,154 (1,408,917)
------------- -------------
Net increase (decrease) in net assets 8,050,044 (8,794,530)
NET ASSETS
Beginning of year 21,485,857 30,280,387
------------- -------------
End of year $ 29,535,901 $ 21,485,857
============= =============
Undistributed Net Investment Income $ 221,475 $ 181,599
============= =============
</Table>
See Accompanying Notes to Financial Statements.
9
<Page>
CREDIT SUISSE TRUST -- LARGE CAP VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Year)
<Table>
<Caption>
FOR THE YEAR ENDED DECEMBER 31,
---------------------------------------------------------
2003 2002 2001 2000 1999
--------- --------- --------- --------- ---------
PER SHARE DATA
Net asset value, beginning of year $ 9.74 $ 12.81 $ 12.69 $ 11.89 $ 11.48
--------- --------- --------- --------- ---------
INVESTMENT OPERATIONS
Net investment income 0.09 0.09 0.11 0.14 0.33
Net gain (loss) on investments
(both realized and unrealized) 2.35 (3.05) 0.01 0.92 0.38
--------- --------- --------- --------- ---------
Total from investment operations 2.44 (2.96) 0.12 1.06 0.71
--------- --------- --------- --------- ---------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.08) (0.11) -- (0.14) (0.11)
Distributions from net realized gains -- -- -- (0.12) (0.19)
--------- --------- --------- --------- ---------
Total dividends and distributions (0.08) (0.11) -- (0.26) (0.30)
--------- --------- --------- --------- ---------
NET ASSET VALUE, END OF YEAR $ 12.10 $ 9.74 $ 12.81 $ 12.69 $ 11.89
========= ========= ========= ========= =========
Total return(1) 25.16% (23.09)% 0.95% 8.91% 6.24%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 29,536 $ 21,486 $ 30,280 $ 24,034 $ 20,153
Ratio of expenses to average net assets(2) 1.00% 1.00% 1.00% 1.02% 1.01%
Ratio of net investment income to average net assets 0.97% 0.68% 0.90% 1.11% 0.91%
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 0.25% 0.35% 0.24% 0.27% 0.34%
Portfolio turnover rate 86% 43% 46% 77% 102%
</Table>
(1) 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.
(2) Interest earned on uninvested cash balances may be used to offset portions
of the transfer agent expense. These arrangements resulted in a reduction
to the Portfolio's net expense ratio by .02% and .01% for the years ended
December 31, 2000 and 1999, respectively. The Portfolio's net operating
expense ratio after reflecting these arrangements was 1.00% for each of the
years ending December 31, 2000 and 1999, respectively. For the years ended
December 31, 2003, 2002 and 2001, there was no effect on the net operating
expense ratio because of transfer agent credits.
See Accompanying Notes to Financial Statements.
10
<Page>
CREDIT SUISSE TRUST -- LARGE CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2003
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Credit Suisse Trust (the "Trust") is an open-end management investment
company registered under the Investment Company Act of 1940, as amended, and
currently offers eight managed investment portfolios of which one, the Large Cap
Value Portfolio (the "Portfolio"), is included in this report. The Portfolio is
a diversified investment fund that seeks long-term growth of capital and income.
Shares of the Portfolio are not available directly to individual investors but
may be offered only through (a) variable annuity contracts and variable life
insurance contracts offered by separate accounts of certain insurance companies
and (b) tax-qualified pension and retirement plans. The Portfolio may not be
available in connection with a particular contract or plan. The Trust was
organized under the laws of the Commonwealth of Massachusetts as a business
trust on March 15, 1995.
A) SECURITY VALUATION -- The net asset value of the Portfolio is determined
daily as of the close of regular trading on the New York Stock Exchange, Inc.
(the "Exchange") on each day the Exchange is open for business. The Portfolio's
equity investments are valued at market value, which is generally determined
using the closing price on the exchange or market on which the security is
primarily traded at the time of valuation (the "Valuation Time"). If no sales
are reported, equity investments are generally valued at the most recent bid
quotation as of the Valuation Time or at the lowest asked quotation in the case
of a short sale of securities. Debt securities with a remaining maturity greater
than 60 days are valued in accordance with the price supplied by a pricing
service, which may use a matrix, formula or other objective method that takes
into consideration market indices, yield curves and other specific adjustments.
Debt obligations that will mature in 60 days or less are valued on the basis of
amortized cost, which approximates market value, unless it is determined that
this method would not represent fair value. Securities and other assets for
which market quotations are not readily available, or whose values have been
materially affected by events occurring before the Portfolio's Valuation Time
but after the close of the securities' primary markets, are valued at fair value
as determined in good faith by the Board of Trustees under procedures
established by the Board of Trustees.
B) FOREIGN CURRENCY TRANSACTIONS -- The books and records of the Portfolio
are maintained in U.S. dollars. Transactions denominated in foreign currencies
are recorded at the current prevailing exchange rates. All assets and
liabilities denominated in foreign currencies are translated into U.S. dollar
amounts at the current exchange rate at the end of the period. Translation gains
or losses resulting from changes in the exchange rate
11
<Page>
during the reporting period and realized gains and losses on the settlement of
foreign currency transactions are reported in the results of operations for the
current period. The Portfolio does not isolate that portion of realized gains
and losses on investments in equity securities which is due to changes in the
foreign exchange rate from that which is due to changes in market prices of
equity securities. The Portfolio isolates that portion of realized gains and
losses on investments in debt securities which is due to changes in the foreign
exchange rate from that which is due to changes in market prices of debt
securities.
C) SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted for on a trade date basis. Interest income is recorded on the accrual
basis. Dividends are recorded on the ex-dividend date. The cost of investments
sold is determined by use of the specific identification method for both
financial reporting and income tax purposes.
D) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net
investment income and distributions of net realized capital gains, if any, are
declared and paid at least annually. However, to the extent that a net realized
capital gain can be reduced by a capital loss carryforward, such gain will not
be distributed. Income and capital gain distributions are determined in
accordance with federal income tax regulations which may differ from accounting
principles generally accepted in the United States of America ("GAAP").
E) FEDERAL INCOME TAXES -- No provision is made for federal taxes as it is
the Trust's intention to have the Portfolio continue to qualify for and elect
the tax treatment applicable to regulated investment companies under the
Internal Revenue Code of 1986, as amended, and make the requisite distributions
to its shareholders which will be sufficient to relieve it from federal income
and excise taxes.
F) USE OF ESTIMATES -- The preparation of financial statements in conformity
with GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Actual results could
differ from these estimates.
G) SHORT-TERM INVESTMENTS -- The Portfolio, together with other
funds/portfolios advised by Credit Suisse Asset Management, LLC ("CSAM"), an
indirect, wholly-owned subsidiary of Credit Suisse Group, pools available cash
into either a short-term variable rate time deposit issued
12
<Page>
by State Street Bank and Trust Company ("SSB"), the Portfolio's custodian, or a
money market fund advised by CSAM. The short-term time deposit issued by SSB is
a variable rate account classified as a short-term investment.
H) SECURITIES LENDING -- Loans of securities are required at all times to be
secured by collateral at least equal to 102% of the market value of domestic
securities on loan including any accrued interest thereon and 105% of the market
value of foreign securities on loan including any accrued interest thereon. Cash
collateral received by the Portfolio in connection with securities lending
activity is pooled together with cash collateral for other funds/portfolios
advised by CSAM and may be invested in a variety of investments, including
certain CSAM-advised funds, money market instruments and 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 Portfolio had no securities
out on loan during the year ended December 31, 2003.
Credit Suisse First Boston ("CSFB"), an affiliate of CSAM, has been engaged
by the Portfolio to act as the Portfolio's securities lending agent. Prior to
April 1, 2003, CSFB had agreed to charge the Portfolio 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 Portfolio and CSFB entered into an arrangement to
share the income earned from securities lending activities, whereby, generally,
the Portfolio 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 Portfolio shall be reduced to
such lower fee amount. Securities lending income is accrued as earned. The
Portfolio earned no income from securities lending for the year ended December
31, 2003.
NOTE 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
CSAM serves as investment adviser for the Portfolio. For its investment
advisory services, CSAM is entitled to receive a fee from the Portfolio at an
annual rate of 0.75% of the Portfolio's average daily net assets. For the year
ended December 31, 2003, investment advisory fees earned and voluntarily waived
were $171,881 and $57,661, respectively.
13
<Page>
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of
CSAM, and SSB serve as co-administrators to the Portfolio.
For its co-administrative services, CSAMSI currently receives a fee
calculated at an annual rate of 0.10% of the average daily net assets of the
Portfolio. For the year ended December 31, 2003, co-administrative services fees
earned by CSAMSI were $22,918.
For its co-administrative services, SSB receives a fee, exclusive of
out-of-pocket expenses, based upon the following fee schedule calculated in
total for all the Credit Suisse Funds/Portfolios co-administered by SSB and
allocated based upon relative average net assets of each fund/portfolio, subject
to an annual minimum fee.
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ -----------
First $5 billion 0.050% of average daily net assets
Next $5 billion 0.035% of average daily net assets
Over $10 billion 0.020% of average daily net assets
</Table>
For the year ended December 31, 2003, co-administrative services fees earned
by SSB (including out-of-pocket fees) were $16,956.
In addition to serving as the Portfolio's co-administrator, CSAMSI currently
serves as distributor of the Portfolio's shares without compensation.
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Portfolio to provide certain financial printing and fulfillment services.
For the year ended December 31, 2003, Merrill was paid $6,276 for its services
to the Portfolio.
NOTE 3. LINE OF CREDIT
The Portfolio, together with other funds/portfolios advised by CSAM
(collectively, the "Participating Funds"), participates in a $100 million
committed, unsecured line of credit facility ("Credit Facility") for temporary
or emergency purposes with Deutsche Bank, A.G. as administrative agent and
syndication agent and SSB as operations agent. Under the terms of the Credit
Facility, the Participating Funds pay an aggregate commitment fee at a rate of
0.10% per annum on the average unused amount of the Credit Facility, which is
allocated among the Participating Funds in such manner as is determined by the
governing Boards of the Participating Funds. In
14
<Page>
addition, the Participating Funds pay interest on borrowings at the Federal
Funds rate plus 0.50%. At December 31, 2003, the Portfolio had no loans
outstanding under the Credit Facility. During the year ended December 31, 2003,
the Portfolio had borrowings under the Credit Facility as follows:
<Table>
<Caption>
AVERAGE DAILY WEIGHTED AVERAGE MAXIMUM DAILY
LOAN BALANCE INTEREST RATE LOAN OUTSTANDING
------------ ---------------- ----------------
$ 1,556,750 1.759% $ 1,794,000
</Table>
NOTE 4. PURCHASES AND SALES OF SECURITIES
For the year ended December 31, 2003, purchases and sales of investment
securities (excluding short-term investments) and U.S. Government and Agency
Obligations were as follows:
<Table>
<Caption>
INVESTMENT SECURITIES U.S. GOVERNMENT/AGENCY OBLIGATIONS
--------------------- ----------------------------------
Purchases $ 18,461,771 $ 503,006
Sales 18,677,388 450,550
</Table>
NOTE 5. CAPITAL SHARE TRANSACTIONS
The Trust is authorized to issue an unlimited number of full and fractional
shares of beneficial interest, $0.001 par value per share. Transactions in
capital shares of the Portfolio were as follows:
<Table>
<Caption>
FOR THE YEAR ENDED FOR THE YEAR ENDED
DECEMBER 31, 2003 DECEMBER 31, 2002
------------------ ------------------
Shares sold 1,119,985 569,806
Shares issued in reinvestment of dividends 16,863 25,123
Shares redeemed (901,899) (752,007)
--------- --------
Net increase (decrease) 234,949 (157,078)
========= ========
</Table>
On December 31, 2003, the number of shareholders that held 5% or more of the
outstanding shares of the Portfolio was as follows:
<Table>
<Caption>
NUMBER OF APPROXIMATE PERCENTAGE
SHAREHOLDERS OF OUTSTANDING SHARES
------------ ----------------------
3 97%
</Table>
Some of the shareholders are omnibus accounts, which hold shares on behalf of
individual shareholders.
15
<Page>
NOTE 6. FEDERAL INCOME TAXES
Income and capital gain distributions are determined in accordance with
federal income tax regulations, which may differ from GAAP. These differences
are primarily due to differing treatments of losses deferred due to wash sales
and Real Estate Investment Trusts.
The tax characteristics of dividends paid during the years ended December 31,
2003 and 2002 for the Portfolio were as follows:
<Table>
<Caption>
ORDINARY INCOME
------------------------
2003 2002
--------- ---------
$ 181,610 $ 251,483
</Table>
At December 31, 2003, the components of distributable earnings on a tax basis
for the Portfolio were as follows:
<Table>
Undistributed ordinary income $ 221,475
Accumulated net realized loss (3,944,129)
Unrealized appreciation 3,844,535
-------------
$ 121,881
=============
</Table>
At December 31, 2003, the Portfolio had capital loss carryforwards available
to offset possible future capital gains as follows:
<Table>
<Caption>
EXPIRES DECEMBER 31,
------------------------------------------------
2008 2009 2010 2011
--------- --------- ----------- ---------
$ 634,365 $ 622,754 $ 1,790,646 $ 896,364
</Table>
Under current tax law, certain capital losses realized after October 31
within a taxable year may be deferred and treated as occurring on the first day
of the following tax year. For the tax period ended December 31, 2003, the
Portfolio had no net losses arising between November 1, 2003 and December 31,
2003.
At December 31, 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 from investments were $25,695,537, $4,287,999,
$(443,464) and $3,844,535, respectively.
At December 31, 2003, the Portfolio reclassified $1,238 from accumulated net
investment income to accumulated net realized loss from investments, to adjust
for current period permanent book/tax differences which arose principally
16
<Page>
from differing book/tax treatments of Real Estate Investment Trusts. Net assets
were not affected by these reclassifications.
NOTE 7. CONTINGENCIES
In the normal course of business, the Portfolio may provide general
indemnifications pursuant to certain contracts and organizational documents. The
Portfolio's maximum exposure under these arrangements is dependent on future
claims that may be made against the Portfolio and, therefore, cannot be
estimated; however, based on experience, the risk of loss from such claims is
considered remote.
17
<Page>
CREDIT SUISSE TRUST -- LARGE CAP VALUE PORTFOLIO
REPORT OF INDEPENDENT AUDITORS
To the Board of Trustees of Credit Suisse Trust and Shareholders
of Credit Suisse Trust -- Large Cap Value Portfolio:
In our opinion, the accompanying statement of assets and liabilities,
including the schedule of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Large Cap Value Portfolio (the
"Portfolio"), a portfolio of the Credit Suisse Trust, at December 31, 2003, the
results of its operations for the year then ended, the changes in its net assets
for each of the two years in the period then ended and the financial highlights
for each of the five years in the period then ended, in conformity with
accounting principles generally accepted in the United States of America. These
financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Portfolio's management;
our responsibility is to express an opinion on these financial statements based
on our audits. We conducted our audits of these financial statements in
accordance with auditing standards generally accepted in the United States of
America, which require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at December 31, 2003 by
correspondence with the custodian, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 3, 2004
18
<Page>
CREDIT SUISSE TRUST -- LARGE CAP VALUE PORTFOLIO
INFORMATION CONCERNING TRUSTEES AND OFFICERS (UNAUDITED)
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ---------------------------- --------------- ------------ ----------------------------------- ------------- ---------------------
INDEPENDENT TRUSTEES
Richard H. Francis Trustee, Since Currently retired 43 None
c/o Credit Suisse Asset Nominating 1999
Management, LLC and Audit
466 Lexington Avenue Committee
New York, New York Member
10017-3140
Date of Birth: 04/23/32
Jeffrey E. Garten(2) Trustee, Since Dean of Yale School of Management 42 Director of Aetna,
Box 208200 Nominating 1998 and William S. Beinecke Professor Inc. (insurance
New Haven, Connecticut and Audit in the Practice of International company); Director of
06520-8200 Committee Trade and Finance (11/95 - Calpine Corporation
Member present) (energy provider);
Date of Birth: 10/29/46 Director of CarMax
Group (used car
dealers)
</Table>
- ----------------
(1) Each Trustee and Officer serves until his or her respective successor has
been duly elected and qualified.
(2) Mr. Garten was initially appointed as a Trustee of the Trust on February 6,
1998. He resigned as Trustee on February 3, 2000, and was subsequently
re-appointed on December 21, 2000.
19
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ---------------------------- --------------- ------------ ----------------------------------- ------------- ---------------------
INDEPENDENT TRUSTEES
Peter F. Krogh Trustee, Since Dean Emeritus and Distinguished 42 Director of Carlisle
301 ICC Nominating 2001 Professor of International Affairs Companies
Georgetown University and Audit at the Edmund A. Walsh School of Incorporated
Washington, DC 20057 Committee Foreign Service, Georgetown (diversified
Member University (6/95 - present); manufacturing
Date of Birth: 02/11/37 Moderator of PBS foreign affairs company); Member of
television series (1988 - 2000) Selection Committee
for Truman Scholars
and Henry Luce
Scholars; Senior
Associate of Center
for Strategic and
International
Studies; Trustee of
numerous world
affairs organizations
James S. Pasman, Jr. Trustee, Since Currently retired 44 Director of Education
c/o Credit Suisse Asset Nominating 1999 Management Corp.
Management, LLC and Audit
466 Lexington Avenue Committee
New York, New York Member
10017-3140
Date of Birth: 12/20/30
Steven N. Rappaport Trustee, Since Partner of Lehigh Court, LLC and 44 None
Lehigh Court, LLC Nominating 1999 RZ Capital (private investment
40 East 52nd Street Committee firms) (7/02 - present);
New York, New York 10022 Member and Consultant to SunGard Securities
Audit Finance, Inc. from February 2002 to
Date of Birth: 07/10/48 Committee July 2002; President of SunGard
Chairman Securities Finance, Inc. from 2001
to February 2002; President of
Loanet, Inc. (on-line accounting
service) from 1997 to 2001
</Table>
20
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ---------------------------- --------------- ------------ ----------------------------------- ------------- ---------------------
INTERESTED TRUSTEES
Joseph D. Gallagher(3) Trustee, Since Managing Director, Chief Executive 45 None
Credit Suisse Asset Chairman of 2003 Officer of CSAM and Global Chief
Management, LLC the Board and Operating Officer of Credit Suisse
466 Lexington Avenue Chief Asset Management since 2003;
New York, New York Executive Global Chief Financial Officer,
10017-3140 Officer Credit Suisse Asset Management
from 1999 to 2003; Chief Executive
Date of Birth: 12/14/62 Officer and Director of Credit
Suisse Asset Management Limited,
London, England, from June 2000 to
2003; Director of Credit Suisse
Asset Management Funds (UK)
Limited, London, England, from
June 2000 to 2003; Managing
Director, Head - Asian Corporate
Finance and M&A, Credit Suisse
First Boston, Hong Kong, China,
from January 1998 to May 1999
William W. Priest, Jr.(4) Trustee Since Co-Managing Partner, Steinberg 49 Director of Globe
Steinberg Priest & Sloane 1999 Priest & Sloane Capital Management, Wireless, LLC
Capital Management, LLC LLC since March 2001; Chairman and (maritime communications
12 East 49th Street Managing Director of CSAM from company); Director of
12th Floor 2000 to February 2001; Chief InfraRed X (medical
New York, New York 10017 Executive Officer and Managing device company)
Director of CSAM from 1990 to 2000
Date of Birth: 09/24/41
</Table>
- ----------
(3) Mr. Gallagher is a Trustee who is an "interested person" of the Trust as
defined in the 1940 Act, because he is an officer of CSAM.
(4) Mr. Priest is a Trustee who is an "interested person" of the Trust as
defined in the 1940 Act, because he provided consulting services to CSAM
within the last two years (ended 12/31/02).
21
<Page>
<Table>
<Caption>
TERM
OF OFFICE(1)
AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH TRUST SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- ---------------------------- --------------- ------------ -----------------------------------------------------
OFFICERS
Hal Liebes Vice Since Managing Director and Global General Counsel of
Credit Suisse Asset President and 1999 CSAM; Associated with CSAM since 1997; Officer of
Management, LLC Secretary other Credit Suisse Funds
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 07/06/64
Michael A. Pignataro Chief Since Director and Director of Fund Administration of CSAM;
Credit Suisse Asset Financial 1999 Associated with CSAM since 1984; Officer of other
Management, LLC Officer and Credit Suisse Funds
466 Lexington Avenue Treasurer
New York, New York
10017-3140
Date of Birth: 11/15/59
Gregory N. Bressler Assistant Since Director and Deputy General Counsel of CSAM;
Credit Suisse Asset Secretary 2000 Associated with CSAM since January 2000; Associated
Management, LLC with the law firm of Swidler Berlin Shereff Friedman
466 Lexington Avenue LLP from 1996 to 2000; Officer of other Credit Suisse
New York, New York Funds
10017-3140
Date of Birth: 11/17/66
Rocco A. Del Guercio Assistant Since Vice President of CSAM; Associated with CSAM since
Credit Suisse Asset Treasurer 1999 June 1996; Officer of other Credit Suisse Funds
Management, LLC
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 04/28/63
Joseph Parascondola Assistant Since Assistant Vice President of CSAM; Associated with
Credit Suisse Asset Treasurer 2000 CSAM since April 2000; Assistant Vice President,
Management, LLC Deutsche Asset Management from January 1999 to
466 Lexington Avenue April 2000; Assistant Vice President, Weiss, Peck &
New York, New York Greer LLC from November 1995 to December 1998;
10017-3140 Officer of other Credit Suisse Funds
Date of Birth: 06/05/63
</Table>
22
<Page>
<Table>
<Caption>
TERM
OF OFFICE(1)
AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH TRUST SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- ---------------------------- --------------- ------------ -----------------------------------------------------
OFFICERS
Robert M. Rizza Assistant Since Assistant Vice President of CSAM; Associated with
Credit Suisse Asset Treasurer 2002 CSAM since 1998; Officer of other Credit Suisse Funds
Management, LLC
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 12/09/65
</Table>
The Statement of Additional Information includes additional information about
the Trustees and is available, without charge, upon request, by calling
800-222-8977.
23
<Page>
CREDIT SUISSE TRUST -- LARGE CAP VALUE PORTFOLIO
TAX INFORMATION LETTER (UNAUDITED)
December 31, 2003
IMPORTANT TAX INFORMATION FOR CORPORATE SHAREHOLDERS
Corporate shareholders should note that for the year ended December 31, 2003,
the percentage of the Portfolio's investment income (I.E., net investment income
plus short-term capital gains) that qualified for the intercorporate dividends
received deduction is 100.00%.
24
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
P.O. BOX 55030, BOSTON, MA 02205-5030
800-222-8977 - www.csam.com
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. TRLCV-2-1203
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE FUNDS
ANNUAL REPORT
DECEMBER 31, 2003
CREDIT SUISSE TRUST
- - SMALL CAP VALUE PORTFOLIO
CREDIT SUISSE TRUST (THE "TRUST") SHARES ARE NOT AVAILABLE DIRECTLY TO
INDIVIDUAL INVESTORS, BUT MAY BE OFFERED ONLY THROUGH CERTAIN INSURANCE PRODUCTS
AND PENSION AND RETIREMENT PLANS.
MORE COMPLETE INFORMATION ABOUT THE TRUST, INCLUDING CHARGES AND EXPENSES, IS
PROVIDED IN THE PROSPECTUS, WHICH SHOULD BE READ CAREFULLY BEFORE INVESTING. YOU
MAY OBTAIN ADDITIONAL COPIES BY CALLING 800-222-8977 OR BY WRITING TO CREDIT
SUISSE TRUST, 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. THE TRUST IS ADVISED BY CREDIT SUISSE
ASSET MANAGEMENT, LLC.
<Page>
THE PORTFOLIO'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 PORTFOLIO'S MANAGEMENT ARE AS OF THE DATE OF THE LETTER AND THE
PORTFOLIO HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF DECEMBER 31, 2003; THESE
VIEWS AND PORTFOLIO HOLDINGS MAY HAVE CHANGED SUBSEQUENT TO THESE DATES. NOTHING
IN THIS DOCUMENT IS A RECOMMENDATION TO PURCHASE OR SELL SECURITIES.
PORTFOLIO 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 TRUST -- SMALL CAP VALUE PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT
December 31, 2003 (Unaudited)
January 28, 2004
Dear Shareholder:
For the 12 months ended December 31, 2003, Credit Suisse Trust -- Small Cap
Value Portfolio(1) (the "Portfolio") had a gain of 24.76%, versus increases of
47.25% and 46.03%, respectively, for the Russell 2000(R) Index(2) and the
Russell 2000(R) Value Index.(3)
The 12-month period was a positive one for the U.S. stock market, though
equities struggled early on, hindered by a great deal of uncertainty regarding a
looming conflict with Iraq and a related decline in consumer sentiment. But when
the war came to a swift and seemingly successful end in April, a major cloud of
uncertainty lifted and investors embraced risk. Optimism over a potential
economic recovery also supported equities. Grounds for this optimism included
historically low interest rates, a significant tax-reduction package, and an
upturn in leading economic indicators around the world. Indeed, late in the year
U.S. GDP growth was surprisingly robust (8.2% for the third quarter on an
annualized basis).
The Portfolio's underperformance of its benchmarks can be best described in
terms of what it did not own, specifically lower-quality companies with
lackluster or even negative earnings and/or heavily indebted balance sheets. The
market's strong upward move was paced by such stocks -- particularly in the
technology area -- on speculation that an improving economy would aid them the
most. This trend was evident across the market-capitalization spectrum, but was
most pronounced in the small-cap value area, which is inhabited by a large
number of financially struggling companies (in addition to many companies that
we believe to have sound or improving financial profiles). The Portfolio's
relative performance for the 12 months notwithstanding, we continue to adhere to
a discipline of owning what we deem to be profitable companies generating
current free cash flows, in the belief that this strategy will provide
competitive results over time.
From a sector perspective, another factor that hindered the Portfolio was its
underweighting in the financial-services area. The sector, which accounts for
about a third of the Portfolio's benchmark, outperformed the broader market for
the 12 months.
In terms of noteworthy sector allocation, we ended the period with
overweighted positions in the materials and producer durables areas. This is
based in part on evidence that capital spending appears to be improving.
Elsewhere of note, we intend to remain underweighted in the financial-services
sector over the next 12 months. Given the early stages of an economic
1
<Page>
rebound, combined with burdensome budget and trade deficits and a weakening
dollar, we expect to see upward pressure on interest rates. While we do not
believe there will be a dramatic rise in rates, any increase might significantly
hinder earnings growth for certain financial companies.
Our search for opportunities in the technology sector continues, though
valuations have become more lofty here. We may selectively add technology stocks
(we were underweighted in this sector as of the end of the period) if and when
market volatility results in what we consider to be compelling valuation
stories.
The Credit Suisse Value Team
Stephen J. Kaszynski
Scott T. Lewis
Robert E. Rescoe
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 PORTFOLIO'S INVESTMENTS. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
2
<Page>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE
CREDIT SUISSE TRUST -- SMALL CAP VALUE PORTFOLIO(1), THE RUSSELL 2000(R)
INDEX(2) AND THE RUSSELL 2000(R) VALUE INDEX(3) FROM INCEPTION (11/30/01).
<Table>
<Caption>
CREDIT SUISSE TRUST -- SMALL CAP
VALUE PORTFOLIO(1) RUSSELL 2000(R) INDEX(2) RUSSELL 2000(R) VALUE INDEX(3)
11/30/2001 $ 10,000 $ 9,945 $ 9,935
12/31/2001 $ 10,600 $ 10,559 $ 10,543
1/31/2002 $ 10,720 $ 10,449 $ 10,683
2/28/2002 $ 11,010 $ 10,163 $ 10,748
3/31/2002 $ 11,510 $ 10,980 $ 11,553
4/30/2002 $ 11,730 $ 11,080 $ 11,960
5/31/2002 $ 11,240 $ 10,588 $ 11,564
6/30/2002 $ 10,910 $ 10,063 $ 11,308
7/31/2002 $ 9,800 $ 8,543 $ 9,628
8/31/2002 $ 10,050 $ 8,522 $ 9,585
9/30/2002 $ 9,310 $ 7,910 $ 8,901
10/31/2002 $ 9,430 $ 8,164 $ 9,035
11/30/2002 $ 9,840 $ 8,892 $ 9,756
12/31/2002 $ 9,640 $ 8,397 $ 9,339
1/31/2003 $ 9,260 $ 8,164 $ 9,076
2/28/2003 $ 9,140 $ 7,918 $ 8,771
3/31/2003 $ 9,080 $ 8,020 $ 8,865
4/30/2003 $ 9,740 $ 8,780 $ 9,707
5/31/2003 $ 10,260 $ 9,722 $ 10,698
6/30/2003 $ 10,320 $ 9,898 $ 10,878
7/31/2003 $ 10,610 $ 10,518 $ 11,421
8/31/2003 $ 10,970 $ 11,000 $ 11,855
9/30/2003 $ 10,696 $ 10,796 $ 11,719
10/31/2003 $ 11,266 $ 11,703 $ 12,674
11/30/2003 $ 11,616 $ 12,118 $ 13,161
12/31/2003 $ 12,026 $ 12,433 $ 13,727
</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 portfolio distributions or the redemption of portfolio shares.
Performance includes the effect of deducting expenses, but does not include
charges and expenses attributable to any particular variable contract or Plan.
Accordingly, the Prospectus of the sponsoring Participating Insurance Company
separate account or Plan documents or other informational materials supplied by
Plan sponsors should be carefully reviewed for information on relevant charges
and expenses. Excluding these charges and expenses from quotations of
performance has the effect of increasing the performance quoted, and the effect
of these charges should be considered when comparing performance to that of
other mutual funds.
AVERAGE ANNUAL RETURNS AS OF DECEMBER 31, 2003(1)
<Table>
<Caption>
1 YEAR SINCE INCEPTION
------ ---------------
24.76% 9.24%
</Table>
- ----------
(1) Fee waivers and/or expense reimbursements reduced expenses for the
Portfolio, without which performance would be lower. Waivers and/or
reimbursements may be discontinued at any time.
3
<Page>
(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. Investors cannot invest directly
in an index.
(3) 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.
4
<Page>
CREDIT SUISSE TRUST -- SMALL CAP VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 2003
<Table>
<Caption>
NUMBER OF
SHARES VALUE
---------- -------------
COMMON STOCKS (91.1%)
AEROSPACE & DEFENSE (0.9%)
DRS Technologies, Inc.* 5,870 $ 163,069
-------------
AUTO COMPONENTS (1.2%)
Modine Manufacturing Co. 4,770 128,695
Tower Automotive, Inc.* 13,800 94,254
-------------
222,949
-------------
BANKS (15.4%)
Alabama National Bancorp 4,700 246,985
Century Bancorp, Inc. Class A 2,300 81,558
Cullen/Frost Bankers, Inc. 4,990 202,444
First Financial Holdings, Inc. 9,570 299,158
FirstFed Financial Corp.* 7,360 320,160
FirstMerit Corp. 7,520 202,815
Hudson United Bancorp 5,810 214,680
Independent Bank Corp. 8,590 247,564
Prosperity Bancshares, Inc. 12,400 279,248
Sky Financial Group, Inc. 7,500 194,550
Susquehanna Bancshares, Inc. 9,870 246,848
Webster Financial Corp. 6,650 304,969
-------------
2,840,979
-------------
BUILDING PRODUCTS (1.0%)
Griffon Corp.* 8,800 178,288
-------------
CHEMICALS (3.4%)
Cambrex Corp. 5,000 126,300
H.B. Fuller Co. 10,570 314,352
Olin Corp. 9,000 180,540
-------------
621,192
-------------
COMMERCIAL SERVICES & SUPPLIES (3.3%)
Banta Corp. 8,380 339,390
Watson Wyatt & Company Holdings* 10,930 263,959
-------------
603,349
-------------
COMPUTERS & PERIPHERALS (1.5%)
Imation Corp. 7,700 270,655
-------------
CONSTRUCTION & ENGINEERING (1.2%)
EMCOR Group, Inc.* 4,950 217,305
-------------
CONTAINERS & PACKAGING (2.9%)
AptarGroup, Inc. 9,580 373,620
Crown Holdings, Inc.* 19,000 172,140
-------------
545,760
-------------
ELECTRIC UTILITIES (1.7%)
Empire District Electric Co. 7,700 168,861
OGE Energy Corp. 6,210 150,220
-------------
319,081
-------------
</Table>
See Accompanying Notes to Financial Statements.
5
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
---------- -------------
COMMON STOCKS
ELECTRICAL EQUIPMENT (4.6%)
AMETEK, Inc. 3,910 $ 188,697
Brady Corp. 7,220 294,215
C&D Technologies, Inc. 7,550 144,733
Rayovac Corp.* 11,000 230,450
-------------
858,095
-------------
ELECTRONIC EQUIPMENT & INSTRUMENTS (7.6%)
Electro Scientific Industries, Inc.* 9,620 228,956
OSI Systems, Inc.* 8,700 167,127
Rogers Corp.* 8,670 382,521
Roper Industries, Inc. 2,290 112,805
Varian, Inc.* 8,130 339,265
Woodhead Industries, Inc. 10,310 174,239
-------------
1,404,913
-------------
ENERGY EQUIPMENT & SERVICES (3.2%)
Oceaneering International, Inc.* 10,870 304,360
Varco International, Inc.* 14,020 289,232
-------------
593,592
-------------
FOOD & DRUG RETAILING (1.6%)
Ruddick Corp. 16,780 300,362
-------------
FOOD PRODUCTS (2.6%)
Del Monte Foods Co.* 24,000 249,600
Sensient Technologies Corp. 12,070 238,624
-------------
488,224
-------------
GAS UTILITIES (2.1%)
National Fuel Gas Co. 6,230 152,261
WGL Holdings, Inc. 8,460 235,104
-------------
387,365
-------------
HEALTHCARE EQUIPMENT & SUPPLIES (6.3%)
Arrow International, Inc. 13,600 339,728
Cooper Companies, Inc. 8,040 378,925
Invacare Corp. 6,960 280,975
STERIS Corp.* 7,600 171,760
-------------
1,171,388
-------------
HEALTHCARE PROVIDERS & SERVICES (3.3%)
Beverly Enterprises, Inc.* 26,900 231,071
LifePoint Hospitals, Inc.* 5,800 170,810
Service Corp. International* 40,000 215,600
-------------
617,481
-------------
HOTELS, RESTAURANTS & LEISURE (2.1%)
Marcus Corp. 11,360 186,304
O'Charley's, Inc.* 10,900 195,655
-------------
381,959
-------------
HOUSEHOLD DURABLES (1.2%)
Ethan Allen Interiors, Inc. 5,530 231,596
-------------
</Table>
See Accompanying Notes to Financial Statements.
6
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
---------- -------------
COMMON STOCKS
INDUSTRIAL CONGLOMERATES (4.1%)
Carlisle Companies, Inc. 5,660 $ 344,468
Lydall, Inc.* 12,960 132,062
Teleflex, Inc. 5,900 285,147
-------------
761,677
-------------
INSURANCE (2.5%)
HCC Insurance Holdings, Inc. 9,100 289,380
Selective Insurance Group, Inc. 5,500 177,980
-------------
467,360
-------------
IT CONSULTING & SERVICES (1.0%)
Keane, Inc.* 13,140 192,370
-------------
MACHINERY (5.2%)
AGCO Corp.* 5,700 114,798
ESCO Technologies, Inc.* 6,430 280,669
Flowserve Corp.* 9,320 194,602
Robbins & Myers, Inc. 5,090 96,659
The Manitowoc Company, Inc. 8,550 266,760
-------------
953,488
-------------
MEDIA (2.9%)
Harte-Hanks, Inc. 13,440 292,320
Scholastic Corp.* 7,000 238,280
-------------
530,600
-------------
METALS & MINING (0.8%)
Quanex Corp. 3,100 142,910
-------------
OIL & GAS (3.5%)
Denbury Resources, Inc.* 13,500 187,785
Evergreen Resources, Inc.* 6,000 195,060
Houston Exploration Co.* 7,400 270,248
-------------
653,093
-------------
ROAD & RAIL (2.0%)
Werner Enterprises, Inc. 18,866 367,698
-------------
SPECIALTY RETAIL (1.0%)
Hughes Supply, Inc. 3,700 183,594
-------------
TEXTILES & APPAREL (1.0%)
The Warnaco Group, Inc.* 11,400 181,830
-------------
TOTAL COMMON STOCKS (Cost $14,177,558) 16,852,222
-------------
<Caption>
PAR
(000)
----------
SHORT-TERM INVESTMENT (8.9%)
State Street Bank and Trust Co. Euro Time Deposit,
0.750%, 1/02/04 (Cost $1,647,000) $ 1,647 1,647,000
-------------
TOTAL INVESTMENTS AT VALUE (100.0%) (Cost $15,824,558) 18,499,222
LIABILITIES IN EXCESS OF OTHER ASSETS (0.0%) (2,362)
-------------
NET ASSETS (100.0%) $ 18,496,860
=============
</Table>
* Non-income producing security.
See Accompanying Notes to Financial Statements.
7
<Page>
CREDIT SUISSE TRUST -- SMALL CAP VALUE PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
December 31, 2003
<Table>
ASSETS
Investments at value (Cost $15,824,558) (Note 1) $ 18,499,222
Cash 281
Dividend and interest receivable 9,315
Receivable for portfolio shares sold 8,537
Prepaid expenses 13,326
--------------
Total Assets 18,530,681
--------------
LIABILITIES
Advisory fee payable (Note 2) 17,154
Administrative services fee payable (Note 2) 3,610
Payable for investments purchased 894
Other accrued expenses payable 12,163
--------------
Total Liabilities 33,821
--------------
NET ASSETS
Capital stock, $0.001 par value (Note 5) 1,539
Paid-in capital (Note 5) 15,909,007
Accumulated net realized loss on investments (88,350)
Net unrealized appreciation from investments 2,674,664
--------------
NET ASSETS $ 18,496,860
==============
Shares outstanding 1,539,231
--------------
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION PRICE PER SHARE $ 12.02
==============
</Table>
See Accompanying Notes to Financial Statements.
8
<Page>
STATEMENT OF OPERATIONS
For the Year Ended December 31, 2003
<Table>
INVESTMENT INCOME (Note 1)
Dividends $ 172,173
Interest 10,265
--------------
Total investment income 182,438
--------------
EXPENSES
Investment advisory fees (Note 2) 125,840
Administrative services fees (Note 2) 27,205
Legal fees 40,947
Audit fees 17,001
Printing fees (Note 2) 12,532
Insurance expense 6,805
Custodian fees 3,257
Trustees' fees 2,310
Transfer agent fees 1,238
Commitment fees (Note 3) 526
Miscellaneous expense 2,219
--------------
Total expenses 239,880
Less: fees waived (Note 2) (54,356)
--------------
Net expenses 185,524
--------------
Net investment loss (3,086)
--------------
NET REALIZED AND UNREALIZED GAIN FROM INVESTMENTS
Net realized gain from investments 21,115
Net change in unrealized appreciation (depreciation) from investments 3,626,075
--------------
Net realized and unrealized gain from investments 3,647,190
--------------
Net increase in net assets resulting from operations $ 3,644,104
==============
</Table>
See Accompanying Notes to Financial Statements.
9
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE YEAR FOR THE YEAR
ENDED ENDED
DECEMBER 31, 2003 DECEMBER 31, 2002
----------------- -----------------
FROM OPERATIONS
Net investment income (loss) $ (3,086) $ 9,374
Net realized gain (loss) on investments 21,115 (108,869)
Net change in unrealized appreciation (depreciation) from investments 3,626,075 (1,147,828)
----------------- -----------------
Net increase (decrease) in net assets resulting from operations 3,644,104 (1,247,323)
----------------- -----------------
FROM DIVIDENDS
Dividends from net investment income (8,730) (95)
----------------- -----------------
Net decrease in net assets resulting from dividends (8,730) (95)
----------------- -----------------
FROM CAPITAL SHARE TRANSACTIONS (Note 5)
Proceeds from sale of shares 5,803,355 7,137,081
Reinvestment of dividends 8,730 95
Net asset value of shares redeemed (134,960) (134,925)
----------------- -----------------
Net increase in net assets from capital share transactions 5,677,125 7,002,251
----------------- -----------------
Net increase in net assets 9,312,499 5,754,833
NET ASSETS
Beginning of year 9,184,361 3,429,528
----------------- -----------------
End of year $ 18,496,860 $ 9,184,361
================= =================
Undistributed Net Investment Income $ -- $ 8,723
================= =================
</Table>
See Accompanying Notes to Financial Statements.
10
<Page>
CREDIT SUISSE TRUST -- SMALL CAP VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE YEAR ENDED FOR THE PERIOD
DECEMBER 31, ENDED
------------------- DECEMBER 31,
2003 2002 2001(1)
--------- --------- --------------
PER SHARE DATA
Net asset value, beginning of period $ 9.64 $ 10.60 $ 10.00
--------- --------- ---------
INVESTMENT OPERATIONS
Net investment income (loss) (0.01) 0.01 0.002
Net gain (loss) on investments
(both realized and unrealized) 2.40 (0.97) 0.60
--------- --------- ---------
Total from investment operations 2.39 (0.96) 0.60
--------- --------- ---------
LESS DIVIDENDS
Dividends from net investment income (0.01) (0.00)(2) --
--------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 12.02 $ 9.64 $ 10.60
========= ========= =========
Total return(3) 24.76% (9.06)% 6.00%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 18,497 $ 9,184 $ 3,430
Ratio of expenses to average net assets 1.29% 1.29% 1.29%(4)
Ratio of net investment income (loss)
to average net assets (0.02)% 0.11% 0.03%(4)
Decrease reflected in above operating
expense ratios due to waivers/reimbursements 0.38% 0.84% 7.44%(4)
Portfolio turnover rate 28% 14% 1%
</Table>
(1) For the period November 30, 2001 (commencement of operations) through
December 31, 2001.
(2) This amount represents less than $0.01 per share.
(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.
11
<Page>
CREDIT SUSSIE TRUST -- SMALL CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2003
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Credit Suisse Trust (the "Trust") is an open-end management investment
company registered under the Investment Company Act of 1940, as amended, and
currently offers eight managed investment portfolios of which one, the Small Cap
Value Portfolio (the "Portfolio"), is included in this report. The Portfolio is
a diversified investment fund that seeks a high level of growth of capital.
Shares of the Portfolio are not available directly to individual investors but
may be offered only through (a) variable annuity contracts and variable life
insurance contracts offered by separate accounts of certain insurance companies
and (b) tax-qualified pension and retirement plans. The Portfolio may not be
available in connection with a particular contract or plan. The Trust was
organized under the laws of the Commonwealth of Massachusetts as a business
trust on March 15, 1995.
A) SECURITY VALUATION -- The net asset value of the Portfolio is determined
daily as of the close of regular trading on the New York Stock Exchange, Inc.
(the "Exchange") on each day the Exchange is open for business. The Portfolio's
equity investments are valued at market value, which is generally determined
using the closing price on the exchange or market on which the security is
primarily traded at the time of valuation (the "Valuation Time"). If no sales
are reported, equity investments are generally valued at the most recent bid
quotation as of the Valuation Time or at the lowest asked quotation in the case
of a short sale of securities. Debt securities with a remaining maturity greater
than 60 days are valued in accordance with the price supplied by a pricing
service, which may use a matrix, formula or other objective method that takes
into consideration market indices, yield curves and other specific adjustments.
Debt obligations that will mature in 60 days or less are valued on the basis of
amortized cost, which approximates market value, unless it is determined that
this method would not represent fair value. Securities and other assets for
which market quotations are not readily available, or whose values have been
materially affected by events occurring before the Portfolio's Valuation Time
but after the close of the securities' primary markets, are valued at fair value
as determined in good faith by the Board of Trustees under procedures
established by the Board of Trustees.
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. The cost of investments
sold is determined by use of the specific identification method for both
financial reporting and income tax purposes.
12
<Page>
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 carryforward, such gain will not
be distributed. Income and capital gain distributions are determined in
accordance with federal income tax regulations which may differ from accounting
principles generally accepted in the United States of America ("GAAP").
D) FEDERAL INCOME TAXES -- No provision is made for federal taxes as it is
the Trust's intention to have the Portfolio 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 Portfolio, together with other
funds/portfolios advised by Credit Suisse Asset Management, LLC ("CSAM"), an
indirect, wholly-owned subsidiary of Credit Suisse Group, pools available cash
into either a short-term variable rate time deposit issued by State Street Bank
and Trust Company ("SSB"), the Portfolio's custodian, or a money market fund
advised by CSAM. The short-term time deposit issued by SSB is a variable rate
account classified as a short-term investment.
G) SECURITIES LENDING -- Loans of securities are required at all times to be
secured by collateral at least equal to 102% of the market value of domestic
securities on loan including any accrued interest thereon and 105% of the market
value of foreign securities on loan including any accrued interest thereon. Cash
collateral received by the Portfolio in connection with securities lending
activity is pooled together with cash collateral for other funds/portfolios
advised by CSAM and may be invested in a variety of investments, including
certain CSAM-advised funds, money market instruments and 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 Portfolio had no securities out on loan
during the year ended December 31, 2003.
13
<Page>
Credit Suisse First Boston ("CSFB"), an affiliate of CSAM, has been engaged
by the Portfolio to act as the Portfolio's securities lending agent. Prior to
April 1, 2003, CSFB had agreed to charge the Portfolio 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 Portfolio and CSFB entered into an arrangement to
share the income earned from securities lending activities, whereby, generally,
the Portfolio 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 Portfolio shall be reduced to
such lower fee amount. Securities lending income is accrued as earned. The
Portfolio earned no income from securities lending for the year ended December
31, 2003.
NOTE 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
CSAM serves as investment adviser for the Portfolio. For its investment
advisory services, CSAM is entitled to receive a fee, computed daily and payable
monthly, from the Portfolio based on the following fee schedule:
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ -----------
First $100 million 0.875% of average daily net assets
Next $100 million 0.750% of average daily net assets
Over $200 million 0.500% of average daily net assets
</Table>
For the year ended December 31, 2003, investment advisory fees earned and
voluntarily waived were $125,840 and $54,356, respectively.
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of
CSAM, and SSB serve as co-administrators to the Portfolio.
For its co-administrative services, CSAMSI currently receives a fee
calculated at an annual rate of 0.10% of the average daily net assets of the
Portfolio. For the year ended December 31, 2003, co-administrative services fees
earned by CSAMSI were $14,382.
For its co-administrative services, SSB receives a fee, exclusive of
out-of-pocket expenses, based upon the following fee schedule calculated in
total for all the Credit Suisse funds/portfolios co-administered by SSB and
allocated based upon relative average net assets of each fund/portfolio subject
to an annual minimum fee.
14
<Page>
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ -----------
First $5 billion 0.050% of average daily net assets
Next $5 billion 0.035% of average daily net assets
Over $10 billion 0.020% of average daily net assets
</Table>
For the year ended December 31, 2003, co-administrative services fees earned
by SSB (including out-of-pocket expenses) were $12,823.
In addition to serving as the Portfolio's co-administrator, CSAMSI currently
serves as distributor of the Portfolio's shares without compensation.
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Portfolio to provide certain financial printing and fulfillment services.
For the year ended December 31, 2003, Merrill was paid $6,371 for its services
to the Portfolio.
NOTE 3. LINE OF CREDIT
The Portfolio, together with other funds/portfolios advised by CSAM
(collectively, the "Participating Funds"), participates in a $100 million
committed, unsecured line of credit facility ("Credit Facility") for temporary
or emergency purposes with Deutsche Bank, A.G. as administrative agent and
syndication agent and SSB as operations agent. Under the terms of the Credit
Facility, the Participating Funds pay an aggregate commitment fee at a rate of
0.10% per annum on the average unused amount of the Credit Facility, which is
allocated among the Participating Funds in such manner as is determined by the
governing Boards of the Participating Funds. In addition, the Participating
Funds pay interest on borrowings at the Federal Funds rate plus 0.50%. At
December 31, 2003, and during the year ended December 31, 2003, the Portfolio
had no borrowings under the Credit Facility.
NOTE 4. PURCHASES AND SALES OF SECURITIES
For the year ended December 31, 2003, purchases and sales of investment
securities (excluding short-term investments) were $8,340,044 and $3,678,498,
respectively.
15
<Page>
NOTE 5. CAPITAL SHARE TRANSACTIONS
The Trust is authorized to issue an unlimited number of full and fractional
shares of beneficial interest, $.001 par value per share. Small Cap Value is
authorized to issue two classes of shares: Small Cap Value initial class and
Small Cap Value class 2 shares. Transactions in initial class shares of the
Portfolio were as follows:
<Table>
<Caption>
FOR THE YEAR ENDED FOR THE YEAR ENDED
DECEMBER 31, 2003 DECEMBER 31, 2002
------------------ ------------------
Shares sold 598,591 642,472
Shares issued in reinvestment of dividends 792 10
Shares redeemed (12,995) (13,092)
-------- --------
Net increase 586,388 629,390
======== ========
</Table>
No class 2 shares were issued or outstanding during the year ended December
31, 2003.
On December 31, 2003, there were no shareholders that held 5% or more of the
outstanding shares of the Portfolio.
NOTE 6. FEDERAL INCOME TAXES
Income and capital gain distributions are determined in accordance with
federal income tax regulations, which may differ from GAAP. These differences
are primarily due to differing treatments of losses deferred due to wash sales.
The tax characteristics of dividends paid during the years ended December 31,
2003 and 2002, respectively, for the Portfolio were as follows:
<Table>
<Caption>
ORDINARY INCOME
----------------------
2003 2002
------- -----
$ 8,730 $ 95
</Table>
At December 31, 2003, the components of distributable earnings on a tax basis
for the Portfolio were as follows:
<Table>
Accumulated realized loss $ (8,457)
Unrealized appreciation 2,594,771
------------
$ 2,586,314
============
</Table>
At December 31, 2003, the Portfolio had capital loss carryforwards of $8,457
available to offset possible future capital gains which expire December 31,
2010.
16
<Page>
The Portfolio utilized net capital loss carryforward of $101,008 during 2003.
Under current tax law, certain capital losses realized after October 31
within a taxable year may be deferred and treated as occurring on the first day
of the following tax year. For the tax period ended December 31, 2003, the
Portfolio had no net losses arising between November 1, 2003 and December 31,
2003.
At December 31, 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 from investments were as follows; $15,904,451,
$2,794,188, $(199,417) and $2,594,771, respectively.
At December 31, 2003, the Portfolio reclassified $3,093 from paid in capital
to undistributed net investment income, to adjust for current period permanent
book/tax differences which arose principally from differing book/tax treatments
of net operating losses. Net assets were not affected by these
reclassifications.
NOTE 7. CONTINGENCIES
In the normal course of business, the Portfolio may provide general
indemnifications pursuant to certain contracts and organizational documents. The
Portfolio's maximum exposure under these arrangements is dependent on future
claims that may be made against the Portfolio and, therefore, cannot be
estimated; however, based on experience, the risk of loss from such claims is
considered remote.
17
<Page>
CREDIT SUISSE TRUST -- SMALL CAP VALUE PORTFOLIO
REPORT OF INDEPENDENT AUDITORS
To the Board of Trustees of Credit Suisse Trust and Shareholders of Credit
Suisse Trust -- Small Cap Value Portfolio:
In our opinion, the accompanying statement of assets and liabilities,
including the schedule of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Small Cap Value Portfolio (the
"Portfolio"), a portfolio of the Credit Suisse Trust, at December 31, 2003, the
results of its operations for the year then ended, the changes in its net assets
for each of the two years in the period then ended and the financial highlights
for each of the periods presented, in conformity with accounting principles
generally accepted in the United States of America. These financial statements
and financial highlights (hereafter referred to as "financial statements") are
the responsibility of the Portfolio's management; our responsibility is to
express an opinion on these financial statements based on our audits. We
conducted our audits of these financial statements in accordance with auditing
standards generally accepted in the United States of America, which require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audits, which included confirmation
of securities at December 31, 2003 by correspondence with the custodian, provide
a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 3, 2004
18
<Page>
CREDIT SUISSE TRUST -- SMALL CAP VALUE PORTFOLIO
INFORMATION CONCERNING TRUSTEES AND OFFICERS (UNAUDITED)
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ----------------------- ----------- ------------ -------------------------- ------------- ----------------
INDEPENDENT TRUSTEES
Richard H. Francis Trustee, Since Currently retired 43 None
c/o Credit Suisse Asset Nominating 1999
Management, LLC and Audit
466 Lexington Avenue Committee
New York, New York Member
10017-3140
Date of Birth: 04/23/32
Jeffrey E. Garten(2) Trustee, Since Dean of Yale School of 42 Director of
Box 208200 Nominating 1998 Management and William S. Aetna, Inc.
New Haven, Connecticut and Audit Beinecke Professor in the (insurance
06520-8200 Committee Practice of International company);
Member Trade and Finance (11/95 - Director of
Date of Birth: 10/29/46 present) Calpine
Corporation
(energy
provider);
Director of
CarMax Group
(used car
dealers)
</Table>
- ----------
(1) Each Trustee and Officer serves until his or her respective successor has
been duly elected and qualified.
(2) Mr. Garten was initially appointed as a Trustee of the Trust on February 6,
1998. He resigned as Trustee on February 3, 2000, and was subsequently
re-appointed on December 21, 2000.
19
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ------------------------ ----------- ------------ -------------------------- ------------- ----------------
INDEPENDENT TRUSTEES
Peter F. Krogh Trustee, Since Dean Emeritus and 42 Director of
301 ICC Nominating 2001 Distinguished Professor Carlisle
Georgetown University and Audit of International Affairs Companies
Washington, DC 20057 Committee at the Edmund A. Walsh Incorporated
Member School of Foreign (diversified
Date of Birth: 02/11/37 Service, Georgetown manufacturing
University (6/95 - company);
present); Moderator of Member of
PBS foreign affairs Selection
television series Committee for
(1988 - 2000) Truman
Scholars and
Henry Luce
Scholars; Senior
Associate of
Center for
Strategic and
International
Studies; Trustee
of numerous
world affairs
organizations
James S. Pasman, Jr. Trustee, Since Currently retired 44 Director of
c/o Credit Suisse Asset Nominating 1999 Education
Management, LLC and Audit Management
466 Lexington Avenue Committee Corp.
New York, New York Member
10017-3140
Date of Birth: 12/20/30
Steven N. Rappaport Trustee, Since Partner of Lehigh Court, 44 None
Lehigh Court, LLC Nominating 1999 LLC and RZ Capital
40 East 52nd Street Committee (private investment firms)
New York, New York 10022 Member and (7/02 - present);
Audit Consultant to SunGard
Committee Securities Finance, Inc.
Date of Birth: 07/10/48 Chairman from February 2002 to
July 2002; President of
SunGard Securities
Finance, Inc. from 2001 to
February 2002; President
of Loanet, Inc. (on-line
accounting service) from
1997 to 2001
</Table>
20
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ------------------------ ----------- ------------ -------------------------- ------------- ----------------
INTERESTED TRUSTEES
Joseph D. Gallagher(3) Trustee, Since Managing Director, Chief 45 None
Credit Suisse Asset Chairman of 2003 Executive Officer of
Management, LLC the Board CSAM and Global Chief
466 Lexington Avenue and Chief Operating Officer of
New York, New York Executive Credit Suisse Asset
10017-3140 Officer Management since 2003;
Global Chief Financial
Officer, Credit Suisse
Date of Birth: 12/14/62 Asset Management from
1999 to 2003; Chief
Executive Officer and
Director of Credit Suisse
Asset Management
Limited, London,
England, from
June 2000 to 2003;
Director of Credit Suisse
Asset Management
Funds (UK) Limited,
London, England, from
June 2000 to 2003;
Managing Director,
Head - Asian Corporate
Finance and M&A, Credit
Suisse First Boston,
Hong Kong, China, from
January 1998 to
May 1999
William W. Priest, Jr.(4) Trustee Since Co-Managing Partner, 49 Director of
Steinberg Priest & Sloane 1999 Steinberg Priest & Globe Wireless,
Capital Management, LLC Sloane Capital LLC (maritime
12 East 49th Street Management, LLC since communications
12th Floor March 2001; Chairman company); Director
New York, New York 10017 and Managing Director of InfraRed X
of CSAM from 2000 to (medical device
Date of Birth: 09/24/41 February 2001; Chief company)
Executive Officer and
Managing Director of
CSAM from 1990 to
2000
</Table>
- ----------
(3) Mr. Gallagher is a Trustee who is an "interested person" of the Trust as
defined in the 1940 Act, because he is an officer of CSAM.
(4) Mr. Priest is a Trustee who is an "interested person" of the Trust as
defined in the 1940 Act, because he provided consulting services to CSAM
within the last two years (ended 12/31/02).
21
<Page>
<Table>
<Caption>
TERM
OF OFFICE(1)
AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH TRUST SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- ----------------------- ------------- ------------ ---------------------------------------------------------
OFFICERS
Hal Liebes Vice Since Managing Director and Global General Counsel of CSAM;
Credit Suisse Asset President and 1999 Associated with CSAM since 1997; Officer of other Credit
Management, LLC Secretary Suisse Funds
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 07/06/64
Michael A. Pignataro Chief Since Director and Director of Fund Administration of CSAM;
Credit Suisse Asset Financial 1999 Associated with CSAM since 1984; Officer of other Credit
Management, LLC Officer and Suisse Funds
466 Lexington Avenue Treasurer
New York, New York
10017-3140
Date of Birth: 11/15/59
Gregory N. Bressler Assistant Since Director and Deputy General Counsel of CSAM; Associated
Credit Suisse Asset Secretary 2000 with CSAM since January 2000; Associated with the law
Management, LLC firm of Swidler Berlin Shereff Friedman LLP from 1996 to
466 Lexington Avenue 2000; Officer of other Credit Suisse Funds
New York, New York
10017-3140
Date of Birth: 11/17/66
Rocco A. Del Guercio Assistant Since Vice President of CSAM; Associated with CSAM since
Credit Suisse Asset Treasurer 1999 June 1996; Officer of other Credit Suisse Funds
Management, LLC
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 04/28/63
Joseph Parascondola Assistant Since Assistant Vice President of CSAM; Associated with CSAM
Credit Suisse Asset Treasurer 2000 since April 2000; Assistant Vice President, Deutsche Asset
Management, LLC Management from January 1999 to April 2000; Assistant
466 Lexington Avenue Vice President, Weiss, Peck & Greer LLC from
New York, New York November 1995 to December 1998; Officer of other Credit
10017-3140 Suisse Funds
Date of Birth: 06/05/63
</Table>
22
<Page>
<Table>
<Caption>
TERM
OF OFFICE(1)
AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH TRUST SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- ----------------------- ------------- ------------ -------------------------------------------------------
OFFICERS
Robert M. Rizza Assistant Since Assistant Vice President of CSAM; Associated with CSAM
Credit Suisse Asset Treasurer 2002 since 1998; Officer of other Credit Suisse Funds
Management, LLC
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 12/09/65
</Table>
The Statement of Additional Information includes additional information about
the Trustees and is available, without charge, upon request, by calling
800-222-8977.
23
<Page>
TAX INFORMATION LETTER (UNAUDITED)
December 31, 2003
IMPORTANT TAX INFORMATION FOR CORPORATE SHAREHOLDERS
Corporate shareholders should note for the year ended December 31, 2003, the
percentage of the Fund's investment income (i.e., net investment income plus
short-term capital gains) that qualified for the intercorporate dividends
received deduction is 99.92%.
24
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
P.O. BOX 55030, BOSTON, MA 02205-5030
800-222-8977 - www.csam.com
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. TRSCV-2-1203
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE FUNDS
Annual Report
December 31, 2003
CREDIT SUISSE TRUST
- EMERGING MARKETS PORTFOLIO
Credit Suisse Trust (the "Trust") shares are not available directly to
individual investors, but may be offered only through certain insurance products
and pension and retirement plans.
More complete information about the Trust, including charges and expenses, is
provided in the PROSPECTUS, which should be read carefully before investing. You
may obtain additional copies by calling 800-222-8977 or by writing to Credit
Suisse Trust, 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. The Trust is advised by Credit Suisse
Asset Management, LLC.
<Page>
THE PORTFOLIO'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 PORTFOLIO'S MANAGEMENT ARE AS OF THE DATE OF THE LETTER AND THE
PORTFOLIO HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF DECEMBER 31, 2003; THESE
VIEWS AND PORTFOLIO HOLDINGS MAY HAVE CHANGED SUBSEQUENT TO THESE DATES. NOTHING
IN THIS DOCUMENT IS A RECOMMENDATION TO PURCHASE OR SELL SECURITIES.
PORTFOLIO 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 TRUST -- EMERGING MARKETS PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT
December 31, 2003 (Unaudited)
February 3, 2004
Dear Shareholder:
For the 12 months ended December 31, 2003, Credit Suisse Trust -- Emerging
Markets Portfolio(1) (the "Portfolio") had a gain of 42.88%, versus an
increase of 56.28% for the Morgan Stanley Capital International Emerging
Markets Free Index.(2)
The period was a positive one for most stock markets around the world. While
markets initially struggled, due largely to shifting perceptions of how a war
with Iraq might proceed, they began to recover in late March on progress made by
the U.S. and its allies. When the war came to a swift and seemingly successful
end in April, a major cloud of uncertainty lifted and investors embraced risk.
Optimism over a potential recovery in the U.S. economy -- and by extension, the
global economy -- also supported equities. Grounds for this optimism included
historically low interest rates, a significant tax-reduction package, and an
upturn in leading economic indicators in the U.S., Europe and Asia. Within this
environment of lowered risk thresholds, emerging markets outperformed developed
stock markets for the 12 months.
The Portfolio participated in the rally in emerging markets, but it lagged
its benchmark. We attribute this in large part to our relatively defensive
strategies in the early stages of the market's upturn (which included having a
larger-than-usual cash position). The Portfolio was also hindered by its
underweighting in smaller markets (e.g., Indonesia and Israel) that had sizable
gains for the year.
In terms of the Portfolio's regional allocation in the period, within Latin
America, we favored Brazil over Mexico, based on the reform momentum occurring
in Brazil and its potential to benefit the country's financial markets. We
viewed Mexico as less compelling from a reform and economic perspective, though
we liked certain stocks there based on company-specific factors. We added to
smaller markets such as Chile, whose stock market was aided by rising commodity
prices, although liquidity constraints within the market limited our ability to
be aggressively overweight there.
In Asia, our primary overweighted positions during the year were Taiwan,
India and Thailand, based on a combination of economic and company-specific
factors. We maintained a neutral weighting in South Korea. While generally
favoring the exporters in that market, the overhang of concerns on the credit
card industry and consumer debt proved to be strong headwinds for
financial-services stocks and other domestic stocks. We were generally
underweighted in China throughout the year. While no less enthusiastic about the
China story, we found better opportunities to play the China theme through
stocks elsewhere in the region.
Within the Eastern Europe/Middle East/Africa segment (EMEA), we were
generally underweighted. Most of this reflected our underweighting in South
Africa -- the segment's largest market -- based on our view that the rand would
1
<Page>
be "stronger for longer," proving ultimately detrimental to the earnings profile
of key exporters and resource stocks. In addition, macro news flow in Central
Europe precluded an aggressive "convergence play" strategy, in our view. Our two
key overweights in the segment were Turkey and Russia. Despite some high profile
negative political news in Russia, we were generally positive about the top-down
outlook for the energy and materials sector and the economy in general, while
valuations remained appealing to us. In Israel, our main move was to add some
domestic stocks in the period.
Going forward, we are fairly optimistic that the key global factors aiding
emerging markets in 2003 could remain in force. These markets were supported by
improved risk appetite; an upturn in growth indicators and commodity prices;
stimulative monetary policy; and large valuation gaps between developed and
emerging equity markets. We believe these trends are still in place, though not
to the degree seen at the beginning of last year.
With global growth recovery becoming more evident recently, and markets
focusing on the possibility of rising interest rates, we are shifting towards
markets we think are more likely to benefit from a cyclical upturn and improving
domestic conditions. For us, this suggests a regional tilt more towards Asia. We
have also added further to our positions in South Korea, Mexico and Taiwan, at
the expense of Brazil. In terms of sectors, we are moving more strongly from
global cyclicals into domestic cyclicals and financials, particularly in Asia,
as we think these offer more exposure to improving macroeconomic environments.
We have reduced our materials exposure, in the belief that any slowdown in
China's growth will likely negatively affect selected stocks within the sector.
The Credit Suisse Emerging Markets Team
Neil Gregson
Emily Alejos
Annabel Betz
Matthew J.K. Hickman
INTERNATIONAL INVESTING ENTAILS SPECIAL RISK CONSIDERATIONS, INCLUDING
CURRENCY FLUCTUATIONS, LOWER LIQUIDITY, ECONOMIC AND POLITICAL RISKS, AND
DIFFERENCES IN ACCOUNTING METHODS; THESE RISKS ARE GENERALLY HEIGHTENED FOR
EMERGING-MARKET INVESTMENTS. THE PORTFOLIO MAY INVOLVE A GREATER DEGREE OF RISK
THAN OTHER FUNDS THAT SEEK CAPITAL GROWTH BY INVESTING IN LARGER, MORE-DEVELOPED
MARKETS.
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 PORTFOLIO'S INVESTMENTS. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
2
<Page>
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE
CREDIT SUISSE TRUST -- EMERGING MARKETS PORTFOLIO(1)
AND THE MSCI EMERGING MARKETS FREE INDEX(2) FROM INCEPTION (12/31/97).
[CHART]
<Table>
<Caption>
CREDIT SUISSE TRUST -- MSCI EMERGING MARKETS
EMERGING MARKETS PORTFOLIO(1) FREE INDEX(2)
12/31/1997 $ 10,000 $ 10,241
1/31/1998 $ 10,270 $ 9,438
2/28/1998 $ 11,760 $ 10,423
3/31/1998 $ 12,110 $ 10,875
4/30/1998 $ 11,940 $ 10,757
5/31/1998 $ 10,260 $ 9,283
6/30/1998 $ 9,530 $ 8,309
7/31/1998 $ 9,680 $ 8,572
8/31/1998 $ 7,040 $ 6,094
9/30/1998 $ 7,490 $ 6,480
10/31/1998 $ 7,970 $ 7,163
11/30/1998 $ 8,330 $ 7,758
12/31/1998 $ 8,270 $ 7,646
1/31/1999 $ 7,755 $ 7,523
2/28/1999 $ 7,513 $ 7,596
3/31/1999 $ 8,199 $ 8,597
4/30/1999 $ 9,411 $ 9,660
5/31/1999 $ 9,724 $ 9,604
6/30/1999 $ 11,077 $ 10,694
7/31/1999 $ 11,097 $ 10,404
8/31/1999 $ 11,229 $ 10,498
9/30/1999 $ 10,855 $ 10,143
10/31/1999 $ 11,330 $ 10,359
11/30/1999 $ 12,986 $ 11,288
12/31/1999 $ 15,002 $ 12,723
1/31/2000 $ 15,023 $ 12,799
2/29/2000 $ 15,742 $ 12,968
3/31/2000 $ 15,245 $ 13,032
4/30/2000 $ 13,595 $ 11,796
5/31/2000 $ 13,362 $ 11,309
6/30/2000 $ 13,753 $ 11,707
7/31/2000 $ 13,108 $ 11,105
8/31/2000 $ 13,119 $ 11,159
9/30/2000 $ 11,775 $ 10,185
10/31/2000 $ 11,013 $ 9,447
11/30/2000 $ 9,871 $ 8,621
12/31/2000 $ 10,269 $ 8,829
1/31/2001 $ 11,578 $ 10,045
2/28/2001 $ 10,775 $ 9,258
3/31/2001 $ 9,784 $ 8,349
4/30/2001 $ 10,346 $ 8,761
5/31/2001 $ 10,478 $ 8,866
6/30/2001 $ 10,191 $ 8,684
7/31/2001 $ 9,542 $ 8,135
8/31/2001 $ 9,124 $ 8,055
9/30/2001 $ 7,737 $ 6,808
10/31/2001 $ 8,166 $ 7,231
11/30/2001 $ 8,849 $ 7,986
12/31/2001 $ 9,278 $ 8,619
1/31/2002 $ 9,597 $ 8,911
2/28/2002 $ 9,707 $ 9,058
3/31/2002 $ 10,103 $ 9,603
4/30/2002 $ 10,202 $ 9,665
5/31/2002 $ 10,048 $ 9,511
6/30/2002 $ 9,388 $ 8,798
7/31/2002 $ 8,684 $ 8,128
8/31/2002 $ 8,640 $ 8,254
9/30/2002 $ 7,781 $ 7,363
10/31/2002 $ 8,122 $ 7,841
11/30/2002 $ 8,519 $ 8,381
12/31/2002 $ 8,205 $ 8,102
1/31/2003 $ 8,040 $ 8,067
2/28/2003 $ 7,808 $ 7,849
3/31/2003 $ 7,510 $ 7,627
4/30/2003 $ 8,051 $ 8,306
5/31/2003 $ 8,558 $ 8,902
6/30/2003 $ 9,043 $ 9,409
7/31/2003 $ 9,562 $ 9,999
8/31/2003 $ 10,289 $ 10,670
9/30/2003 $ 10,289 $ 10,748
10/31/2003 $ 11,039 $ 11,663
11/30/2003 $ 11,106 $ 11,806
12/31/2003 $ 11,723 $ 12,364
</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 portfolio distributions or the redemption of portfolio shares.
Performance includes the effect of deducting expenses, but does not include
charges and expenses attributable to any particular variable contract or Plan.
Accordingly, the Prospectus of the sponsoring Participating Insurance Company
separate account or Plan documents or other informational materials supplied by
Plan sponsors should be carefully reviewed for information on relevant charges
and expenses. Excluding these charges and expenses from quotations of
performance has the effect of increasing the performance quoted, and the effect
of these charges should be considered when comparing performance to that of
other mutual funds.
<Table>
<Caption>
AVERAGE ANNUAL RETURNS AS OF DECEMBER 31, 2003(1)
-------------------------------------------------
1 YEAR 5 YEARS SINCE INCEPTION
------ ------- ---------------
42.88% 7.23% 2.68%
</Table>
- ----------
(1) Fee waivers and/or expense reimbursements reduced expenses for the
Portfolio, without which performance would be lower. Waivers and/or
reimbursements may be discontinued at any time.
(2) The Morgan Stanley Capital International EMF (Emerging Markets Free) Index
is a free float-adjusted market capitalization index that is designed to
measure equity market performance in the global emerging markets. It is the
exclusive property of Morgan Stanley Capital International Inc. Investors
cannot invest directly in an index.
3
<Page>
CREDIT SUISSE TRUST -- EMERGING MARKETS PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 2003
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- ---------------
COMMON STOCKS (91.2%)
BRAZIL (6.4%)
BEVERAGES (1.6%)
Companhia de Bebidas das Americas ADR 46,400 $ 1,183,664
---------------
DIVERSIFIED TELECOMMUNICATION SERVICES (1.0%)
Tele Norte Leste Participacoes SA ADR 48,800 752,984
---------------
OIL & GAS (3.3%)
Petroleo Brasileiro SA - Petrobras ADR 90,500 2,412,730
---------------
PAPER & FOREST PRODUCTS (0.5%)
Aracruz Celulose SA ADR 10,400 364,416
---------------
TOTAL BRAZIL 4,713,794
---------------
CHILE (1.6%)
DIVERSIFIED TELECOMMUNICATION SERVICES (0.5%)
Compania de Telecomunicaciones de Chile SA ADR 24,300 363,285
---------------
ELECTRIC UTILITIES (1.1%)
Enersis SA ADR* 110,000 809,600
---------------
TOTAL CHILE 1,172,885
---------------
CZECH REPUBLIC (0.6%)
INDUSTRIAL CONGLOMERATES (0.6%)
Cesky Telecom AS GDR 40,600 456,750
---------------
TOTAL CZECH REPUBLIC 456,750
---------------
HONG KONG (5.0%)
COMPUTERS & PERIPHERALS (0.9%)
Legend Group, Ltd. 1,550,000 663,822
---------------
ENERGY EQUIPMENT & SERVICES (1.0%)
China Oilfield Services, Ltd. 2,178,000 771,470
---------------
INDUSTRIAL CONGLOMERATES (1.0%)
China Merchants Holdings International Company, Ltd. 552,000 725,217
---------------
TRANSPORTATION INFRASTRUCTURE (0.7%)
Hopewell Highway Infrastucture, Ltd.* 875,000 495,894
---------------
WIRELESS TELECOMMUNICATION SERVICES (1.4%)
China Unicom, Ltd. 1,122,000 1,047,754
---------------
TOTAL HONG KONG 3,704,157
---------------
HUNGARY (0.9%)
PHARMACEUTICALS (0.9%)
Gedeon Richter Rt 5,600 662,955
---------------
TOTAL HUNGARY 662,955
---------------
INDIA (5.9%)
AUTOMOBILES (1.8%)
Maruti Udyog, Ltd.* 155,400 1,281,688
---------------
</Table>
See Accompanying Notes to Financial Statements.
4
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- ----------------
COMMON STOCKS
INDIA
BANKS (2.8%)
State Bank of India, Ltd. GDR 61,800 $ 2,062,884
---------------
PHARMACEUTICALS (1.3%)
Dr. Reddy's Laboratories, Ltd. ADR 14,200 449,430
Ranbaxy Laboratories, Ltd. GDR 20,800 530,400
---------------
979,830
---------------
TOTAL INDIA 4,324,402
---------------
INDONESIA (0.6%)
BANKS (0.2%)
PT Bank Rakyat Indonesia* 955,500 141,808
---------------
TOBACCO (0.4%)
PT Hanjaya Mandala Sampoerna Tbk 541,000 287,441
---------------
TOTAL INDONESIA 429,249
---------------
ISRAEL (2.1%)
BANKS (0.5%)
Bank Hapoalim, Ltd. 153,000 375,973
---------------
INTERNET SOFTWARE & SERVICES (0.4%)
Check Point Software Technologies, Ltd.* 18,900 317,898
---------------
PHARMACEUTICALS (1.2%)
Teva Pharmaceutical Industries, Ltd. ADR 15,200 861,992
---------------
TOTAL ISRAEL 1,555,863
---------------
MALAYSIA (4.0%)
BANKS (2.4%)
Public Bank Berhad 2,207,193 1,800,605
---------------
MEDIA (1.2%)
Astro All Asia Networks PLC* 755,700 878,998
---------------
WIRELESS TELECOMMUNICATION SERVICES (0.4%)
Maxis Communications Berhad 155,000 307,961
---------------
TOTAL MALAYSIA 2,987,564
---------------
MEXICO (6.6%)
BANKS (0.4%)
Grupo Financiero Bancomer* 400,100 341,806
---------------
BEVERAGES (0.3%)
Grupo Modelo SA de CV Series C 85,900 205,629
---------------
CONSTRUCTION MATERIALS (1.0%)
Cemex SA de CV ADR 27,800 728,360
---------------
DIVERSIFIED TELECOMMUNICATION SERVICES (1.5%)
Telefonos de Mexico SA de CV ADR 33,900 1,119,717
---------------
</Table>
See Accompanying Notes to Financial Statements.
5
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- ---------------
COMMON STOCKS
MEXICO
MEDIA (0.5%)
Grupo Televisa SA ADR 9,100 $ 362,726
---------------
MULTILINE RETAIL (0.5%)
Wal-Mart de Mexico SA de CV Series V 123,000 350,592
---------------
WIRELESS TELECOMMUNICATION SERVICES (2.4%)
America Movil SA de CV ADR Series L 65,558 1,792,356
---------------
TOTAL MEXICO 4,901,186
---------------
POLAND (1.0%)
BANKS (1.0%)
Bank Przemyslowo-Handlowy PBK SA 7,800 739,801
---------------
TOTAL POLAND 739,801
---------------
RUSSIA (6.1%)
INDUSTRIAL CONGLOMERATES (2.0%)
Mining and Metallurgical Company Norilsk Nickel ADR 13,800 917,700
YUKOS ADR 13,806 579,852
---------------
1,497,552
---------------
OIL & GAS (1.4%)
Lukoil ADR 11,400 1,061,340
---------------
WIRELESS TELECOMMUNICATION SERVICES (2.7%)
AO VimpelCom ADR* 15,000 1,102,500
Mobile Telesystems ADR 10,500 869,400
---------------
1,971,900
---------------
TOTAL RUSSIA 4,530,792
---------------
SOUTH AFRICA (8.1%)
BANKS (3.4%)
FirstRand, Ltd. 568,600 759,837
Standard Bank Group, Ltd. 296,789 1,742,052
---------------
2,501,889
---------------
DIVERSIFIED TELECOMMUNICATION SERVICES (0.7%)
Telkom South Africa, Ltd. 47,870 498,063
---------------
HOUSEHOLD DURABLES (0.8%)
Steinhoff International Holdings, Ltd. 526,997 603,974
---------------
METALS & MINING (1.5%)
Gold Fields, Ltd. 30,309 433,634
Impala Platinum Holdings, Ltd. 7,900 686,442
---------------
1,120,076
---------------
PAPER & FOREST PRODUCTS (1.1%)
Sappi, Ltd. 59,080 805,435
---------------
</Table>
See Accompanying Notes to Financial Statements.
6
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- ---------------
COMMON STOCKS
SOUTH AFRICA
WIRELESS TELECOMMUNICATION SERVICES (0.6%)
MTN Group, Ltd.* 99,000 $ 421,955
---------------
TOTAL SOUTH AFRICA 5,951,392
---------------
SOUTH KOREA (18.6%)
AUTOMOBILES (1.5%)
Hyundai Motor Company, Ltd. 26,780 1,135,032
---------------
BANKS (3.6%)
Daegu Bank 156,300 756,904
Kookmin Bank ADR 28,300 1,070,872
Shinhan Financial Group Company, Ltd. 49,470 790,939
---------------
2,618,715
---------------
CHEMICALS (1.5%)
Honam Petrochemical Corp. 20,800 1,073,605
---------------
ELECTRONIC EQUIPMENT & INSTRUMENTS (0.5%)
Samsung SDI Company, Ltd. 3,300 389,131
---------------
FOOD PRODUCTS (0.5%)
Orion Corp. 4,900 359,429
---------------
HOUSEHOLD DURABLES (1.2%)
LG Electronics, Inc.* 17,300 850,843
---------------
INTERNET SOFTWARE & Services (0.5%)
NCsoft Corp.* 7,300 404,364
---------------
MACHINERY (1.2%)
Daewoo Shipbuilding & Marine Engineering Company, Ltd.* 71,270 915,175
---------------
METALS & MINING (1.4%)
POSCO ADR 29,700 1,008,909
---------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (6.7%)
Samsung Electronics Company, Ltd. 13,100 4,958,540
---------------
TOTAL SOUTH KOREA 13,713,743
---------------
TAIWAN (13.2%)
BANKS (2.4%)
Chinatrust Financial Holding Company, Ltd. 761,000 764,362
Mega Financial Holding Company, Ltd. 1,066,000 640,542
Taishin Financial Holdings Company, Ltd. 461,000 340,828
---------------
1,745,732
---------------
CHEMICALS (1.9%)
Formosa Plastics Corp. 435,000 717,526
Nan Ya Plastics Corp. 492,000 710,103
---------------
1,427,629
---------------
COMPUTERS & PERIPHERALS (0.7%)
Compeq Manufacturing Company, Ltd.* 1,005,000 529,882
---------------
</Table>
See Accompanying Notes to Financial Statements.
7
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
----------- ---------------
COMMON STOCKS
TAIWAN
DIVERSIFIED FINANCIALS (1.9%)
Fubon Financial Holding Company, Ltd. 1,484,000 $ 1,420,618
---------------
ELECTRONIC EQUIPMENT & INSTRUMENTS (0.7%)
Hon Hai Precision Industry Company, Ltd. 131,000 515,125
---------------
MARINE (1.5%)
Wan Hai Lines, Ltd. 1,200,672 1,085,733
---------------
METALS & MINING (0.8%)
China Steel Corp. GDR, Rule 144A++ 33,200 552,780
---------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (3.3%)
Taiwan Semiconductor Manufacturing Company, Ltd. 581,058 1,086,809
Unimicron Technology Corp. 450,000 359,205
United Microelectronics Corp. 1,181,799 1,012,971
---------------
2,458,985
---------------
TOTAL TAIWAN 9,736,484
---------------
THAILAND (3.4%)
BANKS (1.8%)
Krung Thai Bank Public Company, Ltd. 3,699,000 1,148,279
Siam City Bank Public Company, Ltd. 347,800 184,335
---------------
1,332,614
---------------
CONSTRUCTION MATERIALS (1.6%)
Siam Cement Public Company, Ltd. 169,600 1,181,390
---------------
TOTAL THAILAND 2,514,004
---------------
TURKEY (2.6%)
BANKS (2.1%)
Akbank T.A.S 207,387,409 1,084,909
Turkiye Is Bankasi Class C* 102,080,000 414,132
---------------
1,499,041
---------------
DIVERSIFIED FINANCIALS (0.5%)
Haci Omer Sabanci Holding AS 81,000,000 383,381
---------------
TOTAL TURKEY 1,882,422
---------------
UNITED KINGDOM (4.5%)
METALS & MINING (4.5%)
Anglo American PLC 155,500 3,331,311
---------------
TOTAL UNITED KINGDOM 3,331,311
---------------
TOTAL COMMON STOCKS (Cost $49,542,715) 67,308,754
---------------
</Table>
See Accompanying Notes to Financial Statements.
8
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
---------- ---------------
PREFERRED STOCKS (4.2%)
BRAZIL (4.2%)
BANKS (1.4%)
Banco Bradesco SA 74,000,000 $ 389,879
Banco Itau Holding Financeira 6,200,000 616,776
---------------
1,006,655
---------------
DIVERSIFIED TELECOMMUNICATION SERVICES (0.5%)
Telesp-Telecomunicacoes de Sao Paulo SA 24,600,000 386,267
---------------
ELECTRIC UTILITIES (0.8%)
Companhia Energetica de Minas Gerais 33,100,000 605,208
---------------
METALS & MINING (1.5%)
Companhia Vale do Rio Doce ADR Class A 21,200 1,092,012
---------------
TOTAL PREFERRED STOCKS (Cost $2,183,567) 3,090,142
---------------
RIGHTS (0.0%)
THAILAND (0.0%)
DIVERSIFIED TELECOMMUNICATION SERVICES (0.0%)**
TelecomAsia Corp. Public Company, Ltd.*^ (Cost $0) 50,021 2,964
---------------
INVESTMENT COMPANIES (2.0%)
GLOBAL (2.0%)
MUTUAL FUNDS/INVESTMENT COMPANIES (2.0%)
iShares MSCI Emerging Markets Index (Cost $1,502,125) 9,200 1,508,156
---------------
<Caption>
PAR
(000)
----------
SHORT-TERM INVESTMENT (4.5%)
State Street Bank and Trust Co. Euro Time Deposit,
0.750%, 1/02/04 (Cost $3,307,000) $ 3,307 3,307,000
---------------
TOTAL INVESTMENTS AT VALUE (101.9%) (Cost $56,535,407) 75,217,016
LIABILITIES IN EXCESS OF OTHER ASSETS (-1.9%) (1,435,125)
---------------
NET ASSETS (100.0%) $ 73,781,891
===============
</Table>
INVESTMENT ABBREVIATIONS
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
- ----------
* Non-income producing security.
** This represents less than 0.0% of net assets.
++ Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At December 31,
2003, these securities amounted to a value of $552,780 or 0.8% of net assets.
^ Not readily marketable security; security is valued at fair value as
determined in good faith by the Board of Trustees.
See Accompanying Notes to Financial Statements.
9
<Page>
CREDIT SUISSE TRUST -- EMERGING MARKETS PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
December 31, 2003
<Table>
ASSETS
Investments at value (Cost $56,535,407) (Note 1) $ 75,217,016
Cash 223
Foreign currency at value (Cost $461,951) 463,172
Receivable for portfolio shares sold 25,095
Dividend and interest receivable 256,497
Prepaid expenses 18,745
---------------
Total Assets 75,980,748
---------------
LIABILITIES
Advisory fee payable (Note 2) 28,887
Administrative services fee payable (Note 2) 13,304
Payable for portfolio shares redeemed 69,223
Payable for investments purchased 1,732,007
Deferred foreign tax liability 303,787
Other accrued expenses payable 51,649
---------------
Total Liabilities 2,198,857
---------------
NET ASSETS
Capital stock, $0.001 par value (Note 5) 6,940
Paid-in capital (Note 5) 73,165,299
Undistributed net investment income 236,881
Accumulated net realized loss on investments and foreign currency transactions (18,006,635)
Net unrealized appreciation from investments and foreign currency translations 18,379,406
---------------
Net Assets $ 73,781,891
===============
Shares outstanding 6,940,307
---------------
Net asset value, offering price, and redemption price per share $ 10.63
===============
</Table>
See Accompanying Notes to Financial Statements.
10
<Page>
CREDIT SUISSE TRUST-- EMERGING MARKETS PORTFOLIO
STATEMENT OF OPERATIONS
For the Year Ended December 31, 2003
<Table>
INVESTMENT INCOME (Note 1)
Dividends $ 1,366,045
Interest 19,003
Foreign taxes withheld (156,970)
---------------
Total investment income 1,228,078
---------------
EXPENSES
Investment advisory fees (Note 2) 656,720
Administrative services fees (Note 2) 87,378
Printing fees (Note 2) 64,409
Custodian fees 54,520
Legal fees 34,894
Audit fees 21,189
Insurance expense 7,931
Transfer agent fees 7,101
Registration fees 2,478
Trustees' fees 2,310
Commitment fees (Note 3) 1,784
Interest expense (Note 3) 262
Miscellaneous expense 7,960
---------------
Total expenses 948,936
Less: fees waived (Note 2) (213,409)
---------------
Net expenses 735,527
---------------
Net investment income 492,551
---------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS AND
FOREIGN CURRENCY RELATED ITEMS
Net realized gain from investments (including Thailand Capital Gain Tax
of $(35,094)) 3,046,091
Net realized loss from foreign currency transactions (210,254)
Net change in unrealized appreciation (depreciation) from investments 16,788,363
Net change in unrealized appreciation (depreciation) from foreign currency
translations 9,150
---------------
Net realized and unrealized gain from investments and foreign currency
related items 19,633,350
---------------
Net increase in net assets resulting from operations $ 20,125,901
===============
</Table>
See Accompanying Notes to Financial Statements.
11
<Page>
CREDIT SUISSE TRUST -- EMERGING MARKETS PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE YEAR FOR THE YEAR
ENDED ENDED
DECEMBER 31, 2003 DECEMBER 31, 2002
----------------- -----------------
FROM OPERATIONS
Net investment income $ 492,551 $ 58,993
Net realized gain (loss) from investments and foreign
currency transactions 2,835,837 (6,268,685)
Net change in unrealized appreciation (depreciation) from
investments and foreign currency translations 16,797,513 (287,244)
----------------- -----------------
Net increase (decrease) in net assets resulting from
operations 20,125,901 (6,496,936)
----------------- -----------------
FROM DIVIDENDS
Dividends from net investment income -- (92,763)
----------------- -----------------
FROM CAPITAL SHARE TRANSACTIONS (NOTE 5)
Proceeds from sale of shares 51,362,392 129,411,936
Reinvestment of dividends -- 92,763
Net asset value of shares redeemed (41,573,809) (117,378,658)
----------------- -----------------
Net increase in net assets from capital share
transactions 9,788,583 12,126,041
----------------- -----------------
Net increase in net assets 29,914,484 5,536,342
NET ASSETS
Beginning of year 43,867,407 38,331,065
----------------- -----------------
End of year $ 73,781,891 $ 43,867,407
================= =================
Undistributed Net Investment Income (Loss) $ 236,881 $ (11,406)
================= =================
</Table>
See Accompanying Notes to Financial Statements.
12
<Page>
CREDIT SUISSE TRUST -- EMERGING MARKETS PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Year)
<Table>
<Caption>
FOR THE YEAR ENDED DECEMBER 31,
-------------------------------------------------------
2003 2002 2001 2000 1999
-------- -------- -------- -------- --------
PER SHARE DATA
Net asset value, beginning of year $ 7.44 $ 8.43 $ 9.33 $ 14.18 $ 8.19
-------- -------- -------- -------- --------
INVESTMENT OPERATIONS
Net investment income 0.07 0.01 0.06 0.23 0.05(1)
Net gain (loss) on investments
and foreign currency related items
(both realized and unrealized) 3.12 (0.98) (0.96) (4.70) 6.56
-------- -------- -------- -------- --------
Total from investment operations 3.19 (0.97) (0.90) (4.47) 6.61
-------- -------- -------- -------- --------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income -- (0.02) -- (0.20) (0.04)
Distributions from net realized gains -- -- -- (0.15) (0.58)
Return of capital -- -- -- (0.03) --
-------- -------- -------- -------- --------
Total dividends and distributions -- (0.02) -- (0.38) (0.62)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF YEAR $ 10.63 $ 7.44 $ 8.43 $ 9.33 $ 14.18
======== ======== ======== ======== ========
Total return(2) 42.88% (11.56)% (9.65)% (31.55)% 81.40%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 73,782 $ 43,867 $ 38,331 $ 32,604 $ 16,781
Ratio of expenses to average net assets(3) 1.40% 1.40% 1.40% 1.42% 1.42%
Ratio of net investment income (loss)
to average net assets 0.94% 0.13% 0.63% 2.45% (0.19)%
Decrease reflected in above operating
expense ratios due to
waivers/reimbursements 0.41% 0.44% 0.49% 0.27% 1.73%
Portfolio turnover rate 167% 128% 130% 208% 145%
</Table>
- ----------
(1) Per share information is calculated using the average shares outstanding
method.
(2) Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the years shown, total returns would have been lower.
(3) Interest earned on uninvested cash balances may be used to offset portions
of the transfer agent expense. These arrangements resulted in a reduction to
the Portfolio's net expense ratio by .02% and .02% for the years ended
December 31, 2000 and 1999, respectively. The Portfolio's net operating
expense ratio after reflecting these arrangements was 1.40% for the years
ended December 31, 2000 and 1999, respectively. For the years ended December
31, 2003, 2002, and 2001, there was no effect on the net operating expense
ratio because of transfer agent credits.
See Accompanying Notes to Financial Statements.
13
<Page>
CREDIT SUISSE TRUST -- EMERGING MARKETS PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2003
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Credit Suisse Trust (the "Trust") is an open-end management investment
company registered under the Investment Company Act of 1940, as amended, and
currently offers eight managed investment portfolios of which one, the Emerging
Markets Portfolio (the "Portfolio"), is included in this report. The Portfolio
is a non-diversified investment fund that seeks long-term growth of capital.
Shares of the Portfolio are not available directly to individual investors but
may be offered only through (a) variable annuity contracts and variable life
insurance contracts offered by separate accounts of certain insurance companies
and (b) tax-qualified pension and retirement plans. The Portfolio may not be
available in connection with a particular contract or plan. The Trust was
organized under the laws of the Commonwealth of Massachusetts as a business
trust on March 15, 1995.
A) SECURITY VALUATION -- The net asset value of the Portfolio is determined
daily as of the close of regular trading on the New York Stock Exchange, Inc.
(the "Exchange") on each day the Exchange is open for business. The Portfolio's
equity investments are valued at market value, which is generally determined
using the closing price on the exchange or market on which the security is
primarily traded at the time of valuation (the "Valuation Time"). If no sales
are reported, equity investments are generally valued at the most recent bid
quotation as of the Valuation Time or at the lowest asked quotation in the case
of a short sale of securities. Debt securities with a remaining maturity greater
than 60 days are valued in accordance with the price supplied by a pricing
service, which may use a matrix, formula or other objective method that takes
into consideration market indices, yield curves and other specific adjustments.
Debt obligations that will mature in 60 days or less are valued on the basis of
amortized cost, which approximates market value, unless it is determined that
this method would not represent fair value. Securities and other assets for
which market quotations are not readily available, or whose values have been
materially affected by events occurring before the Portfolio's Valuation Time
but after the close of the securities' primary markets, are valued at fair value
as determined in good faith by the Board of Trustees under procedures
established by the Board of Trustees.
B) FOREIGN CURRENCY TRANSACTIONS -- The books and records of the Portfolio
are maintained in U.S. dollars. Transactions denominated in foreign currencies
are recorded at the current prevailing exchange rates. All assets and
liabilities denominated in foreign currencies are translated into U.S. dollar
amounts at the current exchange rate at the end of the period. Translation gains
or losses resulting from changes in the exchange rate
14
<Page>
during the reporting period and realized gains and losses on the settlement of
foreign currency transactions are reported in the results of operations for the
current period. The Portfolio does not isolate that portion of realized gains
and losses on investments in equity securities which is due to changes in the
foreign exchange rate from that which is due to changes in market prices of
equity securities. The Portfolio isolates that portion of realized gains and
losses on investments in debt securities which is due to changes in the foreign
exchange rate from that which is due to changes in market prices of debt
securities.
C) SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted for on a trade date basis. Interest income is recorded on the accrual
basis. Dividends are recorded on the ex-dividend date. The cost of investments
sold is determined by use of the specific identification method for both
financial reporting and income tax purposes.
D) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net
investment income and distributions of net realized capital gains, if any, are
declared and paid at least annually. However, to the extent that a net realized
capital gain can be reduced by a capital loss carryforward, such gain will not
be distributed. Income and capital gain distributions are determined in
accordance with federal income tax regulations, which may differ from accounting
principles generally accepted in the United States of America ("GAAP").
E) FEDERAL INCOME TAXES -- No provision is made for federal taxes as it is
the Trust's intention to have the Portfolio continue to qualify for and elect
the tax treatment applicable to regulated investment companies under the
Internal Revenue Code of 1986, as amended, and make the requisite distributions
to its shareholders which will be sufficient to relieve it from federal income
and excise taxes.
F) USE OF ESTIMATES -- The preparation of financial statements in conformity
with GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Actual results could
differ from these estimates.
G) SHORT-TERM INVESTMENTS -- The Portfolio, together with other
funds/portfolios advised by Credit Suisse Asset Management, LLC ("CSAM"), an
indirect, wholly-owned subsidiary of Credit Suisse Group, pools available cash
into either a short-term variable rate time deposit issued
15
<Page>
by State Street Bank and Trust Company ("SSB"), the Portfolio's custodian, or a
money market fund advised by CSAM. The short-term time deposit issued by SSB is
a variable rate account classified as a short-term investment.
H) FORWARD FOREIGN CURRENCY CONTRACTS -- The Portfolio may enter into forward
foreign currency contracts for the purchase or sale of a specific foreign
currency at a fixed price on a future date. Risks may arise upon entering into
these contracts from the potential inability of counterparties to meet the terms
of their contracts and from unanticipated movements in the value of a foreign
currency. The Portfolio will enter into forward foreign currency contracts
primarily for hedging purposes. Forward foreign currency contracts are adjusted
by the daily exchange rate of the underlying currency and any gains or losses
are recorded for financial statement purposes as unrealized until the contract
settlement date or an offsetting position is entered into. At December 31, 2003,
the Portfolio had no open forward foreign currency contracts.
I) SECURITIES LENDING -- Loans of securities are required at all times to be
secured by collateral at least equal to 102% of the market value of domestic
securities on loan including any accrued interest thereon and 105% of the market
value of foreign securities on loan including any accrued interest thereon. Cash
collateral received by the Portfolio in connection with securities lending
activity is pooled together with cash collateral for other funds/portfolios
advised by CSAM and may be invested in a variety of investments, including
certain CSAM-advised funds, money market instruments and 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 Portfolio had no securities
out on loan during the year ended December 31, 2003.
Credit Suisse First Boston ("CSFB"), an affiliate of CSAM, has been engaged
by the Portfolio to act as the Portfolio's securities lending agent. Prior to
April 1, 2003, CSFB had agreed to charge the Portfolio 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 Portfolio and CSFB entered into an arrangement to
share the income earned from securities lending activities, whereby, generally,
the Portfolio 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
16
<Page>
receive a smaller proportion of the fees, its fee agreement with the Portfolio
shall be reduced to such lower fee amount. Securities lending income is accrued
as earned. The Portfolio earned no income from securities lending for the year
ended December 31, 2003.
J) OTHER -- The Portfolio may invest in securities of foreign countries and
governments which involve certain risks in addition to those inherent in
domestic investments. Such risks generally include, among others, currency risk
(fluctuations in currency exchange rates), information risk (key information may
be inaccurate or unavailable) and political risk (expropriation, nationalization
or the imposition of capital or currency controls or punitive taxes). Other
risks of investing in foreign securities include liquidity and valuation risks.
The Portfolio's investments in securities of issuers located in less
developed countries considered to be "emerging markets" involve risks in
addition to those generally applicable to foreign securities. Focusing on
emerging (less developed) markets involves higher levels of risk, including
increased currency, information, liquidity, market, political and valuation
risks. Deficiencies in regulatory oversight, market infrastructure, shareholder
protections and company laws could expose the Portfolio to operational and other
risks as well. Some countries may have restrictions that could limit the
Portfolio's access to attractive investment opportunities. Additionally,
emerging markets often face serious economic problems (such as high external
debt, inflation and unemployment) that could subject the Portfolio to increased
volatility or substantial declines in value.
The Portfolio accrues foreign taxes on realized gains and repatriation taxes
in an amount equal to what the Portfolio would owe if the securities were sold
and the proceeds repatriated on the valuation date as a liability and reduction
of realized/unrealized gains. Taxes on foreign income are recorded when the
related income is recorded.
NOTE 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
CSAM serves as investment adviser for the Portfolio. For its investment
advisory services, CSAM is entitled to receive a fee from the Portfolio at an
annual rate of 1.25% of the Portfolio's average daily net assets. For the year
ended December 31, 2003, investment advisory fees earned and voluntarily waived
were $656,720 and $213,409, respectively.
Credit Suisse Asset Management Limited (CSAM U.K.) ("CSAM Ltd. U.K.") and
Credit Suisse Asset Management Limited (CSAM Australia) ("CSAM Ltd. Australia"),
affiliates of CSAM, are sub-investment advisers to
17
<Page>
the Portfolio. CSAM Ltd. U.K. and CSAM Ltd. Australia's sub-investment advisory
fees are paid by CSAM out of CSAM's net investment advisory fee and are not paid
by the Portfolio.
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of
CSAM, and SSB serve as co-administrators to the Portfolio.
For its co-administrative services, CSAMSI currently receives a fee
calculated at an annual rate of 0.10% of the Portfolio's average daily net
assets. For the year ended December 31, 2003, co-administrative services fees
earned by CSAMSI were $52,538.
For its co-administrative services, SSB receives a fee, exclusive of
out-of-pocket expenses, based upon the following fee schedule calculated in
total for all the Credit Suisse funds/portfolios co-administered by SSB and
allocated based upon relative average net assets of each fund/portfolio subject
to an annual minimum fee.
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ -----------
First $5 billion 0.050% of average daily net assets
Next $5 billion 0.035% of average daily net assets
Over $10 billion 0.020% of average daily net assets
</Table>
For the year ended December 31, 2003, co-administrative services fees earned
by SSB (including out-of-pocket expenses) were $34,840.
In addition to serving as the Portfolio's co-administrator, CSAMSI currently
serves as distributor of the Portfolio's shares without compensation.
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Portfolio to provide certain financial printing and fulfillment services.
For the year ended December 31, 2003, Merrill was paid $14,568 for its services
to the Portfolio.
NOTE 3. LINE OF CREDIT
The Portfolio, together with other funds/portfolios advised by CSAM
(collectively, the "Participating Funds"), participates in a $100 million
committed, unsecured line of credit facility ("Credit Facility") for temporary
or emergency purposes with Deutsche Bank, A.G. as administrative agent and
syndication agent and SSB as operations agent. Under the terms of the Credit
Facility, the Participating Funds pay an aggregate commitment fee at a rate of
0.10% per annum on the average unused amount of the Credit Facility, which is
allocated among the Participating Funds in such manner as
18
<Page>
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 December 31, 2003, the Portfolio had no loans outstanding under
the Credit Facility. During the year ended December 31, 2003, the Portfolio had
borrowings under the Credit Facility as follows:
<Table>
<Caption>
AVERAGE DAILY WEIGHTED AVERAGE MAXIMUM DAILY
LOAN BALANCE INTEREST RATE % LOAN OUTSTANDING
------------- ---------------- ----------------
$ 1,066,200 1.766% $ 1,376,000
</Table>
NOTE 4. PURCHASES AND SALES OF SECURITIES
For the year ended December 31, 2003, purchases and sales of investment
securities (excluding short-term investments) were $94,369,363 and $84,725,832,
respectively.
NOTE 5. CAPITAL SHARE TRANSACTIONS
The Trust is authorized to issue an unlimited number of full and fractional
shares of beneficial interest, $.001 par value per share. Transactions in
capital shares of the Portfolio were as follows:
<Table>
<Caption>
FOR THE YEAR ENDED FOR THE YEAR ENDED
DECEMBER 31, 2003 DECEMBER 31, 2002
------------------ ------------------
Shares sold 6,273,517 14,893,040
Shares issued in reinvestment of dividends -- 12,158
Shares redeemed (5,226,878) (13,557,723)
---------- -----------
Net increase 1,046,639 1,347,475
========== ===========
</Table>
On December 31, 2003, the number of shareholders that held 5% or more of the
outstanding shares of the Portfolio were as follows:
<Table>
<Caption>
NUMBER OF APPROXIMATE PERCENTAGE
SHAREHOLDERS OF OUTSTANDING SHARES
------------ ----------------------
5 90%
</Table>
Some of the shareholders are omnibus accounts, which hold shares on behalf of
individual shareholders.
19
<Page>
NOTE 6. FEDERAL INCOME TAXES
Income and capital gain distributions are determined in accordance with
federal income tax regulations, which may differ from GAAP. These differences
are primarily due to differing treatments of foreign currency transactions,
losses deferred due to wash sales, Post-October losses and foreign tax credit
adjustments.
The tax characteristics of dividends and distributions paid during the year
ended December 31, 2003 and 2002, for the Portfolio were as follows:
<Table>
<Caption>
ORDINARY INCOME
---------------
2003 2002
---- ----
$ -- $ 92,763
</Table>
At December 31, 2003, the components of distributable earnings on a tax basis
for the Portfolio were as follows:
<Table>
Undistributed ordinary income $ 257,121
Accumulated net realized loss (16,784,485)
Unrealized appreciation 17,157,256
Undistributed ordinary loss-other (20,240)
-------------
$ 609,652
=============
</Table>
At December 31, 2003, the Portfolio had capital loss carryforwards available
to offset possible future capital gains as follows:
<Table>
<Caption>
EXPIRES DECEMBER 31,
--------------------
2008 2009 2010
---- ---- ----
$ 2,020,577 $ 9,218,260 $ 5,545,648
</Table>
The Portfolio utilized net capital loss carryforward of $1,527,354 during
2003.
Under current tax law, certain capital losses realized after October 31
within a taxable year may be deferred and treated as occurring on the first day
of the following tax year. For the tax period ended December 31, 2003, the
Portfolio elected to defer net losses arising between November 1, 2003 and
December 31, 2003.
<Table>
<Caption>
CURRENCY CAPITAL
-------- -------
$ 20,240 $ --
</Table>
At December 31, 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 from investments were $57,757,557, $17,552,502,
$(93,043) and $17,459,459, respectively.
20
<Page>
At December 31, 2003, the Fund reclassified $244,264 from undistributed net
investment income to accumulated net realized loss from investments, to adjust
for current period permanent book/tax differences which arose principally from
differing book/tax treatments of foreign currency transactions and foreign tax
credit adjustment. Net assets were not affected by these reclassifications.
NOTE 7. CONTINGENCIES
In the normal course of business, the Portfolio may provide general
indemnifications pursuant to certain contracts and organizational documents. The
Portfolio's maximum exposure under these arrangements is dependent on future
claims that may be made against the Portfolio and, therefore, cannot be
estimated; however, based on experience, the risk of loss from such claims is
considered remote.
21
<Page>
CREDIT SUISSE TRUST -- EMERGING MARKETS PORTFOLIO
REPORT OF INDEPENDENT AUDITORS
To the Board of Trustees of Credit Suisse Trust and Shareholders of
Credit Suisse Trust-Emerging Markets Portfolio:
In our opinion, the accompanying statement of assets and liabilities,
including the schedule of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Emerging Markets Portfolio (the
"Portfolio"), a portfolio of the Credit Suisse Trust, at December 31, 2003, the
results of its operations for the year then ended, the changes in its net assets
for each of the two years in the period then ended and the financial highlights
for each of the five years in the period then ended, in conformity with
accounting principles generally accepted in the United States of America. These
financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Portfolio's management;
our responsibility is to express an opinion on these financial statements based
on our audits. We conducted our audits of these financial statements in
accordance with auditing standards generally accepted in the United States of
America, which require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at December 31, 2003 by
correspondence with the custodian, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 3, 2004
22
<Page>
CREDIT SUISSE TRUST -- EMERGING MARKETS PORTFOLIO
INFORMATION CONCERNING TRUSTEES AND OFFICERS (UNAUDITED)
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- -------------------------- ----------- ------------ -------------------- ------------- ---------------
INDEPENDENT TRUSTEES
Richard H. Francis Trustee, Since Currently retired 43 None
c/o Credit Suisse Asset Nominating 1999
Management, LLC and
466 Lexington Avenue Audit
New York, New York Committee
10017-3140 Member
Date of Birth: 04/23/32
Jeffrey E. Garten(2) Trustee, Since Dean of Yale 42 Director of Aetna,
Box 208200 Nominating 1998 School of Inc. (insurance
New Haven, Connecticut and Management and company); Director
06520-8200 Audit William S. Beinecke of Calpine
Committee Professor in the Corporation (energy
Date of Birth: 10/29/46 Member Practice of provider); Director
International of CarMax Group
Trade and Finance (used car dealers)
(11/95-present)
</Table>
- ----------
(1) Each Trustee and Officer serves until his or her respective successor has
been duly elected and qualified.
(2) Mr. Garten was initially appointed as a Trustee of the Trust on February 6,
1998. He resigned as Trustee on February 3, 2000, and was subsequently
re-appointed on December 21, 2000.
23
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- -------------------------- ----------- ------------ -------------------- ------------- --------------------
INDEPENDENT TRUSTEES
Peter F. Krogh Trustee, Since Dean Emeritus and 42 Director of Carlisle
301 ICC Nominating 2001 Distinguished Companies
Georgetown University and Professor of Incorporated
Washington, DC 20057 Audit International (diversified
Committee Affairs at the manufacturing
Date of Birth: 02/11/37 Member Edmund A. Walsh company); Member of
School of Foreign Selection Committee
Service, Georgetown for Truman Scholars
University and Henry Luce
(6/95 - present); Scholars; Senior
Moderator of PBS Associate of Center
foreign affairs for Strategic and
television International
series (1988-2000) Studies; Trustee of
numerous world
affairs
organizations
James S. Pasman, Jr. Trustee, Since Currently retired 44 Director of
c/o Credit Suisse Asset Nominating 1999 Education
Management, LLC and Management
466 Lexington Avenue Audit Corp.
New York, New York Committee
10017-3140 Member
Date of Birth: 12/20/30
Steven N. Rappaport Trustee, Since Partner of Lehigh 44 None
Lehigh Court, LLC Nominating 1999 Court, LLC and RZ
40 East 52nd Street Committee Capital (private
New York, New York Member and investment firms)
10022 Audit (7/02 - present);
Committee Consultant to
Date of Birth: 07/10/48 Chairman SunGard Securities
Finance, Inc. from
February 2002 to
July 2002; President
of SunGard
Securities Finance,
Inc. from 2001 to
February 2002;
President of Loanet,
Inc. (on-line
accounting service)
from 1997 to 2001
</Table>
24
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- -------------------------- ----------- ------------ -------------------- ------------- ---------------
INTERESTED TRUSTEES
Joseph D. Gallagher(3) Trustee, Since Managing Director, 45 None
Credit Suisse Asset Chairman of 2003 Chief Executive
Management, LLC the Board Officer of CSAM and
466 Lexington Avenue and Chief Global Chief
New York, New York Executive Operating Officer of
10017-3140 Officer Credit Suisse Asset
Management since
Date of Birth: 12/14/62 2003; Global Chief
Financial Officer,
Credit Suisse Asset
Management from 1999
to 2003; Chief
Executive Officer
and Director of
Credit Suisse Asset
Management Limited,
London, England,
from June 2000 to
2003; Director of
Credit Suisse Asset
Management Funds
(UK) Limited,
London, England,
from June 2000 to
2003; Managing
Director, Head -
Asian Corporate
Finance and M&A,
Credit Suisse First
Boston, Hong Kong,
China, from January
1998 to May 1999
William W. Priest, Jr.(4) Trustee Since Co-Managing Partner, 49 Director of
Steinberg Priest & Sloane 1999 Steinberg Priest & Globe Wireless,
Capital Management, LLC Sloane Capital LLC (maritime
12 East 49th Street Management, LLC communications
12th Floor since March 2001; company);
New York, New York 10017 Chairman and Director of
Managing Director of InfraRed X
Date of Birth: 09/24/41 CSAM from 2000 to (medical device
February 2001, Chief company)
Executive Officer
and Managing
Director of CSAM
from 1990 to 2000
</Table>
- ----------
(3) Mr. Gallagher is a Trustee who is an "interested person" of the Trust as
defined in the 1940 Act, because he is an officer of CSAM.
(4) Mr. Priest is a Trustee who is an "interested person" of the Trust as
defined in the 1940 Act, because he provided consulting services to CSAM
within the last two years (ended 12/31/02).
25
<Page>
<Table>
<Caption>
TERM
OF OFFICE(1)
AND
POSITION(s) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH TRUST SERVED PRINCIPAL OCCUPATION(s) DURING PAST FIVE YEARS
- ----------------------- ------------- ------------ ----------------------------------------------------------
OFFICERS
Hal Liebes Vice President Since Managing Director and Global General Counsel of CSAM;
Credit Suisse Asset and Secretary 1999 Associated with CSAM since 1997; Officer of other Credit
Management, LLC Suisse Funds
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 07/06/64
Michael A. Pignataro Chief Financial Since Director and Director of Fund Administration of CSAM;
Credit Suisse Asset Officer and 1999 Associated with CSAM since 1984; Officer of other
Management, LLC Treasurer Credit Suisse Funds
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 11/15/59
Gregory N. Bressler Assistant Since Director and Deputy General Counsel of CSAM; Associated
Credit Suisse Asset Secretary 2000 with CSAM since January 2000; Associated with the law firm
Management, LLC of Swidler Berlin Shereff Friedman LLP from 1996 to 2000;
466 Lexington Avenue Officer of other Credit Suisse Funds
New York, New York
10017-3140
Date of Birth: 11/17/66
Rocco A. Del Guercio Assistant Since Vice President of CSAM; Associated with CSAM since
Credit Suisse Asset Treasurer 1999 June 1996; Officer of other Credit Suisse Funds
Management, LLC
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 04/28/63
Joseph Parascondola Assistant Since Assistant Vice President of CSAM; Associated with CSAM
Credit Suisse Asset Treasurer 2000 since April 2000; Assistant Vice President, Deutsche
Management, LLC Asset Management from January 1999 to April 2000;
466 Lexington Avenue Assistant Vice President, Weiss, Peck & Greer LLC from
New York, New York November 1995 to December 1998; Officer of other
10017-3140 Credit Suisse Funds
Date of Birth: 06/05/63
</Table>
26
<Page>
<Table>
<Caption>
TERM
OF OFFICE(1)
AND
POSITION(s) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH TRUST SERVED PRINCIPAL OCCUPATION(s) DURING PAST FIVE YEARS
- ---------------------- ----------- ------------ ----------------------------------------------------------
OFFICERS
Robert M. Rizza Assistant Since Assistant Vice President of CSAM; Associated with CSAM
Credit Suisse Asset Treasurer 2002 since 1998; Officer of other Credit Suisse Funds
Management, LLC
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 12/09/65
</Table>
The Statement of Additional Information includes additional information about
the Trustees and is available, without charge, upon request, by calling
800-222-8977.
27
<Page>
CREDIT SUISSE TRUST -- EMERGING MARKETS PORTFOLIO
TAX INFORMATION LETTER (UNAUDITED)
DECEMBER 31, 2003
IMPORTANT TAX INFORMATION FOR CORPORATE SHAREHOLDERS
During the fiscal year ended December 31, 2003, the Portfolio distributed
$1,366,045 of foreign source income on which the Portfolio paid foreign taxes of
$176,489. This information is being furnished to you pursuant to notice
requirements of Section 853(a) and 855(d) of the Internal Revenue Code of 1986,
as amended the "Code", and the Treasury Regulations thereunder.
28
<Page>
P.O. BOX 55030, BOSTON, MA 02205-5030 [CREDIT SUISSE ASSET MANAGEMENT LOGO]
800-222-8977 - www.csam.com
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. TREMK-2-1203
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE FUNDS
ANNUAL REPORT
DECEMBER 31, 2003
CREDIT SUISSE TRUST
- - BLUE CHIP PORTFOLIO
CREDIT SUISSE TRUST (THE "TRUST") SHARES ARE NOT AVAILABLE DIRECTLY TO
INDIVIDUAL INVESTORS, BUT MAY BE OFFERED ONLY THROUGH CERTAIN INSURANCE PRODUCTS
AND PENSION AND RETIREMENT PLANS.
MORE COMPLETE INFORMATION ABOUT THE TRUST, INCLUDING CHARGES AND EXPENSES, IS
PROVIDED IN THE PROSPECTUS, WHICH SHOULD BE READ CAREFULLY BEFORE INVESTING. YOU
MAY OBTAIN ADDITIONAL COPIES BY CALLING 800-222-8977 OR BY WRITING TO CREDIT
SUISSE TRUST, 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. THE TRUST IS ADVISED BY CREDIT SUISSE
ASSET MANAGEMENT, LLC.
<Page>
THE PORTFOLIO'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 PORTFOLIO'S MANAGEMENT ARE AS OF THE DATE OF THE LETTER AND THE
PORTFOLIO HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF DECEMBER 31, 2003; THESE
VIEWS AND PORTFOLIO HOLDINGS MAY HAVE CHANGED SUBSEQUENT TO THESE DATES. NOTHING
IN THIS DOCUMENT IS A RECOMMENDATION TO PURCHASE OR SELL SECURITIES.
PORTFOLIO 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 TRUST -- BLUE CHIP PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT
December 31, 2003 (Unaudited)
January 30, 2004
Dear Shareholder:
For the 12 months ended December 31, 2003, Credit Suisse Trust -- Blue Chip
Portfolio(1) (the "Portfolio") had a gain of 24.92%, versus an increase of
28.42% for the S&P 500 Index(2).
The period was a positive one for the U.S. stock market, though equities
struggled early on. The market declined into March, hurt by a great deal of
uncertainty regarding a looming conflict with Iraq and a related softening in
consumer sentiment. Stocks began to recover, however, rising rapidly in 2003's
second quarter, then continuing to rally in a more subdued manner. When the war
came to a swift and seemingly successful end in April, a major cloud of
uncertainty lifted and investors embraced risk. Optimism over a potential
economic recovery also supported equities. Grounds for this optimism included
historically low interest rates, a significant tax-reduction package, and an
upturn in leading economic indicators around the world.
The Portfolio participated in the market's rally, though it trailed its
benchmark, hindered in part by weakness in certain media and telecommunications,
and financial-services holdings. On the positive side, factors that helped the
Portfolio included good stock selection in the health-care and technology
sectors.
The U.S. economic recovery appears to be underway, as indicated by the
impressive annualized GDP growth rate of 8.2% for the third quarter of 2003. In
short, the potent mix of fiscal and monetary stimulus applied to the economy
over the last year seems to be taking hold at last. How sustainable the recovery
will be is unknown, but we see grounds for encouragement. What is unusual about
present conditions is the remarkably high rate of U.S. productivity growth, and
its potential to help keep inflation and interest rates low. Not so pleasing is
the effect rapid productivity growth can have on the labor market, specifically
resulting in slower job growth than would otherwise prevail. That said, recent
data suggest that the labor market is finally firming. Moderately faster job
growth might give equity investors even greater confidence in the robustness of
consumer demand, which could, in turn, bode well for the equity market.
In terms of portfolio strategy, we have been replacing certain less-cyclical
companies with companies that we believe might perform better in an environment
of growth combined with low inflation. As always, we continue to place a premium
on company managements with a history of good execution. Of course, valuation
remains a perennial concern, but even when
1
<Page>
replacing expensive holdings with cheaper ones we strive for consistency with
our economic view.
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 PORTFOLIO'S INVESTMENTS. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
2
<Page>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE
CREDIT SUISSE TRUST -- BLUE CHIP PORTFOLIO(1) AND THE
S&P 500 Index(2) from Inception (11/30/01).
<Table>
<Caption>
CREDIT SUISSE TRUST-BLUE
CHIP PORTFOLIO(1) S&P 500 Index(2)
11/30/2001 $ 10,000 $ 10,000
12/31/2001 $ 10,020 $ 10,088
1/31/2002 $ 9,800 $ 9,940
2/28/2002 $ 9,520 $ 9,749
3/31/2002 $ 9,880 $ 10,115
4/30/2002 $ 9,140 $ 9,502
5/31/2002 $ 9,000 $ 9,432
6/30/2002 $ 8,290 $ 8,760
7/31/2002 $ 7,670 $ 8,077
8/31/2002 $ 7,710 $ 8,130
9/30/2002 $ 6,850 $ 7,247
10/31/2002 $ 7,430 $ 7,885
11/30/2002 $ 7,870 $ 8,349
12/31/2002 $ 7,351 $ 7,858
1/31/2003 $ 7,171 $ 7,652
2/28/2003 $ 7,040 $ 7,538
3/31/2003 $ 7,141 $ 7,611
4/30/2003 $ 7,711 $ 8,238
5/31/2003 $ 8,041 $ 8,672
6/30/2003 $ 8,141 $ 8,783
7/31/2003 $ 8,321 $ 8,937
8/31/2003 $ 8,461 $ 9,112
9/30/2003 $ 8,369 $ 9,015
10/31/2003 $ 8,811 $ 9,525
11/30/2003 $ 8,801 $ 9,609
12/31/2003 $ 9,182 $ 10,113
</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 Portfolio distributions or the redemption of Portfolio shares.
Performance includes the effect of deducting expenses, but does not include
charges and expenses attributable to any particular variable contract or Plan.
Accordingly, the Prospectus of the sponsoring Participating Insurance Company
separate account or Plan documents or other informational materials supplied by
Plan sponsors should be carefully reviewed for information on relevant charges
and expenses. Excluding these charges and expenses from quotations of
performance has the effect of increasing the performance quoted, and the effect
of these charges should be considered when comparing performance to that of
other mutual funds.
<Table>
<Caption>
AVERAGE ANNUAL RETURNS AS OF DECEMBER 31, 2003(1)
-----------------------------------------------------
1 YEAR SINCE INCEPTION
------ ---------------
24.92% (4.00)%
</Table>
- ----------
(1) Fee waivers and/or expense reimbursements reduced expenses for the
Portfolio, without which performance would be lower. Waivers and/or
reimbursements may be discontinued any time.
(2) 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.
3
<Page>
CREDIT SUISSE TRUST -- BLUE CHIP PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 2003
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- -------------
COMMON STOCKS (99.8%)
AEROSPACE & DEFENSE (2.1%)
United Technologies Corp. 3,500 $ 331,695
-------------
AIR FREIGHT & COURIERS (1.0%)
FedEx Corp. 2,400 162,000
-------------
BANKS (7.2%)
Bank of America Corp. 4,250 341,828
Mellon Financial Corp. 7,300 234,403
Wachovia Corp. 5,500 256,245
Wells Fargo & Co. 5,300 312,117
-------------
1,144,593
-------------
BEVERAGES (2.0%)
PepsiCo, Inc. 6,700 312,354
-------------
BIOTECHNOLOGY (2.7%)
Amgen, Inc.* 6,800 420,240
-------------
CHEMICALS (1.9%)
PPG Industries, Inc. 4,800 307,296
-------------
COMMERCIAL SERVICES & SUPPLIES (2.1%)
Avery Dennison Corp. 4,100 229,682
Monster Worldwide, Inc.* 4,500 98,820
-------------
328,502
-------------
COMMUNICATIONS EQUIPMENT (4.2%)
Cisco Systems, Inc.* 16,500 400,785
Motorola, Inc. 14,000 196,980
Qualcomm, Inc. 1,300 70,109
-------------
667,874
-------------
COMPUTERS & PERIPHERALS (3.9%)
Dell, Inc.* 6,700 227,532
International Business Machines Corp. 3,000 278,040
Seagate Technology 5,500 103,950
-------------
609,522
-------------
DIVERSIFIED FINANCIALS (9.7%)
Capital One Financial Corp. 3,400 208,386
Citigroup, Inc. 9,500 461,130
J.P. Morgan Chase & Co. 7,700 282,821
Merrill Lynch & Company, Inc. 5,500 322,575
State Street Corp. 5,000 260,400
-------------
1,535,312
-------------
DIVERSIFIED TELECOMMUNICATION SERVICES (3.4%)
BellSouth Corp. 9,000 254,700
Verizon Communications, Inc. 8,100 284,148
-------------
538,848
-------------
</Table>
See Accompanying Notes to Financial Statements.
4
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- -------------
COMMON STOCKS
ELECTRIC UTILITIES (1.2%)
Ameren Corp. 4,300 $ 197,800
-------------
ELECTRICAL EQUIPMENT (0.6%)
Emerson Electric Co. 1,400 90,650
-------------
FOOD & DRUG RETAILING (2.3%)
CVS Corp. 10,000 361,200
-------------
FOOD PRODUCTS (1.7%)
General Mills, Inc. 6,100 276,330
-------------
HEALTHCARE EQUIPMENT & SUPPLIES (2.3%)
Biomet, Inc. 4,200 152,922
Medtronic, Inc. 4,200 204,162
-------------
357,084
-------------
HOUSEHOLD PRODUCTS (2.1%)
Clorox Co. 3,800 184,528
Procter & Gamble Co. 1,400 139,832
-------------
324,360
-------------
INDUSTRIAL CONGLOMERATES (3.8%)
General Electric Co. 10,000 309,800
Tyco International, Ltd. 10,800 286,200
-------------
596,000
-------------
INSURANCE (4.3%)
Chubb Corp. 3,700 251,970
Hartford Financial Services Group, Inc. 7,200 425,016
-------------
676,986
-------------
MEDIA (7.6%)
Clear Channel Communications, Inc. 4,500 210,735
Comcast Corp. Class A* 4,700 154,489
EchoStar Communications Corp. Class A* 3,000 102,000
Omnicom Group, Inc. 3,500 305,655
Tribune Co. 3,000 154,800
Viacom, Inc. Class B 6,100 270,718
-------------
1,198,397
-------------
MULTILINE RETAIL (5.7%)
Federated Department Stores, Inc. 5,000 235,650
Target Corp. 7,000 268,800
Wal-Mart Stores, Inc. 7,600 403,180
-------------
907,630
-------------
OIL & GAS (5.7%)
ConocoPhillips 6,500 426,205
Exxon Mobil Corp. 11,500 471,500
-------------
897,705
-------------
</Table>
See Accompanying Notes to Financial Statements.
5
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- -------------
COMMON STOCKS
PERSONAL PRODUCTS (2.3%)
Avon Products, Inc. 2,200 $ 148,478
Estee Lauder Companies, Inc. Class A 5,300 208,078
-------------
356,556
-------------
PHARMACEUTICALS (8.2%)
Abbott Laboratories 5,800 270,280
Forest Laboratories, Inc.* 2,800 173,040
Johnson & Johnson 6,300 325,458
Pfizer, Inc. 14,700 519,351
-------------
1,288,129
-------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (6.2%)
Intel Corp. 15,000 483,000
Maxim Integrated Products, Inc. 2,700 134,460
Texas Instruments, Inc. 12,500 367,250
-------------
984,710
-------------
SOFTWARE (5.6%)
Electronic Arts, Inc.* 2,600 124,228
Microsoft Corp. 17,000 468,180
Symantec Corp.* 4,400 152,460
VERITAS Software Corp.* 3,600 133,776
-------------
878,644
-------------
TOTAL COMMON STOCKS (Cost $14,566,578) 15,750,417
-------------
TOTAL INVESTMENTS AT VALUE (99.8%) (Cost $14,566,578) 15,750,417
OTHER ASSETS IN EXCESS OF LIABILITIES (0.2%) 25,485
-------------
NET ASSETS (100.0%) $ 15,775,902
=============
</Table>
* Non-income producing security.
See Accompanying Notes to Financial Statements.
6
<Page>
CREDIT SUISSE TRUST -- BLUE CHIP PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
December 31, 2003
<Table>
ASSETS
Investments at value (Cost $14,566,578) (Note 1) $ 15,750,417
Cash 19,372
Receivable for investments sold 213,442
Dividend receivable 12,729
Receivable for portfolio shares sold 8,977
Prepaid expenses 14,215
-------------
Total Assets 16,019,152
-------------
LIABILITIES
Advisory fee payable (Note 2) 18,183
Administrative services fee payable (Note 2) 3,190
Payable for investments purchased 207,562
Other accrued expenses payable 14,315
-------------
Total Liabilities 243,250
-------------
NET ASSETS
Capital stock, $0.001 par value (Note 5) 1,724
Paid-in capital (Note 5) 19,010,754
Undistributed net investment income 96,797
Accumulated net realized loss on investments (4,517,212)
Net unrealized appreciation from investments 1,183,839
-------------
Net Assets $ 15,775,902
=============
Shares outstanding 1,724,149
-------------
Net asset value, offering price, and redemption price per share $ 9.15
=============
</Table>
See Accompanying Notes to Financial Statements.
7
<Page>
CREDIT SUISSE TRUST-- BLUE CHIP PORTFOLIO
STATEMENT OF OPERATIONS
For the Year Ended December 31, 2003
<Table>
INVESTMENT INCOME (NOTE 1)
Dividends $ 290,940
Interest 422
-------------
Total investment income 291,362
-------------
EXPENSES
Investment advisory fees (Note 2) 125,795
Administrative services fees (Note 2) 30,310
Legal fees 35,582
Audit fees 19,075
Printing fees (Note 2) 16,793
Insurance expense 7,486
Custodian fees 4,224
Transfer agent fees 2,701
Trustees' fees 2,310
Registration fees 1,822
Interest expense (Note 3) 1,354
Commitment fees (Note 3) 659
Miscellaneous expense 2,441
-------------
Total expenses 250,552
Less: fees waived (Note 2) (55,989)
-------------
Net expenses 194,563
-------------
Net investment income 96,799
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized loss from investments (2,830,469)
Net change in unrealized appreciation (depreciation) from investments 6,369,975
-------------
Net realized and unrealized gain from investments 3,539,506
-------------
Net increase in net assets resulting from operations $ 3,636,305
=============
</Table>
See Accompanying Notes to Financial Statements.
8
<Page>
CREDIT SUISSE TRUST-- BLUE CHIP PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE YEAR FOR THE YEAR
ENDED ENDED
DECEMBER 31, 2003 DECEMBER 31, 2002
----------------- -----------------
FROM OPERATIONS
Net investment income $ 96,799 $ 52,552
Net realized loss on investments (2,830,469) (1,686,743)
Net change in unrealized appreciation (depreciation) from investments 6,369,975 (5,193,922)
----------------- -----------------
Net increase (decrease) in net assets resulting from operations 3,636,305 (6,828,113)
----------------- -----------------
FROM DIVIDENDS
Dividends from net investment income (52,550) (1,497)
----------------- -----------------
Net decrease in net assets resulting from dividends (52,550) (1,497)
----------------- -----------------
FROM CAPITAL SHARE TRANSACTIONS (NOTE 5)
Proceeds from sale of shares 2,927,061 25,534,366
Reinvestment of dividends 52,550 1,497
Net asset value of shares redeemed (11,077,119) (3,538,247)
----------------- -----------------
Net increase (decrease) in net assets from capital share transactions (8,097,508) 21,997,616
----------------- -----------------
Net increase (decrease) in net assets (4,513,753) 15,168,006
NET ASSETS
Beginning of year 20,289,655 5,121,649
----------------- -----------------
End of year $ 15,775,902 $ 20,289,655
================= =================
Undistributed Net Investment Income $ 96,797 $ 52,548
================= =================
</Table>
See Accompanying Notes to Financial Statements.
9
<Page>
CREDIT SUISSE TRUST -- BLUE CHIP PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE YEAR ENDED DECEMBER 31,
----------------------------------------
2003 2002 2001(1)
---------- ---------- ----------
PER SHARE DATA
Net asset value, beginning of period $ 7.35 $ 10.02 $ 10.00
---------- ---------- ----------
INVESTMENT OPERATIONS
Net investment income 0.07 0.02 0.00(2)
Net gain (loss) on investments
(both realized and unrealized) 1.76 (2.69) 0.02
---------- ---------- ----------
Total from investment operations 1.83 (2.67) 0.02
---------- ---------- ----------
LESS DIVIDENDS
Dividends from net investment income (0.03) 0.00(2) --
---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 9.15 $ 7.35 $ 10.02
========== ========== ==========
Total return(3) 24.92% (26.64)% 0.20%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 15,776 $ 20,290 $ 5,122
Ratio of expenses to average net assets 1.16% 1.16% 1.16%(4)
Ratio of net investment income to average net assets 0.58% 0.25% 0.35%(4)
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 0.33% 0.23% 4.86%(4)
Portfolio turnover rate 40% 31% 2%
</Table>
(1) For the period November 30, 2001 (commencement of operations) through
December 31, 2001.
(2) This amount represents less than $0.01 per share.
(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.
10
<Page>
CREDIT SUISSE TRUST -- BLUE CHIP PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2003
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Credit Suisse Trust (the "Trust") is an open-end management investment
company registered under the Investment Company Act of 1940, as amended, and
currently offers eight managed investment portfolios of which one, the Blue Chip
Portfolio (the "Portfolio"), is included in this report. The Portfolio is a
diversified investment fund that seeks long-term capital appreciation. Shares of
the Portfolio are not available directly to individual investors but may be
offered only through (a) variable annuity contracts and variable life insurance
contracts offered by separate accounts of certain insurance companies and (b)
tax-qualified pension and retirement plans. The Portfolio may not be available
in connection with a particular contract or plan. The Trust was organized under
the laws of the Commonwealth of Massachusetts as a business trust on March 15,
1995.
A) SECURITY VALUATION -- The net asset value of the Portfolio is determined
daily as of the close of regular trading on the New York Stock Exchange, Inc.
(the "Exchange") on each day the Exchange is open for business. The Portfolio's
equity investments are valued at market value, which is generally determined
using the closing price on the exchange or market on which the security is
primarily traded at the time of valuation (the "Valuation Time"). If no sales
are reported, equity investments are generally valued at the most recent bid
quotation as of the Valuation Time or at the lowest asked quotation in the case
of a short sale of securities. Debt securities with a remaining maturity greater
than 60 days are valued in accordance with the price supplied by a pricing
service, which may use a matrix, formula or other objective method that takes
into consideration market indices, yield curves and other specific adjustments.
Debt obligations that will mature in 60 days or less are valued on the basis of
amortized cost, which approximates market value, unless it is determined that
using this method would not represent fair value. Securities and other assets
for which market quotations are not readily available, or whose values have been
materially affected by events occurring before the Portfolio's Valuation Time
but after the close of the securities' primary markets, are valued at fair value
as determined in good faith by the Board of Trustees under procedures
established by the Board of Trustees.
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. The cost of investments
sold is determined by use of the specific identification method for both
financial reporting and income tax purposes.
11
<Page>
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 carryforward, such gain will not
be distributed. Income and capital gain distributions are determined in
accordance with federal income tax regulations which may differ from accounting
principles generally accepted in the United States of America ("GAAP").
D) FEDERAL INCOME TAXES -- No provision is made for federal taxes as it is
the Trust's intention to have the Portfolio 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 Portfolio, together with other
funds/portfolios advised by Credit Suisse Asset Management, LLC ("CSAM") an
indirect, wholly-owned subsidiary of Credit Suisse Group, pools available cash
into either a short-term variable rate time deposit issued by State Street Bank
and Trust Company ("SSB"), the Portfolio's custodian, or a money market fund
advised by CSAM. The short-term time deposit issued by SSB is a variable rate
account classified as a short-term investment.
G) SECURITIES LENDING -- Loans of securities are required at all times to be
secured by collateral at least equal to 102% of the market value of domestic
securities on loan including any accrued interest thereon and 105% of the market
value of foreign securities on loan including any accrued interest thereon. Cash
collateral received by the Portfolio in connection with securities lending
activity is pooled together with cash collateral for other funds/portfolios
advised by CSAM and may be invested in a variety of investments, including
certain CSAM-advised funds, money market instruments and 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.
12
<Page>
The Portfolio had no securities out on loan at December 31, 2003.
Credit Suisse First Boston ("CSFB"), an affiliate of CSAM, has been engaged
by the Portfolio to act as the Portfolio's securities lending agent. Prior to
April 1, 2003, CSFB had agreed to charge the Portfolio 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 Portfolio and CSFB entered into an arrangement to
share the income earned from securities lending activities, whereby, generally,
the Portfolio 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 Portfolio shall be reduced to
such lower fee amount. Securities lending income is accrued as earned. The
Portfolio earned no income from securities lending for the year ended December
31, 2003.
NOTE 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
CSAM serves as investment adviser for the Portfolio. For its investment
advisory services, CSAM is entitled to receive a fee computed daily and payable
monthly, from the Portfolio based on the following fee schedule:
<Table>
<Caption>
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
</Table>
For the year ended December 31, 2003, investment advisory fees earned and
voluntarily waived were $125,795 and $55,989, respectively.
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of
CSAM, and SSB serve as co-administrators to the Portfolio.
For its co-administrative services, CSAMSI currently receives a fee
calculated at an annual rate of 0.10% of the average daily net assets of the
Portfolio. For the year ended December 31, 2003, co-administrative services fees
earned by CSAMSI were $16,773.
13
<Page>
For its co-administrative services, SSB receives a fee, exclusive of
out-of-pocket expenses, based upon the following fee schedule calculated in
total for all the Credit Suisse funds/portfolios co-administered by SSB and
allocated based upon relative average net assets of each fund/portfolio, subject
to an annual minimum fee.
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ -----------
First $5 billion 0.050% of average daily net assets
Next $5 billion 0.035% of average daily net assets
Over $10 billion 0.020% of average daily net assets
</Table>
For the year ended December 31, 2003, co-administrative services fees earned
by SSB (including out-of-pocket expenses) were $13,537.
In addition to serving as the Portfolio's co-administrator, CSAMSI currently
serves as distributor of the Portfolio's shares without compensation.
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Portfolio to provide certain financial printing and fulfillment services.
For the year ended December 31, 2003, Merrill was paid $8,448 for its services
to the Portfolio.
NOTE 3. LINE OF CREDIT
The Portfolio, together with other funds/portfolios advised by CSAM
(collectively, the "Participating Funds"), participates in a $100 million
committed, unsecured line of credit facility ("Credit Facility") for temporary
or emergency purposes with Deutsche Bank, A.G. as administrative agent and
syndication agent and SSB as operations agent. Under the terms of the Credit
Facility, the Participating Funds pay an aggregate commitment fee at a rate of
0.10% per annum on the average unused amount of the Credit Facility, which is
allocated among the Participating Funds in such manner as is determined by the
governing Boards of the Participating Funds. In addition, the Participating
Funds pay interest on borrowings at the Federal Funds rate plus 0.50%. At
December 31, 2003, there were no loans outstanding for the Portfolio under the
Credit Facility. During the year ended December 31, 2003, the Portfolio had
borrowings under the Credit Facility as follows:
<Table>
<Caption>
AVERAGE DAILY WEIGHTED AVERAGE MAXIMUM DAILY
LOAN BALANCE INTEREST RATE LOAN OUTSTANDING
------------- ---------------- ----------------
$ 996,357 1.747% $ 2,880,000
</Table>
14
<Page>
NOTE 4. PURCHASES AND SALES OF SECURITIES
For the year ended December 31, 2003, purchases and sales of investment
securities (excluding short-term investments) and U.S. Government and Agency
Obligations were as follows:
<Table>
<Caption>
INVESTMENT SECURITIES U.S. GOVERNMENT/AGENCY OBLIGATIONS
--------------------- ----------------------------------
Purchases $ 6,672,327 $ 10,808
Sales 14,326,175 297,885
</Table>
NOTE 5. CAPITAL SHARE TRANSACTIONS
The Trust is authorized to issue an unlimited number of full and fractional
shares of beneficial interest, $0.001 par value per share. Transactions in
capital shares of the Portfolio were as follows:
<Table>
<Caption>
FOR THE YEAR ENDED FOR THE YEAR ENDED
DECEMBER 31, 2003 DECEMBER 31, 2002
------------------ ------------------
Shares sold 382,391 2,679,666
Shares issued in reinvestment of
dividends 6,197 195
Shares redeemed (1,423,536) (431,980)
---------- ---------
Net increase (decrease) (1,034,948) 2,247,881
========== =========
</Table>
On December 31, 2003, the number of shareholders that held 5% or more of the
outstanding shares of the Portfolio were as follows:
<Table>
<Caption>
NUMBER OF APPROXIMATE PERCENTAGE
SHAREHOLDERS OF OUTSTANDING SHARES
------------ ----------------------
2 97%
</Table>
Some of the shareholders are omnibus accounts, which hold shares on behalf of
individual shareholders.
NOTE 6. FEDERAL INCOME TAXES
Income and capital gain distributions are determined in accordance with
federal income tax regulations, which may differ from GAAP. These differences
are primarily due to differing treatments of Post-October losses, and wash
sales.
The tax characteristics of dividends paid during the years ended December 31,
2003 and December 31, 2002 for the Portfolio were as follows:
<Table>
<Caption>
ORDINARY INCOME
-----------------------
2003 2002
---- ----
$ 52,550 $ 1,497
</Table>
15
<Page>
At December 31, 2003, the components of distributable earnings on a tax basis
for the Portfolio were as follows:
<Table>
Undistributed net investment income $ 96,797
Accumulated net realized loss (4,369,139)
Unrealized appreciation 1,035,766
-------------
$ (3,236,576)
=============
</Table>
At December 31, 2003, the Portfolio had capital loss carryforwards available
to offset possible future capital gains as follows:
<Table>
<Caption>
EXPIRES DECEMBER 31,
--------------------------
2010 2011
---- ----
$ 895,717 $ 3,473,422
</Table>
Under current tax law, certain capital losses realized after October 31
within a taxable year may be deferred and treated as occurring on the first day
of the following tax year. For the tax period ended December 31, 2003, the
Portfolio had no net losses arising between November 1, 2003 and December 31,
2003.
At December 31, 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 from investments were $14,714,651, $1,486,438,
$(450,672) and $1,035,766, respectively.
NOTE 7. CONTINGENCIES
In the normal course of business, the Portfolio may provide general
indemnifications pursuant to certain contracts and organizational documents. The
Portfolio's maximum exposure under these arrangements is dependent on future
claims that may be made against the Portfolio and, therefore, cannot be
estimated; however, based on experience, the risk of loss from such claims is
considered remote.
16
<Page>
CREDIT SUISSE TRUST -- BLUE CHIP PORTFOLIO
REPORT OF INDEPENDENT AUDITORS
To the Board of Trustees of Credit Suisse Trust and Shareholders of Credit
Suisse Trust-Blue Chip Portfolio:
In our opinion, the accompanying statement of assets and liabilities,
including the schedule of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Blue Chip Portfolio (the
"Portfolio"), a portfolio of the Credit Suisse Trust, at December 31, 2003, the
results of its operations for the year then ended, the changes in its net assets
for each of the two years in the period then ended and the financial highlights
for each of the periods presented, in conformity with the accounting principles
generally accepted in the United States of America. These financial statements
and financial highlights (hereafter referred to as "financial statements") are
the responsibility of the Portfolio's management; our responsibility is to
express an opinion on these financial statements based on our audits. We
conducted our audits of these financial statements in accordance with auditing
standards generally accepted in the United States of America, which require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audits, which included confirmation
of securities at December 31, 2003 by correspondence with the custodian, provide
a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 3, 2004
17
<Page>
CREDIT SUISSE TRUST -- BLUE CHIP PORTFOLIO
INFORMATION CONCERNING TRUSTEES AND OFFICERS (UNAUDITED)
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- -------------------------- ------------- ------------ --------------------------- --------------- --------------------
INDEPENDENT TRUSTEES
Richard H. Francis Trustee, Since Currently retired 43 None
c/o Credit Suisse Asset Nominating 1999
Management, LLC and Audit
466 Lexington Avenue Committee
New York, New York Member
10017-3140
Date of Birth: 04/23/32
Jeffrey E. Garten(2) Trustee, Since Dean of Yale School 42 Director of
Box 208200 Nominating 1998 of Management and Aetna, Inc.
New Haven, Connecticut and Audit William S. Beinecke (insurance
06520-8200 Committee Professor in the Practice company);
Member of International Trade Director of
Date of Birth: 10/29/46 and Finance Calpine
(11/95 - present) Corporation
(energy
provider);
Director of
CarMax Group
(used car
dealers)
</Table>
- ----------
(1) Each Trustee and Officer serves until his or her respective successor has
been duly elected and qualified.
(2) Mr.Garten was initially appointed as a Trustee of the Trust on February 6,
1998. He resigned as Trustee on February 3, 2000, and was subsequently
re-appointed on December 21, 2000.
18
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- -------------------------- ------------- ------------ --------------------------- --------------- --------------------
INDEPENDENT TRUSTEES
Peter F. Krogh Trustee, Since Dean Emeritus and 42 Director of
301 ICC Nominating 2001 Distinguished Professor Carlisle
Georgetown University and Audit of International Affairs Companies
Washington, DC 20057 Committee at the Edmund A. Walsh Incorporated
Member School of Foreign Service, (diversified
Date of Birth: 02/11/37 Georgetown University manufacturing
(6/95 - present); company);
Moderator of PBS Member of
foreign affairs Selection
television series Committee for
(1988 - 2000) Truman
Scholars and
Henry Luce
Scholars; Senior
Associate of
Center for
Strategic and
International
Studies; Trustee
of numerous
world affairs
organizations
James S. Pasman, Jr. Trustee, Since Currently retired 44 Director of
c/o Credit Suisse Asset Nominating 1999 Education
Management, LLC and Audit Management
466 Lexington Avenue Committee Corp.
New York, New York Member
10017-3140
Date of Birth: 12/20/30
Steven N. Rappaport Trustee, Since Partner of Lehigh Court, 44 None
Lehigh Court, LLC Nominating 1999 LLC and RZ Capital
40 East 52nd Street Committee (private investment
New York, New York Member and firms) (7/02 - present);
10022 Audit Consultant to SunGard
Committee Securities Finance, Inc.
Date of Birth: 07/10/48 Chairman from February 2002 to
July 2002; President of
SunGard Securities
Finance, Inc. from
2001 to February 2002;
President of Loanet, Inc.
(on-line accounting
service) from
1997 to 2001
</Table>
19
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- -------------------------- ------------- ------------ --------------------------- --------------- --------------------
INTERESTED TRUSTEES
Joseph D. Gallagher(3) Trustee, Since Managing Director, Chief 45 None
Credit Suisse Asset Chairman of 2003 Executive Officer of
Management, LLC the Board and CSAM and Global Chief
466 Lexington Avenue Chief Operating Officer of
New York, New York Executive Credit Suisse Asset
10017-3140 Officer Management since 2003;
Global Chief Financial
Date of Birth: 12/14/62 Officer, Credit Suisse
Asset Management from
1999 to 2003; Chief
Executive Officer and
Director of Credit Suisse
Asset Management Limited,
London, England, from
June 2000 to 2003;
Director of Credit Suisse
Asset Management Funds
(UK) Limited, London,
England, from June 2000
to 2003; Managing
Director, Head -- Asian
Corporate Finance and
M&A, Credit Suisse First
Boston, Hong Kong, China,
from January 1998 to
May 1999
William W. Priest, Jr.(4) Trustee Since Co-Managing Partner, 49 Director of
Steinberg Priest & Sloane 1999 Steinberg Priest & Globe Wireless,
Capital Management, LLC Sloane Capital LLC (maritime
12 East 49th Street Management, LLC communications
12th Floor since March 2001; company);
New York, New York Chairman and Managing Director of
10017 Director of CSAM from InfraRed X
2000 to February 2001; (medical device
Date of Birth: 09/24/41 Chief Executive Officer company)
and Managing Director
of CSAM from
1990 to 2000
</Table>
- ----------
(3) Mr. Gallagher is a Trustee who is an "interested person" of the Trust as
defined in the 1940 Act, because he is an officer of CSAM.
(4) Mr. Priest is a Trustee who is an "interested person" of the Trust as
defined in the 1940 Act, because he provided consulting services to CSAM
within the last two years (ended 12/31/02).
20
<Page>
<Table>
<Caption>
TERM
OF OFFICE(1)
AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH TRUST SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- --------------------------- ------------- ------------- -----------------------------------------------------------
OFFICERS
Hal Liebes Vice President Since Managing Director and Global General Counsel of CSAM;
Credit Suisse Asset and Secretary 1999 Associated with CSAM since 1997; Officer of other Credit
Management, LLC Suisse Funds
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 07/06/64
Michael A. Pignataro Chief Since Director and Director of Fund Administration of CSAM;
Credit Suisse Asset Financial 1999 Associated with CSAM since 1984; Officer of other Credit
Management, LLC Officer and Suisse Funds
466 Lexington Avenue Treasurer
New York, New York
10017-3140
Date of Birth: 11/15/59
Gregory N. Bressler Assistant Since Director and Deputy General Counsel of CSAM; Associated
Credit Suisse Asset Secretary 2000 with CSAM since January 2000; Associated with the law
Management, LLC firm of Swidler Berlin Shereff Friedman LLP from 1996 to
466 Lexington Avenue 2000; Officer of other Credit Suisse Funds
New York, New York
10017-3140
Date of Birth: 11/17/66
Rocco A. Del Guercio Assistant Since Vice President of CSAM; Associated with CSAM since June
Credit Suisse Asset Treasurer 1999 1996; Officer of other Credit Suisse Funds
Management, LLC
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 04/28/63
Joseph Parascondola Assistant Since Assistant Vice President of CSAM; Associated with CSAM
Credit Suisse Asset Treasurer 2000 since April 2000; Assistant Vice President, Deutsche Asset
Management, LLC Management from January 1999 to April 2000; Assistant
466 Lexington Avenue Vice President, Weiss, Peck & Greer LLC from November
New York, New York 1995 to December 1998; Officer of other Credit Suisse
10017-3140 Funds
Date of Birth: 06/05/63
</Table>
21
<Page>
<Table>
<Caption>
TERM
OF OFFICE(1)
AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH TRUST SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- --------------------------- ------------- ------------- -----------------------------------------------------------
OFFICERS
Robert M. Rizza Assistant Since Assistant Vice President of CSAM; Associated with CSAM
Credit Suisse Asset Treasurer 2002 since 1998; Officer of other Credit Suisse Funds
Management, LLC
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 12/09/65
</Table>
The Statement of Additional Information includes additional information about
the Trustees and is available, without charge, upon request, by calling
800-222-8977.
22
<Page>
CREDIT SUISSE TRUST-- BLUE CHIP PORTFOLIO
TAX INFORMATION LETTER (UNAUDITED)
December 31, 2003
IMPORTANT TAX INFORMATION FOR CORPORATE SHAREHOLDERS
Corporate shareholders should note for the year ended December 31, 2003, the
percentage of the Portfolio's investment income (i.e., net investment income
plus short-term capital gains) that qualified for the intercorporate dividends
received deduction is 100.00%.
23
<Page>
This page intentionally left blank
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
P.O. BOX 55030, BOSTON, MA 02205-5030
800-222-8977 - www.csam.com
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. TRBLC-2-1203
<Page>
ITEM 2. CODE OF ETHICS.
The registrant has adopted a code of ethics applicable to its Chief Executive
Officer, President, Chief Financial Officer and Chief Accounting Officer, or
persons performing similar functions. A copy of the code is filed as Exhibit
11(a)(1) to this Form. There were no amendments to the code during the fiscal
year ended December 31, 2003. There were no waivers or implicit waivers from the
code granted by the registrant during the fiscal year ended December 31, 2003.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant's governing board has determined that it has three audit
committee financial experts serving on its audit committee: Richard H. Francis,
James S. Pasman, Jr., and Steven N. Rappaport. Each audit committee financial
expert is "independent" for purposes of this item.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) through (d). The information in the table below is provided for services
rendered to the registrant by its principal auditors, PricewaterhouseCoopers LLP
("PwC"), for its fiscal years ended December 31, 2002 and December 31, 2003.
<Table>
<Caption>
2002 2003
- -------------------------------------------------------------------
Audit Fees $ 130,122 $ 113,206
Audit-Related Fees(1) -- 24,000
Tax Fees(2) 21,390 18,609
All Other Fees -- --
Total $ 151,512 $ 155,815
</Table>
(1) Services include agreed-upon procedures in connection with the registrant's
semi-annual financial statements.
(2) Tax services in connection with the registrant's excise tax calculations and
review of the registrant's applicable tax returns.
The information in the table below is provided with respect to non-audit
services that directly relate to the registrant's operations and financial
reporting and that were rendered by PwC to the registrant's investment adviser,
Credit Suisse Asset Management, LLC ("CSAM"), and any service provider to the
registrant controlling, controlled by or under common control with CSAM that
provided ongoing services to the registrant ("Covered Services Provider"), for
the registrant's fiscal years ended December 31, 2002 and December 31, 2003.
<Table>
<Caption>
2002 2003
- ---------------------------------------------------------------
Audit-Related Fees N/A N/A
Tax Fees N/A N/A
All Other Fees N/A N/A
Total N/A N/A
</Table>
<Page>
(e)(1) Pre-Approval Policies and Procedures. The Audit Committee ("Committee")
of the registrant is responsible for pre-approving (i) all audit and permissible
non-audit services to be provided by the independent auditors to the registrant
and (ii) all permissible non-audit services to be provided by the independent
auditors to CSAM and any Covered Services Provider if the engagement relates
directly to the operations and financial reporting of the registrant. The
Committee may delegate its responsibility to pre-approve any such audit and
permissible non-audit services to the Chairperson of the Committee, and the
Chairperson shall report to the Committee, at its next regularly scheduled
meeting after the Chairperson's pre-approval of such services, his or her
decision(s). The Committee may also establish detailed pre-approval policies and
procedures for pre-approval of such services in accordance with applicable laws,
including the delegation of some or all of the Committee's pre-approval
responsibilities to other persons (other than CSAM or the registrant's
officers). Pre-approval by the Committee of any permissible non-audit services
shall not be required so long as: (i) the aggregate amount of all such
permissible non-audit services provided to the registrant, CSAM and any Covered
Services Provider constitutes not more than 5% of the total amount of revenues
paid by the registrant to its independent auditors during the fiscal year in
which the permissible non-audit services are provided; (ii) the permissible
non-audit services were not recognized by the registrant at the time of the
engagement to be non-audit services; and (iii) such services are promptly
brought to the attention of the Committee and approved by the Committee (or its
delegate(s)) prior to the completion of the audit.
(e)(2) The information in the table below sets forth the percentages of fees for
services (other than audit, review or attest services) rendered by PwC to the
registrant for which the pre-approval requirement was waived pursuant to Rule
2-01(c)(7)(i)(C) of Regulation S-X:
<Table>
<Caption>
2002 2003
- --------------------------------------------------------------
Audit-Related Fees N/A N/A
Tax Fees N/A N/A
All Other Fees N/A N/A
Total N/A N/A
</Table>
The information in the table below sets forth the percentages of fees for
services (other than audit, review or attest services) rendered by PwC to CSAM
and any Covered Services Provider required to
<Page>
be approved pursuant to Rule 2-01(c)(7)(ii)of Regulation S-X, for the
registrant's fiscal years ended December 31, 2002 and December 31, 2003:
<Table>
<Caption>
2002 2003
- --------------------------------------------------------------
Audit-Related Fees N/A N/A
Tax Fees N/A N/A
All Other Fees N/A N/A
Total N/A N/A
</Table>
(f) Not Applicable.
(g) The aggregate fees billed by PwC for non-audit services rendered to the
registrant, CSAM and Covered Service Providers for the fiscal years ended
December 31, 2002 and December 31, 2003 were $21,390 and $42,609, respectively.
(h) Not Applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Form N-CSR disclosure requirement not applicable to the registrant.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Form N-CSR disclosure requirement not applicable to the registrant.
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Form N-CSR disclosure requirement not applicable to the registrant.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Form N-CSR disclosure requirement not yet effective with respect to the
registrant.
ITEM 10. CONTROLS AND PROCEDURES.
<Page>
(a) As of a date within 90 days from the filing date of this report, the
principal executive officer and principal financial officer concluded that the
registrant's disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940 (the "Act")) were effective based on
their evaluation of the disclosure controls and procedures required by Rule
30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934.
(b) There were no changes in registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the
registrant's second fiscal half-year that have materially affected, or are
reasonably likely to materially affect, the registrant's internal control over
financial reporting.
ITEM 11. EXHIBITS.
(a)(1) The registrant's code of ethics is an exhibit to this report.
(a)(2) The certifications of the registrant as required by Rule 30a-2(a) under
the Act are exhibits to this report.
(a)(3) Not applicable.
(b) The certifications of the registrant as required by Rule 30a-2(b)
under the Act are an exhibit to this report.
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 TRUST
/s/ Joseph D. Gallagher
-----------------------
Name: Joseph D. Gallagher
Title: Chief Executive Officer
Date: March 5, 2004
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
<Page>
Title: Chief Executive Officer
Date: March 5, 2004
/s/ Michael A. Pignataro
------------------------
Name: Michael A. Pignataro
Title: Chief Financial Officer
Date: March 5, 2004