<Page>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File No. 811-04604
-------------------------------------------------
CREDIT SUISSE CAPITAL FUNDS
---------------------------------------------------
(Exact Name of Registrant as Specified in Charter)
466 Lexington Avenue, New York, New York 10017-3140
---------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Hal Liebes, Esq.
Credit Suisse Capital Funds
466 Lexington Avenue
New York, New York 10017-3140
Registrant's telephone number, including area code:(212) 875-3500
Date of fiscal year end: October 31, 2004
Date of reporting period: November 1, 2003 to April 30, 2004
<Page>
ITEM 1. REPORTS TO STOCKHOLDERS.
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE FUNDS
SEMIANNUAL REPORT
APRIL 30, 2004
(UNAUDITED)
- - CREDIT SUISSE
LARGE CAP VALUE FUND
- - CREDIT SUISSE
SMALL CAP VALUE FUND
THE FUNDS' INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES (WHICH SHOULD BE
CONSIDERED CAREFULLY BEFORE INVESTING), AND MORE COMPLETE INFORMATION ABOUT THE
FUNDS, ARE PROVIDED IN THE PROSPECTUS, WHICH SHOULD BE READ CAREFULLY BEFORE
INVESTING. YOU MAY OBTAIN ADDITIONAL COPIES BY CALLING 800-927-2874 OR BY
WRITING TO CREDIT SUISSE FUNDS, P.O. BOX 55030, BOSTON, MA 02205-5030.
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR, IS LOCATED AT 466
LEXINGTON AVE., NEW YORK, NY 10017-3140. CREDIT SUISSE FUNDS ARE ADVISED BY
CREDIT SUISSE ASSET MANAGEMENT, LLC.
<Page>
INVESTORS IN THE CREDIT SUISSE FUNDS SHOULD BE AWARE THAT THEY MAY BE ELIGIBLE
TO PURCHASE COMMON CLASS AND/OR ADVISOR CLASS SHARES (WHERE OFFERED) DIRECTLY OR
THROUGH CERTAIN INTERMEDIARIES. SUCH SHARES ARE NOT SUBJECT TO A SALES CHARGE
BUT MAY BE SUBJECT TO AN ONGOING SERVICE AND DISTRIBUTION FEE OF UP TO 0.50% OF
AVERAGE DAILY NET ASSETS. INVESTORS IN THE CREDIT SUISSE FUNDS SHOULD ALSO BE
AWARE THAT THEY MAY BE ELIGIBLE FOR A REDUCTION OR WAIVER OF THE SALES CHARGE
WITH RESPECT TO CLASS A, B OR C SHARES. FOR MORE INFORMATION, PLEASE REVIEW THE
RELEVANT PROSPECTUSES OR CONSULT YOUR FINANCIAL REPRESENTATIVE.
THE VIEWS OF THE FUNDS' MANAGEMENT ARE AS OF THE DATE OF THE LETTER AND FUNDS'
HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF APRIL 30, 2004; THESE VIEWS AND
FUNDS' HOLDINGS MAY HAVE CHANGED SUBSEQUENT TO THESE DATES. NOTHING IN THIS
DOCUMENT IS A RECOMMENDATION TO PURCHASE OR SELL SECURITIES.
FUND SHARES ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF CREDIT SUISSE ASSET
MANAGEMENT, LLC ("CSAM") OR ANY AFFILIATE, ARE NOT FDIC-INSURED AND ARE NOT
GUARANTEED BY CSAM OR ANY AFFILIATE. FUND INVESTMENTS ARE SUBJECT TO INVESTMENT
RISKS, INCLUDING LOSS OF YOUR INVESTMENT.
<Page>
CREDIT SUISSE LARGE CAP VALUE FUND
SEMIANNUAL INVESTMENT ADVISER'S REPORT
April 30, 2004 (unaudited)
June 1, 2004
Dear Shareholder:
For the six months ended April 30, 2004, the Common Class Shares and Advisor
Class Shares of Credit Suisse Large Cap Value Fund(1) (the "Fund") had gains of
6.88% and 6.64%, respectively, versus an increase of 8.15% for the Russell
1000(R) Value Index.(2) The Fund's Class A Shares (without sales charge), Class
B Shares (without contingent deferred sales charge) and Class C Shares (without
contingent deferred sales charge) had returns of 6.72%(3), 6.35%(3), and
6.38%(3), respectively, for the same period.
The period was a mostly positive one for the U.S. stock market, though stocks
became increasingly volatile. In general, the market was aided by optimism that
a reviving U.S. economy would lead to better corporate earnings results in due
course. In fact, earnings reported late in the period exceeded expectations in
many cases. However, the period ended on an uncertain note in the stock market.
While the economic news remained generally good, inflation pressures appeared to
be building. The Federal Reserve hinted that rate hikes could therefore come
sooner rather than later, and stocks gave back some gains in April.
The Fund underperformed its benchmark for the period, attributable in large
part to its general avoidance of lower-quality stocks -- e.g., those
representing companies with little or no earnings and leveraged balance sheets
- -- which had strong showings in the October-through-January span. The Fund
outperformed its benchmark in the period's second half, as higher-quality stocks
began to gain favor in the market. Stocks that hampered the Fund included its
energy and technology holdings. On the positive side, the Fund's financial
services, healthcare and consumer staples stocks aided its return.
With regard to portfolio activity, we increased our exposure to the energy
sector, based on valuations along with our contrarian view on oil and gas
prices. While we expect energy prices to decline from current levels, we think
that relatively high (and higher-than-consensus) forecast prices will likely
prevail. We also believe that energy services companies could benefit from
increased spending by exploration and production companies.
Elsewhere of note, we ended the period overweighted in the healthcare and
producer durables sectors, and underweighted in the utilities and
consumer-discretionary areas. We continued to underweight the financial-services
sector -- which accounts for more than 30% of the Fund's benchmark -- in order
to avoid excessive interest-rate risk.
1
<Page>
Going forward, we will continue to focus on companies that put their cash to
productive use. We look for companies that use excess cash accumulated in the
ongoing economic upturn in ways that can add to shareholder value via share
buybacks, higher dividend payouts or investments in organic growth.
The Credit Suisse Value Term
Stephen J. Kaszynski
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 FUND'S INVESTMENT PORTFOLIO. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE FUND COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE FUND HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
2
<Page>
AVERAGE ANNUAL RETURNS AS OF MARCH 31, 2004(1)
<Table>
<Caption>
SINCE INCEPTION
1 YEAR 5 YEARS 10 YEARS INCEPTION DATE
------- ------- -------- --------- ----------
Common Class 30.18% -- -- 2.88% 8/01/00
Advisor Class -- -- -- 13.54%(4) 6/06/03
Class A Without
Sales Charge 30.43% 3.06% 11.30% 11.65% 7/09/92
Class A With Maximum
Sales Charge 22.92% 1.85% 10.65% 11.09% 7/09/92
Class B Without CDSC 29.44% 2.31% -- 9.04% 2/28/96
Class B With CDSC 25.44% 2.31% -- 9.04% 2/28/96
Class C Without CDSC 29.44% -- -- 3.44% 2/28/00
Class C With CDSC 28.44% -- -- 3.44% 2/28/00
</Table>
AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2004(1)
<Table>
<Caption>
SINCE INCEPTION
1 YEAR 5 YEARS 10 YEARS INCEPTION DATE
------- ------- -------- --------- ----------
Common Class 20.34% -- -- 2.42% 8/01/00
Advisor Class -- -- -- 11.86%(4) 6/06/03
Class A Without
Sales Charge 20.60% 1.62% 10.82% 11.43% 7/09/92
Class A With Maximum
Sales Charge 13.67% 0.42% 10.17% 10.87% 7/09/92
Class B Without CDSC 19.60% 0.88% -- 8.74% 2/28/96
Class B With CDSC 15.60% 0.88% -- 8.74% 2/28/96
Class C Without CDSC 19.69% -- -- 2.99% 2/28/00
Class C With CDSC 18.69% -- -- 2.99% 2/28/00
</Table>
RETURNS REPRESENT PAST PERFORMANCE AND INCLUDE CHANGE IN SHARE PRICE AND
REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. PAST PERFORMANCE CANNOT GUARANTEE
FUTURE RESULTS. DUE TO MARKET VOLATILITY, THE PERFORMANCE OF THE FUNDS MAY BE
LOWER OR HIGHER THAN THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL FLUCTUATE,
AND REDEMPTION VALUE MAY BE MORE OR LESS THAN ORIGINAL COST. THE PERFORMANCE
RESULTS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. PERFORMANCE INFORMATION
CURRENT TO THE MOST RECENT MONTH-END IS AVAILABLE AT www.csam.com/us.
- ----------
(1) Fee waivers and/or expense reimbursements reduced expenses for the Fund,
without which performance would be lower. Waivers and/or reimbursements may
be discontinued at any time.
(2) The Russell 1000(R) Value Index measures the performance of those companies
in the Russell 1000(R) Index with lower price-to-book ratios and lower
forecasted growth values. It is an unmanaged index of common stocks that
includes reinvestment of dividends and is compiled by Frank Russell
Company. Investors cannot invest directly in an index.
(3) Total return for Class A Shares for the reporting period, based on offering
price (with maximum sales charge of 5.75%), was 0.59%. Total return for
Class B Shares for the reporting period, based on redemption value
(including maximum contingent deferred sales charge of 4%), was 2.35%.
Total return for Class C Shares for the reporting period, based on
redemption value (including maximum contingent deferred sales charge of
1%), was 5.38%.
(4) Returns for periods less than one year are not annualized.
3
<Page>
CREDIT SUISSE SMALL CAP VALUE FUND
SEMIANNUAL INVESTMENT ADVISER'S REPORT
April 30, 2004 (unaudited)
June 1, 2004
Dear Shareholder:
For the six months ended April 30, 2004, the Common Class Shares of Credit
Suisse Small Cap Value Fund(1) (the "Fund") had a gain of 11.62%, versus
increases of 6.55% and 9.10%, respectively, for the Russell 2000(R) Index(2) and
the Russell 2000(R) Value Index.(2) The Fund's Class A Shares (without sales
charge), Class B Shares (without contingent deferred sales charge) and Class C
Shares (without contingent deferred sales charge) had gains of 11.57%(3),
11.16%(3) and 11.20%(3), respectively, for the same period.
The period was a mostly positive one for the U.S. stock market, though stocks
became increasingly volatile. In general, the market was aided by optimism that
a reviving U.S. economy would lead to better corporate earnings results in due
course. In fact, earnings reported late in the period exceeded expectations in
many cases. However, the period ended on an uncertain note in the stock market.
While the economic news remained generally good, inflation pressures appeared to
be building. The Federal Reserve hinted that rate hikes could therefore come
sooner rather than later, and stocks gave back some gains in April.
The Fund outperformed its benchmarks for the period, aided by good stock
selection in the materials, consumer discretionary, transportation and utilities
sectors. The Fund's performance was helped when lower-quality stocks -- e.g.,
those representing companies with little or no earnings and leveraged balance
sheets -- fell from favor in the market late in the period, after strong
performance in 2003 (we generally avoided such stocks in the period).
With regard to sector allocation, a byproduct of our stock selection process,
we maintained an overweighting in the energy area, based on company-specific
factors. We believe our energy holdings should be supported by firm oil and gas
prices and, in the energy services industry, increased spending by exploration
and production companies.
Elsewhere of note, we ended the period overweighted in the healthcare and
producer durables sectors, and underweighted in the technology and
consumer-discretionary areas. We continued to underweight the financial-services
sector -- which accounts for more than 30% of the Fund's benchmarks -- in order
to avoid excessive interest-rate risk. That said, we made some purchases here
late in the period, increasing our exposure to specialty insurance companies
that we deemed to have good business prospects and relatively low interest-rate
vulnerability.
4
<Page>
Going forward, as we continue our efforts to identify hidden values among
small companies, one theme we are employing is companies' putting cash to
productive use. We look for companies that use excess cash (accumulated in the
ongoing economic upturn) in ways that we feel can add to shareholder value via
share buybacks, higher dividend payouts or investments in organic growth.
The Credit Suisse Value Team
Stephen J.Kaszynski
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 FUND'S INVESTMENT PORTFOLIO. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE FUND COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE FUND HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
5
<Page>
AVERAGE ANNUAL RETURNS AS OF MARCH 31, 2004(1)
<Table>
<Caption>
SINCE INCEPTION
1 YEAR 5 YEARS 10 YEARS INCEPTION DATE
------ ------- -------- --------- ----------
Common Class 38.75% -- -- 12.69% 8/01/00
Class A Without
Sales Charge 38.73% 14.37% 10.98% 13.75% 7/09/92
Class A With Maximum
Sales Charge 30.73% 13.02% 10.33% 13.18% 7/09/92
Class B Without CDSC 37.75% 13.52% -- 10.28% 2/28/96
Class B With CDSC 33.75% 13.52% -- 10.28% 2/28/96
Class C Without CDSC 37.74% -- -- 14.34% 2/28/00
Class C With CDSC 36.74% -- -- 14.34% 2/28/00
</Table>
AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2004(1)
<Table>
<Caption>
SINCE INCEPTION
1 YEAR 5 YEARS 10 YEARS INCEPTION DATE
------- -------- -------- ---------- ----------
Common Class 28.43% -- -- 12.08% 8/01/00
Class A Without
Sales Charge 28.44% 12.18% 10.80% 13.54% 7/09/92
Class A With Maximum
Sales Charge 21.03% 10.85% 10.15% 12.98% 7/09/92
Class B Without CDSC 27.46% 11.34% -- 10.01% 2/28/96
Class B With CDSC 23.46% 11.34% -- 10.01% 2/28/96
Class C Without CDSC 27.48% -- -- 13.72% 2/28/00
Class C With CDSC 26.48% -- -- 13.72% 2/28/00
</Table>
RETURNS REPRESENT PAST PERFORMANCE AND INCLUDE CHANGE IN SHARE PRICE AND
REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. PAST PERFORMANCE CANNOT GUARANTEE
FUTURE RESULTS. DUE TO MARKET VOLATILITY, THE PERFORMANCE OF THE FUNDS MAY BE
LOWER OR HIGHER THAN THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL FLUCTUATE,
AND REDEMPTION VALUE MAY BE MORE OR LESS THAN ORIGINAL COST. THE PERFORMANCE
RESULTS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. PERFORMANCE INFORMATION
CURRENT TO THE MOST RECENT MONTH-END IS AVAILABLE AT www.csam.com/us.
- ----------
(1) Fee waivers and/or expense reimbursements reduced expenses for the Fund,
without which performance would be lower. Waivers and/or reimbursements may
be discontinued at any time.
(2) The Russell 2000(R) Index measures the performance of the 2,000 smallest
companies in the Russell 3000(R) Index, which represent approximately 8% of
the total market capitalization of the Russell 3000(R) Index. It is an
unmanaged index of common stocks which includes reinvestment of dividends
and is compiled by Frank Russell Company. The Russell 3000(R) Index is
composed of 3,000 of the largest U.S. companies by market capitalization.
The returns for the Russell 2000(R) Index do not include any sales charges,
fees or other expenses. The Russell 2000(R) Value Index measures the
performance of those Russell 2000(R) companies with lower price-to-book
ratios and lower forecasted growth values. Investors cannot invest directly
in an index.
(3) Total return for Class A Shares for the reporting period, based on offering
price (with maximum sales charge of 5.75%), was 5.14%. Total return for
Class B Shares for the reporting period, based on redemption value
(including maximum contingent deferred sales charge of 4%), was 7.16%.
Total return for Class C Shares for the reporting period, based on
redemption value (including maximum contingent deferred sales charge of
1%), was 10.20%.
6
<Page>
CREDIT SUISSE LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS
April 30, 2004 (unaudited)
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------- -------------
COMMON STOCKS (99.5%)
AEROSPACE & DEFENSE (5.4%)
Boeing Co. 96,100 $ 4,102,509
Lockheed Martin Corp. 159,200 7,593,840
United Technologies Corp. 84,500 7,288,970
-------------
18,985,319
-------------
AUTO COMPONENTS (3.3%)
Johnson Controls, Inc. 92,000 5,047,120
Lear Corp. 108,100 6,553,022
-------------
11,600,142
-------------
BANKS (14.1%)
Bank of America Corp. 220,837 17,775,170
Charter One Financial, Inc. 118,630 3,958,683
Fifth Third Bancorp 68,000 3,648,880
Wachovia Corp. 195,300 8,934,975
Washington Mutual, Inc. 132,600 5,223,114
Wells Fargo & Co. 178,200 10,061,172
-------------
49,601,994
-------------
BUILDING PRODUCTS (1.2%)
American Standard Companies, Inc.* 40,500 4,260,195
-------------
CHEMICALS (3.4%)
Du Pont (E. I.) de Nemours & Co. 182,000 7,816,900
PPG Industries, Inc. 69,500 4,122,045
-------------
11,938,945
-------------
COMMERCIAL SERVICES & SUPPLIES (1.0%)
Cendant Corp. 148,000 3,504,640
-------------
COMPUTERS & PERIPHERALS (3.2%)
Hewlett-Packard Co. 329,920 6,499,424
Seagate Technology*! 390,600 4,886,406
-------------
11,385,830
-------------
DIVERSIFIED FINANCIALS (4.6%)
Lehman Brothers Holdings, Inc. 74,100 5,438,940
Morgan Stanley 73,100 3,756,609
State Street Corp. 142,000 6,929,600
-------------
16,125,149
-------------
DIVERSIFIED TELECOMMUNICATION SERVICES (3.3%)
ALLTEL Corp.! 46,000 2,315,640
BellSouth Corp.! 158,700 4,096,047
Verizon Communications, Inc. 140,700 5,310,018
-------------
11,721,705
-------------
ELECTRIC UTILITIES (2.8%)
Calpine Corp.*! 1,367,700 5,935,818
Progress Energy, Inc. 88,700 3,793,699
-------------
9,729,517
-------------
</Table>
See Accompanying Notes to Financial Statements.
7
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------- -------------
COMMON STOCKS
ELECTRICAL EQUIPMENT (1.0%)
Emerson Electric Co. 59,600 $ 3,589,112
-------------
ENERGY EQUIPMENT & SERVICES (2.1%)
BJ Services Co.* 85,700 3,813,650
Weatherford International, Ltd.*! 82,600 3,591,448
-------------
7,405,098
-------------
FOOD PRODUCTS (3.2%)
Dean Foods Co. 120,700 4,053,106
General Mills, Inc. 148,300 7,229,625
-------------
11,282,731
-------------
HEALTHCARE PROVIDERS & SERVICES (2.4%)
Aetna, Inc. 50,400 4,170,600
Cardinal Health, Inc. 56,500 4,138,625
-------------
8,309,225
-------------
HOUSEHOLD DURABLES (1.1%)
Newell Rubbermaid, Inc. 162,500 3,841,500
-------------
INDUSTRIAL CONGLOMERATES (4.1%)
Textron, Inc. 91,600 5,054,488
Tyco International, Ltd. 345,800 9,492,210
-------------
14,546,698
-------------
INSURANCE (8.1%)
Allstate Corp. 111,900 5,136,210
Hartford Financial Services Group, Inc. 145,800 8,905,464
Prudential Financial, Inc. 164,900 7,245,706
St. Paul Companies, Inc. 178,100 7,243,327
-------------
28,530,707
-------------
IT CONSULTING & SERVICES (1.3%)
Unisys Corp.*! 350,200 4,563,106
-------------
MACHINERY (3.3%)
Eaton Corp. 92,000 5,462,960
ITT Industries, Inc. 77,900 6,176,691
-------------
11,639,651
-------------
MEDIA (4.5%)
Comcast Corp. Special Class A* 122,900 3,562,871
Gannett Company, Inc. 46,400 4,021,952
Tribune Co. 52,400 2,508,912
Viacom, Inc. Class B 144,300 5,577,195
-------------
15,670,930
-------------
</Table>
See Accompanying Notes to Financial Statements.
8
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------- -------------
COMMON STOCKS
OIL & GAS (10.6%)
Apache Corp. 99,200 $ 4,153,504
ConocoPhillips 168,050 11,981,965
Exxon Mobil Corp. 227,900 9,697,145
Murphy Oil Corp. 64,000 4,384,000
Noble Energy, Inc. 73,100 3,369,910
Royal Dutch Petroleum Co. NY Shares! 78,000 3,795,480
-------------
37,382,004
-------------
PAPER & FOREST PRODUCTS (2.0%)
MeadWestvaco Corp. 269,100 7,036,965
-------------
PHARMACEUTICALS (6.3%)
Abbott Laboratories 90,300 3,975,006
Johnson & Johnson 143,900 7,774,917
Pfizer, Inc. 224,616 8,032,268
Wyeth 66,100 2,516,427
-------------
22,298,618
-------------
ROAD & RAIL (2.9%)
Burlington Northern Santa Fe Corp. 314,500 10,284,150
-------------
SPECIALTY RETAIL (1.1%)
TJX Companies, Inc. 150,000 3,685,500
-------------
TOBACCO (3.2%)
Altria Group, Inc. 131,800 7,299,084
R.J. Reynolds Tobacco Holdings, Inc.! 63,500 4,112,895
-------------
11,411,979
-------------
TOTAL COMMON STOCKS (Cost $289,717,156) 350,331,410
-------------
SHORT-TERM INVESTMENTS (5.1%)
State Street Navigator Prime Fund!! 17,427,325 17,427,325
-------------
<Caption>
PAR
(000)
-------------
State Street Bank and Trust Co. Euro Time
Deposit, 0.750%, 5/03/04 $ 291 291,000
-------------
TOTAL SHORT-TERM INVESTMENTS (Cost $17,718,325) 17,718,325
-------------
TOTAL INVESTMENTS AT VALUE (104.6%) (Cost $307,435,481) 368,049,735
LIABILITIES IN EXCESS OF OTHER ASSETS (-4.6%) (16,040,769)
-------------
NET ASSETS (100.0%) $ 352,008,966
=============
</Table>
* 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.
9
<Page>
CREDIT SUISSE SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS
April 30, 2004 (unaudited)
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------- -------------
COMMON STOCKS (99.8%)
AEROSPACE & DEFENSE (0.8%)
DRS Technologies, Inc.*! 80,000 $ 2,260,000
-------------
AUTO COMPONENTS (3.1%)
Modine Manufacturing Co. 141,200 3,883,000
Tower Automotive, Inc.*! 224,700 1,150,464
Visteon Corp.! 376,000 4,083,360
-------------
9,116,824
-------------
BANKS (10.8%)
Alabama National Bancorp 77,100 3,933,642
Century Bancorp, Inc. Class A! 36,500 1,195,375
First Financial Holdings, Inc.! 141,100 4,025,583
FirstFed Financial Corp.* 134,000 5,416,280
NewAlliance Bancshares, Inc.* 302,200 4,125,030
Prosperity Bancshares, Inc.! 130,600 3,026,002
Susquehanna Bancshares, Inc. 158,900 3,718,260
Webster Financial Corp. 87,200 3,793,200
WSFS Financial Corp. 47,000 2,277,620
-------------
31,510,992
-------------
BUILDING PRODUCTS (1.1%)
Griffon Corp.*! 141,000 3,094,950
-------------
CHEMICALS (2.6%)
H.B. Fuller Co. 180,000 4,932,000
Olin Corp.! 145,800 2,517,966
-------------
7,449,966
-------------
COMMERCIAL SERVICES & SUPPLIES (3.6%)
Banta Corp.! 130,000 5,782,400
Watson Wyatt & Company Holdings* 175,800 4,611,234
-------------
10,393,634
-------------
CONSTRUCTION & ENGINEERING (1.1%)
EMCOR Group, Inc.*! 75,000 3,067,500
-------------
CONSTRUCTION MATERIALS (1.2%)
Eagle Materials, Inc.! 53,100 3,488,670
-------------
CONTAINERS & PACKAGING (3.0%)
AptarGroup, Inc. 150,000 5,895,000
Crown Holdings, Inc.* 344,200 2,905,048
-------------
8,800,048
-------------
DIVERSIFIED FINANCIALS (2.1%)
Assured Guaranty, Ltd.* 168,000 2,973,600
Piper Jaffray Companies, Inc.*! 63,900 3,094,038
-------------
6,067,638
-------------
</Table>
See Accompanying Notes to Financial Statements.
10
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------- -------------
COMMON STOCKS
ELECTRIC UTILITIES (2.9%)
Empire District Electric Co.! 124,500 $ 2,590,845
NRG Energy, Inc.* 138,600 3,007,620
OGE Energy Corp.! 116,000 2,789,800
-------------
8,388,265
-------------
ELECTRICAL EQUIPMENT (4.5%)
AMETEK, Inc.! 128,800 3,413,200
Brady Corp. 106,000 4,119,160
C&D Technologies, Inc. 49,100 761,050
Rayovac Corp.*! 177,200 4,722,380
-------------
13,015,790
-------------
ELECTRONIC EQUIPMENT & INSTRUMENTS (8.0%)
Electro Scientific Industries, Inc.* 153,300 3,133,452
OSI Systems, Inc.*! 140,000 3,193,400
Rogers Corp.*,! 125,000 7,462,500
Roper Industries, Inc.! 38,600 1,874,030
Varian, Inc.* 130,000 5,335,200
Woodhead Industries, Inc.! 162,300 2,393,925
-------------
23,392,507
-------------
ENERGY EQUIPMENT & SERVICES (3.7%)
Oceaneering International, Inc.* 197,000 5,516,000
Varco International, Inc.* 261,767 5,415,959
-------------
10,931,959
-------------
FOOD & DRUG RETAILING (1.7%)
Ruddick Corp. 250,000 5,100,000
-------------
FOOD PRODUCTS (1.3%)
Del Monte Foods Co.* 268,200 2,966,292
John B. Sanfilippo & Son, Inc.*! 28,900 906,593
-------------
3,872,885
-------------
GAS UTILITIES (2.4%)
National Fuel Gas Co. 100,400 2,458,796
WGL Holdings, Inc.! 160,000 4,524,800
-------------
6,983,596
-------------
HEALTHCARE EQUIPMENT & SUPPLIES (6.9%)
Arrow International, Inc.! 200,000 5,984,000
Cooper Companies, Inc.! 132,600 7,160,400
Invacare Corp.! 110,000 4,381,300
STERIS Corp.* 121,200 2,685,792
-------------
20,211,492
-------------
HEALTHCARE PROVIDERS & SERVICES (2.4%)
LifePoint Hospitals, Inc.*! 96,500 3,450,840
Service Corp. International*! 490,500 3,624,795
-------------
7,075,635
-------------
</Table>
See Accompanying Notes to Financial Statements.
11
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------- -------------
COMMON STOCKS
HOTELS, RESTAURANTS & LEISURE (2.2%)
Marcus Corp. 182,575 $ 2,957,715
O'Charley's, Inc.* 176,600 3,335,974
-------------
6,293,689
-------------
HOUSEHOLD DURABLES (1.4%)
Ethan Allen Interiors, Inc. 100,000 4,157,000
-------------
INDUSTRIAL CONGLOMERATES (3.6%)
Carlisle Companies, Inc. 80,000 4,740,000
Lydall, Inc.* 199,500 1,947,120
Teleflex, Inc.! 85,000 3,880,250
-------------
10,567,370
-------------
INSURANCE (6.3%)
American Physicians Capital, Inc.*! 61,915 1,439,648
HCC Insurance Holdings, Inc.! 149,400 4,783,788
Platinum Underwriters Holdings, Ltd.! 188,100 6,015,438
ProAssurance Corp.*! 86,700 2,940,864
Selective Insurance Group, Inc.! 90,700 3,243,432
-------------
18,423,170
-------------
INVESTMENT COMPANY (0.8%)
Apollo Investment Corp.* 166,200 2,285,250
-------------
IT CONSULTING & SERVICES (1.1%)
Keane, Inc.*,! 230,200 3,268,840
-------------
MACHINERY (5.7%)
AGCO Corp.*! 91,900 1,769,075
ESCO Technologies, Inc.* 101,100 4,883,130
Flowserve Corp.* 167,600 3,581,612
Robbins & Myers, Inc.! 70,500 1,541,130
The Manitowoc Company, Inc.! 157,000 4,774,370
-------------
16,549,317
-------------
MEDIA (3.7%)
Carmike Cinemas, Inc.*! 142,300 5,370,402
Harte-Hanks, Inc. 225,000 5,391,000
-------------
10,761,402
-------------
METALS & MINING (0.7%)
Quanex Corp. 50,100 2,044,080
-------------
OIL & GAS (4.2%)
Denbury Resources, Inc.*! 217,100 3,964,246
Evergreen Resources, Inc.! 75,500 3,029,815
Houston Exploration Co.* 117,500 5,256,950
-------------
12,251,011
-------------
REAL ESTATE (1.0%)
HRPT Properties Trust 299,000 2,855,450
-------------
</Table>
See Accompanying Notes to Financial Statements.
12
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------- -------------
COMMON STOCKS
ROAD & RAIL (3.0%)
Laidlaw International, Inc.* 304,600 $ 4,221,756
Werner Enterprises, Inc. 231,250 4,622,687
-------------
8,844,443
-------------
SPECIALTY RETAIL (1.7%)
Hughes Supply, Inc. 90,100 5,035,689
-------------
TEXTILES & APPAREL (1.2%)
The Warnaco Group, Inc.*! 184,000 3,519,920
-------------
TOTAL COMMON STOCKS (Cost $211,197,378) 291,078,982
-------------
SHORT-TERM INVESTMENTS (12.6%)
State Street Navigator Prime Fund!! 36,227,629 36,227,629
-------------
<Caption>
PAR
(000)
-------------
State Street Bank and Trust Co. Euro Time
Deposit, 0.750%, 5/03/04 $ 475 475,000
-------------
TOTAL SHORT-TERM INVESTMENTS (Cost $36,702,629) 36,702,629
-------------
TOTAL INVESTMENTS AT VALUE (112.4%)
(Cost $247,900,007) 327,781,611
LIABILITIES IN EXCESS OF OTHER ASSETS (-12.4%) (36,211,390)
-------------
NET ASSETS (100.0%) $ 291,570,221
=============
</Table>
* 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.
13
<Page>
CREDIT SUISSE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2004 (unaudited)
<Table>
<Caption>
LARGE CAP VALUE SMALL CAP VALUE
FUND FUND
--------------- ---------------
ASSETS
Investments at value, including collateral for securities on loan
of $17,427,325 and $36,227,629, respectively
(Cost $307,435,481, and $247,900,007, respectively) (Note 1) $ 368,049,735(1) $ 327,781,611(2)
Cash 758 --
Receivable for investments sold 4,189,127 1,096,138
Receivable for fund shares sold 987,150 690,453
Dividend and interest receivable 439,014 264,558
Prepaid expenses and other assets 66,072 60,009
--------------- ---------------
Total Assets 373,731,856 329,892,769
--------------- ---------------
LIABILITIES
Advisory fee payable (Note 2) 163,999 183,483
Administrative services fee payable (Note 2) 63,523 52,080
Shareholder servicing/Distribution fee payable (Note 2) 97,048 82,060
Payable upon return of securities loaned (Note 1) 17,427,325 36,227,629
Payable for investments purchased 3,631,572 1,407,367
Payable for fund shares redeemed 140,220 170,377
Other accrued expenses payable 199,203 199,552
--------------- ---------------
Total Liabilities 21,722,890 38,322,548
--------------- ---------------
NET ASSETS
Capital stock, $0.001 par value (Note 5) 18,228 13,801
Paid-in capital (Note 5) 272,002,956 199,709,123
Undistributed net investment income (loss) 45,349 (555,443)
Accumulated net realized gain on investments 19,328,179 12,521,136
Net unrealized appreciation from investments 60,614,254 79,881,604
--------------- ---------------
Net Assets $ 352,008,966 $ 291,570,221
=============== ===============
COMMON SHARES
Net assets $ 671,782 $ 51,554,605
Shares outstanding 34,873 2,428,562
--------------- ---------------
Net asset value, offering price, and redemption price per share $ 19.26 $ 21.23
=============== ===============
ADVISOR SHARES
Net assets $ 13,089,423 N/A
Shares outstanding 675,644 N/A
--------------- ---------------
Net asset value, offering price, and redemption price per share $ 19.37 N/A
=============== ===============
A SHARES
Net assets $ 305,497,379 $ 206,880,476
Shares outstanding 15,801,823 9,708,533
--------------- ---------------
Net asset value and redemption price per share $ 19.33 $ 21.31
=============== ===============
Maximum offering price per share (net asset value/(1-5.75%)) $ 20.51 $ 22.61
=============== ===============
B SHARES
Net assets $ 28,570,291 $ 22,584,887
Shares outstanding 1,495,612 1,132,994
--------------- ---------------
Net asset value and offering price per share $ 19.10 $ 19.93
=============== ===============
C SHARES
Net assets $ 4,180,091 $ 10,550,253
Shares outstanding 219,809 531,010
--------------- ---------------
Net asset value and offering price per share $ 19.02 $ 19.87
=============== ===============
</Table>
(1) Including $16,532,009 of securities on loan.
(2) Including $35,092,169 of securities on loan.
See Accompanying Notes to Financial Statements.
14
<Page>
STATEMENTS OF OPERATIONS
For the Six Months Ended April 30, 2004 (unaudited)
<Table>
<Caption>
LARGE CAP VALUE SMALL CAP VALUE
FUND FUND
--------------- ---------------
INVESTMENT INCOME (Note 1)
Dividends $ 3,767,235 $ 1,558,634
Interest 10,680 35,346
Securities lending 6,326 7,329
Foreign taxes withheld (14,126) --
--------------- ---------------
Total investment income 3,770,115 1,601,309
--------------- ---------------
EXPENSES
Investment advisory fees (Note 2) 1,018,803 1,089,388
Administrative services fees (Note 2) 287,481 225,495
Shareholder servicing/Distribution fees (Note 2)
Common Class -- 62,988
Advisor Class 46,434 --
Class A 395,969 256,854
Class B 151,695 117,038
Class C 19,165 48,253
Transfer agent fees (Note 2) 283,692 228,148
Registration fees 25,894 21,879
Legal fees 24,699 21,117
Printing fees (Note 2) 21,125 29,376
Custodian fees 14,713 12,776
Insurance expense 13,224 12,430
Audit fees 11,608 11,993
Commitment fees (Note 3) 5,307 3,809
Trustees' fees 4,366 4,355
Miscellaneous expense 12,684 10,853
--------------- ---------------
Total expenses 2,336,859 2,156,752
--------------- ---------------
Net investment income (loss) 1,433,256 (555,443)
--------------- ---------------
NET REALIZED AND UNREALIZED GAIN FROM INVESTMENTS
Net realized gain from investments 21,733,205 13,417,937
Net change in unrealized appreciation (depreciation)
from investments 1,541,869 18,057,795
--------------- ---------------
Net realized and unrealized gain from investments 23,275,074 31,475,732
--------------- ---------------
Net increase in net assets resulting from operations $ 24,708,330 $ 30,920,289
=============== ===============
</Table>
See Accompanying Notes to Financial Statements.
15
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
LARGE CAP VALUE SMALL CAP VALUE
FUND FUND
----------------------------- -----------------------------
FOR THE SIX FOR THE SIX
MONTHS FOR THE MONTHS FOR THE
ENDED YEAR ENDED YEAR
APRIL 30, ENDED APRIL 30, ENDED
2004 OCTOBER 31, 2004 OCTOBER 31,
(UNAUDITED) 2003 (UNAUDITED) 2003
------------- ------------- ------------- -------------
FROM OPERATIONS
Net investment income (loss) $ 1,433,256 $ 1,532,798 $ (555,443) $ (451,373)
Net realized gain from investments 21,733,205 16,763,424 13,417,937 14,641,903
Net change in unrealized appreciation
(depreciation) from investments 1,541,869 11,390,112 18,057,795 24,977,630
------------- ------------- ------------- -------------
Net increase in net assets resulting from operations 24,708,330 29,686,334 30,920,289 39,168,160
------------- ------------- ------------- -------------
FROM DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income
Common Class shares (4,114) (17,331) -- (39,448)
Advisor Class shares (64,936) (5,242) -- --
Class A shares (1,484,184) (1,423,315) -- (121,771)
Class B shares (28,880) (44,542) -- --
Class C shares (3,671) (3,968) -- --
Distributions from net realized gains
Common Class shares (19,226) (56,140) (2,480,206) (4,176,400)
Advisor Class shares (600,700) -- -- --
Class A shares (8,164,902) (2,083,702) (9,958,591) (12,892,153)
Class B shares (798,605) (529,887) (1,256,226) (1,785,919)
Class C shares (94,482) (42,341) (484,122) (400,677)
------------- ------------- ------------- -------------
Net decrease in net assets resulting from
dividends and distributions (11,263,700) (4,206,468) (14,179,145) (19,416,368)
------------- ------------- ------------- -------------
FROM CAPITAL SHARE TRANSACTIONS (Note 5)
Proceeds from sale of shares 13,835,537 34,320,155 39,333,351 76,651,039
Exchange value of shares due to merger -- 201,050,472 -- --
Reinvestment of dividends and distributions 10,402,720 3,640,201 13,222,116 18,257,578
Net asset value of shares redeemed (48,331,987) (50,042,947) (44,819,218) (68,252,985)
------------- ------------- ------------- -------------
Net increase (decrease) in net assets from
capital share transactions (24,093,730) 188,967,881 7,736,249 26,655,632
------------- ------------- ------------- -------------
Net increase (decrease) in net assets (10,649,100) 214,447,747 24,477,393 46,407,424
NET ASSETS
Beginning of period 362,658,066 148,210,319 267,092,828 220,685,404
------------- ------------- ------------- -------------
End of period $ 352,008,966 $ 362,658,066 $ 291,570,221 $ 267,092,828
============= ============= ============= =============
UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) $ 45,349 $ 197,878 $ (555,443) $ --
============= ============= ============= =============
</Table>
See Accompanying Notes to Financial Statements.
16
<Page>
CREDIT SUISSE LARGE CAP VALUE FUND
FINANCIAL HIGHLIGHTS
(For a Common Class Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE YEAR ENDED OCTOBER 31,
APRIL 30, 2004 ---------------------------------------------------
(UNAUDITED) 2003 2002 2001 2000(1)
-------------- --------- --------- --------- ---------
PER SHARE DATA
Net asset value, beginning of period $ 18.61 $ 16.82 $ 19.95 $ 24.63 $ 22.44
-------------- --------- --------- --------- ---------
INVESTMENT OPERATIONS
Net investment income(2) 0.11 0.14 0.17 0.19 0.02
Net gain (loss) on investments
(both realized and unrealized) 1.16 2.10 (1.45) (2.52) 2.21
-------------- --------- --------- --------- ---------
Total from investment operations 1.27 2.24 (1.28) (2.33) 2.23
-------------- --------- --------- --------- ---------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.12) (0.14) (0.19) (0.22) (0.04)
Distributions from net realized gains (0.50) (0.31) (1.66) (2.13) --
-------------- --------- --------- --------- ---------
Total dividends and distributions (0.62) (0.45) (1.85) (2.35) (0.04)
-------------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 19.26 $ 18.61 $ 16.82 $ 19.95 $ 24.63
============== ========= ========= ========= =========
Total return(3) 6.88% 13.63% (7.63)% (10.51)% 9.96%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 672 $ 737 $ 3,061 $ 3,421 $ 96
Ratio of expenses to average net assets 0.93%(4) 1.24% 1.03% 1.03% 0.43%(4)
Ratio of net investment income to average
net assets 1.11%(4) 0.82% 0.92% 0.86% 0.07%(4)
Decrease reflected in above operating
expense ratios due to waivers -- -- 0.29% 0.18% --
Portfolio turnover rate 26% 53% 28% 38% 55%
</Table>
(1) For the period August 1, 2000 (inception date) through October 31, 2000.
(2) Per share information is calculated using the average shares outstanding
method.
(3) Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been lower.
Total returns for periods less than one year are not annualized.
(4) Annualized.
See Accompanying Notes to Financial Statements.
17
<Page>
(For an Advisor Class Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE PERIOD
APRIL 30, 2004 ENDED
(UNAUDITED) OCTOBER 31, 2003(1)
-------------- -------------------
PER SHARE DATA
Net asset value, beginning of period $ 18.71 $ 17.84
-------------- -------------------
INVESTMENT OPERATIONS
Net investment income(2) 0.06 0.04
Net gain on investments
(both realized and unrealized) 1.17 0.83
-------------- -------------------
Total from investment operations 1.23 0.87
-------------- -------------------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.07) (0.00)(3)
Distributions from net realized gains (0.50) --
-------------- -------------------
Total dividends and distributions (0.57) --
-------------- -------------------
NET ASSET VALUE, END OF PERIOD $ 19.37 $ 18.71
============== ===================
Total return(4) 6.64% 4.90%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 13,089 $ 22,336
Ratio of expenses to average net assets(5) 1.43% 1.49%
Ratio of net investment income to average net assets(5) 0.64% 0.51%
Portfolio turnover rate 26% 53%
</Table>
(1) For the period June 6, 2003 (inception date) through October 31, 2003.
(2) Per share information is calculated using the average shares outstanding
method.
(3) This amount represents less than $(0.01) per share.
(4) Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been lower.
Total returns for periods less than one year are not annualized.
(5) Annualized.
See Accompanying Notes to Financial Statements.
18
<Page>
(For a Class A Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE YEAR ENDED OCTOBER 31,
APRIL 30, 2004 ---------------------------------------------------------
(UNAUDITED) 2003 2002 2001 2000 1999
-------------- --------- --------- --------- --------- ---------
PER SHARE DATA
Net asset value, beginning of period $ 18.68 $ 16.83 $ 19.96 $ 24.62 $ 23.49 $ 22.60
-------------- --------- --------- --------- --------- ---------
INVESTMENT OPERATIONS
Net investment income(1) 0.08 0.14 0.17 0.21 0.16 0.12
Net gain (loss) on investments
(both realized and unrealized) 1.16 2.15 (1.45) (2.55) 1.78 2.87
-------------- --------- --------- --------- --------- ---------
Total from investment operations 1.24 2.29 (1.28) (2.34) 1.94 2.99
-------------- --------- --------- --------- --------- ---------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.09) (0.13) (0.19) (0.19) (0.12) (0.09)
Distributions from net realized gains (0.50) (0.31) (1.66) (2.13) (0.69) (2.01)
-------------- --------- --------- --------- --------- ---------
Total dividends and distributions (0.59) (0.44) (1.85) (2.32) (0.81) (2.10)
-------------- --------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 19.33 $ 18.68 $ 16.83 $ 19.96 $ 24.62 $ 23.49
============== ========= ========= ========= ========= =========
Total return(2) 6.72% 13.97% (7.63)% (10.48)% 8.44% 14.37%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 305,497 $ 306,410 $ 114,733 $ 133,665 $ 162,871 $ 174,213
Ratio of expenses to average net assets 1.18%(3) 1.24% 1.03% 1.04% 1.08% 1.11%
Ratio of net investment income to average
net assets 0.85%(3) 0.78% 0.90% 0.94% 0.71% 0.52%
Decrease reflected in above operating
expense ratios due to waivers -- -- 0.28% 0.10% -- --
Portfolio turnover rate 26% 53% 28% 38% 55% 25%
</Table>
(1) Per share information is calculated using the average shares outstanding
method.
(2) Total returns are historical and assume changes in share price,
reinvestment of all dividends and distributions, and no sales charge. Had
certain expenses not been reduced during the periods shown, total returns
would have been lower. Total returns for periods less than one year are not
annualized.
(3) Annualized.
See Accompanying Notes to Financial Statements.
19
<Page>
(For a Class B Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE YEAR ENDED OCTOBER 31,
APRIL 30, 2004 ---------------------------------------------------------
(UNAUDITED) 2003 2002 2001 2000 1999
-------------- --------- --------- --------- --------- ---------
PER SHARE DATA
Net asset value, beginning of period $ 18.46 $ 16.66 $ 19.78 $ 24.44 $ 23.37 $ 22.55
-------------- --------- --------- --------- --------- ---------
INVESTMENT OPERATIONS
Net investment income (loss)(1) 0.01 0.01 0.03 0.04 -- (0.04)
Net gain (loss) on investments
(both realized and unrealized) 1.15 2.13 (1.43) (2.52) 1.76 2.88
-------------- --------- --------- --------- --------- ---------
Total from investment operations 1.16 2.14 (1.40) (2.48) 1.76 2.84
-------------- --------- --------- --------- --------- ---------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.02) (0.03) (0.06) (0.05) -- (0.01)
Distributions from net realized gains (0.50) (0.31) (1.66) (2.13) (0.69) (2.01)
-------------- --------- --------- --------- --------- ---------
Total dividends and distributions (0.52) (0.34) (1.72) (2.18) (0.69) (2.02)
-------------- --------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 19.10 $ 18.46 $ 16.66 $ 19.78 $ 24.44 $ 23.37
============== ========= ========= ========= ========= =========
Total return(2) 6.35% 13.07% (8.29)% (11.00)% 7.66% 13.66%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 28,570 $ 29,696 $ 28,312 $ 33,087 $ 41,194 $ 41,144
Ratio of expenses to average net assets 1.93%(3) 1.99% 1.78% 1.79% 1.80% 1.81%
Ratio of net investment income (loss) to
average net assets 0.11%(3) 0.06% 0.15% 0.19% (0.01)% (0.18)%
Decrease reflected in above operating
expense ratios due to waivers -- -- 0.27% 0.10% -- --
Portfolio turnover rate 26% 53% 28% 38% 55% 25%
</Table>
(1) Per share information is calculated using the average shares outstanding
method.
(2) Total returns are historical and assume changes in share price,
reinvestment of all dividends and distributions, and no sales charge. Had
certain expenses not been reduced during the periods shown, total returns
would have been lower. Total returns for periods less than one year are not
annualized.
(3) Annualized.
See Accompanying Notes to Financial Statements.
20
<Page>
(For a Class C Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE YEAR ENDED OCTOBER 31,
APRIL 30, 2004 ---------------------------------------------------
(UNAUDITED) 2003 2002 2001 2000(1)
-------------- --------- --------- --------- ---------
PER SHARE DATA
Net asset value, beginning of period $ 18.38 $ 16.58 $ 19.71 $ 24.39 $ 20.87
-------------- --------- --------- --------- ---------
INVESTMENT OPERATIONS
Net investment income (loss)(2) 0.01 0.01 0.03 0.03 (0.01)
Net gain (loss) on investments
(both realized and unrealized) 1.15 2.13 (1.43) (2.51) 3.56
-------------- --------- --------- --------- ---------
Total from investment operations 1.16 2.14 (1.40) (2.48) 3.55
-------------- --------- --------- --------- ---------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.02) (0.03) (0.07) (0.07) (0.03)
Distributions from net realized gains (0.50) (0.31) (1.66) (2.13) --
-------------- --------- --------- --------- ---------
Total dividends and distributions (0.52) (0.34) (1.73) (2.20) (0.03)
-------------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 19.02 $ 18.38 $ 16.58 $ 19.71 $ 24.39
============== ========= ========= ========= =========
Total return(3) 6.38% 13.14% (8.35)% (11.07)% 17.02%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 4,180 $ 3,479 $ 2,104 $ 1,916 $ 496
Ratio of expenses to average net assets 1.93%(4) 1.99% 1.78% 1.79% 1.28%(4)
Ratio of net investment income (loss) to
average net assets 0.11%(4) 0.06% 0.16% 0.13% (0.03)%(4)
Decrease reflected in above operating
expense ratios due to waivers -- -- 0.28% 0.10% --
Portfolio turnover rate 26% 53% 28% 38% 55%
</Table>
(1) For the period February 28, 2000 (inception date) through October 31, 2000.
(2) Per share information is calculated using the average shares outstanding
method.
(3) Total returns are historical and assume changes in share price,
reinvestment of all dividends and distributions, and no sales charge. Had
certain expenses not been reduced during the periods shown, total returns
would have been lower. Total returns for periods less than one year are not
annualized.
(4) Annualized.
See Accompanying Notes to Financial Statements.
21
<Page>
CREDIT SUISSE SMALL CAP VALUE FUND
FINANCIAL HIGHLIGHTS
(For a Common Class Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE YEAR ENDED OCTOBER 31,
APRIL 30, 2004 ---------------------------------------------------
(UNAUDITED) 2003 2002 2001 2000(1)
-------------- --------- --------- --------- ---------
PER SHARE DATA
Net asset value, beginning of period $ 20.02 $ 18.56 $ 21.07 $ 22.62 $ 21.35
-------------- --------- --------- --------- ---------
INVESTMENT OPERATIONS
Net investment income (loss)(2) (0.03) (0.02) 0.02 0.04 0.02
Net gain on investments
(both realized and unrealized) 2.30 3.08 0.31 1.72 1.25
-------------- --------- --------- --------- ---------
Total from investment operations 2.27 3.06 0.33 1.76 1.27
-------------- --------- --------- --------- ---------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income -- (0.01) (0.05) (0.09) --
Distributions from net realized gains (1.06) (1.59) (2.79) (3.22) --
-------------- --------- --------- --------- ---------
Total dividends and distributions (1.06) (1.60) (2.84) (3.31) --
-------------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 21.23 $ 20.02 $ 18.56 $ 21.07 $ 22.62
============== ========= ========= ========= =========
Total return(3) 11.62% 17.75% 0.61% 9.79% 5.95%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 51,555 $ 47,969 $ 45,075 $ 30,667 $ 105
Ratio of expenses to average net assets 1.41%(4) 1.48% 1.32% 1.33% 0.34%(4)
Ratio of net investment income (loss) to
average net assets (0.30)%(4) (0.10)% 0.12% 0.18% 0.09%(4)
Decrease reflected in above operating
expense ratios due to waivers -- 0.04% 0.14% 0.02% --
Portfolio turnover rate 19% 30% 18% 54% 42%
</Table>
(1) For the period August 1, 2000 (inception date) through October 31, 2000.
(2) Per share information is calculated using the average shares outstanding
method.
(3) Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been lower.
Total returns for periods less than one year are not annualized.
(4) Annualized.
See Accompanying Notes to Financial Statements.
22
<Page>
(For a Class A Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE YEAR ENDED OCTOBER 31,
APRIL 30, 2004 ---------------------------------------------------------
(UNAUDITED) 2003 2002 2001 2000 1999
-------------- --------- --------- --------- --------- ---------
PER SHARE DATA
Net asset value, beginning of period $ 20.10 $ 18.62 $ 21.09 $ 22.54 $ 20.52 $ 19.54
-------------- --------- --------- --------- --------- ---------
INVESTMENT OPERATIONS
Net investment income (loss)(1) (0.03) (0.02) 0.02 0.05 0.06 0.06
Net gain on investments
(both realized and unrealized) 2.30 3.10 0.33 1.76 4.05 1.01
-------------- --------- --------- --------- --------- ---------
Total from investment operations 2.27 3.08 0.35 1.81 4.11 1.07
-------------- --------- --------- --------- --------- ---------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income -- (0.01) (0.03) (0.04) (0.04) (0.07)
Distributions from net realized gains (1.06) (1.59) (2.79) (3.22) (2.05) (0.02)
-------------- --------- --------- --------- --------- ---------
Total dividends and distributions (1.06) (1.60) (2.82) (3.26) (2.09) (0.09)
-------------- --------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 21.31 $ 20.10 $ 18.62 $ 21.09 $ 22.54 $ 20.52
============== ========= ========= ========= ========= =========
Total return(2) 11.57% 17.80% 0.71% 9.70% 21.69% 5.47%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 206,880 $ 188,318 $ 151,340 $ 199,213 $ 188,501 $ 188,192
Ratio of expenses to average net assets 1.41%(3) 1.48% 1.32% 1.33% 1.39% 1.37%
Ratio of net investment income (loss) to
average net assets (0.30)%(3) (0.11)% 0.11% 0.25% 0.28% 0.33%
Decrease reflected in above operating
expense ratios due to waivers -- 0.04% 0.12% 0.02% -- --
Portfolio turnover rate 19% 30% 18% 54% 42% 30%
</Table>
(1) Per share information is calculated using the average shares outstanding
method.
(2) Total returns are historical and assume changes in share price,
reinvestment of all dividends and distributions, and no sales charge. Had
certain expenses not been reduced during the periods shown, total returns
would have been lower. Total returns for periods less than one year are not
annualized.
(3) Annualized.
See Accompanying Notes to Financial Statements.
23
<Page>
(For a Class B Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE YEAR ENDED OCTOBER 31,
APRIL 30, 2004 ---------------------------------------------------------
(UNAUDITED) 2003 2002 2001 2000 1999
-------------- --------- --------- --------- --------- ---------
PER SHARE DATA
Net asset value, beginning of period $ 18.93 $ 17.74 $ 20.33 $ 21.95 $ 20.13 $ 19.23
-------------- --------- --------- --------- --------- ---------
INVESTMENT OPERATIONS
Net investment loss(1) (0.10) (0.15) (0.12) (0.10) (0.09) (0.14)
Net gain on investments
(both realized and unrealized) 2.16 2.93 0.32 1.70 3.96 1.06
-------------- --------- --------- --------- --------- ---------
Total from investment operations 2.06 2.78 0.20 1.60 3.87 0.92
-------------- --------- --------- --------- --------- ---------
LESS DISTRIBUTIONS
Distributions from net realized gains (1.06) (1.59) (2.79) (3.22) (2.05) (0.02)
-------------- --------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 19.93 $ 18.93 $ 17.74 $ 20.33 $ 21.95 $ 20.13
============== ========= ========= ========= ========= =========
Total return(2) 11.16% 16.88% (0.08)% 8.88% 20.80% 4.75%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 22,585 $ 22,669 $ 19,999 $ 17,818 $ 17,255 $ 19,257
Ratio of expenses to average net assets 2.16%(3) 2.23% 2.07% 2.08% 2.10% 2.07%
Ratio of net investment loss to average
net assets (1.05)%(3) (0.86)% (0.63)% (0.50)% (0.43)% (0.71)%
Decrease reflected in above operating
expense ratios due to waivers -- 0.04% 0.13% 0.02% -- --
Portfolio turnover rate 19% 30% 18% 54% 42% 30%
</Table>
(1) Per share information is calculated using the average shares outstanding
method.
(2) Total returns are historical and assume changes in share price,
reinvestment of all distributions, and no sales charge. Had certain
expenses not been reduced during the periods shown, total returns would
have been lower. Total returns for periods less than one year are not
annualized.
(3) Annualized.
See Accompanying Notes to Financial Statements.
24
<Page>
(For a Class C Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE YEAR ENDED OCTOBER 31,
APRIL 30, 2004 ---------------------------------------------------
(UNAUDITED) 2003 2002 2001 2000(1)
-------------- --------- --------- --------- ---------
PER SHARE DATA
Net asset value, beginning of period $ 18.87 $ 17.69 $ 20.28 $ 21.94 $ 17.96
-------------- --------- --------- --------- ---------
INVESTMENT OPERATIONS
Net investment loss(2) (0.10) (0.15) (0.12) (0.11) (0.07)
Net gain on investments
(both realized and unrealized) 2.16 2.92 0.32 1.67 4.05
-------------- --------- --------- --------- ---------
Total from investment operations 2.06 2.77 0.20 1.56 3.98
-------------- --------- --------- --------- ---------
LESS DISTRIBUTIONS
Distributions from net realized gains (1.06) (1.59) (2.79) (3.22) --
-------------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 19.87 $ 18.87 $ 17.69 $ 20.28 $ 21.94
============== ========= ========= ========= =========
Total return(3) 11.20% 16.87% (0.07)% 8.93% 22.16%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 10,550 $ 8,138 $ 4,271 $ 1,481 $ 220
Ratio of expenses to average net assets 2.16%(4) 2.23% 2.07% 2.08% 1.42%(4)
Ratio of net investment loss to average
net assets (1.05)%(4) (0.86)% (0.63)% (0.52)% (0.33)%(4)
Decrease reflected in above operating
expense ratios due to waivers -- 0.04% 0.14% 0.02% --
Portfolio turnover rate 19% 30% 18% 54% 42%
</Table>
(1) For the period February 28, 2000 (inception date) through October 31, 2000.
(2) Per share information is calculated using the average shares outstanding
method.
(3) Total returns are historical and assume changes in share price,
reinvestment of all distributions, and no sales charge. Had certain
expenses not been reduced during the periods shown, total returns would
have been lower. Total returns for periods less than one year are not
annualized.
(4) Annualized.
See Accompanying Notes to Financial Statements.
25
<Page>
CREDIT SUISSE FUNDS
NOTES TO FINANCIAL STATEMENTS
April 30, 2004 (unaudited)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Credit Suisse Capital Funds (the "Trust") covered in this report are
comprised of Credit Suisse Large Cap Value Fund ("Large Cap Value") and Credit
Suisse Small Cap Value Fund ("Small Cap Value"), (each a "Fund" and
collectively, the "Funds"). The Trust is registered under the Investment Company
Act of 1940, as amended (the "1940 Act"), as an open-end management investment
company. The Trust was organized under the laws of the Commonwealth of
Massachusetts as a business trust on November 26, 1985. Each Fund is classified
as diversified.
Investment objectives for each Fund are as follows: Large Cap Value seeks
long-term capital appreciation and continuity of income; Small Cap Value seeks a
high level of growth of capital.
Large Cap Value offers five classes of shares: Common Class shares, Advisor
Class shares, Class A shares, Class B shares and Class C shares. Small Cap Value
offers four classes of shares: Common Class shares, Class A shares, Class B
shares and Class C shares. Effective December 12, 2001, Small Cap Value closed
the Common Class to new investors. Effective December 12, 2001, Large Cap Value
closed the Common Class to new investments, except for reinvestment of
dividends. Large Cap Value's Common Class shareholders as of the close of
business on December 12, 2001 may continue to hold Common Class shares but may
not add to their accounts. Although no further shares can be purchased, Large
Cap Value's shareholders can redeem their Common Class shares through any
available method. Each class of shares in each Fund represents an equal pro rata
interest in each Fund, except that they bear different expenses, which reflect
the differences in the range of services provided to them. Class A shares of
each Fund are sold subject to a front-end sales charge of up to 5.75%. Class B
shares of each Fund are sold subject to a contingent deferred sales charge which
declines from 4% to zero depending on the period of time the shares are held.
Class C shares of each Fund are sold subject to a contingent deferred sales
charge of 1.00% if redeemed within the first year of purchase.
Effective as of the close of business on June 6, 2003, Large Cap Value
acquired all of the net assets of the Credit Suisse Strategic Value Fund
("Strategic Value") in a tax-free exchange of shares. The Fund was also the
accounting survivor in the tax-free exchange. The shares exchanged were
9,909,161 Class A shares (valued at $176,779,318) of Large Cap Value for
14,963,301 Common Class shares of Strategic Value, 1,330,026 Advisor Class
shares (valued at $23,727,605) of Large Cap Value for 2,012,115 Advisor Class
shares of Strategic Value, 17,274 Class A shares (valued at $308,174) of Large
Cap Value for 26,097 Class A shares of Strategic Value,
26
<Page>
4,229 Class B shares (valued at $74,648) of Large Cap Value for 6,370 Class B
shares of Strategic Value, and 9,153 Class C shares (valued at $160,727) of
Large Cap Value for 13,720 Class C shares of Strategic Value. Strategic Value's
net assets of $201,050,472 at that date, which included $23,663,867 of
unrealized appreciation, were combined with those of Large Cap Value. The
aggregate net assets of Strategic Value and Large Cap Value immediately before
the acquisition were $201,050,472, and $157,976,111, respectively, and the
combined net assets of Large Cap Value after the acquisition were $359,026,583.
A) SECURITY VALUATION -- The net asset value of each Fund is determined daily
as of the close of regular trading on the New York Stock Exchange, Inc. (the
"Exchange") on each day the Exchange is open for business. Each Fund's equity
investments are valued at market value, which is generally determined using the
closing price on the exchange or market on which the security is primarily
traded at the time of valuation (the "Valuation Time"). If no sales are
reported, equity investments are generally valued at the most recent bid
quotation as of the Valuation Time or at the lowest asked quotation in the case
of a short sale of securities. Debt securities with a remaining maturity greater
than 60 days are valued in accordance with the price supplied by a pricing
service, which may use a matrix, formula or other objective method that takes
into consideration market indices, yield curves and other specific adjustments.
Debt obligations that will mature in 60 days or less are valued on the basis of
amortized cost, which approximates market value, unless it is determined that
this method would not represent fair value. Securities and other assets for
which market quotations are not readily available, or whose values have been
materially affected by events occurring before the Funds' Valuation Time but
after the close of the securities' primary markets, are valued at fair value as
determined in good faith by, or under the direction of, the Board of Trustees
under procedures established by the Board of Trustees. The Funds may utilize a
service provided by an independent third party which has been approved by the
Board of Trustees to fair value certain Funds' portfolio securities.
B) SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted for on a trade date basis. Interest income is recorded on the accrual
basis. Dividends are recorded on the ex-dividend date. Certain expenses are
class-specific and vary by class. Income, expenses (excluding class-specific
expenses) and realized/unrealized gains/losses are allocated proportionately to
each class of shares based upon the relative net asset value of outstanding
shares of that class. The cost of investments sold is determined by use of the
specific identification method for both financial reporting and income tax
purposes.
27
<Page>
C) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net
investment income, if any, are declared and paid quarterly by Large Cap Value
and at least annually by Small Cap Value. Distributions of net realized capital
gains, if any, are declared and paid at least annually by each Fund. However, to
the extent that a net realized capital gain can be reduced by a capital loss
carryforward, such gain will not be distributed. Income and capital gain
distributions are determined in accordance with federal income tax regulations,
which may differ from accounting principles generally accepted in the United
States of America (GAAP).
D) FEDERAL INCOME TAXES -- No provision is made for federal taxes as it is
each Fund's intention to continue to qualify for and elect the tax treatment
applicable to regulated investment companies under the Internal Revenue Code of
1986, as amended, and make the requisite distributions to its shareholders which
will be sufficient to relieve it from federal income and excise taxes.
E) USE OF ESTIMATES -- The preparation of financial statements in conformity
with GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Actual results could
differ from these estimates.
F) SHORT-TERM INVESTMENTS -- The Funds, together with other funds/portfolios
advised by Credit Suisse Asset Management, LLC ("CSAM"), an indirect,
wholly-owned subsidiary of Credit Suisse Group, pool available cash into either
a short-term variable rate time deposit issued by State Street Bank and Trust
Company ("SSB"), the Funds' custodian, or a money market fund advised by CSAM.
The short-term time deposit issued by SSB is a variable rate account classified
as a short-term investment.
G) SECURITIES LENDING -- Loans of securities are required at all times to be
secured by collateral at least equal to 102% of the market value of domestic
securities on loan (including any accrued interest thereon) and 105% of the
market value of foreign securities on loan (including any accrued interest
thereon). Cash collateral received by the Funds in connection with securities
lending activity may be pooled together with cash collateral for other
funds/portfolios advised by CSAM and may be invested in a variety of
investments, including certain CSAM-advised funds, funds advised by SSB, the
Funds' securities lending agent or money market instruments. However, in the
event of default or bankruptcy by the other party to the agreement, realization
and/or retention of the collateral may be subject to legal proceedings.
28
<Page>
The market value of securities on loan to brokers and the value of
collateral held by each Fund with respect to such loans at April 30, 2004 are as
follows:
<Table>
<Caption>
MARKET VALUE OF VALUE OF
FUND SECURITIES LOANED COLLATERAL RECEIVED
---- ----------------- -------------------
Large Cap Value $ 16,532,009 $ 17,427,325
Small Cap Value 35,092,169 36,227,629
</Table>
Prior to March 17, 2004, Credit Suisse First Boston ("CSFB"), an affiliate of
CSAM, had been engaged by the Funds to act as the Funds' securities lending
agent.
Effective March 17, 2004, SSB has been engaged by the Funds to act as the
Funds' securities lending agent. The Funds' securities lending arrangement
provides that the Funds and SSB will share the net income earned from securities
lending activities with each Fund receiving 70% and SSB receiving 30% of the
earnings from the investment of cash collateral or any other securities lending
income in accordance with the provisions of the securities lending agency
agreement. Securities lending income is accrued as earned.
H) OTHER -- Large Cap Value may invest up to 10% and Small Cap Value may
invest up to 15% of its net assets in restricted and other illiquid securities.
Non-publicly traded securities may be less liquid than publicly traded
securities. Although these securities may be resold in privately negotiated
transactions, the prices realized from such sales could differ from the price
originally paid by the Funds or the current carrying values, and the difference
could be material.
NOTE 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
CSAM serves as investment adviser for the Funds. For its investment advisory
services, CSAM is entitled to receive the following fees, computed daily and
payable monthly, on each Fund's average daily net assets as follows:
<Table>
<Caption>
FUND ANNUAL RATE
---- -----------
Large Cap Value 0.75% of average daily net assets up to and including $75 million
0.50% of average daily net assets in excess of $75 million
Small Cap Value 0.875% of first $100 million of average daily net assets
0.75% of next $100 million of average daily net assets
0.625% of average daily net assets over $200 million
</Table>
29
<Page>
For the six months ended April 30, 2004, investment advisory fees earned for
each Fund were as follows:
<Table>
<Caption>
FUND GROSS ADVISORY FEE
---- ------------------
Large Cap Value $ 1,018,803
Small Cap Value 1,089,388
</Table>
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of
CSAM, and SSB serve as co-administrators to the Funds.
For its co-administrative services, CSAMSI currently receives a fee
calculated at an annual rate of 0.10% of each Fund's average daily net assets.
For the six months ended April 30, 2004, co-administrative services fees earned
by CSAMSI were as follows:
<Table>
<Caption>
FUND CO-ADMINISTRATION FEE
---- ---------------------
Large Cap Value $ 185,113
Small Cap Value 144,466
</Table>
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 six months ended April 30, 2004, co-administrative services fees
earned by SSB (including out-of-pocket fees) were as follows:
<Table>
<Caption>
FUND CO-ADMINISTRATION FEE
---- ---------------------
Large Cap Value $ 102,368
Small Cap Value 81,029
</Table>
In addition to serving as each Fund's co-administrator, CSAMSI currently
serves as distributor of each Fund's shares. Pursuant to distribution plans
adopted by each Fund pursuant to Rule 12b-1 under the 1940 Act, CSAMSI receives
fees for its distribution services. This fee is calculated at an annual rate of
0.25% of the average daily net assets of the Common Class of Small Cap Value and
Class A shares of each Fund. Prior to November 1, 2003, Common Class shares of
Large Cap Value paid such fees at an annual rate of
30
<Page>
0.50% of its average daily net assets. Advisor Class shares of Large Cap Value
may pay this fee at an annual rate not to exceed 0.75% of such classes average
daily assets; such fee is currently calculated at the annual rate of 0.50% of
the average daily net assets of such class. For the Class B and Class C shares,
the fee is calculated at annual rate of 1.00% of average daily net assets of
such classes. Effective November 1, 2003, CSAMSI no longer receives 12b-1 fees
on Common Class shares of Large Cap Value.
Certain brokers, dealers and financial representatives provide transfer agent
related services to the Funds, and receive compensation from CSAM. CSAM is then
reimbursed by the Funds. For the six months ended April 30, 2004, the Funds
reimbursed CSAM the following amounts, which are included in each Fund's
transfer agent expense as follows:
<Table>
<Caption>
FUND AMOUNT
---- ------
Large Cap Value $ 454
Small Cap Value 34,733
</Table>
For the six months ended April 30, 2004, CSAMSI and its affiliates advised
the Funds that they retained the following amounts from commissions earned on
the sale of the Funds' Class A shares:
<Table>
<Caption>
FUND AMOUNT
---- ------
Large Cap Value $ 18,207
Small Cap Value 15,998
</Table>
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Funds to provide certain financial printing and fulfillment services. For
the six months ended April 30, 2004, Merrill was paid for its services by the
Funds as follows:
<Table>
<Caption>
FUND AMOUNT
---- ------
Large Cap Value $ 7,804
Small Cap Value 7,804
</Table>
NOTE 3. LINE OF CREDIT
The Funds, together with other funds/portfolios advised by CSAM
(collectively, the "Participating Funds"), participates in a $75 million
committed, unsecured line of credit facility ("Credit Facility") for temporary
or emergency purposes with Deutsche Bank, A.G. as administrative agent and
syndication agent and SSB as operations agent. Under the terms of the Credit
31
<Page>
Facility, the Participating Funds pay an aggregate commitment fee at a rate of
0.10% per annum on the average unused amount of the Credit Facility, which is
allocated among the Participating Funds in such manner as is determined by the
governing Boards of the Participating Funds. In addition, the Participating
Funds pay interest on borrowings at the Federal Funds rate plus 0.50%. At April
30, 2004, and during the six months ended April 30, 2004, the Funds had no
borrowings under the Credit Facility.
NOTE 4. PURCHASES AND SALES OF SECURITIES
For the six months ended April 30, 2004, purchases and sales of investment
securities (excluding short-term investments) and U.S. Government and Agency
Obligations were as follows:
<Table>
<Caption>
U.S. GOVERNMENT
INVESTMENTS AND AGENCY OBLIGATIONS
---------------------------- ------------------------
PORTFOLIO PURCHASES SALES PURCHASES SALES
--------- ------------ ------------- --------- ------------
Large Cap Value $ 96,858,079 $ 121,976,423 $ -- $ 4,253,010
Small Cap Value 67,984,899 52,522,945 -- --
</Table>
At April 30, 2004, 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 was as follows:
<Table>
<Caption>
GROSS GROSS
IDENTIFIED UNREALIZED UNREALIZED NET UNREALIZED
FUND COST APPRECIATION DEPRECIATION APPRECIATION
---- -------------- ------------- -------------- --------------
Large Cap Value $ 307,435,481 $ 68,190,344 $ (7,576,090) $ 60,614,254
Small Cap Value 247,900,007 82,681,611 (2,800,007) 79,881,604
</Table>
NOTE 5. CAPITAL SHARE TRANSACTIONS
Large Cap Value is authorized to issue an unlimited number of full and
fractional shares of beneficial interest, $0.001 par value per share, of which
an unlimited number of shares are classified as Common Class shares, Advisor
Class shares, Class A shares, Class B shares and Class C shares. Small Cap Value
is authorized to issue an unlimited number of full and fractional shares of
beneficial interest, $.001 par value per share, of which an unlimited
32
<Page>
number of shares are classified as Common Class shares, Class A shares, Class B
shares and Class C shares. Transactions in capital shares of the Funds were as
follows:
<Table>
<Caption>
LARGE CAP VALUE
----------------------------------------------------------------
COMMON CLASS
----------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2004 (UNAUDITED) OCTOBER 31, 2003
----------------------------------------------------------------
SHARES VALUE SHARES VALUE
------------- ------------- ------------- -------------
Shares sold -- $ -- 1,352 $ 23,338
Shares issued in reinvestment
of dividends and distributions 1,137 21,601 4,402 72,572
Shares redeemed (5,840) (113,097) (148,101) (2,636,135)
------------- ------------- ------------- -------------
Net decrease (4,703) $ (91,496) (142,347) $ (2,540,225)
============= ============= ============= =============
<Caption>
LARGE CAP VALUE
----------------------------------------------------------------
ADVISOR CLASS
----------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE PERIOD ENDED
APRIL 30, 2004 (UNAUDITED) OCTOBER 31, 2003(1)
----------------------------------------------------------------
SHARES VALUE SHARES VALUE
------------- ------------- ------------- -------------
Shares sold 48,426 $ 945,574 44,498 $ 805,443
Shares exchanged due to merger -- -- 1,330,026 23,727,605
Shares issued in reinvestment
of dividends and distributions 34,939 665,633 293 5,242
Shares redeemed (601,323) (11,882,066) (181,215) (3,267,840)
------------- ------------- ------------- -------------
Net increase (decrease) (517,958) $ (10,270,859) 1,193,602 $ 21,270,450
============= ============= ============= =============
<Caption>
LARGE CAP VALUE
----------------------------------------------------------------
CLASS A
----------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2004 (UNAUDITED) OCTOBER 31, 2003
----------------------------------------------------------------
SHARES VALUE SHARES VALUE
------------- ------------- ------------- -------------
Shares sold 573,831 $ 11,263,372 1,631,978 $ 27,951,860
Shares exchanged due to merger -- -- 9,926,435 177,087,492
Shares issued in reinvestment
of dividends and distributions 468,710 8,931,838 179,017 3,006,863
Shares redeemed (1,646,979) (32,308,799) (2,149,099) (37,384,797)
------------- ------------- ------------- -------------
Net increase (decrease) (604,438) $ (12,113,589) 9,588,331 $ 170,661,418
============= ============= ============= =============
</Table>
33
<Page>
<Table>
<Caption>
LARGE CAP VALUE
----------------------------------------------------------------
CLASS B
----------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2004 (UNAUDITED) OCTOBER 31, 2003
----------------------------------------------------------------
SHARES VALUE SHARES VALUE
------------- ------------- ------------- -------------
Shares sold 42,195 $ 818,037 259,948 $ 4,319,275
Shares exchanged due to merger -- -- 4,229 74,648
Shares issued in reinvestment
of dividends and distributions 37,421 701,336 31,262 512,465
Shares redeemed (192,611) (3,728,748) (386,324) (6,387,578)
------------- ------------- ------------- -------------
Net decrease (112,995) $ (2,209,375) (90,885) $ (1,481,190)
============= ============= ============= =============
<Caption>
LARGE CAP VALUE
----------------------------------------------------------------
CLASS C
----------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2004 (UNAUDITED) OCTOBER 31, 2003
----------------------------------------------------------------
SHARES VALUE SHARES VALUE
------------- ------------- ------------- -------------
Shares sold 41,689 $ 808,554 72,255 $ 1,220,239
Shares exchanged due to merger -- -- 9,153 160,727
Shares issued in reinvestment
of dividends and distributions 4,412 82,312 2,638 43,059
Shares redeemed (15,621) (299,277) (21,597) (366,597)
------------- ------------- ------------- -------------
Net increase 30,480 $ 591,589 62,449 $ 1,057,428
============= ============= ============= =============
<Caption>
SMALL CAP VALUE
----------------------------------------------------------------
COMMON CLASS
----------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2004 (UNAUDITED) OCTOBER 31, 2003
----------------------------------------------------------------
SHARES VALUE SHARES VALUE
------------- ------------- ------------- -------------
Shares sold 222,537 $ 4,702,291 870,927 $ 15,846,132
Shares issued in reinvestment
of dividends and distributions 121,963 2,461,214 239,082 4,181,492
Shares redeemed (311,519) (6,540,411) (1,142,820) (20,288,729)
------------- ------------- ------------- -------------
Net increase (decrease) 32,981 $ 623,094 (32,811) $ (261,105)
============= ============= ============= =============
<Caption>
SMALL CAP VALUE
----------------------------------------------------------------
CLASS A
----------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2004 (UNAUDITED) OCTOBER 31, 2003
----------------------------------------------------------------
SHARES VALUE SHARES VALUE
------------- ------------- ------------- -------------
Shares sold 1,491,818 $ 31,521,563 2,925,201 $ 53,065,536
Shares issued in reinvestment
of dividends and distributions 461,139 9,342,671 691,170 12,130,136
Shares redeemed (1,615,312) (34,363,474) (2,374,821) (42,655,211)
------------- ------------- ------------- -------------
Net increase 337,645 $ 6,500,760 1,241,550 $ 22,540,461
============= ============= ============= =============
</Table>
34
<Page>
<Table>
<Caption>
SMALL CAP VALUE
----------------------------------------------------------------
CLASS B
----------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2004 (UNAUDITED) OCTOBER 31, 2003
----------------------------------------------------------------
SHARES VALUE SHARES VALUE
------------- ------------- ------------- -------------
Shares sold 41,800 $ 822,709 209,151 $ 3,537,721
Shares issued in reinvestment
of distributions 56,846 1,080,090 94,731 1,577,261
Shares redeemed (163,065) (3,243,735) (233,802) (3,968,267)
------------- ------------- ------------- -------------
Net increase (decrease) (64,419) $ (1,340,936) 70,080 $ 1,146,715
============= ============= ============= =============
<Caption>
SMALL CAP VALUE
----------------------------------------------------------------
CLASS C
----------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2004 (UNAUDITED) OCTOBER 31, 2003
----------------------------------------------------------------
SHARES VALUE SHARES VALUE
------------- ------------- ------------- -------------
Shares sold 115,762 $ 2,286,788 245,228 $ 4,201,650
Shares issued in reinvestment
of distributions 17,853 338,141 22,210 368,689
Shares redeemed (33,802) (671,598) (77,702) (1,340,778)
------------- ------------- ------------- -------------
Net increase 99,813 $ 1,953,331 189,736 $ 3,229,561
============= ============= ============= =============
</Table>
(1) Large Cap Value Advisor Class commenced operations on June 6, 2003.
On April 30, 2004, the number of shareholders that held 5% or more of the
outstanding shares of each class of the Funds were as follows:
<Table>
<Caption>
NUMBER OF APPROXIMATE PERCENTAGE
FUND SHAREHOLDERS OF OUTSTANDING SHARES
---- ------------ ---------------------
Large Cap Value
Common Class 3 38%
Advisor Class 1 97%
Class A 2 20%
Class C 3 22%
Small Cap Value
Common Class 3 63%
Class C 1 8%
</Table>
Some of the shareholders are omnibus accounts, which hold shares on behalf of
individual shareholders.
35
<Page>
NOTE 6. CONTINGENCIES
In the normal course of business, the Funds may provide general
indemnifications pursuant to certain contracts and organizational documents. The
Funds' maximum exposure under these arrangements is dependent on future claims
that may be made against the Funds and, therefore, cannot be estimated; however,
based on experience, the risk of loss from such claims is considered remote.
36
<Page>
CREDIT SUISSE FUNDS
PRIVACY POLICY NOTICE (UNAUDITED)
IMPORTANT PRIVACY CHOICES FOR CONSUMERS
We are committed to maintaining the privacy of every current and prospective
customer. We recognize that you entrust important personal information to us,
and we wish to assure you that we take seriously our responsibilities in
protecting and safeguarding this information.
In connection with making available investment products and services to
current and potential customers, we may obtain nonpublic personal information
about you. This information may include your name, address, e-mail address,
social security number, account number, assets, income, financial situation,
transaction history and other personal information.
We may collect nonpublic information about you from the following sources:
- Information we receive on applications, forms, questionnaires, web sites,
agreements or in the course of establishing or maintaining a customer
relationship; and
- Information about your transactions with us, our affiliates, or others.
We do not disclose any nonpublic personal information about our customers or
former customers to anyone, except with your consent or as otherwise permitted
by law.
RESTRICT INFORMATION SHARING WITH AFFILIATES: In cases where we believe that
additional products and services may be of interest to you, we may share the
information described above with our affiliates unless you say "No."
/ / No, please do not share personal and financial information with your
affiliated companies. [If you check this box, you must send this notice
back to us with your name, address and account number to Credit Suisse
Funds, 466 Lexington Avenue, New York, New York 10017.]
We may also disclose this information to firms that perform services on our
behalf. These agents and service providers are required to treat the information
confidentially and use it only for the purpose for which it is provided.
We restrict access to nonpublic personal information about you to those
employees, agents or other parties who need to know that information to provide
products or services to you or in connection with your investments with or
through us. We maintain physical, electronic and procedural safeguards that
comply with federal standards to guard your nonpublic personal information.
NOTE: THIS NOTICE IS PROVIDED TO CLIENTS AND PROSPECTIVE CLIENTS OF CREDIT
SUISSE ASSET MANAGEMENT, LLC ("CSAM"), CSAM CAPITAL INC., AND CREDIT SUISSE
ASSET MANAGEMENT SECURITIES, INC., AND SHAREHOLDERS AND PROSPECTIVE SHAREHOLDERS
IN CSAM-SPONSORED AND-ADVISED INVESTMENT COMPANIES, INCLUDING CREDIT SUISSE
FUNDS, AND OTHER CONSUMERS AND CUSTOMERS, AS APPLICABLE. THIS NOTICE IS NOT
INTENDED TO BE INCORPORATED IN ANY OFFERING MATERIALS BUT IS MERELY A STATEMENT
OF OUR CURRENT PRIVACY POLICY, AND MAY BE AMENDED FROM TIME TO TIME UPON NOTICE
TO YOU. THIS NOTICE IS DATED AS OF MAY 19, 2004.
37
<Page>
CREDIT SUISSE FUNDS
PROXY VOTING (UNAUDITED)
The policies and procedures that each Fund uses to determine how to vote
proxies relating to their portfolio securities are available:
- By calling 1-800-927-2874
- On the Funds' website, www.csam.com/us
- On the website of the Securities and Exchange Commission,
http://www.sec.gov.
38
<Page>
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<Page>
P.O. BOX 55030, BOSTON, MA 02205-5030 [CREDIT SUISSE ASSET MANAGEMENT LOGO]
800-927-2874 - www.csam.com/us
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. CSVAL-3-0404
<Page>
ITEM 2. CODE OF ETHICS.
This item is inapplicable to a semi-annual report on Form N-CSR.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
This item is inapplicable to a semi-annual report on Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
This item is inapplicable to a semi-annual report on Form N-CSR.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to the registrant.
ITEM 6. SCHEDULE OF INVESTMENTS
Form N-CSR disclosure requirement not yet effective with respect to the
registrant.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the registrant.
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable to the registrant.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The Nominating Committee recommends Board member candidates. Shareholders of the
registrant may also submit nominees that will be considered by the Committee.
Recommendations should be mailed to the registrant's Secretary, c/o Credit
Suisse Asset Management, LLC, 466 Lexington Avenue, New York, NY 10017. Any
submission should include at a minimum the following information: the name, age,
business address, residence address and principal occupation or employment of
such individual; the class, series and number of shares of the registrant that
are beneficially owned by such individual; the date such shares were acquired
and the investment intent of such acquisition; whether such shareholder believes
such individual is, or is not, an "interested person" of the registrant (as
defined in the Investment Company Act of 1940) and information regarding such
individual that is sufficient, in the Committee's discretion, to make such
determination; and all other information relating to such individual that is
required to be disclosed in solicitation of proxies for election of directors in
an election contest (even if an election contest is not involved) or is
otherwise required pursuant to the rules for proxy materials under the
Securities Exchange Act of 1934.
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 last 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) Not applicable.
(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.
<Page>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934 and the Investment Company Act of 1940, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.
CREDIT SUISSE CAPITAL FUNDS
/s/ Joseph D. Gallagher
-----------------------
Name: Joseph D. Gallagher
Title: Chief Executive Officer
Date: July 6, 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
Title: Chief Executive Officer
Date: July 6, 2004
/s/ Michael A. Pignataro
------------------------
Name: Michael A. Pignataro
Title: Chief Financial Officer
Date: July 6, 2004