<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)
J. Kevin Gao, Esq.
Credit Suisse Capital Funds
466 Lexington Avenue
New York, New York 10017-3140
Registrant's telephone number, including area code: (212) 875-3500
Date of fiscal year end: October 31
Date of reporting period: November 1, 2003 to October 31, 2004
ITEM 1. REPORTS TO STOCKHOLDERS.
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE FUNDS
ANNUAL REPORT
OCTOBER 31, 2004
- - 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
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 FUND
HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF OCTOBER 31, 2004; THESE VIEWS AND
FUND HOLDINGS MAY HAVE CHANGED SUBSEQUENT TO THESE DATES. NOTHING IN THIS
DOCUMENT IS A RECOMMENDATION TO PURCHASE OR SELL SECURITIES.
FUND SHARES ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF CREDIT SUISSE ASSET
MANAGEMENT, LLC ("CSAM") OR ANY AFFILIATE, ARE NOT FDIC-INSURED AND ARE NOT
GUARANTEED BY CSAM OR ANY AFFILIATE. FUND INVESTMENTS ARE SUBJECT TO INVESTMENT
RISKS, INCLUDING LOSS OF YOUR INVESTMENT.
<Page>
CREDIT SUISSE LARGE CAP VALUE FUND
ANNUAL INVESTMENT ADVISER'S REPORT
October 31, 2004 (unaudited)
November 24, 2004
Dear Shareholder:
PERFORMANCE SUMMARY
11/01/03 - 10/31/04
<Table>
<Caption>
SHARE CLASS/BENCHMARK PERFORMANCE
Common(1) 11.51%
Advisor(1) 10.96%
Class A(1),(2) 11.19%
Class B(1),(2) 10.40%
Class C(1),(2) 10.39%
Russell 1000(R) Value Index(3) 15.46%
</Table>
Performance for the Fund's Class A, Class B and Class C Shares is without the
maximum sales charge of 5.75%, 4.00% and 1.00%, respectively.(2)
MARKET OVERVIEW: STRONG START GIVES WAY TO SEESAW FINISH
The US equity market began the period on a strong note. An improving outlook
for the economy and corporate profits continued to help stocks regain their
footing after 2000's "bubble burst." However, the market faced headwinds as 2004
progressed, mostly in the form of domestic and international political
uncertainty, worries over rising interest rates and a surge in oil prices. The
market struggled in the spring and into summer, but then moved upward again as
inflation and interest-rate fears subsided.
Value stocks soundly outpaced growth stocks for the 12 months -- and were
less volatile as well -- reflecting the outperformance of energy and
industrial-type companies, which comprise a larger share of the value universe.
Broadly, large cap equities trailed small caps, a trend often (but not always)
seen in the early stages of economic recovery.
STRATEGIC REVIEW: FOCUS ON COMPANY FUNDAMENTALS
The Fund had a gain but underperformed its benchmark, which we attribute
primarily to stock selection in the technology sector. Holdings that detracted
from performance included Unisys, an infrastructure solutions provider, and
Seagate Technology, a disc drive manufacturer. We eliminated both positions in
the period, based on our concerns over their business fundamentals. The Fund's
energy holdings, while collectively positive in absolute terms, underperformed,
in part due to Calpine (a position we eliminated in late October), an operator
of power generation stations that declined on balance sheet concerns.
1
<Page>
On the positive side, the Fund's multi-business industrial companies aided
its absolute and relative return (our nearly double weighting in this
outperforming sector was also a plus). Tyco (3.05% of the Fund's portfolio as of
October 31, 2004) had a sizable gain amid an ongoing turnaround under new
management. Other standouts were Textron and Eaton (1.77% and 1.66% of the
Fund's portfolio, respectively, as of October 31, 2004), both benefiting from
improvements in demand and free cash-flows.
GOING FORWARD: POSITIONED FOR RECOVERY
As we move ahead, we believe that the economy should rebound from its recent
softness in a sustainable manner, and our portfolio positioning reflects that
view. We are overweighted in industrial-type stocks (ranging from aerospace
companies to machinery manufacturers) and materials stocks that offer leverage
to a growing economy. We are looking for opportunities to raise these
overweightings even higher. We may seek to narrow our underweighting in
financial services, should a rise in interest rates spark indiscriminate selling
in the sector, creating compelling values.
The Credit Suisse Value Team
Stephen J. Kaszynski
Robert E. Rescoe
Credit Suisse Asset Management, LLC (CSAM)
IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING
STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKET,
INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT REGULATION AND
THEIR POTENTIAL IMPACT ON THE FUND'S INVESTMENT PORTFOLIO. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE FUND COULD BE MATERIALLY
DIFFERENT FROM THAT PROJECTED, ANTICIPATED OR IMPLIED. THE FUND HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
2
<Page>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE
CREDIT SUISSE LARGE CAP VALUE FUND(1) COMMON CLASS SHARES, AND
THE RUSSELL 1000(R) VALUE INDEX(3) FROM INCEPTION (8/01/00).
<Table>
<Caption>
CREDIT SUISSE LARGE CAP RUSSELL 1000(R)
VALUE FUND(1) -- COMMON CLASS VALUE INDEX(3)
8/1/2000 $ 10,000 $ 10,000
8/31/2000 $ 10,432 $ 10,557
9/30/2000 $ 10,530 $ 10,654
10/31/2000 $ 10,870 $ 10,916
11/30/2000 $ 10,601 $ 10,511
12/31/2000 $ 11,296 $ 11,037
1/31/2001 $ 11,126 $ 11,079
2/28/2001 $ 10,956 $ 10,771
3/31/2001 $ 10,584 $ 10,391
4/30/2001 $ 11,027 $ 10,900
5/31/2001 $ 11,236 $ 11,145
6/30/2001 $ 10,898 $ 10,898
7/31/2001 $ 10,825 $ 10,875
8/31/2001 $ 10,430 $ 10,439
9/30/2001 $ 9,770 $ 9,704
10/31/2001 $ 9,751 $ 9,621
11/30/2001 $ 10,239 $ 10,180
12/31/2001 $ 10,548 $ 10,419
1/31/2002 $ 10,379 $ 10,339
2/28/2002 $ 10,506 $ 10,356
3/31/2002 $ 10,834 $ 10,845
4/30/2002 $ 10,504 $ 10,473
5/31/2002 $ 10,515 $ 10,526
6/30/2002 $ 9,897 $ 9,922
7/31/2002 $ 9,192 $ 8,999
8/31/2002 $ 9,208 $ 9,067
9/30/2002 $ 8,444 $ 8,059
10/31/2002 $ 9,006 $ 8,656
11/30/2002 $ 9,162 $ 9,201
12/31/2002 $ 8,886 $ 8,802
1/31/2003 $ 8,657 $ 8,589
2/28/2003 $ 8,482 $ 8,360
3/31/2003 $ 8,525 $ 8,374
4/30/2003 $ 9,089 $ 9,111
5/31/2003 $ 9,566 $ 9,700
6/30/2003 $ 9,675 $ 9,821
7/31/2003 $ 9,691 $ 9,967
8/31/2003 $ 9,839 $ 10,123
9/30/2003 $ 9,822 $ 10,023
10/31/2003 $ 10,234 $ 10,637
11/30/2003 $ 10,383 $ 10,781
12/31/2003 $ 11,048 $ 11,446
1/31/2004 $ 11,172 $ 11,647
2/29/2004 $ 11,348 $ 11,896
3/31/2004 $ 11,097 $ 11,792
4/30/2004 $ 10,938 $ 11,504
5/31/2004 $ 11,029 $ 11,621
6/30/2004 $ 11,399 $ 11,895
7/31/2004 $ 11,160 $ 11,728
8/31/2004 $ 11,183 $ 11,894
9/30/2004 $ 11,349 $ 12,079
10/31/2004 $ 11,412 $ 12,279
</Table>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE
CREDIT SUISSE LARGE CAP VALUE FUND(1) CLASS A SHARES(2),
AND THE RUSSELL 1000(R) VALUE INDEX(3) FOR TEN YEARS.
<Table>
<Caption>
CREDIT SUISSE LARGE CAP RUSSELL 1000(R)
VALUE FUND(1) -- CLASS A(2) VALUE INDEX(3)
10/31/1994 $ 9,425 $ 10,000
11/30/1994 $ 9,140 $ 9,596
12/31/1994 $ 9,044 $ 9,707
1/31/1995 $ 9,199 $ 10,005
2/28/1995 $ 9,444 $ 10,401
3/31/1995 $ 9,644 $ 10,629
4/30/1995 $ 9,793 $ 10,965
5/31/1995 $ 10,157 $ 11,427
6/30/1995 $ 10,201 $ 11,581
7/31/1995 $ 10,426 $ 11,984
8/31/1995 $ 10,531 $ 12,154
9/30/1995 $ 10,970 $ 12,593
10/31/1995 $ 10,940 $ 12,468
11/30/1995 $ 11,443 $ 13,100
12/31/1995 $ 11,712 $ 13,429
1/31/1996 $ 12,199 $ 13,847
2/29/1996 $ 12,353 $ 13,952
3/31/1996 $ 12,344 $ 14,189
4/30/1996 $ 12,460 $ 14,244
5/31/1996 $ 12,739 $ 14,422
6/30/1996 $ 12,790 $ 14,434
7/31/1996 $ 12,471 $ 13,888
8/31/1996 $ 12,603 $ 14,285
9/30/1996 $ 13,107 $ 14,853
10/31/1996 $ 13,412 $ 15,427
11/30/1996 $ 14,465 $ 16,546
12/31/1996 $ 14,282 $ 16,335
1/31/1997 $ 14,980 $ 17,127
2/28/1997 $ 15,222 $ 17,379
3/31/1997 $ 14,486 $ 16,754
4/30/1997 $ 15,023 $ 17,457
5/31/1997 $ 16,053 $ 18,433
6/30/1997 $ 16,703 $ 19,223
7/31/1997 $ 17,788 $ 20,670
8/31/1997 $ 16,920 $ 19,933
9/30/1997 $ 17,733 $ 21,138
10/31/1997 $ 17,506 $ 20,547
11/30/1997 $ 18,392 $ 21,456
12/31/1997 $ 18,956 $ 22,082
1/31/1998 $ 18,820 $ 21,769
2/28/1998 $ 20,146 $ 23,235
3/31/1998 $ 20,960 $ 24,656
4/30/1998 $ 20,887 $ 24,821
5/31/1998 $ 20,605 $ 24,453
6/30/1998 $ 21,379 $ 24,766
7/31/1998 $ 20,883 $ 24,329
8/31/1998 $ 18,108 $ 20,709
9/30/1998 $ 19,380 $ 21,898
10/31/1998 $ 20,857 $ 23,595
11/30/1998 $ 21,674 $ 24,694
12/31/1998 $ 22,480 $ 25,534
1/31/1999 $ 22,672 $ 25,738
2/28/1999 $ 22,196 $ 25,374
3/31/1999 $ 22,764 $ 25,900
4/30/1999 $ 24,061 $ 28,318
5/31/1999 $ 23,555 $ 28,007
6/30/1999 $ 24,746 $ 28,820
7/31/1999 $ 24,584 $ 27,976
8/31/1999 $ 23,884 $ 26,938
9/30/1999 $ 23,012 $ 25,997
10/31/1999 $ 23,855 $ 27,493
11/30/1999 $ 23,999 $ 27,278
12/31/1999 $ 24,815 $ 27,410
1/31/2000 $ 23,883 $ 26,516
2/29/2000 $ 22,481 $ 24,546
3/31/2000 $ 24,392 $ 27,541
4/30/2000 $ 24,591 $ 27,221
5/31/2000 $ 25,063 $ 27,508
6/30/2000 $ 24,214 $ 26,251
7/31/2000 $ 23,543 $ 26,580
8/31/2000 $ 24,823 $ 28,059
9/30/2000 $ 25,069 $ 28,317
10/31/2000 $ 25,868 $ 29,014
11/30/2000 $ 25,228 $ 27,937
12/31/2000 $ 26,887 $ 29,337
1/31/2001 $ 26,472 $ 29,448
2/28/2001 $ 26,068 $ 28,630
3/31/2001 $ 25,188 $ 27,619
4/30/2001 $ 26,241 $ 28,972
5/31/2001 $ 26,751 $ 29,624
6/30/2001 $ 25,940 $ 28,967
7/31/2001 $ 25,766 $ 28,906
8/31/2001 $ 24,826 $ 27,747
9/30/2001 $ 23,256 $ 25,793
10/31/2001 $ 23,210 $ 25,572
11/30/2001 $ 24,373 $ 27,057
12/31/2001 $ 25,111 $ 27,694
1/31/2002 $ 24,696 $ 27,481
2/28/2002 $ 24,998 $ 27,525
3/31/2002 $ 25,779 $ 28,827
4/30/2002 $ 25,008 $ 27,838
5/31/2002 $ 25,033 $ 27,977
6/30/2002 $ 23,546 $ 26,371
7/31/2002 $ 21,869 $ 23,919
8/31/2002 $ 21,920 $ 24,101
9/30/2002 $ 20,089 $ 21,421
10/31/2002 $ 21,439 $ 23,008
11/30/2002 $ 21,809 $ 24,457
12/31/2002 $ 21,154 $ 23,396
1/31/2003 $ 20,595 $ 22,830
2/28/2003 $ 20,178 $ 22,220
3/31/2003 $ 20,294 $ 22,258
4/30/2003 $ 21,624 $ 24,217
5/31/2003 $ 22,759 $ 25,781
6/30/2003 $ 23,039 $ 26,103
7/31/2003 $ 23,078 $ 26,492
8/31/2003 $ 23,430 $ 26,906
9/30/2003 $ 23,388 $ 26,642
10/31/2003 $ 24,435 $ 28,272
11/30/2003 $ 24,775 $ 28,657
12/31/2003 $ 26,355 $ 30,422
1/31/2004 $ 26,651 $ 30,958
2/29/2004 $ 27,055 $ 31,620
3/31/2004 $ 26,469 $ 31,342
4/30/2004 $ 26,078 $ 30,577
5/31/2004 $ 26,294 $ 30,889
6/30/2004 $ 27,171 $ 31,618
7/31/2004 $ 26,589 $ 31,172
8/31/2004 $ 26,643 $ 31,615
9/30/2004 $ 27,035 $ 32,105
10/31/2004 $ 27,170 $ 32,638
</Table>
3
<Page>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE
CREDIT SUISSE LARGE CAP VALUE FUND(1) CLASS B SHARES(2) AND
THE RUSSELL 1000(R) VALUE INDEX(3) FROM INCEPTION (2/28/96).
<Table>
<Caption>
CREDIT SUISSE LARGE CAP RUSSELL 1000(R)
VALUE FUND(1) -- CLASS B(2) VALUE INDEX(3)
2/28/1996 $ 10,000 $ 10,000
2/29/1996 $ 9,963 $ 10,000
3/31/1996 $ 9,946 $ 10,170
4/30/1996 $ 10,034 $ 10,209
5/31/1996 $ 10,252 $ 10,337
6/30/1996 $ 10,290 $ 10,345
7/31/1996 $ 10,023 $ 9,954
8/31/1996 $ 10,124 $ 10,239
9/30/1996 $ 10,529 $ 10,646
10/31/1996 $ 10,767 $ 11,057
11/30/1996 $ 11,608 $ 11,859
12/31/1996 $ 11,449 $ 11,708
1/31/1997 $ 12,003 $ 12,276
2/28/1997 $ 12,190 $ 12,456
3/31/1997 $ 11,592 $ 12,008
4/30/1997 $ 12,016 $ 12,512
5/31/1997 $ 12,827 $ 13,211
6/30/1997 $ 13,343 $ 13,778
7/31/1997 $ 14,204 $ 14,815
8/31/1997 $ 13,502 $ 14,287
9/30/1997 $ 14,148 $ 15,150
10/31/1997 $ 13,953 $ 14,727
11/30/1997 $ 14,654 $ 15,378
12/31/1997 $ 15,089 $ 15,827
1/31/1998 $ 14,973 $ 15,603
2/28/1998 $ 16,016 $ 16,653
3/31/1998 $ 16,661 $ 17,672
4/30/1998 $ 16,589 $ 17,790
5/31/1998 $ 16,357 $ 17,526
6/30/1998 $ 16,958 $ 17,751
7/31/1998 $ 16,557 $ 17,438
8/31/1998 $ 14,347 $ 14,843
9/30/1998 $ 15,349 $ 15,695
10/31/1998 $ 16,506 $ 16,911
11/30/1998 $ 17,146 $ 17,699
12/31/1998 $ 17,772 $ 18,301
1/31/1999 $ 17,909 $ 18,447
2/28/1999 $ 17,524 $ 18,187
3/31/1999 $ 17,965 $ 18,563
4/30/1999 $ 18,977 $ 20,297
5/31/1999 $ 18,567 $ 20,074
6/30/1999 $ 19,498 $ 20,657
7/31/1999 $ 19,354 $ 20,052
8/31/1999 $ 18,800 $ 19,308
9/30/1999 $ 18,094 $ 18,633
10/31/1999 $ 18,760 $ 19,705
11/30/1999 $ 18,858 $ 19,551
12/31/1999 $ 19,486 $ 19,645
1/31/2000 $ 18,742 $ 19,005
2/29/2000 $ 17,635 $ 17,593
3/31/2000 $ 19,122 $ 19,739
4/30/2000 $ 19,271 $ 19,510
5/31/2000 $ 19,626 $ 19,716
6/30/2000 $ 18,949 $ 18,815
7/31/2000 $ 18,411 $ 19,051
8/31/2000 $ 19,403 $ 20,111
9/30/2000 $ 19,577 $ 20,296
10/31/2000 $ 20,196 $ 20,795
11/30/2000 $ 19,676 $ 20,024
12/31/2000 $ 20,955 $ 21,027
1/31/2001 $ 20,628 $ 21,107
2/28/2001 $ 20,302 $ 20,520
3/31/2001 $ 19,596 $ 19,796
4/30/2001 $ 20,414 $ 20,766
5/31/2001 $ 20,787 $ 21,233
6/30/2001 $ 20,149 $ 20,761
7/31/2001 $ 20,004 $ 20,718
8/31/2001 $ 19,258 $ 19,887
9/30/2001 $ 18,027 $ 18,487
10/31/2001 $ 17,982 $ 18,328
11/30/2001 $ 18,873 $ 19,393
12/31/2001 $ 19,434 $ 19,850
1/31/2002 $ 19,100 $ 19,697
2/28/2002 $ 19,326 $ 19,728
3/31/2002 $ 19,911 $ 20,661
4/30/2002 $ 19,300 $ 19,953
5/31/2002 $ 19,310 $ 20,052
6/30/2002 $ 18,154 $ 18,901
7/31/2002 $ 16,849 $ 17,143
8/31/2002 $ 16,869 $ 17,274
9/30/2002 $ 15,461 $ 15,353
10/31/2002 $ 16,491 $ 16,491
11/30/2002 $ 16,758 $ 17,529
12/31/2002 $ 16,248 $ 16,769
1/31/2003 $ 15,814 $ 16,363
2/28/2003 $ 15,491 $ 15,926
3/31/2003 $ 15,562 $ 15,953
4/30/2003 $ 16,582 $ 17,357
5/31/2003 $ 17,430 $ 18,478
6/30/2003 $ 17,642 $ 18,709
7/31/2003 $ 17,652 $ 18,988
8/31/2003 $ 17,915 $ 19,284
9/30/2003 $ 17,868 $ 19,095
10/31/2003 $ 18,646 $ 20,264
11/30/2003 $ 18,899 $ 20,539
12/31/2003 $ 20,092 $ 21,805
1/31/2004 $ 20,300 $ 22,188
2/29/2004 $ 20,601 $ 22,663
3/31/2004 $ 20,142 $ 22,464
4/30/2004 $ 19,831 $ 21,916
5/31/2004 $ 19,987 $ 22,139
6/30/2004 $ 20,634 $ 22,662
7/31/2004 $ 20,177 $ 22,342
8/31/2004 $ 20,208 $ 22,659
9/30/2004 $ 20,491 $ 23,011
10/31/2004 $ 20,585 $ 23,393
</Table>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE
CREDIT SUISSE LARGE CAP VALUE FUND(1) CLASS C SHARES(2) AND
THE RUSSELL 1000(R) VALUE INDEX(3) FROM INCEPTION (2/28/00).
<Table>
<Caption>
CREDIT SUISSE LARGE CAP RUSSELL 1000(R)
VALUE FUND(1) -- CLASS C(2) VALUE INDEX(3)
2/28/2000 $ 10,000 $ 10,000
2/29/2000 $ 10,066 $ 10,000
3/31/2000 $ 10,910 $ 11,220
4/30/2000 $ 10,991 $ 11,090
5/31/2000 $ 11,193 $ 11,207
6/30/2000 $ 10,812 $ 10,695
7/31/2000 $ 10,500 $ 10,829
8/31/2000 $ 11,067 $ 11,431
9/30/2000 $ 11,166 $ 11,536
10/31/2000 $ 11,520 $ 11,820
11/30/2000 $ 11,227 $ 11,382
12/31/2000 $ 11,958 $ 11,952
1/31/2001 $ 11,766 $ 11,997
2/28/2001 $ 11,574 $ 11,664
3/31/2001 $ 11,174 $ 11,252
4/30/2001 $ 11,641 $ 11,803
5/31/2001 $ 11,854 $ 12,069
6/30/2001 $ 11,490 $ 11,801
7/31/2001 $ 11,407 $ 11,776
8/31/2001 $ 10,981 $ 11,304
9/30/2001 $ 10,279 $ 10,508
10/31/2001 $ 10,253 $ 10,418
11/30/2001 $ 10,763 $ 11,023
12/31/2001 $ 11,079 $ 11,283
1/31/2002 $ 10,888 $ 11,196
2/28/2002 $ 11,017 $ 11,214
3/31/2002 $ 11,354 $ 11,744
4/30/2002 $ 11,004 $ 11,341
5/31/2002 $ 11,009 $ 11,398
6/30/2002 $ 10,354 $ 10,744
7/31/2002 $ 9,607 $ 9,745
8/31/2002 $ 9,618 $ 9,819
9/30/2002 $ 8,813 $ 8,727
10/31/2002 $ 9,397 $ 9,373
11/30/2002 $ 9,556 $ 9,964
12/31/2002 $ 9,258 $ 9,531
1/31/2003 $ 9,016 $ 9,301
2/28/2003 $ 8,825 $ 9,053
3/31/2003 $ 8,871 $ 9,068
4/30/2003 $ 9,449 $ 9,866
5/31/2003 $ 9,935 $ 10,503
6/30/2003 $ 10,051 $ 10,634
7/31/2003 $ 10,062 $ 10,793
8/31/2003 $ 10,213 $ 10,961
9/30/2003 $ 10,186 $ 10,854
10/31/2003 $ 10,632 $ 11,518
11/30/2003 $ 10,776 $ 11,675
12/31/2003 $ 11,454 $ 12,394
1/31/2004 $ 11,573 $ 12,612
2/29/2004 $ 11,745 $ 12,882
3/31/2004 $ 11,483 $ 12,769
4/30/2004 $ 11,310 $ 12,457
5/31/2004 $ 11,393 $ 12,584
6/30/2004 $ 11,764 $ 12,881
7/31/2004 $ 11,502 $ 12,700
8/31/2004 $ 11,520 $ 12,880
9/30/2004 $ 11,682 $ 13,079
10/31/2004 $ 11,736 $ 13,297
</Table>
4
<Page>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE
CREDIT SUISSE LARGE CAP VALUE FUND(1) ADVISOR CLASS SHARES AND
THE RUSSELL 1000(R) VALUE INDEX(3),(4) FROM INCEPTION (6/6/03).
<Table>
<Caption>
CREDIT SUISSE LARGE CAP RUSSELL 1000(R)
VALUE FUND(1) -- ADVISOR CLASS VALUE INDEX(3),(4)
6/6/2003 $ 10,000 $ 10,000
6/30/2003 $ 9,905 $ 10,000
7/31/2003 $ 9,916 $ 10,149
8/31/2003 $ 10,067 $ 10,307
9/30/2003 $ 10,047 $ 10,206
10/31/2003 $ 10,490 $ 10,831
11/30/2003 $ 10,642 $ 10,978
12/31/2003 $ 11,312 $ 11,655
1/31/2004 $ 11,439 $ 11,860
2/29/2004 $ 11,612 $ 12,113
3/31/2004 $ 11,354 $ 12,007
4/30/2004 $ 11,186 $ 11,714
5/31/2004 $ 11,279 $ 11,833
6/30/2004 $ 11,647 $ 12,113
7/31/2004 $ 11,398 $ 11,942
8/31/2004 $ 11,416 $ 12,111
9/30/2004 $ 11,588 $ 12,299
10/31/2004 $ 11,640 $ 12,503
</Table>
5
<Page>
AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2004
<Table>
<Caption>
SINCE
1 YEAR 5 YEARS 10 YEARS INCEPTION
------ ------- -------- ---------
Common Class 15.55% -- -- 3.08%
Advisor Class 15.33% -- -- 11.81%
Class A Without Sales Charge(5) 15.59% 3.27% 11.14% 11.34%
Class A With Maximum Sales Charge(5) 8.95% 2.06% 10.49% 10.81%
Class B Without CDSC 14.68% 2.52% -- 8.71%
Class B With CDSC 10.68% 2.52% -- 8.71%
Class C Without CDSC 14.69% -- -- 3.45%
Class C With CDSC 13.69% -- -- 3.45%
</Table>
AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 2004
<Table>
<Caption>
SINCE
1 YEAR 5 YEARS 10 YEARS INCEPTION
------ ------- -------- ---------
Common Class 11.51% -- -- 3.16%
Advisor Class 10.96% -- -- 11.42%
Class A Without Sales Charge(5) 11.19% 2.64% 11.17% 11.31%
Class A With Maximum Sales Charge(5) 4.80% 1.43% 10.51% 10.77%
Class B Without CDSC 10.40% 1.87% -- 8.68%
Class B With CDSC 6.40% 1.87% -- 8.68%
Class C Without CDSC 10.39% -- -- 3.48%
Class C With CDSC 9.39% -- -- 3.48%
</Table>
RETURNS REPRESENT PAST PERFORMANCE AND INCLUDE CHANGE IN SHARE PRICE AND
REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. PAST PERFORMANCE CANNOT GUARANTEE
FUTURE RESULTS. THE CURRENT PERFORMANCE OF THE FUND MAY BE LOWER OR HIGHER THAN
THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL FLUCTUATE, AND REDEMPTION VALUE
MAY BE LESS THAN ORIGINAL COST. THE PERFORMANCE RESULTS DO NOT REFLECT THE
DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR THE
REDEMPTION OF FUND SHARES. PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT
MONTH-END IS AVAILABLE AT www.csam.com/us.
- ----------
(1) Fee waivers and/or expense reimbursements reduced expenses for the Fund,
without which performance would be lower. Waivers and/or reimbursements may
be discontinued at any time.
(2) Total return for Class A Shares for the reporting period, based on offering
price (with maximum sales charge of 5.75%), was 4.80%. Total return for
Class B Shares for the reporting period, based on redemption value
(including maximum contingent deferred sales charge of 4%), was 6.40%.
Total return for Class C Shares for the reporting period, based on
redemption value (including maximum contingent deferred sales charge of
1%), was 9.39%.
(3) The Russell 1000(R) Value Index measures the performance of those companies
in the Russell 1000(R) Index with lower price-to-book ratios and lower
forecasted growth values. It is an unmanaged index of common stocks that
includes reinvestment of dividends and is compiled by Frank Russell
Company. Investors cannot invest directly in an index.
(4) Performance for the benchmark is not available for February 28, 2000 (date
of inception). For that reason, performance of the benchmark is shown from
March 1, 2000.
(5) Inception Date: 7/9/92.
6
<Page>
INFORMATION ABOUT YOUR FUND'S EXPENSES
As an investor of the Fund, you incur two types of costs: ongoing expenses
and transaction costs. Ongoing expenses include management fees, distribution
and service (12b-1) fees and other Fund expenses. Examples of transaction costs
include sales charges (loads), redemption fees and account maintenance fees,
which are not shown in this section and which would result in higher total
expenses. The following table is intended to help you understand your ongoing
expenses of investing in the Fund and to help you compare these expenses with
the ongoing expenses of investing in other mutual funds. The table is based on
an investment of $1,000 made at the beginning of the six-month period ended
October 31, 2004.
The table illustrates your Fund's expenses in two ways:
- ACTUAL FUND RETURN. This helps you estimate the actual dollar amount of
ongoing expenses paid on a $1,000 investment in the Fund using the Fund's
actual return during the period. To estimate the expenses you paid over
the period, simply divide your account value by $1,000 (for example, an
$8,600 account value divided by $1,000 = 8.6), then multiply the result by
the number in the "Expenses Paid per $1,000" line under the share class
you hold.
- HYPOTHETICAL 5% FUND RETURN. This helps you to compare your Fund's ongoing
expenses with those of other mutual funds using the Fund's actual expense
ratio and a hypothetical rate of return of 5% per year before expenses.
Examples using a 5% hypothetical fund return may be found in the
shareholder reports of other mutual funds. The hypothetical account values
and expenses may not be used to estimate the actual ending account balance
or expense you paid for the period.
Please note that the expenses shown in these tables are meant to highlight
your ongoing expenses only and do not reflect any transaction costs, such as
sales charges (loads) or redemption fees. If these transaction costs had been
included, your costs would have been higher. The "Expenses Paid per $1,000" line
of the tables is useful in comparing ongoing expenses only and will not help you
determine the relative total expenses of owning different funds.
7
<Page>
EXPENSES AND VALUE OF A $1,000 INVESTMENT FOR THE SIX-MONTH PERIOD ENDED OCTOBER
31, 2004
<Table>
<Caption>
COMMON ADVISOR
CLASS CLASS CLASS A CLASS B CLASS C
---------- ---------- ---------- ---------- ----------
ACTUAL FUND RETURN
Beginning Account
Value 4/30/04 $ 1,000 $ 1,000 $ 1,000 $ 1,000 $ 1,000
Ending Account
Value 10/31/04 $ 1,043 $ 1,041 $ 1,042 $ 1,038 $ 1,038
Expenses Paid
per $1,000* $ 4.88 $ 7.44 $ 6.16 $ 9.99 $ 9.99
HYPOTHETICAL 5%
FUND RETURN
Beginning Account
Value 4/30/04 $ 1,000 $ 1,000 $ 1,000 $ 1,000 $ 1,000
Ending Account
Value 10/31/04 $ 1,025 $ 1,025 $ 1,025 $ 1,025 $ 1,025
Expenses Paid
per $1,000* $ 5.34 $ 10.43 $ 6.62 $ 10.43 $ 10.43
<Caption>
COMMON ADVISOR
CLASS CLASS CLASS A CLASS B CLASS C
---------- ---------- ---------- ---------- ----------
ANNUALIZED
EXPENSE RATIOS* 0.95% 1.45% 1.20% 1.95% 1.95%
</Table>
- ----------
* EXPENSES ARE EQUAL TO THE FUND'S ANNUALIZED EXPENSE RATIO FOR EACH SHARE
CLASS, MULTIPLIED BY THE AVERAGE ACCOUNT VALUE OVER THE PERIOD, MULTIPLIED
BY THE NUMBER OF DAYS IN THE MOST RECENT FISCAL HALF YEAR PERIOD, THEN
DIVIDED BY 366.
THE "EXPENSES PAID PER $1,000" AND THE "ANNUALIZED EXPENSE RATIOS" IN THE
TABLES ARE BASED ON ACTUAL EXPENSES PAID BY THE FUND DURING THE PERIOD, NET
OF FEE WAIVERS AND/OR EXPENSE REIMBURSEMENTS. IF THOSE FEE WAIVERS AND/OR
EXPENSE REIMBURSEMENTS HAD NOT BEEN IN EFFECT, THE FUND'S ACTUAL EXPENSES
WOULD HAVE BEEN HIGHER.
For more information, please refer to the Fund's prospectus.
8
<Page>
[CHART]
SECTOR BREAKDOWN*
<Table>
Financial Services 29.8%
Other 12.0%
Materials & Processing 8.7%
Consumer Discretionary 7.9%
Integrated Oils 7.8%
Producer Durables 7.2%
Health Care 6.6%
Other Energy 5.6%
Technology 4.2%
Utilities 3.4%
Consumer Staples 3.2%
Auto & Transportation 2.1%
Other Assets 1.5%
</Table>
- ----------
* The Fund's sector breakdown is expressed as a percentage of total
investments (excluding security lending collateral) and may vary over
time.
9
<Page>
CREDIT SUISSE SMALL CAP VALUE FUND
ANNUAL INVESTMENT ADVISER'S REPORT
October 31, 2004 (unaudited)
November 24, 2004
Dear Shareholder:
PERFORMANCE SUMMARY
11/01/03 - 10/31/04
<Table>
<Caption>
SHARE CLASS/BENCHMARK PERFORMANCE
Common(1) 19.14%
Class A(1),(2) 19.11%
Class B(1),(2) 18.25%
Class C(1),(2) 18.25%
Russell 2000(R) Index(3) 11.73%
Russell 2000(R) Value Index(3) 17.99%
</Table>
Performance for the Fund's Class A, Class B and Class C Shares is without the
maximum sales charge of 5.75%, 4.00% and 1.00%, respectively.(2)
MARKET OVERVIEW: STRONG START GIVES WAY TO SEESAW FINISH
The US equity market began the period on a strong note. An improving outlook
for the economy and corporate profits continued to help stocks regain their
footing after 2000's "bubble burst." However, the market faced headwinds as 2004
progressed, mostly in the form of domestic and international political
uncertainty, worries over rising interest rates and a surge in oil prices. The
market struggled in the spring and into summer, but then moved upward again as
inflation and interest-rate fears subsided.
Style category, more so than market cap size, was the driving factor behind
performance in the period. Value stocks handily outpaced growth stocks,
reflecting the outperformance of energy and industrial-type companies, which
comprise a larger share of the value universe. Broadly, mid- and
small-capitalization stocks outpaced large cap stocks, a trend often (but not
always) seen in the early stages of economic recovery.
STRATEGIC REVIEW: FOCUS ON COMPANY FUNDAMENTALS
Our focus on companies generating strong cashflows and committed to adding
shareholder value -- e.g., via share repurchase programs -- met with good
results in the period, with the Fund outperforming within an outperforming asset
class. The Fund's producer durables holdings were solid performers, led by Esco
Technologies (2.20% of the Fund's portfolio as of October 31, 2004), which was
boosted by a positive second-quarter earnings surprise.
10
<Page>
A number of the Fund's energy stocks aided its absolute and relative return,
including Varco International (1.50% of the Fund's portfolio as of October 31,
2004), a manufacturer of drilling equipment, and Houston Exploration (0.47% of
the Fund's portfolio as of October 31, 2004), which operates natural gas and oil
properties. The Fund's technology, transportation and consumer discretionary
holdings also helped its performance. One area of relative weakness in the Fund
was the financial services sector, where our holdings had a gain but
underperformed.
GOING FORWARD: MANEUVERING WITHIN AN UNDERFOLLOWED ASSET CLASS
Small cap value stocks have had an extended period of outperformance, and the
group's overall valuation profile has become less compelling vs. large cap and
growth areas of the market. Still, given the relative lack of Street coverage,
we believe that hidden values are ample on a stock-specific basis for those with
the resources to fully scour the field. Our emphasis will remain on companies
that we believe are putting accumulated cash to effective uses, whether
returning it to shareholders or investing it to take advantage of incremental
opportunities.
The Credit Suisse Value Team
Stephen J. Kaszynski
Robert E. Rescoe
Credit Suisse Asset Management, LLC (CSAM)
INVESTMENTS IN SMALL COMPANIES MAY BE MORE VOLATILE AND LESS LIQUID THAN
INVESTMENTS IN LARGER COMPANIES.
IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING
STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKET,
INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT REGULATION AND
THEIR POTENTIAL IMPACT ON THE FUND'S INVESTMENT PORTFOLIO. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE FUND COULD BE MATERIALLY
DIFFERENT FROM THAT PROJECTED, ANTICIPATED OR IMPLIED. THE FUND HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
11
<Page>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE
CREDIT SUISSE SMALL CAP VALUE FUND(1) COMMON CLASS SHARES,
THE RUSSELL 2000(R) INDEX(3) AND THE RUSSELL 2000(R) VALUE INDEX(3)
FROM INCEPTION (8/01/00).
<Table>
<Caption>
CREDIT SUISSE SMALL CAP RUSSELL 2000(R) RUSSELL 2000(R)
VALUE FUND(1) -- COMMON CLASS INDEX(3) VALUE INDEX(3)
8/1/2000 $ 10,000 $ 10,000 $ 10,000
8/31/2000 $ 10,511 $ 10,763 $ 10,447
9/30/2000 $ 10,482 $ 10,447 $ 10,388
10/31/2000 $ 10,562 $ 9,981 $ 10,351
11/30/2000 $ 10,308 $ 8,956 $ 10,140
12/31/2000 $ 11,546 $ 9,725 $ 11,230
1/31/2001 $ 11,661 $ 10,232 $ 11,540
2/28/2001 $ 11,403 $ 9,560 $ 11,524
3/31/2001 $ 11,298 $ 9,093 $ 11,339
4/30/2001 $ 11,953 $ 9,804 $ 11,864
5/31/2001 $ 12,300 $ 10,045 $ 12,169
6/30/2001 $ 12,581 $ 10,392 $ 12,658
7/31/2001 $ 12,393 $ 9,830 $ 12,375
8/31/2001 $ 12,316 $ 9,512 $ 12,331
9/30/2001 $ 11,172 $ 8,232 $ 10,970
10/31/2001 $ 11,595 $ 8,713 $ 11,256
11/30/2001 $ 12,118 $ 9,388 $ 12,066
12/31/2001 $ 12,842 $ 9,967 $ 12,805
1/31/2002 $ 12,980 $ 9,864 $ 12,974
2/28/2002 $ 13,345 $ 9,593 $ 13,054
3/31/2002 $ 14,137 $ 10,365 $ 14,031
4/30/2002 $ 14,451 $ 10,459 $ 14,525
5/31/2002 $ 13,935 $ 9,995 $ 14,044
6/30/2002 $ 13,420 $ 9,499 $ 13,734
7/31/2002 $ 12,050 $ 8,065 $ 11,693
8/31/2002 $ 12,395 $ 8,044 $ 11,642
9/30/2002 $ 11,427 $ 7,467 $ 10,810
10/31/2002 $ 11,666 $ 7,706 $ 10,973
11/30/2002 $ 12,081 $ 8,394 $ 11,848
12/31/2002 $ 11,850 $ 7,926 $ 11,342
1/31/2003 $ 11,404 $ 7,707 $ 11,022
2/28/2003 $ 11,253 $ 7,474 $ 10,652
3/31/2003 $ 11,170 $ 7,570 $ 10,766
4/30/2003 $ 11,939 $ 8,288 $ 11,789
5/31/2003 $ 12,557 $ 9,177 $ 12,993
6/30/2003 $ 12,625 $ 9,344 $ 13,212
7/31/2003 $ 12,948 $ 9,928 $ 13,871
8/31/2003 $ 13,407 $ 10,383 $ 14,398
9/30/2003 $ 13,044 $ 10,191 $ 14,233
10/31/2003 $ 13,737 $ 11,047 $ 15,393
11/30/2003 $ 14,251 $ 11,439 $ 15,984
12/31/2003 $ 14,834 $ 11,672 $ 16,563
1/31/2004 $ 15,203 $ 12,179 $ 17,136
2/29/2004 $ 15,383 $ 12,289 $ 17,468
3/31/2004 $ 15,499 $ 12,403 $ 17,709
4/30/2004 $ 15,333 $ 11,771 $ 16,794
5/31/2004 $ 15,463 $ 11,958 $ 16,997
6/30/2004 $ 16,228 $ 12,461 $ 17,860
7/31/2004 $ 15,658 $ 11,623 $ 17,039
8/31/2004 $ 15,506 $ 11,563 $ 17,206
9/30/2004 $ 16,257 $ 12,106 $ 17,887
10/31/2004 $ 16,366 $ 12,344 $ 18,164
</Table>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE
CREDIT SUISSE SMALL CAP VALUE FUND(1) CLASS A SHARES(2), THE RUSSELL 2000(R)
INDEX(3) AND THE RUSSELL 2000(R) VALUE INDEX(3) FOR TEN YEARS.
<Table>
<Caption>
CREDIT SUISSE SMALL CAP RUSSELL 2000(R) RUSSELL 2000(R)
VALUE FUND(1) -- CLASS A(2) INDEX(3) VALUE INDEX(3)
10/31/1994 $ 9,425 $ 10,000 $ 10,000
11/30/1994 $ 9,018 $ 9,596 $ 9,596
12/31/1994 $ 9,213 $ 9,853 $ 9,884
1/31/1995 $ 9,137 $ 9,728 $ 9,836
2/28/1995 $ 9,510 $ 10,133 $ 10,201
3/31/1995 $ 9,661 $ 10,307 $ 10,250
4/30/1995 $ 9,894 $ 10,536 $ 10,555
5/31/1995 $ 10,014 $ 10,717 $ 10,782
6/30/1995 $ 10,197 $ 11,273 $ 11,150
7/31/1995 $ 10,594 $ 11,922 $ 11,557
8/31/1995 $ 10,689 $ 12,169 $ 11,900
9/30/1995 $ 10,853 $ 12,387 $ 12,078
10/31/1995 $ 10,474 $ 11,833 $ 11,595
11/30/1995 $ 10,931 $ 12,330 $ 12,056
12/31/1995 $ 11,072 $ 12,655 $ 12,430
1/31/1996 $ 10,897 $ 12,641 $ 12,512
2/29/1996 $ 11,201 $ 13,035 $ 12,708
3/31/1996 $ 11,506 $ 13,301 $ 12,975
4/30/1996 $ 11,642 $ 14,012 $ 13,329
5/31/1996 $ 11,972 $ 14,564 $ 13,666
6/30/1996 $ 11,732 $ 13,966 $ 13,505
7/31/1996 $ 10,884 $ 12,746 $ 12,787
8/31/1996 $ 11,467 $ 13,486 $ 13,342
9/30/1996 $ 11,881 $ 14,013 $ 13,706
10/31/1996 $ 11,920 $ 13,797 $ 13,865
11/30/1996 $ 12,334 $ 14,366 $ 14,611
12/31/1996 $ 12,686 $ 14,742 $ 15,085
1/31/1997 $ 12,761 $ 15,037 $ 15,317
2/28/1997 $ 12,815 $ 14,672 $ 15,463
3/31/1997 $ 12,544 $ 13,980 $ 15,048
4/30/1997 $ 12,578 $ 14,019 $ 15,269
5/31/1997 $ 13,735 $ 15,578 $ 16,485
6/30/1997 $ 14,364 $ 16,246 $ 17,319
7/31/1997 $ 15,190 $ 17,002 $ 18,046
8/31/1997 $ 15,467 $ 17,391 $ 18,333
9/30/1997 $ 16,293 $ 18,664 $ 19,552
10/31/1997 $ 15,792 $ 17,844 $ 19,020
11/30/1997 $ 15,965 $ 17,729 $ 19,228
12/31/1997 $ 16,004 $ 18,039 $ 19,880
1/31/1998 $ 15,875 $ 17,754 $ 19,521
2/28/1998 $ 16,994 $ 19,067 $ 20,701
3/31/1998 $ 17,576 $ 19,853 $ 21,540
4/30/1998 $ 17,497 $ 19,963 $ 21,647
5/31/1998 $ 16,772 $ 18,888 $ 20,880
6/30/1998 $ 16,248 $ 18,927 $ 20,762
7/31/1998 $ 15,078 $ 17,395 $ 19,136
8/31/1998 $ 12,796 $ 14,017 $ 16,139
9/30/1998 $ 13,298 $ 15,115 $ 17,051
10/31/1998 $ 14,023 $ 15,731 $ 17,557
11/30/1998 $ 14,564 $ 16,556 $ 18,032
12/31/1998 $ 15,265 $ 17,580 $ 18,598
1/31/1999 $ 14,278 $ 17,814 $ 18,175
2/28/1999 $ 13,428 $ 16,371 $ 16,935
3/31/1999 $ 13,500 $ 16,627 $ 16,795
4/30/1999 $ 14,710 $ 18,117 $ 18,328
5/31/1999 $ 14,977 $ 18,381 $ 18,892
6/30/1999 $ 15,647 $ 19,213 $ 19,576
7/31/1999 $ 15,662 $ 18,685 $ 19,111
8/31/1999 $ 15,085 $ 17,994 $ 18,413
9/30/1999 $ 14,732 $ 17,998 $ 18,044
10/31/1999 $ 14,790 $ 18,071 $ 17,683
11/30/1999 $ 15,235 $ 19,150 $ 17,775
12/31/1999 $ 15,490 $ 21,317 $ 18,321
1/31/2000 $ 14,580 $ 20,974 $ 17,842
2/29/2000 $ 15,203 $ 24,438 $ 18,932
3/31/2000 $ 16,680 $ 22,827 $ 19,021
4/30/2000 $ 16,344 $ 21,453 $ 19,134
5/31/2000 $ 16,312 $ 20,202 $ 18,842
6/30/2000 $ 16,784 $ 21,963 $ 19,392
7/31/2000 $ 17,047 $ 21,257 $ 20,039
8/31/2000 $ 17,909 $ 22,879 $ 20,935
9/30/2000 $ 17,861 $ 22,206 $ 20,816
10/31/2000 $ 17,997 $ 21,216 $ 20,742
11/30/2000 $ 17,564 $ 19,037 $ 20,320
12/31/2000 $ 19,677 $ 20,672 $ 22,503
1/31/2001 $ 19,864 $ 21,749 $ 23,124
2/28/2001 $ 19,424 $ 20,322 $ 23,092
3/31/2001 $ 19,256 $ 19,329 $ 22,722
4/30/2001 $ 20,370 $ 20,840 $ 23,774
5/31/2001 $ 20,950 $ 21,353 $ 24,385
6/30/2001 $ 21,428 $ 22,089 $ 25,365
7/31/2001 $ 21,109 $ 20,894 $ 24,797
8/31/2001 $ 20,978 $ 20,219 $ 24,710
9/30/2001 $ 19,022 $ 17,498 $ 21,982
10/31/2001 $ 19,743 $ 18,522 $ 22,556
11/30/2001 $ 20,632 $ 19,955 $ 24,178
12/31/2001 $ 21,868 $ 21,187 $ 25,658
1/31/2002 $ 22,103 $ 20,967 $ 25,999
2/28/2002 $ 22,733 $ 20,392 $ 26,157
3/31/2002 $ 24,068 $ 22,032 $ 28,117
4/30/2002 $ 24,613 $ 22,232 $ 29,106
5/31/2002 $ 23,726 $ 21,245 $ 28,143
6/30/2002 $ 22,861 $ 20,191 $ 27,521
7/31/2002 $ 20,534 $ 17,143 $ 23,431
8/31/2002 $ 21,121 $ 17,100 $ 23,328
9/30/2002 $ 19,477 $ 15,872 $ 21,663
10/31/2002 $ 19,882 $ 16,381 $ 21,988
11/30/2002 $ 20,587 $ 17,843 $ 23,742
12/31/2002 $ 20,194 $ 16,849 $ 22,728
1/31/2003 $ 19,425 $ 16,382 $ 22,087
2/28/2003 $ 19,169 $ 15,887 $ 21,345
3/31/2003 $ 19,040 $ 16,092 $ 21,574
4/30/2003 $ 20,346 $ 17,618 $ 23,623
5/31/2003 $ 21,394 $ 19,508 $ 26,035
6/30/2003 $ 21,522 $ 19,861 $ 26,475
7/31/2003 $ 22,058 $ 21,105 $ 27,796
8/31/2003 $ 22,851 $ 22,071 $ 28,853
9/30/2003 $ 22,222 $ 21,663 $ 28,521
10/31/2003 $ 23,422 $ 23,483 $ 30,845
11/30/2003 $ 24,284 $ 24,316 $ 32,030
12/31/2003 $ 25,274 $ 24,810 $ 33,189
1/31/2004 $ 25,911 $ 25,889 $ 34,337
2/29/2004 $ 26,218 $ 26,122 $ 35,004
3/31/2004 $ 26,414 $ 26,365 $ 35,487
4/30/2004 $ 26,132 $ 25,020 $ 33,652
5/31/2004 $ 26,353 $ 25,418 $ 34,059
6/30/2004 $ 27,653 $ 26,488 $ 35,789
7/31/2004 $ 26,684 $ 24,706 $ 34,143
8/31/2004 $ 26,439 $ 24,580 $ 34,478
9/30/2004 $ 27,702 $ 25,732 $ 35,843
10/31/2004 $ 27,898 $ 26,239 $ 36,399
</Table>
12
<Page>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE
CREDIT SUISSE SMALL CAP VALUE FUND(1) CLASS B SHARES(2),
THE RUSSELL 2000(R) INDEX(3),(4) AND THE RUSSELL 2000(R) VALUE INDEX(3),(4)
FROM INCEPTION (2/28/96).
<Table>
<Caption>
CREDIT SUISSE SMALL CAP RUSSELL 2000(R) RUSSELL 2000(R)
VALUE FUND(1) -- CLASS B(2) INDEX(3),(4) VALUE INDEX(3),(4)
2/28/1996 $ 10,000 $ 10,000 $ 10,000
2/29/1996 $ 9,931 $ 10,000 $ 10,000
3/31/1996 $ 10,195 $ 10,204 $ 10,210
4/30/1996 $ 10,310 $ 10,749 $ 10,488
5/31/1996 $ 10,603 $ 11,173 $ 10,754
6/30/1996 $ 10,385 $ 10,714 $ 10,627
7/31/1996 $ 9,627 $ 9,778 $ 10,062
8/31/1996 $ 10,138 $ 10,346 $ 10,499
9/30/1996 $ 10,499 $ 10,750 $ 10,785
10/31/1996 $ 10,528 $ 10,585 $ 10,910
11/30/1996 $ 10,884 $ 11,021 $ 11,497
12/31/1996 $ 11,196 $ 11,310 $ 11,871
1/31/1997 $ 11,250 $ 11,535 $ 12,053
2/28/1997 $ 11,298 $ 11,256 $ 12,168
3/31/1997 $ 11,052 $ 10,725 $ 11,841
4/30/1997 $ 11,070 $ 10,755 $ 12,015
5/31/1997 $ 12,083 $ 11,951 $ 12,972
6/30/1997 $ 12,634 $ 12,463 $ 13,628
7/31/1997 $ 13,347 $ 13,043 $ 14,200
8/31/1997 $ 13,580 $ 13,341 $ 14,426
9/30/1997 $ 14,299 $ 14,318 $ 15,385
10/31/1997 $ 13,850 $ 13,689 $ 14,967
11/30/1997 $ 13,991 $ 13,600 $ 15,131
12/31/1997 $ 14,016 $ 13,838 $ 15,644
1/31/1998 $ 13,896 $ 13,620 $ 15,361
2/28/1998 $ 14,872 $ 14,627 $ 16,289
3/31/1998 $ 15,367 $ 15,230 $ 16,950
4/30/1998 $ 15,291 $ 15,315 $ 17,034
5/31/1998 $ 14,644 $ 14,490 $ 16,431
6/30/1998 $ 14,187 $ 14,520 $ 16,338
7/31/1998 $ 13,154 $ 13,345 $ 15,058
8/31/1998 $ 11,157 $ 10,753 $ 12,700
9/30/1998 $ 11,588 $ 11,595 $ 13,417
10/31/1998 $ 12,191 $ 12,068 $ 13,815
11/30/1998 $ 12,656 $ 12,701 $ 14,189
12/31/1998 $ 13,259 $ 13,487 $ 14,634
1/31/1999 $ 12,396 $ 13,666 $ 14,302
2/28/1999 $ 11,647 $ 12,559 $ 13,326
3/31/1999 $ 11,704 $ 12,755 $ 13,216
4/30/1999 $ 12,745 $ 13,898 $ 14,422
5/31/1999 $ 12,973 $ 14,101 $ 14,866
6/30/1999 $ 13,544 $ 14,739 $ 15,404
7/31/1999 $ 13,544 $ 14,334 $ 15,038
8/31/1999 $ 13,043 $ 13,804 $ 14,489
9/30/1999 $ 12,726 $ 13,807 $ 14,199
10/31/1999 $ 12,770 $ 13,863 $ 13,915
11/30/1999 $ 13,143 $ 14,691 $ 13,987
12/31/1999 $ 13,353 $ 16,354 $ 14,417
1/31/2000 $ 12,566 $ 16,090 $ 14,040
2/29/2000 $ 13,093 $ 18,747 $ 14,898
3/31/2000 $ 14,358 $ 17,511 $ 14,968
4/30/2000 $ 14,063 $ 16,457 $ 15,056
5/31/2000 $ 14,028 $ 15,498 $ 14,827
6/30/2000 $ 14,422 $ 16,849 $ 15,260
7/31/2000 $ 14,640 $ 16,307 $ 15,768
8/31/2000 $ 15,370 $ 17,551 $ 16,473
9/30/2000 $ 15,321 $ 17,035 $ 16,380
10/31/2000 $ 15,427 $ 16,275 $ 16,322
11/30/2000 $ 15,045 $ 14,604 $ 15,989
12/31/2000 $ 16,838 $ 15,858 $ 17,707
1/31/2001 $ 16,995 $ 16,685 $ 18,196
2/28/2001 $ 16,615 $ 15,590 $ 18,171
3/31/2001 $ 16,450 $ 14,828 $ 17,880
4/30/2001 $ 17,400 $ 15,987 $ 18,707
5/31/2001 $ 17,888 $ 16,381 $ 19,188
6/30/2001 $ 18,284 $ 16,946 $ 19,960
7/31/2001 $ 17,995 $ 16,029 $ 19,512
8/31/2001 $ 17,871 $ 15,511 $ 19,444
9/30/2001 $ 16,202 $ 13,423 $ 17,298
10/31/2001 $ 16,797 $ 14,209 $ 17,749
11/30/2001 $ 17,549 $ 15,309 $ 19,026
12/31/2001 $ 18,591 $ 16,254 $ 20,190
1/31/2002 $ 18,771 $ 16,085 $ 20,458
2/28/2002 $ 19,291 $ 15,644 $ 20,583
3/31/2002 $ 20,417 $ 16,902 $ 22,125
4/30/2002 $ 20,862 $ 17,055 $ 22,904
5/31/2002 $ 20,105 $ 16,298 $ 22,146
6/30/2002 $ 19,357 $ 15,490 $ 21,656
7/31/2002 $ 17,371 $ 13,151 $ 18,438
8/31/2002 $ 17,853 $ 13,118 $ 18,357
9/30/2002 $ 16,453 $ 12,176 $ 17,046
10/31/2002 $ 16,784 $ 12,567 $ 17,302
11/30/2002 $ 17,371 $ 13,688 $ 18,683
12/31/2002 $ 17,026 $ 12,926 $ 17,885
1/31/2003 $ 16,373 $ 12,567 $ 17,381
2/28/2003 $ 16,145 $ 12,188 $ 16,797
3/31/2003 $ 16,021 $ 12,345 $ 16,976
4/30/2003 $ 17,109 $ 13,515 $ 18,589
5/31/2003 $ 17,990 $ 14,966 $ 20,487
6/30/2003 $ 18,073 $ 15,237 $ 20,833
7/31/2003 $ 18,519 $ 16,190 $ 21,873
8/31/2003 $ 19,171 $ 16,932 $ 22,704
9/30/2003 $ 18,633 $ 16,619 $ 22,443
10/31/2003 $ 19,617 $ 18,015 $ 24,272
11/30/2003 $ 20,332 $ 18,654 $ 25,204
12/31/2003 $ 21,150 $ 19,033 $ 26,116
1/31/2004 $ 21,664 $ 19,861 $ 27,020
2/29/2004 $ 21,916 $ 20,039 $ 27,544
3/31/2004 $ 22,069 $ 20,226 $ 27,924
4/30/2004 $ 21,807 $ 19,194 $ 26,481
5/31/2004 $ 21,982 $ 19,500 $ 26,801
6/30/2004 $ 23,054 $ 20,320 $ 28,162
7/31/2004 $ 22,233 $ 18,953 $ 26,867
8/31/2004 $ 22,015 $ 18,856 $ 27,130
9/30/2004 $ 23,054 $ 19,741 $ 28,205
10/31/2004 $ 23,196 $ 20,129 $ 28,642
</Table>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE
CREDIT SUISSE SMALL CAP VALUE FUND(1) CLASS C SHARES(2), THE RUSSELL 2000(R)
INDEX(3),(5) AND THE RUSSELL 2000(R) VALUE INDEX(3),(5) FROM INCEPTION
(2/28/00).
<Table>
<Caption>
CREDIT SUISSE SMALL CAP RUSSELL 2000(R) RUSSELL 2000(R)
VALUE FUND(1) -- CLASS C(2) INDEX(3),(5) VALUE INDEX(3),(5)
2/28/2000 $ 10,000 $ 10,000 $ 10,000
2/29/2000 $ 10,270 $ 10,000 $ 10,000
3/31/2000 $ 11,256 $ 9,341 $ 10,047
4/30/2000 $ 11,019 $ 8,778 $ 10,106
5/31/2000 $ 10,992 $ 8,267 $ 9,952
6/30/2000 $ 11,300 $ 8,987 $ 10,243
7/31/2000 $ 11,471 $ 8,698 $ 10,584
8/31/2000 $ 12,044 $ 9,362 $ 11,057
9/30/2000 $ 12,006 $ 9,087 $ 10,995
10/31/2000 $ 12,088 $ 8,681 $ 10,956
11/30/2000 $ 11,788 $ 7,790 $ 10,733
12/31/2000 $ 13,200 $ 8,459 $ 11,886
1/31/2001 $ 13,323 $ 8,900 $ 12,214
2/28/2001 $ 13,018 $ 8,316 $ 12,197
3/31/2001 $ 12,895 $ 7,909 $ 12,001
4/30/2001 $ 13,635 $ 8,528 $ 12,557
5/31/2001 $ 14,018 $ 8,738 $ 12,880
6/30/2001 $ 14,329 $ 9,039 $ 13,398
7/31/2001 $ 14,102 $ 8,550 $ 13,098
8/31/2001 $ 14,005 $ 8,274 $ 13,052
9/30/2001 $ 12,693 $ 7,160 $ 11,611
10/31/2001 $ 13,167 $ 7,579 $ 11,914
11/30/2001 $ 13,752 $ 8,166 $ 12,771
12/31/2001 $ 14,571 $ 8,670 $ 13,553
1/31/2002 $ 14,712 $ 8,580 $ 13,732
2/28/2002 $ 15,121 $ 8,345 $ 13,816
3/31/2002 $ 16,006 $ 9,015 $ 14,851
4/30/2002 $ 16,356 $ 9,097 $ 15,374
5/31/2002 $ 15,761 $ 8,694 $ 14,865
6/30/2002 $ 15,173 $ 8,262 $ 14,536
7/31/2002 $ 13,619 $ 7,015 $ 12,376
8/31/2002 $ 13,998 $ 6,997 $ 12,322
9/30/2002 $ 12,897 $ 6,495 $ 11,442
10/31/2002 $ 13,158 $ 6,703 $ 11,614
11/30/2002 $ 13,611 $ 7,301 $ 12,540
12/31/2002 $ 13,348 $ 6,895 $ 12,005
1/31/2003 $ 12,835 $ 6,704 $ 11,666
2/28/2003 $ 12,655 $ 6,501 $ 11,274
3/31/2003 $ 12,558 $ 6,585 $ 11,395
4/30/2003 $ 13,413 $ 7,209 $ 12,478
5/31/2003 $ 14,098 $ 7,983 $ 13,752
6/30/2003 $ 14,171 $ 8,127 $ 13,984
7/31/2003 $ 14,513 $ 8,636 $ 14,682
8/31/2003 $ 15,027 $ 9,032 $ 15,240
9/30/2003 $ 14,603 $ 8,864 $ 15,064
10/31/2003 $ 15,377 $ 9,609 $ 16,292
11/30/2003 $ 15,939 $ 9,950 $ 16,918
12/31/2003 $ 16,583 $ 10,152 $ 17,530
1/31/2004 $ 16,987 $ 10,594 $ 18,137
2/29/2004 $ 17,177 $ 10,689 $ 18,489
3/31/2004 $ 17,297 $ 10,789 $ 18,744
4/30/2004 $ 17,099 $ 10,238 $ 17,775
5/31/2004 $ 17,237 $ 10,401 $ 17,990
6/30/2004 $ 18,072 $ 10,839 $ 18,904
7/31/2004 $ 17,426 $ 10,110 $ 18,034
8/31/2004 $ 17,254 $ 10,058 $ 18,211
9/30/2004 $ 18,072 $ 10,530 $ 18,932
10/31/2004 $ 18,183 $ 10,737 $ 19,225
</Table>
13
<Page>
AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2004
<Table>
<Caption>
SINCE
1 YEAR 5 YEARS 10 YEARS INCEPTION
---------- ---------- ---------- ----------
Common Class 24.64% -- -- 12.37%
Class A Without Sales Charge(6) 24.66% 13.46% 11.23% 13.59%
Class A With Maximum Sales Charge(6) 17.51% 12.12% 10.57% 13.05%
Class B Without CDSC 23.73% 12.62% -- 10.21%
Class B With CDSC 19.73% 12.62% -- 10.21%
Class C Without CDSC 23.75% -- -- 13.76%
Class C With CDSC 22.75% -- -- 13.76%
</Table>
AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 2004
<Table>
<Caption>
SINCE
1 YEAR 5 YEARS 10 YEARS INCEPTION
---------- ---------- ---------- ----------
Common Class 19.14% -- -- 12.28%
Class A Without Sales Charge(6) 19.11% 13.53% 11.46% 13.56%
Class A With Maximum Sales Charge(6) 12.24% 12.20% 10.80% 13.02%
Class B Without CDSC 18.25% 12.68% -- 10.19%
Class B With CDSC 14.25% 12.68% -- 10.19%
Class C Without CDSC 18.25% -- -- 13.64%
Class C With CDSC 17.25% -- -- 13.64%
</Table>
RETURNS REPRESENT PAST PERFORMANCE AND INCLUDE CHANGE IN SHARE PRICE AND
REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. PAST PERFORMANCE CANNOT GUARANTEE
FUTURE RESULTS. THE CURRENT PERFORMANCE OF THE FUND MAY BE LOWER OR HIGHER THAN
THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL FLUCTUATE, AND REDEMPTION VALUE
MAY BE LESS THAN ORIGINAL COST. THE PERFORMANCE RESULTS DO NOT REFLECT THE
DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR THE
REDEMPTION OF FUND SHARES. PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT
MONTH-END IS AVAILABLE AT www.csam.com/us.
- ----------
(1) Fee waivers and/or expense reimbursements reduced expenses for the Fund,
without which performance would be lower. Waivers and/or reimbursements may
be discontinued at any time.
(2) Total return for Class A Shares for the reporting period, based on offering
price (with maximum sales charge of 5.75%), was 12.24%. Total return for
Class B Shares for the reporting period, based on redemption value
(including maximum contingent deferred sales charge of 4%), was 14.25%.
Total return for Class C Shares for the reporting period, based on
redemption value (including maximum contingent deferred sales charge of
1%), was 17.25%.
(3) The Russell 2000(R) Index measures the performance of the 2,000 smallest
companies in the Russell 3000(R) Index, which represent approximately 8% of
the total market capitalization of the Russell 3000(R) Index. It is an
unmanaged index of common stocks 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.
(4) Performance for the benchmark is not available for February 28, 1996 (date
of inception). For that reason, performance is shown from March 1, 1996.
(5) Performance for the benchmark is not available for February 28, 2000 (date
of inception). For that reason, performance is shown from March 1, 2000.
(6) Inception Date: 7/9/92.
14
<Page>
INFORMATION ABOUT YOUR FUND'S EXPENSES
As an investor of the Fund, you incur two types of costs: ongoing expenses
and transaction costs. Ongoing expenses include management fees, distribution
and service (12b-1) fees and other Fund expenses. Examples of transaction costs
include sales charges (loads), redemption fees and account maintenance fees,
which are not shown in this section and which would result in higher total
expenses. The following table is intended to help you understand your ongoing
expenses of investing in the Fund and to help you compare these expenses with
the ongoing expenses of investing in other mutual funds. The table is based on
an investment of $1,000 made at the beginning of the six-month period ended
October 31, 2004.
The table illustrates your Fund's expenses in two ways:
- ACTUAL FUND RETURN. This helps you estimate the actual dollar amount of
ongoing expenses paid on a $1,000 investment in the Fund using the Fund's
actual return during the period. To estimate the expenses you paid over
the period, simply divide your account value by $1,000 (for example, an
$8,600 account value divided by $1,000 = 8.6), then multiply the result by
the number in the "Expenses Paid per $1,000" line under the share class
you hold.
- HYPOTHETICAL 5% FUND RETURN. This helps you to compare your Fund's ongoing
expenses with those of other mutual funds using the Fund's actual expense
ratio and a hypothetical rate of return of 5% per year before expenses.
Examples using a 5% hypothetical fund return may be found in the
shareholder reports of other mutual funds. The hypothetical account values
and expenses may not be used to estimate the actual ending account balance
or expense you paid for the period.
Please note that the expenses shown in these tables are meant to highlight
your ongoing expenses only and do not reflect any transaction costs, such as
sales charges (loads) or redemption fees. If these transaction costs had been
included, your costs would have been higher. The "Expenses Paid per $1,000" line
of the tables is useful in comparing ongoing expenses only and will not help you
determine the relative total expenses of owning different funds.
15
<Page>
EXPENSES AND VALUE OF A $1,000 INVESTMENT FOR THE SIX-MONTH PERIOD ENDED
OCTOBER 31, 2004
<Table>
<Caption>
COMMON
CLASS CLASS A CLASS B CLASS C
---------- ---------- ---------- ----------
ACTUAL FUND RETURN
Beginning Account Value 4/30/04 $ 1,000 $ 1,000 $ 1,000 $ 1,000
Ending Account Value 10/31/04 $ 1,067 $ 1,068 $ 1,064 $ 1,063
Expenses Paid per $1,000* $ 7.38 $ 7.38 $ 11.26 $ 11.26
HYPOTHETICAL 5% FUND RETURN
Beginning Account Value 4/30/04 $ 1,000 $ 1,000 $ 1,000 $ 1,000
Ending Account Value 10/31/04 $ 1,025 $ 1,025 $ 1,025 $ 1,025
Expenses Paid per $1,000* $ 7.89 $ 7.89 $ 11.71 $ 11.71
</Table>
<Table>
<Caption>
COMMON
CLASS CLASS A CLASS B CLASS C
---------- ---------- ---------- ----------
ANNUALIZED EXPENSE RATIOS* 1.42% 1.42% 2.17% 2.17%
</Table>
- ----------
* EXPENSES ARE EQUAL TO THE FUND'S ANNUALIZED EXPENSE RATIO FOR EACH SHARE
CLASS, MULTIPLIED BY THE AVERAGE ACCOUNT VALUE OVER THE PERIOD, MULTIPLIED BY
THE NUMBER OF DAYS IN THE MOST RECENT FISCAL HALF YEAR PERIOD, THEN DIVIDED
BY 366.
THE "EXPENSES PAID PER $1,000" AND THE "ANNUALIZED EXPENSE RATIOS" IN THE
TABLES ARE BASED ON ACTUAL EXPENSES PAID BY THE FUND DURING THE PERIOD, NET
OF FEE WAIVERS AND/OR EXPENSE REIMBURSEMENTS. IF THOSE FEE WAIVERS AND/OR
EXPENSE REIMBURSEMENTS HAD NOT BEEN IN EFFECT, THE FUND'S ACTUAL EXPENSES
WOULD HAVE BEEN HIGHER.
For more information, please refer to the Fund's prospectus.
16
<Page>
[CHART]
SECTOR BREAKDOWN*
<Table>
Financial Services 22.4%
Materials & Processing 16.7%
Consumer Discretionary 14.7%
Producer Durables 12.4%
Other Energy 9.5%
Health Care 6.6%
Auto & Transportation 4.2%
Technology 4.0%
Utilities 3.9%
Other 2.9%
Consumer Staples 1.7%
Other Assets 1.0%
</Table>
- ----------
* The Fund's sector breakdown is expressed as a percentage of total investments
(excluding security lending collateral) and may vary over time.
17
<Page>
CREDIT SUISSE LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS
October 31, 2004
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- -----
COMMON STOCKS (97.8%)
AEROSPACE & DEFENSE (6.1%)
Boeing Co. 94,200 $ 4,700,580
Lockheed Martin Corp. 156,000 8,594,040
United Technologies Corp. 82,800 7,685,496
---------------
20,980,116
---------------
AUTO COMPONENTS (1.5%)
Johnson Controls, Inc. 90,100 5,167,235
---------------
BANKS (14.6%)
Bank of America Corp. 364,374 16,320,311
Mellon Financial Corp. 216,200 6,248,180
North Fork Bancorporation, Inc. 117,800 5,194,980
Wachovia Corp. 191,400 9,418,794
Washington Mutual, Inc.@ 66,200 2,562,602
Wells Fargo & Co. 174,600 10,427,112
---------------
50,171,979
---------------
BUILDING PRODUCTS (0.9%)
American Standard Companies, Inc.* 87,300 3,192,561
---------------
CHEMICALS (3.5%)
Du Pont (E. I.) de Nemours & Co. 178,300 7,643,721
PPG Industries, Inc. 68,100 4,341,375
---------------
11,985,096
---------------
COMMERCIAL SERVICES & SUPPLIES (0.9%)
Cendant Corp. 145,000 2,985,550
---------------
COMPUTERS & PERIPHERALS (3.2%)
Hewlett-Packard Co. 385,120 7,186,339
International Business Machines Corp. 41,200 3,697,700
---------------
10,884,039
---------------
CONTAINERS & PACKAGING (0.7%)
Smurfit-Stone Container Corp.* 145,038 2,517,860
---------------
DIVERSIFIED FINANCIALS (7.2%)
Capital One Financial Corp. 41,900 3,090,544
Citigroup, Inc. 235,200 10,435,824
Lehman Brothers Holdings, Inc. 72,600 5,964,090
Morgan Stanley 105,300 5,379,777
---------------
24,870,235
---------------
DIVERSIFIED TELECOMMUNICATION SERVICES (2.3%)
ALLTEL Corp. 45,100 2,477,343
Verizon Communications, Inc. 137,900 5,391,890
---------------
7,869,233
---------------
</Table>
See Accompanying Notes to Financial Statements.
18
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- -----
COMMON STOCKS
ELECTRIC UTILITIES (1.0%)
Progress Energy, Inc. 86,900 $ 3,588,970
---------------
ELECTRICAL EQUIPMENT (1.1%)
Emerson Electric Co. 58,400 3,740,520
---------------
ENERGY EQUIPMENT & SERVICES (2.5%)
BJ Services Co. 84,000 4,284,000
Weatherford International, Ltd.*@ 80,900 4,227,834
---------------
8,511,834
---------------
FOOD PRODUCTS (1.4%)
General Mills, Inc. 108,000 4,779,000
---------------
HEALTHCARE EQUIPMENT & SUPPLIES (0.9%)
Boston Scientific Corp.* 92,300 3,258,190
---------------
HEALTHCARE PROVIDERS & SERVICES (1.4%)
Aetna, Inc. 49,400 4,693,000
---------------
HOTELS, RESTAURANTS & LEISURE (1.1%)
McDonald's Corp. 131,900 3,844,885
---------------
INDUSTRIAL CONGLOMERATES (6.9%)
General Electric Co. 207,700 7,086,724
Textron, Inc. 89,700 6,113,055
Tyco International, Ltd. 338,800 10,553,620
---------------
23,753,399
---------------
INSURANCE (7.8%)
Allstate Corp. 109,600 5,270,664
Hartford Financial Services Group, Inc. 142,900 8,356,792
Prudential Financial, Inc. 161,600 7,509,552
St. Paul Companies, Inc. 174,500 5,926,020
---------------
27,063,028
---------------
MACHINERY (3.5%)
Eaton Corp. 90,100 5,761,895
ITT Industries, Inc. 76,300 6,190,982
---------------
11,952,877
---------------
MEDIA (3.2%)
Gannett Company, Inc. 45,500 3,774,225
Tribune Co. 51,300 2,216,160
Viacom, Inc. Class B 141,400 5,159,686
---------------
11,150,071
---------------
METALS & MINING (1.0%)
Alcoa, Inc. 110,000 3,575,000
---------------
MULTILINE RETAIL (1.6%)
May Department Stores Co. 213,300 5,558,598
---------------
</Table>
See Accompanying Notes to Financial Statements.
19
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- -----
COMMON STOCKS
OIL & GAS (10.9%)
Apache Corp. 97,200 $ 4,928,040
Burlington Resources, Inc. 97,000 4,025,500
ConocoPhillips 145,050 12,229,166
Exxon Mobil Corp. 223,300 10,990,826
Murphy Oil Corp. 44,000 3,520,880
Pioneer Natural Resources Co. 53,900 1,746,360
---------------
37,440,772
---------------
PAPER & FOREST PRODUCTS (2.4%)
MeadWestvaco Corp. 263,700 8,314,461
---------------
PHARMACEUTICALS (4.3%)
Johnson & Johnson 141,000 8,231,580
Pfizer, Inc. 106,316 3,077,848
Schering-Plough Corp. 191,400 3,466,254
---------------
14,775,682
---------------
ROAD & RAIL (2.1%)
Burlington Northern Santa Fe Corp. 170,600 7,132,786
---------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (1.0%)
Intel Corp. 156,800 3,490,368
---------------
SPECIALTY RETAIL (1.0%)
TJX Companies, Inc. 147,000 3,525,060
---------------
TOBACCO (1.8%)
Altria Group, Inc. 129,100 6,256,186
---------------
TOTAL COMMON STOCKS (Cost $265,309,807) 337,028,591
---------------
SHORT-TERM INVESTMENTS (2.7%)
State Street Navigator Prime Fund@@ 3,890,824 3,890,824
<Caption>
PAR
(000)
-----
State Street Bank and Trust Co. Euro
Time Deposit, 1.000%, 11/01/04 $ 5,280 5,280,000
---------------
TOTAL SHORT-TERM INVESTMENTS (Cost $9,170,824) 9,170,824
---------------
TOTAL INVESTMENTS AT VALUE (100.5%)
(Cost $274,480,631) 346,199,415
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.5%) (1,631,399)
---------------
NET ASSETS (100.0%) $ 344,568,016
===============
</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.
20
<Page>
CREDIT SUISSE SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS
October 31, 2004
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- -----
COMMON STOCKS (99.7%)
AEROSPACE & DEFENSE (1.1%)
BE Aerospace, Inc.* 203,700 $ 1,747,746
DRS Technologies, Inc.* 38,000 1,376,360
---------------
3,124,106
---------------
AUTO COMPONENTS (1.5%)
Modine Manufacturing Co.* 136,900 4,204,199
---------------
BANKS (11.5%)
Alabama National Bancorp. 74,800 4,779,720
Century Bancorp, Inc. Class A@ 35,400 1,110,852
First Financial Holdings, Inc. 95,900 2,912,483
FirstFed Financial Corp.* 108,200 5,561,480
NewAlliance Bancshares, Inc. 293,000 4,066,840
Prosperity Bancshares, Inc.@ 126,600 3,449,850
Susquehanna Bancshares, Inc. 154,100 3,832,467
Webster Financial Corp. 84,500 4,039,100
WSFS Financial Corp. 45,600 2,476,308
---------------
32,229,100
---------------
BUILDING PRODUCTS (1.1%)
Griffon Corp.*@ 136,700 3,041,575
---------------
CHEMICALS (2.9%)
Crompton Corp. 378,900 3,523,770
H.B. Fuller Co. 174,500 4,694,050
---------------
8,217,820
---------------
COMMERCIAL SERVICES & SUPPLIES (3.4%)
Banta Corp. 126,000 5,125,680
Watson Wyatt & Company Holdings 170,400 4,524,120
---------------
9,649,800
---------------
CONSTRUCTION & ENGINEERING (1.0%)
EMCOR Group, Inc.* 72,700 2,876,739
---------------
CONSTRUCTION MATERIALS (1.3%)
Eagle Materials, Inc.@ 51,500 3,559,165
---------------
CONTAINERS & PACKAGING (3.8%)
AptarGroup, Inc. 145,400 6,822,168
Crown Holdings, Inc.* 333,700 3,787,495
---------------
10,609,663
---------------
DISTRIBUTION & WHOLESALE (0.3%)
Brightpoint, Inc.*@ 50,300 764,057
---------------
DIVERSIFIED FINANCIALS (4.1%)
Apollo Investment Corp. 207,700 2,824,720
Assured Guaranty, Ltd. 162,900 2,674,818
eSPEED, Inc. Class A* 211,773 2,085,964
National Financial Partners Corp. 41,200 1,266,488
Piper Jaffray Companies, Inc.*@ 62,000 2,711,260
---------------
11,563,250
---------------
</Table>
See Accompanying Notes to Financial Statements.
21
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- -----
COMMON STOCKS
ELECTRIC UTILITIES (3.2%)
Empire District Electric Co. 120,700 $ 2,515,388
NRG Energy, Inc.* 134,400 3,728,256
OGE Energy Corp. 112,500 2,854,125
---------------
9,097,769
---------------
ELECTRICAL EQUIPMENT (5.0%)
AMETEK, Inc. 124,900 4,111,708
Brady Corp. 102,800 5,574,844
Rayovac Corp.*@ 171,800 4,279,538
---------------
13,966,090
---------------
ELECTRONIC EQUIPMENT & INSTRUMENTS (5.1%)
Electro Scientific Industries, Inc.*@ 148,600 2,520,256
Rogers Corp.*@ 58,400 2,506,528
Roper Industries, Inc. 37,400 2,306,084
Varian, Inc.* 126,000 4,596,480
Woodhead Industries, Inc. 157,400 2,471,180
---------------
14,400,528
---------------
ENERGY EQUIPMENT & SERVICES (4.1%)
Oceaneering International, Inc.*@ 191,000 6,790,050
Varco International, Inc.* 168,567 4,665,935
---------------
11,455,985
---------------
FOOD & DRUG RETAILING (1.7%)
Ruddick Corp. 242,400 4,879,512
---------------
GAS UTILITIES (2.0%)
National Fuel Gas Co. 97,300 2,726,346
WGL Holdings, Inc. 99,000 2,816,550
---------------
5,542,896
---------------
HEALTHCARE EQUIPMENT & SUPPLIES (5.5%)
Arrow International, Inc. 193,900 5,538,753
Cooper Companies, Inc.@ 71,900 5,058,165
Invacare Corp. 106,600 4,922,788
---------------
15,519,706
---------------
HEALTHCARE PROVIDERS & SERVICES (2.2%)
LifePoint Hospitals, Inc.*@ 93,600 3,034,512
Service Corp. International* 475,600 3,143,716
---------------
6,178,228
---------------
HOTELS, RESTAURANTS & LEISURE (3.1%)
Carmike Cinemas, Inc.@ 138,000 4,940,400
Marcus Corp. 176,975 3,762,489
---------------
8,702,889
---------------
HOUSEHOLD DURABLES (1.3%)
Ethan Allen Interiors, Inc.@ 97,000 3,694,730
---------------
</Table>
See Accompanying Notes to Financial Statements.
22
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- -----
COMMON STOCKS
INDUSTRIAL CONGLOMERATES (2.9%)
Carlisle Companies, Inc. 77,600 $ 4,510,888
Teleflex, Inc. 82,400 3,608,296
---------------
8,119,184
---------------
INSURANCE (5.1%)
Allmerica Financial Corp.* 108,300 3,259,830
Max Re Capital, Ltd. 149,800 2,826,726
Platinum Underwriters Holdings, Ltd. 179,700 5,256,225
ProAssurance Corp.* 84,100 3,001,529
---------------
14,344,310
---------------
IT CONSULTING & SERVICES (1.3%)
Keane, Inc.*@ 223,200 3,528,792
---------------
MACHINERY (7.9%)
Albany International Corp. Class A 89,500 2,686,790
ESCO Technologies, Inc.* 98,000 6,840,400
Flowserve Corp.* 162,500 3,506,750
NACCO Industries, Inc. Class A 15,900 1,486,014
Robbins & Myers, Inc.@ 68,400 1,426,140
The Manitowoc Company, Inc.@ 152,200 5,372,660
Wabash National Corp.* 33,700 828,346
---------------
22,147,100
---------------
MEDIA (1.6%)
Harte-Hanks, Inc. 176,700 4,548,258
---------------
METALS & MINING (1.9%)
GrafTech International, Ltd.* 299,900 2,777,074
Quanex Corp.@ 48,600 2,464,020
---------------
5,241,094
---------------
OIL & GAS (4.2%)
Denbury Resources, Inc.* 210,500 5,220,400
Forest Oil Corp.* 92,000 2,806,000
Houston Exploration Co.*@ 25,200 1,476,720
Range Resources Corp. 144,600 2,270,220
---------------
11,773,340
---------------
REAL ESTATE (1.9%)
Eagle Hospitality Properties Trust, Inc.* 209,700 1,992,150
HRPT Properties Trust 289,900 3,243,981
---------------
5,236,131
---------------
ROAD & RAIL (2.7%)
Laidlaw International, Inc.* 176,300 2,938,921
Werner Enterprises, Inc. 224,250 4,754,100
---------------
7,693,021
---------------
</Table>
See Accompanying Notes to Financial Statements.
23
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- -----
COMMON STOCKS
SPECIALTY RETAIL (3.7%)
CSK Auto Corp.* 249,800 $ 3,657,072
Hughes Supply, Inc. 103,700 2,946,117
Sports Authority, Inc.*@ 155,800 3,767,244
---------------
10,370,433
---------------
TEXTILES & APPAREL (1.3%)
Warnaco Group, Inc.* 178,400 3,639,360
---------------
TOTAL COMMON STOCKS (Cost $196,349,913) 279,918,830
---------------
SHORT-TERM INVESTMENTS (11.1%)
State Street Navigator Prime Fund@@ 28,487,581 28,487,581
<Caption>
PAR
(000)
-----
State Street Bank and Trust Co. Euro
Time Deposit, 1.000%, 11/01/04 $ 2,743 2,743,000
---------------
TOTAL SHORT-TERM INVESTMENTS (Cost $31,230,581) 31,230,581
---------------
TOTAL INVESTMENTS AT VALUE (110.8%)
(Cost $227,580,494) 311,149,411
LIABILITIES IN EXCESS OF OTHER ASSETS (-10.8%) (30,271,199)
---------------
NET ASSETS (100.0%) $ 280,878,212
===============
</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.
24
<Page>
CREDIT SUISSE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2004
<Table>
<Caption>
LARGE CAP SMALL CAP
VALUE FUND VALUE FUND
------------------ ------------------
ASSETS
Investments at value, including collateral for securities on loan of
$3,890,824 and $28,487,581, respectively (Cost $274,480,631, and
$227,580,494, respectively) (Note 1) $ 346,199,415(1) $ 311,149,411(2)
Cash 715 905
Receivable for investments sold 3,821,626 --
Receivable for fund shares sold 95,715 260,230
Dividend and interest receivable 456,160 294,506
Prepaid expenses and other assets 38,937 38,837
------------------ ------------------
Total Assets 350,612,568 311,743,889
------------------ ------------------
LIABILITIES
Advisory fee payable (Note 2) 117,640 180,476
Administrative services fee payable (Note 2) 86,999 71,682
Shareholder servicing/Distribution fee payable (Note 2) 93,038 79,797
Payable upon return of securities loaned (Note 1) 3,890,824 28,487,581
Payable for investments purchased 1,405,196 1,139,290
Trustees' fee payable 2,179 2,178
Payable for fund shares redeemed 205,155 688,312
Other accrued expenses payable 243,521 216,361
------------------ ------------------
Total Liabilities 6,044,552 30,865,677
------------------ ------------------
NET ASSETS
Capital stock, $0.001 par value (Note 5) 17,205 12,459
Paid-in capital (Note 5) 251,999,536 170,673,830
Undistributed net investment income (loss) 163,177 --
Accumulated net realized gain on investments 20,669,314 26,623,007
Net unrealized appreciation from investments 71,718,784 83,568,916
------------------ ------------------
Net Assets $ 344,568,016 $ 280,878,212
================== ==================
COMMON SHARES
Net assets $ 663,673 $ 50,067,823
Shares outstanding 33,222 2,209,354
------------------ ------------------
Net asset value, offering price, and redemption price per share $ 19.98 $ 22.66
================== ==================
ADVISOR SHARES
Net assets 12,227,500 N/A
Shares outstanding 608,662 N/A
------------------ ------------------
Net asset value, offering price, and redemption price per share $ 20.09 N/A
================== ==================
A SHARES
Net assets $ 302,823,140 $ 198,772,807
Shares outstanding 15,105,339 8,737,188
------------------ ------------------
Net asset value and redemption price per share $ 20.05 $ 22.75
================== ==================
Maximum offering price per share (net asset value/(1-5.75%)) $ 21.27 $ 24.14
================== ==================
B SHARES
Net assets $ 25,117,726 $ 20,424,711
Shares outstanding 1,268,149 963,367
------------------ ------------------
Net asset value and offering price per share $ 19.81 $ 21.20
================== ==================
C SHARES
Net assets $ 3,735,977 $ 11,612,871
Shares outstanding 189,484 549,519
------------------ ------------------
Net asset value and offering price per share $ 19.72 $ 21.13
================== ==================
</Table>
(1) Including $3,800,734 of securities on loan.
(2) Including $27,811,769 of securities on loan.
See Accompanying Notes to Financial Statements.
25
<Page>
STATEMENTS OF OPERATIONS
For the Year Ended October 31, 2004
<Table>
<Caption>
LARGE CAP SMALL CAP
VALUE FUND VALUE FUND
------------------ ------------------
INVESTMENT INCOME (Note 1)
Dividends $ 7,574,371 $ 3,341,046
Interest 25,447 52,790
Securities lending 32,225 29,941
------------------ ------------------
Total investment income 7,632,043 3,423,777
------------------ ------------------
EXPENSE
Investment advisory fees (Note 2) 1,991,453 2,164,796
Administrative services fees (Note 2) 575,016 459,491
Shareholder servicing/Distribution fees (Note 2)
Common Class -- 124,688
Advisor Class 78,109 --
Class A 779,768 509,707
Class B 286,286 222,036
Class C 39,454 104,056
Transfer agent fees (Note 2) 555,293 444,556
Printing fees (Note 2) 74,038 54,501
Registration fees 64,079 53,490
Legal fees 58,838 48,185
Custodian fees 35,388 28,049
Insurance expense 31,508 30,171
Audit fees 24,373 25,116
Commitment fees (Note 3) 9,991 7,918
Trustees' fees 8,614 8,612
Miscellaneous expense 14,147 12,104
------------------ ------------------
Total expenses 4,626,355 4,297,476
------------------ ------------------
Net investment income (loss) 3,005,688 (873,699)
------------------ ------------------
NET REALIZED AND UNREALIZED GAIN FROM INVESTMENTS
Net realized gain from investments 23,074,340 28,393,507
Net change in unrealized appreciation (depreciation) from investments 12,646,399 21,745,107
------------------ ------------------
Net realized and unrealized gain from investments 35,720,739 50,138,614
------------------ ------------------
Net increase in net assets resulting from operations $ 38,726,427 $ 49,264,915
================== ==================
</Table>
See Accompanying Notes to Financial Statements.
26
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
LARGE CAP VALUE FUND SMALL CAP VALUE FUND
-------------------------------- --------------------------------
FOR THE YEAR ENDED OCTOBER 31, FOR THE YEAR ENDED OCTOBER 31,
2004 2003 2004 2003
-------------- -------------- -------------- --------------
FROM OPERATIONS
Net investment income (loss) $ 3,005,688 $ 1,532,798 $ (873,699) $ (451,373)
Net realized gain from investments 23,074,340 16,763,424 28,393,507 14,641,903
Net change in unrealized appreciation (depreciation)
from investments 12,646,399 11,390,112 21,745,107 24,977,630
-------------- -------------- -------------- --------------
Net increase in net assets resulting from operations 38,726,427 29,686,334 49,264,915 39,168,160
-------------- -------------- -------------- --------------
FROM DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income
Common Class shares (7,968) (17,331) -- (39,448)
Advisor shares (106,265) (5,242) -- --
Class A shares (2,867,502) (1,423,315) -- (121,771)
Class B shares (51,526) (44,542) -- --
Class C shares (7,128) (3,968) -- --
Distributions from net realized gains
Common Class shares (19,226) (56,140) (2,480,205) (4,176,400)
Advisor 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) (1,256,227) (1,785,919)
Class C shares (94,482) (42,341) (484,122) (400,677)
-------------- -------------- -------------- --------------
Net decrease in net assets resulting from
dividends and distributions (12,718,304) (4,206,468) (14,179,145) (19,416,368)
-------------- -------------- -------------- --------------
FROM CAPITAL SHARE TRANSACTIONS (Note 5)
Proceeds from sale of shares 30,700,269 34,320,155 73,355,864 76,651,039
Exchange value of shares due to merger -- 201,050,472 -- --
Reinvestment of dividends and distributions 11,727,989 3,640,201 13,222,116 18,257,578
Net asset value of shares redeemed (86,526,431) (50,042,947) (107,878,366) (68,252,985)
-------------- -------------- -------------- --------------
Net increase (decrease) in net assets from
capital share transactions (44,098,173) 188,967,881 (21,300,386) 26,655,632
-------------- -------------- -------------- --------------
Net increase (decrease) in net assets (18,090,050) 214,447,747 13,785,384 46,407,424
NET ASSETS
Beginning of year 362,658,066 148,210,319 267,092,828 220,685,404
-------------- -------------- -------------- --------------
End of year $ 344,568,016 $ 362,658,066 $ 280,878,212 $ 267,092,828
============== ============== ============== ==============
Undistributed Net Investment Income $ 163,177 $ 197,878 $ -- $ --
============== ============== ============== ==============
</Table>
See Accompanying Notes to Financial Statements.
27
<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 YEAR ENDED OCTOBER 31,
------------------------------------------------------------------------
2004 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) 0.23 0.14 0.17 0.19 0.02
Net gain (loss) on investments
(both realized and unrealized) 1.87 2.10 (1.45) (2.52) 2.21
---------- ---------- ---------- ---------- ------------
Total from investment operations 2.10 2.24 (1.28) (2.33) 2.23
---------- ---------- ---------- ---------- ------------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.23) (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 (0.73) (0.45) (1.85) (2.35) (0.04)
---------- ---------- ---------- ---------- ------------
NET ASSET VALUE, END OF PERIOD $ 19.98 $ 18.61 $ 16.82 $ 19.95 $ 24.63
========== ========== ========== ========== ============
Total return(3) 11.51% 13.63% (7.63)% (10.51)% 9.96%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 664 $ 737 $ 3,061 $ 3,421 $ 96
Ratio of expenses to average net assets 0.95% 1.24% 1.03% 1.03% 0.43%(4)
Ratio of net investment income to average
net assets 1.16% 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 48% 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.
28
<Page>
(For an Advisor Class Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE YEAR ENDED OCTOBER 31
-----------------------------
2004 2003(1)
------------ ------------
PER SHARE DATA
Net asset value, beginning of period $ 18.71 $ 17.84
------------ ------------
INVESTMENT OPERATIONS
Net investment income(2) 0.13 0.04
Net gain on investments
(both realized and unrealized) 1.88 0.83
------------ ------------
Total from investment operations 2.01 0.87
------------ ------------
LESS DIVIDENDS
Dividends from net investment income (0.13) (0.00)(3)
Distributions from net realized gains (0.50) --
------------ ------------
Total dividends and distributions (0.63) --
------------ ------------
NET ASSET VALUE, END OF PERIOD $ 20.09 $ 18.71
============ ============
Total return(4) 10.96% 4.90%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 12,228 $ 22,336
Ratio of expenses to average net assets 1.45% 1.49%(5)
Ratio of net investment income to average net assets 0.66% 0.51%(5)
Portfolio turnover rate 48% 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.
29
<Page>
(For a Class A Share of the Fund Outstanding Throughout Each Year)
<Table>
<Caption>
FOR THE YEAR ENDED OCTOBER 31,
------------------------------------------------------------------------
2004 2003 2002 2001 2000
---------- ---------- ---------- ---------- ------------
PER SHARE DATA
Net asset value, beginning of year $ 18.68 $ 16.83 $ 19.96 $ 24.62 $ 23.49
---------- ---------- ---------- ---------- ------------
INVESTMENT OPERATIONS
Net investment income(1) 0.18 0.14 0.17 0.21 0.16
Net gain (loss) on investments
(both realized and unrealized) 1.87 2.15 (1.45) (2.55) 1.78
---------- ---------- ---------- ---------- ------------
Total from investment operations 2.05 2.29 (1.28) (2.34) 1.94
---------- ---------- ---------- ---------- ------------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.18) (0.13) (0.19) (0.19) (0.12)
Distributions from net realized gains (0.50) (0.31) (1.66) (2.13) (0.69)
---------- ---------- ---------- ---------- ------------
Total dividends and distributions (0.68) (0.44) (1.85) (2.32) (0.81)
---------- ---------- ---------- ---------- ------------
NET ASSET VALUE, END OF YEAR $ 20.05 $ 18.68 $ 16.83 $ 19.96 $ 24.62
========== ========== ========== ========== ============
Total return(2) 11.19% 13.97% (7.63)% (10.48)% 8.44%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 302,823 $ 306,410 $ 114,733 $ 133,665 $ 162,871
Ratio of expenses to average net assets 1.20% 1.24% 1.03% 1.04% 1.08%
Ratio of net investment income to average
net assets 0.91% 0.78% 0.90% 0.94% 0.71%
Decrease reflected in above operating expense
ratios due to waivers -- -- 0.28% 0.10% --
Portfolio turnover rate 48% 53% 28% 38% 55%
</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.
See Accompanying Notes to Financial Statements.
30
<Page>
(For a Class B Share of the Fund Outstanding Throughout Each Year)
<Table>
<Caption>
FOR THE YEAR ENDED OCTOBER 31,
------------------------------------------------------------------------
2004 2003 2002 2001 2000
---------- ---------- ---------- ---------- ------------
PER SHARE DATA
Net asset value, beginning of year $ 18.46 $ 16.66 $ 19.78 $ 24.44 $ 23.37
---------- ---------- ---------- ---------- ------------
INVESTMENT OPERATIONS
Net investment income (loss)(1) 0.03 0.01 0.03 0.04 --
Net gain (loss) on investments
(both realized and unrealized) 1.85 2.13 (1.43) (2.52) 1.76
---------- ---------- ---------- ---------- ------------
Total from investment operations 1.88 2.14 (1.40) (2.48) 1.76
---------- ---------- ---------- ---------- ------------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.03) (0.03) (0.06) (0.05) --
Distributions from net realized gains (0.50) (0.31) (1.66) (2.13) (0.69)
---------- ---------- ---------- ---------- ------------
Total dividends and distributions (0.53) (0.34) (1.72) (2.18) (0.69)
---------- ---------- ---------- ---------- ------------
NET ASSET VALUE, END OF YEAR $ 19.81 $ 18.46 $ 16.66 $ 19.78 $ 24.44
========== ========== ========== ========== ============
Total return(2) 10.40% 13.07% (8.29)% (11.00)% 7.66%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 25,118 $ 29,696 $ 28,312 $ 33,087 $ 41,194
Ratio of expenses to average net assets 1.95% 1.99% 1.78% 1.79% 1.80%
Ratio of net investment income (loss) to average
net assets 0.16% 0.06% 0.15% 0.19% (0.01)%
Decrease reflected in above operating expense
ratios due to waivers -- -- 0.27% 0.10% --
Portfolio turnover rate 48% 53% 28% 38% 55%
</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.
See Accompanying Notes to Financial Statements.
31
<Page>
(For a Class C Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE YEAR ENDED OCTOBER 31,
-----------------------------------------------------------------------
2004 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) 0.03 0.01 0.03 0.03 (0.01)
Net gain (loss) on investments
(both realized and unrealized) 1.84 2.13 (1.43) (2.51) 3.56
---------- ---------- ---------- ---------- -----------
Total from investment operations 1.87 2.14 (1.40) (2.48) 3.55
---------- ---------- ---------- ---------- -----------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.03) (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 (0.53) (0.34) (1.73) (2.20) (0.03)
---------- ---------- ---------- ---------- -----------
NET ASSET VALUE, END OF PERIOD $ 19.72 $ 18.38 $ 16.58 $ 19.71 $ 24.39
========== ========== ========== ========== ===========
Total return(3) 10.39% 13.14% (8.35)% (11.07)% 17.02%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 3,736 $ 3,479 $ 2,104 $ 1,916 $ 496
Ratio of expenses to average net assets 1.95% 1.99% 1.78% 1.79% 1.28%(4)
Ratio of net investment income (loss) to average
net assets 0.16% 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 48% 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.
32
<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 YEAR ENDED OCTOBER 31,
------------------------------------------------------------------------
2004 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) (0.05) (0.02) 0.02 0.04 0.02
Net gain on investments
(both realized and unrealized) 3.75 3.08 0.31 1.72 1.25
---------- ---------- ---------- ---------- ------------
Total from investment operations 3.70 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 $ 22.66 $ 20.02 $ 18.56 $ 21.07 $ 22.62
========== ========== ========== ========== ============
Total return(3) 19.14% 17.75% 0.61% 9.79% 5.95%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 50,068 $ 47,969 $ 45,075 $ 30,667 $ 105
Ratio of expenses to average net assets 1.42% 1.48% 1.32% 1.33% 0.34%(4)
Ratio of net investment income (loss) to average
net assets (0.22)% (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 41% 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.
33
<Page>
(For a Class A Share of the Fund Outstanding Throughout Each Year)
<Table>
<Caption>
FOR THE YEAR ENDED OCTOBER 31,
------------------------------------------------------------------------
2004 2003 2002 2001 2000
---------- ---------- ---------- ---------- ------------
PER SHARE DATA
Net asset value, beginning of year $ 20.10 $ 18.62 $ 21.09 $ 22.54 $ 20.52
---------- ---------- ---------- ---------- ------------
INVESTMENT OPERATIONS
Net investment income (loss)(1) (0.05) (0.02) 0.02 0.05 0.06
Net gain on investments
(both realized and unrealized) 3.76 3.10 0.33 1.76 4.05
---------- ---------- ---------- ---------- ------------
Total from investment operations 3.71 3.08 0.35 1.81 4.11
---------- ---------- ---------- ---------- ------------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income -- (0.01) (0.03) (0.04) (0.04)
Distributions from net realized gains (1.06) (1.59) (2.79) (3.22) (2.05)
---------- ---------- ---------- ---------- ------------
Total dividends and distributions (1.06) (1.60) (2.82) (3.26) (2.09)
---------- ---------- ---------- ---------- ------------
NET ASSET VALUE, END OF YEAR $ 22.75 $ 20.10 $ 18.62 $ 21.09 $ 22.54
========== ========== ========== ========== ============
Total return(2) 19.11% 17.80% 0.71% 9.70% 21.69%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 198,773 $ 188,318 $ 151,340 $ 199,213 $ 188,501
Ratio of expenses to average net assets 1.42% 1.48% 1.32% 1.33% 1.39%
Ratio of net investment income (loss) to average
net assets (0.22)% (0.11)% 0.11% 0.25% 0.28%
Decrease reflected in above operating expense
ratios due to waivers -- 0.04% 0.12% 0.02% --
Portfolio turnover rate 41% 30% 18% 54% 42%
</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.
See Accompanying Notes to Financial Statements.
34
<Page>
(For a Class B Share of the Fund Outstanding Throughout Each Year)
<Table>
<Caption>
FOR THE YEAR ENDED OCTOBER 31,
------------------------------------------------------------------------
2004 2003 2002 2001 2000
---------- ---------- ---------- ---------- ------------
PER SHARE DATA
Net asset value, beginning of year $ 18.93 $ 17.74 $ 20.33 $ 21.95 $ 20.13
---------- ---------- ---------- ---------- ------------
INVESTMENT OPERATIONS
Net investment loss(1) (0.20) (0.15) (0.12) (0.10) (0.09)
Net gain on investments
(both realized and unrealized) 3.53 2.93 0.32 1.70 3.96
---------- ---------- ---------- ---------- ------------
Total from investment operations 3.33 2.78 0.20 1.60 3.87
---------- ---------- ---------- ---------- ------------
LESS DISTRIBUTIONS
Distributions from net realized gains (1.06) (1.59) (2.79) (3.22) (2.05)
---------- ---------- ---------- ---------- ------------
NET ASSET VALUE, END OF YEAR $ 21.20 $ 18.93 $ 17.74 $ 20.33 $ 21.95
========== ========== ========== ========== ============
Total return(2) 18.25% 16.88% (0.08)% 8.88% 20.80%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 20,425 $ 22,669 $ 19,999 $ 17,818 $ 17,255
Ratio of expenses to average net assets 2.17% 2.23% 2.07% 2.08% 2.10%
Ratio of net investment loss to average net assets (0.97)% (0.86)% (0.63)% (0.50)% (0.43)%
Decrease reflected in above operating expense
ratios due to waivers -- 0.04% 0.13% 0.02% --
Portfolio turnover rate 41% 30% 18% 54% 42%
</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.
See Accompanying Notes to Financial Statements.
35
<Page>
(For a Class C Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE YEAR ENDED OCTOBER 31,
-----------------------------------------------------------------------
2004 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) (0.19) (0.15) (0.12) (0.11) (0.07)
Net gain on investments
(both realized and unrealized) 3.51 2.92 0.32 1.67 4.05
---------- ---------- ---------- ---------- -----------
Total from investment operations 3.32 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 $ 21.13 $ 18.87 $ 17.69 $ 20.28 $ 21.94
========== ========== ========== ========== ===========
Total return(3) 18.25% 16.87% (0.07)% 8.93% 22.16%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 11,613 $ 8,138 $ 4,271 $ 1,481 $ 220
Ratio of expenses to average net assets 2.17% 2.23% 2.07% 2.08% 1.42%(4)
Ratio of net investment loss to average net assets (0.97)% (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 41% 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.
36
<Page>
CREDIT SUISSE FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2004
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, Large Cap Value closed
the Common Class to new investments, except for reinvestment of dividends. Large
Cap Value's Common Class shareholders as of the close of business on December
12, 2001 may continue to hold Common Class shares but may not add to their
accounts. Although no further shares can be purchased, Large Cap Value's
shareholders can redeem their Common Class shares through any available method.
The Small Cap Value's Common Class shares are closed to new investors, other
than (1) investors in employee retirement, stock, bonus, pension or
profit-sharing plans, (2) investment advisory clients of Credit Suisse Asset
Management, LLC ("CSAM"), (3) certain registered investment advisers ("RIAs"),
(4) certain broker-dealers and RIAs with clients participating in comprehensive
fee programs and (5) employees of CSAM or its affiliates and current and former
Directors or Trustees of funds advised by CSAM or its affiliates. Any Common
Class shareholder as of the close of business on December 12, 2001 can continue
to buy Common Class shares of the fund and open new accounts under the same
Social Security number. Each class of shares in each Fund represents an equal
pro rata interest in each Fund, except that they bear different expenses, which
reflect the difference in the range of services provided to them. Class A shares
of each Fund are sold subject to a front-end sales charge of up to 5.75%. Class
B shares are sold subject to a contingent deferred sales charge which declines
from 4% to zero depending on the period of time the shares are held. Class C
shares of each Fund are sold subject to a contingent deferred sales charge of
1.00% if redeemed within the first year of purchase.
37
<Page>
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, 4,229 Class B shares
(valued at $74,648) of Large Cap Value for 6,370 Class B shares of Strategic
Value, 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 securities.
38
<Page>
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.
C) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net
investment income, if any, are declared and paid quarterly by Large Cap Value
and at least annually by Small Cap Value. Distributions of net realized capital
gains, if any, are declared and paid at least annually by the Funds. However, to
the extent that a net realized capital gain can be reduced by a capital loss
carryforward, such gain will not be distributed. Income and capital gain
distributions are determined in accordance with federal income tax regulations,
which may differ from accounting principles generally accepted in the United
States of America (GAAP).
D) FEDERAL INCOME TAXES -- No provision is made for federal taxes as it is
each Fund's intention to continue to qualify for and elect the tax treatment
applicable to regulated investment companies under the Internal Revenue Code of
1986, as amended, and make the requisite distributions to its shareholders which
will be sufficient to relieve it from federal income and excise taxes.
E) USE OF ESTIMATES -- The preparation of financial statements in conformity
with GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Actual results could
differ from these estimates.
F) SHORT-TERM INVESTMENTS -- The Funds, together with other funds/portfolios
advised by Credit Suisse Asset Management, LLC ("CSAM"), an indirect,
wholly-owned subsidiary of Credit Suisse Group, pool available cash into either
a short-term variable rate time deposit issued by State Street Bank and Trust
Company ("SSB"), the Funds' custodian, or a money market fund advised by CSAM.
The short-term time deposit issued by SSB is a variable rate account classified
as a short-term investment.
39
<Page>
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.
The market value of securities on loan to brokers and the value of collateral
held by each Fund with respect to such loans at October 31, 2004 are as follows:
<Table>
<Caption>
MARKET VALUE OF VALUE OF
FUND SECURITIES LOANED COLLATERAL RECEIVED
---- ----------------- -------------------
Large Cap Value $ 3,800,734 $ 3,890,824
Small Cap Value 27,811,769 28,487,581
</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. The Fund earned no income from securities lending through the period
ended March 17, 2004.
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. The Funds may also be entitled to certain minimum amounts of income
from their securities lending activities. 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.
40
<Page>
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>
For the year ended October 31, 2004, investment advisory fees earned for each
Fund were as follows:
<Table>
<Caption>
FUND GROSS ADVISORY FEE
---- ------------------
Large Cap Value $ 1,991,453
Small Cap Value 2,164,796
</Table>
CSAM will not recapture from the Funds any fees it waived during the fiscal
year ended October 31, 2004.
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of
CSAM, and SSB serve as co-administrators to the Funds.
For its co-administrative services, CSAMSI currently receives a fee
calculated at an annual rate of 0.10% of each Fund's average daily net assets.
For the year ended October 31, 2004, co-administrative services fees earned by
CSAMSI were as follows:
<Table>
<Caption>
FUND CO-ADMINISTRATION FEE
---- ---------------------
Large Cap Value $ 360,790
Small Cap Value 286,368
</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>
41
<Page>
For the year ended October 31, 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 $ 214,226
Small Cap Value 173,123
</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 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 year ended October 31, 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 80,856
</Table>
For the year ended October 31, 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 $ 23,857
Small Cap Value 26,263
</Table>
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Funds to provide certain financial printing and fulfillment services.
42
<Page>
For the year ended October 31, 2004, Merrill was paid for its services by the
Funds as follows:
<Table>
<Caption>
FUND AMOUNT
---- ------------
Large Cap Value $ 13,643
Small Cap Value 13,643
</Table>
NOTE 3. LINE OF CREDIT
The Funds, together with other funds/portfolios advised by CSAM
(collectively, the "Participating Funds"), participate in a $75 million
committed, unsecured line of credit facility ("Credit Facility") for temporary
or emergency purposes with Deutsche Bank, A.G. as administrative agent and
syndication agent and SSB as operations agent. Under the terms of the Credit
Facility, the Participating Funds pay an aggregate commitment fee at a rate of
0.10% per annum on the average unused amount of the Credit Facility, which is
allocated among the Participating Funds in such manner as is determined by the
governing Boards of the Participating Funds. In addition, the Participating
Funds pay interest on borrowings at the Federal Funds rate plus 0.50%. At
October 31, 2004, and during the year ended October 31, 2004, the Funds had no
borrowings under the Credit Facility.
NOTE 4. PURCHASES AND SALES OF SECURITIES
For the year ended October 31, 2004, purchases and sales of investment
securities (excluding short-term investments) were as follows:
<Table>
<Caption>
PURCHASES SALES
-------------- --------------
Large Cap Value $ 169,280,817 $ 232,646,637
Small Cap Value 113,769,821 128,063,640
</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 number of
shares are classified as Common Class shares, Class A shares,
43
<Page>
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 YEAR ENDED FOR THE YEAR ENDED
OCTOBER 31, 2004 OCTOBER 31, 2003
--------------------------------------------------------------------
SHARES VALUE SHARES VALUE
-------------- -------------- -------------- --------------
Shares sold -- $ -- 1,352 $ 23,338
Shares issued in reinvestment
of dividends and distributions 1,301 24,882 4,402 72,572
Shares redeemed (7,655) (148,490) (148,101) (2,636,135)
-------------- -------------- -------------- --------------
Net decrease (6,354) $ (123,608) (142,347) $ (2,540,225)
============== ============== ============== ==============
</Table>
<Table>
<Caption>
LARGE CAP VALUE
--------------------------------------------------------------------
ADVISOR CLASS
--------------------------------------------------------------------
FOR THE YEAR ENDED FOR THE PERIOD ENDED
OCTOBER 31, 2004 OCTOBER 31, 2003(1)
--------------------------------------------------------------------
SHARES VALUE SHARES VALUE
-------------- -------------- -------------- --------------
Shares sold 93,310 $ 1,829,621 44,498 $ 805,443
Shares exchanged due to merger -- -- 1,330,026 23,727,605
Shares issued in reinvestment
of dividends and distributions 36,998 706,961 293 5,242
Shares redeemed (715,248) (14,140,852) (181,215) (3,267,840)
-------------- -------------- -------------- --------------
Net increase (decrease) (584,940) $ (11,604,270) 1,193,602 $ 21,270,450
============== ============== ============== ==============
</Table>
<Table>
<Caption>
LARGE CAP VALUE
--------------------------------------------------------------------
CLASS A
--------------------------------------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
OCTOBER 31, 2004 OCTOBER 31, 2003
--------------------------------------------------------------------
SHARES VALUE SHARES VALUE
-------------- -------------- -------------- --------------
Shares sold 1,319,472 $ 26,008,199 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 531,611 10,191,675 179,017 3,006,863
Shares redeemed (3,152,005) (61,935,697) (2,149,099) (37,384,797)
-------------- -------------- -------------- --------------
Net increase (decrease) (1,300,922) $ (25,735,823) 9,588,331 $ 170,661,418
============== ============== ============== ==============
</Table>
44
<Page>
<Table>
<Caption>
LARGE CAP VALUE
--------------------------------------------------------------------
CLASS B
--------------------------------------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
OCTOBER 31, 2004 OCTOBER 31, 2003
--------------------------------------------------------------------
SHARES VALUE SHARES VALUE
-------------- -------------- -------------- --------------
Shares sold 86,581 $ 1,671,302 259,948 $ 4,319,275
Shares exchanged due to merger -- -- 4,229 74,648
Shares issued in reinvestment
of dividends and distributions 38,328 719,319 31,262 512,465
Shares redeemed (465,367) (9,028,287) (386,324) (6,387,578)
-------------- -------------- -------------- --------------
Net decrease (340,458) $ (6,637,666) (90,885) $ (1,481,190)
============== ============== ============== ==============
</Table>
<Table>
<Caption>
LARGE CAP VALUE
--------------------------------------------------------------------
CLASS C
--------------------------------------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
OCTOBER 31, 2004 OCTOBER 31, 2003
--------------------------------------------------------------------
SHARES VALUE SHARES VALUE
-------------- -------------- -------------- --------------
Shares sold 61,896 $ 1,191,147 72,255 $ 1,220,239
Shares exchanged due to merger -- -- 9,153 160,727
Shares issued in reinvestment
of dividends and distributions 4,557 85,152 2,638 43,059
Shares redeemed (66,298) (1,273,105) (21,597) (366,597)
-------------- -------------- -------------- --------------
Net increase 155 $ 3,194 62,449 $ 1,057,428
============== ============== ============== ==============
</Table>
<Table>
<Caption>
SMALL CAP VALUE
--------------------------------------------------------------------
COMMON CLASS
--------------------------------------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
OCTOBER 31, 2004 OCTOBER 31, 2003
--------------------------------------------------------------------
SHARES VALUE SHARES VALUE
-------------- -------------- -------------- --------------
Shares sold 649,415 $ 14,092,209 870,927 $ 15,846,132
Shares issued in reinvestment
of dividends and distributions 121,963 2,461,214 239,082 4,181,492
Shares redeemed (957,605) (20,733,147) (1,142,820) (20,288,729)
-------------- -------------- -------------- --------------
Net decrease (186,227) $ (4,179,724) (32,811) $ (261,105)
============== ============== ============== ==============
</Table>
<Table>
<Caption>
SMALL CAP VALUE
--------------------------------------------------------------------
CLASS A
--------------------------------------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
OCTOBER 31, 2004 OCTOBER 31, 2003
--------------------------------------------------------------------
SHARES VALUE SHARES VALUE
-------------- -------------- -------------- --------------
Shares sold 2,507,834 $ 53,689,869 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 (3,602,673) (77,659,751) (2,374,821) (42,655,211)
-------------- -------------- -------------- --------------
Net increase (decrease) (633,700) $ (14,627,211) 1,241,550 $ 22,540,461
============== ============== ============== ==============
</Table>
45
<Page>
<Table>
<Caption>
SMALL CAP VALUE
--------------------------------------------------------------------
CLASS B
--------------------------------------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
OCTOBER 31, 2004 OCTOBER 31, 2003
--------------------------------------------------------------------
SHARES VALUE SHARES VALUE
-------------- -------------- -------------- --------------
Shares sold 76,218 $ 1,522,417 209,151 $ 3,537,721
Shares issued in reinvestment
of distributions 56,847 1,080,090 94,731 1,577,261
Shares redeemed (367,111) (7,409,177) (233,802) (3,968,267)
-------------- -------------- -------------- --------------
Net increase (decrease) (234,046) $ (4,806,670) 70,080 $ 1,146,715
============== ============== ============== ==============
</Table>
<Table>
<Caption>
SMALL CAP VALUE
--------------------------------------------------------------------
CLASS C
--------------------------------------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
OCTOBER 31, 2004 OCTOBER 31, 2003
--------------------------------------------------------------------
SHARES VALUE SHARES VALUE
-------------- -------------- -------------- --------------
Shares sold 202,943 $ 4,051,369 245,228 $ 4,201,650
Shares issued in reinvestment
of distributions 17,853 338,141 22,210 368,689
Shares redeemed (102,474) (2,076,291) (77,702) (1,340,778)
-------------- -------------- -------------- --------------
Net increase 118,322 $ 2,313,219 189,736 $ 3,229,561
============== ============== ============== ==============
</Table>
(1) Large Cap Value Advisor Class commenced operations on June 6, 2003.
On October 31, 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 4 44%
Advisor Class 1 97%
Class A 2 20%
Class B 1 5%
Class C 3 21%
Small Cap Value
Common Class 3 68%
Class B 1 5%
Class C 1 10%
</Table>
Some of the shareholders are omnibus accounts, which hold shares on behalf of
individual shareholders.
46
<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.
The tax characteristics of dividends and distributions paid during the years
ended October 31, 2004 and 2003, respectively, by the Funds were as follows:
<Table>
<Caption>
ORDINARY INCOME LONG-TERM CAPITAL GAIN
--------------------------- ---------------------------
FUND 2004 2003 2004 2003
---- ------------ ------------ ------------ ------------
Large Cap Value $ 3,040,389 $ 1,494,398 $ 9,677,915 $ 2,712,070
Small Cap Value 2,334,168 781,563 11,844,977 18,634,805
</Table>
At October 31, 2004, the components of distributable earnings on a tax basis
were as follows:
<Table>
<Caption>
LARGE CAP VALUE SMALL CAP VALUE
--------------- ---------------
Undistributed net investment income $ 3,708,589 $ 4,845,937
Accumulated realized gain (loss) 18,876,481 22,086,955
Unrealized appreciation 69,966,205 83,259,031
------------- -------------
$ 92,551,275 $ 110,191,923
============= =============
</Table>
At October 31, 2004, the Funds had no capital loss carryforwards available to
offset possible future capital gains.
During the tax year ended October 31, 2004, Large Cap Value has utilized
$566,004 of the capital loss carryforward.
At October 31, 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 were as follows:
<Table>
<Caption>
NET UNREALIZED
IDENTIFIED GROSS UNREALIZED GROSS UNREALIZED APPRECIATION/
FUND COST APPRECIATION (DEPRECIATION) (DEPRECIATION)
---- ---------------- ---------------- ---------------- ---------------
Large Cap Value $ 276,233,210 $ 71,834,154 $ (1,867,949) $ 69,966,205
Small Cap Value 227,890,380 86,962,702 (3,703,671) 83,259,031
</Table>
At October 31, 2004, accumulated undistributed net investment income and
accumulated net realized gain (loss) from investments have been adjusted for
current period permanent book/tax differences which arose
47
<Page>
principally from differing book/tax treatments of net operating losses. Net
assets were not affected by these reclassifications:
<Table>
<Caption>
ACCUMULATED NET
UNDISTRIBUTED NET REALIZED GAIN ON
FUND INVESTMENT INCOME INVESTMENTS
---- ----------------- -----------------
Large Cap Value $ -- $ --
Small Cap Value 873,699 (873,699)
</Table>
NOTE 7. 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.
48
<Page>
CREDIT SUISSE FUNDS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees and Shareholders of
Credit Suisse Large Cap Value Fund and
Credit Suisse Small Cap Value Fund:
In our opinion, the accompanying statements of assets and liabilities,
including the schedules of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Credit Suisse Large Cap Value Fund
and Credit Suisse Small Cap Value Fund (hereafter referred to as the "Funds") at
October 31, 2004, the results of each of their operations for the year then
ended, the changes in each of their net assets for each of the two years in the
period then ended and the financial highlights for each of the years (or
periods) presented, in conformity with accounting principles generally accepted
in the United States of America. These financial statements and financial
highlights (hereafter referred to as "financial statements") are the
responsibility of the Funds' management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at October 31, 2004 by correspondence with the
custodian, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Baltimore, Maryland
December 15, 2004
49
<Page>
CREDIT SUISSE FUNDS
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 FUND SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ------------------------- ------------ ------------ ---------------------------- ------------- -----------------
INDEPENDENT TRUSTEES
Richard H. Francis Trustee, Since Currently retired 42 None
c/o Credit Suisse Asset Nominating 2001
Management, LLC and Audit
466 Lexington Avenue Committee
New York, New York Member
10017-3140
Date of Birth: 04/23/32
Jeffrey E. Garten Trustee, Since Dean of Yale School of 41 Director of
Box 208200 Nominating 2001 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 from Calpine
November 1995 to Corporation
present. (energy
provider);
Director of
CarMax Group
(used car
dealers).
Peter F. Krogh Trustee, Since Dean Emeritus and 41 Director of
301 ICC Nominating 2001 Distinguished Professor Carlisle
Georgetown University Committee of International Affairs Companies
Washington, DC 20057 Chairman and at the Edmund A. Walsh Incorporated
Audit School of Foreign (diversified
Date of Birth: 02/11/37 Committee Service, Georgetown manufacturing
Member University from June company).
1995 to present;
Moderator of PBS
foreign affairs television
series from
1998 to 2000
</Table>
- ----------
(1) Each Trustee and Officer serves until his or her respective successor has
been duly elected and qualified.
50
<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 FUND SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ------------------------ ------------ ------------ ---------------------------- ------------- -----------------
INDEPENDENT TRUSTEES
James S. Pasman, Jr. Trustee, Since Currently retired 43 Director of
c/o Credit Suisse Asset Nominating 2001 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, 43 Director of
Lehigh Court, LLC Nominating 2001 LLC and RZ Capital Presstek, Inc.
40 East 52nd Street Committee (private investment (digital imaging
New York, New York Member and firms) from July 2002 to technologies
10022 Audit present; Transition company);
Committee Adviser to SunGard Director of
Date of Birth: 07/10/48 Chairman Securities Finance, Inc. Wood
from February 2002 Resources, LLC.
to July 2002; President (plywood
of SunGard Securities manufacturing
Finance, Inc. from 2001 company).
to February2002;
President of Loanet, Inc.
(on-line accounting
service) from 1997 to
2001.
INTERESTED TRUSTEES
Michael E. Kenneally(2) Chairman and Since Chairman and Global 45 None
Credit Suisse Asset Chief 2004 Chief Executive Officer
Management, LLC Executive of CSAM since 2003;
466 Lexington Avenue Officer Chairman and Chief
New York, New York Investment Officer of
10017-3140 Banc of America Capital
Management from 1998
Date of Birth: 03/30/54 to March 2003.
</Table>
- ----------
(2) Mr. Kenneally is a Trustee who is an "interested person" of the Fund as
defined in the 1940 Act, because he is an officer of CSAM.
51
<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 FUND SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ------------------------ ------------ ------------ ---------------------------- ------------- -----------------
INTERESTED TRUSTEES
William W. Priest(3) Trustee Since Chief Executive Officer 48 Director of
Epoch Investment Partners 2001 of J Net Enterprises, Inc. Globe Wireless,
667 Madison Avenue (technology holdings LLC (maritime
New York, New York 10021 company) since communication-
June 2004; Chief company);
Date of Birth: 09/24/41 Executive Officer of Director of
Epoch Investment InfraRed X
Partners, Inc. (medical device
since April 2004; company);
Co-Managing Partner, Director of J Net
Steinberg Priest& Sloane Enterprises, Inc.
Capital Management, LLC
from 2001 to March 2004;
Chairman and Managing
Director of CSAM from
2000 to February 2001;
Chief Executive Officer and
Managing Director of
CSAM from 1990 to 2000.
</Table>
- ----------
(3) Mr. Priest is a Trustee who is an "interested person" of the Fund as
defined in the 1940 Act, because he provided consulting services to CSAM
within the last two years (ended 12/31/02).
52
<Page>
<Table>
<Caption>
TERM
OF OFFICE(1)
AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH FUND SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- ------------------------- -------------- ------------ ----------------------------------------------------------
OFFICERS
Michael A. Pignataro Chief Since Director and Director of Fund Administration of CSAM;
Credit Suisse Asset Financial 2001 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
Emidio Morizio Chief Since Vice President and Global Head of Compliance of CSAM;
Credit Suisse Asset Compliance 2004 Associated with CSAM since July 2000; Vice President and
Management, LLC Officer Director of Compliance of Forstmann-Leff Associates from
466 Lexington Avenue 1998 to June 2000; Officer of other Credit Suisse Funds
New York, New York
10017-3140
Date of Birth: 9/21/66
Ajay Mehra Chief Legal Since Director and Deputy General Counsel of CSAM since
Credit Suisse Asset Officer 2004 September 2004; Senior Associate of Shearman & Sterling
Management, LLC LLP from September 2000 to September 2004; Senior
466 Lexington Avenue Counsel of the SEC Division of Investment Management
New York, New York from June 1997 to September 2000; Officer of other Credit
10017-3140 Suisse Funds
Date of Birth: 8/14/70
J. Kevin Gao Vice President Since Vice President and legal counsel of CSAM; Associated with
Credit Suisse Asset and Secretary 2004 CSAM since July 2003; Associated with the law firm of
Management, LLC Willkie Farr & Gallagher LLP from 1998 to 2003; Officer of
466 Lexington Avenue other Credit Suisse Funds
New York, New York
10017-3140
Date of Birth: 10/13/67
Robert M. Rizza Assistant Since Assistant Vice President of CSAM since January 2001;
Credit Suisse Asset Treasurer 2002 Associated 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
800-927-2874.
53
<Page>
CREDIT SUISSE FUNDS
TAX INFORMATION LETTER (UNAUDITED)
October 31, 2004
IMPORTANT TAX INFORMATION FOR CORPORATE SHAREHOLDERS
For the fiscal year ended October 31, 2004 certain dividends paid by the
Funds may be subject to a maximum tax rate of 15%, as provided for by the Jobs
and Growth Tax Relief Reconciliation Act of 2003. Complete information will be
reported in conjunction with your 2004 Form 1099-DIV.
For the fiscal year ended October 31, 2004, Large Cap Value and Small Cap
Value designates approximately $3,040,389 and $2,334,168, respectively, or up to
the maximum amount of such dividends allowable pursuant to the Internal Revenue
Code, as qualified dividend income eligible for reduced tax rates. These lower
rates range from 5% to 15% depending on an individual's tax bracket. If the Fund
pays a distribution during calendar year 2004, complete information will be
reported in conjunction with Form 1099-DIV.
IMPORTANT TAX INFORMATION FOR SHAREHOLDERS
During the year ended October 31, 2004, the Funds declared the following
dividends that were designated as 20% long-term capital gains dividends:
<Table>
<Caption>
FUND AMOUNT
---- ------------
Large Cap Value $ 9,677,915
Small Cap Value 11,844,977
</Table>
54
<Page>
CREDIT SUISSE FUNDS
PROXY POLICY NOTICE AND PORTFOLIO HOLDINGS INFORMATION
Information regarding how each Fund voted proxies related to its portfolio
securities during the 12-month period ended June 30, 2004 as well as the
policies and procedures that each Fund uses to determine how to vote proxies
relating to its 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.
Each Fund files a complete schedule of its portfolio holdings for the first
and third quarters of its fiscal year with the SEC on Form N-Q. The Funds' Forms
N-Q are available on the SEC's website at http://www.sec.gov and may be reviewed
and copied at the SEC's Public Reference Room in Washington, DC. Information on
the operation of the SEC's Public Reference Room may be obtained by calling
1-800-SEC-0330.
55
<Page>
This page intentionally left blank
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
P.O. BOX 55030, BOSTON, MA 02205-5030
800-927-2874 - www.csam.com/us
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR CSVAL-2-1004
<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
12(a)(1) to this Form. There were no amendments to the code during the fiscal
year ended October 31, 2004. There were no waivers or implicit waivers from the
code granted by the registrant during the fiscal year ended October 31, 2004.
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 independent registered public accounting firm,
PricewaterhouseCoopers LLP ("PwC"), for its fiscal years ended October 31, 2003
and October 31, 2004.
<Table>
<Caption>
2003 2004
----------- -----------
Audit Fees $ 41,543 $ 41,543
Audit-Related Fees(1) $ 6,000 $ 9,000
Tax Fees(2) $ 4,646 $ 4,646
All Other Fees -- --
Total $ 52,189 $ 55,189
</Table>
(1) Services include agreed-upon procedures in connection with the registrant's
semi-annual financial statements ($6,000), and the registrant's third
quarter 2004 Form N-Q filing ($3,000).
(2) Tax services in connection with the registrant's excise tax calculations and
review of the registrant's applicable tax returns.
The information in the table below is provided with respect to non-audit
services that directly relate to the registrant's operations and financial
reporting and that were rendered by PwC to the registrant's investment adviser,
Credit Suisse Asset Management, LLC ("CSAM"), and any service provider to the
registrant controlling, controlled by or under common control with CSAM that
provided ongoing services to the registrant ("Covered Services Provider"), for
the registrant's fiscal years ended October 31, 2003 and October 31, 2004.
<Table>
<Caption>
2003 2004
----------- -----------
Audit-Related Fees N/A N/A
</Table>
2
<Page>
<Table>
Tax Fees N/A N/A
All Other Fees N/A N/A
Total N/A N/A
</Table>
(e)(1) Pre-Approval Policies and Procedures. The Audit Committee ("Committee")
of the registrant is responsible for pre-approving (i) all audit and permissible
non-audit services to be provided by the independent registered public
accounting firm to the registrant and (ii) all permissible non-audit services to
be provided by the independent registered public accounting firm to CSAM and any
Covered Services Provider if the engagement relates directly to the operations
and financial reporting of the registrant. The Committee may delegate its
responsibility to pre-approve any such audit and permissible non-audit services
to the Chairperson of the Committee, and the Chairperson shall report to the
Committee, at its next regularly scheduled meeting after the Chairperson's
pre-approval of such services, his or her decision(s). The Committee may also
establish detailed pre-approval policies and procedures for pre-approval of such
services in accordance with applicable laws, including the delegation of some or
all of the Committee's pre-approval responsibilities to other persons (other
than CSAM or the registrant's officers). Pre-approval by the Committee of any
permissible non-audit services shall not be required so long as: (i) the
aggregate amount of all such permissible non-audit services provided to the
registrant, CSAM and any Covered Services Provider constitutes not more than 5%
of the total amount of revenues paid by the registrant to its independent
registered public accounting firm during the fiscal year in which the
permissible non-audit services are provided; (ii) the permissible non-audit
services were not recognized by the registrant at the time of the engagement to
be non-audit services; and (iii) such services are promptly brought to the
attention of the Committee and approved by the Committee (or its delegate(s))
prior to the completion of the audit.
(e)(2) The information in the table below sets forth the percentages of fees for
services (other than audit, review or attest services) rendered by PwC to the
registrant for which the pre-approval requirement was waived pursuant to Rule
2-01(c)(7)(i)(C) of Regulation S-X:
<Table>
<Caption>
2003 2004
----------- -----------
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>
3
<Page>
The information in the table below sets forth the percentages of fees for
services (other than audit, review or attest services) rendered by PwC to CSAM
and any Covered Services Provider required to be approved pursuant to Rule
2-01(c)(7)(ii)of Regulation S-X, for the registrant's fiscal years ended October
31, 2003 and October 31, 2004:
<Table>
<Caption>
2003 2004
----------- -----------
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
October 31, 2003 and October 31, 2004 were $10,646 and $13,646, respectively.
(h) Not Applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Form N-CSR disclosure requirement is not applicable to the registrant.
ITEM 6. SCHEDULE OF INVESTMENTS.
Schedule of investments is included as part of the report to shareholders filed
under Item 1 of this form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Form N-CSR disclosure requirement is not applicable to the registrant.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Form N-CSR disclosure requirement is not applicable to this registrant.
4
<Page>
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Form N-CSR disclosure requirement is not applicable to the registrant.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Not Applicable.
ITEM 11. CONTROLS AND PROCEDURES.
(a) As of a date within 90 days from the filing date of this report, the
principal executive officer and principal financial officer concluded that the
registrant's disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940 (the "Act")) were effective based on
their evaluation of the disclosure controls and procedures required by Rule
30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934.
(b) There were no changes in registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the
second fiscal quarter of the period covered by this report that have materially
affected, or are reasonably likely to materially affect, the registrant's
internal control over financial reporting.
ITEM 12. EXHIBITS.
(a)(1) Registrant's Code of Ethics is an exhibit to this report.
(a)(2) The certifications of the registrant as required by Rule 30a-2(a)
under the Act are exhibits to this report.
(a)(3) Not applicable.
(b) The certifications of the registrant as required by Rule 30a-2(b)
under the Act are an exhibit to this report.
5
<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/ Michael E. Kenneally
------------------------
Name: Michael E. Kenneally
Title: Chief Executive Officer
Date: January 7, 2005
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/ Michael E. Kenneally
------------------------
Name: Michael E. Kenneally
Title: Chief Executive Officer
Date: January 7, 2005
/s/ Michael A. Pignataro
------------------------
Name: Michael A. Pignataro
Title: Chief Financial Officer
Date: January 7, 2005
6