<Page>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File No. 811-07261
----------------------------------------------------
CREDIT SUISSE TRUST
------------------------------------------------------
(Exact Name of Registrant as Specified in Charter)
466 Lexington Avenue, New York, New York 10017-3140
---------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
J. Kevin Gao, Esq.
Credit Suisse Trust
466 Lexington Avenue
New York, New York 10017-3140
Registrant's telephone number, including area code: (212) 875-3500
Date of fiscal year end: December 31
Date of reporting period: January 1, 2004 to December 31, 2004
ITEM 1. REPORTS TO STOCKHOLDERS.
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[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE FUNDS
ANNUAL REPORT
DECEMBER 31, 2004
CREDIT SUISSE TRUST
- - GLOBAL POST-VENTURE CAPITAL PORTFOLIO
CREDIT SUISSE TRUST (THE "TRUST") SHARES ARE NOT AVAILABLE DIRECTLY TO
INDIVIDUAL INVESTORS, BUT MAY BE OFFERED ONLY THROUGH CERTAIN INSURANCE PRODUCTS
AND PENSION AND RETIREMENT PLANS.
THE TRUST'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES (WHICH SHOULD BE
CONSIDERED CAREFULLY BEFORE INVESTING), AND MORE COMPLETE INFORMATION ABOUT THE
TRUST, ARE PROVIDED IN THE PROSPECTUS, WHICH SHOULD BE READ CAREFULLY BEFORE
INVESTING. YOU MAY OBTAIN ADDITIONAL COPIES BY CALLING 800-222-8977 OR BY
WRITING TO CREDIT SUISSE TRUST, P.O. BOX 55030, BOSTON, MA 02205-5030.
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR, IS LOCATED AT 466
LEXINGTON AVE., NEW YORK, NY 10017-3140. THE TRUST IS ADVISED BY CREDIT SUISSE
ASSET MANAGEMENT, LLC.
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THE VIEWS OF THE PORTFOLIO'S MANAGEMENT ARE AS OF THE DATE OF THE LETTER AND THE
PORTFOLIO HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF DECEMBER 31, 2004; THESE
VIEWS AND PORTFOLIO HOLDINGS MAY HAVE CHANGED SUBSEQUENT TO THESE DATES. NOTHING
IN THIS DOCUMENT IS A RECOMMENDATION TO PURCHASE OR SELL SECURITIES.
PORTFOLIO SHARES ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF CREDIT SUISSE ASSET
MANAGEMENT, LLC ("CSAM") OR ANY AFFILIATE, ARE NOT FDIC-INSURED AND ARE NOT
GUARANTEED BY CSAM OR ANY AFFILIATE. PORTFOLIO INVESTMENTS ARE SUBJECT TO
INVESTMENT RISKS, INCLUDING LOSS OF YOUR INVESTMENT.
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CREDIT SUISSE TRUST -- GLOBAL POST-VENTURE CAPITAL PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT
December 31, 2004 (unaudited)
January 26, 2005
Dear Shareholder:
For the 12 months ended December 31, 2004, Credit Suisse Trust -- Global
Post-Venture Capital Portfolio(1) (the "Portfolio") had a gain of 17.99%, versus
increases of 15.48% for the Russell MidCap(R) Growth Index(2) and 12.84% for the
Morgan Stanley Capital International World Index.(3)
Shareholders should be aware that effective on or about February 21, 2005,
the Portfolio will change its investment strategies so that, under normal market
conditions, the Portfolio will invest at least 80% of its net assets, plus any
borrowings for investment purposes, in equity securities of small companies from
at least three countries, including the US. In connection with this change, the
Portfolio will change its name to "Credit Suisse Trust -- Global Small Cap
Portfolio."
THE MARKET: SOFT SUMMER, STRONG FOURTH QUARTER
The US equity market began the period on a positive note, continuing a rally
fueled by optimism over the economy and corporate profit growth. However, the
market quickly encountered headwinds, mostly in the form of domestic and
international political uncertainty, worries over rising interest rates and a
surge in oil prices. Stocks languished into late October, but ended the year on
a bright note when a decisive presidential election, better employment numbers
and benign inflation helped ease risk concerns.
Nearly all markets outside the US had positive returns for the period, with
local results generally lifted for dollar-based investors as most major
currencies strengthened verus the US dollar.
STRATEGIC REVIEW: OUTPERFORMANCE DRIVEN BY STOCK SELECTION
The Portfolio had a good showing in both absolute and relative terms, aided
by favorable stock selection in the technology sector. Our holdings had a
collective double-digit gain, amid a lackluster environment for technology
stocks globally. Tessera Technologies (1.7% of the Portfolio as of December 31,
2004), an intellectual property rights company catering to electronics chip
makers, was a standout, benefiting from a favorable settlement in a copyright
infringement dispute. The Portfolio's health care stocks also outperformed, led
by Sepracor (1.9% of the Portfolio as of December 31, 2004), which was buoyed by
the late-period FDA approval of its new insomnia drug. On the negative side
regarding relative return, the Portfolio's consumer staples and industrial
holdings underperformed.
With respect to noteworthy recent portfolio activity, our purchases included
Formfactor (0.6% of the Portfolio as of December 31, 2004), a leader in an
emerging segment within the semiconductor capital equipment industry. The
1
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company manufactures wafer probe cards, which are used in the testing stage of
semiconductor chip production. Our investment was based in part on our
confidence in the company's new management team. We also purchased Herbalife
(1.6% of the Portfolio as of December 31, 2004), a US-based distributor of
health care products. The company plans a major expansion into China in 2005,
which we think could be a source of sales and earnings growth going forward. Our
sales late in the period included Urban Outfitters. The stock had strong
performance in 2004, making it expensive based on our view of same-store sales
comparisons as 2005 progresses.
GOING FORWARD: BOTTOM-UP APPROACH TO VENTURE-BACKED COMPANIES
We intend to continue to narrow our large overweighting in the consumer
discretionary area, especially in the US. After almost five years of
uninterrupted growth in spending, US consumer buying patterns have begun to
slow; we find apparel retail less attractive than other areas of consumer
discretionary. At the same time, we have been increasing our exposure to hotels
and entertainment companies, in the view that travel could pick up in 2005 in
part due to increased tourism fueled by a weaker US dollar.
As always, we maintain a bottom-up stock selection process that emphasizes
companies we believe possess compelling business models, solid finances and the
potential to deliver consistent earnings growth.
The Credit Suisse Global Post-Venture Capital Team
Calvin E. Chung
Leo M. Bernstein
Harry M. Jaffe
Chris Matyszewski
Credit Suisse Asset Management, LLC ("CSAM")
INTERNATIONAL INVESTING ENTAILS SPECIAL RISK CONSIDERATIONS, INCLUDING
CURRENCY FLUCTUATIONS, LOWER LIQUIDITY, ECONOMIC AND POLITICAL RISKS, AND
DIFFERENCES IN ACCOUNTING METHODS. BECAUSE OF THE NATURE OF THE PORTFOLIO'S
POST-VENTURE-CAPITAL INVESTMENTS AND CERTAIN AGGRESSIVE STRATEGIES IT MAY USE,
AN INVESTMENT IN THE PORTFOLIO MAY NOT BE APPROPRIATE FOR ALL INVESTORS.
IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING
STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKET,
INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT REGULATION AND
THEIR POTENTIAL IMPACT ON THE PORTFOLIO'S INVESTMENTS. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
2
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[CHART]
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE
CREDIT SUISSE TRUST -- GLOBAL POST-VENTURE CAPITAL PORTFOLIO(1), THE
RUSSELL MIDCAP(R) GROWTH INDEX(2) AND THE MSCI WORLD INDEX(3) FROM
INCEPTION (9/30/96).
<Table>
<Caption>
CREDIT SUISSE TRUST --
GLOBAL POST-VENTURE RUSSELL MIDCAP(R) MSCI WORLD
CAPITAL PORTFOLIO(1) GROWTH INDEX(2) INDEX(3)
Sep-1996 $ 10,000 $ 10,000 $ 10,000
Oct-1996 $ 9,730 $ 9,883 $ 10,072
Nov-1996 $ 9,760 $ 10,465 $ 10,638
Dec-1996 $ 9,760 $ 10,289 $ 10,469
Jan-1997 $ 10,200 $ 10,744 $ 10,597
Feb-1997 $ 9,520 $ 10,507 $ 10,721
Mar-1997 $ 8,870 $ 9,914 $ 10,511
Apr-1997 $ 8,900 $ 10,156 $ 10,856
May-1997 $ 9,880 $ 11,066 $ 11,528
Jun-1997 $ 10,090 $ 11,373 $ 12,105
Jul-1997 $ 10,950 $ 12,461 $ 12,664
Aug-1997 $ 10,860 $ 12,340 $ 11,818
Sep-1997 $ 11,570 $ 12,964 $ 12,462
Oct-1997 $ 10,840 $ 12,315 $ 11,808
Nov-1997 $ 10,840 $ 12,444 $ 12,019
Dec-1997 $ 11,062 $ 12,608 $ 12,167
Jan-1998 $ 10,932 $ 12,381 $ 12,508
Feb-1998 $ 12,032 $ 13,545 $ 13,357
Mar-1998 $ 12,742 $ 14,113 $ 13,923
Apr-1998 $ 12,912 $ 14,304 $ 14,061
May-1998 $ 12,022 $ 13,716 $ 13,887
Jun-1998 $ 12,522 $ 14,104 $ 14,218
Jul-1998 $ 11,312 $ 13,500 $ 14,197
Aug-1998 $ 8,941 $ 10,923 $ 12,306
Sep-1998 $ 9,591 $ 11,749 $ 12,526
Oct-1998 $ 9,952 $ 12,615 $ 13,661
Nov-1998 $ 10,762 $ 13,465 $ 14,475
Dec-1998 $ 11,822 $ 14,860 $ 15,184
Jan-1999 $ 12,182 $ 15,305 $ 15,519
Feb-1999 $ 11,262 $ 14,557 $ 15,108
Mar-1999 $ 12,132 $ 15,368 $ 15,740
Apr-1999 $ 12,232 $ 16,068 $ 16,362
May-1999 $ 12,062 $ 15,861 $ 15,767
Jun-1999 $ 13,282 $ 16,969 $ 16,504
Jul-1999 $ 12,682 $ 16,428 $ 16,456
Aug-1999 $ 12,682 $ 16,258 $ 16,429
Sep-1999 $ 12,702 $ 16,119 $ 16,272
Oct-1999 $ 13,762 $ 17,366 $ 17,120
Nov-1999 $ 15,832 $ 19,164 $ 17,604
Dec-1999 $ 19,263 $ 22,482 $ 19,031
Jan-2000 $ 18,983 $ 22,478 $ 17,944
Feb-2000 $ 22,303 $ 27,203 $ 17,994
Mar-2000 $ 22,383 $ 27,230 $ 19,240
Apr-2000 $ 20,293 $ 24,586 $ 18,429
May-2000 $ 19,073 $ 22,793 $ 17,965
Jun-2000 $ 20,223 $ 25,212 $ 18,572
Jul-2000 $ 19,613 $ 23,616 $ 18,051
Aug-2000 $ 22,453 $ 27,177 $ 18,641
Sep-2000 $ 21,683 $ 25,848 $ 17,652
Oct-2000 $ 19,153 $ 24,080 $ 17,358
Nov-2000 $ 15,172 $ 18,848 $ 16,307
Dec-2000 $ 15,615 $ 19,841 $ 16,573
Jan-2001 $ 16,085 $ 20,974 $ 16,895
Feb-2001 $ 13,975 $ 17,346 $ 15,469
Mar-2001 $ 12,107 $ 14,863 $ 14,456
Apr-2001 $ 13,207 $ 17,341 $ 15,528
May-2001 $ 12,955 $ 17,259 $ 15,335
Jun-2001 $ 12,554 $ 17,268 $ 14,857
Jul-2001 $ 11,671 $ 16,104 $ 14,661
Aug-2001 $ 10,937 $ 14,937 $ 13,960
Sep-2001 $ 9,367 $ 12,468 $ 12,732
Oct-2001 $ 9,928 $ 13,778 $ 12,977
Nov-2001 $ 10,719 $ 15,262 $ 13,747
Dec-2001 $ 11,144 $ 15,842 $ 13,835
Jan-2002 $ 10,719 $ 15,328 $ 13,417
Feb-2002 $ 10,330 $ 14,459 $ 13,303
Mar-2002 $ 10,868 $ 15,562 $ 13,894
Apr-2002 $ 10,559 $ 14,739 $ 13,427
May-2002 $ 10,249 $ 14,299 $ 13,458
Jun-2002 $ 9,573 $ 12,721 $ 12,645
Jul-2002 $ 8,358 $ 11,484 $ 11,580
Aug-2002 $ 8,025 $ 11,444 $ 11,604
Sep-2002 $ 7,246 $ 10,535 $ 10,331
Oct-2002 $ 7,463 $ 11,352 $ 11,095
Nov-2002 $ 8,014 $ 12,241 $ 11,696
Dec-2002 $ 7,337 $ 11,501 $ 11,131
Jan-2003 $ 7,108 $ 11,389 $ 10,795
Feb-2003 $ 6,867 $ 11,290 $ 10,610
Mar-2003 $ 6,753 $ 11,500 $ 10,581
Apr-2003 $ 7,486 $ 12,283 $ 11,526
May-2003 $ 8,369 $ 13,464 $ 12,190
Jun-2003 $ 8,702 $ 13,657 $ 12,406
Jul-2003 $ 9,057 $ 14,144 $ 12,660
Aug-2003 $ 9,630 $ 14,924 $ 12,937
Sep-2003 $ 9,688 $ 14,634 $ 13,019
Oct-2003 $ 10,467 $ 15,814 $ 13,794
Nov-2003 $ 10,582 $ 16,238 $ 14,007
Dec-2003 $ 10,834 $ 16,415 $ 14,889
Jan-2004 $ 11,350 $ 16,956 $ 15,132
Feb-2004 $ 11,545 $ 17,241 $ 15,390
Mar-2004 $ 11,522 $ 17,208 $ 15,294
Apr-2004 $ 11,338 $ 16,723 $ 14,990
May-2004 $ 11,293 $ 17,118 $ 15,137
Jun-2004 $ 11,671 $ 17,390 $ 15,454
Jul-2004 $ 10,731 $ 16,239 $ 14,953
Aug-2004 $ 10,616 $ 16,039 $ 15,025
Sep-2004 $ 10,880 $ 16,637 $ 15,314
Oct-2004 $ 11,178 $ 17,201 $ 15,693
Nov-2004 $ 12,107 $ 18,089 $ 16,524
Dec-2004 $ 12,783 $ 18,955 $ 17,160
</Table>
AVERAGE ANNUAL RETURNS AS OF DECEMBER 31, 2004(1)
<Table>
<Caption>
1 YEAR 5 YEARS SINCE INCEPTION
------ ------- ---------------
17.99% (7.87)% 3.02%
</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 PORTFOLIO MAY BE LOWER OR HIGHER
THAN THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL FLUCTUATE, AND REDEMPTION
VALUE MAY BE MORE OR LESS THAN ORIGINAL COST. THE PERFORMANCE RESULTS DO NOT
REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON PORTFOLIO
DISTRIBUTIONS OR THE REDEMPTION OF PORTFOLIO SHARES. PERFORMANCE INCLUDES THE
EFFECT OF DEDUCTING EXPENSES, BUT DOES NOT INCLUDE CHARGES AND EXPENSES
ATTRIBUTABLE TO ANY PARTICULAR VARIABLE CONTRACT OR PLAN. ACCORDINGLY, THE
PROSPECTUS OF THE SPONSORING PARTICIPATING INSURANCE COMPANY SEPARATE ACCOUNT OR
PLAN DOCUMENTS OR OTHER INFORMATIONAL MATERIALS SUPPLIED BY PLAN SPONSORS SHOULD
BE CAREFULLY REVIEWED FOR INFORMATION ON RELEVANT CHARGES AND EXPENSES.
EXCLUDING THESE CHARGES AND EXPENSES FROM QUOTATIONS OF PERFORMANCE HAS THE
EFFECT OF INCREASING THE PERFORMANCE QUOTED, AND THE EFFECT OF THESE CHARGES
SHOULD BE CONSIDERED WHEN COMPARING PERFORMANCE TO THAT OF OTHER MUTUAL FUNDS.
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
Portfolio, without which performance would be lower. Waivers and/or
reimbursements may be discontinued at any time.
(2) The Russell Midcap(R) Growth Index measures the performance of those
companies in the Russell Midcap(R) Index with higher price-to-book ratios
and higher forecasted growth values. The stocks are also members of the
Russell 1000(R) Growth Index. It is an unmanaged index of common stocks
that includes reinvestment of dividends and is compiled by Frank Russell
Company. Investors cannot invest directly in an index.
(3) The Morgan Stanley Capital International World Index is a free
float-adjusted market capitalization index that is designed to measure
global developed-market equity performance. It is the exclusive property of
Morgan Stanley Capital International Inc. Investors cannot invest directly
in an index.
3
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INFORMATION ABOUT YOUR PORTFOLIO'S EXPENSES
As an investor of the Portfolio, you incur two types of costs: ongoing
expenses and transaction costs. Ongoing expenses include management fees,
distribution and service (12b-1) fees and other Portfolio 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 Portfolio 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 December 31, 2004.
The table illustrates your Portfolio's expenses in two ways:
- ACTUAL PORTFOLIO RETURN. This helps you estimate the actual dollar amount
of ongoing expenses paid on a $1,000 investment in the Portfolio using the
Portfolio'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% PORTFOLIO RETURN. This helps you to compare your
Portfolio's ongoing expenses with those of other mutual funds using the
Portfolio'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.
4
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EXPENSES AND VALUE OF A $1,000 INVESTMENT
FOR THE SIX-MONTH PERIOD ENDED DECEMBER 31, 2004
<Table>
ACTUAL PORTFOLIO RETURN
Beginning Account Value 7/01/04 $ 1,000.00
Ending Account Value 12/31/04 $ 1,095.30
Expenses Paid per $1,000* $ 7.37
HYPOTHETICAL 5% PORTFOLIO RETURN
Beginning Account Value 7/01/04 $ 1,000.00
Ending Account Value 12/31/04 $ 1,018.10
Expenses Paid per $1,000* $ 7.10
ANNUALIZED EXPENSE RATIOS* 1.40%
</Table>
- ----------
* EXPENSES ARE EQUAL TO THE PORTFOLIO'S ANNUALIZED EXPENSE RATIO 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 PORTFOLIO 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
PORTFOLIO'S ACTUAL EXPENSES WOULD HAVE BEEN HIGHER.
For more information, please refer to the Portfolio's prospectus.
5
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[CHART]
SECTOR BREAKDOWN*
<Table>
Information Technology 26.5%
Consumer Discretionary 21.0%
Health Care 15.0%
Industrials 14.2%
Financials 7.5%
Short-Term Investments 4.9%
Consumer Staples 4.2%
Limited Partnerships 1.9%
Telecommunication Services 1.8%
Materials 1.6%
Energy 1.4%
</Table>
- ----------
* The Portfolio's sector breakdown is expressed as a percentage of total
investments (excluding security lending collateral) and may vary over time.
6
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CREDIT SUISSE TRUST -- GLOBAL POST-VENTURE CAPITAL PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 2004
<Table>
<Caption>
NUMBER OF
SHARES VALUE
-------------- --------------
COMMON STOCKS (91.8%)
AUSTRALIA (0.9%)
MACHINERY (0.9%)
Bradken, Ltd.* 449,431 $ 972,373
--------------
TOTAL AUSTRALIA 972,373
--------------
CANADA (4.5%)
COMPUTERS & PERIPHERALS (1.4%)
ATI Technologies, Inc.* 79,600 1,543,444
--------------
LEISURE EQUIPMENT & PRODUCTS (1.5%)
Mega Bloks* 64,960 1,032,832
Mega Bloks, Rule 144A*@ 37,100 589,872
--------------
1,622,704
--------------
SPECIALTY RETAIL (1.6%)
Gildan Activewear, Inc. Class A* 52,500 1,784,475
--------------
TOTAL CANADA 4,950,623
--------------
CHINA (3.3%)
AIRLINES (1.2%)
Air China, Ltd. Series H* 3,390,000 1,308,426
--------------
COMMUNICATIONS EQUIPMENT (0.0%)
ZTE Corp.* 12,600 40,769
--------------
INTERNET SOFTWARE & SERVICES (2.1%)
Netease.com, Inc. ADR*~ 13,650 721,130
Shanda Interactive Entertainment, Ltd. ADR*~ 37,095 1,576,537
--------------
2,297,667
--------------
TOTAL CHINA 3,646,862
--------------
DENMARK (1.3%)
ELECTRICAL EQUIPMENT (1.3%)
Vestas Wind Systems AS* 119,200 1,481,138
--------------
TOTAL DENMARK 1,481,138
--------------
FRANCE (2.5%)
OFFICE ELECTRONICS (2.5%)
Neopost SA 35,835 2,785,659
--------------
TOTAL FRANCE 2,785,659
--------------
GERMANY (0.6%)
BIOTECHNOLOGY (0.6%)
Epigenomics AG*~ 53,020 624,824
--------------
TOTAL GERMANY 624,824
--------------
</Table>
See Accompanying Notes to Financial Statements.
7
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
-------------- --------------
COMMON STOCKS
IRELAND (1.8%)
AIRLINES (1.8%)
Ryanair Holdings PLC* 80,300 $ 573,336
Ryanair Holdings PLC ADR*~ 33,580 1,368,385
--------------
TOTAL IRELAND 1,941,721
--------------
ISRAEL (1.3%)
INTERNET SOFTWARE & SERVICES (1.3%)
Check Point Software Technologies, Ltd.* 57,200 1,408,836
--------------
TOTAL ISRAEL 1,408,836
--------------
JAPAN (10.0%)
CHEMICALS (1.6%)
Kuraray Company, Ltd. 194,000 1,742,914
--------------
ELECTRONIC EQUIPMENT & INSTRUMENTS (1.8%)
Nidec Corp.~ 15,900 1,946,775
--------------
HOTELS, RESTAURANTS & LEISURE (1.6%)
Round One Corp.~ 844 1,731,730
--------------
INTERNET SOFTWARE & SERVICES (1.7%)
Softbank Corp.~ 39,600 1,930,879
--------------
MEDIA (1.5%)
usen Corp. 71,000 1,680,038
--------------
SPECIALTY RETAIL (1.8%)
USS Company, Ltd. 23,610 1,982,577
--------------
TOTAL JAPAN 11,014,913
--------------
NETHERLANDS (1.3%)
FOOD PRODUCTS (1.3%)
Nutreco Holdings NV 53,530 1,470,468
--------------
TOTAL NETHERLANDS 1,470,468
--------------
NORWAY (1.3%)
ELECTRONIC EQUIPMENT & INSTRUMENTS (1.3%)
Tandberg ASA~ 111,030 1,380,470
--------------
TOTAL NORWAY 1,380,470
--------------
SOUTH KOREA (1.6%)
MACHINERY (1.6%)
Samsung Heavy Industries Company, Ltd. 282,300 1,756,081
--------------
TOTAL SOUTH KOREA 1,756,081
--------------
SWEDEN (4.2%)
HEALTHCARE EQUIPMENT & SUPPLIES (2.4%)
Getinge AB Class B~ 216,400 2,691,990
--------------
</Table>
See Accompanying Notes to Financial Statements.
8
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
-------------- --------------
COMMON STOCKS
SWEDEN
MACHINERY (1.8%)
Alfa Laval AB~ 119,800 $ 1,936,157
--------------
TOTAL SWEDEN 4,628,147
--------------
SWITZERLAND (1.7%)
HEALTHCARE EQUIPMENT & SUPPLIES (1.7%)
Nobel Biocare Holding AG 10,328 1,866,259
--------------
TOTAL SWITZERLAND 1,866,259
--------------
UNITED KINGDOM (13.2%)
AUTOMOBILE PARTS & EQUIPMENT (2.0%)
Halfords Group PLC 374,720 2,230,219
--------------
COMMERCIAL SERVICES & SUPPLIES (2.0%)
Michael Page International PLC 612,750 2,196,896
--------------
DIVERSIFIED TELECOMMUNICATION SERVICES (1.7%)
COLT Telecom Group PLC*~ 2,133,580 1,923,860
--------------
HOTELS, RESTAURANTS & LEISURE (4.1%)
Enterprise Inns PLC 175,270 2,667,105
William Hill PLC* 167,810 1,818,342
--------------
4,485,447
--------------
INSURANCE (1.6%)
Admiral Group PLC* 285,780 1,769,459
--------------
SOFTWARE (1.8%)
Sage Group PLC 500,300 1,940,841
--------------
TOTAL UNITED KINGDOM 14,546,722
--------------
UNITED STATES (42.3%)
COMMERCIAL SERVICES & SUPPLIES (1.4%)
Greenfield Online, Inc.* 47,600 1,046,724
Knoll, Inc.* 29,600 518,000
--------------
1,564,724
--------------
COMMUNICATIONS EQUIPMENT (3.0%)
Harmonic, Inc.*~ 69,400 578,796
Kanbay International, Inc.*~ 88,500 2,770,050
--------------
3,348,846
--------------
COMPUTERS & PERIPHERALS (1.1%)
Avid Technology, Inc.* 20,200 1,247,350
--------------
CONSTRUCTION & ENGINEERING (1.3%)
Infrasource Services, Inc.* 110,400 1,435,200
--------------
DIVERSIFIED FINANCIALS (5.9%)
Affiliated Managers Group, Inc.*~ 29,400 1,991,556
E*TRADE Financial Corp.* 140,800 2,104,960
Franklin Resources, Inc. 34,600 2,409,890
--------------
6,506,406
--------------
</Table>
See Accompanying Notes to Financial Statements.
9
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
-------------- --------------
ELECTRONIC EQUIPMENT & INSTRUMENTS (1.0%)
Broadcom Corp. Class A* 34,600 $ 1,116,888
--------------
FOOD & DRUG RETAILING (0.9%)
Whole Foods Market, Inc. 10,700 1,020,245
--------------
FOOD PRODUCTS (1.9%)
Herbalife, Ltd.~ 130,000 2,112,500
--------------
HEALTHCARE PROVIDERS & SERVICES (7.9%)
AMERIGROUP Corp.*~ 22,700 1,717,482
Centene Corp.* 71,400 2,024,190
Pediatrix Medical Group, Inc.* 16,100 1,031,205
Psychiatric Solutions, Inc.* 40,876 1,494,427
United Surgical Partners International, Inc.*~ 59,100 2,464,470
--------------
8,731,774
--------------
HOTELS, RESTAURANTS & LEISURE (2.8%)
Panera Bread Co. Class A*~ 27,500 1,108,800
Starwood Hotels & Resorts Worldwide, Inc. 33,000 1,927,200
--------------
3,036,000
--------------
HOUSEHOLD DURABLES (1.1%)
Yankee Candle Company, Inc.* 35,700 1,184,526
--------------
INTERNET SOFTWARE & SERVICES (1.9%)
Corillian Corp.* 121,100 595,812
Digitas, Inc.* 157,600 1,505,080
--------------
2,100,892
--------------
MEDIA (1.4%)
Radio One, Inc. Class A* 95,200 1,532,720
--------------
MULTILINE RETAIL (1.0%)
Dollar Tree Stores, Inc.* 37,100 1,064,028
--------------
OIL & GAS (1.4%)
Newfield Exploration Co.* 26,000 1,535,300
--------------
PHARMACEUTICALS (2.3%)
Sepracor, Inc.*~ 42,100 2,499,477
--------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (5.4%)
Cascade Microtech, Inc.*~ 22,500 301,950
Cymer, Inc.* 50,300 1,485,862
FormFactor, Inc.* 30,200 819,628
Integrated Circuit Systems, Inc.* 48,900 1,022,988
Tessera Technologies, Inc.* 60,900 2,266,089
--------------
5,896,517
--------------
</Table>
See Accompanying Notes to Financial Statements.
10
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
-------------- --------------
COMMON STOCKS
UNITED STATES
SPECIALTY RETAIL (0.6%)
Hot Topic, Inc.* 39,500 $ 679,005
--------------
TOTAL UNITED STATES 46,612,398
--------------
TOTAL COMMON STOCKS (Cost $71,889,957) 101,087,494
--------------
PREFERRED STOCKS (0.9%)
UNITED STATES (0.9%)
CONSUMER SERVICES (0.9%)
PRN Corp.*++ (Cost $711,000) 79,000 1,038,850
--------------
WARRANT (0.0%)
UNITED STATES (0.0%)
CONSUMER SERVICES (0.0%)
PRN Corp. strike $0.01, expires August 2011*++ (Cost $0) 18,283 0
--------------
LIMITED PARTNERSHIPS (1.9%)
UNITED STATES (1.9%)
VENTURE CAPITAL (1.9%)
Austin Ventures VIII L.P.*++ 293,335 236,881
CVC European Equity III L.P.*++ 696,182 634,954
Madison Dearborn Capital Partners IV, L.P.*++ 534,345 440,849
Oak Investment Partners X L.P.*++ 1,063,455 734,081
--------------
TOTAL LIMITED PARTNERSHIPS (Cost $2,076,911) 2,046,765
--------------
SHORT-TERM INVESTMENTS (24.2%)
State Street Navigator Prime Fund~~ 21,278,466 21,278,466
<Caption>
PAR
(000)
--------------
State Street Bank and Trust Co. Euro Time Deposit,
1.400%, 1/03/05 $ 5,366 5,366,000
--------------
TOTAL SHORT-TERM INVESTMENTS (Cost $26,644,466) 26,644,466
--------------
TOTAL INVESTMENTS AT VALUE (118.8%) (Cost $101,322,334) 130,817,575
LIABILITIES IN EXCESS OF OTHER ASSETS (-18.8%) (20,707,983)
--------------
NET ASSETS (100.0%) $ 110,109,592
==============
</Table>
INVESTMENT ABBREVIATIONS
ADR = American Depository Receipt
- ----------
* Non-income producing security.
@ Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At December 31,
2004, these securities amounted to a value of $589,872 or 0.5% of net
assets.
++ Restricted security; not readily marketable; security is valued at fair
value as determined in good faith by, or under the direction of, the Board
of Trustees.
~ 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.
11
<Page>
CREDIT SUISSE TRUST -- GLOBAL POST-VENTURE CAPITAL PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
December 31, 2004
<Table>
ASSETS
Investments at value, including collateral for securities
on loan of $21,278,466 (Cost $101,322,334) (Note 1) $ 130,817,575(1)
Cash 777
Foreign currency at value (Cost $200,205) 212,205
Receivable for investments sold 541,729
Dividend and interest receivable 93,622
Receivable for portfolio shares sold 56,031
Prepaid expenses and other assets 14,443
---------------
Total Assets 131,736,382
---------------
LIABILITIES
Advisory fee payable (Note 2) 113,927
Administrative services fee payable (Note 2) 22,306
Payable upon return of securities loaned (Note 1) 21,278,466
Payable for portfolio shares redeemed 117,155
Payable for investments purchased 45,900
Other accrued expenses payable 49,036
---------------
Total Liabilities 21,626,790
---------------
NET ASSETS
Capital stock, $0.001 par value (Note 6) 9,873
Paid-in capital (Note 6) 153,219,267
Accumulated net investment loss (6,484)
Accumulated net realized loss on investments and foreign
currency transactions (72,621,527)
Net unrealized appreciation from investments and foreign
currency translations 29,508,463
---------------
Net Assets $ 110,109,592
===============
Shares outstanding 9,873,453
---------------
Net asset value, offering price, and redemption price per share $ 11.15
===============
</Table>
- ----------
(1) Including $20,567,559 of secutities on loan.
See Accompanying Notes to Financial Statements.
12
<Page>
CREDIT SUISSE TRUST -- GLOBAL POST-VENTURE CAPITAL PORTFOLIO
STATEMENT OF OPERATIONS
For the Year Ended December 31, 2004
<Table>
INVESTMENT INCOME (Note 1)
Dividends $ 594,843
Interest 32,365
Securities lending 64,218
Net investment loss allocated from partnerships (44,455)
Foreign taxes withheld (62,261)
---------------
Total investment income 584,710
---------------
EXPENSES
Investment advisory fees (Note 2) 1,337,945
Administrative services fees (Note 2) 176,695
Custodian fees 36,422
Legal fees 36,230
Printing fees (Note 2) 28,380
Audit fees 23,090
Insurance expense 16,663
Transfer agent fees 8,037
Commitment fees (Note 3) 2,886
Trustees' fees 2,602
Registration fees 2,227
Miscellaneous expense 6,666
---------------
Total expenses 1,677,843
Less: fees waived (Note 2) (179,344)
---------------
Net expenses 1,498,499
---------------
Net investment loss (913,789)
---------------
NET REALIZED AND UNREALIZED GAIN FROM INVESTMENTS AND
FOREIGN CURRENCY RELATED ITEMS
Net realized gain from investments 9,259,607
Net realized gain on foreign currency transactions 26,505
Net change in unrealized appreciation (depreciation) from
investments 7,344,323
Net change in unrealized appreciation (depreciation) from
foreign currency translations 11,420
---------------
Net realized and unrealized gain from investments and
foreign currency related items 16,641,855
---------------
Net increase in net assets resulting from operations $ 15,728,066
===============
</Table>
See Accompanying Notes to Financial Statements.
13
<Page>
CREDIT SUISSE TRUST -- GLOBAL POST-VENTURE CAPITAL PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE YEAR FOR THE YEAR
ENDED ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003
----------------- -----------------
FROM OPERATIONS
Net investment loss $ (913,789) $ (683,327)
Net realized gain (loss) on investments and foreign
currency transactions 9,286,112 (1,578,432)
Net change in unrealized appreciation (depreciation) from
investments and foreign currency translations 7,355,743 30,798,126
----------------- -----------------
Net increase in net assets resulting from operations 15,728,066 28,536,367
----------------- -----------------
FROM CAPITAL SHARE TRANSACTIONS (Note 6)
Proceeds from sale of shares 35,955,192 60,688,150
Net asset value of shares redeemed (44,150,961) (47,279,820)
----------------- -----------------
Net increase (decrease) in net assets from capital share
transactions (8,195,769) 13,408,330
----------------- -----------------
Net increase in net assets 7,532,297 41,944,697
NET ASSETS
Beginning of year 102,577,295 60,632,598
----------------- -----------------
End of year $ 110,109,592 $ 102,577,295
================= =================
Undistributed net investment income (loss) $ (6,484) $ 6,573
================= =================
</Table>
See Accompanying Notes to Financial Statements.
14
<Page>
CREDIT SUISSE TRUST -- GLOBAL POST-VENTURE CAPITAL PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Year)
<Table>
<Caption>
FOR THE YEAR ENDED DECEMBER 31,
---------------------------------------------------------------------------
2004 2003 2002 2001 2000(1)
----------- ----------- ----------- ----------- -----------
PER SHARE DATA
Net asset value, beginning of year $ 9.45 $ 6.40 $ 9.72 $ 13.62 $ 19.26
----------- ----------- ----------- ----------- -----------
INVESTMENT OPERATIONS
Net investment loss (0.09) (0.06) (0.08) (0.09) (0.09)
Net gain (loss) on investments
and foreign currency related items
(both realized and unrealized) 1.79 3.11 (3.24) (3.81) (3.56)
----------- ----------- ----------- ----------- -----------
Total from investment operations 1.70 3.05 (3.32) (3.90) (3.65)
----------- ----------- ----------- ----------- -----------
LESS DISTRIBUTIONS
Distributions from net realized gains -- -- -- -- (1.99)
----------- ----------- ----------- ----------- -----------
NET ASSET VALUE, END OF YEAR $ 11.15 $ 9.45 $ 6.40 $ 9.72 $ 13.62
=========== =========== =========== =========== ===========
Total return(2) 17.99% 47.66% (34.16)% (28.63)% (18.94)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 110,110 $ 102,577 $ 60,633 $ 160,658 $ 168,034
Ratio of expenses to average net assets(3) 1.40% 1.40% 1.40% 1.40% 1.42%
Ratio of net investment loss to average
net assets (0.85)% (0.94)% (0.90)% (0.84)% (0.75)%
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 0.17% 0.23% 0.31% 0.21% 0.11%
Portfolio turnover rate 79% 86% 86% 121% 69%
</Table>
- ----------
(1) Certain distribution amounts have been reclassified to conform to the
current year presentation.
(2) Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been lower.
(3) Interest earned on uninvested cash balances may be used to offset portions
of the transfer agent expense. These arrangements resulted in a reduction
to the Portfolio's net expense ratio by .02% for the year ended December
31, 2000. The Portfolio's net operating expense ratio after reflecting
these arrangements was 1.40% for the year ended December 31, 2000. For the
years ended December 31, 2004, 2003, 2002 and 2001, there was no effect on
the net operating expense ratio because of transfer agent credits.
See Accompanying Notes to Financial Statements.
15
<Page>
CREDIT SUISSE TRUST -- GLOBAL POST-VENTURE CAPITAL PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2004
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Credit Suisse Trust, (the "Trust") is an open-end management investment
company registered under the Investment Company Act of 1940, as amended (the
"1940 Act"), and currently offers eight managed investment portfolios of which
one, the Global Post-Venture Capital Portfolio (the "Portfolio"), is included in
this report. The Portfolio is a diversified investment fund that seeks long-term
growth of capital. Shares of the Portfolio are not available directly to
individual investors but may be offered only through (a) variable annuity
contracts and variable life insurance contracts offered by separate accounts of
certain insurance companies and (b) tax-qualified pension and retirement plans.
The Portfolio may not be available in connection with a particular contract or
plan. The Trust was organized under the laws of the Commonwealth of
Massachusetts as a business trust on March 15, 1995.
A) SECURITY VALUATION -- The net asset value of the Portfolio is determined
daily as of the close of regular trading on the New York Stock Exchange, Inc.
(the "Exchange") on each day the Exchange is open for business. The Portfolio's
equity investments are valued at market value, which is generally determined
using the closing price on the exchange or market on which the security is
primarily traded at the time of valuation (the "Valuation Time"). If no sales
are reported, equity investments are generally valued at the most recent bid
quotation as of the Valuation Time or at the lowest asked quotation in the case
of a short sale of securities. Debt securities with a remaining maturity greater
than 60 days are valued in accordance with the price supplied by a pricing
service, which may use a matrix, formula or other objective method that takes
into consideration market indices, yield curves and other specific adjustments.
Debt obligations that will mature in 60 days or less are valued on the basis of
amortized cost, which approximates market value, unless it is determined that
using this method would not represent fair value. Securities and other assets
for which market quotations are not readily available, or whose values have been
materially affected by events occurring before the Portfolio's Valuation Time
but after the close of the securities' primary markets, are valued at fair value
as determined in good faith by, or under the direction of, the Board of Trustees
under procedures established by the Board of Trustees. The Portfolio may utilize
a service provided by an independent third party which has been approved by the
Board of Trustees to fair value certain securities.
The Portfolio initially values its investments in private-equity portfolios
("Private Funds") at the amount invested in the Private Funds, less related
expenses, where identifiable, unless and until Credit Suisse Asset
16
<Page>
Management, LLC ("CSAM") determines that such value does not represent fair
value. Thereafter, investments in Private Funds held by the Portfolio are valued
at their "fair values" using procedures approved by the Board of Trustees. CSAM
shall review daily the Portfolio's fair valued securities.
B) FOREIGN CURRENCY TRANSACTIONS -- The books and records of the Portfolio
are maintained in U.S. dollars. Transactions denominated in foreign currencies
are recorded at the current prevailing exchange rates. All assets and
liabilities denominated in foreign currencies are translated into U.S. dollar
amounts at the current exchange rate at the end of the period. Translation gains
or losses resulting from changes in the exchange rate during the reporting
period and realized gains and losses on the settlement of foreign currency
transactions are reported in the results of operations for the current period.
The Portfolio does not isolate that portion of realized gains and losses on
investments in EQUITY securities which is due to changes in the foreign exchange
rate from that which is due to changes in market prices of equity securities.
The Portfolio isolates that portion of realized gains and losses on investments
in DEBT securities which is due to changes in the foreign exchange rate from
that which is due to changes in market prices of debt securities.
C) SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted for on a trade date basis. Interest income is recorded on the accrual
basis. Dividends are recorded on the ex-dividend date. The cost of investments
sold is determined by use of the specific identification method for both
financial reporting and income tax purposes.
D) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net
investment income and distributions of net realized capital gains, if any, are
declared and paid at least annually. However, to the extent that a net realized
capital gain can be reduced by a capital loss carryforward, such gain will not
be distributed. Income and capital gain distributions are determined in
accordance with federal income tax regulations, which may differ from accounting
principles generally accepted in the United States of America ("GAAP").
E) FEDERAL INCOME TAXES -- No provision is made for federal taxes as it is
the Trust's intention to have the Portfolio continue to qualify for and elect
the tax treatment applicable to regulated investment companies under the
Internal Revenue Code of 1986, as amended, and to make the requisite
distributions to its shareholders, which will be sufficient to relieve it from
federal income and excise taxes.
17
<Page>
F) USE OF ESTIMATES -- The preparation of financial statements in conformity
with GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Actual results could
differ from these estimates.
G) SHORT TERM INVESTMENTS -- The Portfolio, together with other
funds/portfolios advised by CSAM, an indirect, wholly-owned subsidiary of Credit
Suisse Group, pools available cash into either a short-term variable rate time
deposit issued by State Street Bank and Trust Company ("SSB"), the Portfolio's
custodian, or a money market fund advised by CSAM. The short-term time deposit
issued by SSB is a variable rate account classified as a short-term investment.
H) FORWARD FOREIGN CURRENCY CONTRACTS -- The Portfolio may enter into forward
foreign currency contracts for the purchase or sale of a specific foreign
currency at a fixed price on a future date. Risks may arise upon entering into
these contracts from the potential inability of counterparties to meet the terms
of their contracts and from unanticipated movements in the value of a foreign
currency. The Portfolio will enter into forward foreign currency contracts
primarily for hedging purposes. Forward foreign currency contracts are adjusted
by the daily exchange rate of the underlying currency and any gains or losses
are recorded for financial statement purposes as unrealized until the contract
settlement date or an offsetting position is entered into. At December 31, 2004,
the Portfolio had no open forward foreign currency contracts.
I) SECURITIES LENDING -- Loans of securities are required at all times to be
secured by collateral at least equal to 102% of the market value of domestic
securities on loan (including any accrued interest thereon) and 105% of the
market value of foreign securities on loan (including any accrued interest
thereon). Cash collateral received by the Portfolio in connection with
securities lending activity is pooled together with cash collateral for other
funds/portfolios advised by CSAM and may be invested in a variety of
investments, including certain CSAM-advised funds, funds advised by SSB, the
Portfolio's 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.
18
<Page>
The market value of securities on loan to brokers and the value of collateral
held by the Portfolio with respect to such loans at December 31, 2004 is as
follow:
<Table>
<Caption>
MARKET VALUE OF VALUE OF
SECURITIES LOANED COLLATERAL RECEIVED
----------------- -------------------
$ 20,567,559 $ 21,278,466
</Table>
Prior to March 17, 2004, Credit Suisse First Boston ("CFSB"), an affiliate of
CSAM, had been engaged by the Portfolio to act as the Portfolio's securities
lending agent. The Portfolio earned no income from securities lending through
the period ended March 17, 2004.
Effective March 17, 2004, SSB has been engaged by the Portfolio to act as the
Portfolio's securities lending agent. The Portfolio's securities lending
arrangement provides that the Portfolio and SSB will share the net income earned
from securities lending activities, with the Portfolio 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 Portfolio may also be entitled to
certain minimum amounts of income from its securities lending activities.
Securities lending income is accrued as earned.
J) PARTNERSHIP ACCOUNTING POLICY -- The Portfolio records its pro-rata share
of the income/(loss) and capital gains/(losses) allocated from the underlying
partnerships and adjusts the cost of the underlying partnerships accordingly.
These amounts are included in the Portfolio's Statement of Operations.
K) OTHER -- The Portfolio may invest in securities of foreign countries and
governments which involve certain risks in addition to those inherent in
domestic investments. Such risks generally include, among others, currency risk
(fluctuations in currency exchange rates), information risk (key information may
be inaccurate or unavailable) and political risk (expropriation, nationalization
or the imposition of capital or currency controls or punitive taxes). Other
risks of investing in foreign securities include liquidity and valuation risks.
The Portfolio may be subject to taxes imposed by countries in which it
invests, with respect to its investments in issuers existing or operating in
such countries. Such taxes are generally based on income earned or repatriated
and capital gains realized on the sale of such investments. The Portfolio
accrues such taxes when the related income or gains are earned.
19
<Page>
The Portfolio may invest up to 15% of its net assets in non-publicly traded
securities. Non-publicly traded securities may be less liquid than publicly
traded securities. Although these securities may be resold in privately
negotiated transactions, the prices realized from such sales could differ from
the price originally paid by the Portfolio or the current carrying values, and
the difference could be material.
NOTE 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
CSAM serves as investment adviser for the Portfolio. For its investment
advisory services, CSAM is entitled to receive a fee from the Portfolio at an
annual rate of 1.25% of the Portfolio's average daily net assets. For the year
ended December 31, 2004, investment advisory fees earned and voluntarily waived
for the Portfolio were $1,337,945 and $179,344, respectively. CSAM will not
recapture from the Portfolio any fees it waived during the fiscal year ended
December 31, 2004.
Credit Suisse Asset Management Limited (CSAM U.K.) ("CSAM Ltd. U.K."), Credit
Suisse Asset Management Limited (CSAM Japan) ("CSAM Ltd. Japan") and Credit
Suisse Asset Management Limited (CSAM Australia) ("CSAM Ltd. Australia"), each
an affiliate of CSAM, are sub-investment advisers to the Portfolio. CSAM Ltd.
U.K., CSAM Ltd. Japan and CSAM Ltd. Australia's sub-investment advisory fees are
paid by CSAM out of CSAM's net investment advisory fee and are not paid by the
Portfolio. As of December 3, 2004, CSAM Ltd. Japan no longer serves as
sub-investment adviser to the Portfolio.
Prior to July 30, 2004 (the "Effective Date"), Abbott Capital Management, LLC
("Abbott Capital") served as sub-investment adviser for the Portfolio's assets
invested in Private Funds. Pursuant to the sub-advisory agreement between Abbott
Capital and CSAM, Abbott Capital was entitled to a quarterly fee from CSAM at
the annual rate of 1.00% of the value of the Portfolio's Private Funds as of the
end of each calendar quarter, which fee amount or a portion thereof could be
waived by Abbott Capital. No compensation was paid by the Portfolio to Abbott
Capital for its sub-investment advisory services. As of the Effective Date,
Abbott Capital no longer serves as the Portfolio's sub-investment advisor. A
portfolio management team at CSAM makes the Portfolio's day-to-day investment
decisions with respect to Private Funds. CSAM retains all fees previously
payable to Abbott Capital.
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of
CSAM, and SSB serve as co-administrators to the Portfolio.
20
<Page>
For its co-administrative services, CSAMSI currently receives a fee
calculated at an annual rate of 0.10% of the average daily net assets. For the
year ended December 31, 2004, co-administrative services fees earned by CSAMSI
were $107,036.
For its co-administrative services, SSB receives a fee, exclusive of
out-of-pocket expenses, based upon the following fee schedule calculated in
total for all the Credit Suisse funds/portfolios co-administered by SSB and
allocated based upon relative average net assets of each fund/portfolio subject
to an annual minimum fee.
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ ----------------------------------
First $5 billion 0.050% of average daily net assets
Next $5 billion 0.035% of average daily net assets
Over $10 billion 0.020% of average daily net assets
</Table>
For the year ended December 31, 2004, co-administrative services fees earned
by SSB (including out-of-pocket expenses) were $69,659.
In addition to serving as the Portfolio's co-administrator, CSAMSI currently
serves as distributor of the Portfolio's shares without compensation.
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Portfolio to provide certain financial printing and fulfillment services.
For the year ended December 31, 2004, Merrill was paid $13,636 for its services
to the Portfolio.
NOTE 3. LINE OF CREDIT
The Portfolio, together with other funds/portfolios advised by CSAM
(collectively, the "Participating Funds"), participates in a $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
December 31, 2004, and during the year ended December 31, 2004, the Portfolio
had no borrowings under the Credit Facility.
21
<Page>
NOTE 4. PURCHASES AND SALES OF SECURITIES
For the year ended December 31, 2004, purchases and sales of investment
securities (excluding short-term investments) were $80,925,659 and $91,181,773,
respectively.
NOTE 5. RESTRICTED SECURITIES
Certain investments of the Portfolio are restricted as to resale and 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
table below shows the number of shares held, the acquisition dates, aggregate
costs, fair values as of December 31, 2004, the value per share of such
securities, the percentage of net assets which the securities represent, the
distributions received from each investment and the open commitments. The
Portfolio does not have the right to demand that such securities be registered.
<Table>
<Caption>
NUMBER
SECURITY OF ACQUISITION FAIR
SECURITY TYPE SHARES DATE COST VALUE
- ------------------ ------------------ ------------- ------------- ------------- -------------
Austin Ventures
VIII L.P. Ltd. Partnership 293,335 7/13/01 $ 250,513 $ 236,881
CVC European
Equity III L.P. Ltd. Partnership 696,182 9/04/01 531,875 634,954
Madison
Dearborn Capital
Partners IV, L.P. Ltd. Partnership 534,345 4/02/01 445,996 440,849
Oak Investment
Partners X L.P. Ltd. Partnership 1,063,455 1/18/01 848,526 734,081
PRN Corp. Preferred Stock 79,000 8/13/01 711,000 1,038,850
PRN Corp. Warrant 18,283 8/14/01 -- --
------------- -------------
$ 2,787,910 $ 3,085,615
============= =============
<Caption>
PERCENTAGE
VALUE PER OF DISTRIBUTIONS OPEN
SECURITY SHARE NET ASSETS RECEIVED COMMITMENTS
- ------------------ ------------- ------------- ------------- -------------
Austin Ventures
VIII L.P. $ 0.81 0.22% $ 39,584 $ 259,998
CVC European
Equity III L.P. 0.91 0.58% 241,697 303,818
Madison
Dearborn Capital
Partners IV, L.P. 0.83 0.40% 96,447 465,655
Oak Investment
Partners X L.P. 0.69 0.67% 192,858 436,545
PRN Corp. 13.15 0.94% -- --
PRN Corp. -- -- -- --
------------- ------------- -------------
2.81% $ 570,586 $ 1,466,016
============= ============= =============
</Table>
NOTE 6. CAPITAL SHARE TRANSACTIONS
The Trust is authorized to issue an unlimited number of full and fractional
shares of beneficial interest, $.001 par value per share. Transactions in
capital shares of the Portfolio were as follows:
<Table>
<Caption>
FOR THE YEAR ENDED FOR THE YEAR ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003
------------------ ------------------
Shares sold 3,577,338 7,854,852
Shares redeemed (4,558,615) (6,480,897)
---------- ----------
Net increase (decrease) (981,277) 1,373,955
========== ==========
</Table>
22
<Page>
On December 31, 2004, the number of shareholders that held 5% or more of the
outstanding shares of the Portfolio were as follows:
<Table>
<Caption>
NUMBER OF APPROXIMATE PERCENTAGE
SHAREHOLDERS OF OUTSTANDING SHARES
------------ ----------------------
5 74%
</Table>
Some of the shareholders are omnibus accounts, which hold shares on behalf of
individual shareholders.
NOTE 7. FEDERAL INCOME TAXES
Income and capital gain distributions are determined in accordance with
federal income tax regulations, which may differ from GAAP. These differences
are primarily due to differing treatments of foreign currency transactions,
losses deferred due to wash sales, post October losses, and gains and losses
from investments in partnerships.
At December 31, 2004, the components of distributable earnings on a tax basis
were as follows:
<Table>
Accumulated net realized loss $ (72,621,526)
Unrealized appreciation 29,508,462
Undistributed Ordinary Loss -- Other (6,484)
----------------
$ (43,119,548)
================
</Table>
At December 31, 2004, the Portfolio had capital loss carryforwards available
to offset possible future capital gains as follows:
<Table>
<Caption>
EXPIRES DECEMBER 31,
---------------------------------------------
2009 2010 2011
------------- ------------- ------------
$ 48,267,661 $ 19,475,667 $ 4,878,198
</Table>
During the tax year ended December 31, 2004, the Portfolio has utilized
$8,989,723 of the capital loss carryforward.
Under current tax law, certain capital losses realized after October 31
within a taxable year may be deferred and treated as occurring on the first day
of the following tax year. For the tax period ended December 31, 2004 the
Portfolio elected to defer net losses arising between November 1, 2004 and
December 31, 2004 as follows:
<Table>
<Caption>
CURRENCY CAPITAL
-------- --------
$ 6,484 $ --
</Table>
23
<Page>
At December 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 $101,322,334, $30,473,029,
$(977,788) and $29,495,241, respectively.
At December 31, 2004, the Portfolio reclassified $874,227 from paid-in
capital and $26,505 from accumulated net realized loss from investments to
accumulated net investment loss, to adjust for current period permanent book/tax
differences which arose principally from differing book/tax treatments of net
operating losses, and foreign currency transactions. Net assets were not
affected by these reclassifications.
NOTE 8. CONTINGENCIES
In the normal course of business, the Portfolio may provide general
indemnifications pursuant to certain contracts and organizational documents. The
Portfolio's maximum exposure under these arrangements is dependent on future
claims that may be made against the Portfolio and, therefore, cannot be
estimated; however, based on experience, the risk of loss from such claims is
considered remote.
24
<Page>
CREDIT SUISSE TRUST -- GLOBAL POST-VENTURE CAPITAL PORTFOLIO
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of Credit Suisse Trust and Shareholders of Credit
Suisse Trust -- Global Post-Venture Capital Portfolio:
In our opinion, the accompanying statement of assets and liabilities,
including the schedule of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Global Post-Venture Capital
Portfolio (the "Portfolio"), a portfolio of the Credit Suisse Trust, at December
31, 2004, the results of its operations for the year then ended, the changes in
its net assets for each of the two years in the period then ended and the
financial highlights for each of the five years in the period then ended, in
conformity with accounting principles generally accepted in the United States of
America. These financial statements and financial highlights (hereafter referred
to as "financial statements") are the responsibility of the Portfolio's
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these financial
statements in accordance with 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
December 31, 2004 by correspondence with the custodian and brokers, provide a
reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Baltimore, Maryland
February 7, 2005
25
<Page>
CREDIT SUISSE TRUST -- GLOBAL POST-VENTURE CAPITAL PORTFOLIO
INFORMATION CONCERNING TRUSTEES AND OFFICERS (UNAUDITED)
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ------------------------- ------------- ------------ -------------------------- -------------- --------------------------
INDEPENDENT TRUSTEES
Richard H. Francis Trustee, Since Currently retired 41 None
c/o Credit Suisse Asset Nominating 1999
Management, LLC and Audit
466 Lexington Avenue Committee
New York, New York Member
10017-3140
Date of Birth: 04/23/32
Jeffrey E. Garten Trustee, Since Dean of Yale School of 40 Director of Aetna, Inc.
Box 208200 Nominating 1998(2) Management and William S. (insurance company);
New Haven, Connecticut and Audit Beinecke Professor in the Director of Calpine
06520-8200 Committee Practice of International Corporation (energy
Member Trade and Finance from provider); Director of
Date of Birth: 10/29/46 November 1995 to present. CarMax Group (used car
dealers).
Peter F. Krogh Trustee, Since Dean Emeritus and 40 Director of Carlisle
301 ICC Nominating 2001 Distinguished Professor Companies Incorporated
Georgetown University Committee of International Affairs (diversified
Washington, DC 20057 Chairman and at the Edmund A. Walsh manufacturing company).
Audit School of Foreign
Date of Birth: 02/11/37 Committee Service, Georgetown
Member University from June 1995
to present.
James S. Pasman, Jr. Trustee, Since Currently retired 42 Director of Education
c/o Credit Suisse Asset Nominating 1999 Management Corp.
Management, LLC and Audit
466 Lexington Avenue Committee
New York, New York Member
10017-3140
Date of Birth: 12/20/30
</Table>
- ----------
(1) Each Trustee and Officer serves until his or her respective successor has
been duly elected and qualified.
(2) Mr. Garten was initially appointed as a Trustee of the Trust on February 6,
1998. He resigned as Trustee on February 3, 2000, and was subsequently
re-appointed on December 21, 2000.
26
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ------------------------- ------------- ------------ -------------------------- -------------- --------------------------
INDEPENDENT TRUSTEES
Steven N. Rappaport Trustee, Since Partner of Lehigh Court, 42 Director of Presstek,
Lehigh Court, LLC Nominating 1999 LLC and RZ Capital Inc. (digital imaging
40 East 52nd Street Committee (private investment technologies company);
New York, New York Member and firms) from July 2002 to Director of Wood
10022 Audit present; Transition Resources, LLC (plywood
Committee Adviser to SunGard manufacturing company).
Date of Birth: 07/10/48 Chairman Securities Finance, Inc.
from February 2002 to
July 2002; President of
SunGard Securities
Finance, Inc. from 2001
to February 2002;
President of Loanet, Inc.
(on-line accounting
service) from 1997 to
2001.
INTERESTED TRUSTEES
Michael E. Kenneally(3) Chairman Since Chairman and Global Chief 44 None
Credit Suisse Asset and Chief 2004 Executive Officer of CSAM
Management, LLC Executive since 2003; Chairman and
466 Lexington Avenue Officer Chief Investment Officer
New York, New York of Banc of America
10017-3140 Capital Management from
1998 to March 2003.
Date of Birth: 03/30/54
William W. Priest(4) Trustee Since Chief Executive Officer 47 Director of Globe
Epoch Investment Partners 1999 of J Net Enterprises, Wireless, LLC (maritime
667 Madison Avenue Inc. (technology holdings communication company);
New York, New York company) since June 2004; Director of InfraRed X
10021 Chief Executive Officer (medical device company);
of Epoch Investment Director of J Net
Date of Birth: 09/24/41 Partners, Inc. since Enterprises, Inc.
April 2004; Co-Managing
Partner, Steinberg Priest
& Sloane 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. Kenneally is a Trustee who is an "interested person" of the Trust as
defined in the 1940 Act because he is an officer of CSAM.
(4) Mr. Priest is a Trustee who is an "interested person" of the Trust as
defined in the 1940 Act because he provided consulting services to CSAM
within the last two years (ended 12/31/02).
27
<Page>
<Table>
<Caption>
TERM
OF OFFICE(1)
AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH TRUST SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- ------------------------- --------------- ------------- ------------------------------------------------------
OFFICERS
Michael A. Pignataro Chief Financial Since Director and Director of Fund Administration of CSAM;
Credit Suisse Asset Officer and 1999 Associated with CSAM since 1984; Officer of other Credit
Management, LLC Treasurer Suisse Funds.
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 11/15/59
Emidio Morizio Chief Since Director and Global Head of Compliance of CSAM; Associated
Credit Suisse Asset Compliance 2004 with CSAM since July 2000; Vice President and Director of
Management, LLC Officer Compliance of Forstmann-Leff Associates from 1998 to June
466 Lexington Avenue 2000; Officer of other Credit Suisse Funds.
New York, New York
10017-3140
Date of Birth: 09/21/66
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 from
New York, New York June 1997 to September 2000; Officer of other Credit Suisse
10017-3140 Funds.
Date of Birth: 08/14/70
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 Willkie
Management, LLC Farr & Gallagher LLP from 1998 to 2003; Officer of other
466 Lexington Avenue 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
800-222-8977.
28
<Page>
CREDIT SUISSE TRUST -- GLOBAL POST-VENTURE CAPITAL PORTFOLIO
PROXY POLICY AND PORTFOLIO HOLDINGS INFORMATION
Information regarding how the Portfolio voted proxies related to its
portfolio securities during the 12-month period ended June 30, 2004 as well as
the policies and procedures that the Portfolio uses to determine how to vote
proxies relating to its portfolio securities are available:
- By calling 1-800-222-8977
- On the Portfolio's website, www.csam.com/us
- On the website of the Securities and Exchange Commission,
http://www.sec.gov.
The Portfolio 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
Portfolio's 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.
29
<Page>
P.O. BOX 55030, BOSTON, MA 02205-5030 [CREDIT SUISSE ASSET MANAGEMENT LOGO]
800-222-8977 - www.csam.com/us
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. TRGPV-2-1204
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE FUNDS
ANNUAL REPORT
DECEMBER 31, 2004
CREDIT SUISSE TRUST
- - INTERNATIONAL FOCUS PORTFOLIO
CREDIT SUISSE TRUST (THE "TRUST") SHARES ARE NOT AVAILABLE DIRECTLY TO
INDIVIDUAL INVESTORS, BUT MAY BE OFFERED ONLY THROUGH CERTAIN INSURANCE PRODUCTS
AND PENSION AND RETIREMENT PLANS.
THE TRUST'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES (WHICH SHOULD BE
CONSIDERED CAREFULLY BEFORE INVESTING), AND MORE COMPLETE INFORMATION ABOUT THE
TRUST, ARE PROVIDED IN THE PROSPECTUS, WHICH SHOULD BE READ CAREFULLY BEFORE
INVESTING. YOU MAY OBTAIN ADDITIONAL COPIES BY CALLING 800-222-8977 OR BY
WRITING TO CREDIT SUISSE TRUST, P.O. BOX 55030, BOSTON, MA 02205-5030.
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR, IS LOCATED AT 466
LEXINGTON AVE., NEW YORK, NY 10017-3140. THE TRUST IS ADVISED BY CREDIT SUISSE
ASSET MANAGEMENT, LLC.
<Page>
THE VIEWS OF THE PORTFOLIO'S MANAGEMENT ARE AS OF THE DATE OF THE LETTER AND THE
PORTFOLIO HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF DECEMBER 31, 2004; THESE
VIEWS AND PORTFOLIO HOLDINGS MAY HAVE CHANGED SUBSEQUENT TO THESE DATES. NOTHING
IN THIS DOCUMENT IS A RECOMMENDATION TO PURCHASE OR SELL SECURITIES.
PORTFOLIO SHARES ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF CREDIT SUISSE ASSET
MANAGEMENT, LLC ("CSAM") OR ANY AFFILIATE, ARE NOT FDIC-INSURED AND ARE NOT
GUARANTEED BY CSAM OR ANY AFFILIATE. PORTFOLIO INVESTMENTS ARE SUBJECT TO
INVESTMENT RISKS, INCLUDING LOSS OF YOUR INVESTMENT.
<Page>
CREDIT SUISSE TRUST -- INTERNATIONAL FOCUS PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT
December 31, 2004 (unaudited)
January 26, 2005
Dear Shareholder:
For the 12 months ended December 31, 2004, Credit Suisse Trust --
International Focus Portfolio (the "Portfolio") had a gain of 14.63%, versus an
increase of 21.36% for the Morgan Stanley Capital International All Country
World Free Ex-USA Index.(1)
THE MARKET: WEAKER DOLLAR BOOSTS OVERSEAS RETURNS
The period was a solid one for international stock markets. An improving
global economy and brighter earnings outlook resulted in gains in virtually all
foreign markets, some mid-period turbulence on interest-rate worries
notwithstanding. For dollar-based investors, returns generated abroad were
boosted by strengthening in most currencies versus the US dollar in the year.
Emerging stock markets handily outperformed developed markets, aided in part by
high commodity prices.
STRATEGIC REVIEW: EMERGING MARKET GAINS, UNDERPERFORMANCE IN JAPAN
The Portfolio had a gain but underperformed its benchmark, which we
attribute in large part to stock selection in Japan in the first half of the
year. At the time, we had had a bias toward exporters, particularly in the
technology and industrial areas, that appeared attractive to us based on
valuation. However, investors shunned these stocks in favor of domestic recovery
plays, which had a strong run in the spring. As we became more comfortable with
the economic rebound story, we increased our domestic exposure, but could not
gain back the underperformance by year-end. Other stocks that hindered relative
performance included the Portfolio's financial services and health care
holdings. On the positive side, the Portfolio benefited from good stock
selection in the telecommunications and energy sectors.
Regarding noteworthy recent portfolio activity, our purchases included the
Air China IPO (0.8% of the Portfolio as of December 31, 2004). We think the
company has good growth prospects and could benefit from a reversal in fuel
costs, which had been rising. We also added to our position in Samsung Heavy
Industries (1.2% of the Portfolio as of December 31, 2004), a South Korea
shipping manufacturer. We think that demand for its tankers used to ship liquids
and gases will remain firm, while the company's input costs ease as steel prices
pull back. One recent elimination in the Portfolio was Cadbury Schweppes. Our
view is that the UK-based foods company faces earnings erosion via a weakening
US dollar, as it derives a significant portion on its earnings from the US.
1
<Page>
Going forward, we believe that international equity markets have the
potential to continue to perform well, with stocks remaining attractively valued
vs. bonds, and as the appeal of owning foreign currencies broadens, barring a
sudden surge in the dollar. For our part, we will remain focused on identifying
companies we believe have the best prospects for consistent earnings growth,
while keeping a close eye on currency translation effects on our export-biased
holdings.
The Credit Suisse International Equity Team
Nancy Nierman
Anne S. Budlong
Emily Alejos
Harry M. Jaffe
Chris Matyszewski
INTERNATIONAL INVESTING ENTAILS SPECIAL RISK CONSIDERATIONS, INCLUDING
CURRENCY FLUCTUATIONS, LOWER LIQUIDITY, ECONOMIC AND POLITICAL RISKS, AND
DIFFERENCES IN ACCOUNTING METHODS. THE PORTFOLIO'S FIFTEEN LARGEST HOLDINGS MAY
ACCOUNT FOR 40% OR MORE OF THE PORTFOLIO'S ASSETS. AS A RESULT OF THIS STRATEGY,
THE PORTFOLIO MAY BE SUBJECT TO GREATER VOLATILITY THAN A PORTFOLIO THAT INVESTS
IN A LARGER NUMBER OF ISSUERS.
IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING
STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKET,
INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT REGULATION AND
THEIR POTENTIAL IMPACT ON THE PORTFOLIO'S INVESTMENTS. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
2
<Page>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE
CREDIT SUISSE TRUST -- INTERNATIONAL FOCUS PORTFOLIO AND
THE MORGAN STANLEY CAPITAL INTERNATIONAL ACWI FREE EX-USA INDEX(1)
FROM INCEPTION (6/30/95).
<Table>
<Caption>
CREDIT SUISSE MORGAN STANLEY CAPITAL
TRUST -- INTERNATIONAL FOCUS INTERNATIONAL ACWI FREE
PORTFOLIO EX-USA INDEX(1)
6/30/95 $ 10,000 $ 10,000
7/30/95 $ 10,270 $ 10,568
8/31/95 $ 10,490 $ 10,201
9/30/95 $ 10,590 $ 10,376
10/31/95 $ 10,320 $ 10,098
11/30/95 $ 10,480 $ 10,335
12/31/95 $ 10,730 $ 10,744
1/31/96 $ 11,082 $ 10,892
2/29/96 $ 11,042 $ 10,892
3/31/96 $ 11,344 $ 11,095
4/30/96 $ 11,898 $ 11,431
5/31/96 $ 11,657 $ 11,260
6/30/96 $ 11,798 $ 11,317
7/31/96 $ 11,163 $ 10,941
8/31/96 $ 11,254 $ 11,005
9/30/96 $ 11,485 $ 11,278
10/31/96 $ 11,334 $ 11,165
11/30/96 $ 11,777 $ 11,596
12/31/96 $ 11,801 $ 11,462
1/31/97 $ 11,832 $ 11,251
2/28/97 $ 12,027 $ 11,457
3/31/97 $ 11,955 $ 11,433
4/30/97 $ 12,212 $ 11,530
5/31/97 $ 13,045 $ 12,242
6/30/97 $ 13,569 $ 12,917
7/31/97 $ 13,908 $ 13,179
8/31/97 $ 12,778 $ 12,142
9/30/97 $ 13,364 $ 12,799
10/31/97 $ 11,965 $ 11,709
11/30/97 $ 11,657 $ 11,563
12/31/97 $ 11,535 $ 11,696
1/31/98 $ 11,678 $ 12,046
2/28/98 $ 12,480 $ 12,849
3/31/98 $ 13,173 $ 13,293
4/30/98 $ 13,481 $ 13,389
5/31/98 $ 13,426 $ 13,146
6/30/98 $ 13,063 $ 13,096
7/31/98 $ 13,283 $ 13,221
8/31/98 $ 11,370 $ 11,356
9/30/98 $ 10,853 $ 11,117
10/31/98 $ 11,469 $ 12,281
11/30/98 $ 12,041 $ 12,941
12/31/98 $ 12,151 $ 13,387
1/31/99 $ 12,207 $ 13,373
2/28/99 $ 11,831 $ 13,073
3/31/99 $ 12,295 $ 13,704
4/30/99 $ 12,561 $ 14,390
5/31/99 $ 12,008 $ 13,714
6/30/99 $ 12,992 $ 14,344
7/31/99 $ 13,710 $ 14,680
8/31/99 $ 13,909 $ 14,731
9/30/99 $ 14,120 $ 14,831
10/31/99 $ 14,816 $ 15,383
11/30/99 $ 16,596 $ 15,998
12/31/99 $ 18,644 $ 17,524
1/31/2000 $ 17,829 $ 16,573
2/29/2000 $ 19,079 $ 17,021
3/31/2000 $ 18,566 $ 17,661
4/30/2000 $ 16,958 $ 16,676
5/31/2000 $ 16,400 $ 16,249
6/30/2000 $ 17,014 $ 16,941
7/31/2000 $ 16,121 $ 16,272
8/31/2000 $ 16,601 $ 16,473
9/30/2000 $ 15,384 $ 15,560
10/31/2000 $ 14,357 $ 15,065
11/30/2000 $ 13,453 $ 14,389
12/31/2000 $ 13,816 $ 14,881
1/31/2001 $ 14,022 $ 15,104
2/28/2001 $ 12,631 $ 13,908
3/31/2001 $ 11,563 $ 12,925
4/30/2001 $ 12,104 $ 13,804
5/31/2001 $ 11,807 $ 13,423
6/30/2001 $ 11,614 $ 12,908
7/31/2001 $ 11,421 $ 12,621
8/31/2001 $ 11,099 $ 12,307
9/30/2001 $ 9,863 $ 11,002
10/31/2001 $ 10,121 $ 11,310
11/30/2001 $ 10,546 $ 11,827
12/31/2001 $ 10,739 $ 11,980
1/31/2002 $ 10,558 $ 11,467
2/28/2002 $ 10,520 $ 11,549
3/31/2002 $ 11,099 $ 12,224
4/30/2002 $ 11,061 $ 12,304
5/31/2002 $ 11,035 $ 12,438
6/30/2002 $ 10,571 $ 11,901
7/31/2002 $ 9,412 $ 10,741
8/31/2002 $ 9,451 $ 10,742
9/30/2002 $ 8,266 $ 9,603
10/31/2002 $ 8,627 $ 10,119
11/30/2002 $ 8,897 $ 10,605
12/31/2002 $ 8,601 $ 10,263
1/31/2003 $ 8,215 $ 9,903
2/28/2003 $ 8,073 $ 9,703
3/31/2003 $ 7,880 $ 9,514
4/30/2003 $ 8,691 $ 10,431
5/31/2003 $ 9,116 $ 11,096
6/30/2003 $ 9,361 $ 11,403
7/31/2003 $ 9,593 $ 11,704
8/31/2003 $ 9,940 $ 12,053
9/30/2003 $ 9,934 $ 12,391
10/31/2003 $ 10,645 $ 13,194
11/30/2003 $ 10,697 $ 13,481
12/31/2003 $ 11,447 $ 14,511
1/31/2004 $ 11,603 $ 14,744
2/29/2004 $ 11,706 $ 15,116
3/31/2004 $ 11,810 $ 15,209
4/30/2004 $ 11,396 $ 14,736
5/31/2004 $ 11,422 $ 14,783
6/30/2004 $ 11,564 $ 15,103
7/31/2004 $ 11,215 $ 14,664
8/31/2004 $ 11,318 $ 14,781
9/30/2004 $ 11,514 $ 15,256
10/31/2004 $ 11,985 $ 15,787
11/30/2004 $ 12,691 $ 16,883
12/31/2004 $ 13,135 $ 17,608
</Table>
AVERAGE ANNUAL RETURNS AS OF DECEMBER 31, 2004
<Table>
<Caption>
1 YEAR 5 YEARS SINCE INCEPTION
------- ------- ---------------
14.63% (6.78)% 2.90%
</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 PORTFOLIO MAY BE LOWER OR HIGHER
THAN THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL FLUCTUATE, AND REDEMPTION
VALUE MAY BE MORE OR LESS THAN ORIGINAL COST. THE PERFORMANCE RESULTS DO NOT
REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON PORTFOLIO
DISTRIBUTIONS OR THE REDEMPTION OF PORTFOLIO SHARES. PERFORMANCE INCLUDES THE
EFFECT OF DEDUCTING EXPENSES, BUT DOES NOT INCLUDE CHARGES AND EXPENSES
ATTRIBUTABLE TO ANY PARTICULAR VARIABLE CONTRACT OR PLAN. ACCORDINGLY, THE
PROSPECTUS OF THE SPONSORING PARTICIPATING INSURANCE COMPANY SEPARATE ACCOUNT OR
PLAN DOCUMENTS OR OTHER INFORMATIONAL MATERIALS SUPPLIED BY PLAN SPONSORS SHOULD
BE CAREFULLY REVIEWED FOR INFORMATION ON RELEVANT CHARGES AND EXPENSES.
EXCLUDING THESE CHARGES AND EXPENSES FROM QUOTATIONS OF PERFORMANCE HAS THE
EFFECT OF INCREASING THE PERFORMANCE QUOTED, AND THE EFFECT OF THESE CHARGES
SHOULD BE CONSIDERED WHEN COMPARING PERFORMANCE TO THAT OF OTHER MUTUAL FUNDS.
PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH-END IS AVAILABLE AT
www.csam.com/us.
- ----------
(1) The Morgan Stanley Capital International ACWI (All Country World Index)
Free Ex-USA Index is a free float-adjusted market capitalization index that
is designed to measure equity-market performance in the global developed
and emerging markets, excluding the U.S. It is the exclusive property of
Morgan Stanley Capital International, Inc. Investors cannot invest directly
in an index.
3
<Page>
INFORMATION ABOUT YOUR PORTFOLIO'S EXPENSES
As an investor of the Portfolio, you incur two types of costs: ongoing
expenses and transaction costs. Ongoing expenses include management fees,
distribution and service (12b-1) fees and other Portfolio 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 Portfolio 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 December 31, 2004.
The table illustrates your Portfolio's expenses in two ways:
- ACTUAL PORTFOLIO RETURN. This helps you estimate the actual dollar
amount of ongoing expenses paid on a $1,000 investment in the
Portfolio using the Portfolio'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% PORTFOLIO RETURN. This helps you to compare your
Portfolio's ongoing expenses with those of other mutual funds using
the Portfolio'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.
4
<Page>
EXPENSES AND VALUE OF A $1,000 INVESTMENT
FOR THE SIX-MONTH PERIOD ENDED DECEMBER 31, 2004
<Table>
ACTUAL PORTFOLIO RETURN
Beginning Account Value 7/1/04 $ 1,000.00
Ending Account Value 12/31/04 $ 1,134.70
Expenses Paid per $1,000* $ 7.29
HYPOTHETICAL 5% PORTFOLIO RETURN
Beginning Account Value 7/1/04 $ 1,000.00
Ending Account Value 12/31/04 $ 1,018.30
Expenses Paid per $1,000* $ 6.89
ANNUALIZED EXPENSE RATIOS* 1.36%
</Table>
- ----------
* EXPENSES ARE EQUAL TO THE PORTFOLIO'S ANNUALIZED EXPENSE RATIO 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 PORTFOLIO 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
PORTFOLIO'S ACTUAL EXPENSES WOULD HAVE BEEN HIGHER.
For more information, please refer to the Portfolio's prospectus.
5
<Page>
[CHART]
SECTOR BREAKDOWN*
<Table>
Financials 26.3%
Industrials 16.6%
Consumer Discretionary 9.7%
Consumer Staples 8.8%
Energy 8.2%
Telecommunication Services 7.5%
Health Care 6.3%
Materials 5.3%
Information Technology 4.6%
Short-Term Investments 3.4%
Utilities 3.3%
</Table>
- ----------
* The Portfolio's sector breakdown is expressed as a percentage of total
investments (excluding security lending collateral) and may vary over time.
6
<Page>
CREDIT SUISSE TRUST -- INTERNATIONAL FOCUS PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 2004
<Table>
<Caption>
NUMBER OF
SHARES VALUE
-------------- --------------
COMMON STOCKS (95.9%)
BELGIUM (1.6%)
BEVERAGES (1.6%)
InBev NV 36,375 $ 1,408,401
--------------
TOTAL BELGIUM 1,408,401
--------------
CHINA (2.0%)
AIRLINES (1.0%)
Air China, Ltd. Series H* 2,213,000 854,143
--------------
DIVERSIFIED TELECOMMUNICATION SERVICES (1.0%)
China Telecom Corporation, Ltd. ADR# 24,855 914,664
--------------
TOTAL CHINA 1,768,807
--------------
FINLAND (1.0%)
PAPER & FOREST PRODUCTS (1.0%)
Stora Enso Oyj 58,200 886,320
--------------
TOTAL FINLAND 886,320
--------------
FRANCE (11.6%)
AUTOMOBILES (1.4%)
Renault SA# 14,490 1,213,630
--------------
BANKS (1.7%)
BNP Paribas SA# 20,510 1,486,555
--------------
DIVERSIFIED TELECOMMUNICATION SERVICES (2.6%)
France Telecom SA 67,540 2,231,495
--------------
INSURANCE (2.0%)
Axa# 70,720 1,748,824
--------------
MEDIA (2.2%)
Lagardere S.C.A.# 27,202 1,963,984
--------------
TEXTILES & APPAREL (1.7%)
LVMH Moet Hennessy Louis Vuitton SA# 19,730 1,511,336
--------------
TOTAL FRANCE 10,155,824
--------------
GERMANY (4.0%)
BANKS (1.8%)
Bayerische Hypo-und Vereinsbank AG* 68,210 1,545,980
--------------
ELECTRIC UTILITIES (2.2%)
E.ON AG 21,440 1,948,847
--------------
TOTAL GERMANY 3,494,827
--------------
GREECE (1.6%)
DIVERSIFIED TELECOMMUNICATION SERVICES (1.6%)
Hellenic Telecommunications Organization SA 76,350 1,373,707
--------------
TOTAL GREECE 1,373,707
--------------
</Table>
See Accompanying Notes to Financial Statements.
7
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
-------------- --------------
COMMON STOCKS
HONG KONG (1.9%)
REAL ESTATE (1.9%)
Sun Hung Kai Properties, Ltd. 166,000 $ 1,661,386
--------------
TOTAL HONG KONG 1,661,386
--------------
ITALY (5.4%)
BANKS (1.8%)
SanPaolo IMI SpA 108,600 1,558,622
--------------
ELECTRIC UTILITIES (1.1%)
Enel SpA 94,595 929,884
--------------
OIL & GAS (2.5%)
Eni SpA# 87,170 2,185,031
--------------
TOTAL ITALY 4,673,537
--------------
JAPAN (19.1%)
AUTO COMPONENTS (1.0%)
Bridgestone Corp.# 43,000 858,117
--------------
BANKS (1.8%)
Bank of Yokohama, Ltd. 254,000 1,600,588
--------------
CHEMICALS (3.6%)
Kuraray Company, Ltd. 181,500 1,630,613
Shin-Etsu Chemical Company, Ltd. 37,400 1,537,747
--------------
3,168,360
--------------
DIVERSIFIED FINANCIALS (2.8%)
Nikko Cordial Corp. 174,000 923,294
ORIX Corp. 11,300 1,546,534
--------------
2,469,828
--------------
ELECTRONIC EQUIPMENT & INSTRUMENTS (1.2%)
Omron Corp. 44,800 1,069,101
--------------
HOUSEHOLD PRODUCTS (1.6%)
Uni-Charm Corp. 28,600 1,374,111
--------------
MACHINERY (3.0%)
Komatsu, Ltd. 148,000 1,038,345
THK Company, Ltd.# 79,600 1,579,425
--------------
2,617,770
--------------
SPECIALTY RETAIL (1.7%)
Yamada Denki Company, Ltd.# 33,900 1,455,650
--------------
TRADING COMPANIES & DISTRIBUTORS (2.4%)
Mitsubishi Corp.# 158,000 2,043,610
--------------
TOTAL JAPAN 16,657,135
--------------
</Table>
See Accompanying Notes to Financial Statements.
8
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
-------------- --------------
COMMON STOCKS
MEXICO (1.1%)
WIRELESS TELECOMMUNICATION SERVICES (1.1%)
America Movil SA de CV ADR, Series L 19,190 $ 1,004,597
--------------
TOTAL MEXICO 1,004,597
--------------
NETHERLANDS (6.4%)
AIR FREIGHT & COURIERS (1.3%)
TPG NV 43,150 1,171,713
--------------
BANKS (1.8%)
ABN AMRO Holding NV 58,740 1,556,863
--------------
DIVERSIFIED FINANCIALS (1.1%)
ING Groep NV 30,500 922,371
--------------
FOOD PRODUCTS (2.2%)
Royal Numico NV* 53,950 1,941,987
--------------
TOTAL NETHERLANDS 5,592,934
--------------
SINGAPORE (1.5%)
BANKS (1.5%)
United Overseas Bank, Ltd. 150,847 1,274,476
--------------
TOTAL SINGAPORE 1,274,476
--------------
SOUTH KOREA (1.4%)
MACHINERY (1.4%)
Samsung Heavy Industries Company, Ltd. 192,860 1,199,709
--------------
TOTAL SOUTH KOREA 1,199,709
--------------
SPAIN (2.4%)
OIL & GAS (2.4%)
Repsol YPF SA# 80,840 2,102,820
--------------
TOTAL SPAIN 2,102,820
--------------
SWEDEN (3.2%)
COMMUNICATIONS EQUIPMENT (1.0%)
Telefonaktiebolaget LM Ericsson* 270,200 851,027
--------------
MACHINERY (2.2%)
Sandvik AB# 48,960 1,970,907
--------------
TOTAL SWEDEN 2,821,934
--------------
SWITZERLAND (6.0%)
BANKS (2.2%)
UBS AG 23,030 1,930,524
--------------
INSURANCE (1.1%)
Swiss Re 13,505 960,908
--------------
PHARMACEUTICALS (2.7%)
Novartis AG 45,971 2,313,508
--------------
TOTAL SWITZERLAND 5,204,940
--------------
</Table>
See Accompanying Notes to Financial Statements.
9
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
-------------- --------------
COMMON STOCKS
TAIWAN (3.4%)
BANKS (1.0%)
Mega Financial Holding Company, Ltd. 1,272,000 $ 878,343
--------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (2.4%)
Taiwan Semiconductor Manufacturing Company, Ltd. 570,515 908,998
United Microelectronics Corp. ADR# 335,500 1,184,315
--------------
2,093,313
--------------
TOTAL TAIWAN 2,971,656
--------------
UNITED KINGDOM (22.3%)
BANKS (3.7%)
HSBC Holdings PLC 97,600 1,665,282
Royal Bank of Scotland Group PLC 46,080 1,547,587
--------------
3,212,869
--------------
COMMERCIAL SERVICES & SUPPLIES (2.3%)
Capita Group PLC 96,492 675,651
Hays PLC 553,280 1,317,009
--------------
1,992,660
--------------
FOOD PRODUCTS (1.7%)
Unilever PLC 149,320 1,464,887
--------------
INDUSTRIAL CONGLOMERATES (0.8%)
FKI PLC 331,526 739,445
--------------
METALS & MINING (0.6%)
BHP Billiton PLC 41,960 490,343
--------------
MULTILINE RETAIL (1.6%)
Marks & Spencer Group PLC 217,980 1,433,087
--------------
OIL & GAS (3.2%)
BP PLC 176,050 1,713,048
Shell Transportation & Trading Company PLC 128,150 1,096,450
--------------
2,809,498
--------------
PHARMACEUTICALS (3.6%)
AstraZeneca PLC 28,735 1,041,412
GlaxoSmithKline PLC 89,920 2,111,184
--------------
3,152,596
--------------
TOBACCO (1.7%)
Imperial Tobacco Group PLC 53,600 1,467,702
--------------
TRANSPORTATION INFRASTRUCTURE (2.0%)
BAA PLC 156,780 1,755,040
--------------
WIRELESS TELECOMMUNICATION SERVICES (1.1%)
Vodafone Group PLC 347,000 944,102
--------------
TOTAL UNITED KINGDOM 19,462,229
--------------
TOTAL COMMON STOCKS (Cost $66,086,828) 83,715,239
--------------
</Table>
See Accompanying Notes to Financial Statements.
10
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
-------------- --------------
SHORT-TERM INVESTMENTS (22.5%)
State Street Navigator Prime Fund## 16,684,254 $ 16,684,254
<Caption>
PAR
(000)
--------------
State Street Bank and Trust Co. Euro Time Deposit,
1.400%, 1/03/05 $ 2,979 2,979,000
--------------
TOTAL SHORT-TERM INVESTMENTS (Cost $19,663,254) 19,663,254
--------------
TOTAL INVESTMENTS AT VALUE (118.4%) (Cost $85,750,082) 103,378,493
LIABILITIES IN EXCESS OF OTHER ASSETS (-18.4%) (16,077,564)
--------------
NET ASSETS (100.0%) $ 87,300,929
==============
</Table>
INVESTMENT ABBREVIATIONS
ADR = American Depository Receipt
* Non-income producing security.
# Security or portion thereof is out on loan.
## Represents security purchased with cash collateral received for securities
on loan.
See Accompanying Notes to Financial Statements.
11
<Page>
CREDIT SUISSE TRUST -- INTERNATIONAL FOCUS PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
December 31, 2004
<Table>
ASSETS
Investments at value, including collateral for securities
on loan of $16,684,254 (Cost $85,750,082) (Note 1) $ 103,378,493(1)
Cash 537
Foreign currency at value (Cost $457,642) 469,625
Dividend and interest receivable 169,046
Receivable for portfolio shares sold 126,426
Prepaid expenses and other assets 8,032
--------------
Total Assets 104,152,159
--------------
LIABILITIES
Advisory fee payable (Note 2) 72,370
Administrative services fee payable (Note 2) 18,710
Payable upon return of securities loaned (Note 1) 16,684,254
Payable for portfolio shares redeemed 24,391
Other accrued expenses payable 51,505
--------------
Total Liabilities 16,851,230
--------------
NET ASSETS
Capital stock, $0.001 par value (Note 5) 8,691
Paid-in capital (Note 5) 189,545,154
Undistributed net investment income 739,704
Accumulated net realized loss on investments and foreign currency transactions (120,648,834)
Net unrealized appreciation from investments and foreign currency translations 17,656,214
--------------
Net Assets $ 87,300,929
==============
Shares outstanding 8,691,359
--------------
Net asset value, offering price, and redemption price per share $ 10.04
==============
</Table>
(1) Including $15,875,537 of securities on loan.
See Accompanying Notes to Financial Statements.
12
<Page>
STATEMENT OF OPERATIONS
For the Year Ended December 31, 2004
<Table>
INVESTMENT INCOME (NOTE 1)
Dividends $ 2,185,827
Interest 14,629
Securities lending 69,608
Foreign taxes withheld (267,012)
--------------
Total investment income 2,003,052
--------------
EXPENSES
Investment advisory fees (Note 2) 851,378
Administrative services fees (Note 2) 141,235
Custodian fees 55,579
Printing fees (Note 2) 33,519
Legal fees 28,478
Audit fees 24,359
Insurance expense 16,574
Transfer agent fees 4,319
Trustees' fees 2,602
Commitment fees (Note 3) 2,092
Interest expense (Note 3) 162
Miscellaneous expense 8,052
--------------
Total expenses 1,168,349
--------------
Net investment income 834,703
--------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS AND
FOREIGN CURRENCY RELATED ITEMS
Net realized gain from investments (including Thailand Capital Gain Tax of $(13,233)) 12,749,343
Net realized loss on foreign currency transactions (81,766)
Net change in unrealized appreciation (depreciation) from investments (2,121,894)
Net change in unrealized appreciation (depreciation) from foreign currency translations 11,746
--------------
Net realized and unrealized gain from investments and foreign currency related items 10,557,429
--------------
Net increase in net assets resulting from operations $ 11,392,132
==============
</Table>
See Accompanying Notes to Financial Statements.
13
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE YEAR FOR THE YEAR
ENDED ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003
----------------- -----------------
FROM OPERATIONS
Net investment income $ 834,703 $ 841,569
Net realized gain on investments and foreign currency transactions 12,667,577 268,510
Net change in unrealized appreciation (depreciation) from
investments and foreign currency translations (2,110,148) 23,380,919
----------------- -----------------
Net increase in net assets resulting from operations 11,392,132 24,490,998
----------------- -----------------
FROM DIVIDENDS
Dividends from net investment income (824,282) (388,857)
----------------- -----------------
Net decrease in net assets resulting from dividends (824,282) (388,857)
----------------- -----------------
FROM CAPITAL SHARE TRANSACTIONS (NOTE 5)
Proceeds from sale of shares 19,768,766 91,489,957
Reinvestment of dividends 824,325 388,857
Net asset value of shares redeemed (34,829,572) (111,398,881)
----------------- -----------------
Net decrease in net assets from capital share transactions (14,236,481) (19,520,067)
----------------- -----------------
Net increase (decrease) in net assets (3,668,631) 4,582,074
NET ASSETS
Beginning of year 90,969,560 86,387,486
----------------- -----------------
End of year $ 87,300,929 $ 90,969,560
================= =================
Undistributed net investment income $ 739,704 $ 824,282
================= =================
</Table>
See Accompanying Notes to Financial Statements.
14
<Page>
CREDIT SUISSE TRUST -- INTERNATIONAL FOCUS PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Year)
<Table>
<Caption>
FOR THE YEAR ENDED DECEMBER 31,
----------------------------------------------------------------------
2004 2003 2002 2001 2000
---------- ---------- ---------- ---------- ----------
PER SHARE DATA
Net asset value, beginning of year $ 8.85 $ 6.68 $ 8.34 $ 10.73 $ 16.70
---------- ---------- ---------- ---------- ----------
INVESTMENT OPERATIONS
Net investment income 0.11 0.09 0.06 0.05 0.10
Net gain (loss) on investments
and foreign currency related items
(both realized and unrealized) 1.17 2.12 (1.72) (2.44) (4.42)
---------- ---------- ---------- ---------- ----------
Total from investment operations 1.28 2.21 (1.66) (2.39) (4.32)
---------- ---------- ---------- ---------- ----------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.09) (0.04) -- -- (0.08)
Distributions from net realized gains -- -- -- -- (1.56)
Return of capital -- -- -- -- (0.01)
---------- ---------- ---------- ---------- ----------
Total dividends and distributions (0.09) (0.04) -- -- (1.65)
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF YEAR $ 10.04 $ 8.85 $ 6.68 $ 8.34 $ 10.73
========== ========== ========== ========== ==========
Total return(1) 14.63% 33.09% (19.90)% (22.27)% (25.90)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 87,301 $ 90,970 $ 86,387 $ 147,725 $ 473,249
Ratio of expenses to average net assets(2) 1.37% 1.41% 1.42% 1.30% 1.31%
Ratio of net investment income to average
net assets 0.98% 1.01% 0.61% 0.34% 0.57%
Portfolio turnover rate 90% 131% 134% 166% 112%
</Table>
(1) Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions.
(2) Interest earned on uninvested cash balances may be used to offset portions
of the transfer agent expense. These arrangements resulted in a reduction
to the Portfolio's net expense ratio by .02% for the year ended December
31, 2000. The Portfolio's net operating expense ratio after reflecting
these arrangements was 1.29% for the year ended December 31, 2000. For the
years ended December 31, 2004, 2003, 2002 and 2001, there was no effect on
the net operating expense ratio because of transfer agent credits.
See Accompanying Notes to Financial Statements.
15
<Page>
CREDIT SUISSE TRUST -- INTERNATIONAL FOCUS PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2004
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Credit Suisse Trust (the "Trust") is an open-end management investment
company registered under the Investment Company Act of 1940, as amended (the
"1940 Act"), and currently offers eight managed investment portfolios of which
one, the International Focus Portfolio (the "Portfolio"), is included in this
report. The Portfolio is a diversified investment fund that seeks long-term
capital appreciation. Shares of the Portfolio are not available directly to
individual investors but may be offered only through (a) variable annuity
contracts and variable life insurance contracts offered by separate accounts of
certain insurance companies and (b) tax-qualified pension and retirement plans.
The Portfolio may not be available in connection with a particular contract or
plan. The Trust was organized under laws of the Commonwealth of Massachusetts as
a business trust on March 15, 1995.
A) SECURITY VALUATION -- The net asset value of the Portfolio is determined
daily as of the close of regular trading on the New York Stock Exchange, Inc.
(the "Exchange") on each day the Exchange is open for business. The Portfolio's
equity investments are valued at market value, which is generally determined
using the closing price on the exchange or market on which the security is
primarily traded at the time of valuation (the "Valuation Time"). If no sales
are reported, equity investments are generally valued at the most recent bid
quotation as of the Valuation Time or at the lowest asked quotation in the case
of a short sale of securities. Debt securities with a remaining maturity greater
than 60 days are valued in accordance with the price supplied by a pricing
service, which may use a matrix, formula or other objective method that takes
into consideration market indices, yield curves and other specific adjustments.
Debt obligations that will mature in 60 days or less are valued on the basis of
amortized cost, which approximates market value, unless it is determined that
using this method would not represent fair value. Securities and other assets
for which market quotations are not readily available, or whose values have been
materially affected by events occurring before the Portfolio's Valuation Time
but after the close of the securities' primary markets, are valued at fair value
as determined in good faith by, or under the direction of, the Board of Trustees
under procedures established by the Board of Trustees. The Portfolio may utilize
a service provided by an independent third party which has been approved by the
Board of Trustees to fair value certain securities.
B) FOREIGN CURRENCY TRANSACTIONS -- The books and records of the Portfolio
are maintained in U.S. dollars. Transactions denominated in foreign currencies
are recorded at the current prevailing exchange rates. All assets and
liabilities denominated in foreign currencies are translated into
16
<Page>
U.S. dollar amounts at the current exchange rate at the end of the period.
Translation gains or losses resulting from changes in the exchange rate during
the reporting period and realized gains and losses on the settlement of foreign
currency transactions are reported in the results of operations for the current
period. The Portfolio does not isolate that portion of realized gains and losses
on investments in EQUITY securities which is due to changes in the foreign
exchange rate from that which is due to changes in market prices of equity
securities. The Portfolio isolates that portion of realized gains and losses on
investments in DEBT securities which is due to changes in the foreign exchange
rate from that which is due to changes in market prices of debt securities.
C) SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted for on a trade date basis. Interest income is recorded on the accrual
basis. Dividends are recorded on the ex-dividend date. The cost of investments
sold is determined by use of the specific identification method for both
financial reporting and income tax purposes.
D) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net
investment income and distributions of net realized capital gains, if any, are
declared and paid at least annually. However, to the extent that a net realized
capital gain can be reduced by a capital loss carryforward, such gain will not
be distributed. Income and capital gain distributions are determined in
accordance with federal income tax regulations, which may differ from accounting
principles generally accepted in the United States of America ("GAAP").
E) FEDERAL INCOME TAXES -- No provision is made for federal taxes as it is
the Trust's intention to have the Portfolio continue to qualify for and elect
the tax treatment applicable to regulated investment companies under the
Internal Revenue Code of 1986, as amended, and to make the requisite
distributions to its shareholders, which will be sufficient to relieve it from
federal income and excise taxes.
F) USE OF ESTIMATES -- The preparation of financial statements in
conformity with GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from these estimates.
G) SHORT-TERM INVESTMENTS -- The Portfolio, together with other
funds/portfolios advised by Credit Suisse Asset Management, LLC
17
<Page>
("CSAM"), an indirect, wholly-owned subsidiary of Credit Suisse Group, pools
available cash into either a short-term variable rate time deposit issued by
State Street Bank and Trust Company ("SSB"), the Portfolio's custodian, or a
money market fund advised by CSAM. The short-term time deposit issued by SSB is
a variable rate account classified as a short-term investment.
H) FORWARD FOREIGN CURRENCY CONTRACTS -- The Portfolio may enter into
forward foreign currency contracts for the purchase or sale of a specific
foreign currency at a fixed price on a future date. Risks may arise upon
entering into these contracts from the potential inability of counterparties to
meet the terms of their contracts and from unanticipated movements in the value
of a foreign currency. The Portfolio will enter into forward foreign currency
contracts primarily for hedging purposes. Forward foreign currency contracts are
adjusted by the daily exchange rate of the underlying currency and any gains or
losses are recorded for financial statement purposes as unrealized until the
contract settlement date or an offsetting position is entered into. At December
31, 2004, the Portfolio had no open forward foreign currency contracts.
I) SECURITIES LENDING -- Loans of securities are required at all times to
be secured by collateral at least equal to 102% of the market value of domestic
securities on loan (including any accrued interest thereon) and 105% of the
market value of foreign securities on loan (including any accrued interest
thereon). Cash collateral received by the Portfolio in connection with
securities lending activity 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
Portfolio's 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 the Portfolio with respect to such loans at December 31, 2004
is as follows:
<Table>
<Caption>
MARKET VALUE OF VALUE OF
SECURITIES LOANED COLLATERAL RECEIVED
-------------------- --------------------
$ 15,875,537 $ 16,684,254
</Table>
Prior to March 17, 2004, Credit Suisse First Boston ("CSFB"), an affiliate
of CSAM, had been engaged by the Portfolio to act as the Portfolio's securities
lending agent.
18
<Page>
Effective March 17, 2004, SSB has been engaged by the Portfolio to act as
the Portfolio's securities lending agent. The Portfolio's securities lending
arrangement provides that the Portfolio and SSB will share the net income earned
from the securities lending activities, with the Portfolio 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 Portfolio may also be entitled to
certain minimum amounts of income from its securities lending activities.
Securities lending income is accrued as earned.
J) OTHER -- The Portfolio may invest in securities of foreign countries and
governments which involve certain risks in addition to those inherent in
domestic investments. Such risks generally include, among others, currency risk
(fluctuations in currency exchange rates), information risk (key information may
be inaccurate or unavailable) and political risk (expropriation, nationalization
or the imposition of capital or currency controls or punitive taxes). Other
risks of investing in foreign securities include liquidity and valuation risks.
The Portfolio may be subject to taxes imposed by countries in which it
invests, with respect to its investments in issuers existing or operating in
such countries. Such taxes are generally based on income earned or repatriated
and capital gains realized on the sale of such investments. The Portfolio
accrues such taxes when the related income or gains are earned.
The Portfolio may invest up to 15% of its net assets in non-publicly traded
securities. Non-publicly traded securities may be less liquid than publicly
traded securities. Although these securities may be resold in privately
negotiated transactions, the prices realized from such sales could differ from
the price originally paid by the Portfolio or the current carrying values, and
the difference could be material.
NOTE 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
CSAM serves as investment adviser for the Portfolio. For its investment
advisory services, CSAM is entitled to receive a fee from the Portfolio at an
annual rate of 1.00% of the Portfolio's average daily net assets. For the year
ended December 31, 2004, investment advisory fees earned were $851,378.
Credit Suisse Asset Management Limited (CSAM U.K.) ("CSAM Ltd. U.K."),
Credit Suisse Asset Management Limited (CSAM Japan) ("CSAM Ltd. Japan") and
Credit Suisse Asset Management Limited (CSAM Australia)
19
<Page>
("CSAM Ltd. Australia"), each an affiliate of CSAM, are sub-investment advisers
to the Portfolio. CSAM Ltd. U.K., CSAM Ltd. Japan, and CSAM Ltd. Australia's
sub-investment advisory fees are paid by CSAM out of CSAM's net investment
advisory fee and are not paid by the Portfolio. As of December 3, 2004, CSAM
Ltd. Japan no longer serves as investment adviser to the Portfolio.
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of
CSAM, and SSB serve as co-administrators to the Portfolio.
For its co-administrative services, CSAMSI currently receives a fee
calculated at an annual rate of 0.10% of the average daily net assets of the
Portfolio. For the year ended December 31, 2004, co-administrative services fees
earned by CSAMSI were $85,138.
For its co-administrative services, SSB receives a fee, exclusive of
out-of-pocket expenses, based upon the following fee schedule calculated in
total for all the Credit Suisse funds/portfolios co-administered by SSB and
allocated based upon relative average net assets of each fund/portfolio, subject
to an annual minimum fee.
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL RATE
----------------------------- -------------------------------------
First $5 billion 0.050% of average daily net assets
Next $5 billion 0.035% of average daily net assets
Over $10 billion 0.020% of average daily net assets
</Table>
For the year ended December 31, 2004, co-administrative services fees
earned by SSB (including out-of-pocket expenses) were $56,097.
In addition to serving as the Portfolio's co-administrator, CSAMSI
currently serves as distributor of the Portfolio's shares without compensation.
For the period January 1, 2004 to March 16, 2004, CSFB received $1,821 in
fees for its securities lending activities.
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Portfolio to provide certain financial printing and fulfillment services.
For the year ended December 31, 2004, Merrill was paid $13,009 for its services
to the Portfolio.
NOTE 3. LINE OF CREDIT
The Portfolio, together with other funds/portfolios advised by CSAM
(collectively, the "Participating Funds"), participates in a $75 million
20
<Page>
committed, unsecured line of credit facility ("Credit Facility") for temporary
or emergency purposes with Deutsche Bank, A.G. as administrative agent and
syndication agent and SSB as operations agent. Under the terms of the Credit
Facility, the Participating Funds pay an aggregate commitment fee at a rate of
0.10% per annum on the average unused amount of the Credit Facility, which is
allocated among the Participating Funds in such manner as is determined by the
governing Boards of the Participating Funds. In addition, the Participating
Funds pay interest on borrowings at the Federal Funds rate plus 0.50%. At
December 31, 2004, there were no loans outstanding under the Credit Facility.
During the year ended December 31, 2004, the Portfolio had borrowings under the
Credit Facility as follows:
<Table>
<Caption>
AVERAGE DAILY WEIGHTED AVERAGE MAXIMUM DAILY
LOAN BALANCE INTEREST RATE LOAN OUTSTANDING
-------------- ---------------- ----------------
$ 422,000 1.536% $ 552,000
</Table>
NOTE 4. PURCHASES AND SALES OF SECURITIES
For the year ended December 31, 2004, purchases and sales of investment
securities (excluding short-term investments) were $74,711,717 and $90,732,733,
respectively.
NOTE 5. CAPITAL SHARE TRANSACTIONS
The Trust is authorized to issue an unlimited number of full and fractional
shares of beneficial interest, $.001 par value per share. Transactions in
capital shares of the Portfolio were as follows:
<Table>
<Caption>
FOR THE YEAR ENDED FOR THE YEAR ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003
------------------ ------------------
Shares sold 2,182,090 13,623,363
Shares issued in reinvestment
of dividends 93,994 49,917
Shares redeemed (3,858,141) (16,338,646)
---------- -----------
Net decrease (1,582,057) (2,665,366)
========== ===========
</Table>
On December 31, 2004, the number of shareholders that held 5% or more of
the outstanding shares of the Portfolio were as follows:
<Table>
<Caption>
NUMBER OF APPROXIMATE PERCENTAGE
SHAREHOLDERS OF OUTSTANDING SHARES
------------ -----------------------
4 89%
</Table>
Some of the shareholders are omnibus accounts, which hold shares on behalf
of individual shareholders.
21
<Page>
NOTE 6. FEDERAL INCOME TAXES
Income and capital gain distributions are determined in accordance with
federal income tax regulations, which may differ from GAAP. These differences
are primarily due to differing treatments of foreign currency transactions,
losses deferred due to wash sales, and the treatment of foreign tax.
The tax character of dividends paid during the years ended December 31,
2004, and 2003, respectively, for the Portfolio were as follows:
<Table>
<Caption>
ORDINARY INCOME
----------------------------
2004 2003
------------ -------------
$ 824,282 $ 388,857
</Table>
At December 31, 2004, the components of distributable earnings on a tax
basis for the Portfolio were as follows:
<Table>
Undistributed net investment income $ 739,704
Accumulated net realized loss (120,422,989)
Unrealized appreciation 17,430,369
----------------
$ (102,252,916)
================
</Table>
At December 31, 2004, the Portfolio had capital loss carryforwards
available to offset possible future capital gains as follows:
<Table>
<Caption>
EXPIRES DECEMBER 31,
---------------------------------------------
2009 2010 2011
------------- ------------- -------------
$ 79,926,194 $ 37,413,453 $ 3,083,342
</Table>
During the tax year ended December 31, 2004, the Portfolio has utilized
$12,680,713 of the capital loss carryforward.
At December 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 $85,975,926, $17,556,441,
$(153,874) and $17,402,567, respectively.
22
<Page>
At December 31, 2004, the Portfolio reclassified $94,999 from undistributed
net investment income to accumulated net realized loss from investments, to
adjust for current period permanent book/tax differences which arose principally
from differing book/tax treatments of foreign currency transactions and realized
capital gain tax. Net assets were not affected by these reclassifications.
NOTE 7. CONTINGENCIES
In the normal course of business, the Portfolio may provide general
indemnifications pursuant to certain contracts and organizational documents. The
Portfolio's maximum exposure under these arrangements is dependent on future
claims that may be made against the Portfolio and, therefore, cannot be
estimated; however, based on experience, the risk of loss from such claims is
considered remote.
23
<Page>
CREDIT SUISSE TRUST -- INTERNATIONAL FOCUS PORTFOLIO
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of Credit Suisse Trust and Shareholders of
Credit Suisse Trust -- International Focus Portfolio:
In our opinion, the accompanying statement of assets and liabilities,
including the schedule of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of International Focus Portfolio (the
"Portfolio"), a portfolio of the Credit Suisse Trust, at December 31, 2004, the
results of its operations for the year then ended, the changes in its net assets
for each of the two years in the period then ended and the financial highlights
for each of the five years in the period then ended, in conformity with
accounting principles generally accepted in the United States of America. These
financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Portfolio's management;
our responsibility is to express an opinion on these financial statements based
on our audits. We conducted our audits of these financial statements in
accordance with 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 December 31, 2004 by
correspondence with the custodian and brokers, provide a reasonable basis for
our opinion.
PricewaterhouseCoopers LLP
Baltimore, Maryland
February 7, 2005
24
<Page>
CREDIT SUISSE TRUST -- INTERNATIONAL FOCUS PORTFOLIO
INFORMATION CONCERNING TRUSTEES AND OFFICERS (UNAUDITED)
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ------------------------- --------------------- ------------ ------------------------------ ------------- --------------------
INDEPENDENT TRUSTEES
Richard H. Francis Trustee, Nominating Since 1999 Currently retired 41 None
c/o Credit Suisse Asset and Audit Committee
Management, LLC Member
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 04/23/32
Jeffrey E. Garten Trustee, Nominating Since Dean of Yale School of 40 Director of Aetna,
Box 208200 and Audit Committee 1998(2) Management and William S. Inc. (insurance
New Haven, Connecticut Member Beinecke Professor in the company); Director
06520-8200 Practice of International of Calpine
Trade and Finance from Corporation (energy
Date of Birth: 10/29/46 November 1995 to present. provider); Director
of CarMax Group
(used car dealers).
Peter F. Krogh Trustee, Nominating Since 2001 Dean Emeritus and 40 Director of Carlisle
301 ICC Committee Chairman Distinguished Professor of Companies
Georgetown University and Audit Committee International Affairs at the Incorporated
Washington, DC 20057 Member Edmund A. Walsh School of (diversified
Foreign Service, Georgetown manufacturing
Date of Birth: 02/11/37 University from June 1995 to company).
present.
James S. Pasman, Jr. Trustee, Nominating Since 1999 Currently retired 42 Director of
c/o Credit Suisse Asset and Audit Committee Education Management
Management, LLC Member Corp.
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 12/20/30
</Table>
- ----------
(1) Each Trustee and Officer serves until his or her respective successor has
been duly elected and qualified.
(2) Mr. Garten was initially appointed as a Trustee of the Trust on February 6,
1998. He resigned as Trustee on February 3, 2000, and was subsequently
re-appointed on December 21, 2000.
25
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ------------------------- --------------------- ------------ ------------------------------ ------------- --------------------
INDEPENDENT TRUSTEES
Steven N. Rappaport Trustee, Nominating Since 1999 Partner of Lehigh Court, LLC 42 Director of
Lehigh Court, LLC Committee Member and and RZ Capital (private Presstek, Inc.
40 East 52nd Street Audit Committee investment firms) from July (digital imaging
New York, New York Chairman 2002 to present; Transition technologies
10022 Adviser to SunGard Securities company); Director
Finance, Inc. from February of Wood Resources,
Date of Birth: 07/10/48 2002 to July 2002; President LLC (plywood
of SunGard Securities Finance, manufacturing
Inc. from 2001 to February company).
2002; President of Loanet,
Inc. (on-line accounting
service) from 1997 to 2001.
INTERESTED TRUSTEES
Michael E. Kenneally(3) Chairman and Chief Since 2004 Chairman and Global Chief 44 None
Credit Suisse Asset Executive Officer Executive Officer of CSAM
Management, LLC since 2003; Chairman and Chief
466 Lexington Avenue Investment Officer of Banc of
New York, New York America Capital Management
10017-3140 from 1998 to March 2003.
Date of Birth: 03/30/54
William W. Priest(4) Trustee Since 1999 Chief Executive Officer of 47 Director of Globe
Epoch Investment Partners J Net Enterprises, Inc. Wireless, LLC
667 Madison Avenue (technology holdings company) (maritime
New York, New York since June 2004; Chief communication
10021 Executive Officer of Epoch company); Director
Investment Partners, Inc. of InfraRed X
Date of Birth: 09/24/41 since April 2004; Co-Managing (medical device
Partner, Steinberg Priest & company); Director
Sloane Capital Management, LLC of J Net
from 2001 to March 2004; Enterprises, Inc.
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. Kenneally is a Trustee who is an "interested person" of the Trust as
defined in the 1940 Act because he is an officer of CSAM.
(4) Mr. Priest is a Trustee who is an "interested person" of the Trust as
defined in the 1940 Act because he provided consulting services to CSAM
within the last two years (ended 12/31/02).
26
<Page>
<Table>
<Caption>
TERM
OF OFFICE(1)
AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH TRUST SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- ------------------------- --------------------- ------------ -------------------------------------------------------------------
OFFICERS
Michael A. Pignataro Chief Financial Since 1999 Director and Director of Fund Administration of CSAM; Associated
Credit Suisse Asset Officer and Treasurer with CSAM since 1984; Officer of other Credit Suisse Funds.
Management, LLC
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 11/15/59
Emidio Morizio Chief Compliance Since 2004 Director and Global Head of Compliance of CSAM; Associated with
Credit Suisse Asset Officer CSAM since July 2000; Vice President and Director of Compliance of
Management, LLC Forstmann-Leff Associates from 1998 to June 2000; Officer of other
466 Lexington Avenue Credit Suisse Funds.
New York, New York
10017-3140
Date of Birth: 09/21/66
Ajay Mehra Chief Legal Officer Since 2004 Director and Deputy General Counsel of CSAM since September 2004;
Credit Suisse Asset Senior Associate of Shearman & Sterling LLP from September 2000 to
Management, LLC September 2004; Senior Counsel of the SEC Division of Investment
466 Lexington Avenue Management from June 1997 to September 2000; Officer of other
New York, New York Credit Suisse Funds.
10017-3140
Date of Birth: 08/14/70
J. Kevin Gao Vice President and Since 2004 Vice President and legal counsel of CSAM; Associated with CSAM
Credit Suisse Asset Secretary since July 2003; Associated with the law firm of Willkie Farr &
Management, LLC Gallagher LLP from 1998 to 2003; Officer of other Credit Suisse
466 Lexington Avenue Funds.
New York, New York
10017-3140
Date of Birth: 10/13/67
Robert M. Rizza Assistant Treasurer Since 2002 Assistant Vice President of CSAM since January 2001; Associated
Credit Suisse Asset with CSAM since 1998; Officer of other credit Suisse Funds.
Management, LLC
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 12/09/65
</Table>
The Statement of Additional Information includes additional information
about the Trustees and is available, without charge, upon request, by calling
800-222-8977.
27
<Page>
CREDIT SUISSE TRUST -- INTERNATIONAL FOCUS PORTFOLIO
TAX INFORMATION LETTER (UNAUDITED)
December 31, 2004
IMPORTANT TAX INFORMATION FOR CORPORATE SHAREHOLDERS
During the fiscal year ended December 31, 2004, the Portfolio distributed
$2,185,827 of foreign source income on which the Portfolio paid foreign taxes of
$280,245. This information is being furnished to you pursuant to notice
requirements of Section 853(a) and 855(d) of the Internal Revenue Code 1986, as
amended the "Code", and the Treasury Regulations thereunder.
Corporate Shareholders should note for the year ended December 31, 2004,
the percentage of the Portfolio's investment income (i.e., net investment income
plus short-term capital gains) that qualified for the intercorporate dividends
received deduction is 0%.
28
<Page>
CREDIT SUISSE TRUST -- INTERNATIONAL FOCUS PORTFOLIO
PROXY POLICY AND PORTFOLIO HOLDINGS INFORMATION
Information regarding how the Portfolio voted proxies related to its
portfolio securities during the 12-month period ended June 30, 2004 as well as
the policies and procedures that the Portfolio uses to determine how to vote
proxies relating to its portfolio securities are available:
- By calling 1-800-222-8977
- On the Portfolio's website, www.csam.com/us
- On the website of the Securities and Exchange Commission,
http://www.sec.gov.
The Portfolio 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
Portfolio's 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.
29
<Page>
P.O. BOX 55030, BOSTON, MA 02205-5030
800-222-8977 - www.csam.com/us
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. TRINF-2-1204
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE FUNDS
ANNUAL REPORT
DECEMBER 31, 2004
CREDIT SUISSE TRUST
- - SMALL CAP GROWTH PORTFOLIO
CREDIT SUISSE TRUST (THE "TRUST") SHARES ARE NOT AVAILABLE DIRECTLY TO
INDIVIDUAL INVESTORS, BUT MAY BE OFFERED ONLY THROUGH CERTAIN INSURANCE PRODUCTS
AND PENSION AND RETIREMENT PLANS.
THE TRUST'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES (WHICH SHOULD BE
CONSIDERED CAREFULLY BEFORE INVESTING), AND MORE COMPLETE INFORMATION ABOUT THE
TRUST, ARE PROVIDED IN THE PROSPECTUS, WHICH SHOULD BE READ CAREFULLY BEFORE
INVESTING. YOU MAY OBTAIN ADDITIONAL COPIES BY CALLING 800-222-8977 OR BY
WRITING TO CREDIT SUISSE TRUST, P.O. BOX 55030, BOSTON, MA 02205-5030.
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR, IS LOCATED AT 466
LEXINGTON AVE., NEW YORK, NY 10017-3140. THE TRUST IS ADVISED BY CREDIT SUISSE
ASSET MANAGEMENT, LLC.
<Page>
THE VIEWS OF THE PORTFOLIO'S MANAGEMENT ARE AS OF THE DATE OF THE LETTER AND THE
PORTFOLIO HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF DECEMBER 31, 2004; THESE
VIEWS AND PORTFOLIO HOLDINGS MAY HAVE CHANGED SUBSEQUENT TO THESE DATES. NOTHING
IN THIS DOCUMENT IS A RECOMMENDATION TO PURCHASE OR SELL SECURITIES.
PORTFOLIO SHARES ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF CREDIT SUISSE ASSET
MANAGEMENT, LLC ("CSAM") OR ANY AFFILIATE, ARE NOT FDIC-INSURED AND ARE NOT
GUARANTEED BY CSAM OR ANY AFFILIATE. PORTFOLIO INVESTMENTS ARE SUBJECT TO
INVESTMENT RISKS, INCLUDING LOSS OF YOUR INVESTMENT.
<Page>
CREDIT SUISSE TRUST -- SMALL CAP GROWTH PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT
December 31, 2004 (unaudited)
January 26, 2005
Dear Shareholder:
For the 12 months ended December 31, 2004, Credit Suisse Trust -- Small Cap
Growth Portfolio (the "Portfolio") had a gain of 10.87%, versus an increase of
14.31% for the Russell 2000(R) Growth Index.(1)
THE MARKET: SOFT SUMMER, STRONG FOURTH QUARTER
The US equity market began the period on a positive note, continuing a rally
fueled by optimism over the economy and corporate profit growth. However, the
market quickly encountered headwinds, mostly in the form of domestic and
international political uncertainty, worries over rising interest rates and a
surge in oil prices. Stocks languished into late October but ended the year on a
bright note when a decisive presidential election, better employment numbers and
benign inflation helped ease risk concerns.
Growth stocks advanced but lagged value stocks for the 12 months, reflecting
the outperformance of energy and industrial-type companies, which comprise a
larger share of the value universe. Broadly, small cap equities outperformed
large caps, a trend often (but not always) seen in the early stages of economic
recovery and amid low interest rates.
STRATEGIC REVIEW: HELPED BY HEALTH CARE, HINDERED BY CHIP EQUIPMENT
The Portfolio had a gain but underperformed its benchmark, in part due to
stock selection in the financial services sector. ESpeed, an electronic
securities trading company, sold off on competition fears. We eliminated the
position late in the period. In addition, the Portfolio's
semiconductor-equipment stocks fell amid a broad selloff in the group, hampering
our performance in the producer durables sector. We selectively reduced our
semiconductor exposure in the latter part of the period.
Positive forces for the Portfolio included stock focus within technology. Our
holdings here outperformed the benchmark's technology component by a wide
margin, aided by Tessera Technologies (1.4% of the Portfolio as of December 31,
2004). The intellectual property rights company rallied on optimism regarding
its royalty revenues. The Portfolio's health care stocks contributed positively
to its relative and absolute return, led by Sepracor (a position we sold late in
the period as it became a mid-cap stock), a pharmaceutical company specializing
in respiratory treatments, and Centene (0.9% of the Portfolio as of December 31,
2004), a diversified managed care stock that was buoyed by continued, consistent
profit growth. The Portfolio also drew support from an overweighting and good
stock selection in the energy sector.
1
<Page>
GOING FORWARD: OPPORTUNITIES IN VARIED SECTORS
We have adjusted our producer durables exposure, ending the period with an
underweighting after being modestly overweighted a year ago. We still view
specific stocks here positively, including Kennametal (0.9% of the Portfolio as
of December 31, 2004), a tool and die maker we added to the Portfolio late in
the period. We believe that a recovery in industrial America should support its
long-term growth prospects.
Elsewhere, we think that an improving economy may benefit brokerages and
money managers, and we hence have a bias toward these companies within the
financial sector. We also have exposure to providers of business intelligence
software, demand for which is rising due to greater corporate accountability
associated with Sarbanes-Oxley legislation. As we move ahead, we intend to
continue to raise our exposure to the hotels and entertainment areas, in the
belief that such companies should benefit from increased travel, including
tourism spurred by a weaker US dollar vs. other major currencies.
The Credit Suisse Small/Mid-Cap Growth Team
Marian U. Pardo Leo M. Bernstein Calvin E. Chung
INVESTMENTS IN SMALL COMPANIES MAY BE MORE VOLATILE AND LESS LIQUID THAN
INVESTMENTS IN LARGER COMPANIES.
IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING
STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKET,
INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT REGULATION AND
THEIR POTENTIAL IMPACT ON THE PORTFOLIO'S INVESTMENTS. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
2
<Page>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE
CREDIT SUISSE TRUST -- SMALL CAP GROWTH PORTFOLIO AND
THE RUSSELL 2000(R) GROWTH INDEX(1) FROM INCEPTION (6/30/95).
<Table>
<Caption>
CREDIT SUISSE TRUST--SMALL CAP GROWTH PORTFOLIO RUSSELL 2000(R) GROWTH INDEX(1)
----------------------------------------------- -------------------------------
6/30/1995 $ 10,000 $ 10,000
7/31/1995 $ 10,320 $ 10,779
8/31/1995 $ 11,040 $ 10,912
9/30/1995 $ 11,560 $ 11,137
10/31/1995 $ 11,190 $ 10,589
11/30/1995 $ 11,990 $ 11,057
12/31/1995 $ 12,510 $ 11,302
1/31/1996 $ 12,360 $ 11,208
2/29/1996 $ 12,840 $ 11,719
3/31/1996 $ 13,130 $ 11,951
4/30/1996 $ 14,420 $ 12,868
5/31/1996 $ 15,150 $ 13,528
6/30/1996 $ 14,280 $ 12,649
7/31/1996 $ 12,690 $ 11,105
8/31/1996 $ 13,700 $ 11,927
9/30/1996 $ 14,370 $ 12,541
10/31/1996 $ 13,920 $ 12,000
11/30/1996 $ 13,930 $ 12,334
12/31/1996 $ 14,240 $ 12,575
1/31/1997 $ 14,580 $ 12,889
2/28/1997 $ 13,520 $ 12,110
3/31/1997 $ 12,440 $ 11,256
4/30/1997 $ 12,250 $ 11,125
5/31/1997 $ 13,980 $ 12,798
6/30/1997 $ 14,620 $ 13,232
7/31/1997 $ 15,400 $ 13,910
8/31/1997 $ 15,820 $ 14,327
9/30/1997 $ 17,210 $ 15,470
10/31/1997 $ 16,420 $ 14,541
11/30/1997 $ 16,140 $ 14,194
12/31/1997 $ 16,480 $ 14,202
1/31/1998 $ 15,860 $ 14,013
2/28/1998 $ 17,230 $ 15,250
3/31/1998 $ 18,110 $ 15,890
4/30/1998 $ 18,230 $ 15,987
5/31/1998 $ 16,840 $ 14,826
6/30/1998 $ 17,270 $ 14,977
7/31/1998 $ 15,620 $ 13,727
8/31/1998 $ 12,460 $ 10,558
9/30/1998 $ 13,350 $ 11,629
10/31/1998 $ 13,870 $ 12,235
11/30/1998 $ 14,880 $ 13,184
12/31/1998 $ 16,010 $ 14,377
1/31/1999 $ 16,400 $ 15,024
2/28/1999 $ 14,840 $ 13,650
3/31/1999 $ 15,500 $ 14,136
4/30/1999 $ 15,500 $ 15,384
5/31/1999 $ 15,590 $ 15,408
6/30/1999 $ 17,090 $ 16,220
7/31/1999 $ 17,050 $ 15,719
8/31/1999 $ 16,980 $ 15,131
9/30/1999 $ 17,700 $ 15,423
10/31/1999 $ 19,000 $ 15,817
11/30/1999 $ 22,040 $ 17,490
12/31/1999 $ 27,069 $ 20,573
1/31/2000 $ 26,532 $ 20,381
2/29/2000 $ 36,017 $ 25,123
3/31/2000 $ 31,274 $ 22,482
4/30/2000 $ 26,832 $ 20,212
5/31/2000 $ 24,145 $ 18,442
6/30/2000 $ 27,720 $ 20,825
7/31/2000 $ 24,807 $ 19,040
8/31/2000 $ 28,227 $ 21,043
9/30/2000 $ 26,129 $ 19,997
10/31/2000 $ 24,125 $ 18,374
11/30/2000 $ 20,219 $ 15,038
12/31/2000 $ 22,167 $ 15,958
1/31/2001 $ 22,220 $ 17,250
2/28/2001 $ 19,309 $ 14,885
3/31/2001 $ 16,758 $ 13,532
4/30/2001 $ 19,203 $ 15,188
5/31/2001 $ 18,897 $ 15,540
6/30/2001 $ 19,163 $ 15,964
7/31/2001 $ 18,127 $ 14,603
8/31/2001 $ 16,944 $ 13,690
9/30/2001 $ 14,060 $ 11,480
10/31/2001 $ 15,641 $ 12,585
11/30/2001 $ 17,263 $ 13,636
12/31/2001 $ 18,618 $ 14,485
1/31/2002 $ 17,980 $ 13,969
2/28/2002 $ 16,505 $ 13,065
3/31/2002 $ 17,861 $ 14,201
4/30/2002 $ 17,303 $ 13,894
5/31/2002 $ 16,093 $ 13,081
6/30/2002 $ 14,578 $ 11,972
7/31/2002 $ 12,239 $ 10,132
8/31/2002 $ 12,067 $ 10,127
9/30/2002 $ 11,522 $ 9,396
10/31/2002 $ 12,279 $ 9,871
11/30/2002 $ 13,223 $ 10,849
12/31/2002 $ 12,346 $ 10,101
1/31/2003 $ 12,160 $ 9,826
2/28/2003 $ 11,934 $ 9,564
3/31/2003 $ 12,107 $ 9,708
4/30/2003 $ 13,023 $ 10,626
5/31/2003 $ 14,538 $ 11,824
6/30/2003 $ 14,671 $ 12,052
7/31/2003 $ 15,801 $ 12,963
8/31/2003 $ 16,691 $ 13,659
9/30/2003 $ 15,947 $ 13,314
10/31/2003 $ 17,887 $ 14,464
11/30/2003 $ 18,233 $ 14,936
12/31/2003 $ 18,339 $ 15,003
1/31/2004 $ 19,402 $ 15,791
2/29/2004 $ 19,442 $ 15,767
3/31/2004 $ 19,921 $ 15,841
4/30/2004 $ 18,764 $ 15,046
5/31/2004 $ 19,230 $ 15,345
6/30/2004 $ 19,708 $ 15,856
7/31/2004 $ 17,582 $ 14,432
8/31/2004 $ 17,223 $ 14,122
9/30/2004 $ 17,954 $ 14,903
10/31/2004 $ 18,339 $ 15,265
11/30/2004 $ 19,522 $ 16,555
12/31/2004 $ 20,333 $ 17,149
</Table>
AVERAGE ANNUAL RETURNS AS OF DECEMBER 31, 2004
<Table>
<Caption>
1 YEAR 5 YEARS SINCE INCEPTION
- ------ ------- ---------------
10.87% (5.56)% 7.75%
</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 PORTFOLIO 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 PORTFOLIO DISTRIBUTIONS OR
THE REDEMPTION OF PORTFOLIO SHARES. PERFORMANCE INCLUDES THE EFFECT OF DEDUCTING
EXPENSES, BUT DOES NOT INCLUDE CHARGES AND EXPENSES ATTRIBUTABLE TO ANY
PARTICULAR VARIABLE CONTRACT OR PLAN. ACCORDINGLY, THE PROSPECTUS OF THE
SPONSORING PARTICIPATING INSURANCE COMPANY SEPARATE ACCOUNT OR PLAN DOCUMENTS OR
OTHER INFORMATIONAL MATERIALS SUPPLIED BY PLAN SPONSORS SHOULD BE CAREFULLY
REVIEWED FOR INFORMATION ON RELEVANT CHARGES AND EXPENSES. EXCLUDING THESE
CHARGES AND EXPENSES FROM QUOTATIONS OF PERFORMANCE HAS THE EFFECT OF INCREASING
THE PERFORMANCE QUOTED, AND THE EFFECT OF THESE CHARGES SHOULD BE CONSIDERED
WHEN COMPARING PERFORMANCE TO THAT OF OTHER MUTUAL FUNDS. PERFORMANCE
INFORMATION CURRENT TO THE MOST RECENT MONTH-END IS AVAILABLE AT
www.csam.com/us.
- ----------
(1) The Russell 2000(R) Growth Index measures the performance of those
companies in the Russell 2000(R) Index with higher price-to-book ratios and
higher forecasted growth values. It is an unmanaged index of common stocks
that includes reinvestment of dividends and is compiled by Frank Russell
Company. Investors cannot invest directly in an index.
3
<Page>
INFORMATION ABOUT YOUR PORTFOLIO'S EXPENSES
As an investor of the Portfolio, you incur two types of costs: ongoing
expenses and transaction costs. Ongoing expenses include management fees,
distribution and service (12b-1) fees and other Portfolio 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 Portfolio 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 December 31, 2004.
The table illustrates your Portfolio's expenses in two ways:
- ACTUAL PORTFOLIO RETURN. This helps you estimate the actual dollar amount
of ongoing expenses paid on a $1,000 investment in the Portfolio using the
Portfolio'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% PORTFOLIO RETURN. This helps you to compare your
Portfolio's ongoing expenses with those of other mutual funds using the
Portfolio'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.
4
<Page>
EXPENSES AND VALUE OF A $1,000 INVESTMENT
FOR THE SIX-MONTH PERIOD ENDED DECEMBER 31, 2004
<Table>
ACTUAL PORTFOLIO RETURN
Beginning Account Value 7/1/04 $ 1,000.00
Ending Account Value 12/31/04 $ 1,031.70
Expenses Paid per $1,000* $ 5.62
HYPOTHETICAL 5% PORTFOLIO RETURN
Beginning Account Value 7/1/04 $ 1,000.00
Ending Account Value 12/31/04 $ 1,019.61
Expenses Paid per $1,000* $ 5.58
ANNUALIZED EXPENSE RATIOS* 1.10%
</Table>
- ----------
* EXPENSES ARE EQUAL TO THE PORTFOLIO'S ANNUALIZED EXPENSE RATIO 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 PORTFOLIO 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
PORTFOLIO'S ACTUAL EXPENSES WOULD HAVE BEEN HIGHER.
For more information, please refer to the Portfolio's prospectus.
5
<Page>
[CHART]
SECTOR BREAKDOWN*
<Table>
Consumer Discretionary 28.3%
Health Care 24.6%
Technology 21.0%
Other Energy 7.5%
Financial Services 6.4%
Producer Durables 5.2%
Materials & Processing 4.6%
Short-Term Investments 1.4%
Consumer Staples 1.0%
</Table>
- ----------
* The Portfolio's sector breakdown is expressed as a percentage of total
investments (excluding security lending collateral) and may vary over time.
6
<Page>
CREDIT SUISSE TRUST -- SMALL CAP GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 2004
<Table>
<Caption>
NUMBER OF
SHARES VALUE
-------------- --------------
COMMON STOCKS (98.9%)
AGRICULTURE (1.0%)
Delta and Pine Land Co.~ 277,600 $ 7,572,928
--------------
BANKS (1.2%)
Boston Private Financial Holdings, Inc.~ 334,300 9,417,231
--------------
BIOTECHNOLOGY (2.1%)
Martek Biosciences Corp.*~ 143,100 7,326,720
Nabi Biopharmaceuticals*~ 619,200 9,071,280
--------------
16,398,000
--------------
COMMERCIAL SERVICES & SUPPLIES (3.1%)
Advance America Cash Advance Centers, Inc.* 43,000 984,700
Greenfield Online, Inc.*~ 290,900 6,396,891
Kforce, Inc.*~ 329,700 3,659,670
Resources Connection, Inc.*~ 85,100 4,621,781
Universal Technical Institute, Inc.*~ 202,700 7,726,924
--------------
23,389,966
--------------
COMMUNICATIONS EQUIPMENT (2.7%)
Harmonic, Inc.*~ 504,400 4,206,696
InterDigital Communications Corp.*~ 372,000 8,221,200
Kanbay International, Inc.*~ 271,600 8,501,080
--------------
20,928,976
--------------
COMPUTERS & PERIPHERALS (1.3%)
Avid Technology, Inc.*~ 161,300 9,960,275
--------------
CONTAINERS & PACKAGING (1.3%)
Crown Holdings, Inc.*~ 744,800 10,233,552
--------------
DISTRIBUTION & WHOLESALE (1.0%)
Beacon Roofing Supply, Inc.*~ 393,000 7,804,980
--------------
DIVERSIFIED FINANCIALS (3.3%)
Affiliated Managers Group, Inc.*~ 133,550 9,046,677
Jefferies Group, Inc.~ 207,200 8,346,016
Piper Jaffray Companies, Inc.*~ 157,800 7,566,510
--------------
24,959,203
--------------
ENERGY EQUIPMENT & SERVICES (3.4%)
FMC Technologies, Inc.*~ 287,500 9,257,500
Grey Wolf, Inc.*~ 1,800,600 9,489,162
Newpark Resources, Inc.*~ 1,379,700 7,105,455
--------------
25,852,117
--------------
FOOD & DRUG RETAILING (1.1%)
Pantry, Inc.*~ 281,100 8,458,299
--------------
FOOD PRODUCTS (1.0%)
John B. Sanfilippo & Son, Inc.*~ 293,314 7,561,635
--------------
</Table>
See Accompanying Notes to Financial Statements.
7
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
-------------- --------------
COMMON STOCKS
HEALTHCARE EQUIPMENT & SUPPLIES (6.9%)
Advanced Neuromodulation Systems, Inc.*~ 199,000 $ 7,852,540
Align Technology, Inc.*~ 675,900 7,265,925
American Medical Systems Holdings, Inc.*~ 197,600 8,261,656
I-Flow Corp.*~ 570,100 10,392,923
SonoSite, Inc.*~ 200,400 6,803,580
Wilson Greatbatch Technologies, Inc.*~ 139,000 3,116,380
Wright Medical Group, Inc.*~ 333,100 9,493,350
--------------
53,186,354
--------------
HEALTHCARE PROVIDERS & SERVICES (11.9%)
Amedisys, Inc.*~ 258,400 8,369,576
AMERIGROUP Corp.*~ 186,600 14,118,156
Centene Corp.* 317,600 9,003,960
Gentiva Health Services, Inc.*~ 460,000 7,691,200
Kindred Healthcare, Inc.*~ 375,200 11,237,240
Molina Healthcare, Inc.* 200,500 9,299,190
Occulogix, Inc.*~ 576,900 5,930,532
Psychiatric Solutions, Inc.*~ 312,100 11,410,376
TLC Vision Corp.*~ 481,900 5,026,217
United Surgical Partners International, Inc.*~ 221,400 9,232,380
--------------
91,318,827
--------------
HOTELS, RESTAURANTS & LEISURE (3.6%)
Aztar Corp.* 223,300 7,797,636
Carmike Cinemas, Inc.~ 221,500 8,084,750
Great Wolf Resorts, Inc.* 170,000 3,797,800
Panera Bread Co. Class A*~ 195,600 7,886,592
--------------
27,566,778
--------------
INSURANCE (1.1%)
Platinum Underwriters Holdings, Ltd. 264,900 8,238,390
--------------
INTERNET & CATALOG RETAIL (2.3%)
Coldwater Creek, Inc.*~ 379,100 11,702,817
J. Jill Group, Inc.*~ 394,197 5,869,593
--------------
17,572,410
--------------
INTERNET SOFTWARE & SERVICES (6.9%)
24/7 Real Media, Inc.*~ 1,149,000 4,975,170
Ask Jeeves, Inc.*~ 336,800 9,009,400
Chordiant Software, Inc.* 1,989,200 4,535,376
Digitas, Inc.*~ 1,106,600 10,568,030
MatrixOne, Inc.*~ 567,888 3,719,667
Netease.com, Inc. ADR*~ 08,300 5,721,489
Openwave Systems, Inc.*~ 622,866 9,629,508
webMethods, Inc.*~ 667,400 4,811,954
--------------
52,970,594
--------------
</Table>
See Accompanying Notes to Financial Statements.
8
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
-------------- --------------
COMMON STOCKS
IT CONSULTING & SERVICES (1.7%)
Forrester Research, Inc.*~ 228,500 $ 4,099,290
Titan Corp.*~ 555,600 9,000,720
--------------
13,100,010
--------------
LEISURE EQUIPMENT & PRODUCTS (1.0%)
RC2 Corp.*~ 246,300 8,029,380
--------------
MACHINERY (1.1%)
Kennametal, Inc. 167,300 8,326,521
--------------
MEDIA (3.2%)
aQuantive, Inc.*~ 1,282,900 11,469,126
Cumulus Media, Inc. Class A*~ 486,700 7,339,436
Lions Gate Entertainment Corp.*~ 528,400 5,611,608
--------------
24,420,170
--------------
METALS & MINING (1.3%)
GrafTech International, Ltd.*~ 1,053,100 9,962,326
--------------
OIL & GAS (4.1%)
Comstock Resources, Inc.*~ 370,700 8,173,935
Denbury Resources, Inc.*~ 305,100 8,374,995
Remington Oil & Gas Corp.*~ 283,200 7,717,200
Stone Energy Corp.*~ 160,500 7,236,945
--------------
31,503,075
--------------
PHARMACEUTICALS (3.8%)
Angiotech Pharmaceuticals, Inc.*~ 411,200 7,586,640
Inspire Phamaceuticals, Inc.*~ 523,800 8,784,126
Medicines Co.*~ 440,500 12,686,400
--------------
29,057,166
--------------
REAL ESTATE (0.7%)
HouseValues, Inc.*~ 371,400 5,578,428
--------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (8.7%)
Asyst Technologies, Inc.*~ 609,400 3,101,846
Axcelis Technologies, Inc.*~ 411,800 3,347,934
Cymer, Inc.*~ 200,100 5,910,954
Entegris, Inc.*~ 607,800 6,047,610
FormFactor, Inc.*~ 220,500 5,984,370
Genesis Microchip, Inc.*~ 584,000 9,472,480
Tessera Technologies, Inc.*~ 357,500 13,302,575
Trident Microsystems, Inc.*~ 407,500 6,813,400
Varian Semiconductor Equipment Associates, Inc.*~ 126,600 4,665,210
Zoran Corp.*~ 667,600 7,730,808
--------------
66,377,187
--------------
SOFTWARE (9.6%)
Activision, Inc.* 672,850 13,578,113
Agile Software Corp.*~ 431,700 3,526,989
</Table>
See Accompanying Notes to Financial Statements.
9
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
-------------- --------------
COMMON STOCKS
SOFTWARE
Hyperion Solutions Corp.*~ 188,200 $ 8,773,884
Informatica Corp.*~ 753,100 6,115,172
Quest Software, Inc.*~ 494,100 7,880,895
Radiant Systems, Inc.*~ 771,050 5,019,536
SkillSoft PLC ADR*~ 1,311,705 7,411,133
Take-Two Interactive Software, Inc.*~ 159,900 5,562,921
THQ, Inc.*~ 309,800 7,106,812
TIBCO Software, Inc.*~ 643,900 8,589,626
--------------
73,565,081
--------------
SPECIALTY RETAIL (5.1%)
Aaron Rents, Inc.~ 316,300 7,907,500
Cost Plus, Inc.*~ 240,200 7,717,626
Design Within Reach, Inc.*~ 499,100 7,261,905
Hot Topic, Inc.*~ 458,300 7,878,177
Sports Authority, Inc.*~ 311,800 8,028,850
--------------
38,794,058
--------------
TEXTILES & APPAREL (3.4%)
Deckers Outdoor Corp.*~ 175,800 8,260,842
K-Swiss, Inc. Class A~ 349,900 10,189,088
Warnaco Group, Inc.*~ 356,500 7,700,400
--------------
26,150,330
--------------
TOTAL COMMON STOCKS (Cost $645,838,151) 758,254,247
--------------
WARRANT (0.0%)
ELECTRONIC EQUIPMENT & INSTRUMENTS (0.0%)
APW, Ltd. expires 7/31/09*^
(Cost $0) 360 0
--------------
SHORT-TERM INVESTMENTS (26.4%)
State Street Navigator Prime Fund~~ 191,606,947 191,606,947
<Caption>
PAR
(000)
--------------
State Street Bank and Trust Co. Euro Time Deposit, 1.400%,
1/03/05 $ 11,007 11,007,000
--------------
TOTAL SHORT-TERM INVESTMENTS (Cost $202,613,947) 202,613,947
--------------
TOTAL INVESTMENTS AT VALUE (125.3%) (Cost $848,452,098) 960,868,194
LIABILITIES IN EXCESS OF OTHER ASSETS (-25.3%) (193,764,109)
--------------
NET ASSETS (100.0%) $ 767,104,085
==============
</Table>
INVESTMENT ABBREVIATIONS
ADR = American Depository Receipt
- ----------
* Non-income producing security.
^ Not readily marketable security; security is valued at fair value as
determined in good faith by, or under the direction of, the Board of
Trustees.
~ 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.
10
<Page>
CREDIT SUISSE TRUST -- SMALL CAP GROWTH PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
December 31, 2004
<Table>
ASSETS
Investments at value, including collateral for securities on loan
of $191,606,947 (Cost $848,452,098) (Note 1) $ 960,868,194(1)
Cash 252,946
Receivable for investments sold 514,121
Receivable for portfolio shares sold 175,459
Dividend and interest receivable 52,050
Prepaid expenses and other assets 40,992
---------------
Total Assets 961,903,762
---------------
LIABILITIES
Advisory fee payable (Note 2) 579,020
Administrative services fee payable (Note 2) 143,646
Payable upon return of securities loaned (Note 1) 191,606,947
Payable for portfolio shares redeemed 1,309,253
Payable for investments purchased 1,060,445
Other accrued expenses payable 100,366
---------------
Total Liabilities 194,799,677
---------------
NET ASSETS
Capital stock, $0.001 par value (Note 5) 50,138
Paid-in capital (Note 5) 851,846,123
Accumulated net realized loss on investments (197,208,272)
Net unrealized appreciation from investments 112,416,096
---------------
Net Assets $ 767,104,085
===============
Shares outstanding 50,137,710
---------------
Net asset value, offering price, and redemption price per share $ 15.30
===============
</Table>
- ----------
(1) Including $186,569,220 of securities on loan.
See Accompanying Notes to Financial Statements.
11
<Page>
CREDIT SUISSE TRUST -- SMALL CAP GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
For the Year Ended December 31, 2004
<Table>
INVESTMENT INCOME (NOTE 1)
Dividends $ 803,910
Interest 359,290
Securities lending 220,069
---------------
Total investment income 1,383,269
---------------
EXPENSES
Investment advisory fees (Note 2) 6,994,293
Administrative services fees (Note 2) 1,236,083
Custodian fees 89,779
Insurance expense 54,764
Printing fees (Note 2) 51,840
Audit fees 37,966
Legal fees 31,806
Commitment fees (Note 3) 20,766
Transfer agent fees 14,134
Trustees' fees 2,612
Miscellaneous expense 21,696
---------------
Total expenses 8,555,739
---------------
Net investment loss (7,172,470)
---------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain from investments 82,152,502
Net change in unrealized appreciation (depreciation) from investments (967,702)
---------------
Net realized and unrealized gain from investments 81,184,800
---------------
Net increase in net assets resulting from operations $ 74,012,330
===============
</Table>
See Accompanying Notes to Financial Statements.
12
<Page>
CREDIT SUISSE TRUST -- SMALL CAP GROWTH PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE YEAR FOR THE YEAR
ENDED ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003
----------------- -----------------
FROM OPERATIONS
Net investment loss $ (7,172,470) $ (5,817,635)
Net realized gain (loss) on investments 82,152,502 (767,560)
Net change in unrealized appreciation (depreciation) from
investments (967,702) 244,451,934
----------------- -----------------
Net increase in net assets resulting from operations 74,012,330 237,866,739
----------------- -----------------
FROM CAPITAL SHARE TRANSACTIONS (NOTE 5)
Proceeds from sale of shares 74,556,645 146,699,021
Net asset value of shares redeemed (156,812,085) (110,831,643)
----------------- -----------------
Net increase (decrease) in net assets from capital
share transactions (82,255,440) 35,867,378
----------------- -----------------
Net increase (decrease) in net assets (8,243,110) 273,734,117
NET ASSETS
Beginning of year 775,347,195 501,613,078
----------------- -----------------
End of year $ 767,104,085 $ 775,347,195
================= =================
</Table>
See Accompanying Notes to Financial Statements.
13
<Page>
CREDIT SUISSE TRUST -- SMALL CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Year)
<Table>
<Caption>
FOR THE YEAR ENDED DECEMBER 31,
--------------------------------------------------------------------------
2004 2003 2002 2001 2000(1)
------------ ------------ ------------ ------------ --------------
PER SHARE DATA
Net asset value, beginning of year $ 13.80 $ 9.29 $ 14.01 $ 16.68 $ 26.20
------------ ------------ ------------ ------------ --------------
INVESTMENT OPERATIONS
Net investment loss (0.14) (0.10) (0.11) (0.10) (0.15)
Net gain (loss) on investments
(both realized and unrealized) 1.64 4.61 (4.61) (2.57) (4.60)
------------ ------------ ------------ ------------ --------------
Total from investment operations 1.50 4.51 (4.72) (2.67) (4.75)
------------ ------------ ------------ ------------ --------------
LESS DISTRIBUTIONS
Distributions from net realized gains -- -- -- -- (4.77)
------------ ------------ ------------ ------------ --------------
NET ASSET VALUE, END OF YEAR $ 15.30 $ 13.80 $ 9.29 $ 14.01 $ 16.68
============ ============ ============ ============ ==============
Total return(2) 10.87% 48.55% (33.69)% (16.01)% (18.11)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 767,104 $ 775,347 $ 501,613 $ 864,819 $ 1,101,182
Ratio of expenses to average net assets(3) 1.10% 1.12% 1.14% 1.12% 1.13%
Ratio of net investment loss to average
net assets (0.92)% (0.97)% (0.94)% (0.73)% (0.57)%
Portfolio turnover rate 99% 76% 69% 91% 85%
</Table>
- ----------
(1) Certain distribution amounts have been reclassified to conform to the
current year presentation.
(2) Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions.
(3) Interest earned on uninvested cash balances may be used to offset portions
of the transfer agent expense. These arrangements resulted in a reduction
to the Portfolio's net expense ratio by .02% for the year ended December
31, 2000. The Portfolio's net operating expense ratio after reflecting
these arrangements was 1.11% for the year ended December 31, 2000. For the
years ended December 31, 2004, 2003, 2002 and 2001, there was no effect on
the net operating expense ratio because of transfer agent credits.
See Accompanying Notes to Financial Statements.
14
<Page>
CREDIT SUISSE TRUST -- SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2004
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Credit Suisse Trust (the "Trust") is an open-end management investment
company registered under the Investment Company Act of 1940, as amended (the
"1940 Act"), and currently offers eight managed investment portfolios of which
one, the Small Cap Growth Portfolio (the "Portfolio"), is included in this
report. The Portfolio is a diversified investment fund that seeks capital
growth. Shares of the Portfolio are not available directly to individual
investors but may be offered only through (a) variable annuity contracts and
variable life insurance contracts offered by separate accounts of certain
insurance companies and (b) tax-qualified pension and retirement plans. The
Portfolio may not be available in connection with a particular contract or plan.
The Trust was organized under laws of the Commonwealth of Massachusetts as a
business trust on March 15, 1995.
A) SECURITY VALUATION -- The net asset value of the Portfolio is determined
daily as of the close of regular trading on the New York Stock Exchange, Inc.
(the "Exchange") on each day the Exchange is open for business. The Portfolio's
equity investments are valued at market value, which is generally determined
using the closing price on the exchange or market on which the security is
primarily traded at the time of valuation (the "Valuation Time"). If no sales
are reported, equity investments are generally valued at the most recent bid
quotation as of the Valuation Time or at the lowest asked quotation in the case
of a short sale of securities. Debt securities with a remaining maturity greater
than 60 days are valued in accordance with the price supplied by a pricing
service, which may use a matrix, formula or other objective method that takes
into consideration market indices, yield curves and other specific adjustments.
Debt obligations that will mature in 60 days or less are valued on the basis of
amortized cost, which approximates market value, unless it is determined that
using this method would not represent fair value. Securities and other assets
for which market quotations are not readily available, or whose values have been
materially affected by events occurring before the Portfolio's Valuation Time
but after the close of the securities' primary markets, are valued at fair value
as determined in good faith by, or under the direction of, the Board of Trustees
under procedures established by the Board of Trustees. The Portfolio may utilize
a service provided by an independent third party which has been approved by the
Board of Trustees to fair value certain securities.
B) SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted for on a trade date basis. Interest income is recorded on the accrual
basis. Dividends are recorded on the ex-dividend date. The cost of investments
sold is determined by use of the specific identification method for both
financial reporting and income tax purposes.
15
<Page>
C) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net
investment income and distributions of net realized capital gains, if any, are
declared and paid at least annually. However, to the extent that a net realized
capital gain can be reduced by a capital loss carryforward, such gain will not
be distributed. Income and capital gain distributions are determined in
accordance with federal income tax regulations, which may differ from accounting
principles generally accepted in the United States of America ("GAAP").
D) FEDERAL INCOME TAXES -- No provision is made for federal taxes as it is
the Trust's intention to have the Portfolio continue to qualify for and elect
the tax treatment applicable to regulated investment companies under the
Internal Revenue Code of 1986, as amended, and to make the requisite
distributions to its shareholders, which will be sufficient to relieve it from
federal income and excise taxes.
E) USE OF ESTIMATES -- The preparation of financial statements in conformity
with GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Actual results could
differ from these estimates.
F) SHORT-TERM INVESTMENTS -- The Portfolio, together with other
funds/portfolios advised by Credit Suisse Asset Management, LLC ("CSAM") an
indirect, wholly-owned subsidiary of Credit Suisse Group, pools available cash
into either a short-term variable rate time deposit issued by State Street Bank
and Trust Company ("SSB"), the Portfolio's custodian, or a money market fund
advised by CSAM. The short-term time deposit issued by SSB is a variable rate
account classified as a short-term investment.
G) SECURITIES LENDING -- Loans of securities are required at all times to be
secured by collateral at least equal to 102% of the market value of domestic
securities on loan (including any accrued interest thereon) and 105% of the
market value of foreign securities on loan (including any accrued interest
thereon). Cash collateral received by the Portfolio in connection with
securities lending activity 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
Portfolio's 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.
16
<Page>
The market value of securities on loan to brokers and the value of collateral
held by the Portfolio with respect to such loans at December 31, 2004 is as
follows:
<Table>
<Caption>
MARKET VALUE OF VALUE OF
SECURITIES LOANED COLLATERAL RECEIVED
----------------- -------------------
$ 186,569,220 $ 191,606,947
</Table>
Prior to March 17, 2004, Credit Suisse First Boston ("CSFB"), an affiliate of
CSAM, had been engaged by the Portfolio to act as the Portfolio's securities
lending agent.
Effective March 17, 2004, SSB has been engaged by the Portfolio to act as the
Portfolio's securities lending agent. The Portfolio's securities lending
arrangement provides that the Portfolio and SSB will share the net income earned
from the securities lending activities, with the Portfolio 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 Portfolio may also be entitled to
certain minimum amounts of income from its securities lending activities.
Securities lending income is accrued as earned.
H) OTHER -- The Portfolio may invest up to 15% of its net assets in
non-publicly traded securities. Non-publicly traded securities may be less
liquid than publicly traded securities. Although these securities may be resold
in privately negotiated transactions, the prices realized from such sales could
differ from the price originally paid by the Portfolio or the current carrying
values, and the difference could be material.
NOTE 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
CSAM serves as investment adviser for the Portfolio. For its investment
advisory services, CSAM is entitled to receive a fee from the Portfolio at an
annual rate of 0.90% of the average daily net assets of the Portfolio. For the
year ended December 31, 2004, investment advisory fees earned were $6,994,293.
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of
CSAM, and SSB serve as co-administrators to the Portfolio.
For its co-administrative services, CSAMSI currently receives a fee
calculated at an annual rate of 0.10% of the average daily net assets of the
Portfolio. For the year ended December 31, 2004, co-administrative services fees
earned by CSAMSI were $777,148.
17
<Page>
For its co-administrative services, SSB receives a fee, exclusive of
out-of-pocket expenses, based upon the following fee schedule calculated in
total for all the Credit Suisse funds/portfolios co-administered by SSB and
allocated based upon relative average net assets of each fund/portfolio subject
to an annual minimum fee.
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ ---------------------------------
First $5 billion 0.050% of average daily net assets
Next $5 billion 0.035% of average daily net assets
Over $10 billion 0.020% of average daily net assets
</Table>
For the year ended December 31, 2004, co-administrative services fees earned
by SSB (including out-of-pocket expenses) were $458,935.
In addition to serving as the Portfolio's co-administrator, CSAMSI currently
serves as distributor of the Portfolio's shares without compensation.
For the period January 1, 2004 to March 16, 2004, CSFB received $2,552 in
fees for its securities lending activities.
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Portfolio to provide certain financial printing and fulfillment services.
For the year ended December 31, 2004, Merrill was paid $12,656 for its services
to the Portfolio.
NOTE 3. LINE OF CREDIT
The Portfolio, together with other funds/portfolios advised by CSAM
(collectively, the "Participating Funds"), participates in a $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
December 31, 2004 and during the year ended December 31, 2004, the Portfolio had
no borrowings under the Credit Facility.
18
<Page>
NOTE 4. PURCHASES AND SALES OF SECURITIES
For the year ended December 31, 2004, purchases and sales of investment
securities (excluding short-term investments) were $728,755,813 and
$795,817,692, respectively.
NOTE 5. CAPITAL SHARE TRANSACTIONS
The Trust is authorized to issue an unlimited number of full and fractional
shares of beneficial interest, $.001 par value per share. Transactions in
capital shares of the Portfolio were as follows:
<Table>
<Caption>
FOR THE YEAR ENDED FOR THE YEAR ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003
------------------ ------------------
Shares sold 5,103,557 12,617,432
Shares redeemed (11,169,224) (10,401,597)
------------ ------------
Net increase (decrease) (6,065,667) 2,215,835
============ ============
</Table>
On December 31, 2004, the number of shareholders that held 5% or more of the
outstanding shares of the Portfolio were as follows:
<Table>
<Caption>
NUMBER OF APPROXIMATE PERCENTAGE
SHAREHOLDERS OF OUTSTANDING SHARES
------------ ---------------------
3 85%
</Table>
Some of the shareholders are omnibus accounts, which hold shares on behalf of
individual shareholders.
NOTE 6. FEDERAL INCOME TAXES
Income and capital gain distributions are determined in accordance with
federal income tax regulations, which may differ from GAAP. These differences
are primarily due to differing treatments of losses deferred due to net
operating losses and wash sales.
At December 31, 2004, the components of distributable earnings on a tax basis
for the Portfolio were as follows:
<Table>
Accumulated net realized loss $ (195,345,355)
Unrealized appreciation 110,553,179
---------------
$ (84,792,176)
===============
</Table>
19
<Page>
At December 31, 2004, the Portfolio had capital loss carryforwards available
to offset possible future capital gains as follows:
<Table>
<Caption>
EXPIRES DECEMBER 31,
----------------------------------------------
2009 2010 2011
------------- ------------- ------------
$ 96,858,400 $ 93,228,766 $ 5,258,189
</Table>
During the tax year ended December 31, 2004, the Portfolio has utilized
$80,575,738 of the capital loss carryforward.
At December 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 $850,315,017, $141,837,961,
($31,284,784) and $110,553,177, respectively.
At December 31, 2004, the Portfolio reclassified $7,172,470 from paid-in
capital to undistributed net investment loss, to adjust for current period
permanent book/tax differences which arose principally from differing book/tax
treatments of net operating losses. Net assets were not affected by these
reclassifications.
NOTE 7. CONTINGENCIES
In the normal course of business, the Portfolio may provide general
indemnifications pursuant to certain contracts and organizational documents. The
Portfolio's maximum exposure under these arrangements is dependent on future
claims that may be made against the Portfolio and, therefore, cannot be
estimated; however, based on experience, the risk of loss from such claims is
considered remote.
20
<Page>
CREDIT SUISSE TRUST -- SMALL CAP GROWTH PORTFOLIO
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of Credit Suisse Trust and Shareholders of Credit
Suisse Trust -- Small Cap Growth Portfolio:
In our opinion, the accompanying statement of assets and liabilities,
including the schedule of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Small Cap Growth Portfolio (the
"Portfolio"), a portfolio of the Credit Suisse Trust, at December 31, 2004, the
results of its operations for the year then ended, the changes in its net assets
for each of the two years in the period then ended and the financial highlights
for each of the five years in the period then ended, in conformity with
accounting principles generally accepted in the United States of America. These
financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Portfolio's management;
our responsibility is to express an opinion on these financial statements based
on our audits. We conducted our audits of these financial statements in
accordance with 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 December 31, 2004 by
correspondence with the custodian and brokers, provide a reasonable basis for
our opinion.
PricewaterhouseCoopers LLP
Baltimore, Maryland
February 7, 2005
21
<Page>
CREDIT SUISSE TRUST -- SMALL CAP GROWTH PORTFOLIO
INFORMATION CONCERNING TRUSTEES AND OFFICERS (UNAUDITED)
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ----------------------- ------------- ------------ ----------------------------- ------------- ------------------------
INDEPENDENT TRUSTEES
Richard H. Francis Trustee, Since Currently retired 41 None
c/o Credit Suisse Asset Nominating 1999
Management, LLC and
466 Lexington Avenue Audit
New York, New York Committee
10017-3140 Member
Date of Birth: 04/23/32
Jeffrey E. Garten Trustee, Since Dean of Yale School of 40 Director of Aetna, Inc.
Box 208200 Nominating 1998(2) Management and (insurance company); Director
New Haven, Connecticut and William S. Beinecke of Calpine Corporation (energy
06520-8200 Audit Professor in the Practice provider); Director of CarMax
Committee of International Trade Group (used car dealers).
Date of Birth: 10/29/46 Member and Finance from
November 1995 to
present.
Peter F. Krogh Trustee, Since Dean Emeritus and 40 Director of Carlisle Companies
301 ICC Nominating 2001 Distinguished Professor of Incorporated (diversified
Georgetown University Committee International Affairs at the manufacturing company).
Washington, DC 20057 Chairman and Edmund A. Walsh School of
Audit Foreign Service, Georgetown
Date of Birth: 02/11/37 Committee University from June 1995 to
Member present.
James S. Pasman, Jr. Trustee, Since Currently retired 42 Director of Education
c/o Credit Suisse Asset Nominating 1999 Management Corp.
Management, LLC and Audit
466 Lexington Avenue Committee
New York, New York Member
10017-3140
Date of Birth: 12/20/30
</Table>
- ----------
(1) Each Trustee and Officer serves until his or her respective successor has
been duly elected and qualified.
(2) Mr. Garten was initially appointed as a Trustee of the Trust on February 6,
1998. He resigned as Trustee on February 3, 2000, and was subsequently
re-appointed on December 21, 2000.
22
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ------------------------- ------------- ------------ ------------------------------ ------------- ------------------------
INDEPENDENT TRUSTEES
Steven N. Rappaport Trustee, Since Partner of Lehigh Court, LLC 42 Director of Presstek, Inc.
Lehigh Court, LLC Nominating 1999 and RZ Capital (private (digital imaging technologies
40 East 52nd Street Committee investment firms) from July company); Director of Wood
New York, New York Member and 2002 to present; Transition Resources, LLC (plywood
10022 Audit Adviser to SunGard Securities manufacturing company).
Committee Finance, Inc. from February
Date of Birth: 07/10/48 Chairman 2002 to July 2002; President
of SunGard Securities Finance,
Inc. from 2001 to February
2002; President of Loanet,
Inc. (on-line accounting
service) from 1997 to 2001.
INTERESTED TRUSTEES
Michael E. Kenneally(3) Chairman Since Chairman and Global Chief 44 None
Credit Suisse Asset and Chief 2004 Executive Officer of CSAM
Management, LLC Executive since 2003; Chairman and
466 Lexington Avenue Officer Chief Investment Officer
New York, New York of Banc of America
10017-3140 Capital Management from
1998 to March 2003.
Date of Birth: 03/30/54
William W. Priest(4) Trustee Since Chief Executive Officer 47 Director of Globe
Epoch Investment Partners 1999 of J Net Enterprises, Wireless, LLC (maritime
667 Madison Avenue Inc. (technology holdings communication company);
New York, New York company) since June 2004; Director of InfraRed X
10021 Chief Executive Officer (medical device company);
of Epoch Investment Director of J Net
Date of Birth: 09/24/41 Partners, Inc. since Enterprises, Inc.
April 2004; Co-Managing
Partner, Steinberg Priest
& Sloane 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. Kenneally is a Trustee who is an "interested person" of the Trust as
defined in the 1940 Act because he is an officer of CSAM.
(4) Mr. Priest is a Trustee who is an "interested person" of the Trust as
defined in the 1940 Act because he provided consulting services to CSAM
within the last two years (ended 12/31/02).
23
<Page>
<Table>
<Caption>
TERM
OF OFFICE(1)
AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH TRUST SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- ------------------------- ----------------- ------------ ---------------------------------------------------------
OFFICERS
Michael A. Pignataro Chief Financial Since Director and Director of Fund Administration of CSAM;
Credit Suisse Asset Officer and 1999 Associated with CSAM since 1984; Officer of other Credit
Management, LLC Treasurer Suisse Funds.
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 11/15/59
Emidio Morizio Chief Since Director and Global Head of Compliance of CSAM; Associated
Credit Suisse Asset Compliance 2004 with CSAM since July 2000; Vice President and Director of
Management, LLC Officer Compliance of Forstmann-Leff Associates from 1998 to June
466 Lexington Avenue 2000; Officer of other Credit Suisse Funds.
New York, New York
10017-3140
Date of Birth: 09/21/66
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 from
New York, New York June 1997 to September 2000; Officer of other Credit Suisse
10017-3140 Funds.
Date of Birth: 08/14/70
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 Willkie
Management, LLC Farr & Gallagher LLP from 1998 to 2003; Officer of other
466 Lexington Avenue 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
800-222-8977.
24
<Page>
CREDIT SUISSE TRUST -- SMALL CAP GROWTH PORTFOLIO
PROXY POLICY AND PORTFOLIO HOLDINGS INFORMATION
Information regarding how the Portfolio voted proxies related to its
portfolio securities during the 12-month period ended June 30, 2004 as well as
the policies and procedures that the Portfolio uses to determine how to vote
proxies relating to its portfolio securities are available:
- By calling 1-800-222-8977
- On the Portfolio's website, www.csam.com/us
- On the website of the Securities and Exchange Commission,
http://www.sec.gov.
The Portfolio 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
Portfolio's 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.
25
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<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
P.O. BOX 55030, BOSTON, MA 02205-5030
800-222-8977 - www.csam.com/us
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. TRSCG-2-1204
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE FUNDS
ANNUAL REPORT
DECEMBER 31, 2004
CREDIT SUISSE TRUST
- - MID-CAP GROWTH PORTFOLIO
CREDIT SUISSE TRUST (THE "TRUST") SHARES ARE NOT AVAILABLE DIRECTLY TO
INDIVIDUAL INVESTORS, BUT MAY BE OFFERED ONLY THROUGH CERTAIN INSURANCE PRODUCTS
AND PENSION AND RETIREMENT PLANS.
THE TRUST'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES (WHICH SHOULD BE
CONSIDERED CAREFULLY BEFORE INVESTING), AND MORE COMPLETE INFORMATION ABOUT THE
TRUST, ARE PROVIDED IN THE PROSPECTUS, WHICH SHOULD BE READ CAREFULLY BEFORE
INVESTING. YOU MAY OBTAIN ADDITIONAL COPIES BY CALLING 800-222-8977 OR BY
WRITING TO CREDIT SUISSE TRUST, P.O. BOX 55030, BOSTON, MA 02205-5030.
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR, IS LOCATED AT 466
LEXINGTON AVE., NEW YORK, NY 10017-3140. THE TRUST IS ADVISED BY CREDIT SUISSE
ASSET MANAGEMENT, LLC.
<Page>
THE VIEWS OF THE PORTFOLIO'S MANAGEMENT ARE AS OF THE DATE OF THE LETTER AND THE
PORTFOLIO HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF DECEMBER 31, 2004; THESE
VIEWS AND PORTFOLIO HOLDINGS MAY HAVE CHANGED SUBSEQUENT TO THESE DATES. NOTHING
IN THIS DOCUMENT IS A RECOMMENDATION TO PURCHASE OR SELL SECURITIES.
PORTFOLIO SHARES ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF CREDIT SUISSE ASSET
MANAGEMENT, LLC ("CSAM") OR ANY AFFILIATE, ARE NOT FDIC-INSURED AND ARE NOT
GUARANTEED BY CSAM OR ANY AFFILIATE. PORTFOLIO INVESTMENTS ARE SUBJECT TO
INVESTMENT RISKS, INCLUDING LOSS OF YOUR INVESTMENT.
<Page>
CREDIT SUISSE TRUST -- MID-CAP GROWTH PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT
December 31, 2004 (unaudited)
January 28, 2005
Dear Shareholder:
For the 12 months ended December 31, 2004, Credit Suisse Trust -- Mid-Cap
Growth Portfolio(1) (the "Portfolio") had a gain of 13.12%, versus increases of
14.59% for the Russell 2500(TM) Growth Index(2) and 15.48% for the Russell
Midcap(R) Growth Index.(3)
THE MARKET: SOFT SUMMER, STRONG FOURTH QUARTER
The US equity market began the period on a positive note, continuing a rally
fueled by optimism over the economy and corporate profit growth. However, the
market quickly encountered headwinds, mostly in the form of domestic and
international political uncertainty, worries over rising interest rates and a
surge in oil prices. Stocks languished into late October, but ended the year on
a bright note when a decisive presidential election, better employment numbers
and benign inflation helped ease risk concerns.
Growth stocks advanced but lagged value stocks for the 12 months, reflecting
the outperformance of energy and industrial-type companies, which comprise a
larger share of the value universe. Broadly, small and mid-cap equities
outperformed large caps, a trend often (but not always) seen in the early stages
of economic recovery and amid low interest rates.
STRATEGIC REVIEW: TECHNOLOGY OUTPERFORMS WHILE CONSUMER, HEALTH CARE LAG
The Portfolio had a gain but underperformed its benchmarks. Stocks that
hindered the Portfolio's relative performance included its holdings in the
consumer discretionary sector. Netflix, an online DVD rental company, declined
as its business model became a rapid success, drawing the attention of potential
competitors and forcing the company to lower its fees. We decided to eliminate
the position late in the period. The Portfolio's health care stocks collectively
advanced but underperformed. In addition, the Portfolio's
semiconductor-equipment stocks fell amid a broad selloff in the group, hampering
our performance in the producer durables sector. We selectively reduced our
semiconductor exposure in the latter part of the period.
On the positive side, stock selection in the technology sector was a
contributor to relative performance. Noteworthy gainers here included Tessera
Technologies (1.3% of the Portfolio as of December 31, 2004), an intellectual
property rights company catering to electronics chip makers. It benefited from a
favorable settlement in a copyright infringement dispute. The Portfolio's
materials holdings also added value, paced by Monsanto (1.9% of the Portfolio as
of December 31, 2004), a leader in the expanding area of bioengineered
agriculture.
1
<Page>
GOING FORWARD: FOCUS ON COMPANY SELECTION
Stocks we added recently to the Portfolio included NCR (1.8% of the Portfolio
as of December 31, 2004), a manufacturer of ATM machines and cash registers. The
company's growth should be supported, in our view, by new ATM unit sales across
the country, as well as by an upgrade cycle of existing ATM units that could
extend for three or more years.
Another recent purchase was Macromedia (2.1% of the Portfolio as of December
31, 2004), whose software products are used in the creation of interactive Web
publishing. We see potential growth catalysts in the upgrade of its major
product -- which accounts for about two-thirds of the company's revenues at
present -- and a new product making inroads to the wireless telecommunications
area. One noteworthy sale we made late in the period was Starbucks. After a
period of strong performance that pushed the stock into large-cap territory, we
eliminated the position and redeployed assets to more attractively priced stocks
in the mid-cap area.
Looking ahead, we expect that against a backdrop of modest economic growth
and amid generally compressed stock valuations, individual company selection
should prove critical to performance over the next year. We think the mid cap
space offers compelling opportunities, given the number of relatively
underfollowed companies that we believe nonetheless offer liquidity in the
market.
The Credit Suisse Mid-Cap Growth Team
Marion U. Pardo
Leo M. Bernstein
Calvin E. Chung
Eric M. Wiegand
INVESTING IN SMALL TO MEDIUM-SIZED COMPANIES MAY BE MORE VOLATILE AND LESS
LIQUID THAN INVESTMENTS IN LARGER COMPANIES.
IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING
STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKET,
INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT REGULATION AND
THEIR POTENTIAL IMPACT ON THE PORTFOLIO'S INVESTMENTS. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
2
<Page>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE
CREDIT SUISSE TRUST -- MID-CAP GROWTH PORTFOLIO(1),
THE RUSSELL 2500(TM) GROWTH INDEX(2), AND THE RUSSELL MIDCAP(R)
GROWTH INDEX(3) FROM INCEPTION (9/13/99).
<Table>
<Caption>
CREDIT SUISSE TRUST -- RUSSELL 2500(TM) RUSSELL MIDCAP(R)
MID-CAP GROWTH PORTFOLIO(1) GROWTH INDEX(2) GROWTH INDEX(3)
9/13/1999 $ 10,000 $ 10,000 $ 10,000
9/30/1999 $ 9,530 $ 9,568 $ 9,508
10/31/1999 $ 9,950 $ 10,034 $ 10,243
11/30/1999 $ 11,200 $ 11,219 $ 11,304
12/31/1999 $ 13,195 $ 13,334 $ 13,261
1/31/2000 $ 13,286 $ 13,260 $ 13,259
2/29/2000 $ 17,233 $ 16,661 $ 16,046
3/31/2000 $ 15,961 $ 15,354 $ 16,062
4/30/2000 $ 13,791 $ 13,858 $ 14,502
5/31/2000 $ 12,862 $ 12,624 $ 13,445
6/30/2000 $ 14,831 $ 14,293 $ 14,871
7/31/2000 $ 14,033 $ 13,122 $ 13,930
8/31/2000 $ 15,406 $ 14,832 $ 16,031
9/30/2000 $ 15,174 $ 13,873 $ 15,247
10/31/2000 $ 14,134 $ 13,015 $ 14,204
11/30/2000 $ 11,923 $ 10,536 $ 11,117
12/31/2000 $ 12,993 $ 11,189 $ 11,703
1/31/2001 $ 12,892 $ 11,914 $ 12,372
2/28/2001 $ 10,952 $ 10,075 $ 10,231
3/31/2001 $ 9,821 $ 8,961 $ 8,767
4/30/2001 $ 11,074 $ 10,326 $ 10,229
5/31/2001 $ 10,912 $ 10,626 $ 10,181
6/30/2001 $ 11,266 $ 10,867 $ 10,186
7/31/2001 $ 10,659 $ 10,066 $ 9,499
8/31/2001 $ 10,084 $ 9,397 $ 8,810
9/30/2001 $ 8,871 $ 7,925 $ 7,354
10/31/2001 $ 9,528 $ 8,707 $ 8,127
11/30/2001 $ 10,387 $ 9,459 $ 9,002
12/31/2001 $ 10,862 $ 9,978 $ 9,345
1/31/2002 $ 10,366 $ 9,551 $ 9,041
2/28/2002 $ 9,780 $ 8,961 $ 8,528
3/31/2002 $ 10,407 $ 9,682 $ 9,179
4/30/2002 $ 10,195 $ 9,361 $ 8,694
5/31/2002 $ 9,740 $ 8,889 $ 8,435
6/30/2002 $ 9,043 $ 8,072 $ 7,503
7/31/2002 $ 7,790 $ 7,070 $ 6,774
8/31/2002 $ 7,790 $ 7,068 $ 6,750
9/30/2002 $ 7,275 $ 6,534 $ 6,214
10/31/2002 $ 7,689 $ 6,909 $ 6,696
11/30/2002 $ 8,154 $ 7,552 $ 7,220
12/31/2002 $ 7,679 $ 7,075 $ 6,784
1/31/2003 $ 7,689 $ 6,921 $ 6,718
2/28/2003 $ 7,578 $ 6,759 $ 6,659
3/31/2003 $ 7,679 $ 6,848 $ 6,783
4/30/2003 $ 8,214 $ 7,446 $ 7,245
5/31/2003 $ 9,013 $ 8,235 $ 7,942
6/30/2003 $ 9,215 $ 8,405 $ 8,056
7/31/2003 $ 9,639 $ 8,964 $ 8,343
8/31/2003 $ 10,185 $ 9,445 $ 8,803
9/30/2003 $ 9,831 $ 9,242 $ 8,632
10/31/2003 $ 10,781 $ 10,001 $ 9,328
11/30/2003 $ 11,013 $ 10,339 $ 9,578
12/31/2003 $ 11,013 $ 10,351 $ 9,682
1/31/2004 $ 11,619 $ 10,782 $ 10,002
2/29/2004 $ 11,761 $ 10,883 $ 10,170
3/31/2004 $ 11,943 $ 10,921 $ 10,150
4/30/2004 $ 11,306 $ 10,458 $ 9,864
5/31/2004 $ 11,498 $ 10,675 $ 10,097
6/30/2004 $ 11,741 $ 10,936 $ 10,258
7/31/2004 $ 10,750 $ 10,080 $ 9,578
8/31/2004 $ 10,437 $9,877 $ 9,461
9/30/2004 $ 10,841 $ 10,322 $ 9,814
10/31/2004 $ 11,245 $ 10,616 $ 10,146
11/30/2004 $ 11,842 $ 11,319 $ 10,670
12/31/2004 $ 12,458 $ 11,862 $ 11,181
</Table>
AVERAGE ANNUAL RETURNS AS OF DECEMBER 31, 2004(1)
<Table>
<Caption>
1 YEAR 5 YEAR SINCE INCEPTION
------ ------ ---------------
13.12% (1.14)% 4.23%
</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 PORTFOLIO MAY BE LOWER OR HIGHER
THAN THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL FLUCTUATE, AND REDEMPTION
VALUE MAY BE MORE OR LESS THAN ORIGINAL COST. THE PERFORMANCE RESULTS DO NOT
REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON PORTFOLIO
DISTRIBUTIONS OR THE REDEMPTION OF PORTFOLIO SHARES. PERFORMANCE INCLUDES THE
EFFECT OF DEDUCTING EXPENSES, BUT DOES NOT INCLUDE CHARGES AND EXPENSES
ATTRIBUTABLE TO ANY PARTICULAR VARIABLE CONTRACT OR PLAN. ACCORDINGLY, THE
PROSPECTUS OF THE SPONSORING PARTICIPATING INSURANCE COMPANY SEPARATE ACCOUNT OR
PLAN DOCUMENTS OR OTHER INFORMATIONAL MATERIALS SUPPLIED BY PLAN SPONSORS SHOULD
BE CAREFULLY REVIEWED FOR INFORMATION ON RELEVANT CHARGES AND EXPENSES.
EXCLUDING THESE CHARGES AND EXPENSES FROM QUOTATIONS OF PERFORMANCE HAS THE
EFFECT OF INCREASING THE PERFORMANCE QUOTED, AND THE EFFECT OF THESE CHARGES
SHOULD BE CONSIDERED WHEN COMPARING PERFORMANCE TO THAT OF OTHER MUTUAL FUNDS.
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
Portfolio, without which performance would be lower. Waivers and/or
reimbursements may be discontinued at any time.
(2) The Russell 2500(TM) Growth Index measures the performance of those
companies in the Russell 2500(TM) Index with higher price-to-book ratios
and higher forecasted growth values. It is an unmanaged index of common
stocks that includes reinvestment of dividends and is compiled by Frank
Russell Company. Investors cannot invest directly in an index.
(3) The Russell Midcap(R) Growth Index measures the performance of those
companies in the Russell Midcap(R) Index with higher price-to-book ratios
and higher forecasted growth values. The stocks are also members of the
Russell 1000(R) Growth Index. It is an unmanaged index of common stocks
that includes reinvestment of dividends and is compiled by Frank Russell
Company. Investors cannot invest directly in an index.
3
<Page>
INFORMATION ABOUT YOUR PORTFOLIO'S EXPENSES
As an investor of the Portfolio, you incur two types of costs: ongoing
expenses and transaction costs. Ongoing expenses include management fees,
distribution and service (12b-1) fees and other Portfolio 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 Portfolio 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 December 31, 2004.
The table illustrates your Portfolio's expenses in two ways:
- ACTUAL PORTFOLIO RETURN. This helps you estimate the actual dollar amount
of ongoing expenses paid on a $1,000 investment in the Portfolio using the
Portfolio'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% PORTFOLIO RETURN. This helps you to compare your
Portfolio's ongoing expenses with those of other mutual funds using the
Portfolio's actual expense ratio and a hypothetical rate of return of 5%
per year before expenses. Examples using a 5% hypothetical portfolio
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.
4
<Page>
EXPENSES AND VALUE OF A $1,000 INVESTMENT
FOR THE SIX-MONTH PERIOD ENDED DECEMBER 31, 2004
<Table>
ACTUAL PORTFOLIO RETURN
Beginning Account Value 7/01/04 $ 1,000.00
Ending Account Value 12/31/04 $ 1,061.10
Expenses Paid per $1,000* $ 6.48
HYPOTHETICAL 5% PORTFOLIO RETURN
Beginning Account Value 7/01/04 $ 1,000.00
Ending Account Value 12/31/04 $ 1,018.85
Expenses Paid per $1,000* $ 6.34
ANNUALIZED EXPENSE RATIOS* 1.25%
</Table>
- ----------
* EXPENSES ARE EQUAL TO THE PORTFOLIO'S ANNUALIZED EXPENSE RATIO 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 PORTFOLIO 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
PORTFOLIO'S ACTUAL EXPENSES WOULD HAVE BEEN HIGHER.
For more information, please refer to the Portfolio's prospectus.
5
<Page>
[CHART]
SECTOR BREAKDOWN*
<Table>
Consumer Discretionary 25.80%
Technology 20.30%
Health Care 16.60%
Financial Services 8.20%
Short-Term Investments 7.10%
Other Energy 5.40%
Producer Durables 5.10%
Materials & Processing 4.50%
Autos & Transportation 2.90%
Utilities 2.20%
Consumer Staples 1.90%
</Table>
- ----------
* The Portfolio's sector breakdown is expressed as a percentage of total
investments (excluding security lending collateral) and may vary over time.
6
<Page>
CREDIT SUISSE TRUST -- MID-CAP GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 2004
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------------- ---------------
COMMON STOCKS (93.2%)
AEROSPACE & DEFENSE (4.0%)
Alliant Techsystems, Inc.* 8,800 $ 575,344
Goodrich Corp. 16,800 548,352
L-3 Communications Holdings, Inc. 8,000 585,920
---------------
1,709,616
---------------
AUTO COMPONENTS (1.6%)
Autoliv, Inc. 13,700 661,710
---------------
BIOTECHNOLOGY (6.3%)
Celgene Corp.*~ 10,900 289,177
Charles River Laboratories International, Inc.* 13,700 630,337
Genzyme Corp.* 17,800 1,033,646
ImClone Systems, Inc.* 8,100 373,248
Martek Biosciences Corp.*~ 7,000 358,400
---------------
2,684,808
---------------
CHEMICALS (3.0%)
Crompton Corp. 34,300 404,740
Monsanto Co. 16,000 888,800
---------------
1,293,540
---------------
COMMERCIAL SERVICES & SUPPLIES (3.2%)
Advance America Cash Advance Centers, Inc.* 2,400 54,960
Corporate Executive Board Co. 10,300 689,482
Monster Worldwide, Inc.* 17,600 592,064
---------------
1,336,506
---------------
COMMUNICATIONS EQUIPMENT (3.8%)
Avaya, Inc.* 36,500 627,800
Comverse Technology, Inc.* 23,700 579,465
Juniper Networks, Inc.* 14,600 396,974
---------------
1,604,239
---------------
COMPUTERS & PERIPHERALS (6.1%)
ATI Technologies, Inc.* 22,000 426,580
Avid Technology, Inc.* 7,400 456,950
Lexmark International, Inc. Class A* 7,500 637,500
NCR Corp.* 12,200 844,606
Network Appliance, Inc.* 6,200 205,964
---------------
2,571,600
---------------
CONTAINERS & PACKAGING (1.5%)
Ball Corp. 14,100 620,118
---------------
DIVERSIFIED FINANCIALS (5.0%)
Chicago Mercantile Exchange~ 2,800 640,360
E*TRADE Financial Corp.* 54,100 808,795
Providian Financial Corp.* 40,200 662,094
---------------
2,111,249
---------------
</Table>
See Accompanying Notes to Financial Statements.
7
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------------- ---------------
COMMON STOCKS
ELECTRONIC EQUIPMENT & INSTRUMENTS (1.3%)
Broadcom Corp. Class A* 17,000 $ 548,760
---------------
ENERGY EQUIPMENT & SERVICES (4.3%)
Baker Hughes, Inc. 9,900 422,433
BJ Services Co. 9,400 437,476
National-Oilwell, Inc.*~ 14,900 525,821
Smith International, Inc.* 8,100 440,721
---------------
1,826,451
---------------
FOOD & DRUG RETAILING (1.2%)
Whole Foods Market, Inc. 5,400 514,890
---------------
FOOD PRODUCTS (0.7%)
J.M. Smucker Co. 6,400 301,248
---------------
HEALTHCARE EQUIPMENT & SUPPLIES (3.7%)
Beckman Coulter, Inc. 7,000 468,930
INAMED Corp.* 7,600 480,700
Varian Medical Systems, Inc.* 14,000 605,360
---------------
1,554,990
---------------
HEALTHCARE PROVIDERS & SERVICES (3.4%)
AMERIGROUP Corp.* 13,400 1,013,844
VCA Antech, Inc.*~ 22,500 441,000
---------------
1,454,844
---------------
HOTELS, RESTAURANTS & LEISURE (6.1%)
International Game Technology 19,700 677,286
MGM Mirage, Inc.* 16,000 1,163,840
Starwood Hotels & Resorts Worldwide, Inc. 13,100 765,040
---------------
2,606,166
---------------
HOUSEHOLD DURABLES (1.1%)
Snap-On, Inc. 13,700 470,732
---------------
INSURANCE (3.1%)
AMBAC Financial Group, Inc. 10,300 845,939
Genworth Financial, Inc. Class A 17,300 467,100
---------------
1,313,039
---------------
INTERNET SOFTWARE & SERVICES (4.4%)
Ask Jeeves, Inc.*~ 15,500 414,625
McAfee, Inc.* 21,200 613,316
VeriSign, Inc.* 25,100 841,352
---------------
1,869,293
---------------
LEISURE EQUIPMENT & PRODUCTS (1.0%)
SCP Pool Corp. 13,500 430,650
---------------
</Table>
See Accompanying Notes to Financial Statements
8
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------------- ---------------
COMMON STOCKS
MEDIA (3.4%)
E.W. Scripps Co. Class A 8,600 $ 415,208
Getty Images, Inc.* 15,000 1,032,750
---------------
1,447,958
---------------
OIL & GAS (1.1%)
Newfield Exploration Co.* 7,900 466,495
---------------
PERSONAL PRODUCTS (1.6%)
Alberto-Culver Co. 14,300 694,551
---------------
PHARMACEUTICALS (3.2%)
Sepracor, Inc.*~ 15,200 902,424
Valeant Pharmaceuticals Internationalss 17,500 461,125
---------------
1,363,549
---------------
ROAD & RAIL (1.3%)
C.H. Robinson Worldwide, Inc. 10,000 555,200
---------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (2.7%)
FormFactor, Inc.* 12,200 331,108
Integrated Circuit Systems, Inc.* 9,800 205,016
Tessera Technologies, Inc.* 16,600 617,686
---------------
1,153,810
---------------
SOFTWARE (7.0%)
Activision, Inc.* 37,400 754,732
Adobe Systems, Inc. 13,100 821,894
Hyperion Solutions Corp.* 9,500 442,890
Macromedia, Inc.* 30,600 952,272
---------------
2,971,788
---------------
SPECIALTY RETAIL (1.3%)
Williams-Sonoma, Inc.* 15,500 543,120
---------------
TEXTILES & APPAREL (3.6%)
Coach, Inc.* 14,800 834,720
Columbia Sportswear Co.*~ 11,500 685,515
---------------
1,520,235
---------------
WIRELESS TELECOMMUNICATION SERVICES (3.2%)
Crown Castle International Corp.* 25,900 430,976
Nextel Partners, Inc. Class A* 48,300 943,782
---------------
1,374,758
---------------
TOTAL COMMON STOCKS (Cost $31,385,251) 39,575,913
---------------
</Table>
See Accompanying Notes to Financial Statements
9
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------------- ---------------
SHORT-TERM INVESTMENTS (16.3%)
State Street Navigator Prime Fund~~ 3,892,552 $ 3,892,552
---------------
<Caption>
PAR
(000)
---------------
State Street Bank and Trust Co. Euro Time Deposit,
1.400%, 1/03/05 $ 3,005 3,005,000
---------------
TOTAL SHORT-TERM INVESTMENTS (Cost $6,897,552) 6,897,552
---------------
TOTAL INVESTMENTS AT VALUE (109.5%) (Cost $38,282,803) 46,473,465
LIABILITIES IN EXCESS OF OTHER ASSETS (-9.5%) (4,021,542)
---------------
NET ASSETS (100.0%) $ 42,451,923
===============
</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.
10
<Page>
CREDIT SUISSE TRUST -- MID-CAP GROWTH PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
December 31, 2004
<Table>
ASSETS
Investments at value, including collateral for securities on loan of
$3,892,552 (Cost $38,282,803) (Note 1) $ 46,473,465(1)
Cash 40
Dividend and interest receivable 19,606
Receivable for portfolio shares sold 110
Prepaid expenses and other assets 4,178
---------------
Total Assets 46,497,399
---------------
LIABILITIES
Advisory fee payable (Note 2) 44,717
Administrative services fee payable (Note 2) 10,644
Payable upon return of securities loaned (Note 1) 3,892,552
Payable for portfolio shares redeemed 51,420
Payable for investments purchased 18,900
Other accrued expenses payable 27,243
---------------
Total Liabilities 4,045,476
---------------
NET ASSETS
Capital stock, $0.001 par value (Note 5) 3,443
Paid-in capital (Note 5) 52,128,056
Accumulated net realized loss on investments (17,870,238)
Net unrealized appreciation from investments 8,190,662
---------------
Net Assets $ 42,451,923
===============
Shares outstanding 3,443,365
---------------
Net asset value, offering price, and redemption price per share $ 12.33
===============
</Table>
(1) Including $3,803,859 of securities on loan.
See Accompanying Notes to Financial Statements.
11
<Page>
STATEMENT OF OPERATIONS
For the Year Ended December 31, 2004
<Table>
INVESTMENT INCOME (Note 1)
Dividends $ 127,930
Interest 23,634
Securities lending 7,342
---------------
Total investment income 158,906
---------------
EXPENSES
Investment advisory fees (Note 2) 375,187
Administrative services fees (Note 2) 73,810
Legal fees 31,507
Audit fees 18,650
Insurance expense 16,019
Custodian fees 13,938
Printing fees (Note 2) 11,001
Transfer agent fees 3,280
Trustees' fees 2,602
Commitment fees (Note 3) 1,080
Miscellaneous expense 6,769
---------------
Total expenses 553,843
Less: fees waived (Note 2) (32,751)
---------------
Net expenses 521,092
---------------
Net investment loss (362,186)
---------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain from investments 6,346,899
Net change in unrealized appreciation (depreciation) from investments (982,192)
---------------
Net realized and unrealized gain from investments 5,364,707
---------------
Net increase in net assets resulting from operations $ 5,002,521
===============
</Table>
See Accompanying Notes to Financial Statements.
12
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE YEAR FOR THE YEAR
ENDED ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003
----------------- -----------------
FROM OPERATIONS
Net investment loss $ (362,186) $ (313,631)
Net realized gain from investments 6,346,899 2,677,733
Net change in unrealized appreciation (depreciation) from
investments (982,192) 10,218,597
--------------- ---------------
Net increase in net assets resulting from operations 5,002,521 12,582,699
--------------- ---------------
FROM CAPITAL SHARE TRANSACTIONS (Note 5)
Proceeds from sale of shares 2,162,435 3,089,773
Net asset value of shares redeemed (6,282,401) (4,856,628)
--------------- ---------------
Net decrease in net assets from capital share transactions (4,119,966) (1,766,855)
--------------- ---------------
Net increase in net assets 882,555 10,815,844
NET ASSETS
Beginning of year 41,569,368 30,753,524
--------------- ---------------
End of year $ 42,451,923 $ 41,569,368
=============== ===============
</Table>
See Accompanying Notes to Financial Statements.
13
<Page>
CREDIT SUISSE TRUST -- MID-CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Year)
<Table>
<Caption>
FOR THE YEAR ENDED DECEMBER 31,
--------------------------------------------------------------
2004 2003 2002 2001 2000
---------- ---------- ---------- ---------- ----------
PER SHARE DATA
Net asset value, beginning of year $ 10.90 $ 7.60 $ 10.75 $ 12.86 $ 13.07
---------- ---------- ---------- ---------- ----------
INVESTMENT OPERATIONS
Net investment loss (0.11) (0.08) (0.08) (0.08) (0.06)(1)
Net gain (loss) on investments
(both realized and unrealized) 1.54 3.38 (3.07) (2.03) (0.14)
---------- ---------- ---------- ---------- ----------
Total from investment operations 1.43 3.30 (3.15) (2.11) (0.20)
---------- ---------- ---------- ---------- ----------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income -- -- -- -- (0.00)(2)
Distributions from net realized gains -- -- -- -- (0.01)
---------- ---------- ---------- ---------- ----------
Total dividends and distributions -- -- -- -- (0.01)
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF YEAR $ 12.33 $ 10.90 $ 7.60 $ 10.75 $ 12.86
========== ========== ========== ========== ==========
Total return(3) 13.12% 43.42% (29.30)% (16.41)% (1.53)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 42,452 $ 41,569 $ 30,754 $ 51,290 $ 55,882
Ratio of expenses to average net
assets(4) 1.25% 1.25% 1.25% 1.25% 1.26%
Ratio of net investment loss to
average net assets (0.87)% (0.90)% (0.84)% (0.81)% (0.45)%
Decrease reflected in above operating
expense ratios due to
waivers/reimbursements 0.08% 0.14% 0.11% 0.04% 0.04%
Portfolio turnover rate 124% 73% 74% 173% 135%
</Table>
(1) Per share information is calculated using the average shares outstanding
method.
(2) This amount represents less than $0.01 per share.
(3) Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certian expenses not
been reduced during the years shown, total returns would have been lower.
(4) Interest earned on uninvested cash balances may be used to offset portions
of the transfer agent expense. These arrangements resulted in a reduction
to the Portfolio's net expense ratio by .01% for the year ended December
31, 2000. The Portfolio's net operating expense ratio after reflecting
these arrangements was 1.25% for the year ended December 31, 2000. For the
years ended December 31, 2004, 2003, 2002 and 2001, there was no effect on
the net operating expense ratio because of transfer agent credits.
See Accompanying Notes to Financial Statements.
14
<Page>
CREDIT SUISSE TRUST -- MID-CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2004
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Credit Suisse Trust (the "Trust") is an open-end management investment
company registered under the Investment Company Act of 1940, as amended (the
"1940 Act"), and currently offers eight managed investment portfolios of which
one, the Mid-Cap Growth Portfolio (formerly the Emerging Growth Portfolio), (the
"Portfolio"), is included in this report. The Portfolio is a diversified
investment fund that seeks maximum capital appreciation. Shares of the Portfolio
are not available directly to individual investors but may be offered only
through (a) variable annuity contracts and variable life insurance contracts
offered by separate accounts of certain insurance companies and (b)
tax-qualified pension and retirement plans. The Portfolio may not be available
in connection with a particular contract or plan. The Trust was organized under
the laws of the Commonwealth of Massachusetts as a business trust on March 15,
1995.
A) SECURITY VALUATION -- The net asset value of the Portfolio is determined
daily as of the close of regular trading on the New York Stock Exchange, Inc.
(the "Exchange") on each day the Exchange is open for business. The Portfolio's
equity investments are valued at market value, which is generally determined
using the closing price on the exchange or market on which the security is
primarily traded at the time of valuation (the "Valuation Time"). If no sales
are reported, equity investments are generally valued at the most recent bid
quotation as of the Valuation Time or at the lowest asked quotation in the case
of a short sale of securities. Debt securities with a remaining maturity greater
than 60 days are valued in accordance with the price supplied by a pricing
service, which may use a matrix, formula or other objective method that takes
into consideration market indices, yield curves and other specific adjustments.
Debt obligations that will mature in 60 days or less are valued on the basis of
amortized cost, which approximates market value, unless it is determined that
this method would not represent fair value. Securities and other assets for
which market quotations are not readily available, or whose values have been
materially affected by events occurring before the Portfolio's Valuation Time
but after the close of the securities' primary markets, are valued at fair value
as determined in good faith by, or under the direction of, the Board of Trustees
under procedures established by the Board of Trustees. The Portfolio may utilize
a service provided by an independent third party which was has been approved by
the Board of Trustees to fair value certain securities.
B) SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted for on a trade date basis. Interest income is recorded on the accrual
basis. Dividends are recorded on the ex-dividend
15
<Page>
date. The cost of investments sold is determined by use of the specific
identification method for both financial reporting and income tax purposes.
C) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net
investment income and distributions of net realized capital gains, if any, are
declared and paid at least annually. However, to the extent that a net realized
capital gain can be reduced by a capital loss carryforward, such gain will not
be distributed. Income and capital gain distributions are determined in
accordance with federal income tax regulations, which may differ from accounting
principles generally accepted in the United States of America ("GAAP").
D) FEDERAL INCOME TAXES -- No provision is made for federal taxes as it is
the Trust's intention to have the Portfolio continue to qualify for and elect
the tax treatment applicable to regulated investment companies under the
Internal Revenue Code of 1986, as amended, and to make the requisite
distributions to its shareholders, which will be sufficient to relieve it from
federal income and excise taxes.
E) USE OF ESTIMATES -- The preparation of financial statements in conformity
with GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Actual results could
differ from these estimates.
F) SHORT-TERM INVESTMENTS -- The Portfolio, together with other
funds/portfolios advised by Credit Suisse Asset Management, LLC ("CSAM"), an
indirect, wholly-owned subsidiary of Credit Suisse Group, pools available cash
into either a short-term variable rate time deposit issued by State Street Bank
and Trust Company ("SSB"), the Portfolio's custodian, or a money market fund
advised by CSAM. The short-term time deposit issued by SSB is a variable rate
account classified as a short-term investment.
G) SECURITIES LENDING -- Loans of securities are required at all times to be
secured by collateral at least equal to 102% of the market value of domestic
securities on loan (including any accrued interest thereon) and 105% of the
market value of foreign securities on loan (including any accrued interest
thereon). Cash collateral received by the Portfolio in connection with
securities lending activity 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
Portfolio's securities lending agent, or money market instruments.
16
<Page>
However, in the event of default or bankruptcy by the other party to the
agreement, realization and/or retention of the collateral may be subject to
legal proceedings.
The market value of securities on loan to brokers and the value of collateral
held by the Portfolio with respect to such loans at December 31, 2004 is as
follows:
<Table>
<Caption>
MARKET VALUE OF VALUE OF
SECURITIES LOANED COLLATERAL RECEIVED
----------------- -------------------
$ 3,803,859 $ 3,892,552
</Table>
Prior to March 17, 2004, Credit Suisse First Boston ("CSFB"), an affiliate of
CSAM, had been engaged by the Portfolio to act as the Portfolio's securities
lending agent. The Portfolio earned no income from securities lending through
the period ended March 17, 2004.
Effective March 17, 2004, SSB has been engaged by the Portfolio to act as the
Portfolio's securities lending agent. The Portfolio's securities lending
arrangement provides that the Portfolio and SSB will share the net income earned
from securities lending activities, with the Portfolio 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 Portfolio may also be entitled to
certain minimum amounts of income from its securities lending activities.
Securities lending income is accrued as earned.
NOTE 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
CSAM serves as investment adviser for the Portfolio. For its investment
advisory services, CSAM is entitled to receive a fee from the Portfolio at an
annual rate of 0.90% of the Portfolio's average daily net assets. For the year
ended December 31, 2004, investment advisory fees earned and voluntarily waived
for the Portfolio were $375,187 and $32,751, respectively. CSAM will not
recapture from the Portfolio any fees it waived during the fiscal year ended
December 31, 2004.
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of
CSAM, and SSB serve as co-administrators to the Portfolio.
For its co-administrative services, CSAMSI currently receives a fee
calculated at an annual rate of 0.10% of the average daily net assets of the
Portfolio. For the year ended December 31, 2004, co-administrative services fees
earned by CSAMSI were $41,688.
17
<Page>
For its co-administrative services, SSB receives a fee, exclusive of
out-of-pocket expenses, based upon the following fee schedule calculated in
total for all the Credit Suisse funds/portfolios co-administered by SSB and
allocated based upon relative average net assets of each fund/portfolio, subject
to an annual minimum fee.
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ -----------
First $5 billion 0.050% of average daily net assets
Next $5 billion 0.035% of average daily net assets
Over $10 billion 0.020% of average daily net assets
</Table>
For the year ended December 31, 2004, co-administrative services fees earned
by SSB (including out-of-pocket expenses) were $32,122.
In addition to serving as the Portfolio's co-administrator, CSAMSI currently
serves as distributor of the Portfolio's shares without compensation.
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Portfolio to provide certain financial printing and fulfillment services.
For the year ended December 31, 2004, Merrill was paid $4,960 for its services
to the Portfolio.
NOTE 3. LINE OF CREDIT
The Portfolio, together with other funds/portfolios advised by CSAM
(collectively, the "Participating Funds"), participates in a $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
December 31, 2004 and during the year ended December 31, 2004, the Portfolio had
no borrowings under the Credit Facility.
NOTE 4. PURCHASES AND SALES OF SECURITIES
For the year ended December 31, 2004, purchases and sales of investment
securities (excluding short-term investments) were $48,334,395 and $54,082,575,
respectively.
18
<Page>
NOTE 5. CAPITAL SHARE TRANSACTIONS
The Trust is authorized to issue an unlimited number of full and fractional
shares of beneficial interest, $0.001 par value per share. Transactions in
capital shares of the Portfolio were as follows:
<Table>
<Caption>
FOR THE YEAR ENDED FOR THE YEAR ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003
------------------ ------------------
Shares sold 189,024 317,577
Shares redeemed (558,423) (553,853)
-------- --------
Net decrease (369,399) (236,276)
======== ========
</Table>
On December 31, 2004, the number of shareholders that held 5% or more of the
outstanding shares of the Portfolio were as follows:
<Table>
<Caption>
NUMBER OF APPROXIMATE PERCENTAGE
SHAREHOLDERS OF OUTSTANDING SHARES
------------ ----------------------
1 96%
</Table>
Some of the shareholders are omnibus accounts, which hold shares on behalf of
individual shareholders.
NOTE 6. FEDERAL INCOME TAXES
Income and capital gain distributions are determined in accordance with
federal income tax regulations, which may differ from GAAP. These differences
are primarily due to differing treatments of net operating losses and losses
deferred due to wash sales.
At December 31, 2004, the components of distributable earnings on a tax basis
for the Portfolio were as follows:
<Table>
Accumulated net realized loss $ (17,864,179)
Unrealized appreciation 8,184,603
-------------
$ (9,679,576)
=============
</Table>
At December 31, 2004, the Portfolio had capital loss carryforwards available
to offset possible future capital gains as follows:
<Table>
<Caption>
EXPIRES DECEMBER 31,
--------------------------
2009 2010
------------ -----------
$ 13,798,285 $ 4,065,894
</Table>
During the tax year ended December 31, 2004, the Portfolio has utilized
$6,304,347 of the capital loss carryforward.
19
<Page>
At December 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 $38,288,864, $8,332,140,
$(147,539) and $8,184,601, respectively.
At December 31, 2004, the Portfolio reclassified $362,186 from paid-in
capital to accumulated net investment loss, to adjust for current period
permanent book/tax differences which arose principally from differing book/tax
treatments of net operating losses. Net assets were not affected by these
reclassifications.
NOTE 7. CONTINGENCIES
In the normal course of business, the Portfolio may provide general
indemnifications pursuant to certain contracts and organizational documents. The
Portfolio's maximum exposure under these arrangements is dependent on future
claims that may be made against the Portfolio and, therefore, cannot be
estimated; however, based on experience, the risk of loss from such claims is
considered remote.
20
<Page>
CREDIT SUISSE TRUST -- MID-CAP GROWTH PORTFOLIO
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of Credit Suisse Trust and Shareholders of
Credit Suisse Trust -- Mid-Cap Growth Portfolio:
In our opinion, the accompanying statement of assets and liabilities,
including the schedule of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Mid-Cap Growth Portfolio (the
"Portfolio"), a portfolio of the Credit Suisse Trust, at December 31, 2004, the
results of its operations for the year then ended, the changes in its net assets
for each of the two years in the period then ended and the financial highlights
for each of the five years in the period then ended, in conformity with
accounting principles generally accepted in the United States of America. These
financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Portfolio's management;
our responsibility is to express an opinion on these financial statements based
on our audits. We conducted our audits of these financial statements in
accordance with 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 December 31, 2004 by
correspondence with the custodian and brokers, provide a reasonable basis for
our opinion.
PricewaterhouseCoopers LLP
Baltimore, Maryland
February 7, 2005
21
<Page>
CREDIT SUISSE TRUST MID-CAP GROWTH PORTFOLIO
INFORMATION CONCERNING TRUSTEES AND OFFICERS (UNAUDITED)
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ---------------- ----------- ------------ -------------------- ------------- ---------------
INDEPENDENT TRUSTEES
Richard H. Francis Trustee, Since Currently retired 41 None
c/o Credit Suisse Asset Nominating 1999
Management, LLC and
466 Lexington Avenue Audit
New York, New York Committee
10017-3140 Member
Date of Birth: 04/23/32
Jeffrey E. Garten Trustee, Since Dean of Yale School of 40 Director of Aetna, Inc.
Box 208200 Nominating 1998(2) Management and William S. (insurance company); Director
New Haven, Connecticut and Beinecke Professor in the of Calpine Corporation (energy
06520-8200 Audit Practice of International provider); Director of CarMax
Committee Trade and Finance from Group (used car dealers).
Date of Birth: 10/29/46 Member November 1995 to present.
Peter F. Krogh Trustee, Since Dean Emeritus and 40 Director of Carlisle Companies
301 ICC Nominating 2001 Distinguished Professor Incorporated (diversified
Georgetown University Committee of International Affairs manufacturing company).
Washington, DC 20057 Chairman at the Edmund A. Walsh
and Audit School of Foreign
Date of Birth: 02/11/37 Committee Service, Georgetown
Member University from June 1995
to present.
James S. Pasman, Jr. Trustee, Since Currently retired 42 Director of Education
c/o Credit Suisse Asset Nominating 1999 Management Corp.
Management, LLC and Audit
466 Lexington Avenue Committee
New York, New York Member
10017-3140
Date of Birth: 12/20/30
</Table>
- ----------
(1) Each Trustee and Officer serves until his or her respective successor has
been duly elected and qualified.
(2) Mr. Garten was initially appointed as a Trustee of the Trust on February 6,
1998. He resigned as Trustee on February 3, 2000, and was subsequently
re-appointed on December 21, 2000.
22
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ---------------- ----------- ------------ -------------------- ------------- ---------------
INDEPENDENT TRUSTEES
Steven N. Rappaport Trustee, Since Partner of Lehigh Court, 42 Director of Presstek, Inc.
Lehigh Court, LLC Nominating 1999 LLC and RZ Capital (digital imaging technologies
40 East 52nd Street Committee (private investment company); Director of Wood
New York, New York Member and firms) from July 2002 to Resources, LLC. (plywood
10022 Audit present; Transition manufacturing company).
Committee Adviser to SunGard
Date of Birth: 07/10/48 Chairman Securities Finance, Inc.
from February 2002 to
July 2002; President of
SunGard Securities
Finance, Inc. from 2001
to February 2002;
President of Loanet, Inc.
(on-line accounting
service) from 1997 to
2001.
INTERESTED TRUSTEES
Michael E. Kenneally(3) Chairman and Since Chairman and Global Chief 44 None
Credit Suisse Asset Chief 2004 Executive Officer of CSAM
Management, LLC Executive since 2003; Chairman and
466 Lexington Avenue Officer Chief Investment Officer
New York, New York of Banc of America
10017-3140 Capital Management from
Date of Birth: 03/30/54 1998 to March 2003.
William W. Priest(4) Trustee Since Chief Executive Officer 47 Director of Globe
Epoch Investment Partners 1999 of J Net Enterprises, Wireless, LLC (maritime
667 Madison Avenue Inc. (technology holdings communication company);
New York, New York company) since June 2004; Director of InfraRed X
10021 Chief Executive Officer (medical device company);
of Epoch Investment Director of J Net
Date of Birth: 09/24/41 Partners, Inc. since Enterprises, Inc.
April 2004; Co-Managing
Partner, Steinberg Priest
& Sloane 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. Kenneally is a Trustee who is an "interested person" of the Trust as
defined in the 1940 Act because he is an officer of CSAM.
(4) Mr. Priest is a Trustee who is an "interested person" of the Trust as
defined in the 1940 Act because he provided consulting services to CSAM
within the last two years (ended 12/31/02).
23
<Page>
<Table>
<Caption>
TERM
OF OFFICE1
AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH TRUST SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- ---------------- ----------- ---------- ----------------------------------------------
OFFICERS
Michael A. Pignataro Chief Financial Since Director and Director of Fund Administration of
Credit Suisse Asset Officer and 1999 CSAM; Associated with CSAM since 1984; Officer of
Management, LLC Treasurer other Credit Suisse Funds.
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 11/15/59
Emidio Morizio Chief Since Director and Global Head of Compliance of CSAM;
Credit Suisse Asset Compliance 2004 Associated with CSAM since July 2000; Vice President
Management, LLC Officer and Director of Compliance of Forstmann-Leff
466 Lexington Avenue Associates from 1998 to June 2000; Officer of other
New York, New York Credit Suisse Funds.
10017-3140
Date of Birth: 09/21/66
Ajay Mehra Chief Legal Since Director and Deputy General Counsel of CSAM since
Credit Suisse Asset Officer 2004 September 2004; Senior Associate of Shearman &
Management, LLC Sterling LLP from September 2000 to September 2004;
466 Lexington Avenue Senior Counsel of the SEC Division of Investment
New York, New York Management from June 1997 to September 2000; Officer
10017-3140 of other Credit Suisse Funds.
Date of Birth: 08/14/70
J. Kevin Gao Vice President Since Vice President and legal counsel of CSAM; Associated
Credit Suisse Asset and Secretary 2004 with CSAM since July 2003; Associated with the law
Management, LLC firm of Willkie Farr & Gallagher LLP from 1998 to
466 Lexington Avenue 2003; Officer of 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
Management, LLC Credit 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
800-922-8977.
24
<Page>
CREDIT SUISSE TRUST -- MID-CAP GROWTH PORTFOLIO
PROXY POLICY AND PORTFOLIO HOLDINGS INFORMATION
Information regarding how the Portfolio voted proxies related to its
portfolio securities during the 12-month period ended June 30, 2004 as well as
the policies and procedures that the Portfolio uses to determine how to vote
proxies relating to its portfolio securities are available:
- By calling 1-800-222-8977
- On the Portfolio's website, www.csam.com/us
- On the website of the Securities and Exchange Commission,
http://www.sec.gov.
The Portfolio 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
Portfolio's 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.
25
<Page>
P.O. BOX 55030, BOSTON, MA 02205-5030
800-222-8977 - www.csam.com/us
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR.
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
TREMG-2-1204
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE FUNDS
ANNUAL REPORT
DECEMBER 31, 2004
CREDIT SUISSE TRUST
- - LARGE CAP VALUE PORTFOLIO
CREDIT SUISSE TRUST (THE "TRUST") SHARES ARE NOT AVAILABLE DIRECTLY TO
INDIVIDUAL INVESTORS, BUT MAY BE OFFERED ONLY THROUGH CERTAIN INSURANCE PRODUCTS
AND PENSION AND RETIREMENT PLANS.
THE TRUST'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES (WHICH SHOULD BE
CONSIDERED CAREFULLY BEFORE INVESTING), AND MORE COMPLETE INFORMATION ABOUT THE
TRUST, ARE PROVIDED IN THE PROSPECTUS, WHICH SHOULD BE READ CAREFULLY BEFORE
INVESTING. YOU MAY OBTAIN ADDITIONAL COPIES BY CALLING 800-222-8977 OR BY
WRITING TO CREDIT SUISSE TRUST, P.O. BOX 55030, BOSTON, MA 02205-5030.
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR, IS LOCATED AT 466
LEXINGTON AVE., NEW YORK, NY 10017-3140. THE TRUST IS ADVISED BY CREDIT SUISSE
ASSET MANAGEMENT, LLC.
<Page>
THE VIEWS OF THE PORTFOLIO'S MANAGEMENT ARE AS OF THE DATE OF THE LETTER AND THE
PORTFOLIO HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF DECEMBER 31, 2004; THESE
VIEWS AND PORTFOLIO HOLDINGS MAY HAVE CHANGED SUBSEQUENT TO THESE DATES. NOTHING
IN THIS DOCUMENT IS A RECOMMENDATION TO PURCHASE OR SELL SECURITIES.
PORTFOLIO SHARES ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF CREDIT SUISSE ASSET
MANAGEMENT, LLC ("CSAM") OR ANY AFFILIATE, ARE NOT FDIC-INSURED AND ARE NOT
GUARANTEED BY CSAM OR ANY AFFILIATE. PORTFOLIO INVESTMENTS ARE SUBJECT TO
INVESTMENT RISKS, INCLUDING LOSS OF YOUR INVESTMENT.
<Page>
CREDIT SUISSE TRUST -- LARGE CAP VALUE PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT
December 31, 2004 (unaudited)
January 28, 2005
Dear Shareholder:
For the 12 months ended December 31, 2004, Credit Suisse Trust -- Large Cap
Value Portfolio(1) (the "Portfolio") had a gain of 11.34%, versus an increase of
16.49% for the Russell 1000(R) Value Index.(2)
THE MARKET: SOFT SUMMER, STRONG FOURTH QUARTER
The US equity market began the period on a positive note, continuing a
rally fueled by optimism over the economy and corporate profit growth. However,
the market quickly encountered headwinds, mostly in the form of domestic and
international political uncertainty, worries over rising interest rates and a
surge in oil prices. Stocks languished into late October, but ended the year on
a bright note when a decisive presidential election, better employment numbers
and benign inflation helped ease risk concerns.
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 Portfolio had a gain but underperformed its benchmark, which we
attribute primarily to our 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 Portfolio's utility-related holdings also hindered its return.
On the positive side, the Portfolio's multi-business industrial companies
aided its absolute and relative return; our nearly double weighting in this
outperforming sector was also a plus. Tyco (2.8% of the Portfolio as of December
31, 2004) had a sizable gain amid an ongoing turnaround under new management.
Other standouts were Textron and Eaton (1.6% and 1.7% of the Portfolio,
respectively, as of December 31, 2004), both benefiting from improvements in
demand and free cash-flows.
Looking ahead, we believe that while the US economy should remain in a
growth mode in 2005, the market is less likely to show the strength seen in the
past two calendar years as earnings momentum softens. That said, we expect to
continue to find attractive purchase opportunities on a bottom-up basis,
1
<Page>
particularly among companies with robust business models and relatively high
dividends.
The Credit Suisse Value Team
Stephen J. Kaszynski
Robert E. Rescoe
IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING
STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKET,
INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT REGULATION AND
THEIR POTENTIAL IMPACT ON THE PORTFOLIO'S INVESTMENTS. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
2
<Page>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE
CREDIT SUISSE TRUST -- LARGE CAP VALUE PORTFOLIO(1) AND THE
RUSSELL 1000(R) VALUE INDEX(2) FROM INCEPTION (10/31/97).
<Table>
<Caption>
CREDIT SUISSE TRUST -- RUSSELL 1000(R)
LARGE CAP VALUE PORTFOLIO(1) VALUE INDEX(2)
10/31/97 $ 10,000 $ 10,000
11/30/97 $ 10,130 $ 10,442
12/31/97 $ 10,389 $ 10,747
1/31/98 $ 10,450 $ 10,595
2/28/98 $ 11,134 $ 11,308
3/31/98 $ 11,556 $ 12,000
4/30/98 $ 11,596 $ 12,080
5/31/98 $ 11,566 $ 11,901
6/30/98 $ 11,677 $ 12,053
7/31/98 $ 11,375 $ 11,841
8/31/98 $ 9,756 $ 10,079
9/30/98 $ 10,037 $ 10,657
10/31/98 $ 10,741 $ 11,483
11/30/98 $ 11,355 $ 12,018
12/31/98 $ 11,649 $ 12,427
1/31/99 $ 11,720 $ 12,526
2/28/99 $ 11,447 $ 12,349
3/31/99 $ 11,578 $ 12,605
4/30/99 $ 12,877 $ 13,782
5/31/99 $ 13,019 $ 13,631
6/30/99 $ 13,425 $ 14,026
7/31/99 $ 12,958 $ 13,616
8/31/99 $ 12,715 $ 13,110
9/30/99 $ 12,380 $ 12,652
10/31/99 $ 12,441 $ 13,380
11/30/99 $ 12,370 $ 13,276
12/31/99 $ 12,377 $ 13,340
1/31/2000 $ 11,398 $ 12,905
2/29/2000 $ 10,753 $ 11,946
3/31/2000 $ 12,158 $ 13,404
4/30/2000 $ 12,221 $ 13,248
5/31/2000 $ 12,668 $ 13,388
6/30/2000 $ 12,075 $ 12,776
7/31/2000 $ 12,148 $ 12,936
8/31/2000 $ 12,918 $ 13,656
9/30/2000 $ 12,887 $ 13,781
10/31/2000 $ 13,178 $ 14,120
11/30/2000 $ 12,606 $ 13,597
12/31/2000 $ 13,479 $ 14,278
1/31/2001 $ 13,777 $ 14,332
2/28/2001 $ 13,777 $ 13,934
3/31/2001 $ 13,320 $ 13,442
4/30/2001 $ 13,968 $ 14,100
5/31/2001 $ 14,350 $ 14,418
6/30/2001 $ 13,926 $ 14,098
7/31/2001 $ 13,851 $ 14,068
8/31/2001 $ 13,437 $ 13,504
9/30/2001 $ 12,449 $ 12,553
10/31/2001 $ 12,523 $ 12,445
11/30/2001 $ 13,267 $ 13,168
12/31/2001 $ 13,607 $ 13,478
1/31/2002 $ 13,384 $ 13,375
2/28/2002 $ 13,479 $ 13,396
3/31/2002 $ 13,894 $ 14,030
4/30/2002 $ 13,384 $ 13,548
5/31/2002 $ 13,203 $ 13,616
6/30/2002 $ 12,290 $ 12,834
7/31/2002 $ 11,174 $ 11,641
8/31/2002 $ 11,079 $ 11,729
9/30/2002 $ 9,804 $ 10,425
10/31/2002 $ 10,441 $ 11,198
11/30/2002 $ 11,004 $ 11,903
12/31/2002 $ 10,464 $ 11,386
1/31/2003 $ 10,271 $ 11,111
2/28/2003 $ 10,099 $ 10,814
3/31/2003 $ 10,121 $ 10,833
4/30/2003 $ 10,733 $ 11,786
5/31/2003 $ 11,281 $ 12,547
6/30/2003 $ 11,388 $ 12,704
7/31/2003 $ 11,431 $ 12,893
8/31/2003 $ 11,603 $ 13,094
9/30/2003 $ 11,582 $ 12,966
10/31/2003 $ 12,145 $ 13,760
11/30/2003 $ 12,329 $ 13,947
12/31/2003 $ 13,098 $ 14,806
1/31/2004 $ 13,238 $ 15,067
2/29/2004 $ 13,422 $ 15,389
3/31/2004 $ 13,130 $ 15,254
4/30/2004 $ 12,946 $ 14,881
5/31/2004 $ 13,054 $ 15,033
6/30/2004 $ 13,455 $ 15,388
7/31/2004 $ 13,238 $ 15,171
8/31/2004 $ 13,260 $ 15,386
9/30/2004 $ 13,451 $ 15,625
10/31/2004 $ 13,495 $ 15,884
11/30/2004 $ 14,170 $ 16,688
12/31/2004 $ 14,583 $ 17,247
</Table>
AVERAGE ANNUAL RETURNS AS OF DECEMBER 31, 2004(1)
<Table>
<Caption>
1 YEAR 5 YEARS SINCE INCEPTION
------ ------- ---------------
11.34% 3.34% 5.40%
</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 PORTFOLIO 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 PORTFOLIO DISTRIBUTIONS OR
THE REDEMPTION OF PORTFOLIO SHARES. PERFORMANCE INCLUDES THE EFFECT OF DEDUCTING
EXPENSES, BUT DOES NOT INCLUDE CHARGES AND EXPENSES ATTRIBUTABLE TO ANY
PARTICULAR VARIABLE CONTRACT OR PLAN. ACCORDINGLY, THE PROSPECTUS OF THE
SPONSORING PARTICIPATING INSURANCE COMPANY SEPARATE ACCOUNT OR PLAN DOCUMENTS OR
OTHER INFORMATIONAL MATERIALS SUPPLIED BY PLAN SPONSORS SHOULD BE CAREFULLY
REVIEWED FOR INFORMATION ON RELEVANT CHARGES AND EXPENSES. EXCLUDING THESE
CHARGES AND EXPENSES FROM QUOTATIONS OF PERFORMANCE HAS THE EFFECT OF INCREASING
THE PERFORMANCE QUOTED, AND THE EFFECT OF THESE CHARGES SHOULD BE CONSIDERED
WHEN COMPARING PERFORMANCE TO THAT OF OTHER MUTUAL FUNDS. 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
Portfolio, without which performance would be lower. Waivers and/or
reimbursements may be discontinued at any time.
(2) The Russell 1000(R) Value Index measures the performance of those companies
in the Russell 1000(R) Index with lower price-to-book ratios and lower
forecasted growth values. It is an unmanaged index of common stocks that
includes reinvestment of dividends and is compiled by Frank Russell
Company. Investors cannot invest directly in an index.
3
<Page>
INFORMATION ABOUT YOUR PORTFOLIO'S EXPENSES
As an investor of the Portfolio, you incur two types of costs: ongoing
expenses and transaction costs. Ongoing expenses include management fees,
distribution and service (12b-1) fees and other Portfolio 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 Portfolio 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 December 31, 2004.
The table illustrates your Portfolio's expenses in two ways:
- ACTUAL PORTFOLIO RETURN. This helps you estimate the actual dollar
amount of ongoing expenses paid on a $1,000 investment in the
Portfolio using the Portfolio'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% PORTFOLIO RETURN. This helps you to compare your
Portfolio's ongoing expenses with those of other mutual funds using
the Portfolio's actual expense ratio and a hypothetical rate of return
of 5% per year before expenses. Examples using a 5% hypothetical
portfolio 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.
4
<Page>
EXPENSES AND VALUE OF A $1,000 INVESTMENT
FOR THE SIX-MONTH PERIOD ENDED DECEMBER 31, 2004
<Table>
ACTUAL PORTFOLIO RETURN
Beginning Account Value 7/01/04 $ 1,000.00
Ending Account Value 12/31/04 $ 1,083.90
Expenses Paid per $1,000* $ 5.24
HYPOTHETICAL 5% PORTFOLIO RETURN
Beginning Account Value 7/01/04 $ 1,000.00
Ending Account Value 12/31/04 $ 1,020.11
Expenses Paid per $1,000* $ 5.08
ANNUALIZED EXPENSE RATIOS* 1.00%
</Table>
- ----------
* EXPENSES ARE EQUAL TO THE PORTFOLIO'S ANNUALIZED EXPENSE RATIO 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 PORTFOLIO 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
PORTFOLIO'S ACTUAL EXPENSES WOULD HAVE BEEN HIGHER.
For more information, please refer to the Portfolio's prospectus.
5
<Page>
[CHART]
SECTOR BREAKDOWN*
<Table>
Financial Services 30.8%
Other 11.7%
Materials & Processing 8.4%
Consumer Discretionary 8.2%
Integrated Oils 7.4%
Producer Durables 5.7%
Utilities 5.4%
Other Energy 5.1%
Health Care 4.9%
Technology 4.3%
Consumer Staples 3.4%
Short-Term Investments 2.5%
Autos & Transportation 2.2%
</Table>
- ----------
* The Portfolio's sector breakdown is expressed as a percentage of total
investments (excluding security lending collateral) and may vary over time.
6
<Page>
CREDIT SUISSE TRUST -- LARGE CAP VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 2004
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- --------------
COMMON STOCKS (97.4%)
AEROSPACE & DEFENSE (4.7%)
Lockheed Martin Corp. 19,200 $ 1,066,560
United Technologies Corp. 10,000 1,033,500
--------------
2,100,060
--------------
AUTO COMPONENTS (1.7%)
Johnson Controls, Inc. 12,300 780,312
--------------
BANKS (13.0%)
Bank of America Corp. 32,500 1,527,175
Mellon Financial Corp. 26,600 827,526
North Fork Bancorporation, Inc. 21,700 626,045
U.S. Bancorp 14,900 466,668
Wachovia Corp. 22,600 1,188,760
Wells Fargo & Co. 19,300 1,199,495
--------------
5,835,669
--------------
BUILDING PRODUCTS (1.0%)
American Standard Companies, Inc.* 10,700 442,124
--------------
CHEMICALS (3.6%)
Du Pont (E.I.) de Nemours & Co. 21,500 1,054,575
PPG Industries, Inc. 8,100 552,096
--------------
1,606,671
--------------
COMPUTERS & PERIPHERALS (3.4%)
Hewlett-Packard Co. 46,916 983,828
International Business Machines Corp. 5,300 522,474
--------------
1,506,302
--------------
CONTAINERS & PACKAGING (0.7%)
Smurfit-Stone Container Corp.* 17,500 326,900
--------------
DIVERSIFIED FINANCIALS (9.1%)
Capital One Financial Corp. 10,200 858,942
Citigroup, Inc. 28,300 1,363,494
Fannie Mae 6,300 448,623
Lehman Brothers Holdings, Inc. 8,000 699,840
Morgan Stanley 12,700 705,104
--------------
4,076,003
--------------
DIVERSIFIED TELECOMMUNICATION SERVICES
(4.2%)
ALLTEL Corp. 6,900 405,444
Telus Corp.^ 25,300 731,170
Verizon Communications, Inc. 18,700 757,537
--------------
1,894,151
--------------
ELECTRIC UTILITIES (1.2%)
Progress Energy, Inc. 11,500 520,260
--------------
ELECTRICAL EQUIPMENT (1.0%)
Emerson Electric Co. 6,300 441,630
--------------
</Table>
See Accompanying Notes to Financial Statements.
7
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- --------------
COMMON STOCKS
ENERGY EQUIPMENT & SERVICES (2.2%)
BJ Services Co. 10,100 $ 470,054
Weatherford International, Ltd.* 9,700 497,610
--------------
967,664
--------------
FOOD PRODUCTS (1.4%)
General Mills, Inc. 13,000 646,230
--------------
HEALTHCARE PROVIDERS & SERVICES (1.8%)
Aetna, Inc. 6,500 810,875
--------------
HOTELS, RESTAURANTS & LEISURE (1.2%)
McDonald's Corp. 16,900 541,814
--------------
HOUSEHOLD DURABLES (1.6%)
Maytag Corp.^ 34,200 721,620
--------------
INDUSTRIAL CONGLOMERATES (6.5%)
General Electric Co. 25,000 912,500
Textron, Inc. 9,700 715,860
Tyco International, Ltd. 36,000 1,286,640
--------------
2,915,000
--------------
INSURANCE (8.6%)
Allstate Corp. 13,100 677,532
Hartford Financial Services Group,
Inc. 20,500 1,420,855
Prudential Financial, Inc. 19,500 1,071,720
St. Paul Companies, Inc. 19,200 711,744
--------------
3,881,851
--------------
MACHINERY (3.5%)
Eaton Corp. 10,500 759,780
ITT Industries, Inc. 9,500 802,275
--------------
1,562,055
--------------
MEDIA (2.7%)
Gannett Company, Inc. 5,100 416,670
Tribune Co. 8,000 337,120
Viacom, Inc. Class B 12,400 451,236
--------------
1,205,026
--------------
METALS & MINING (0.9%)
Alcoa, Inc. 13,300 417,886
--------------
MULTILINE RETAIL (1.7%)
May Department Stores Co. 26,200 770,280
--------------
OIL & GAS (10.3%)
Apache Corp. 10,400 525,928
Burlington Resources, Inc. 12,600 548,100
ConocoPhillips 17,402 1,511,016
Exxon Mobil Corp. 26,500 1,358,390
Murphy Oil Corp. 5,400 434,430
Pioneer Natural Resources Co. 6,600 231,660
--------------
4,609,524
--------------
</Table>
See Accompanying Notes to Financial Statements.
8
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- --------------
COMMON STOCKS
PAPER & FOREST PRODUCTS (2.2%)
MeadWestvaco Corp. 28,600 $ 969,254
--------------
PHARMACEUTICALS (3.1%)
Johnson & Johnson 14,100 894,222
Schering-Plough Corp. 24,700 515,736
--------------
1,409,958
--------------
ROAD & RAIL (2.2%)
Burlington Northern Santa Fe Corp. 20,900 988,779
--------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (1.0%)
Intel Corp. 19,100 446,749
--------------
SPECIALTY RETAIL (1.0%)
TJX Companies, Inc. 17,800 447,314
--------------
TOBACCO (1.9%)
Altria Group, Inc. 14,100 861,510
--------------
TOTAL COMMON STOCKS (Cost $35,662,430) 43,703,471
--------------
SHORT-TERM INVESTMENTS (4.1%)
State Street Navigator Prime Fund^^ 708,575 708,575
<Caption>
PAR
(000)
---------
State Street Bank and Trust Co. Euro
Time Deposit, 1.400%, 1/03/05 $ 1,134 1,134,000
--------------
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,842,575) 1,842,575
--------------
TOTAL INVESTMENTS AT VALUE (101.5%)
(Cost $37,505,005) 45,546,046
LIABILITIES IN EXCESS OF OTHER ASSETS
(-1.5%) (693,261)
--------------
NET ASSETS (100.0%) $ 44,852,785
==============
</Table>
* Non-income producing security.
^ Security or portion thereof is out on loan.
^^ Represents security purchased with cash collateral received for securities
on loan.
See Accompanying Notes to Financial Statements.
9
<Page>
CREDIT SUISSE TRUST -- LARGE CAP VALUE PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
December 31, 2004
<Table>
ASSETS
Investments at value, including collateral for
securities on loan of $708,575
(Cost $37,505,005) (Note 1) $ 45,546,046(1)
Cash 38
Dividend and interest receivable 60,371
Receivable for portfolio shares sold 7,892
Prepaid expenses and other assets 4,263
---------------
Total Assets 45,618,610
---------------
LIABILITIES
Advisory fee payable (Note 2) 22,320
Administrative services fee payable (Note 2) 11,195
Payable upon return of securities loaned (Note 1) 708,575
Payable for portfolio shares redeemed 364
Other accrued expenses payable 23,371
---------------
Total Liabilities 765,825
---------------
NET ASSETS
Capital stock, $0.001 par value (Note 5) 3,347
Paid-in capital (Note 5) 40,590,857
Undistributed net investment income 473,415
Accumulated net realized loss from investments (4,255,961)
Net unrealized appreciation from investments and
foreign currency translations 8,041,127
---------------
Net Assets $ 44,852,785
===============
Shares outstanding 3,346,866
---------------
Net asset value, offering price, and redemption
price per share $ 13.40
===============
</Table>
- ----------
(1) Including $687,540 of securities on loan.
See Accompanying Notes to Financial Statements.
10
<Page>
CREDIT SUISSE TRUST -- LARGE CAP VALUE PORTFOLIO
STATEMENT OF OPERATIONS
For the Year Ended December 31, 2004
<Table>
INVESTMENT INCOME (Note 1)
Dividends $ 865,436
Interest 18,176
Securities lending 3,638
Foreign taxes withheld (3,396)
---------------
Total investment income 883,854
---------------
EXPENSES
Investment advisory fees (Note 2) 307,830
Administrative services fees (Note 2) 71,756
Legal fees 27,670
Audit fees 18,055
Insurance expense 14,366
Printing fees (Note 2) 9,962
Custodian fees 8,023
Transfer agent fees 2,664
Trustees' fees 2,602
Commitment fees (Note 3) 1,077
Interest expense (Note 3) 188
Miscellaneous expense 5,694
---------------
Total expenses 469,887
Less: fees waived (Note 2) (59,448)
---------------
Net expenses 410,439
---------------
Net investment income 473,415
---------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
AND FOREIGN CURRENCY RELATED ITEMS
Net realized loss from investments (308,313)
Net change in unrealized appreciation (depreciation)
from investments 4,192,988
Net change in unrealized appreciation (depreciation)
from foreign currency translations 85
---------------
Net realized and unrealized gain from investments
and foreign currency related items 3,884,760
---------------
Net increase in net assets resulting from operations $ 4,358,175
===============
</Table>
See Accompanying Notes to Financial Statements.
11
<Page>
CREDIT SUISSE TRUST -- LARGE CAP VALUE PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE YEAR FOR THE YEAR
ENDED ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003
----------------- -----------------
FROM OPERATIONS
Net investment income $ 473,415 $ 222,724
Net realized loss on investments (308,313) (881,911)
Net change in unrealized appreciation (depreciation) from
investments and foreign currency translations 4,193,073 6,106,687
------------ ------------
Net increase in net assets resulting from operations 4,358,175 5,447,500
------------ ------------
FROM DIVIDENDS
Dividends from net investment income (221,475) (181,610)
------------ ------------
Net decrease in net assets resulting from dividends (221,475) (181,610)
------------ ------------
FROM CAPITAL SHARE TRANSACTIONS (Note 5)
Proceeds from sale of shares 19,361,895 11,460,920
Reinvestment of dividends 221,484 181,610
Net asset value of shares redeemed (8,403,195) (8,858,376)
------------ ------------
Net increase in net assets from capital share transactions 11,180,184 2,784,154
------------ ------------
Net increase in net assets 15,316,884 8,050,044
NET ASSETS
Beginning of year 29,535,901 21,485,857
------------ ------------
End of year $ 44,852,785 $ 29,535,901
============ ============
Undistributed net investment income $ 473,415 $ 221,475
============ ============
</Table>
See Accompanying Notes to Financial Statements.
12
<Page>
CREDIT SUISSE TRUST -- LARGE CAP VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Year)
<Table>
<Caption>
FOR THE YEAR ENDED DECEMBER 31,
-----------------------------------------------------------------------------
2004 2003 2002 2001 2000
------------- ------------- ------------- ------------- -------------
PER SHARE DATA
Net asset value, beginning of year $ 12.10 $ 9.74 $ 12.81 $ 12.69 $ 11.89
------------- ------------- ------------- ------------- -------------
INVESTMENT OPERATIONS
Net investment income 0.12 0.09 0.09 0.11 0.14
Net gain (loss) on investments
(both realized and unrealized) 1.25 2.35 (3.05) 0.01 0.92
------------- ------------- ------------- ------------- -------------
Total from investment operations 1.37 2.44 (2.96) 0.12 1.06
------------- ------------- ------------- ------------- -------------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.07) (0.08) (0.11) -- (0.14)
Distributions from net realized gains -- -- -- -- (0.12)
------------- ------------- ------------- ------------- -------------
Total dividends and distributions (0.07) (0.08) (0.11) -- (0.26)
------------- ------------- ------------- ------------- -------------
NET ASSET VALUE, END OF YEAR $ 13.40 $ 12.10 $ 9.74 $ 12.81 $ 12.69
============= ============= ============= ============= =============
Total return(1) 11.34% 25.16% (23.09)% 0.95% 8.91%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 44,853 $ 29,536 $ 21,486 $ 30,280 $ 24,034
Ratio of expenses to average net assets(2) 1.00% 1.00% 1.00% 1.00% 1.02%
Ratio of net investment income to average
net assets 1.15% 0.97% 0.68% 0.90% 1.11%
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 0.14% 0.25% 0.35% 0.24% 0.27%
Portfolio turnover rate 53% 86% 43% 46% 77%
</Table>
(1) Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been lower.
(2) Interest earned on uninvested cash balances may be used to offset portions
of transfer agent expense. These arrangements resulted in a reduction to
the Portfolio's net expense ratio by .02% for the year ended December 31,
2000. The Portfolio's net operating expense ratio after reflecting these
arrangements was 1.00% for the year ended December 31, 2000. For the years
ended December 31, 2004, 2003, 2002 and 2001, there was no effect on the
net operating expense ratio because of transfer agent credits.
See Accompanying Notes to Financial Statements.
13
<Page>
CREDIT SUISSE TRUST -- LARGE CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2004
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Credit Suisse Trust (the "Trust") is an open-end management investment
company registered under the Investment Company Act of 1940, as amended (the
"1940 Act"), and currently offers eight managed investment portfolios of which
one, the Large Cap Value Portfolio (the "Portfolio"), is included in this
report. The Portfolio is a diversified investment fund that seeks long-term
growth of capital and income. Shares of the Portfolio are not available directly
to individual investors but may be offered only through (a) variable annuity
contracts and variable life insurance contracts offered by separate accounts of
certain insurance companies and (b) tax-qualified pension and retirement plans.
The Portfolio may not be available in connection with a particular contract or
plan. The Trust was organized under the laws of the Commonwealth of
Massachusetts as a business trust on March 15, 1995.
A) SECURITY VALUATION -- The net asset value of the Portfolio is determined
daily as of the close of regular trading on the New York Stock Exchange, Inc.
(the "Exchange") on each day the Exchange is open for business. The Portfolio's
equity investments are valued at market value, which is generally determined
using the closing price on the exchange or market on which the security is
primarily traded at the time of valuation (the "Valuation Time"). If no sales
are reported, equity investments are generally valued at the most recent bid
quotation as of the Valuation Time or at the lowest asked quotation in the case
of a short sale of securities. Debt securities with a remaining maturity greater
than 60 days are valued in accordance with the price supplied by a pricing
service, which may use a matrix, formula or other objective method that takes
into consideration market indices, yield curves and other specific adjustments.
Debt obligations that will mature in 60 days or less are valued on the basis of
amortized cost, which approximates market value, unless it is determined that
using this method would not represent fair value. Securities and other assets
for which market quotations are not readily available, or whose values have been
materially affected by events occurring before the Portfolio's Valuation Time
but after the close of the securities' primary markets, are valued at fair value
as determined in good faith by, or under the direction of, the Board of Trustees
under procedures established by the Board of Trustees. The Portfolio may utilize
a service provided by an independent third party which has been approved by the
Board of Trustees to fair value certain securities.
B) FOREIGN CURRENCY TRANSACTIONS -- The books and records of the Portfolio
are maintained in U.S. dollars. Transactions denominated in foreign currencies
are recorded at the current prevailing exchange rates. All assets and
liabilities denominated in foreign currencies are translated into U.S. dollar
amounts at the current exchange rate at the end of the period.
14
<Page>
Translation gains or losses resulting from changes in the exchange rate during
the reporting period and realized gains and losses on the settlement of foreign
currency transactions are reported in the results of operations for the current
period. The Portfolio does not isolate that portion of realized gains and losses
on investments in EQUITY securities which is due to changes in the foreign
exchange rate from that which is due to changes in market prices of equity
securities. The Portfolio isolates that portion of realized gains and losses on
investments in DEBT securities which is due to changes in the foreign exchange
rate from that which is due to changes in market prices of debt securities.
C) SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted for on a trade date basis. Interest income is recorded on the accrual
basis. Dividends are recorded on the ex-dividend date. The cost of investments
sold is determined by use of the specific identification method for both
financial reporting and income tax purposes.
D) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net
investment income and distributions of net realized capital gains, if any, are
declared and paid at least annually. However, to the extent that a net realized
capital gain can be reduced by a capital loss carryforward, such gain will not
be distributed. Income and capital gain distributions are determined in
accordance with federal income tax regulations, which may differ from accounting
principles generally accepted in the United States of America ("GAAP").
E) FEDERAL INCOME TAXES -- No provision is made for federal taxes as it is
the Trust's intention to have the Portfolio continue to qualify for and elect
the tax treatment applicable to regulated investment companies under the
Internal Revenue Code of 1986, as amended, and to make the requisite
distributions to its shareholders, which will be sufficient to relieve it from
federal income and excise taxes.
F) USE OF ESTIMATES -- The preparation of financial statements in
conformity with GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent asset and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting year. Actual
results could differ from these estimates.
G) SHORT-TERM INVESTMENTS -- The Portfolio, together with other
funds/portfolios advised by Credit Suisse Asset Management, LLC ("CSAM"), an
indirect, wholly-owned subsidiary of Credit Suisse Group,
15
<Page>
pools available cash into either a short-term variable rate time deposit issued
by State Street Bank and Trust Company ("SSB"), the Portfolio's custodian, or a
money market fund advised by CSAM. The short-term time deposit issued by SSB is
a variable rate account classified as a short-term investment.
H) SECURITIES LENDING -- Loans of securities are required at all times to
be secured by collateral at least equal to 102% of the market value of domestic
securities on loan (including any accrued interest thereon) and 105% of the
market value of foreign securities on loan (including any accrued interest
thereon). Cash collateral received by the Portfolio in connection with
securities lending activity 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
Portfolio's 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 the Portfolio with respect to such loans at December 31, 2004
is as follows:
<Table>
<Caption>
MARKET VALUE OF VALUE OF
SECURITIES LOANED COLLATERAL RECEIVED
----------------- -------------------
$ 687,540 $ 708,575
</Table>
Prior to March 17, 2004, Credit Suisse First Boston ("CFSB"), an affiliate
of CSAM, had been engaged by the Portfolio to act as the Portfolio's securities
lending agent. The portfolio earned no income from securities lending through
the period ended March 17, 2004.
Effective March 17, 2004, SSB has been engaged by the Portfolio to act as
the Portfolio's securities lending agent. The Portfolio's securities lending
arrangement provides that the Portfolio and SSB will share the net income earned
form securities lending activities, with the Portfolio 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 Portfolio may also be entitled to
certain minimum amounts of income from its securities lending activities.
Securities lending income is accrued as earned.
16
<Page>
NOTE 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
CSAM serves as investment adviser for the Portfolio. For its investment
advisory services, CSAM is entitled to receive a fee from the Portfolio at an
annual rate of 0.75% of the Portfolio's average daily net assets. For the year
ended December 31, 2004, investment advisory fees earned and voluntarily waived
were $307,830 and $59,448, respectively. CSAM will not recapture from the
Portfolio any fees it waived during the fiscal year ended December 31, 2004.
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of
CSAM, and SSB serve as co-administrators to the Portfolio.
For its co-administrative services, CSAMSI currently receives a fee
calculated at an annual rate of 0.10% of the average daily net assets of the
Portfolio. For the year ended December 31, 2004, co-administrative services fees
earned by CSAMSI were $41,044.
For its co-administrative services, SSB receives a fee, exclusive of
out-of-pocket expenses, based upon the following fee schedule calculated in
total for all the Credit Suisse funds/portfolios co-administered by SSB and
allocated based upon relative average net assets of each fund/portfolio, subject
to an annual minimum fee.
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ ----------------------------------
First $5 billion 0.050% of average daily net assets
Next $5 billion 0.035% of average daily net assets
Over $10 billion 0.020% of average daily net assets
</Table>
For the year ended December 31, 2004, co-administrative services fees earned
by SSB (including out-of-pocket fees) were $30,712.
In addition to serving as the Portfolio's co-administrator, CSAMSI currently
serves as distributor of the Portfolio's shares without compensation.
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Portfolio to provide certain financial printing and fulfillment services.
For the year ended December 31, 2004, Merrill was paid $5,516 for its services
to the Portfolio.
NOTE 3. LINE OF CREDIT
The Portfolio, together with other funds/portfolios advised by CSAM
(collectively, the "Participating Funds"), participates in a $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
17
<Page>
rate of 0.10% per annum on the average unused amount of the Credit Facility,
which is allocated among the Participating Funds in such manner as is determined
by the governing Boards of the Participating Funds. In addition, the
Participating Funds pay interest on borrowings at the Federal Funds rate plus
0.50%. At December 31, 2004 the Portfolio had no loans outstanding under the
Credit Facility. During the year ended December 31, 2004, the Portfolio had
borrowings under the Credit Facility as follows:
<Table>
<Caption>
AVERAGE DAILY WEIGHTED AVERAGE MAXIMUM DAILY
LOAN BALANCE INTEREST RATE % LOAN OUTSTANDING
------------- ---------------- ----------------
$ 515,800 2.626% $ 524,000
</Table>
NOTE 4. PURCHASES AND SALES OF SECURITIES
For the year ended December 31, 2004, purchases and sales of investment
securities (excluding short-term investments) were $34,331,485 and $20,821,954,
respectively.
NOTE 5. CAPITAL SHARE TRANSACTIONS
The Trust is authorized to issue an unlimited number of full and fractional
shares of beneficial interest, $0.001 par value per share. Transactions in
capital shares of the Portfolio were as follows:
<Table>
<Caption>
FOR THE YEAR ENDED FOR THE YEAR ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003
------------------ ------------------
Shares sold 1,554,282 1,119,985
Shares issued in reinvestment of dividends 17,977 16,863
Shares redeemed (666,506) (901,899)
------------------ ------------------
Net increase 905,753 234,949
================== ==================
</Table>
On December 31, 2004, the number of shareholders that held 5% or more of
the outstanding shares of the Portfolio was as follows:
<Table>
<Caption>
NUMBER OF APPROXIMATE PERCENTAGE
SHAREHOLDERS OF OUTSTANDING SHARES
------------ ----------------------
2 94%
</Table>
Some of the shareholders are omnibus accounts, which hold shares on behalf
of individual shareholders.
18
<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 paid during the year ended December
31, 2004 and 2003, respectively, for the Portfolio were as follows:
<Table>
<Caption>
ORDINARY INCOME
--------------------------
2004 2003
--------- ---------
$ 221,475 $ 181,610
</Table>
At December 31, 2004, the components of distributable earnings on a tax
basis for the Portfolio were as follows:
<Table>
Undistributed net investment income $ 473,415
Accumulated net realized loss (4,176,449)
Unrealized appreciation 7,961,615
-----------
$ 4,258,581
===========
</Table>
At December 31, 2004, the Portfolio had capital loss carryforwards
available to offset possible future capital gains as follows:
<Table>
<Caption>
EXPIRES DECEMBER 31,
-------------------------------------------------------
2008 2009 2010 2011 2012
--------- --------- ----------- --------- ---------
$ 634,365 $ 622,754 $ 1,790,646 $ 896,363 $ 232,321
</Table>
At December 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 $37,584,516, $8,126,274,
$(164,744) and $7,961,530, respectively.
NOTE 7. CONTINGENCIES
In the normal course of business, the Portfolio may provide general
indemnifications pursuant to certain contracts and organizational documents. The
Portfolio's maximum exposure under these arrangements is dependent on future
claims that may be made against the Portfolio and, therefore, cannot be
estimated; however, based on experience, the risk of loss from such claims is
considered remote.
19
<Page>
CREDIT SUISSE TRUST -- LARGE CAP VALUE PORTFOLIO
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of Credit Suisse Trust and Shareholders of
Credit Suisse Trust -- Large Cap Value Portfolio:
In our opinion, the accompanying statement of assets and liabilities,
including the schedule of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Large Cap Value Portfolio (the
"Portfolio"), a portfolio of the Credit Suisse Trust, at December 31, 2004, the
results of its operations for the year then ended, the changes in its net assets
for each of the two years in the period then ended and the financial highlights
for each of the five years in the period then ended, in conformity with
accounting principles generally accepted in the United States of America. These
financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Portfolio's management;
our responsibility is to express an opinion on these financial statements based
on our audits. We conducted our audits of these financial statements in
accordance with 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 December 31, 2004 by
correspondence with the custodian provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Baltimore, Maryland
February 7, 2005
20
<Page>
CREDIT SUISSE TRUST -- LARGE CAP VALUE PORTFOLIO
INFORMATION CONCERNING TRUSTEES AND OFFICERS (UNAUDITED)
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) OVERSEEN BY DIRECTORSHIPS HELD
DATE OF BIRTH TRUST SERVED DURING PAST FIVE YEARS TRUSTEE BY TRUSTEE
- ----------------------- -------------------- ------------ ------------------------- ------------- -----------------------
INDEPENDENT TRUSTEES
Richard H. Francis Trustee, Nominating Since 1999 Currently retired 41 None
c/o Credit Suisse Asset and Audit Committee
Management, LLC Member
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 04/23/32
Jeffrey E. Garten Trustee, Nominating Since 1998(2) Dean of Yale School of 40 Director of Aetna, Inc.
Box 208200 and Audit Committee Management and William S. (insurance company);
New Haven, Connecticut Member Beinecke Professor in the Director of Calpine
06520-8200 Practice of International Corporation (energy
Trade and Finance from provider); Director of
Date of Birth: 10/29/46 November 1995 to present. CarMax Group (used car
dealers).
Peter F. Krogh Trustee, Nominating Since 2001 Dean Emeritus and 40 Director of Carlisle
301 ICC Georgetown Committee Chairman Distinguished Professor Companies Incorporated
University and Audit Committee of International Affairs (diversified
Washington, DC 20057 Member at the Edmund A. Walsh manufacturing company).
School of Foreign
Date of Birth: 02/11/37 Service, Georgetown
University from June 1995
to present.
James S. Pasman, Jr. Trustee, Nominating Since 1999 Currently retired 42 Director of Education
c/o Credit Suisse Asset and Audit Committee Management Corp.
Management, LLC Member
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 12/20/30
</Table>
- ----------------
(1) Each Trustee and Officer serves until his or her respective successor has
been duly elected and qualified.
(2) Mr. Garten was initially appointed as a Trustee of the Trust on February 6,
1998. He resigned as Trustee on February 3, 2000, and was subsequently
re-appointed on December 21, 2000.
21
<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) OVERSEEN BY DIRECTORSHIPS HELD
DATE OF BIRTH TRUST SERVED DURING PAST FIVE YEARS TRUSTEE BY TRUSTEE
- ----------------------- -------------------- ------------ ------------------------- ------------- -----------------------
INDEPENDENT TRUSTEES
Steven N. Rappaport Trustee, Nominating Since 1999 Partner of Lehigh Court, 42 Director of Presstek,
Lehigh Court, LLC Committee Member LLC and RZ Capital Inc. (digital imaging
40 East 52nd Street and Audit Committee (private investment technologies company);
New York, New York Chairman firms) from July 2002 to Director of Wood
10022 present; Transition Resources, LLC.
Adviser to SunGard (plywood manufacturing
Date of Birth: 07/10/48 Securities Finance, Inc. company).
from February 2002 to
July 2002; President of
SunGard Securities
Finance, Inc. from 2001
to February 2002;
President of Loanet, Inc.
(on-line accounting
service) from 1997 to
2001.
INTERESTED TRUSTEES
Michael E. Kenneally(3) Chairman and Chief Since 2004 Chairman and Global Chief 44 None
Credit Suisse Asset Executive Officer Executive Officer of CSAM
Management, LLC since 2003; Chairman and
466 Lexington Avenue Chief Investment Officer
New York, New York of Banc of America
10017-3140 Capital Management from
1998 to March 2003.
Date of Birth: 03/30/54
William W. Priest(4) Trustee Since 1999 Chief Executive Officer 47 Director of Globe
Epoch Investment of J Net Enterprises, Wireless, LLC (maritime
Partners Inc. (technology holdings communication company);
667 Madison Avenue company) since June 2004; Director of InfraRed X
New York, New York Chief Executive Officer (medical device
10021 of Epoch Investment company); Director of J
Partners, Inc. since Net Enterprises, Inc.
Date of Birth: 09/24/41 April 2004; Co-Managing
Partner, Steinberg Priest
& Sloane 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. Kenneally is a Trustee who is an "interested person" of the Trust as
defined in the 1940 Act because he is an officer of CSAM.
(4) Mr. Priest is a Trustee who is an "interested person" of the Trust as
defined in the 1940 Act because he provided consulting services to CSAM
within the last two years (ended 12/31/02).
22
<Page>
<Table>
<Caption>
TERM
OF OFFICE(1)
AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH TRUST SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- ----------------------- -------------------- ------------ ----------------------------------------------
OFFICERS
Michael A. Pignataro Chief Financial Since 1999 Director and Director of Fund Administration
Credit Suisse Asset Officer and of CSAM; Associated with CSAM since 1984;
Management, LLC Treasurer Officer of other Credit Suisse Funds.
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 11/15/59
Emidio Morizio Chief Compliance Since 2004 Director and Global Head of Compliance of
Credit Suisse Asset Officer CSAM; Associated with CSAM since July 2000;
Management, LLC Vice President and Director of Compliance of
466 Lexington Avenue Forstmann-Leff Associates from 1998 to June
New York, New York 2000; Officer of other Credit Suisse Funds.
10017-3140
Date of Birth: 09/21/66
Ajay Mehra Chief Legal Officer Since 2004 Director and Deputy General Counsel of CSAM
Credit Suisse Asset since September 2004; Senior Associate of
Management, LLC Shearman & Sterling LLP from September 2000
466 Lexington Avenue to September 2004; Senior Counsel of the SEC
New York, New York Division of Investment Management from June
10017-3140 1997 to September 2000; Officer of other
Credit Suisse Funds.
Date of Birth: 08/14/70
J. Kevin Gao Vice President Since 2004 Vice President and legal counsel of CSAM;
Credit Suisse Asset and Secretary Associated with CSAM since July 2003;
Management, LLC Associated with the law firm of Willkie Farr
466 Lexington Avenue & Gallagher LLP from 1998 to 2003; Officer of
New York, New York other Credit Suisse Funds.
10017-3140
Date of Birth: 10/13/67
Robert M. Rizza Assistant Treasurer Since 2002 Assistant Vice President of CSAM since
Credit Suisse Asset January 2001; Associated with CSAM since
Management, LLC 1998; Officer of other Credit Suisse Funds.
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 12/09/65
</Table>
The Statement of Additional Information includes additional information
about the Trustees and is available, without charge, upon request, by calling
800-222-8977.
23
<Page>
CREDIT SUISSE TRUST -- LARGE CAP VALUE PORTFOLIO
TAX INFORMATION LETTER (UNAUDITED)
December 31, 2004
IMPORTANT TAX INFORMATION FOR CORPORATE SHAREHOLDERS
Corporate shareholders should note that for the year ended December 31,
2004, the percentage of the Portfolio's investment income (i.e., net investment
income plus short-term capital gains) that qualified for the intercorporate
dividends received deduction is 100.00%.
24
<Page>
CREDIT SUISSE TRUST -- LARGE CAP VALUE PORTFOLIO
PROXY POLICY AND PORTFOLIO HOLDINGS INFORMATION
Information regarding how the Portfolio voted proxies related to its
portfolio securities during the 12-month period ended June 30, 2004 as well as
the policies and procedures that the Portfolio uses to determine how to vote
proxies relating to its portfolio securities are available:
- By calling 1-800-222-8977
- On the Portfolio's website, www.csam.com/us
- On the website of the Securities and Exchange Commission,
http://www.sec.gov.
The Portfolio 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
Portfolio's 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.
25
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
P.O. BOX 55030, BOSTON, MA 02205-5030
800-222-8977 - www.csam.com/us
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. TRLCV-2-1204
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE FUNDS
ANNUAL REPORT
DECEMBER 31, 2004
CREDIT SUISSE TRUST
- - SMALL CAP VALUE PORTFOLIO
CREDIT SUISSE TRUST (THE "TRUST") SHARES ARE NOT AVAILABLE DIRECTLY TO
INDIVIDUAL INVESTORS, BUT MAY BE OFFERED ONLY THROUGH CERTAIN INSURANCE PRODUCTS
AND PENSION AND RETIREMENT PLANS.
THE TRUST'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES (WHICH SHOULD BE
CONSIDERED CAREFULLY BEFORE INVESTING), AND MORE COMPLETE INFORMATION ABOUT THE
TRUST, ARE PROVIDED IN THE PROSPECTUS, WHICH SHOULD BE READ CAREFULLY BEFORE
INVESTING. YOU MAY OBTAIN ADDITIONAL COPIES BY CALLING 800-222-8977 OR BY
WRITING TO CREDIT SUISSE TRUST, P.O. BOX 55030, BOSTON, MA 02205-5030.
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR, IS LOCATED AT 466
LEXINGTON AVE., NEW YORK, NY 10017-3140. THE TRUST IS ADVISED BY CREDIT SUISSE
ASSET MANAGEMENT, LLC.
<Page>
THE VIEWS OF THE PORTFOLIO'S MANAGEMENT ARE AS OF THE DATE OF THE LETTER AND THE
PORTFOLIO HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF DECEMBER 31, 2004; THESE
VIEWS AND PORTFOLIO HOLDINGS MAY HAVE CHANGED SUBSEQUENT TO THESE DATES. NOTHING
IN THIS DOCUMENT IS A RECOMMENDATION TO PURCHASE OR SELL SECURITIES.
PORTFOLIO SHARES ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF CREDIT SUISSE ASSET
MANAGEMENT, LLC ("CSAM") OR ANY AFFILIATE, ARE NOT FDIC-INSURED AND ARE NOT
GUARANTEED BY CSAM OR ANY AFFILIATE. PORTFOLIO INVESTMENTS ARE SUBJECT TO
INVESTMENT RISKS, INCLUDING LOSS OF YOUR INVESTMENT.
<Page>
CREDIT SUISSE TRUST -- SMALL CAP VALUE PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT
December 31, 2004 (unaudited)
January 31, 2005
Dear Shareholder:
For the 12 months ended December 31, 2004, Credit Suisse Trust -- Small Cap
Value Portfolio(1) (the "Portfolio") had a gain of 20.38%, versus increases of
18.33% and 22.25% respectively, for the Russell 2000(R) Index(2) and the Russell
2000(R) Value Index.(3)
THE MARKET: SOFT SUMMER, STRONG FOURTH QUARTER
The US equity market began the period on a positive note, continuing a rally
fueled by optimism over the economy and corporate profit growth. However, the
market quickly encountered headwinds, mostly in the form of domestic and
international political uncertainty, worries over rising interest rates and a
surge in oil prices. Stocks languished into late October, but ended the year on
a bright note when a decisive presidential election, better employment numbers
and benign inflation helped ease risk concerns.
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, small cap equities outperformed large cap equities, a trend often (but
not always) seen in the early stages of economic recovery and amid low interest
rates.
STRATEGIC REVIEW: FOCUS ON COMPANY FUNDAMENTALS
We continued to focus on companies generating strong cashflows and committed
to adding shareholder value -- e.g., via share repurchase programs or higher
dividend payouts. This strategy resulted in Portfolio overweightings in the
energy sector, where our holdings outperformed. Denbury Resources (1.4% of the
Portfolio as of December 31, 2004) and Houston Exploration (we eliminated this
position late in the period), which both operate natural gas and oil properties,
were among the positive contributors.
We also had a sizable overweighting in the producer durables area, which was
beneficial as the sector outperformed. Stock selection here was favorable as
well, led by Esco Technologies (1.1% of the Portfolio as of December 31, 2004),
boosted by a positive earnings surprise. The Portfolio's technology and
utilities holdings also helped its performance. On the negative side in terms of
relative performance, the Portfolio's financial services and consumer
discretionary stocks had gains but underperformed their respective components of
the Russell 2000(R) Value Index.
1
<Page>
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
INVESTMENTS IN SMALL COMPANIES MAY BE MORE VOLATILE AND LESS LIQUID THAN
INVESTMENTS IN LARGER COMPANIES.
IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING
STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKET,
INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT REGULATION AND
THEIR POTENTIAL IMPACT ON THE PORTFOLIO'S INVESTMENTS. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
2
<Page>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE
CREDIT SUISSE TRUST -- SMALL CAP VALUE PORTFOLIO(1),
THE RUSSELL 2000(R) INDEX(2) AND THE RUSSELL 2000(R)
VALUE INDEX(3) FROM INCEPTION (11/30/01).
<Table>
<Caption>
CREDIT SUISSE TRUST--
SMALL CAP VALUE PORTFOLIO(1) RUSSELL 2000(R) INDEX(2) RUSSELL 2000(R) VALUE INDEX(3)
---------------------------- ------------------------ ------------------------------
11/30/2001 $ 10,000 $ 10,000 $ 10,000
12/31/2001 $ 10,600 $ 10,617 $ 10,612
1/31/2002 $ 10,720 $ 10,507 $ 10,753
2/28/2002 $ 11,010 $ 10,219 $ 10,819
3/31/2002 $ 11,510 $ 11,040 $ 11,629
4/30/2002 $ 11,730 $ 11,141 $ 12,038
5/31/2002 $ 11,240 $ 10,646 $ 11,640
6/30/2002 $ 10,910 $ 10,118 $ 11,383
7/31/2002 $ 9,800 $ 8,590 $ 9,691
8/31/2002 $ 10,050 $ 8,569 $ 9,649
9/30/2002 $ 9,310 $ 7,954 $ 8,960
10/31/2002 $ 9,430 $ 8,209 $ 9,094
11/30/2002 $ 9,840 $ 8,941 $ 9,820
12/31/2002 $ 9,640 $ 8,443 $ 9,400
1/31/2003 $ 9,260 $ 8,209 $ 9,135
2/28/2003 $ 9,140 $ 7,961 $ 8,828
3/31/2003 $ 9,080 $ 8,064 $ 8,923
4/30/2003 $ 9,740 $ 8,829 $ 9,771
5/31/2003 $ 10,260 $ 9,776 $ 10,768
6/30/2003 $ 10,320 $ 9,953 $ 10,950
7/31/2003 $ 10,610 $ 10,576 $ 11,497
8/31/2003 $ 10,970 $ 11,060 $ 11,933
9/30/2003 $ 10,696 $ 10,856 $ 11,796
10/31/2003 $ 11,266 $ 11,768 $ 12,758
11/30/2003 $ 11,616 $ 12,185 $ 13,247
12/31/2003 $ 12,026 $ 12,433 $ 13,727
1/31/2004 $ 12,267 $ 12,973 $ 14,202
2/29/2004 $ 12,437 $ 13,090 $ 14,477
3/31/2004 $ 12,537 $ 13,212 $ 14,677
4/30/2004 $ 12,347 $ 12,538 $ 13,918
5/31/2004 $ 12,427 $ 12,737 $ 14,087
6/30/2004 $ 13,027 $ 13,274 $ 14,802
7/31/2004 $ 12,597 $ 12,380 $ 14,122
8/31/2004 $ 12,497 $ 12,317 $ 14,260
9/30/2004 $ 13,067 $ 12,895 $ 14,825
10/31/2004 $ 13,157 $ 13,149 $ 15,054
11/30/2004 $ 14,148 $ 14,289 $ 16,390
12/31/2004 $ 14,478 $ 14,712 $ 16,781
</Table>
<Table>
<Caption>
AVERAGE ANNUAL RETURNS AS OF DECEMBER 31, 2004(1)
------------------------------------------------
1 YEAR SINCE INCEPTION
------ ---------------
20.38% 12.73%
</Table>
RETURNS REPRESENT PAST PERFORMANCE AND INCLUDE CHANGES IN SHARE PRICE AND
REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. PAST PERFORMANCE CANNOT GUARANTEE
FUTURE RESULTS. THE CURRENT PERFORMANCE OF THE PORTFOLIO 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 PORTFOLIO DISTRIBUTIONS OR
THE REDEMPTION OF PORTFOLIO SHARES. PERFORMANCE INCLUDES THE EFFECT OF DEDUCTING
EXPENSES, BUT DOES NOT INCLUDE CHARGES AND EXPENSES ATTRIBUTABLE TO ANY
PARTICULAR VARIABLE CONTRACT OR PLAN. ACCORDINGLY, THE PROSPECTUS OF THE
SPONSORING PARTICIPATING INSURANCE COMPANY SEPARATE ACCOUNT OR PLAN DOCUMENTS OR
OTHER INFORMATIONAL MATERIALS SUPPLIED BY PLAN SPONSORS SHOULD BE CAREFULLY
REVIEWED FOR INFORMATION ON RELEVANT CHARGES AND EXPENSES. EXCLUDING THESE
CHARGES AND EXPENSES FROM QUOTATIONS OF PERFORMANCE HAS THE EFFECT OF INCREASING
THE PERFORMANCE QUOTED, AND THE EFFECT OF THESE CHARGES SHOULD BE CONSIDERED
WHEN COMPARING PERFORMANCE TO THAT OF OTHER MUTUAL FUNDS. 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
portfolio, without which performance would be lower. Waivers and/or
reimbursements may be discontinued at any time.
(2) The Russell 2000(R) Index measures the performance of the 2,000 smallest
companies in the Russell 3000(R) Index, which represent approximately 8% of
the total market capitalization of the Russell 3000(R) Index. It is an
unmanaged index of common stocks that includes reinvestment of dividends
and is compiled by Frank Russell Company. Investors cannot invest directly
in an index.
(3) The Russell 2000(R) Value Index measures the performance of those companies
in the Russell 2000(R) Index with lower price-to-book ratios and lower
forecasted growth values. It is an unmanaged index of common stocks that
includes reinvestment of dividends and is compiled by Frank Russell
Company. Investors cannot invest directly in an index.
3
<Page>
INFORMATION ABOUT YOUR PORTFOLIO'S EXPENSES
As an investor of the Portfolio, you incur two types of costs: ongoing
expenses and transaction costs. Ongoing expenses include management fees,
distribution and service (12b-1) fees and other Portfolio 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 Portfolio 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 December 31, 2004.
The table illustrates your Portfolio's expenses in two ways:
- ACTUAL PORTFOLIO RETURN. This helps you estimate the actual dollar amount
of ongoing expenses paid on a $1,000 investment in the Portfolio using the
Portfolio'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% PORTFOLIO RETURN. This helps you to compare your
Portfolio's ongoing expenses with those of other mutual funds using the
Portfolio's actual expense ratio and a hypothetical rate of return of 5%
per year before expenses. Examples using a 5% hypothetical portfolio
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 expenses 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.
4
<Page>
EXPENSES AND VALUE OF A $1,000 INVESTMENT
FOR THE SIX-MONTH PERIOD ENDED DECEMBER 31, 2004
<Table>
ACTUAL PORTFOLIO RETURN
Beginning Account Value 7/1/04 $ 1,000.00
Ending Account Value 12/31/04 $ 1,111.40
Expenses Paid per $1,000* $ 6.85
HYPOTHETICAL 5% PORTFOLIO RETURN
Beginning Account Value 7/1/04 $ 1,000.00
Ending Account Value 12/31/04 $ 1,018.65
Expenses Paid per $1,000* $ 6.55
ANNUALIZED EXPENSE RATIOS* 1.29%
</Table>
- ----------
* EXPENSES ARE EQUAL TO THE PORTFOLIO'S ANNUALIZED EXPENSE RATIO 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 PORTFOLIO 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
PORTFOLIO'S ACTUAL EXPENSES WOULD HAVE BEEN HIGHER.
For more information, please refer to the Portfolio's prospectus.
5
<Page>
[CHART]
SECTOR BREAKDOWN*
<Table>
Financial Services 22.6%
Materials & Processing 16.6%
Consumer Discretionary 13.2%
Producer Durables 10.9%
Other Energy 9.5%
Health Care 6.1%
Utilities 4.7%
Autos & Transportation 4.5%
Consumer Staples 3.7%
Technology 3.5%
Other 2.7%
Short-Term Investments 2.0%
</Table>
- ----------
* The Portfolio's sector breakdown is expressed as a percentage of total
investments (excluding security lending collateral) and may vary over time.
6
<Page>
CREDIT SUISSE TRUST -- SMALL CAP VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 2004
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- ------------
COMMON STOCKS (98.1%)
AEROSPACE & DEFENSE (1.3%)
BE Aerospace, Inc.* 17,000 $ 197,880
DRS Technologies, Inc.* 3,270 139,662
------------
337,542
------------
AUTO COMPONENTS (0.8%)
Modine Manufacturing Co.* 6,270 211,738
------------
BANKS (11.6%)
Alabama National Bancorp. 5,000 322,500
Century Bancorp, Inc. Class A^ 2,500 73,750
First Financial Holdings, Inc. 8,070 264,212
FirstFed Financial Corp.* 9,660 501,064
FirstMerit Corp. 8,020 228,490
Independent Bank Corp. 9,290 313,538
NewAlliance Bancshares, Inc.* 23,200 354,960
Prosperity Bancshares, Inc.^ 13,500 394,335
Susquehanna Bancshares, Inc. 10,670 266,216
Webster Financial Corp. 7,250 367,140
------------
3,086,205
------------
BUILDING PRODUCTS (1.0%)
Griffon Corp.* 9,600 259,200
------------
CHEMICALS (3.2%)
Cambrex Corp. 5,400 146,340
Crompton Corp. 32,800 387,040
H.B. Fuller Co. 11,370 324,159
------------
857,539
------------
COMMERCIAL SERVICES & SUPPLIES (3.1%)
Banta Corp. 11,480 513,845
Watson Wyatt & Company Holdings 11,830 318,818
------------
832,663
------------
CONSTRUCTION & ENGINEERING (1.4%)
EMCOR Group, Inc.* 8,450 381,771
------------
CONSTRUCTION MATERIALS (1.1%)
Eagle Materials, Inc.^ 3,500 302,225
------------
CONTAINERS & PACKAGING (3.3%)
AptarGroup, Inc. 10,480 553,134
Crown Holdings, Inc.* 23,000 316,020
------------
869,154
------------
DIVERSIFIED FINANCIALS (4.0%)
Apollo Investment Corp. 17,000 256,700
Assured Guaranty, Ltd. 13,100 257,677
eSPEED, Inc. Class A* 17,900 221,423
National Financial Partners Corp. 3,500 135,800
Piper Jaffray Companies, Inc.*^ 4,200 201,390
------------
1,072,990
------------
</Table>
See Accompanying Notes to Financial Statements.
7
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- ------------
COMMON STOCKS
DIVERSIFIED TELECOMMUNICATION SERVICES (1.2%)
Iowa Telecommunications Services, Inc.* 14,400 $ 310,608
------------
ELECTRIC UTILITIES (3.2%)
Empire District Electric Co. 10,400 235,872
NRG Energy, Inc.* 10,900 392,945
OGE Energy Corp. 8,510 225,600
------------
854,417
------------
ELECTRICAL EQUIPMENT (4.4%)
AMETEK, Inc. 8,720 311,042
Brady Corp. 8,120 508,069
Rayovac Corp.* 11,900 363,664
------------
1,182,775
------------
ELECTRONIC EQUIPMENT & INSTRUMENTS (5.0%)
Electro Scientific Industries, Inc.*^ 10,220 201,947
OSI Systems, Inc.*^ 9,400 213,474
Rogers Corp.* 4,970 214,207
Roper Industries, Inc. 2,490 151,317
Varian, Inc.* 8,830 362,119
Woodhead Industries, Inc. 11,110 178,093
------------
1,321,157
------------
ENERGY EQUIPMENT & SERVICES (3.3%)
Oceaneering International, Inc.* 11,770 439,257
Varco International, Inc.* 15,220 443,663
------------
882,920
------------
FOOD & DRUG RETAILING (1.5%)
Ruddick Corp. 18,180 394,324
------------
FOOD PRODUCTS (2.3%)
Del Monte Foods Co.* 26,100 287,622
Sensient Technologies Corp.^ 13,070 313,549
------------
601,171
------------
GAS UTILITIES (1.8%)
National Fuel Gas Co. 6,730 190,728
WGL Holdings, Inc. 9,160 282,495
------------
473,223
------------
HEALTHCARE EQUIPMENT & SUPPLIES (5.3%)
Arrow International, Inc. 18,600 576,414
Cooper Companies, Inc. 6,040 426,363
Invacare Corp.^ 8,960 414,490
------------
1,417,267
------------
HEALTHCARE PROVIDERS & SERVICES (2.0%)
LifePoint Hospitals, Inc.*^ 6,300 219,366
Service Corp. International* 43,600 324,820
------------
544,186
------------
</Table>
See Accompanying Notes to Financial Statements.
8
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- ------------
COMMON STOCKS
HOTELS, RESTAURANTS & LEISURE (2.1%)
Carmike Cinemas, Inc. 7,100 $ 259,150
Marcus Corp. 12,260 308,216
------------
567,366
------------
HOUSEHOLD DURABLES (0.9%)
Ethan Allen Interiors, Inc. 5,930 237,319
------------
INDUSTRIAL CONGLOMERATES (2.8%)
Carlisle Companies, Inc. 6,160 399,907
Teleflex, Inc. 6,400 332,416
------------
732,323
------------
INSURANCE (4.9%)
Allmerica Financial Corp.* 9,200 302,036
Max Re Capital, Ltd. 12,700 270,891
Platinum Underwriters Holdings, Ltd. 14,700 457,170
ProAssurance Corp.* 6,700 262,037
------------
1,292,134
------------
IT CONSULTING & SERVICES (0.8%)
Keane, Inc.* 14,440 212,268
------------
MACHINERY (6.1%)
Albany International Corp. Class A 7,600 267,216
ESCO Technologies, Inc.* 3,930 301,235
Flowserve Corp.* 10,120 278,705
NACCO Industries, Inc. Class A 1,300 137,020
Robbins & Myers, Inc. 5,490 130,827
The Manitowoc Company, Inc. 11,250 423,562
Wabash National Corp.* 2,900 78,097
------------
1,616,662
------------
MEDIA (2.2%)
4Kids Entertainment, Inc.*^ 10,500 220,710
Harte-Hanks, Inc. 14,540 377,749
------------
598,459
------------
METALS & MINING (2.0%)
Foundation Coal Holdings, Inc.* 3,300 76,098
GrafTech International, Ltd.* 24,800 234,608
Quanex Corp. 3,400 233,138
------------
543,844
------------
OIL & GAS (4.4%)
Comstock Resources, Inc.* 12,400 273,420
Denbury Resources, Inc.* 14,700 403,515
Forest Oil Corp.* 7,900 250,588
Range Resources Corp. 12,200 249,612
------------
1,177,135
------------
</Table>
See Accompanying Notes to Financial Statements.
9
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------- ------------
COMMON STOCKS
REAL ESTATE (2.1%)
Eagle Hospitality Properties Trust, Inc.* 29,500 $ 303,850
HRPT Properties Trust 20,700 265,581
------------
569,431
------------
ROAD & RAIL (3.4%)
Laidlaw International, Inc.* 20,300 434,420
Werner Enterprises, Inc. 20,466 463,350
------------
897,770
------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (0.9%)
Axcelis Technologies, Inc.* 9,700 78,861
Credence Systems Corp.* 17,000 155,550
------------
234,411
------------
SPECIALTY RETAIL (3.7%)
CSK Auto Corp.* 21,200 354,888
Hughes Supply, Inc. 8,700 281,445
Sports Authority, Inc.*^ 13,100 337,325
------------
973,658
------------
TEXTILES & APPAREL (1.0%)
Warnaco Group, Inc.* 12,300 265,680
------------
TOTAL COMMON STOCKS (Cost $20,760,843) 26,111,535
------------
SHORT-TERM INVESTMENTS (9.3%)
State Street Navigator Prime Fund^^ 1,945,238 1,945,238
<Caption>
PAR
(000)
---------
State Street Bank and Trust Co. Euro Time Deposit,
1.400%, 1/03/05 $ 537 537,000
------------
TOTAL SHORT-TERM INVESTMENTS (Cost $2,482,238) 2,482,238
------------
TOTAL INVESTMENTS AT VALUE (107.4%) (Cost $23,243,081) 28,593,773
LIABILITIES IN EXCESS OF OTHER ASSETS (-7.4%) (1,965,336)
------------
NET ASSETS (100.0%) $ 26,628,437
============
</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.
10
<Page>
CREDIT SUISSE TRUST -- SMALL CAP VALUE PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
December 31, 2004
<Table>
ASSETS
Investments at value, including collateral for securities on loan of
$1,945,238 (Cost $23,243,081) (Note 1) $ 28,593,773(1)
Cash 222
Dividend and interest receivable 14,903
Receivable for portfolio shares sold 6,857
Prepaid expenses and other assets 3,853
-------------
Total Assets 28,619,608
-------------
LIABILITIES
Advisory fee payable (Note 2) 16,074
Administrative services fee payable (Note 2) 7,649
Payable upon return of securities loaned (Note 1) 1,945,238
Other accrued expenses payable 22,210
-------------
Total Liabilities 1,991,171
-------------
NET ASSETS
Capital stock, $0.001 par value (Note 5) 1,840
Paid-in capital (Note 5) 20,305,206
Undistributed net investment income 4,237
Accumulated net realized gain on investments 966,462
Net unrealized appreciation from investments 5,350,692
-------------
Net Assets $ 26,628,437
=============
Shares outstanding 1,840,269
-------------
Net asset value, offering price, and redemption price per share $ 14.47
=============
</Table>
(1) Including $1,898,454 of securities on loan.
See Accompanying Notes to Financial Statements.
11
<Page>
CREDIT SUISSE TRUST -- SMALL CAP VALUE PORTFOLIO
STATEMENT OF OPERATIONS
For the Year Ended December 31, 2004
<Table>
INVESTMENT INCOME (Note 1)
Dividends $ 203,177
Interest 8,540
Securities lending 2,808
-------------
Total investment income 214,525
-------------
EXPENSES
Investment advisory fees (Note 2) 159,765
Administrative services fees (Note 2) 37,145
Legal fees 34,146
Audit fees 17,903
Insurance expense 14,158
Printing fees (Note 2) 9,238
Custodian fees 7,098
Trustees' fees 2,602
Transfer agent fees 1,208
Interest expense (Note 3) 612
Commitment fees (Note 3) 447
Miscellaneous expense 8,689
-------------
Total expenses 293,011
Less: fees waived (Note 2) (57,472)
-------------
Net expenses 235,539
-------------
Net investment loss (21,014)
-------------
NET REALIZED AND UNREALIZED GAIN FROM INVESTMENTS
Net realized gain from investments 1,080,063
Net change in unrealized appreciation (depreciation) from investments 2,676,028
-------------
Net realized and unrealized gain from investments 3,756,091
-------------
Net increase in net assets resulting from operations $ 3,735,077
=============
</Table>
See Accompanying Notes to Financial Statements.
12
<Page>
CREDIT SUISSE TRUST -- SMALL CAP VALUE PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE YEAR FOR THE YEAR
ENDED ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003
----------------- -----------------
FROM OPERATIONS
Net investment loss $ (21,014) $ (3,086)
Net realized gain from investments 1,080,063 21,115
Net change in unrealized appreciation (depreciation) from investments 2,676,028 3,626,075
------------ ------------
Net increase in net assets resulting from operations 3,735,077 3,644,104
------------ ------------
FROM DIVIDENDS
Dividends from net investment income -- (8,730)
------------ ------------
Net decrease in net assets resulting from dividends -- (8,730)
------------ ------------
FROM CAPITAL SHARE TRANSACTIONS (Note 5)
Proceeds from sale of shares 8,405,200 5,803,355
Reinvestment of dividends -- 8,730
Net asset value of shares redeemed (4,008,700) (134,960)
------------ ------------
Net increase in net assets from capital share transactions 4,396,500 5,677,125
------------ ------------
Net increase in net assets 8,131,577 9,312,499
NET ASSETS
Beginning of year 18,496,860 9,184,361
------------ ------------
End of year $ 26,628,437 $ 18,496,860
============ ============
Undistributed net investment income $ 4,237 $ --
============ ============
</Table>
See Accompanying Notes to Financial Statements.
13
<Page>
CREDIT SUISSE TRUST -- SMALL CAP VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE YEAR ENDED DECEMBER 31,
---------------------------------------------------------------
2004 2003 2002 2001(1)
------------- ------------- ------------- -------------
PER SHARE DATA
Net asset value, beginning of period $ 12.02 $ 9.64 $ 10.60 $ 10.00
------------- ------------- ------------- -------------
INVESTMENT OPERATIONS
Net investment income (loss) (0.01) (0.01) 0.01 0.00(2)
Net gain (loss) on investments
(both realized and unrealized) 2.46 2.40 (0.97) 0.60
------------- ------------- ------------- -------------
Total from investment operations 2.45 2.39 (0.96) 0.60
------------- ------------- ------------- -------------
LESS DIVIDENDS
Dividends from net investment income -- (0.01) (0.00)(2) --
------------- ------------- ------------- -------------
NET ASSET VALUE, END OF PERIOD $ 14.47 $ 12.02 $ 9.64 $ 10.60
============= ============= ============= =============
Total return(3) 20.38% 24.76% (9.06)% 6.00%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 26,628 $ 18,497 $ 9,184 $ 3,430
Ratio of expenses to average net assets(4) 1.29% 1.29% 1.29% 1.29%(5)
Ratio of net investment income (loss) to average net assets (0.12)% (0.02)% 0.11% 0.03%(5)
Decrease reflected in above operating expense ratios due to
waivers/reimbursements 0.31% 0.38% 0.84% 7.44%(5)
Portfolio turnover rate 45% 28% 14% 1%
</Table>
(1) For the period November 30, 2001 (commencement of operations) through
December 31, 2001.
(2) This amount represents less than $0.01 per share.
(3) Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been lower.
Total returns for periods less than one year are not annualized.
(4) Interest earned on uninvested cash balances may be used to offset portions
of the transfer agent expense. For the years ended December 31, 2004, 2003
and 2002, and the period ended December 31, 2001, there was no effect on
the net operating expense ratio because of transfer agent credits.
(5) Annualized
See Accompanying Notes to Financial Statements.
14
<Page>
CREDIT SUISSE TRUST -- SMALL CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2004
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Credit Suisse Trust (the "Trust") is an open-end management investment
company registered under the Investment Company Act of 1940, as amended (the
"1940 Act"), and currently offers eight managed investment portfolios of which
one, the Small Cap Value Portfolio (the "Portfolio"), is included in this
report. The Portfolio is a diversified investment fund that seeks a high level
of growth of capital. Shares of the Portfolio are not available directly to
individual investors but may be offered only through (a) variable annuity
contracts and variable life insurance contracts offered by separate accounts of
certain insurance companies and (b) tax-qualified pension and retirement plans.
The Portfolio may not be available in connection with a particular contract or
plan. The Trust was organized under the laws of the Commonwealth of
Massachusetts as a business trust on March 15, 1995.
A) SECURITY VALUATION -- The net asset value of the Portfolio is determined
daily as of the close of regular trading on the New York Stock Exchange, Inc.
(the "Exchange") on each day the Exchange is open for business. The Portfolio's
equity investments are valued at market value, which is generally determined
using the closing price on the exchange or market on which the security is
primarily traded at the time of valuation (the "Valuation Time"). If no sales
are reported, equity investments are generally valued at the most recent bid
quotation as of the Valuation Time or at the lowest asked quotation in the case
of a short sale of securities. Debt securities with a remaining maturity greater
than 60 days are valued in accordance with the price supplied by a pricing
service, which may use a matrix, formula or other objective method that takes
into consideration market indices, yield curves and other specific adjustments.
Debt obligations that will mature in 60 days or less are valued on the basis of
amortized cost, which approximates market value, unless it is determined that
using this method would not represent fair value. Securities and other assets
for which market quotations are not readily available, or whose values have been
materially affected by events occurring before the Portfolio's Valuation Time
but after the close of the securities' primary markets, are valued at fair value
as determined in good faith by, or under the direction of, the Board of Trustees
under procedures established by the Board of Trustees. The Portfolio may utilize
a service provided by an independent third party which has been approved by the
Board of Trustees to fair value certain securities.
B) SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted for on a trade date basis. Interest income is recorded on the accrual
basis. Dividends are recorded on the ex-dividend date. The cost of investments
sold is determined by use of the specific identification method for both
financial reporting and income tax purposes.
15
<Page>
C) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net
investment income and distributions of net realized capital gains, if any, are
declared and paid at least annually. However, to the extent that a net realized
capital gain can be reduced by a capital loss carryforward, such gain will not
be distributed. Income and capital gain distributions are determined in
accordance with federal income tax regulations, which may differ from accounting
principles generally accepted in the United States of America ("GAAP").
D) FEDERAL INCOME TAXES -- No provision is made for federal taxes as it is
the Trust's intention to have the Portfolio continue to qualify for and elect
the tax treatment applicable to regulated investment companies under the
Internal Revenue Code of 1986, as amended, and to make the requisite
distributions to its shareholders, which will be sufficient to relieve it from
federal income and excise taxes.
E) USE OF ESTIMATES -- The preparation of financial statements in conformity
with GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Actual results could
differ from these estimates.
F) SHORT-TERM INVESTMENTS -- The Portfolio, together with other
funds/portfolios advised by Credit Suisse Asset Management, LLC ("CSAM"), an
indirect, wholly-owned subsidiary of Credit Suisse Group, pools available cash
into either a short-term variable rate time deposit issued by State Street Bank
and Trust Company ("SSB"), the Portfolio's custodian, or a money market fund
advised by CSAM. The short-term time deposit issued by SSB is a variable rate
account classified as a short-term investment.
G) SECURITIES LENDING -- Loans of securities are required at all times to be
secured by collateral at least equal to 102% of the market value of domestic
securities on loan (including any accrued interest thereon) and 105% of the
market value of foreign securities on loan (including any accrued interest
thereon). Cash collateral received by the Portfolio in connection with
securities lending activity 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
Portfolio's 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.
16
<Page>
The market value of securities on loan to brokers and the value of collateral
held by the Portfolio with respect to such loans at December 31, 2004 is as
follows:
<Table>
<Caption>
MARKET VALUE OF VALUE OF
SECURITIES LOANED COLLATERAL RECEIVED
----------------- -------------------
$ 1,898,454 $ 1,945,238
</Table>
Prior to March 17, 2004, Credit Suisse First Boston ("CSFB), an affiliate of
CSAM, had been engaged by the Portfolio to act as the Portfolio's securities
lending agent. The Portfolio earned no income from securities lending through
the period ended March 17, 2004.
Effective March 17, 2004, SSB has been engaged by the Portfolio to act as the
Portfolio's securities lending agent. The Portfolio's securities lending
arrangement provides that the Portfolio and SSB will share the net income earned
from securities lending activities with, the Portfolio 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 Portfolio may also be entitled to
certain minimum amounts of income from its securities lending activities.
Securities lending income is accrued as earned.
NOTE 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
CSAM serves as investment adviser for the Portfolio. For its investment
advisory services, CSAM is entitled to receive a fee, computed daily and payable
monthly, from the Portfolio based on the following fee schedule:
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ -----------
First $100 million 0.875% of average daily net assets
Next $100 million 0.750% of average daily net assets
Over $200 million 0.500% of average daily net assets
</Table>
For the year ended December 31, 2004, investment advisory fees earned and
voluntarily waived for the Portfolio were $159,765 and $57,472, respectively.
CSAM will not recapture from the Portfolio any fees it waived during the fiscal
year ended December 31, 2004.
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of
CSAM, and SSB serve as co-administrators to the Portfolio.
For its co-administrative services, CSAMSI currently receives a fee
calculated at an annual rate of 0.10% of the average daily net assets of the
17
<Page>
Portfolio. For the year ended December 31, 2004, co-administrative services fees
earned by CSAMSI were $18,259.
For its co-administrative services, SSB receives a fee, exclusive of
out-of-pocket expenses, based upon the following fee schedule calculated in
total for all the Credit Suisse funds/portfolios co-administered by SSB and
allocated based upon relative average net assets of each fund/portfolio subject
to an annual minimum fee.
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ -----------
First $5 billion 0.050% of average daily net assets
Next $5 billion 0.035% of average daily net assets
Over $10 billion 0.020% of average daily net assets
</Table>
For the year ended December 31, 2004, co-administrative services fees earned
by SSB (including out-of-pocket expenses) were $18,886.
In addition to serving as the Portfolio's co-administrator, CSAMSI currently
serves as distributor of the Portfolio's shares without compensation.
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Portfolio to provide certain financial printing and fulfillment services.
For the year ended December 31, 2004, Merrill was paid $5,302 for its services
to the Portfolio.
NOTE 3. LINE OF CREDIT
The Portfolio, together with other funds/portfolios advised by CSAM
(collectively, the "Participating Funds"), participates in a $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
December 31, 2004 the Portfolio had no loan outstanding under the Credit
Facility. During the year ended December 31, 2004, the Portfolio had borrowings
under the Credit Facility as follows:
<Table>
<Caption>
AVERAGE DAILY WEIGHTED AVERAGE MAXIMUM DAILY
LOAN BALANCE INTEREST RATE% LOAN OUTSTANDING
------------- ---------------- ----------------
$ 2,401,667 1.526% $ 2,804,000
</Table>
18
<Page>
NOTE 4. PURCHASES AND SALES OF SECURITIES
For the year ended December 31, 2004, purchases and sales of investment
securities (excluding short-term investments) were $13,572,578 and $8,069,357,
respectively.
NOTE 5. CAPITAL SHARE TRANSACTIONS
The Trust is authorized to issue an unlimited number of full and fractional
shares of beneficial interest, $.001 par value per share in two classes of
shares: Small Cap Value initial class and Small Cap Value class 2 shares.
Transactions in initial class capital shares of the Portfolio were as follows:
<Table>
<Caption>
FOR THE YEAR ENDED FOR THE YEAR ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003
------------------ ------------------
Shares sold 621,805 598,591
Shares issued in reinvestment of dividends -- 792
Shares redeemed (320,767) (12,995)
-------- -------
Net increase 301,038 586,388
======== =======
</Table>
No class 2 shares were issued or outstanding during the year ended December
31, 2004.
On December 31, 2004, there were no shareholders that held 5% or more of the
outstanding shares of the Portfolio.
NOTE 6. FEDERAL INCOME TAXES
Income and capital gain distributions are determined in accordance with
federal income tax regulations, which may differ from GAAP. These differences
are primarily due to differing treatments of losses deferred due to wash sales,
dividends received from Real Estate Investment Trusts and net operating losses.
The tax characteristics of dividends paid during the years ended December 31,
2004 and 2003, respectively, by the Portfolio were as follows:
<Table>
<Caption>
ORDINARY INCOME
---------------
2004 2003
---- ----
$ -- $ 8,723
</Table>
At December 31, 2004, the components of distributable earnings on a tax basis
for the Portfolio were as follows:
<Table>
Undistributed net investment income $ 387,356
Undistributed net realized gain 624,043
Unrealized appreciation 5,309,992
------------
$ 6,321,391
============
</Table>
19
<Page>
At December 31, 2004, the Portfolio had no capital loss carryforwards
available to offset possible future capital gains.
During the tax year ended December 31, 2004, the Portfolio utilized $8,457 of
the capital loss carryforward.
At December 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 $23,283,780, $5,388,916, $(78,923)
and $5,309,993, respectively.
At December 31, 2004, the Portfolio reclassified $25,251 from undistributed
net realized gain on investment to accumulated net investment loss, to adjust
for current period permanent book/tax differences which arose principally from
differing book/tax treatments of net operating losses and dividends received
from Real Estate Investment Trusts. Net assets were not affected by these
reclassifications.
NOTE 7. CONTINGENCIES
In the normal course of business, the Portfolio may provide general
indemnifications pursuant to certain contracts and organizational documents. The
Portfolio's maximum exposure under these arrangements is dependent on future
claims that may be made against the Portfolio and, therefore, cannot be
estimated; however, based on experience, the risk of loss from such claims is
considered remote.
20
<Page>
CREDIT SUISSE TRUST -- SMALL CAP VALUE PORTFOLIO
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of Credit Suisse Trust and Shareholders of Credit
Suisse Trust -- Small Cap Value Portfolio:
In our opinion, the accompanying statement of assets and liabilities,
including the schedule of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Small Cap Value Portfolio (the
"Portfolio"), a portfolio of the Credit Suisse Trust, at December 31, 2004, the
results of its operations for the year then ended, the changes in its net assets
for each of the two years in the period then ended and the financial highlights
for each of the 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 Portfolio's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with 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 December 31, 2004 by
correspondence with the custodian, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Baltimore, Maryland
February 7, 2005
21
<Page>
CREDIT SUISSE TRUST -- SMALL CAP VALUE PORTFOLIO
INFORMATION CONCERNING TRUSTEES AND OFFICERS (UNAUDITED)
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ------------------------- ------------------- -------------- ------------------------- --------------- ---------------------
INDEPENDENT TRUSTEES
Richard H. Francis Trustee, Since 1999 Currently retired 41 None
c/o Credit Suisse Asset Nominating
Management, LLC and Audit
466 Lexington Avenue Committee Member
New York, New York
10017-3140
Date of Birth: 04/23/32
Jeffrey E. Garten(2) Trustee, Since 1998 Dean of Yale School of 40 Director of Aetna,
Box 208200 Nominating Management and Inc. (insurance
New Haven, Connecticut and Audit William S. Beinecke company); Director
06520-8200 Committee Member Professor in the Practice of Calpine
of International Trade Corporation (energy
Date of Birth: 10/29/46 and Finance from provider); Director
November 1995 to of CarMax Group
present. (used car dealers).
Peter F. Krogh Trustee, Since 2001 Dean Emeritus and 40 Director of Carlisle
301 ICC Nominating Distinguished Professor Companies
Georgetown University Committee of International Affairs Incorporated
Washington, DC 20057 Chairman and at the Edmund A. Walsh (diversified
Audit Committee School of Foreign manufacturing
Date of Birth: 02/11/37 Member Service, Georgetown company).
University from June 1995
to present.
James S. Pasman, Jr. Trustee, Since 1999 Currently retired 42 Director of Education
c/o Credit Suisse Asset Nominating Management Corp.
Management, LLC and Audit
466 Lexington Avenue Committee
New York, New York Member
10017-3140
Date of Birth: 12/20/30
</Table>
- ----------
(1) Each Trustee and Officer serves until his or her respective successor has
been duly elected and qualified.
(2) Mr. Garten was initially appointed as a Trustee of the Trust on February 6,
1998. He resigned as Trustee on February 3, 2000, and was subsequently
re-appointed on December 21, 2000.
22
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ------------------------- ------------------- -------------- ------------------------- --------------- ---------------------
INDEPENDENT TRUSTEES
Steven N. Rappaport Lead Trustee, Since 1999 Partner of Lehigh Court, 42 Director of Presstek,
Lehigh Court, LLC Nominating LLC and RZ Capital Inc. (digital imaging
40 East 52nd Street Committee (private investment technologies
New York, New York Member and firms) from July 2002 to company); Director of
10022 Audit present; Transition Wood Resources, LLC.
Committee Adviser to SunGard (plywood
Date of Birth: 07/10/48 Chairman Securities Finance, Inc. manufacturing
from February 2002 to company).
July 2002; President of
SunGard Securities
Finance, Inc. from 2001
to February 2002;
President of Loanet,
Inc. (on-line accounting
service) from 1997 to
2001.
INTERESTED TRUSTEES
Michael E. Kenneally(3) Chairman and Since 2004 Chairman and Global 44 None
Credit Suisse Asset Chief 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 to
Date of Birth: 03/30/54 March 2003.
</Table>
- ----------
(3) Mr. Kenneally is a Trustee who is an "interested person" of the Trust as
defined in the 1940 Act because he is an officer of CSAM.
23
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ------------------------- ------------------- -------------- ------------------------- --------------- ---------------------
INTERESTED TRUSTEES
William W. Priest(4) Trustee Since 1999 Chief Executive Officer 47 Director of Globe
Epoch Investment Partners of J Net Enterprises, Wireless, LLC
667 Madison Avenue Inc. (technology (maritime
New York, NY 10021 holdings company) since communication
June 2004; Chief company); Director of
Date of Birth: 09/24/41 Executive Officer of InfraRed X (medical
Epoch Investment device company);
Partners, Inc. since Director of J Net
April 2004; Co-Managing Enterprises, Inc.
Partner, Steinberg
Priest & Sloane 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>
- ----------------
(4) Mr. Priest is a Trustee who is an "interested person" of the Trust as
defined in the 1940 Act because he provided consulting services to CSAM
within the last two years (ended 12/31/02).
24
<Page>
<Table>
<Caption>
TERM
OF OFFICE(1)
AND
POSITION(s) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH TRUST SERVED PRINCIPAL OCCUPATION(s) DURING PAST FIVE YEARS
- ----------------------- ----------- ------------ ----------------------------------------------
OFFICERS
Michael A. Pignataro Chief Since 1999 Director and Director of Fund Administration of CSAM;
Credit Suisse Asset Financial Associated with CSAM since 1984; Officer of other Credit
Management, LLC Officer Suisse Funds.
466 Lexington Avenue and
New York, New York Treasurer
10017-3140
Date of Birth: 11/15/59
Emidio Morizio Chief Since 2004 Director and Global Head of Compliance of CSAM;
Credit Suisse Asset Compliance 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: 09/21/66
Ajay Mehra Chief Since 2004 Director and Deputy General Counsel of CSAM since
Credit Suisse Asset Legal September 2004; Senior Associate of Shearman & Sterling
Management, LLC Officer 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: 08/14/70
J. Kevin Gao Vice Since 2004 Vice President and legal counsel of CSAM; Associated with
Credit Suisse Asset President CSAM since July 2003; Associated with the law firm of
Management, LLC and Willkie Farr & Gallagher LLP from 1998 to 2003; Officer of
466 Lexington Avenue Secretary other Credit Suisse Funds.
New York, New York
10017-3140
Date of Birth: 10/13/67
Robert M. Rizza Assistant Since 2002 Assistant Vice President of CSAM since January 2001;
Credit Suisse Asset Treasurer 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
800-922-8977.
25
<Page>
CREDIT SUISSE TRUST -- SMALL CAP VALUE PORTFOLIO
PROXY POLICY AND PORTFOLIO HOLDINGS INFORMATION
Information regarding how the Portfolio voted proxies related to its
portfolio securities during the 12-month period ended June 30, 2004 as well as
the policies and procedures that the Portfolio uses to determine how to vote
proxies relating to its portfolio securities are available:
- By calling 1-800-222-8977
- On the Portfolio's website, www.csam.com/us
- On the website of the Securities and Exchange Commission,
http://www.sec.gov.
The Portfolio 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
Portfolio's 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.
26
<Page>
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<Page>
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<Page>
P.O. BOX 55030, BOSTON, MA 02205-5030
800-222-8977 - www.csam.com/us
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. TRSCV-2-1204
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE FUNDS
ANNUAL REPORT
DECEMBER 31, 2004
CREDIT SUISSE TRUST
- - EMERGING MARKETS PORTFOLIO
CREDIT SUISSE TRUST (THE "TRUST") SHARES ARE NOT AVAILABLE DIRECTLY TO
INDIVIDUAL INVESTORS, BUT MAY BE OFFERED ONLY THROUGH CERTAIN INSURANCE PRODUCTS
AND PENSION AND RETIREMENT PLANS.
THE TRUST'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES (WHICH SHOULD BE
CONSIDERED CAREFULLY BEFORE INVESTING), AND MORE COMPLETE INFORMATION ABOUT THE
TRUST, ARE PROVIDED IN THE PROSPECTUS, WHICH SHOULD BE READ CAREFULLY BEFORE
INVESTING. YOU MAY OBTAIN ADDITIONAL COPIES BY CALLING 800-222-8977 OR BY
WRITING TO CREDIT SUISSE TRUST, P.O. BOX 55030, BOSTON, MA 02205-5030.
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR, IS LOCATED AT 466
LEXINGTON AVE., NEW YORK, NY 10017-3140. THE TRUST IS ADVISED BY CREDIT SUISSE
ASSET MANAGEMENT, LLC.
<Page>
THE VIEWS OF THE PORTFOLIO'S MANAGEMENT ARE AS OF THE DATE OF THE LETTER AND THE
PORTFOLIO HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF DECEMBER 31, 2004; THESE
VIEWS AND PORTFOLIO HOLDINGS MAY HAVE CHANGED SUBSEQUENT TO THESE DATES. NOTHING
IN THIS DOCUMENT IS A RECOMMENDATION TO PURCHASE OR SELL SECURITIES.
PORTFOLIO SHARES ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF CREDIT SUISSE ASSET
MANAGEMENT, LLC ("CSAM") OR ANY AFFILIATE, ARE NOT FDIC-INSURED AND ARE NOT
GUARANTEED BY CSAM OR ANY AFFILIATE. PORTFOLIO INVESTMENTS ARE SUBJECT TO
INVESTMENT RISK, INCLUDING LOSS OF YOUR INVESTMENT.
<Page>
CREDIT SUISSE TRUST -- EMERGING MARKETS PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT
December 31, 2004 (unaudited)
February 1, 2005
Dear Shareholder:
For the 12 months ended December 31, 2004, Credit Suisse Trust -- Emerging
Markets Portfolio(1) (the "Portfolio") had a gain of 25.02%, versus an increase
of 25.95% for the Morgan Stanley Capital International Emerging Markets
Index.(2)
MARKET OVERVIEW: SHAKING OFF GLOBAL MACRO WORRIES
The global environment was broadly favorable for emerging markets for the
period as a whole. Ample liquidity conditions as a result of low global interest
rates, robust global growth and high investor appetite for higher-return and
higher-risk assets drove outperformance versus developed markets at the
beginning of the period. In April and May of 2004, however, the asset class
surrendered some of its gains, as fears of rising US interest rates and a sharp
slowdown in China's economy sparked a wave of profit-taking, particularly within
cyclicals and materials stocks which had strongly outperformed. Favorable market
conditions returned late in the third quarter as fears of a sharp rise in US
inflation and interest rates appeared ungrounded. As US yields began to trend
lower, funds returned to higher-yielding assets, including emerging markets.
Signs that China's growth slowdown was not going to be as severe as anticipated
also lifted heavily sold-off commodity plays. Finally, the sharp decline in the
US dollar that commenced at the end of the period was also positive for emerging
market currencies, translating into higher US dollar market returns.
STRATEGIC REVIEW: TACTICAL ADJUSTMENTS
The Portfolio participated in the broad rally in emerging markets, although
underperformance early in the period left the Portfolio modestly behind its
benchmark for the full year. The key contributor to performance was strong stock
selection within South Africa and Eastern Europe -- most specifically, Russia.
Performance was hindered by certain holdings in China and India, as well as
limited exposure to smaller markets in Latin America and the Eastern Europe,
Middle East and Africa (EMEA) region that registered strong returns.
In terms of regional positioning, we remained overweight in the larger
markets within Latin America, albeit trimming our positions toward the end of
period after substantial market gains. Rising US interest rates and slowing
global growth have traditionally been the source of market pressure for Latin
America and in particular Brazil, given the region's reliance on external
financing. We believe that improved external fundamentals could make economic
growth more resistant to global headwinds in this cycle.
1
<Page>
Nevertheless, our positioning in both Mexico and Brazil is biased primarily
toward companies dependent on domestic demand, such as Brazilian banks and
Mexican homebuilders, where we have greater conviction about the earnings
outlook.
We maintained a roughly neutral position in Asia overall. Within the larger
North Asian markets, we favored Taiwan over Korea and China through most of the
period. In Taiwan, we were exposed to financials stocks, which benefited from
the improvement in domestic spending over the period. By contrast, a moribund
consumer sector continued to inhibit the domestic recovery in Korea and the
earnings outlook for domestic stocks and banks, although we believe attractive
valuations for the market overall remain in place. In China, despite our
relatively sanguine view over the prospects for macroeconomic growth, rising
cost pressures have eroded the profitability amongst many Chinese corporates,
while valuations have not been compelling in our view. Within the smaller
markets of Southeast Asia, we also ended the period with overweightings in
Malaysia and Thailand, reflecting our more positive outlook on their macro
fundamentals. We remained underweighted in India, though we did add to our
Indian position late in the period as concerns regarding the growth outlook and
reform agenda of the incoming government appeared overblown.
We were primarily underweighted in the EMEA region during the period. In
Eastern Europe, our primary overweight through much of the year had been in
Russia, although we reduced our exposure as the corporate environment
deteriorated. We were underweighted in South Africa through the period, due to
our bias away from commodity exporters, which continue to be hampered by
strength in the country's currency. We maintained an overweight in Turkey, based
on positive macroeconomic developments and market expectation of positive news
regarding Turkey's application for eventual EU membership. Our exposure to
Israel through most of the period was broadly neutral, but with a relatively
high bias toward domestic-oriented companies and banks, which we feel continue
to have amongst the most compelling valuations in the emerging market bank
universe.
GOING FORWARD: CLEARER HORIZONS?
In the coming year, emerging markets, in our view, will not enjoy the type of
strong liquidity and growth drivers which lifted the asset class in 2003 and
2004. Nevertheless, we still maintain a positive view on the asset class,
barring any unforeseen geopolitical developments. In our opinion, macroeconomic
risks within the emerging world are lower than at any point in recent history,
while domestic growth prospects remain vibrant in many of our markets.
2
<Page>
Valuations relative to developed markets continue to be attractive in our view,
and we are optimistic that fund flows will continue into what has recently been
an underowned asset class. While global growth probably looks poised to slow
further, we are not expecting a growth collapse. We believe that oil prices will
likely remain high but relatively stable, while US interest rates are likely to
rise modestly going forward. These factors stand to keep risk thresholds at
modest levels in our view, to the benefit of emerging markets, and we will
remain focused on stocks we believe have the brightest long-term growth
potential.
The Credit Suisse Emerging Markets Team
Annabel Betz
Neil Gregson
Matthew J.K. Hickman
Elizabeth H. Eaton
Jonathan S. Ong
Emily Alejos
INTERNATIONAL INVESTING ENTAILS SPECIAL RISK CONSIDERATIONS, INCLUDING
CURRENCY FLUCTUATIONS, LOWER LIQUIDITY, ECONOMIC AND POLITICAL RISKS, AND
DIFFERENCES IN ACCOUNTING METHODS; THESE RISKS ARE GENERALLY HEIGHTENED FOR
EMERGING-MARKET INVESTMENTS. THE PORTFOLIO MAY INVOLVE A GREATER DEGREE OF RISK
THAN OTHER FUNDS THAT SEEK CAPITAL GROWTH BY INVESTING IN LARGER, MORE-DEVELOPED
MARKETS.
IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING
STATEMENTS WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKET,
INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT REGULATION AND
THEIR POTENTIAL IMPACT ON THE PORTFOLIO'S INVESTMENTS. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
3
<Page>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE
CREDIT SUISSE TRUST -- EMERGING MARKETS PORTFOLIO(1) AND THE
MSCI EMERGING MARKETS FREE INDEX(2) FROM INCEPTION (12/31/97).
<Table>
<Caption>
CREDIT SUISSE TRUST -- EMERGING MARKETS PORTFOLIO(1) -- $14,646 -- MSCI EMERGING MARKETS FREE INDEX(2) -- $15,573
12/31/97 $ 10,000 $ 10,000
1/31/98 $ 10,270 $ 9,216
2/28/98 $ 11,760 $ 10,178
3/31/98 $ 12,110 $ 10,619
4/30/98 $ 11,940 $ 10,504
5/31/98 $ 10,260 $ 9,064
6/30/98 $ 9,530 $ 8,113
7/31/98 $ 9,680 $ 8,371
8/31/98 $ 7,040 $ 5,950
9/30/98 $ 7,490 $ 6,328
10/31/98 $ 7,970 $ 6,994
11/30/98 $ 8,330 $ 7,576
12/31/98 $ 8,270 $ 7,466
1/31/99 $ 7,755 $ 7,346
2/28/99 $ 7,513 $ 7,417
3/31/99 $ 8,199 $ 8,395
4/30/99 $ 9,411 $ 9,433
5/31/99 $ 9,724 $ 9,378
6/30/99 $ 11,077 $ 10,443
7/31/99 $ 11,097 $ 10,159
8/31/99 $ 11,229 $ 10,251
9/30/99 $ 10,855 $ 9,904
10/31/99 $ 11,330 $ 10,115
11/30/99 $ 12,986 $ 11,022
12/31/99 $ 15,002 $ 12,424
1/31/2000 $ 15,023 $ 12,498
2/29/2000 $ 15,742 $ 12,663
3/31/2000 $ 15,245 $ 12,725
4/30/2000 $ 13,595 $ 11,519
5/31/2000 $ 13,362 $ 11,043
6/30/2000 $ 13,753 $ 11,432
7/31/2000 $ 13,108 $ 10,844
8/31/2000 $ 13,119 $ 10,897
9/30/2000 $ 11,775 $ 9,945
10/31/2000 $ 11,013 $ 9,224
11/30/2000 $ 9,871 $ 8,418
12/31/2000 $ 10,269 $ 8,621
1/31/2001 $ 11,578 $ 9,808
2/28/2001 $ 10,775 $ 9,040
3/31/2001 $ 9,784 $ 8,152
4/30/2001 $ 10,346 $ 8,555
5/31/2001 $ 10,478 $ 8,657
6/30/2001 $ 10,191 $ 8,480
7/31/2001 $ 9,542 $ 7,944
8/31/2001 $ 9,124 $ 7,865
9/30/2001 $ 7,737 $ 6,648
10/31/2001 $ 8,166 $ 7,060
11/30/2001 $ 8,849 $ 7,798
12/31/2001 $ 9,278 $ 8,417
1/31/2002 $ 9,597 $ 8,702
2/28/2002 $ 9,707 $ 8,845
3/31/2002 $ 10,103 $ 9,377
4/30/2002 $ 10,202 $ 9,438
5/31/2002 $ 10,048 $ 9,287
6/30/2002 $ 9,388 $ 8,591
7/31/2002 $ 8,684 $ 7,937
8/31/2002 $ 8,640 $ 8,059
9/30/2002 $ 7,781 $ 7,190
10/31/2002 $ 8,122 $ 7,656
11/30/2002 $ 8,519 $ 8,183
12/31/2002 $ 8,205 $ 7,912
1/31/2003 $ 8,040 $ 7,877
2/28/2003 $ 7,808 $ 7,665
3/31/2003 $ 7,510 $ 7,447
4/30/2003 $ 8,051 $ 8,111
5/31/2003 $ 8,558 $ 8,693
6/30/2003 $ 9,043 $ 9,188
7/31/2003 $ 9,562 $ 9,763
8/31/2003 $ 10,289 $ 10,419
9/30/2003 $ 10,289 $ 10,495
10/31/2003 $ 11,039 $ 11,388
11/30/2003 $ 11,106 $ 11,528
12/31/2003 $ 11,723 $ 12,364
1/31/2004 $ 12,208 $ 12,803
2/29/2004 $ 12,694 $ 13,394
3/31/2004 $ 12,925 $ 13,566
4/30/2004 $ 11,955 $ 12,457
5/31/2004 $ 11,811 $ 12,211
6/30/2004 $ 11,778 $ 12,267
7/31/2004 $ 11,503 $ 12,050
8/31/2004 $ 11,900 $ 12,555
9/30/2004 $ 12,610 $ 13,280
10/31/2004 $ 12,953 $ 13,598
11/30/2004 $ 13,894 $ 14,857
12/31/2004 $ 14,646 $ 15,573
</Table>
AVERAGE ANNUAL RETURNS AS OF DECEMBER 31, 2004(1)
<Table>
<Caption>
1 YEAR 5 YEARS SINCE INCEPTION
------ ------- ---------------
25.02% (0.46)% 5.61%
</Table>
RETURNS REPRESENT PAST PERFORMANCE AND INCLUDE CHANGES IN SHARE PRICE AND
REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. PAST PERFORMANCE CANNOT GUARANTEE
FUTURE RESULTS. THE CURRENT PERFORMANCE OF THE PORTFOLIO MAY BE LOWER OR HIGHER
THAN THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL FLUCTUATE, AND REDEMPTION
VALUE MAY BE MORE OR LESS THAN ORIGINAL COST. THE PERFORMANCE RESULTS DO NOT
REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON PORTFOLIO
DISTRIBUTIONS OR THE REDEMPTION OF PORTFOLIO SHARES. PERFORMANCE INCLUDES THE
EFFECT OF DEDUCTING EXPENSES, BUT DOES NOT INCLUDE CHARGES AND EXPENSES
ATTRIBUTABLE TO ANY PARTICULAR VARIABLE CONTRACT OR PLAN. ACCORDINGLY, THE
PROSPECTUS OF THE SPONSORING PARTICIPATING INSURANCE COMPANY SEPARATE ACCOUNT OR
PLAN DOCUMENTS OR OTHER INFORMATIONAL MATERIALS SUPPLIED BY PLAN SPONSORS SHOULD
BE CAREFULLY REVIEWED FOR INFORMATION ON RELEVANT CHARGES AND EXPENSES.
EXCLUDING THESE CHARGES AND EXPENSES FROM QUOTATIONS OF PERFORMANCE HAS THE
EFFECT OF INCREASING THE PERFORMANCE QUOTED, AND THE EFFECT OF THESE CHARGES
SHOULD BE CONSIDERED WHEN COMPARING PERFORMANCE TO THAT OF OTHER MUTUAL FUNDS.
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
Portfolio, without which performance would be lower. Waivers and/or
reimbursements may be discontinued at any time.
(2) The Morgan Stanley Capital International Emerging Markets Index is a free
float-adjusted market capitalization index that is designed to measure
equity market performance in the global emerging markets. It is the
exclusive property of Morgan Stanley Capital International Inc. Investors
cannot invest directly in an index.
4
<Page>
INFORMATION ABOUT YOUR PORTFOLIO'S EXPENSES
As an investor of the Portfolio, you incur two types of costs: ongoing
expenses and transaction costs. Ongoing expenses include management fees,
distribution and service (12b-1) fees and other Portfolio 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 Portfolio 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 December 31, 2004.
The table illustrates your Portfolio's expenses in two ways:
- ACTUAL PORTFOLIO RETURN. This helps you estimate the actual dollar amount
of ongoing expenses paid on a $1,000 investment in the Portfolio using the
Portfolio'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% PORTFOLIO RETURN. This helps you to compare your
Portfolio's ongoing expenses with those of other mutual funds using the
Portfolio's actual expense ratio and a hypothetical rate of return of 5%
per year before expenses. Examples using a 5% hypothetical portfolio 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 expenses 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.
5
<Page>
EXPENSES AND VALUE OF A $1,000 INVESTMENT
FOR THE SIX-MONTH PERIOD ENDED DECEMBER 31, 2004
<Table>
ACTUAL PORTFOLIO RETURN
Beginning Account Value 7/1/04 $ 1,000.00
Ending Account Value 12/31/04 $ 1,244.40
Expenses Paid per $1,000* $ 7.90
HYPOTHETICAL 5% PORTFOLIO RETURN
Beginning Account Value 7/1/04 $ 1,000.00
Ending Account Value 12/31/04 $ 1,018.10
Expenses Paid per $1,000* $ 7.10
ANNUALIZED EXPENSE RATIOS* 1.40%
</Table>
- ----------
* EXPENSES ARE EQUAL TO THE PORTFOLIO'S ANNUALIZED EXPENSE RATIO 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 PORTFOLIO 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 PORTFOLIO'S ACTUAL
EXPENSES WOULD HAVE BEEN HIGHER.
FOR MORE INFORMATION, PLEASE REFER TO THE PORTFOLIO'S PROSPECTUS.
6
<Page>
[CHART]
SECTOR BREAKDOWN*
<Table>
Financial Services 21.4%
Telecommunication Services 14.2%
Information Technology 13.4%
Energy 10.4%
Consumer Discretionary 10.0%
Materials 9.8%
Industrials 5.7%
Utilities 5.1%
Short-Term Investments 3.8%
Consumer Staples 3.2%
Health Care 1.9%
Other 1.1%
</Table>
- ----------
* The Portfolio' sector breakdown is expressed as a percentage of total
investments (excluding security lending collateral) and may vary over time.
7
<Page>
CREDIT SUISSE TRUST -- EMERGING MARKETS PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 2004
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------------- ---------------
COMMON STOCKS (88.9%)
BRAZIL (5.5%)
AIRLINES (0.3%)
Gol-Linhas Aereas Inteligentes SA ADR*^ 9,900 $ 315,612
---------------
BANKS (0.5%)
Unibanco - Uniao de Bancos Brasileiros SA GDR 18,600 589,992
---------------
BEVERAGES (0.3%)
Companhia de Bebidas das Americas ADR 11,200 317,296
---------------
DIVERSIFIED TELECOMMUNICATION SERVICES (1.2%)
Brasil Telecom Participacoes SA ADR 14,300 545,545
Tele Norte Leste Participacoes SA 10,500 184,185
Tele Norte Leste Participacoes SA ADR 38,600 651,182
---------------
1,380,912
---------------
METALS & MINING (0.3%)
Companhia Siderurgica Nacional SA 19,200 367,157
---------------
OIL & GAS (2.0%)
Petroleo Brasileiro SA - Petrobras ADR 63,600 2,336,157
---------------
PAPER & FOREST PRODUCTS (0.5%)
Votorantim Celulose e Papel SA ADR^ 34,500 558,900
---------------
WATER UTILITIES (0.3%)
Companhia de Saneamento Basico do Estado de Sao Paulo 6,680,000 395,996
---------------
WIRELESS TELECOMMUNICATION SERVICES (0.1%)
Telesp Celular Participacoes SA ADR^ 13,286 90,345
---------------
TOTAL BRAZIL 6,352,367
---------------
CHILE (1.8%)
BANKS (0.5%)
Banco Santander Chile SA ADR 15,200 514,672
---------------
BEVERAGES (0.6%)
Compania Cervecerias Unidas SA ADR 16,300 411,249
Embotelladora Andina SA ADR, Series B 23,200 301,832
---------------
713,081
---------------
DIVERSIFIED TELECOMMUNICATION SERVICES (0.3%)
Compania de Telecomunicaciones de Chile SA ADR^ 34,900 392,276
---------------
ELECTRIC UTILITIES (0.4%)
Empresa Nacional de Electricidad SA 421,000 253,774
Enersis SA ADR* 25,300 215,303
---------------
469,077
---------------
TOTAL CHILE 2,089,106
---------------
CHINA (4.1%)
AIRLINES (0.9%)
Air China, Ltd. Series H 2,727,000 1,052,530
---------------
</Table>
See Accompanying Notes to Financial Statements.
8
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------------- ---------------
COMMON STOCKS
CHINA
CHEMICALS (0.7%)
Sinopec Yizheng Chemical Fibre Company, Ltd. Series H 3,974,000 $ 845,374
---------------
ELECTRIC UTILITIES (0.4%)
Huaneng Power International, Inc. Series H 542,000 405,796
---------------
INSURANCE (1.6%)
China Life Insurance Company, Ltd. Series H* 2,796,000 1,870,390
---------------
OIL & GAS (0.5%)
Sinopec Zhenhai Refining & Chemical Company, Ltd. 590,000 611,289
---------------
TOTAL CHINA 4,785,379
---------------
HONG KONG (3.6%)
INDUSTRIAL CONGLOMERATES (0.6%)
Golden Meditech Company, Ltd. 2,787,000 702,783
---------------
OIL & GAS (0.8%)
CNOOC, Ltd. 1,626,000 870,658
---------------
TEXTILES & APPAREL (0.6%)
Ports Design, Ltd. 1,370,000 740,284
---------------
WIRELESS TELECOMMUNICATION SERVICES (1.6%)
China Mobile (Hong Kong), Ltd. 531,500 1,813,743
---------------
TOTAL HONG KONG 4,127,468
---------------
HUNGARY (1.0%)
OIL & GAS (1.0%)
MOL Magyar Olaj-es Gazipari Rt. 16,200 1,136,879
---------------
TOTAL HUNGARY 1,136,879
---------------
INDIA (4.4%)
CHEMICALS (1.1%)
Reliance Industries, Ltd. GDR, Rule 144A++ 48,100 1,232,322
---------------
DIVERSIFIED TELECOMMUNICATION SERVICES (1.0%)
Bharti Tele-Ventures, Ltd.* 231,400 1,150,901
---------------
ELECTRIC UTILITIES (0.5%)
National Thermal Power Corporation, Ltd. 295,000 592,782
---------------
GAS UTILITIES (0.2%)
Gail India, Ltd. 52,400 278,658
---------------
IT CONSULTING & SERVICES (1.2%)
Infosys Technologies, Ltd. ADR^ 11,600 803,996
Tata Consultancy Services 18,422 565,967
---------------
1,369,963
---------------
OIL & GAS (0.4%)
Oil & Natural Gas Corp., Ltd. 21,400 403,247
---------------
TOTAL INDIA 5,027,873
---------------
</Table>
See Accompanying Notes to Financial Statements.
9
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------------- ---------------
COMMON STOCKS
INDONESIA (0.9%)
BANKS (0.4%)
PT Bank Danamon Indonesia Tbk 991,500 $ 467,966
---------------
WIRELESS TELECOMMUNICATION SERVICES (0.5%)
PT Telekomunikasi Indonesia 1,118,500 581,131
---------------
TOTAL INDONESIA 1,049,097
---------------
ISRAEL (3.3%)
BANKS (0.7%)
Bank Hapoalim, Ltd. 235,200 793,848
---------------
DIVERSIFIED FINANCIALS (0.4%)
IDB Development Corporation, Ltd. 16,000 431,852
---------------
ELECTRONIC EQUIPMENT & INSTRUMENTS (0.3%)
Orbotech, Ltd.* 18,800 397,996
---------------
INTERNET SOFTWARE & SERVICES (0.6%)
Check Point Software Technologies, Ltd.* 28,200 694,566
---------------
PHARMACEUTICALS (1.3%)
Teva Pharmaceutical Industries, Ltd. ADR^ 50,400 1,504,944
---------------
TOTAL ISRAEL 3,823,206
---------------
MALAYSIA (5.1%)
BANKS (0.8%)
Commerce Asset-Holding Berhad 732,200 905,007
---------------
DIVERSIFIED FINANCIALS (1.3%)
Public Bank Berhad 824,800 1,541,063
---------------
DIVERSIFIED TELECOMMUNICATION SERVICES (1.2%)
Telekom Malaysia Berhad 451,500 1,378,543
---------------
MEDIA (0.9%)
Astro All Asia Networks PLC* 707,900 1,004,980
---------------
WIRELESS TELECOMMUNICATION SERVICES (0.9%)
Maxis Communications Berhad 429,000 1,056,042
---------------
TOTAL MALAYSIA 5,885,635
---------------
MEXICO (6.3%)
BEVERAGES (0.7%)
Fomento Economico Mexicano SA de CV ADR 6,400 336,704
Grupo Modelo SA de CV Series C 164,600 452,735
---------------
789,439
---------------
CONSTRUCTION & ENGINEERING (0.4%)
Empresas ICA Sociedad Controladora SA de CV* 1,348,000 519,996
---------------
CONSTRUCTION MATERIALS (0.4%)
Cemex SA de CV ADR 12,361 450,188
---------------
DIVERSIFIED TELECOMMUNICATION SERVICES (0.8%)
Telefonos de Mexico SA de CV ADR 22,600 866,032
---------------
</Table>
See Accompanying Notes to Financial Statements.
10
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------------- ---------------
COMMON STOCKS
MEXICO
FOOD PRODUCTS (0.3%)
Grupo Bimbo SA de CV Series A 144,300 $ 364,536
---------------
HOUSEHOLD DURABLES (0.5%)
Consorcio ARA SA de CV* 184,500 554,477
---------------
METALS & MINING (0.7%)
Grupo Mexico SA de CV Series B* 159,050 802,598
---------------
REAL ESTATE (0.8%)
Desarrolladora Homex SA de CV ADR*^ 24,300 574,695
Urbi Desarrollos Urbanos SA de CV 81,924 357,917
---------------
932,612
---------------
WIRELESS TELECOMMUNICATION SERVICES (1.7%)
America Movil SA de CV ADR, Series L 37,458 1,960,926
---------------
TOTAL MEXICO 7,240,804
---------------
PERU (0.5%)
METALS & MINING (0.5%)
Compania de Minas Buenaventura SA ADR 27,300 625,170
---------------
TOTAL PERU 625,170
---------------
RUSSIA (4.0%)
BANKS (0.5%)
Sberbank RF 1,100 540,100
---------------
INVESTMENT COMPANY (1.2%)
Novy Neft II, Ltd. 102,900 1,390,858
---------------
OIL & GAS (1.4%)
Lukoil ADR^ 12,900 1,580,250
---------------
WIRELESS TELECOMMUNICATION SERVICES (0.9%)
AO VimpelCom ADR* 29,000 1,048,060
---------------
TOTAL RUSSIA 4,559,268
---------------
SINGAPORE (0.5%)
CHEMICALS (0.5%)
Hi-P International, Ltd.^ 511,000 526,484
---------------
TOTAL SINGAPORE 526,484
---------------
SOUTH AFRICA (11.8%)
BANKS (2.8%)
FirstRand, Ltd. 237,800 563,502
Standard Bank Group, Ltd. 230,700 2,694,486
---------------
3,257,988
---------------
DIVERSIFIED TELECOMMUNICATION SERVICES (0.5%)
Telkom South Africa, Ltd. 34,970 608,309
---------------
HOUSEHOLD DURABLES (1.1%)
Steinhoff International Holdings, Ltd. 576,097 1,288,453
---------------
</Table>
See Accompanying Notes to Financial Statements.
11
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------------- ---------------
COMMON STOCKS
SOUTH AFRICA
INDUSTRIAL CONGLOMERATES (1.0%)
Bidvest Group, Ltd. 77,000 $ 1,098,920
---------------
INSURANCE (0.8%)
Sanlam, Ltd. 388,200 895,780
---------------
MEDIA (1.2%)
Naspers, Ltd. N Shares 102,400 1,363,213
---------------
METALS & MINING (1.8%)
AngloGold Ashanti, Ltd. 13,800 496,574
Impala Platinum Holdings, Ltd. 8,100 691,404
Kumba Resources, Ltd. 112,436 880,932
---------------
2,068,910
---------------
OIL & GAS (1.4%)
Sasol 76,500 1,646,647
---------------
PAPER & FOREST PRODUCTS (0.4%)
Sappi, Ltd. 31,500 460,735
---------------
SPECIALTY RETAIL (0.8%)
JD Group, Ltd. 75,800 912,224
---------------
TOTAL SOUTH AFRICA 13,601,179
---------------
SOUTH KOREA (14.9%)
AIRLINES (0.9%)
Korean Air Lines Company, Ltd.* 59,980 1,092,596
---------------
AUTO COMPONENTS (0.6%)
Hyundai Mobis 11,570 730,123
---------------
AUTOMOBILES (0.8%)
Hyundai Motor Company, Ltd. 17,210 919,544
---------------
BANKS (1.0%)
Shinhan Financial Group Company, Ltd. 50,200 1,126,736
---------------
ELECTRIC UTILITIES (1.6%)
Korea Electric Power Corp. 69,610 1,800,193
---------------
FOOD PRODUCTS (0.4%)
Pulmuone Company, Ltd. 9,500 475,095
---------------
HOUSEHOLD DURABLES (1.2%)
LG Electronics, Inc.^ 22,440 1,387,769
---------------
INDUSTRIAL CONGLOMERATES (0.7%)
GS Holdings Corp.* 36,000 778,980
---------------
INTERNET SOFTWARE & SERVICES (0.7%)
NCsoft Corp.* 9,330 751,268
---------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (5.5%)
Samsung Electronics Company, Ltd. 14,600 6,343,708
---------------
</Table>
See Accompanying Notes to Financial Statements.
12
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------------- ---------------
COMMON STOCKS
SOUTH KOREA
WIRELESS TELECOMMUNICATION SERVICES (1.5%)
SK Telecom Company, Ltd. 4,100 $ 781,489
SK Telecom Company, Ltd. ADR^ 44,300 985,675
---------------
1,767,164
---------------
TOTAL SOUTH KOREA 17,173,176
---------------
TAIWAN (11.9%)
AUTOMOBILES (1.2%)
China Motor Corp. 1,077,000 1,366,382
---------------
BANKS (2.2%)
E.Sun Financial Holding Company, Ltd. 1,320,000 1,098,234
Mega Financial Holding Company, Ltd. 1,599,000 1,104,144
Taishin Financial Holdings Company, Ltd. 298,219 280,385
---------------
2,482,763
---------------
COMPUTERS & PERIPHERALS (2.3%)
Advantech Company, Ltd. 432,394 1,054,393
Compal Electronics, Inc. 1,072,000 1,072,082
LITE-ON IT Corp. 240,000 492,182
---------------
2,618,657
---------------
DIVERSIFIED FINANCIALS (0.7%)
First Financial Holding Company, Ltd.* 962,000 825,635
---------------
ELECTRONIC EQUIPMENT & INSTRUMENTS (1.0%)
AU Optronics Corp.* 780,000 1,134,699
---------------
FOOD PRODUCTS (0.9%)
Uni-President Enterprises Corp. 1,900,000 996,287
---------------
INSURANCE (0.9%)
Cathay Financial Holding Company, Ltd. 531,000 1,089,273
---------------
REAL ESTATE (1.0%)
Cathay Real Estate Development Company, Ltd. 1,938,000 1,201,355
---------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (1.7%)
Taiwan Semiconductor Manufacturing Company, Ltd. 922,000 1,469,016
United Microelectronics Corp.* 848,662 549,643
---------------
2,018,659
---------------
TOTAL TAIWAN 13,733,710
---------------
THAILAND (5.5%)
BANKS (1.8%)
Bangkok Bank Public Company, Ltd. 305,000 896,399
Siam City Bank Public Company, Ltd. 1,790,300 1,163,580
---------------
2,059,979
---------------
CONSTRUCTION MATERIALS (1.7%)
Siam Cement Public Company, Ltd. 284,900 2,025,850
---------------
</Table>
See Accompanying Notes to Financial Statements.
13
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------------- ---------------
COMMON STOCKS
THAILAND
OIL & GAS (1.1%)
Thai Oil Public Company, Ltd. 947,700 $ 1,244,085
---------------
WIRELESS TELECOMMUNICATION SERVICES (0.9%)
Advanced Info Service Public Company, Ltd. 364,400 1,003,624
---------------
TOTAL THAILAND 6,333,538
---------------
TURKEY (3.2%)
BANKS (1.9%)
Akbank T.A.S. 238,733,011 1,478,250
Turkiye Garanti Bankasi AS 203,105,990 641,625
---------------
2,119,875
---------------
DIVERSIFIED FINANCIALS (1.3%)
Koc Holding AS 233,286,000 1,522,371
---------------
TOTAL TURKEY 3,642,246
---------------
VENEZUELA (0.6%)
DIVERSIFIED TELECOMMUNICATION SERVICES (0.6%)
Compania Anonima Nacional Telefonos de Venezuela ADR 30,100 673,939
---------------
TOTAL VENEZUELA 673,939
---------------
TOTAL COMMON STOCKS (Cost $77,956,196) 102,386,524
---------------
PREFERRED STOCKS (5.6%)
BRAZIL (5.6%)
BANKS (1.7%)
Banco Bradesco SA 37,600 917,632
Banco Itau Holding Financeira SA 6,870 1,032,052
---------------
1,949,684
---------------
CHEMICALS (0.5%)
Braskem SA Class A 11,700,000 590,286
---------------
DIVERSIFIED TELECOMMUNICATION SERVICES (0.4%)
Telemar Norte Leste SA^ 7,300 185,661
Telesp-Telecomunicacoes de Sao Paulo SA 17,500,000 334,055
---------------
519,716
---------------
ELECTRIC UTILITIES (0.9%)
Centrais Electricas Brasileiras SA Class B 29,900,000 441,295
Companhia Energetica de Minas Gerais 22,700,000 554,680
---------------
995,975
---------------
METALS & MINING (2.1%)
Caemi Mineracao e Metalurgia SA* 412,000 353,675
Companhia Vale do Rio Doce ADR 85,300 2,079,614
---------------
2,433,289
---------------
TOTAL PREFERRED STOCKS (Cost $4,321,098) 6,488,950
---------------
</Table>
See Accompanying Notes to Financial Statements.
14
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------------- ---------------
WARRANTS (1.0%)
INDIA (1.0%)
DIVERSIFIED FINANCIALS (1.0%)
Maruti Udyog, Ltd. Rule 144A, (UBS), expires 10/20/05*++ 106,900 $ 214,869
National Thermal Power Corporation, Ltd. Rule 144A, (UBS), expires 5/20/05*++ 83,400 889,044
---------------
TOTAL WARRANTS (Cost $964,251) 1,103,913
---------------
RIGHTS (0.0%)
BRAZIL (0.0%)
BANKS (0.0%)
Banco Bradesco SA* 1,040 25,150
---------------
TOTAL BRAZIL 25,150
---------------
THAILAND (0.0%)
DIVERSIFIED TELECOMMUNICATION SERVICES (0.0%)
Telecomasia Corp. Public Company, LTD.* 50,021 0
---------------
TOTAL THAILAND 0
---------------
TOTAL RIGHTS (Cost $0) 25,150
---------------
SHORT-TERM INVESTMENTS (9.2%)
State Street Navigator Prime Fund^^ 6,197,801 6,197,801
<Caption>
PAR
(000)
-----
State Street Bank and Trust Co. Euro Time Deposit, 1.400%, 1/03/05 $ 4,402 4,402,000
---------------
TOTAL SHORT-TERM INVESTMENTS (Cost $10,599,801) 10,599,801
---------------
TOTAL INVESTMENTS AT VALUE (104.7%) (Cost $93,841,346) 120,604,338
LIABILITIES IN EXCESS OF OTHER ASSETS (-4.7%) (5,380,213)
---------------
NET ASSETS (100.0%) $ 115,224,125
===============
</Table>
INVESTMENT ABBREVIATIONS
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
* Non-income producing security.
++ Security exempt from registration under Rules 144A of the Securities Act of
1933. These securities may be resold in transaction exempt from registration,
normally to qualified institutional buyers. At December 31, 2004, these
securities amounted to $2,336,235 or 2.03% of net assets.
^ Security or portion thereof is out on loan.
^^ Represents security purchased with cash collateral received for securities or
loan.
See Accompanying Notes to Financial Statements.
15
<Page>
CREDIT SUISSE TRUST -- EMERGING MARKETS PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
December 31, 2004
<Table>
ASSETS
Investments at value, including collateral for securities on loan of $6,197,801
(Cost $93,841,346) (Note 1) $ 120,604,338(1)
Cash 796
Foreign currency at value (Cost $1,155,699) 1,177,285
Dividend and interest receivable 228,667
Receivable for portfolio shares sold 24,112
Receivable for investments sold 18,698
Prepaid expenses and other assets 7,002
---------------
Total Assets 122,060,898
---------------
LIABILITIES
Advisory fee payable (Note 2) 53,915
Administrative services fee payable (Note 2) 22,761
Payable upon return of securities loaned (Note 1) 6,197,801
Deferred foreign tax liability (Note 1) 246,947
Payable for portfolio shares redeemed 152,608
Payable for investments purchased 94,507
Other accrued expenses payable 68,234
---------------
Total Liabilities 6,836,773
---------------
NET ASSETS
Capital stock, $0.001 par value (Note 5) 8,697
Paid-in capital (Note 5) 94,391,002
Undistributed net investment income 626,735
Accumulated net realized loss on investments and foreign currency transactions (6,344,172)
Net unrealized appreciation from investments and foreign currency translations 26,541,863
---------------
Net Assets $ 115,224,125
===============
Shares outstanding 8,697,212
---------------
Net asset value, offering price, and redemption price per share $ 13.25
===============
</Table>
(1) Including $6,024,379 of securities on loan
See Accompanying Notes to Financial Statements.
16
<Page>
STATEMENT OF OPERATIONS
For the Year Ended December 31, 2004
<Table>
INVESTMENT INCOME (Note 1)
Dividends $ 2,597,217
Interest 25,138
Securities lending 18,594
Foreign taxes withheld (345,609)
---------------
Total investment income 2,295,340
---------------
EXPENSES
Investment advisory fees (Note 2) 1,101,320
Administrative services fees (Note 2) 149,078
Custodian fees 83,758
Printing fees (Note 2) 55,805
Legal fees 35,205
Audit fees 22,273
Insurance expense 16,357
Transfer agent fees 6,984
Registration fees 5,048
Trustees' fees 2,602
Commitment fees (Note 3) 2,250
Miscellaneous expense 8,072
---------------
Total expenses 1,488,752
Less: fees waived (Note 2) (255,274)
---------------
Net expenses 1,233,478
---------------
Net investment income 1,061,862
---------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS AND
FOREIGN CURRENCY RELATED ITEMS
Net realized gain from investments (including Thailand Capital Gain Tax of $324,208) 11,396,948
Net realized loss from foreign currency transactions (149,372)
Net change in unrealized appreciation (depreciation) from investments 8,081,382
Net change in unrealized appreciation (depreciation) from foreign currency translations 81,075
---------------
Net realized and unrealized gain from investments and foreign currency related items 19,410,033
---------------
Net increase in net assets resulting from operations $ 20,471,895
===============
</Table>
See Accompanying Notes to Financial Statements.
17
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE YEAR FOR THE YEAR
ENDED ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003
------------------ ------------------
FROM OPERATIONS
Net investment income $ 1,061,862 $ 492,551
Net realized gain from investments and foreign currency translations 11,247,576 2,835,837
Net change in unrealized appreciation (depreciation) from
investments and foreign currency translations 8,162,457 16,797,513
------------------ ------------------
Net increase in net assets resulting from operations 20,471,895 20,125,901
------------------ ------------------
FROM DIVIDENDS
Dividends from net investment income (257,121) --
------------------ ------------------
Net decrease in net assets resulting from dividends (257,121) --
------------------ ------------------
FROM CAPITAL SHARE TRANSACTIONS (Note 5)
Proceeds from sale of shares 48,651,946 51,362,392
Reinvestment of dividends 257,121 --
Net asset value of shares redeemed (27,681,607) (41,573,809)
------------------ ------------------
Net increase in net assets from capital share transactions 21,227,460 9,788,583
------------------ ------------------
Net increase in net assets 41,442,234 29,914,484
NET ASSETS
Beginning of year 73,781,891 43,867,407
------------------ ------------------
End of year $ 115,224,125 $ 73,781,891
================== ==================
Undistributed net investment income $ 626,735 $ 236,881
================== ==================
</Table>
See Accompanying Notes to Financial Statements.
18
<Page>
CREDIT SUISSE TRUST -- EMERGING MARKETS PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Year)
<Table>
<Caption>
FOR THE YEAR ENDED DECEMBER 31,
---------------------------------------------------------------------
2004 2003 2002 2001 2000
---------- ---------- ---------- ---------- ----------
PER SHARE DATA
Net asset value, beginning of year $ 10.63 $ 7.44 $ 8.43 $ 9.33 $ 14.18
---------- ---------- ---------- ---------- ----------
INVESTMENT OPERATIONS
Net investment income 0.12 0.07 0.01 0.06 0.23
Net gain (loss) on investments
and foreign currency related items
(both realized and unrealized) 2.53 3.12 (0.98) (0.96) (4.70)
---------- ---------- ---------- ---------- ----------
Total from investment operations 2.65 3.19 (0.97) (0.90) (4.47)
---------- ---------- ---------- ---------- ----------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.03) -- (0.02) -- (0.20)
Distributions from net realized gains -- -- -- -- (0.15)
Return of capital -- -- -- -- (0.03)
---------- ---------- ---------- ---------- ----------
Total dividends and distributions (0.03) -- (0.02) -- (0.38)
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF YEAR $ 13.25 $ 10.63 $ 7.44 $ 8.43 $ 9.33
========== ========== ========== ========== ==========
Total return(1) 25.02% 42.88% (11.56)% (9.65)% (31.55)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 115,224 $ 73,782 $ 43,867 $ 38,331 $ 32,604
Ratio of expenses to average net assets(2) 1.40% 1.40% 1.40% 1.40% 1.42%
Ratio of net investment income to average
net assets 1.21% 0.94% 0.13% 0.63% 2.45%
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 0.29% 0.41% 0.44% 0.49% 0.27%
Portfolio turnover rate 121% 167% 128% 130% 208%
</Table>
(1) Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been lower.
(2) Interest earned on uninvested cash balances may be used to offset portions
of the transfer agent expense. These arrangements resulted in a reduction
to the Portfolio's net expense ratio by .02% for the year ended December
31, 2000. The Portfolio's net operating expense ratio after reflecting
these arrangements was 1.40% for the year ended December 31, 2000. For the
years ended December 31, 2004, 2003, 2002 and 2001, there was no effect on
the net operating expense ratio because of transfer agent credits.
See Accompanying Notes to Financial Statements.
19
<Page>
CREDIT SUISSE TRUST -- EMERGING MARKETS PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2004
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Credit Suisse Trust (the "Trust") is an open-end management investment
company registered under the Investment Company Act of 1940, as amended (the
"1940 Act"), and currently offers eight managed investment portfolios of which
one, the Emerging Markets Portfolio (the "Portfolio"), is included in this
report. The Portfolio is a diversified investment fund that seeks long-term
growth of capital. Shares of the Portfolio are not available directly to
individual investors but may be offered only through (a) variable annuity
contracts and variable life insurance contracts offered by separate accounts of
certain insurance companies and (b) tax-qualified pension and retirement plans.
The Portfolio may not be available in connection with a particular contract or
plan. The Trust was organized under the laws of the Commonwealth of
Massachusetts as a business trust on March 15, 1995.
A) SECURITY VALUATION -- The net asset value of the Portfolio is determined
daily as of the close of regular trading on the New York Stock Exchange, Inc.
(the "Exchange") on each day the Exchange is open for business. The Portfolio's
equity investments are valued at market value, which is generally determined
using the closing price on the exchange or market on which the security is
primarily traded at the time of valuation (the "Valuation Time"). If no sales
are reported, equity investments are generally valued at the most recent bid
quotation as of the Valuation Time or at the lowest asked quotation in the case
of a short sale of securities. Debt securities with a remaining maturity greater
than 60 days are valued in accordance with the price supplied by a pricing
service, which may use a matrix, formula or other objective method that takes
into consideration market indices, yield curves and other specific adjustments.
Debt obligations that will mature in 60 days or less are valued on the basis of
amortized cost, which approximates market value, unless it is determined that
using this method would not represent fair value. Securities and other assets
for which market quotations are not readily available, or whose values have been
materially affected by events occurring before the Portfolio's Valuation Time
but after the close of the securities' primary markets, are valued at fair value
as determined in good faith by, or under the direction of, the Board of Trustees
under procedures established by the Board of Trustees. The Portfolio may utilize
a service provided by an independent third party which has been approved by the
Board of Trustees to fair value certain securities.
B) FOREIGN CURRENCY TRANSACTIONS -- The books and records of the Portfolio
are maintained in U.S. dollars. Transactions denominated in foreign currencies
are recorded at the current prevailing exchange rates. All assets and
liabilities denominated in foreign currencies are translated into
20
<Page>
U.S. dollar amounts at the current exchange rate at the end of the period.
Translation gains or losses resulting from changes in the exchange rate during
the reporting period and realized gains and losses on the settlement of foreign
currency transactions are reported in the results of operations for the current
period. The Portfolio does not isolate that portion of realized gains and losses
on investments in EQUITY securities which is due to changes in the foreign
exchange rate from that which is due to changes in market prices of equity
securities. The Portfolio isolates that portion of realized gains and losses on
investments in DEBT securities which is due to changes in the foreign exchange
rate from that which is due to changes in market prices of debt securities.
C) SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted for on a trade date basis. Interest income is recorded on the accrual
basis. Dividends are recorded on the ex-dividend date. The cost of investments
sold is determined by use of the specific identification method for both
financial reporting and income tax purposes.
D) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net
investment income and distributions of net realized capital gains, if any, are
declared and paid at least annually. However, to the extent that a net realized
capital gain can be reduced by a capital loss carryforward, such gain will not
be distributed. Income and capital gain distributions are determined in
accordance with federal income tax regulations, which may differ from accounting
principles generally accepted in the United States of America ("GAAP").
E) FEDERAL INCOME TAXES -- No provision is made for federal taxes as it is
the Trust's intention to have the Portfolio continue to qualify for and elect
the tax treatment applicable to regulated investment companies under the
Internal Revenue Code of 1986, as amended, and to make the requisite
distributions to its shareholders, which will be sufficient to relieve it from
federal income and excise taxes.
F) USE OF ESTIMATES -- The preparation of financial statements in conformity
with GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Actual results could
differ from these estimates.
G) SHORT-TERM INVESTMENTS -- The Portfolio, together with other funds/
portfolios advised by Credit Suisse Asset Management, LLC
21
<Page>
("CSAM"), an indirect, wholly-owned subsidiary of Credit Suisse Group, pools
available cash into either a short-term variable rate time deposit issued by
State Street Bank and Trust Company ("SSB"), the Portfolio's custodian, or a
money market fund advised by CSAM. The short-term time deposit issued by SSB is
a variable rate account classified as a short-term investment.
H) FORWARD FOREIGN CURRENCY CONTRACTS -- The Portfolio may enter into forward
foreign currency contracts for the purchase or sale of a specific foreign
currency at a fixed price on a future date. Risks may arise upon entering into
these contracts from the potential inability of counterparties to meet the terms
of their contracts and from unanticipated movements in the value of a foreign
currency. The Portfolio will enter into forward foreign currency contracts
primarily for hedging purposes. Forward foreign currency contracts are adjusted
by the daily exchange rate of the underlying currency and any gains or losses
are recorded for financial statement purposes as unrealized until the contract
settlement date or an offsetting position is entered into. At December 31, 2004,
the Portfolio had no open forward foreign currency contracts.
I) SECURITIES LENDING -- Loans of securities are required at all times to be
secured by collateral at least equal to 102% of the market value of domestic
securities on loan (including any accrued interest thereon) and 105% of the
market value of foreign securities on loan (including any accrued interest
thereon). Cash collateral received by the Portfolio in connection with
securities lending activity 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
Portfolio's 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 the Portfolio with respect to such loans at December 31, 2004 is as
follows:
<Table>
<Caption>
MARKET VALUE OF VALUE OF
SECURITIES LOANED COLLATERAL RECEIVED
----------------- -------------------
$ 6,024,379 $ 6,197,801
</Table>
Prior to March 17, 2004, Credit Suisse First Boston ("CFSB"), an affiliate of
CSAM, had been engaged by the Portfolio to act as the Portfolio's securities
22
<Page>
lending agent. The Portfolio earned no income from securities lending through
the period ended March 17, 2004.
Effective March 17, 2004, SSB has been engaged by the Portfolio to act as the
Portfolio's securities lending agent. The Portfolio's securities lending
arrangement provides that the Portfolio and SSB will share the net income earned
from securities lending activities, with the Portfolio 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 Portfolio may also be entitled to
certain minimum amounts of income from its securities lending activities.
Securities lending income is accrued as earned.
J) OTHER -- The Portfolio may invest in securities of foreign countries and
governments which involve certain risks in addition to those inherent in
domestic investments. Such risks generally include, among others, currency risk
(fluctuations in currency exchange rates), information risk (key information may
be inaccurate or unavailable) and political risk (expropriation, nationalization
or the imposition of capital or currency controls or punitive taxes). Other
risks of investing in foreign securities include liquidity and valuation risks.
The Portfolio's investments in securities of issuers located in less
developed countries considered to be "emerging markets" involve risks in
addition to those generally applicable to foreign securities. Focusing on
emerging (less developed) markets involves higher levels of risk, including
increased currency, information, liquidity, market, political and valuation
risks. Deficiencies in regulatory oversight, market infrastructure, shareholder
protections and company laws could expose the Portfolio to operational and other
risks as well. Some countries may have restrictions that could limit the
Portfolio's access to attractive investment opportunities. Additionally,
emerging markets often face serious economic problems (such as high external
debt, inflation and unemployment) that could subject the Portfolio to increased
volatility or substantial declines in value.
The Portfolio may be subject to taxes imposed by countries in which it
invests, with respect to its investments in issuers existing or operating in
such countries. Such taxes are generally based on income earned or repatriated
and capital gains realized on the sale of such investments. The Portfolio
accrues such taxes when the related income or capital gains are earned.
23
<Page>
NOTE 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
CSAM serves as investment adviser for the Portfolio. For its investment
advisory services, CSAM is entitled to receive a fee from the Portfolio at an
annual rate of 1.25% of the Portfolio's average daily net assets. For the year
ended December 31, 2004, investment advisory fees earned and voluntarily waived
for the Portfolio were $1,101,320 and $255,274, respectively. CSAM will not
recapture from the Portfolio any fees it waived during the fiscal year ended
December 31, 2004.
Credit Suisse Asset Management Limited (CSAM U.K.) ("CSAM Ltd. U.K.") and
Credit Suisse Asset Management Limited (CSAM Australia) ("CSAM Ltd. Australia"),
each an affiliate of CSAM, are sub-investment advisers to the Portfolio. CSAM
Ltd. U.K. and CSAM Ltd. Australia's sub-investment advisory fees are paid by
CSAM out of CSAM's net investment advisory fee and are not paid by the
Portfolio.
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of
CSAM, and SSB serve as co-administrators to the Portfolio.
For its co-administrative services, CSAMSI currently receives a fee
calculated at an annual rate of 0.10% of the average daily net assets of the
Portfolio. For the year ended December 31, 2004, co-administrative services fees
earned by CSAMSI were $88,106.
For its co-administrative services, SSB receives a fee, exclusive of
out-of-pocket expenses, based upon the following fee schedule calculated in
total for all the Credit Suisse funds/portfolios co-administered by SSB and
allocated based upon relative average net assets of each fund/portfolio subject
to an annual minimum fee.
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ -----------
First $5 billion 0.050% of average daily net assets
Next $5 billion 0.035% of average daily net assets
Over $10 billion 0.020% of average daily net assets
</Table>
For the year ended December 31, 2004, co-administrative services fees earned
by SSB (including out-of-pocket expenses) were $60,972.
In addition to serving as the Portfolio's co-administrator, CSAMSI currently
serves as distributor of the Portfolio's shares without compensation.
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Portfolio to provide certain financial printing and fulfillment services.
For the year ended December 31, 2004, Merrill was paid $11,696 for its services
to the Portfolio.
24
<Page>
NOTE 3. LINE OF CREDIT
The Portfolio, together with other funds/portfolios advised by CSAM
(collectively, the "Participating Funds"), participates in a $75 million
committed, unsecured line of credit facility ("Credit Facility") for temporary
or emergency purposes with Deutsche Bank, A.G. as administrative agent and
syndication agent and SSB as operations agent. Under the terms of the Credit
Facility, the Participating Funds pay an aggregate commitment fee at a rate of
0.10% per annum on the average unused amount of the Credit Facility, which is
allocated among the Participating Funds in such manner as is determined by the
governing Boards of the Participating Funds. In addition, the Participating
Funds pay interest on borrowings at the Federal Funds rate plus 0.50%. At
December 31, 2004 and during the year ended December 31, 2004, the Portfolio had
no borrowings under the Credit Facility.
NOTE 4. PURCHASES AND SALES OF SECURITIES
For the year ended December 31, 2004, purchases and sales of investment
securities (excluding short-term investments) were $121,373,223 and
$103,035,624, respectively.
NOTE 5. CAPITAL SHARE TRANSACTIONS
The Trust is authorized to issue an unlimited number of full and fractional
shares of beneficial interest, $.001 par value per share. Transactions in
capital shares of the Portfolio were as follows:
<Table>
<Caption>
FOR THE YEAR ENDED FOR THE YEAR ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003
------------------ ------------------
Shares sold 4,217,158 6,273,517
Shares issued in reinvestment of dividends 23,459 --
Shares redeemed (2,483,712) (5,226,878)
---------- ----------
Net increase 1,756,905 1,046,639
========== ==========
</Table>
On December 31, 2004, the number of shareholders that held 5% or more of the
outstanding shares were as follows:
<Table>
<Caption>
NUMBER OF APPROXIMATE PERCENTAGE
SHAREHOLDERS OF OUTSTANDING SHARES
------------ ----------------------
5 92%
</Table>
Some of the shareholders are omnibus accounts, which hold shares on behalf of
individual shareholders.
25
<Page>
NOTE 6. FEDERAL INCOME TAXES
Income and capital gain distributions are determined in accordance with
federal income tax regulations, which may differ from GAAP. These differences
are primarily due to differing treatments of foreign currency transactions,
losses deferred due to wash sales, post October losses, foreign tax credit
adjustments, the mark-to-market of income from Passive Foreign Investment
Companies and the recognition of gain from the sale of Passive Foreign
Investment Companies.
The tax characteristics of dividends paid during the years ended December 31,
2004 and 2003, respectively, for the Portfolio were as follows:
<Table>
<Caption>
ORDINARY INCOME
------------------------
2004 2003
---- ----
$ 257,121 $ --
</Table>
At December 31, 2004, the components of distributable earnings on a tax basis
for the Portfolio were as follows:
<Table>
Undistributed net investment income $ 986,118
Accumulated net realized loss (5,569,803)
Unrealized appreciation 25,457,734
Undistributed net investment loss-other (49,623)
------------
$ 20,824,426
============
</Table>
At December 31, 2004, the Portfolio had capital loss carryforwards available
to offset possible future capital gains as follows:
<Table>
<Caption>
EXPIRES DECEMBER 31, 2010
-------------------------
$ 5,569,803
</Table>
During the tax year ended December 31, 2004 the Portfolio has utilized
$11,214,682 of the capital loss carryforward.
Under current tax law, certain capital losses realized after October 31
within a taxable year may be deferred and treated as occurring on the first day
of the following tax year. For the tax period ended December 31, 2004, the
Portfolio elected to defer net losses arising between November 1, 2004 and
December 31, 2004 as follows:
<Table>
<Caption>
CURRENCY PFIC
-------- ------
$ 43,507 $ 6,116
</Table>
As of December 31, 2004, the identified cost for federal income tax purposes,
as well as the gross unrealized appreciation from investments for those
securities
26
<Page>
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 $94,925,475, $26,122,357,
$(443,494) and $25,678,863, respectively.
At December 31, 2004, the Portfolio reclassified $414,887 from accumulated
net investment income to accumulated net realized loss from investments, to
adjust for current year permanent book/tax differences which arose principally
from differing book/tax treatments of foreign currency transactions, foreign tax
credit adjustments, and the sale of Passive Foreign Investment Companies. Net
assets were not affected by these reclassifications.
NOTE 7. CONTINGENCIES
In the normal course of business, the Portfolio may provide general
indemnifications pursuant to certain contracts and organizational documents. The
Portfolio's maximum exposure under these arrangements is dependent on future
claims that may be made against the Portfolio and, therefore, cannot be
estimated; however, based on experience, the risk of loss from such claims is
considered remote.
27
<Page>
CREDIT SUISSE TRUST -- EMERGING MARKETS PORTFOLIO
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of Credit Suisse Trust and Shareholders of
Credit Suisse Trust -- Emerging Markets Portfolio:
In our opinion, the accompanying statement of assets and liabilities,
including the schedule of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Emerging Markets Portfolio (the
"Portfolio"), a portfolio of the Credit Suisse Trust, at December 31, 2004, the
results of its operations for the year then ended, the changes in its net assets
for each of the two years in the period then ended and the financial highlights
for each of the five years in the period then ended, in conformity with
accounting principles generally accepted in the United States of America. These
financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Portfolio's management;
our responsibility is to express an opinion on these financial statements based
on our audits. We conducted our audits of these financial statements in
accordance with 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 December 31, 2004 by
correspondence with the custodian and brokers, provide a reasonable basis for
our opinion.
PricewaterhouseCoopers LLP
Baltimore, Maryland
February 7, 2005
28
<Page>
CREDIT SUISSE TRUST -- EMERGING MARKETS PORTFOLIO
INFORMATION CONCERNING TRUSTEES AND OFFICERS (UNAUDITED)
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ------------------------- ----------- ------------ -------------------- -------------- ---------------
INDEPENDENT TRUSTEES
Richard H. Francis Trustee, Since 1999 Currently retired 41 None
c/o Credit Suisse Asset Nominating
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 1998(2) Dean of Yale School 40 Director of
Box 208200 Nominating of Management and Aetna, Inc.
New Haven, Connecticut and Audit William S. Beinecke (insurance
06520-8200 Committee Professor in the company);
Member Practice of Director of
Date of Birth: 10/29/46 International Trade Calpine
and Finance from Corporation
November 1995 to (energy
present. provider);
Director of
CarMax Group
(used car
dealers).
Peter F. Krogh Trustee, Since 2001 Dean Emeritus and 40 Director of
301 ICC Nominating Distinguished Carlisle
Georgetown University Committee Professor of Companies
Washington, DC 20057 Chairman International Incorporated
and Audit Affairs at the (diversified
Date of Birth: 02/11/37 Committee Edmund A. Walsh manufacturing
Member School of Foreign company).
Service, Georgetown
University from June
1995 to present.
James S. Pasman, Jr. Trustee, Since 1999 Currently retired 42 Director of
c/o Credit Suisse Asset Nominating Education
Management, LLC and Audit Management
466 Lexington Avenue Committee Corp.
New York, New York Member
10017-3140
Date of Birth: 12/20/30
</Table>
- ----------
(1) Each Trustee and Officer serves until his or her respective successor has
been duly elected and qualified.
(2) Mr. Garten was initially appointed as a Trustee of the Trust on February 6,
1998. He resigned as Trustee on February 3, 2000, and was subsequently
re-appointed on December 21, 2000.
29
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ------------------------- ----------- ------------ -------------------- -------------- ---------------
INDEPENDENT TRUSTEES
Steven N. Rappaport Lead Since 1999 Partner of Lehigh 42 Director of
Lehigh Court, LLC Trustee, Court, LLC and RZ Presstek, Inc.
40 East 52nd Street Nominating Capital (private (digital
New York, New York Committee investment firms) imaging
10022 Member and from July 2002 to technologies
Audit present; Transition company);
Date of Birth: 07/10/48 Committee Adviser to SunGard Director of
Chairman Securities Finance, Wood Resources,
Inc. from February LLC. (plywood
2002 to July 2002; manufacturing
President of SunGard company).
Securities Finance,
Inc. from 2001 to
February 2002;
President of Loanet,
Inc. (on-line
accounting service)
from 1997 to 2001.
INTERESTED TRUSTEES
Michael E. Kenneally(3) Chairman Since 2004 Chairman and Global 44 None
Credit Suisse Asset and Chief Chief Executive
Management, LLC Executive Officer of CSAM
466 Lexington Avenue Officer since 2003; Chairman
New York, New York and Chief Investment
10017-3140 Officer of Banc of
America Capital
Date of Birth: 03/30/54 Management from 1998
to March 2003.
William W. Priest(4) Trustee Since 1999 Chief Executive 47 Director of
Epoch Investment Partners Officer of J Net Globe Wireless,
667 Madison Avenue Enterprises, Inc. LLC (maritime
New York, New York 10021 (technology holdings communication
company) since June company);
Date of Birth: 09/24/41 2004; Chief Director of
Executive Officer of InfraRed X
Epoch Investment (medical device
Partners, Inc. since company);
April 2004; Director of J
Co-Managing Partner, Net
Steinberg Priest & Enterprises,
Sloane Capital Inc.
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. Kenneally is a Trustee who is an "interested person" of the Trust as
defined in the 1940 Act because he is an officer of CSAM.
(4) Mr. Priest is a Trustee who is an "interested person" of the Trust as
defined in the 1940 Act because he provided consulting services to CSAM
within the last two years (ended 12/31/02).
30
<Page>
<Table>
<Caption>
TERM
OF OFFICE(1)
AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH TRUST SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- ------------------------- ----------- ------------ ----------------------------------------------
OFFICERS
Michael A. Pignataro Chief Since 1999 Director and Director of Fund Administration of
Credit Suisse Asset Financial CSAM; Associated with CSAM since 1984; Officer of
Management, LLC Officer and other Credit Suisse Funds.
466 Lexington Avenue Treasurer
New York, New York
10017-3140
Date of Birth: 11/15/59
Emidio Morizio Chief Since 2004 Director and Global Head of Compliance of CSAM;
Credit Suisse Asset Compliance Associated with CSAM since July 2000; Vice
Management, LLC Officer President and Director of Compliance of
466 Lexington Avenue Forstmann-Leff Associates from 1998 to June 2000;
New York, New York Officer of other Credit Suisse Funds.
10017-3140
Date of Birth: 09/21/66
Ajay Mehra Chief Legal Since 2004 Director and Deputy General Counsel of CSAM since
Credit Suisse Asset Officer September 2004; Senior Associate of Shearman &
Management, LLC Sterling LLP from September 2000 to September
466 Lexington Avenue 2004; Senior Counsel of the SEC Division of
New York, New York Investment Management from June 1997 to September
10017-3140 2000; Officer of other Credit Suisse Funds.
Date of Birth: 08/14/70
J. Kevin Gao Vice Since 2004 Vice President and legal counsel of CSAM;
Credit Suisse Asset President Associated with CSAM since July 2003; Associated
Management, LLC and with the law firm of Willkie Farr & Gallagher LLP
466 Lexington Avenue Secretary from 1998 to 2003; Officer of other Credit Suisse
New York, New York Funds.
10017-3140
Date of Birth: 10/13/67
Robert M. Rizza Assistant Since 2002 Assistant Vice President of CSAM since January
Credit Suisse Asset Treasurer 2001; Associated with CSAM since 1998; Officer of
Management, LLC other Credit Suisse Funds.
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 12/09/65
</Table>
The Statement of Additional Information includes additional information about
the Trustees and is available, without charge, upon request, by calling
800-222-8977.
31
<Page>
CREDIT SUISSE TRUST -- EMERGING MARKETS PORTFOLIO
TAX INFORMATION LETTER (UNAUDITED)
December 31, 2004
IMPORTANT TAX INFORMATION FOR CORPORATE SHAREHOLDERS
During the fiscal year ended December 31, 2004, the Portfolio distributed
$2,597,217 of foreign source income on which the Portfolio paid foreign taxes of
$669,817. This information is being furnished to you pursuant to notice
requirements of Section 853(a) and 855(d) of the Internal Revenue Code of 1986,
as amended (the "Code"), and the Treasury Regulations thereunder.
Corporate Shareholders should note for the year ended December 31, 2004, the
percentage of the Portfolio's investment income (i.e., net investment income
plus short-term capital gains) that qualified for the intercorporate dividends
received deduction is 0%.
32
<Page>
CREDIT SUISSE TRUST -- EMERGING MARKETS PORTFOLIO
PROXY POLICY AND PORTFOLIO HOLDINGS INFORMATION
Information regarding how the Portfolio voted proxies related to its
portfolio securities during the 12-month period ended June 30, 2004 as well as
the policies and procedures that the Portfolio uses to determine how to vote
proxies relating to its portfolio securities are available:
- By calling 1-800-222-8977
- On the Portfolio's website, www.csam.com/us
- On the website of the Securities and Exchange Commission,
http://www.sec.gov.
The Portfolio 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
Portfolio's 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.
33
<Page>
P.O. BOX 55030, BOSTON, MA 02205-5030
800-222-8977 - www.csam.com/us
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. TREMK-2-1204
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE FUNDS
ANNUAL REPORT
DECEMBER 31, 2004
CREDIT SUISSE TRUST
- - BLUE CHIP PORTFOLIO
CREDIT SUISSE TRUST (THE "TRUST") SHARES ARE NOT AVAILABLE DIRECTLY TO
INDIVIDUAL INVESTORS, BUT MAY BE OFFERED ONLY THROUGH CERTAIN INSURANCE PRODUCTS
AND PENSION AND RETIREMENT PLANS.
THE TRUST'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES (WHICH SHOULD BE
CONSIDERED CAREFULLY BEFORE INVESTING), AND MORE COMPLETE INFORMATION ABOUT THE
TRUST, ARE PROVIDED IN THE PROSPECTUS, WHICH SHOULD BE READ CAREFULLY BEFORE
INVESTING. YOU MAY OBTAIN ADDITIONAL COPIES BY CALLING 800-222-8977 OR BY
WRITING TO CREDIT SUISSE TRUST, P.O. BOX 55030, BOSTON, MA 02205-5030.
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR, IS LOCATED AT 466
LEXINGTON AVE., NEW YORK, NY 10017-3140. THE TRUST IS ADVISED BY CREDIT SUISSE
ASSET MANAGEMENT, LLC.
<Page>
THE VIEWS OF THE PORTFOLIO'S MANAGEMENT ARE AS OF THE DATE OF THE LETTER AND THE
PORTFOLIO HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF DECEMBER 31, 2004; THESE
VIEWS AND PORTFOLIO HOLDINGS MAY HAVE CHANGED SUBSEQUENT TO THESE DATES. NOTHING
IN THIS DOCUMENT IS A RECOMMENDATION TO PURCHASE OR SELL SECURITIES.
PORTFOLIO SHARES ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF CREDIT SUISSE ASSET
MANAGEMENT, LLC ("CSAM") OR ANY AFFILIATE, ARE NOT FDIC-INSURED AND ARE NOT
GUARANTEED BY CSAM OR ANY AFFILIATE. PORTFOLIO INVESTMENTS ARE SUBJECT TO
INVESTMENT RISKS, INCLUDING LOSS OF YOUR INVESTMENT.
<Page>
CREDIT SUISSE TRUST -- BLUE CHIP PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT
December 31, 2004 (unaudited)
January 31, 2005
Dear Shareholder:
For the 12 months ended December 31, 2004, Credit Suisse Trust -- Blue Chip
Portfolio(1) (the "Portfolio") had a gain of 9.13%, versus an increase of 10.88%
for the S&P 500 Index.(2)
THE MARKET: SOFT SUMMER, STRONG FOURTH QUARTER
The US equity market began the period on a positive note, continuing a rally
fueled by optimism over the economy and corporate profit growth. However, the
market quickly encountered headwinds, mostly in the form of domestic and
international political uncertainty, worries over rising interest rates and a
surge in oil prices. Stocks languished into late October, but ended the year on
a bright note when a decisive presidential election, better employment numbers
and benign inflation helped ease risk concerns.
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 Portfolio had a gain but underperformed its benchmark. Good showings from
the Portfolio's financial services, industrial and consumer staples holdings
were countered by underperformance in the technology and consumer discretionary
sectors. Another factor that hindered the Portfolio's relative performance was
its underweighting in utilities, which we did not find compelling on a
stock-specific basis. However, utilities had good performance for the year,
rallying as investors searched for yield in a low interest-rate environment.
With respect to recent noteworthy portfolio activity, our purchases included
Beckman Coulter (1.1% of the Portfolio as of December 31, 2004), a medical
instruments and testing supply company that has been gaining market share due to
perceived technical advantages of its products. In the materials area we added
Alcoa (0.9% of the Portfolio as of December 31, 2004), which we think could
benefit from improved aluminum pricing combined with increased demand, resulting
in larger operation margins. On the sales side, one position we eliminated late
in the period was JC Penney, based on our concerns over management transition
risk in the wake of good stock performance.
1
<Page>
OUTLOOK: A RETURN TO NORMALCY?
We feel that diminished monetary and fiscal stimuli could challenge the US
economy and equity market in 2005, should policymakers conclude that an economy
on a growth path requires no extra boost to sustain that growth. Factors that
favor at least moderate economic growth are a relatively low core inflation
rate, a cheap US dollar and low intermediate- and long-term interest rates.
Although consumer demand may be somewhat less robust, we think it is likely that
investment demand should be strong. Given the recent history of terrorist
attacks, recession and war, a return to a focus on such "normal" market concerns
would seem welcome. In this environment, we believe that careful stock selection
based on company fundamentals should create a number of compelling longer-term
investment opportunities.
Hugh Neuburger
Portfolio Manager
IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING
STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKET,
INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT REGULATION AND
THEIR POTENTIAL IMPACT ON THE PORTFOLIO'S INVESTMENTS. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
2
<Page>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
IN THE CREDIT SUISSE TRUST -- BLUE CHIP PORTFOLIO(1) AND THE
S&P 500 INDEX(2) FROM INCEPTION (11/30/01).
<Table>
<Caption>
CREDIT SUISSE TRUST -- BLUE CHIP PORTFOLIO(1) S&P 500 INDEX(2)
11/30/2001 $ 10,000 $ 10,000
12/31/2001 $ 10,020 $ 10,088
1/31/2002 $ 9,800 $ 9,940
2/28/2002 $ 9,520 $ 9,749
3/31/2002 $ 9,880 $ 10,115
4/30/2002 $ 9,140 $ 9,502
5/31/2002 $ 9,000 $ 9,432
6/30/2002 $ 8,290 $ 8,760
7/31/2002 $ 7,670 $ 8,077
8/31/2002 $ 7,710 $ 8,130
9/30/2002 $ 6,850 $ 7,247
10/31/2002 $ 7,430 $ 7,885
11/30/2002 $ 7,870 $ 8,349
12/31/2002 $ 7,351 $ 7,858
1/31/2003 $ 7,171 $ 7,652
2/28/2003 $ 7,041 $ 7,538
3/31/2003 $ 7,141 $ 7,611
4/30/2003 $ 7,711 $ 8,238
5/31/2003 $ 8,041 $ 8,672
6/30/2003 $ 8,141 $ 8,783
7/31/2003 $ 8,321 $ 8,937
8/31/2003 $ 8,461 $ 9,112
9/30/2003 $ 8,369 $ 9,015
10/31/2003 $ 8,811 $ 9,525
11/30/2003 $ 8,801 $ 9,609
12/31/2003 $ 9,182 $ 10,113
1/31/2004 $ 9,353 $ 10,298
2/29/2004 $ 9,453 $ 10,442
3/31/2004 $ 9,303 $ 10,284
4/30/2004 $ 9,162 $ 10,123
5/31/2004 $ 9,293 $ 10,262
6/30/2004 $ 9,393 $ 10,461
7/31/2004 $ 9,082 $ 10,115
8/31/2004 $ 9,032 $ 10,156
9/30/2004 $ 9,131 $ 10,266
10/31/2004 $ 9,242 $ 10,423
11/30/2004 $ 9,647 $ 10,844
12/31/2004 $ 10,021 $ 11,213
</Table>
AVERAGE ANNUAL RETURNS AS OF DECEMBER 31, 2004(1)
<Table>
<Caption>
1 YEAR SINCE INCEPTION
------ ---------------
9.13% 0.07%
</Table>
RETURNS REPRESENT PAST PERFORMANCE AND INCLUDE CHANGES IN SHARE PRICE AND
REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. PAST PERFORMANCE CANNOT GUARANTEE
FUTURE RESULTS. THE CURRENT PERFORMANCE OF THE PORTFOLIO 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 PORTFOLIO DISTRIBUTIONS OR
THE REDEMPTION OF PORTFOLIO SHARES. PERFORMANCE INCLUDES THE EFFECT OF DEDUCTING
EXPENSES, BUT DOES NOT INCLUDE CHARGES AND EXPENSES ATTRIBUTABLE TO ANY
PARTICULAR VARIABLE CONTRACT OR PLAN. ACCORDINGLY, THE PROSPECTUS OF THE
SPONSORING PARTICIPATING INSURANCE COMPANY SEPARATE ACCOUNT OR PLAN DOCUMENTS OR
OTHER INFORMATIONAL MATERIALS SUPPLIED BY PLAN SPONSORS SHOULD BE CAREFULLY
REVIEWED FOR INFORMATION ON RELEVANT CHARGES AND EXPENSES. EXCLUDING THESE
CHARGES AND EXPENSES FROM QUOTATIONS OF PERFORMANCE HAS THE EFFECT OF INCREASING
THE PERFORMANCE QUOTED, AND THE EFFECT OF THESE CHARGES SHOULD BE CONSIDERED
WHEN COMPARING PERFORMANCE TO THAT OF OTHER MUTUAL FUNDS. 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
Portfolio, without which performance would be lower. Waivers and/or
reimbursements may be discontinued at any time.
(2) The Standard & Poor's 500 Index is an unmanaged index (with no defined
investment objective) of common stocks. It includes reinvestment of
dividends, and is a registered trademark of McGraw-Hill Co., Inc. Investors
cannot invest directly in an index.
3
<Page>
INFORMATION ABOUT YOUR PORTFOLIO'S EXPENSES
As an investor of the Portfolio, you incur two types of costs: ongoing
expenses and transaction costs. Ongoing expenses include management fees,
distribution and service (12b-1) fees and other Portfolio 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 Portfolio 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 December 31, 2004.
The table illustrates your Portfolio's expenses in two ways:
- ACTUAL PORTFOLIO RETURN. This helps you estimate the actual dollar amount
of ongoing expenses paid on a $1,000 investment in the Portfolio using the
Portfolio'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% PORTFOLIO RETURN. This helps you to compare your
Portfolio's ongoing expenses with those of other mutual funds using the
Portfolio's actual expense ratio and a hypothetical rate of return of 5%
per year before expenses. Examples using a 5% hypothetical portfolio
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 expenses 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.
4
<Page>
EXPENSES AND VALUE OF A $1,000 INVESTMENT
FOR THE SIX-MONTH PERIOD ENDED DECEMBER 31, 2004
<Table>
ACTUAL PORTFOLIO RETURN
Beginning Account Value 7/1/04 $ 1,000.00
Ending Account Value 12/31/04 $ 1,066.80
Expenses Paid per $1,000* $ 6.03
HYPOTHETICAL 5% PORTFOLIO RETURN
Beginning Account Value 7/1/04 $ 1,000.00
Ending Account Value 12/31/04 $ 1,019.30
Expenses Paid per $1,000* $ 5.89
ANNUALIZED EXPENSE RATIOS* 1.16%
</Table>
- ----------
* EXPENSES ARE EQUAL TO THE PORTFOLIO'S ANNUALIZED EXPENSE RATIO 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 PORTFOLIO 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
PORTFOLIO'S ACTUAL EXPENSES WOULD HAVE BEEN HIGHER.
For more information, please refer to the Portfolio's prospectus.
5
<Page>
[CHART]
SECTOR BREAKDOWN*
<Table>
Financial Services 20.4%
Technology 16.2%
Industrials 15.0%
Health Care 13.1%
Consumer Discretionary 10.7%
Consumer Staples 10.2%
Other Energy 7.9%
Materials & Processing 4.4%
Telecommunication Services 2.1%
</Table>
- ----------
* The Portfolio's sector breakdown is expressed as a percentage of total
investments and may vary over time.
6
<Page>
CREDIT SUISSE TRUST -- BLUE CHIP PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 2004
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------ ------------
COMMON STOCKS (99.7%)
AEROSPACE & DEFENSE (3.3%)
Lockheed Martin Corp. 2,400 $ 133,320
United Technologies Corp. 3,000 310,050
------------
443,370
------------
AIR FREIGHT & COURIERS (1.5%)
FedEx Corp. 2,100 206,829
------------
BANKS (8.7%)
Bank of America Corp. 4,300 202,057
Northern Trust Corp. 4,500 218,610
U.S. Bancorp 7,000 219,240
Wachovia Corp. 4,700 247,220
Wells Fargo & Co. 4,500 279,675
------------
1,166,802
------------
BEVERAGES (3.0%)
Anheuser-Busch Companies, Inc. 1,700 86,241
PepsiCo, Inc. 6,000 313,200
------------
399,441
------------
BIOTECHNOLOGY (1.5%)
Biogen Idec, Inc.* 3,100 206,491
------------
BUILDING PRODUCTS (1.0%)
American Standard Companies, Inc.* 3,300 136,356
------------
CHEMICALS (2.1%)
PPG Industries, Inc. 4,100 279,456
------------
COMMERCIAL SERVICES & SUPPLIES (2.7%)
Automatic Data Processing, Inc. 3,500 155,225
Avery Dennison Corp. 3,500 209,895
------------
365,120
------------
COMMUNICATIONS EQUIPMENT (2.8%)
Cisco Systems, Inc.* 12,300 237,390
Qualcomm, Inc. 3,200 135,680
------------
373,070
------------
COMPUTERS & PERIPHERALS (5.7%)
Dell, Inc.* 4,000 168,560
EMC Corp.* 9,500 141,265
International Business Machines Corp. 2,600 256,308
Network Appliance, Inc.* 6,200 205,964
------------
772,097
------------
DIVERSIFIED FINANCIALS (7.3%)
Capital One Financial Corp. 2,900 244,209
Citigroup, Inc. 6,700 322,806
Merrill Lynch & Company, Inc. 4,700 280,919
Morgan Stanley 2,500 138,800
------------
986,734
------------
</Table>
See Accompanying Notes to Financial Statements.
7
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------ ------------
COMMON STOCKS
DIVERSIFIED TELECOMMUNICATION SERVICES (2.1%)
Verizon Communications, Inc. 6,900 $ 279,519
------------
FOOD & DRUG RETAILING (1.7%)
CVS Corp. 5,000 225,350
------------
FOOD PRODUCTS (1.6%)
Kellogg Co. 4,700 209,902
------------
HEALTHCARE EQUIPMENT & SUPPLIES (4.4%)
Beckman Coulter, Inc. 2,100 140,679
Biomet, Inc. 4,400 190,916
St. Jude Medical, Inc.* 6,200 259,966
------------
591,561
------------
HOUSEHOLD PRODUCTS (2.5%)
Kimberly-Clark Corp. 2,500 164,525
Procter & Gamble Co. 3,200 176,256
------------
340,781
------------
INDUSTRIAL CONGLOMERATES (6.1%)
General Electric Co. 13,400 489,100
Tyco International, Ltd. 9,300 332,382
------------
821,482
------------
INSURANCE (4.4%)
Hartford Financial Services Group, Inc. 4,800 332,688
Prudential Financial, Inc. 4,600 252,816
------------
585,504
------------
MACHINERY (1.4%)
Caterpillar, Inc. 2,000 195,020
------------
MEDIA (5.0%)
Clear Channel Communications, Inc. 3,800 127,262
EchoStar Communications Corp. 5,900 196,116
Tribune Co. 3,800 160,132
Viacom, Inc. Class B 5,100 185,589
------------
669,099
------------
METALS & MINING (0.9%)
Alcoa, Inc. 3,900 122,538
------------
MULTILINE RETAIL (3.3%)
May Department Stores Co. 8,800 258,720
Wal-Mart Stores, Inc. 3,500 184,870
------------
443,590
------------
OIL & GAS (7.9%)
ConocoPhillips 4,700 408,101
Devon Energy Corp. 5,400 210,168
Exxon Mobil Corp. 8,600 440,836
------------
1,059,105
------------
</Table>
See Accompanying Notes to Financial Statements.
8
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------ ------------
COMMON STOCKS
PAPER & FOREST PRODUCTS (1.4%)
MeadWestvaco Corp. 5,400 $ 183,006
Neenah Paper, Inc. 75 2,445
------------
185,451
------------
PHARMACEUTICALS (7.2%)
Eli Lilly & Co. 2,400 136,200
Johnson & Johnson 5,300 336,126
Schering-Plough Corp. 11,800 246,384
Sepracor, Inc.* 4,100 243,417
------------
962,127
------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (2.7%)
Applied Materials, Inc.* 8,000 136,800
Intel Corp. 9,700 226,883
------------
363,683
------------
SOFTWARE (3.8%)
Electronic Arts, Inc.* 2,600 160,368
Microsoft Corp. 13,000 347,230
------------
507,598
------------
SPECIALTY RETAIL (3.7%)
Best Buy Company, Inc. 2,700 160,434
Ross Stores, Inc. 5,400 155,898
TJX Companies, Inc. 7,300 183,449
------------
499,781
------------
TOTAL COMMON STOCKS (Cost $11,610,313) 13,397,857
------------
TOTAL INVESTMENTS AT VALUE (99.7%) (Cost $11,610,313) 13,397,857
OTHER ASSETS IN EXCESS OF LIABILITIES (0.3%) 38,679
------------
NET ASSETS (100.0%) $ 13,436,536
============
</Table>
* Non-income producing security.
See Accompanying Notes to Financial Statements.
9
<Page>
CREDIT SUISSE TRUST -- BLUE CHIP PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
December 31, 2004
<Table>
ASSETS
Investments at value (Cost $11,610,313) (Note 1) $ 13,397,857
Cash 53,703
Dividend receivable 13,125
Receivable for portfolio shares sold 2,087
Prepaid expenses 6,162
-------------
Total Assets 13,472,934
-------------
LIABILITIES
Advisory fee payable (Note 2) 8,637
Administrative services fee payable (Note 2) 5,351
Other accrued expenses payable 22,410
-------------
Total Liabilities 36,398
-------------
NET ASSETS
Capital stock, $0.001 par value (Note 5) 1,356
Paid-in capital (Note 5) 15,584,830
Undistributed net investment income 96,775
Accumulated net realized loss on investments (4,033,969)
Net unrealized appreciation from investments 1,787,544
-------------
Net Assets $ 13,436,536
=============
Shares outstanding 1,356,100
-------------
Net asset value, offering price, and redemption price per share $ 9.91
=============
</Table>
See Accompanying Notes to Financial Statements.
10
<Page>
CREDIT SUISSE TRUST -- BLUE CHIP PORTFOLIO
STATEMENT OF OPERATIONS
For the Year Ended December 31, 2004
<Table>
INVESTMENT INCOME (Note 1)
Dividends $ 258,857
Interest 481
-------------
Total investment income 259,338
-------------
EXPENSES
Investment advisory fees (Note 2) 105,106
Administrative services fees (Note 2) 29,028
Legal fees 34,466
Audit fees 17,977
Insurance expense 14,140
Printing fees (Note 2) 10,282
Custodian fees 4,127
Trustees' fees 2,602
Registration fees 2,372
Transfer agent fees 2,273
Interest expense (Note 3) 464
Commitment fees (Note 3) 327
Miscellaneous expense 8,827
-------------
Total expenses 231,991
Less: fees waived (Note 2) (69,428)
-------------
Net expenses 162,563
-------------
Net investment income 96,775
-------------
NET REALIZED AND UNREALIZED GAIN FROM INVESTMENTS
Net realized gain from investments 483,243
Net change in unrealized appreciation (depreciation) from
investments 603,705
-------------
Net realized and unrealized gain from investments 1,086,948
-------------
Net increase in net assets resulting from operations $ 1,183,723
=============
</Table>
See Accompanying Notes to Financial Statements.
11
<Page>
CREDIT SUISSE TRUST -- BLUE CHIP PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE YEAR FOR THE YEAR
ENDED ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003
----------------- -----------------
FROM OPERATIONS
Net investment income $ 96,775 $ 96,799
Net realized gain (loss) on investments 483,243 (2,830,469)
Net change in unrealized appreciation (depreciation) from investments 603,705 6,369,975
----------------- -----------------
Net increase in net assets resulting from operations 1,183,723 3,636,305
----------------- -----------------
FROM DIVIDENDS
Dividends from net investment income (96,797) (52,550)
----------------- -----------------
Net decrease in net assets resulting from dividends (96,797) (52,550)
----------------- -----------------
FROM CAPITAL SHARE TRANSACTIONS (Note 5)
Proceeds from sale of shares 1,248,912 2,927,061
Reinvestment of dividends 96,797 52,550
Net asset value of shares redeemed (4,772,001) (11,077,119)
----------------- -----------------
Net decrease in net assets from capital share transactions (3,426,292) (8,097,508)
----------------- -----------------
Net decrease in net assets (2,339,366) (4,513,753)
NET ASSETS
Beginning of year 15,775,902 20,289,655
----------------- -----------------
End of year $ 13,436,536 $ 15,775,902
================= =================
Undistributed net investment income $ 96,775 $ 96,797
================= =================
</Table>
See Accompanying Notes to Financial Statements.
12
<Page>
CREDIT SUISSE TRUST -- BLUE CHIP PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE YEAR ENDED DECEMBER 31,
---------------------------------------------------
2004 2003 2002 2001(1)
--------- --------- --------- ---------
PER SHARE DATA
Net asset value, beginning of period $ 9.15 $ 7.35 $ 10.02 $ 10.00
--------- --------- --------- ---------
INVESTMENT OPERATIONS
Net investment income 0.08 0.07 0.02 0.00(2)
Net gain (loss) on investments
(both realized and unrealized) 0.75 1.76 (2.69) 0.02
--------- --------- --------- ---------
Total from investment operations 0.83 1.83 (2.67) 0.02
--------- --------- --------- ---------
LESS DIVIDENDS
Dividends from net investment income (0.07) (0.03) 0.00(2) --
--------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 9.91 $ 9.15 $ 7.35 $ 10.02
========= ========= ========= =========
Total return(3) 9.13% 24.92% (26.64)% 0.20%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 13,437 $ 15,776 $ 20,290 $ 5,122
Ratio of expenses to average net assets(4) 1.16% 1.16% 1.16% 1.16%(5)
Ratio of net investment income to average net assets 0.69% 0.58% 0.25% 0.35%(5)
Decrease reflected in above operating expense ratios due to
waivers/reimbursements 0.50% 0.33% 0.23% 4.86%(5)
Portfolio turnover rate 47% 40% 31% 2%
</Table>
(1) For the period November 30, 2001 (commencement of operations) through
December 31, 2001.
(2) This amount represents less than $0.01 per share.
(3) Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been lower.
Total returns for periods less than one year are not annualized.
(4) Interest earned on uninvested cash balances may be used to offset portions
of the transfer agent expense. For the years ended December 31, 2004, 2003
and 2002, and the period ended December 31, 2001, there was no effect on
the net operating expense ratio because of transfer agent credits.
(5) Annualized.
See Accompanying Notes to Financial Statements.
13
<Page>
CREDIT SUISSE TRUST -- BLUE CHIP PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2004
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Credit Suisse Trust (the "Trust") is an open-end management investment
company registered under the Investment Company Act of 1940, as amended (the
"1940 Act"), and currently offers eight managed investment portfolios of which
one, the Blue Chip Portfolio (the "Portfolio"), is included in this report. The
Portfolio is a diversified investment fund that seeks long-term capital
appreciation. Shares of the Portfolio are not available directly to individual
investors but may be offered only through (a) variable annuity contracts and
variable life insurance contracts offered by separate accounts of certain
insurance companies and (b) tax-qualified pension and retirement plans. The
Portfolio may not be available in connection with a particular contract or plan.
The Trust was organized under the laws of the Commonwealth of Massachusetts as a
business trust on March 15, 1995.
A) SECURITY VALUATION -- The net asset value of the Portfolio is determined
daily as of the close of regular trading on the New York Stock Exchange, Inc.
(the "Exchange") on each day the Exchange is open for business. The Portfolio's
equity investments are valued at market value, which is generally determined
using the closing price on the exchange or market on which the security is
primarily traded at the time of valuation (the "Valuation Time"). If no sales
are reported, equity investments are generally valued at the most recent bid
quotation as of the Valuation Time or at the lowest asked quotation in the case
of a short sale of securities. Debt securities with a remaining maturity greater
than 60 days are valued in accordance with the price supplied by a pricing
service, which may use a matrix, formula or other objective method that takes
into consideration market indices, yield curves and other specific adjustments.
Debt obligations that will mature in 60 days or less are valued on the basis of
amortized cost, which approximates market value, unless it is determined that
using this method would not represent fair value. Securities and other assets
for which market quotations are not readily available, or whose values have been
materially affected by events occurring before the Portfolio's Valuation Time
but after the close of the securities' primary markets, are valued at fair value
as determined in good faith by, or under the direction of, the Board of Trustees
under procedures established by the Board of Trustees. The Portfolio may utilize
a service provided by an independent third party which has been approved by the
Board of Trustees to fair value certain securities.
B) SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted for on a trade date basis. Interest income is recorded on the accrual
basis. Dividends are recorded on the ex-dividend date. The cost of investments
sold is determined by use of the specific identification method for both
financial reporting and income tax purposes.
14
<Page>
C) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net
investment income and distributions of net realized capital gains, if any, are
declared and paid at least annually. However, to the extent that a net realized
capital gain can be reduced by a capital loss carryforward, such gain will not
be distributed. Income and capital gain distributions are determined in
accordance with federal income tax regulations, which may differ from accounting
principles generally accepted in the United States of America ("GAAP").
D) FEDERAL INCOME TAXES -- No provision is made for federal taxes as it is
the Trust's intention to have the Portfolio continue to qualify for and elect
the tax treatment applicable to regulated investment companies under the
Internal Revenue Code of 1986, as amended, and to 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 year. Actual results could differ
from these estimates.
F) SHORT-TERM INVESTMENTS -- The Portfolio, together with other
funds/portfolios advised by Credit Suisse Asset Management, LLC ("CSAM"), an
indirect, wholly-owned subsidiary of Credit Suisse Group, pools available cash
into either a short-term variable rate time deposit issued by State Street Bank
and Trust Company ("SSB"), the Portfolio's custodian, or a money market fund
advised by CSAM. The short-term time deposit issued by SSB is a variable rate
account classified as a short-term investment.
G) SECURITIES LENDING -- Loans of securities are required at all times to be
secured by collateral at least equal to 102% of the market value of domestic
securities on loan (including any accrued interest thereon) and 105% of the
market value of foreign securities on loan (including any accrued interest
thereon). Cash collateral received by the Portfolio in connection with
securities lending activity 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
Portfolio's 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
15
<Page>
to legal proceedings. The Portfolio had no securities out on loan at December
31, 2004.
Prior to March 17, 2004, Credit Suisse First Boston ("CSFB"), an affiliate of
CSAM, had been engaged by the Portfolio to act as the Portfolio's securities
lending agent. The Portfolio earned no income from securities lending through
the period ended March 17, 2004.
Effective March 17, 2004, SSB has been engaged by the Portfolio to act as the
Portfolio's securities lending agent. The Portfolio's securities lending
arrangement provides that the Portfolio and SSB will share the net income earned
from the securities lending activities, with the Portfolio 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 Portfolio may also be entitled to
certain minimum amounts of income from its securities lending activities.
Securities lending income is accrued as earned.
NOTE 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
CSAM serves as investment adviser for the Portfolio. For its investment
advisory services, CSAM is entitled to receive a fee, computed daily and payable
monthly, from the Portfolio based on the following fee schedule:
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ ---------------------------------
First $100 million 0.75% of average daily net assets
Over $100 million 0.50% of average daily net assets
</Table>
For the year ended December 31, 2004, investment advisory fees earned and
voluntarily waived for the Portfolio were $105,106 and $69,428, respectively.
CSAM will not recapture from the Portfolio any fees it waived during the fiscal
year ended December 31, 2004.
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of
CSAM, and SSB serve as co-administrators to the Portfolio.
For its co-administrative services, CSAMSI currently receives a fee
calculated at an annual rate of 0.10% of the average daily net assets of the
Portfolio. For the year ended December 31, 2004, co-administrative services fees
earned by CSAMSI were $14,014.
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
16
<Page>
allocated based upon relative average net assets of each fund/portfolio,
subject to an annual minimum fee.
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ ----------------------------------
First $5 billion 0.050% of average daily net assets
Next $5 billion 0.035% of average daily net assets
Over $10 billion 0.020% of average daily net assets
</Table>
For the year ended December 31, 2004, co-administrative services fees earned
by SSB (including out-of-pocket expenses) were $15,014.
In addition to serving as the Portfolio's co-administrator, CSAMSI currently
serves as distributor of the Portfolio's shares without compensation.
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Portfolio to provide certain financial printing and fulfillment services.
For the year ended December 31, 2004, Merrill was paid $5,738 for its services
to the Portfolio.
NOTE 3. LINE OF CREDIT
The Portfolio, together with other funds/portfolios advised by CSAM
(collectively, the "Participating Funds"), participates in a $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
December 31, 2004, there were no loans outstanding for the Portfolio under the
Credit Facility. During the year ended December 31, 2004, the Portfolio had
borrowings under the Credit Facility as follows:
<Table>
<Caption>
AVERAGE DAILY WEIGHTED AVERAGE MAXIMUM DAILY
LOAN BALANCE INTEREST RATE LOAN OUTSTANDING
------------- ---------------- ----------------
$ 660,506 1.581% $ 854,000
</Table>
NOTE 4. PURCHASES AND SALES OF SECURITIES
For the year ended December 31, 2004, purchases and sales of investment
securities (excluding short-term investments) were $6,629,753 and $10,069,261,
respectively.
17
<Page>
NOTE 5. CAPITAL SHARE TRANSACTIONS
The Trust is authorized to issue an unlimited number of full and fractional
shares of beneficial interest, $0.001 par value per share. Transactions in
capital shares of the Portfolio were as follows:
<Table>
<Caption>
FOR THE YEAR ENDED FOR THE YEAR ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003
------------------ ------------------
Shares sold 133,910 382,391
Shares issued in reinvestment of dividends 10,697 6,197
Shares redeemed (512,656) (1,423,536)
-------- ----------
Net decrease (368,049) (1,034,948)
======== ==========
</Table>
On December 31, 2004, the number of shareholders that held 5% or more of the
outstanding shares of the Portfolio were as follows:
<Table>
<Caption>
NUMBER OF APPROXIMATE PERCENTAGE
SHAREHOLDERS OF OUTSTANDING SHARES
------------ ----------------------
2 99%
</Table>
Some of the shareholders are omnibus accounts, which hold shares on behalf of
individual shareholders.
NOTE 6. FEDERAL INCOME TAXES
Income and capital gain distributions are determined in accordance with
federal income tax regulations, which may differ from GAAP. These differences
are primarily due to differing treatments of post-October losses, and wash
sales.
The tax characteristics of dividends paid during the years ended December 31,
2004 and December 31, 2003 for the Portfolio were as follows:
<Table>
<Caption>
ORDINARY INCOME
-------------------------
2004 2003
--------- ---------
$ 96,797 $ 52,550
</Table>
At December 31, 2004, the components of distributable earnings on a tax basis
for the Portfolio were as follows:
<Table>
Undistributed net investment income $ 96,775
Accumulated net realized loss (3,901,194)
Unrealized appreciation 1,671,671
Undistributed Capital -- other (16,902)
-------------
$ (2,149,650)
=============
</Table>
18
<Page>
NOTE 6. FEDERAL INCOME TAXES
At December 31, 2004, the Portfolio had capital loss carryforwards available
to offset possible future capital gains as follows:
<Table>
<Caption>
EXPIRES DECEMBER 31,
-----------------------------
2010 2011
---------- ------------
$ 427,772 $ 3,473,422
</Table>
During the tax year ended December 31, 2004, the Portfolio utilized $467,945
of the capital loss carryforward.
Under current tax law, certain capital losses realized after October 31
within a taxable year may be deferred and treated as occurring on the first day
of the following tax year. For the tax period ended December 31, 2004, the
Portfolio elected to defer net losses of $16,902 arising between November 1,
2004 and December 31, 2004 as follows:
At December 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 $11,726,186, $1,934,368,
$(262,697) and $1,671,671, respectively.
NOTE 7. CONTINGENCIES
In the normal course of business, the Portfolio may provide general
indemnifications pursuant to certain contracts and organizational documents. The
Portfolio's maximum exposure under these arrangements is dependent on future
claims that may be made against the Portfolio and, therefore, cannot be
estimated; however, based on experience, the risk of loss from such claims is
considered remote.
19
<Page>
CREDIT SUISSE TRUST -- BLUE CHIP PORTFOLIO
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of Credit Suisse Trust and Shareholders of
Credit Suisse Trust -- Blue Chip Portfolio:
In our opinion, the accompanying statement of assets and liabilities,
including the schedule of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Blue Chip Portfolio (the
"Portfolio"), a portfolio of the Credit Suisse Trust, at December 31, 2004, the
results of its operations for the year then ended, the changes in its net assets
for each of the two years in the period then ended and the financial highlights
for each of the 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 Portfolio's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with 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 December 31, 2004 by
correspondence with the custodian, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Baltimore, Maryland
February 7, 2005
20
<Page>
CREDIT SUISSE TRUST -- BLUE CHIP PORTFOLIO
INFORMATION CONCERNING TRUSTEES AND OFFICERS (UNAUDITED)
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ------------------------------ ------------------- ------------ ----------------------- ------------- ---------------------
INDEPENDENT TRUSTEES
Richard H. Francis Trustee, Nominating Since Currently retired 41 None
c/o Credit Suisse Asset and Audit Committee 1999
Management, LLC Member
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 04/23/32
Jeffrey E. Garten(2) Trustee, Nominating Since Dean of Yale School of 40 Director of Aetna,
Box 208200 and Audit Committee 1998 Management and William Inc. (insurance
New Haven, Connecticut Member S. Beinecke Professor company); Director
06520-8200 in the Practice of of Calpine
International Trade and Corporation (energy
Date of Birth: 10/29/46 Finance from November provider); Director
1995 to present. of CarMax Group
(used car dealers).
Peter F. Krogh Trustee, Nominating Since Dean Emeritus and 40 Director of Carlisle
301 ICC Committee Chairman 2001 Distinguished Professor Companies
Georgetown University and Audit Committee of International Incorporated
Washington, DC 20057 Member Affairs at the Edmund (diversified
A. Walsh School of manufacturing
Date of Birth: 02/11/37 Foreign Service, company).
Georgetown University
from June 1995 to
present.
</Table>
- ----------
(1) Each Trustee and Officer serves until his or her respective successor has
been duly elected and qualified.
(2) Mr. Garten was initially appointed as a Trustee of the Trust on February 6,
1998. He resigned as Trustee on February 3, 2000, and was subsequently
re-appointed on December 21, 2000.
21
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ------------------------------ ------------------- ------------ ----------------------- ------------- ---------------------
INDEPENDENT TRUSTEES
James S. Pasman, Jr. Trustee, Nominating Since Currently retired 42 Director of
c/o Credit Suisse Asset and Audit Committee 1999 Education Management
Management, LLC Member Corp.
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 12/20/30
Steven N. Rappaport Lead Trustee, Since Partner of Lehigh 42 Director of
Lehigh Court, LLC Nominating Committee 1999 Court, LLC and RZ Presstek, Inc.
40 East 52nd Street Member and Audit Capital (private (digital imaging
New York, New York Committee Chairman investment firms) from technologies
10022 July 2002 to present; company); Director
Transition Adviser to of Wood Resources,
Date of Birth: 07/10/48 SunGard Securities LLC. (plywood
Finance, Inc. from manufacturing
February 2002 to July company).
2002; President of
SunGard Securities
Finance, Inc. from 2001
to February 2002;
President of Loanet,
Inc. (on-line
accounting service)
from 1997 to 2001.
INTERESTED TRUSTEES
Michael E. Kenneally(3) Chairman and Chief Since Chairman and Global 44 None
Credit Suisse Asset Executive Officer 2004 Chief Executive Officer
Management, LLC of CSAM since 2003;
466 Lexington Avenue Chairman and Chief
New York, New York Investment Officer of
10017-3140 Banc of America Capital
Management from 1998 to
Date of Birth: 03/30/54 March 2003.
</Table>
- ----------
(3) Mr. Kenneally is a Trustee who is an "interested person" of the Trust as
defined in the 1940 Act because he is an officer of CSAM.
22
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH TRUST SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ------------------------------ ------------------- ------------ ----------------------- ------------- ---------------------
INTERESTED TRUSTEES
William W. Priest(4) Trustee Since Chief Executive Officer 47 Director of Globe
Epoch Investment Partners 1999 of J Net Enterprises, Wireless, LLC
667 Madison Avenue Inc. (technology (maritime
New York, New York 10021 holdings company) since communication
June 2004; Chief company); Director
Date of Birth: 09/24/41 Executive Officer of of InfraRed X
Epoch Investment (medical device
Partners, Inc. since company); Director
April 2004; Co-Managing of J Net
Partner, Steinberg Enterprises, Inc.
Priest & Sloane 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>
- ----------
(4) Mr. Priest is a Trustee who is an "interested person" of the Trust as
defined in the 1940 Act because he provided consulting services to CSAM
within the last two years (ended 12/31/02).
23
<Page>
<Table>
<Caption>
TERM
OF OFFICE(1)
AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH TRUST SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- ------------------------------ ------------------- ------------ ----------------------------------------------
OFFICERS
Michael A. Pignataro Chief Financial Since Director and Director of Fund Administration of CSAM;
Credit Suisse Asset Officer and 1999 Associated with CSAM since 1984; Officer of other Credit
Management, LLC Treasurer Suisse Funds.
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 11/15/59
Emidio Morizio Chief Compliance Since Director and Global Head of Compliance of CSAM; Associated
Credit Suisse Asset Officer 2004 with CSAM since July 2000; Vice President and Director of
Management, LLC Compliance of Forstmann-Leff Associates from 1998 to June
466 Lexington Avenue 2000; Officer of other Credit Suisse Funds.
New York, New York
10017-3140
Date of Birth: 09/21/66
Ajay Mehra Chief Legal Officer Since Director and Deputy General Counsel of CSAM since September
Credit Suisse Asset 2004 2004; Senior Associate of Shearman & Sterling LLP from
Management, LLC September 2000 to September 2004; Senior Counsel of the SEC
466 Lexington Avenue Division of Investment Management from June 1997 to
New York, New York September 2000; Officer of other Credit Suisse Funds.
10017-3140
Date of Birth: 08/14/70
J. Kevin Gao Vice President and Since Vice President and legal counsel of CSAM; Associated with
Credit Suisse Asset 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 Treasurer Since Assistant Vice President of CSAM since January 2001;
Credit Suisse Asset 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
800-222-8977.
24
<Page>
CREDIT SUISSE TRUST -- BLUE CHIP PORTFOLIO
TAX INFORMATION LETTER (UNAUDITED)
December 31, 2004
IMPORTANT TAX INFORMATION FOR CORPORATE SHAREHOLDERS
Corporate shareholders should note for the year ended December 31, 2004, the
percentage of the Portfolio's investment income (i.e., net investment income
plus short-term capital gains) that qualified for the intercorporate dividends
received deduction is 100%.
25
<Page>
CREDIT SUISSE TRUST -- BLUE CHIP PORTFOLIO
PROXY POLICY AND PORTFOLIO HOLDINGS INFORMATION
Information regarding how the Portfolio voted proxies related to its
portfolio securities during the 12-month period ended June 30, 2004 as well as
the policies and procedures that the Portfolio uses to determine how to vote
proxies relating to its portfolio securities are available:
- By calling 1-800-222-8977
- On the Portfolio's website, www.csam.com/us
- On the website of the Securities and Exchange Commission,
http://www.sec.gov.
The Portfolio 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
Portfolio's 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.
26
<Page>
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<Page>
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<Page>
P.O. BOX 55030, BOSTON, MA 02205-5030 [CREDIT SUISSE ASSET MANAGEMENT LOGO]
800-222-8977 - www.csam.com/us
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. TRBLC-2-1204
<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 December 31, 2004. There were no waivers or implicit waivers from the
code granted by the registrant during the fiscal year ended December 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 December 31, 2003
and December 31, 2004.
<Table>
<Caption>
2003 2004
- -------------------------------------------------------------------
Audit Fees $ 113,206 $ 113,206
Audit-Related Fees(1) $ 24,000 $ 36,000
Tax Fees(2) $ 19,932 $ 18,609
All Other Fees -- --
- -------------------------------------------------------------------
Total $ 157,138 $ 167,815
- -------------------------------------------------------------------
</Table>
(1) Services include agreed-upon procedures in connection with the registrant's
semi-annual financial statements ($24,000), and the registrant's third
quarter 2004 Form N-Q filing ($12,000).
(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 December 31, 2003 and December 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
December 31, 2003 and December 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
December 31, 2003 and December 31, 2004 were $43,932 and $54,609, 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 MANGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Form N-CSR disclosure requirement is not applicable to the 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.
The Registrant has a Nominating Committee (the "Committee"), which is
responsible for selecting and nominating persons for election or appointment by
the Registrant's Board as Board members. The Committee has adopted a Nominating
Committee Charter (the "Charter"). Pursuant to the Charter, the Committee will
consider recommendations for nominees from shareholders submitted to the
Secretary of the Registrant, c/o Credit Suisse Asset Management, LLC, 466
Lexington Avenue, New York, New York 10017. A nomination submission must include
information regarding the recommended nominee as specified in the Charter. This
information includes all information relating to a recommended nominee that is
required to be disclosed in solicitations or proxy statements for the election
of Board members, as well as information sufficient to evaluate the factors to
be considered by the Committee, including character and integrity, business and
professional experience, and whether the person has the ability to apply sound
and independent business judgment and would act in the interests of the
Registrant and its shareholders.
Nomination submissions are required to be accompanied by a written consent of
the individual to stand for election if nominated by the Board and to serve if
elected by the shareholders, and such additional information must be provided
regarding the recommended nominee as reasonably requested by the Committee.
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.
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(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.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.
CREDIT SUISSE TRUST
/s/ Michael E. Kenneally
------------------------
Name: Michael E. Kenneally
Title: Chief Executive Officer
Date: March 8, 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: March 8, 2005
/s/ Michael A. Pignataro
------------------------
Name: Michael A. Pignataro
Title: Chief Financial Officer
Date: March 8, 2005
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