<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. 811-06024

THE INDONESIA FUND, INC.
(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.
The Indonesia Fund, Inc.
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, 2006 to June 30, 2006

<Page>

ITEM 1. REPORTS TO STOCKHOLDERS.

<Page>

THE INDONESIA
FUND, INC.

SEMI-ANNUAL REPORT
JUNE 30, 2006
(UNAUDITED)

[AMERICAN STOCK EXCHANGE(R) LOGO]
LISTED
IF (TM)

IF-SAR-0606

<Page>

CONTENTS

<Table>

Letter to Shareholders 1
Portfolio Summary 4
Schedule of Investments 5
Statement of Assets and Liabilities 7
Statement of Operations 8
Statement of Changes in Net Assets 9
Financial Highlights 10
Notes to Financial Statements 12
Results of Annual Meeting of Shareholders 16
Privacy Policy Notice 17
Description of InvestLink(SM) Program 18
Proxy Voting and Portfolio Holdings Information 21
</Table>

<Page>

LETTER TO SHAREHOLDERS

August 2, 2006

DEAR SHAREHOLDER:

For the six month period ended June 30, 2006, The Indonesia Fund, Inc. (the
"Fund") had a gain in its net asset value of 21.33%, vs. an increase of 21.63%
for the Morgan Stanley Capital International Indonesia Index (net dividends).*
Based on market price, the Fund's shares rose 71.01%. As a result, the Fund
traded at a 35.30% premium to its NAV on June 30, 2006, compared with a discount
of 4.00% at the beginning of the period.

MARKET OVERVIEW

The world's emerging equity markets had positive, through volatile, performance
in the period. The group started the year on a bright note, extending a strong
rally begun in 2003. Emerging markets turned sharply down in May, however, when
worries over US inflation and global interest-rates sparked a broad sell off
that hit riskier asset classes the hardest. The group suffered a peak-to-trough
fall of 25%, before staging a partial rebound late in the period.

Indonesia was a solid outperformer in the period, though it, too, was volatile.
The market surged to new highs in early May, up about 50% year to date, boosted
by strength in the country's currency and related optimism over interest rates.
Rates had been rising--Indonesia's central bank raised rates six times between
August 2005 and December 2005, but the currency rise, along with an improving
inflation outlook turned investors more optimistic in the early months of 2006.
The central bank indeed lowered rates in May (and again shortly after the end of
the period), providing some support to the market as it recovered from the
emerging markets plunge.

From a sector perspective, the best performers overall were banks, utilities,
capital goods companies and materials companies. The retail and diversified
financials sectors struggled in the period.

THE PORTFOLIO

The Fund participated in the market's rally, but modestly underperformed its
benchmark. Factors that aided the Fund's performance included its overweighting
in the utilities sector and good stock selection in the real estate and
telecommunications areas. Stocks that hindered the Fund's performance included
its holdings in the retail and food, beverage and tobacco sectors. The Fund's
bank stocks had good performance in absolute terms, but trailed the bank
component of the benchmark.

OUTLOOK

Against a global backdrop that we view as more challenging, given our views on
an increasingly clouded outlook for global growth, ongoing geopolitical tensions
and frequent shifts in risk appetite, here are some of the factors we consider
noteworthy:

- - Fuel subsides have receded as a burden on government finances, which are in
much better shape today compared with last year. This may allow for higher
fiscal spending on infrastructure, providing support to the market.

<Page>

- - Inflation could fall as the effects of the fuel subsidy removal, in October
2005, begin to fade. The Central Bank might have more scope to lower
interest rates going forward.

- - The Indonesian rupiah has strengthened, helped by a weakening US dollar and
rising levels of foreign exchange reserves (up about 40% from a September
2005 low). This could also be positive for inflation as it helps keep
imported prices in check.

- - Foreign direct investments have been gaining traction, reaching $3.5
billion (US dollars) in the year's first quarter, a 42% year over year
increase.

- - Discretionary consumption has remained lackluster. Cars, motorcycles,
cement and a gauge of retail sales have all been weak in the last six
months, with the first two statistics turning in negative growth.

All this considered, we believe that the erosion of consumer confidence and loss
of purchasing power--due to higher fuel costs and interest expenses--may require
more than lower interest rates to stimulate, and sustain, GDP growth. A round of
fiscal pump priming would likely be more effective in our opinion, as the actual
disbursement of funds and related increase in employment would probably be
widespread (in a country faced with 2.5 million entrants into the labor market
each year).

In terms of investor sentiment, we continue to believe that market expectations
are high even taking into consideration the potential for lower interest rates.
That said, in our view potentially declining rates could rationalize Indonesia
to foreign investors anyway, given a general global backdrop of tightening
monetary policies.

Overall, Indonesian equity valuations to us appear neither compelling nor
extreme. At this point, the Fund maintains a balance of caution against
over-projecting the benefits of lower interest rates, while hopefully
positioning for a modest recovery of consumption sometime in the second half of
the year.

Sincerely,

/s/ Boon Hong Yeo
- ----------------------------------------
Boon Hong Yeo
Chief Investment Officer**

/s/ Steven B. Plump
- ----------------------------------------
Steven B. Plump
Chief Executive Officer and President***

<Page>

INTERNATIONAL INVESTING ENTAILS SPECIAL RISK CONSIDERATIONS, INCLUDING CURRENCY
FLUCTUATIONS, LOWER LIQUIDITY, ECONOMIC AND POLITICAL RISKS, AND DIFFERENCES IN
ACCOUNTING METHODS. THERE ARE ALSO RISKS ASSOCIATED WITH INVESTING IN INDONESIA,
INCLUDING THE RISK OF INVESTING IN A SINGLE-COUNTRY FUND.

IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING
STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKET,
INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT REGULATION AND
THEIR POTENTIAL IMPACT ON THE FUND'S INVESTMENT PORTFOLIO. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE FUND COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE FUND HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.

* The Morgan Stanley Capital International Indonesia Index is an unmanaged
index (with no defined investment objective) of Indonesian equities that
includes reinvestment of net dividends, and is the exclusive property of
Morgan Stanley Capital International Inc. Investors cannot invest directly
in an index.

** Boon Hong Yeo, who is a Director of Credit Suisse Asset Management Limited
("Credit Suisse Ltd."), the Fund's sub-adviser, is primarily responsible
for management of the Fund's assets. He has served the Fund in such
capacity since January 17, 2003. Mr. Yeo joined Credit Suisse Ltd. in 2002
from AIB Govett (Asia) Limited in Singapore, where he was Director of
Private Equity and managed Asian equity portfolios. Previously, he was
founder and Managing Director of Zenith Asset Management Singapore; and
held various positions in Asian equity portfolio management, investment
banking and corporate banking in Singapore.

*** Steven B. Plump is a Managing Director of Credit Suisse Asset Management,
LLC ("Credit Suisse") and CEO/President of the Fund. He joined Warburg
Pincus Asset Management ("WPAM") in 1995 and came to Credit Suisse in 1999
when it acquired WPAM.

<Page>

THE INDONESIA FUND, INC.

PORTFOLIO SUMMARY - AS OF JUNE 30, 2006 (UNAUDITED)

SECTOR ALLOCATION

[CHART]

AS A PERCENT OF NET ASSETS

<Table>
<Caption>
30-JUN-06 31-DEC-05
--------- ---------

Automobiles 5.81% 7.65%
Commercial Banks 24.57% 19.52%
Diversified Telecommunication 24.90% 25.84%
Gas Utilities 8.03% 7.51%
Household Products 2.48% 1.47%
Industrial Conglomerates 3.27% 2.12%
Machinery 4.89% 3.78%
Multiline Retail 2.87% 4.65%
Oil, Gas & Consumable Fuels 9.82% 8.29%
Pharmaceuticals 2.52% 2.48%
Real Estate Management & Development 2.46% 0.85%
Other Sectors 6.82% 12.30%
Cash & Other Assets 1.56% 3.54%
</Table>

TOP 10 HOLDINGS, BY ISSUER

<Table>
<Caption>
PERCENT OF
HOLDING SECTOR NET ASSETS
- ----------------------------------------------------------------------------------

1. PT Telekomunikasi Indonesia Diversified Telecommunication 23.8
2. PT Perusahaan Gas Negara Gas Utilities 8.0
3. PT Bank Central Asia Tbk Commercial Banks 7.5
4. PT Bank Rakyat Indonesia Commercial Banks 6.6
5. PT Astra International Tbk Automobiles 5.8
6. PT Bank Mandiri Commercial Banks 5.0
7. PT United Tractors Tbk Machinerys 4.9
8. PT Medco Energi Internasional Tbk Oil, Gas & Consumable Fuels 3.9
9. PT Bumi Resources Tbk Oil, Gas & Consumable Fuels 3.8
10. PT Bank Danamon Indonesia Tbk Commercial Banks 3.0
</Table>

<Page>

THE INDONESIA FUND, INC.

SCHEDULE OF INVESTMENTS - JUNE 30, 2006 (UNAUDITED)

<Table>
<Caption>
NO. OF
DESCRIPTION SHARES VALUE
- --------------------------------------------------------------------------------

EQUITY SECURITIES-98.44%

INDONESIA-96.24%

AUTO COMPONENTS-1.09%
PT Gajah Tunggal Tbk 11,659,000 $ 654,952
-----------
AUTOMOBILES-5.81%
PT Astra International Tbk 3,312,461 3,493,725
-----------
COMMERCIAL BANKS-24.57%
PT Bank Central Asia Tbk 10,112,500 4,485,783
PT Bank Danamon Indonesia Tbk 4,185,000 1,800,340
PT Bank Internasional Indonesia Tbk 77,009,000 1,539,820
PT Bank Mandiri 16,025,000 2,978,968
PT Bank Rakyat Indonesia 8,975,000 3,979,003
-----------
14,783,914
-----------
CONSTRUCTION & ENGINEERING-0.41%
PT Adhi Karya Tbk+ 3,438,000 245,276
-----------
CONSTRUCTION MATERIALS-1.96%
PT Indocement Tunggal Prakarsa Tbk 2,603,000 1,181,542
-----------
DIVERSIFIED TELECOMMUNICATION-24.90%
PT Indosat Tbk 1,419,000 657,547
PT Telekomunikasi Indonesia 17,938,560 14,326,458
-----------
14,984,005
-----------
FOOD PRODUCTS-1.99%
PT Indofood Sukses Makmur Tbk 12,599,000 1,197,797
-----------
GAS UTILITIES-8.03%
PT Perusahaan Gas Negara 3,969,500 4,829,030
-----------
HOUSEHOLD PRODUCTS-2.48%
PT Unilever Indonesia Tbk 3,351,000 1,494,106
-----------
INDUSTRIAL CONGLOMERATES-1.38%
PT Bakrie and Brothers Tbk+ 50,981,500 829,387
-----------
MACHINERY-4.89%
PT United Tractors Tbk 5,044,200 $ 2,943,169
-----------
METALS & MINING-1.06%
PT Aneka Tambang Tbk 1,274,000 637,549
-----------
MULTILINE RETAIL-2.87%
PT Matahari Putra Prima Tbk 11,668,000 946,433
PT Mitra Adiperkasa Tbk 4,821,000 432,478
PT Ramayana Lestari Sentosa Tbk 4,306,000 349,229
-----------
1,728,140
-----------
OIL, GAS & CONSUMABLE FUELS-9.82%
PT Bumi Resources Tbk 27,487,000 2,291,894
PT Energi Mega Persada Tbk+ 17,624,275 1,240,952
PT Medco Energi Internasional Tbk 5,908,000 2,376,157
-----------
5,909,003
-----------
PHARMACEUTICALS-2.52%
PT Kalbe Farma Tbk 9,690,800 1,308,496
PT Tempo Scan Pacific Tbk 291,500 209,328
-----------
1,517,824
-----------
REAL ESTATE MANAGEMENT & DEVELOPMENT-2.46%
PT Summarecon Agung Tbk 11,674,000 1,479,741
-----------
TOTAL INDONESIA
(Cost $35,232,624) 57,909,160
-----------
SINGAPORE-1.89%

INDUSTRIAL CONGLOMERATES-1.89%
SembCorp Industries Ltd.
(Cost $733,964) 554,520 1,137,724
-----------
THAILAND-0.31%

HOUSEHOLD DURABLES-0.31%
Land and Houses Public Company Ltd.
(Cost $238,513) 1,014,000 187,814
-----------
TOTAL EQUITY SECURITIES
(Cost $36,205,101) 59,234,698
-----------
</Table>

See accompanying notes to financial statements.

<Page>

<Table>
<Caption>
PRINCIPAL
DESCRIPTION AMOUNT (000'S) VALUE
- --------------------------------------------------------------------------------

SHORT-TERM INVESTMENT-0.74%
GRAND CAYMAN-0.74%
Wells Fargo Bank N.A., overnight
deposit, 4.25%, 07/03/06*
(Cost $446,000) $446 $ 446,000
-----------
TOTAL INVESTMENTS-99.18%
(Cost $36,651,101) (Notes B,E,G) 59,680,698
-----------
CASH AND OTHER ASSETS IN EXCESS OF
LIABILITIES-0.82% 490,671
-----------
NET ASSETS-100.00% $60,171,369
===========
</Table>

+ Non-income producing security.

* Variable rate account. Rate resets on a daily basis; amounts are available
on the same business day.

See accompanying notes to financial statements.

<Page>

THE INDONESIA FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES - JUNE 30, 2006 (UNAUDITED)

<Table>

ASSETS
Investments, at value (Cost $36,651,101) (Notes B,E,G) $ 59,680,698
Cash (including $351,034 of foreign currencies with a
cost of $351,618) 351,988
Receivables:
Dividends 437,301
Investments sold 31,205
Prepaid expenses 5,679
------------
Total Assets 60,506,871
------------
LIABILITIES
Payables:
Investment advisory fees (Note C) 160,644
Investments purchased 62,153
Directors' fees 21,797
Administration fees (Note C) 5,404
Other accrued expenses 85,504
------------
Total Liabilities 335,502
------------
NET ASSETS (applicable to 8,266,202 shares of common
stock outstanding) (Note D) $ 60,171,369
============
NET ASSETS CONSIST OF
Capital stock, $0.001 par value; 8,266,202 shares issued
and outstanding (100,000,000 shares authorized) $ 8,266
Paid-in capital 52,050,643
Undistributed net investment income 238,815
Accumulated net realized loss on investments and
foreign currency related transactions (15,159,508)
Net unrealized appreciation in value of investments and
translation of other assets and liabilities
denominated in foreign currencies 23,033,153
------------
Net assets applicable to shares outstanding $ 60,171,369
============
NET ASSET VALUE PER SHARE ($60,171,369 / 8,266,202) $ 7.28
============
MARKET PRICE PER SHARE $ 9.85
============
</Table>

See accompanying notes to financial statements.

<Page>

THE INDONESIA FUND, INC.

STATEMENT OF OPERATIONS - FOR THE SIX MONTHS ENDED JUNE 30, 2006 (UNAUDITED)

<Table>

INVESTMENT INCOME
Income (Note B):
Dividends $ 837,511
Interest 24,417
Less: Foreign taxes withheld (124,345)
-----------
Total Investment Income 737,583
-----------
Expenses:
Investment advisory fees (Note C) 300,477
Custodian fees 57,958
Directors' fees 30,522
Administration fees (Note C) 24,084
Audit and tax fees 22,786
Printing (Note C) 17,963
Legal fees 17,178
Accounting fees 14,876
Stock exchange listing fees 8,679
Shareholder servicing fees 8,413
Insurance 811
Miscellaneous 5,963
-----------
Total Expenses 509,710
-----------
Net Investment Income 227,873
-----------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN
CURRENCY RELATED TRANSACTIONS
Net realized gain/(loss) from:
Investments 2,754,430
Foreign currency related transactions (24,061)
Net change in unrealized appreciation in value of investments and
translation of other assets and liabilities denominated in
foreign currencies 7,637,502
-----------
Net realized and unrealized gain on investments and foreign
currency related transactions 10,367,871
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $10,595,744
===========
</Table>

See accompanying notes to financial statements.

<Page>

THE INDONESIA FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS

<Table>
<Caption>
FOR THE
SIX MONTHS
ENDED FOR THE
JUNE 30, 2006 YEAR ENDED
(UNAUDITED) DECEMBER 31, 2005
------------- -----------------

INCREASE IN NET ASSETS
Operations:
Net investment income $ 227,873 $ 196,304
Net realized gain on investments and foreign currency related transactions 2,730,369 10,049,981
Net change in unrealized appreciation in value of
investments and translation of other assets and liabilities
denominated in foreign currencies 7,637,502 (2,657,349)
----------- -----------
Net increase in net assets resulting from operations 10,595,744 7,588,936
----------- -----------
Dividends to shareholders:
Net investment income -- (33,065)
----------- -----------
Total increase in net assets 10,595,744 7,555,871
----------- -----------
NET ASSETS
Beginning of period 49,575,625 42,019,754
----------- -----------
End of period* $60,171,369 $49,575,625
=========== ===========
</Table>

- ----------
* Includes undistributed net investment income of $238,815 and $10,942,
respectively.

See accompanying notes to financial statements.

<Page>

THE INDONESIA FUND, INC.

FINANCIAL HIGHLIGHTS

Contained below is per share operating performance data for a share of common
stock outstanding, total investment return, ratio to average net assets and
other supplemental data for each period indicated. This information has been
derived from information provided in the financial statements and market price
data for the Fund's shares.

<Table>
<Caption>
FOR THE
SIX MONTHS FOR THE
ENDED YEARS ENDED DECEMBER 31,
JUNE 30, 2006 ---------------------------
(UNAUDITED) 2005 2004 2003
------------- ------- ------- -------

PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period $ 6.00 $ 5.08 $ 3.91 $ 2.09
------- ------- ------- -------
Net investment income/(loss) 0.03 0.02 0.09 0.03
Net realized and unrealized gain/(loss)
on investments and foreign currency
related transactions 1.25 0.90 1.17 1.81
------- ------- ------- -------
Net increase/(decrease) in net assets
resulting from operations 1.28 0.92 1.26 1.84
------- ------- ------- -------
Dividends and distributions to shareholders:
Net investment income -- 0.00+ (0.09) (0.02)
Net realized gain on investments and
foreign currency related transactions -- -- -- --
------- ------- ------- -------
Total dividends and distributions to
shareholders -- 0.00+ (0.09) (0.02)
------- ------- ------- -------
Net asset value, end of period $ 7.28 $ 6.00 $ 5.08 $ 3.91
======= ======= ======= =======
Market value, end of period $ 9.85 $ 5.76 $ 5.07 $ 4.83
======= ======= ======= =======
Total investment return (a) 71.01% 13.69% 6.72% 194.19%
======= ======= ======= =======
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $60,171 $49,576 $42,020 $32,304
Ratio of expenses to average net assets 1.70%(d) 1.81% 2.03% 2.65%
Ratio of net investment income/(loss) to
average net assets 0.76%(d) 0.42% 2.24% 1.23%
Portfolio turnover rate 19.54% 67.87% 43.59% 95.66%
</Table>

* Based on actual shares outstanding on June 8, 2001 (prior to the Agreement
and Plan of Reorganization effective June 11, 2001 between the Fund and
Jakarta Growth Fund) and December 31, 2001.

+ Amount is less than a $0.01.

(a) Total investment return at market value is based on the changes in market
price of a share during the period and assumes reinvestment of dividends
and distributions, if any, at actual prices pursuant to the Fund's dividend
reinvestment program.

(b) Excluding merger-related fees, the ratio of expenses to average net assets
would have been 4.31%.

(d) Annualized.

See accompanying notes to financial statements.

<Page>

THE INDONESIA FUND, INC.

FINANCIAL HIGHLIGHTS

<Table>
<Caption>
FOR THE YEARS ENDED DECEMBER 31,
-----------------------------------------------------------------------
2002 2001 2000 1999 1998 1997 1996
------- ------- ------- ------- ------- ------- -------

PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period $ 1.52 $ 1.72 $ 4.48 $ 2.71 $ 3.58 $ 10.68 $ 9.34
------- ------- ------- ------- ------- ------- -------
Net investment income/(loss) 0.01 (0.13)* (0.13) (0.05) (0.04) 0.03 0.01
Net realized and unrealized gain/(loss)
on investments and foreign currency
related transactions 0.56 (0.07) (2.63) 1.87 (0.83) (7.13) 1.33
------- ------- ------- ------- ------- ------- -------
Net increase/(decrease) in net assets
resulting from operations 0.57 (0.20) (2.76) 1.82 (0.87) (7.10) 1.34
------- ------- ------- ------- ------- ------- -------
Dividends and distributions to shareholders:
Net investment income -- -- -- -- -- -- --
Net realized gain on investments and
foreign currency related transactions -- -- -- (0.05) -- -- --
------- ------- ------- ------- ------- ------- -------
Total dividends and distributions to
shareholders -- -- -- (0.05) -- -- --
------- ------- ------- ------- ------- ------- -------
Net asset value, end of period $ 2.09 $ 1.52 $ 1.72 $ 4.48 $ 2.71 $ 3.58 $ 10.68
======= ======= ======= ======= ======= ======= =======
Market value, end of period $ 1.65 $ 1.32 $ 1.563 $ 5.438 $ 3.438 $ 4.625 $ 9.750
======= ======= ======= ======= ======= ======= =======
Total investment return (a) 25.00% (15.52)% (71.26)% 59.58% (25.68)% (52.56)% (3.70)%
======= ======= ======= ======= ======= ======= =======
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $17,317 $12,545 $ 7,935 $20,669 $12,491 $16,486 $49,223
Ratio of expenses to average net assets 2.69% 8.89%(b) 7.23%(c) 3.18% 4.21% 1.89% 1.91%
Ratio of net investment income/(loss) to
average net assets 0.36% (5.63)% (4.85)% (1.43)% (1.37)% 0.33% 0.10%
Portfolio turnover rate 29.15% 10.23% 16.48% 47.38% 36.58% 48.19% 34.67%
</Table>

<Page>

THE INDONESIA FUND, INC.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

NOTE A. ORGANIZATION

The Indonesia Fund, Inc. (the "Fund") was incorporated in Maryland on January 8,
1990 and commenced investment operations on March 9, 1990. The Fund is
registered under the Investment Company Act of 1940, as amended, as a
closed-end, non-diversified management investment company.

NOTE B. SIGNIFICANT ACCOUNTING POLICIES

USE OF ESTIMATES: The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of America
("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 those estimates.

SECURITY VALUATION: The net asset value of the Fund is determined daily as of
the close of regular trading on the New York Stock Exchange, Inc. (the
"Exchange") on each day the Exchange is open for business. 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 ask 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. Investments in mutual funds are valued at the mutual
fund's closing net asset value per share on the day of valuation. Securities and
other assets for which market quotations are not readily available, or whose
values have been materially affected by events occurring before the Fund's
Valuation Time, but after the close of the securities' primary market, are
valued at fair value as determined in good faith by, or under the direction of,
the Board of Directors under procedures established by the Board of Directors.
The Fund may utilize a service provided by an independent third party which has
been approved by the Board of Directors to fair value certain securities. When
fair-value pricing is employed, the prices of securities used by a fund to
calculate its net asset value may differ from quoted or published prices for the
same securities. The Fund's estimate of fair value assumes a willing buyer and a
willing seller neither acting under the compulsion to buy or sell.

SHORT-TERM INVESTMENT: The Fund sweeps available cash into a short-term time
deposit available through Brown Brothers Harriman & Co., the Fund's custodian.
The short-term time deposit is a variable rate account classified as a
short-term investment.

INVESTMENT TRANSACTIONS AND INVESTMENT INCOME: Investment transactions are
accounted for on a trade date basis. The cost of investments sold is determined
by use of the specific identification method for both financial reporting and
U.S. income tax purposes. Interest income is accrued as earned; dividend income
is recorded on the ex-dividend date.

TAXES: No provision is made for U.S. income or excise taxes as it is the Fund's
intention to continue to qualify as a regulated investment company and to make
the requisite distributions to its shareholders sufficient to relieve it from
all or substantially all U.S. income and excise taxes.

<Page>

Income received by the Fund from sources within Indonesia and other foreign
countries may be subject to withholding and other taxes imposed by such
countries.

FOREIGN CURRENCY TRANSLATIONS: The books and records of the Fund are maintained
in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on
the following basis:

(I) market value of investment securities, assets and liabilities at the
valuation date rate of exchange; and

(II) purchases and sales of investment securities, income and expenses at
the relevant rates of exchange prevailing on the respective dates of
such transactions.

The Fund does not isolate that portion of gains and losses on investments in
equity securities which is due to changes in the foreign exchange rates from
that which is due to changes in market prices of equity securities. Accordingly,
realized and unrealized foreign currency gains and losses with respect to such
securities are included in the reported net realized and unrealized gains and
losses on investment transactions balances.

The Fund reports certain foreign currency related transactions and foreign taxes
withheld on security transactions as components of realized gains for financial
reporting purposes, whereas such foreign currency related transactions are
treated as ordinary income for U.S. federal income tax purposes.

Net unrealized currency gains or losses from valuing foreign currency
denominated assets and liabilities at period end exchange rates are reflected as
a component of net unrealized appreciation/depreciation in value of investments,
and translation of other assets and liabilities denominated in foreign
currencies.

Net realized foreign exchange gains or losses represent foreign exchange gains
and losses from transactions in foreign currencies and forward foreign currency
contracts, exchange gains or losses realized between the trade date and
settlement date on security transactions, and the difference between the amounts
of interest and dividends recorded on the Fund's books and the U.S. dollar
equivalent of the amounts actually received.

DISTRIBUTIONS OF INCOME AND GAINS: The Fund distributes at least annually to
shareholders substantially all of its net investment income and net realized
short-term capital gains, if any. The Fund determines annually whether to
distribute any net realized long-term capital gains in excess of net realized
short-term capital losses, including capital loss carryovers, if any. An
additional distribution may be made to the extent necessary to avoid the payment
of a 4% U.S. federal excise tax. Dividends and distributions to shareholders are
recorded by the Fund on the ex-dividend date.

The character of distributions made during the year from net investment income
or net realized gains may differ from their ultimate characterization for U.S.
income tax purposes due to U.S. generally accepted accounting principles/tax
differences in the character of income and expense recognition.

OTHER: The Fund invests 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.

Securities denominated in currencies other than U.S. dollars are subject to
changes in value due to fluctuations in exchange rates.

<Page>

Investment in Indonesian and other foreign securities requires consideration of
certain factors that are not normally involved in investments in U.S.
securities. The Indonesian securities market is an emerging market characterized
by a small number of company listings, high price volatility and a relatively
illiquid secondary trading environment. These factors, coupled with restrictions
on investment by foreigners and other factors, limit the supply of securities
available for investment by the Fund. This will affect the rate at which the
Fund is able to invest in Indonesian and other foreign securities, the purchase
and sale prices for such securities and the timing of purchases and sales.

The limited liquidity of the Indonesian and other foreign securities markets may
also affect the Fund's ability to acquire or dispose of securities at a price
and time that it wishes to do so. Accordingly, in periods of rising market
prices, the Fund may be unable to participate in such price increases fully to
the extent that it is unable to acquire desired portfolio positions quickly;
conversely the Fund's inability to dispose fully and promptly of positions in
declining markets will cause its net asset value to decline as the value of
unsold positions is marked to lower prices.

NOTE C. AGREEMENTS

Credit Suisse Asset Management, LLC ("Credit Suisse"), serves as the Fund's
investment adviser with respect to all investments. Credit Suisse receives as
compensation for its advisory services from the Fund, an annual fee, calculated
weekly and paid quarterly, equal to 1.00% of the Fund's average weekly net
assets. For the six months ended June 30, 2006, Credit Suisse earned $300,477
for advisory services. Credit Suisse also provides certain administrative
services to the Fund and is reimbursed by the Fund for costs incurred on behalf
of the Fund (up to $20,000 per annum). For the six months ended June 30, 2006,
Credit Suisse was reimbursed $3,050 for administrative services rendered to the
Fund.

Credit Suisse Asset Management Limited ("Sub-Adviser") serves as the Fund's
sub-investment adviser. Credit Suisse currently pays the Sub-Adviser on a
quarterly basis a fee of 90% of the net quarterly amount received by Credit
Suisse as the Fund's investment adviser. The Fund does not pay the Sub-Adviser.

Bear Stearns Funds Management Inc. ("BSFM") serves as the Fund's administrator.
The Fund pays BSFM a monthly fee that is calculated weekly based on the Fund's
average weekly net assets. For the six months ended June 30, 2006, BSFM earned
$21,034 for administrative services.

Merrill Corporation ("Merrill"), an affiliate of Credit Suisse, has been engaged
by the Fund to provide certain financial printing services. For the six months
ended June 30, 2006, Merrill was paid $13,613 for its services to the Fund.

The Independent Directors receive fifty percent (50%) of their annual retainer
in the form of shares purchased by the Fund's transfer agent in the open market.
Directors as a group own less than 1% of the Fund's outstanding shares.

NOTE D. CAPITAL STOCK

The authorized capital stock of the Fund is 100,000,000 shares of common stock,
$0.001 par value. Of the 8,266,202 shares outstanding at June 30, 2006, Credit
Suisse owned 7,169 shares.

NOTE E. INVESTMENT IN SECURITIES

For the six months ended June 30, 2006, purchases and sales of securities, other
than short-term investments, were $12,400,778 and $11,373,588, respectively.

NOTE F. CREDIT FACILITY

The Fund, together with other funds/portfolios advised by Credit Suisse
(collectively, the "Participating Funds"), participates in a $75 million
committed, unsecured, line of credit facility ("Credit Facility") with Deutsche
Bank,

<Page>

A.G. as administrative agent and syndication agent and State Street Bank and
Trust Company as operations agent for temporary or emergency purposes. Under the
terms of the Credit Facility, the Participating Funds pay an aggregate
commitment fee at a rate of 0.10% per annum on the average unused amount of the
Credit Facility, which is allocated among the Participating Funds in such manner
as is determined by the governing Boards of the Participating Funds. In
addition, the Participating Funds pay interest on borrowings at the Federal
Funds rate plus 0.50%. During the six months ended June 30, 2006, the Fund had
no borrowings under the Credit Facility.

NOTE G. 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 excise tax regulations.

At June 30, 2006, 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 $37,220,207, $23,599,036,
$(1,138,545) and $22,460,491, respectively.

NOTE H. CONTINGENCIES

In the normal course of business, the Fund may provide general indemnifications
pursuant to certain contracts and organizational documents. The Fund's maximum
exposure under these arrangements is dependent on future claims that may be made
against the Fund and, therefore, cannot be estimated; however, based on
experience, the risk of loss from such claims is considered remote.

<Page>

RESULTS OF ANNUAL MEETING OF SHAREHOLDERS (UNAUDITED)

On April 20, 2006, the Annual Meeting of Shareholders of the Fund (the
"Meeting") was held and the following matter was voted upon:

(1) To re-elect two directors (Mr. Arzac and Mr. Rappaport) and to elect one
director (Mr. Haber) to the Board of Directors of the Fund:

<Table>
<Caption>
NAME OF DIRECTOR FOR WITHHELD
- ---------------- --------- --------

Enrique R. Arzac (Class III) 5,500,447 75,605
Steven N. Rappaport (Class II) 5,505,907 70,145
Lawrence D. Haber (Class I) 5,499,023 77,029
</Table>

In addition to the directors elected at the Meeting, Lawrence J. Fox and Richard
H. Francis continue to serve as directors of the Fund.

<Page>

IMPORTANT PRIVACY CHOICES FOR CONSUMERS (UNAUDITED)

We are committed to maintaining the privacy of every current and prospective
customer. We recognize that you entrust important personal information to us,
and we wish to assure you that we take seriously our responsibilities in
protecting and safeguarding this information.

In connection with making available investment products and services to current
and potential customers, we may obtain nonpublic personal information about you.
This information may include your name, address, e-mail address, social security
number, account number, assets, income, financial situation, transaction history
and other personal information.

We may collect nonpublic information about you from the following sources:

- - Information we receive on applications, forms, questionnaires, web sites,
agreements or in the course of establishing or maintaining a customer
relationship; and

- - Information about your transactions with us, our affiliates, or others.

We do not disclose any nonpublic personal information about our customers or
former customers to anyone, except with your consent or as otherwise permitted
by law.

In cases where we believe that additional products and services may be of
interest to you, we may share the information described above with our
affiliates.

We may also disclose this information to firms that perform services on our
behalf. These agents and service providers are required to treat the information
confidentially and use it only for the purpose for which it is provided.

We restrict access to nonpublic personal information about you to those
employees, agents or other parties who need to know that information to provide
products or services to you or in connection with your investments with or
through us. We maintain physical, electronic and procedural safeguards that
comply with federal standards to guard your nonpublic personal information.

NOTE: THIS NOTICE IS PROVIDED TO CLIENTS AND PROSPECTIVE CLIENTS OF CREDIT
SUISSE ASSET MANAGEMENT, LLC ("CREDIT SUISSE"), AND CREDIT SUISSE ASSET
MANAGEMENT SECURITIES, INC., AND SHAREHOLDERS AND PROSPECTIVE SHAREHOLDERS IN
CREDIT SUISSE SPONSORED AND ADVISED INVESTMENT COMPANIES, INCLUDING CREDIT
SUISSE FUNDS, AND OTHER CONSUMERS AND CUSTOMERS, AS APPLICABLE. THIS NOTICE IS
NOT INTENDED TO BE INCORPORATED IN ANY OFFERING MATERIALS BUT IS MERELY A
STATEMENT OF OUR CURRENT PRIVACY POLICY, AND MAY BE AMENDED FROM TIME TO TIME
UPON NOTICE TO YOU. THIS NOTICE IS DATED AS OF MAY 18, 2006.

<Page>

DESCRIPTION OF INVESTLINK(SM) PROGRAM (UNAUDITED)

The InvestLink(SM) Program is sponsored and administered by Computershare Trust
Company N.A. ("Computershare"), not by the Fund. Computershare will act as
program administrator (the "Program Administrator") of the InvestLink(SM)
Program (the "Program"). The purpose of the Program is to provide existing
shareholders with a simple and convenient way to invest additional funds and
reinvest dividends in shares of the Fund's common stock ("Shares") at prevailing
prices, with reduced brokerage commissions and fees.

In order to participate in the Program, you must be a registered holder of at
least one Share of stock of the Fund. Purchases of Shares with funds from a
participant's cash payment or automatic account deduction will begin on the next
day on which funds are invested. All cash payments must be drawn on a U.S. bank
and payable in U.S. dollars. Checks must be made payable to Computershare. If a
participant selects the dividend reinvestment option, automatic investment of
dividends generally will begin with the next dividend payable after the Program
Administrator receives his enrollment form. Once in the Program, a person will
remain a participant until he terminates his participation or sells all Shares
held in his Program account, or his account is terminated by the Program
Administrator. A participant may change his investment options at any time by
requesting a new enrollment form and returning it to the Program Administrator.

A participant will be assessed certain charges in connection with his
participation in the Program. All optional cash deposit investments will be
subject to a service charge. Sales processed through the Program will have a
service fee deducted from the net proceeds, after brokerage commissions. In
addition to the transaction charges outlined above, participants will be
assessed per share processing fees (which include brokerage commissions.)
Participants will not be charged any fee for reinvesting dividends.

The number of Shares to be purchased for a participant depends on the amount of
his dividends, cash payments or bank account or payroll deductions, less
applicable fees and commissions, and the purchase price of the Shares. The
investment date for cash payments is the 25th day of each month (or the next
trading day if the 25th is not a trading day). The investment date for dividend
reinvestment is the dividend payment date. The Program Administrator uses
dividends and funds of participants to purchase Shares of the Fund in the open
market. Such purchases will be made by participating brokers as agent for the
participants using normal cash settlement practices. All Shares purchased
through the Program will be allocated to participants as of the settlement date,
which is usually three business days from the purchase date. In all cases,
transaction processing will occur within 30 days of the receipt of funds, except
where temporary curtailment or suspension of purchases is necessary to comply
with applicable provisions of the Federal Securities laws or when unusual market
conditions make prudent investment impracticable. In the event the Program
Administrator is unable to purchase Shares within 30 days of the receipt of
funds, such funds will be returned to the participants.

The average price of all Shares purchased by the Program Administrator with all
funds received during the time period from two business days preceding any
investment date up to the second business day preceding the next investment date
shall be the price per share allocable to a participant in connection with the
Shares purchased for his account with his funds or dividends received by the
Program Administrator during such time period. The average price of all Shares
sold by the Program Administrator pursuant to sell orders received during such
time period shall be the price per share allocable to a participant in
connection with the Shares sold for his account pursuant to his sell orders
received by the Program Administrator during such time period. All sale requests
having an

<Page>

anticipated market value of $100,000.00 or more are expected to be submitted in
written form. In addition, all sale requests received by the Program
Administrator within thirty (30) days of an address change are expected to be
submitted in written form.

Computershare, as Program Administrator, administers the Program for
participants, keeps records, sends statements of account to participants and
performs other duties relating to the Program. Each participant in the Program
will receive a statement of his account following each purchase of Shares. The
statements will also show the amount of dividends credited to such participant's
account (if applicable), as well as the fees paid by the participant. In
addition, each participant will receive copies of the Fund's annual and
semi-annual reports to shareholders, proxy statements and, if applicable,
dividend income information for tax reporting purposes.

If the Fund is paying dividends on the Shares, a participant will receive
dividends through the Program for all Shares held on the dividend record date on
the basis of full and fractional Shares held in his account, and for all other
Shares of the Fund registered in his name. The Program Administrator will send
checks to the participants for the amounts of their dividends that are not to be
automatically reinvested at no cost to the participants.

Shares of the Fund purchased under the Program will be registered in the name of
the accounts of the respective participants. Unless requested, the Fund will not
issue to participants certificates for Shares of the Fund purchased under the
Program. The Program Administrator will hold the Shares in book-entry form until
a Program participant chooses to withdraw his Shares or terminate his
participation in the Program. The number of Shares purchased for a participant's
account under the Program will be shown on his statement of account. This
feature protects against loss, theft or destruction of stock certificates.

A participant may withdraw all or a portion of the Shares from his Program
account by notifying the Program Administrator. After receipt of a participant's
request, the Program Administrator will issue to such participant certificates
for the whole Shares of the Fund so withdrawn or, if requested by the
participant, sell the Shares for him and send him the proceeds, less applicable
brokerage commissions, fees, and transfer taxes, if any. If a participant
withdraws all full and fractional Shares in his Program account, his
participation in the Program will be terminated by the Program Administrator. In
no case will certificates for fractional Shares be issued. The Program
Administrator will convert any fractional Shares held by a participant at the
time of his withdrawal to cash.

Participation in any rights offering, dividend distribution or stock split will
be based upon both the Shares of the Fund registered in participants' names and
the Shares (including fractional Shares) credited to participants' Program
accounts. Any stock dividend or Shares resulting from stock splits with respect
to Shares of the Fund, both full and fractional, which participants hold in
their Program accounts and with respect to all Shares registered in their names
will be automatically credited to their accounts.

All Shares of the Fund (including any fractional share) credited to his account
under the Program will be voted as the participant directs. The participants
will be sent the proxy materials for the annual meetings of shareholders. When a
participant returns an executed proxy, all of such Shares will be voted as
indicated. A participant may also elect to vote his Shares in person at the
Shareholders' meeting.

A participant will receive tax information annually for his personal records and
to help him prepare his U.S. federal income tax return. The automatic
reinvestment of dividends does not relieve him of any income tax which may be
payable on dividends. For further information as to tax consequences of
participation in

<Page>

the Program, participants should consult with their own tax advisors.

The Program Administrator in administering the Program will not be liable for
any act done in good faith or for any good faith omission to act. However, the
Program Administrator will be liable for loss or damage due to error caused by
its negligence, bad faith or willful misconduct. Shares held in custody by the
Program Administrator are not subject to protection under the Securities
Investors Protection Act of 1970.

The participant should recognize that neither the Fund nor the Program
Administrator can provide any assurance of a profit or protection against loss
on any Shares purchased under the Program. A participant's investment in Shares
held in his Program account is no different than his investment in directly held
Shares in this regard. The participant bears the risk of loss and the benefits
of gain from market price changes with respect to all of his Shares. Neither the
Fund nor the Program Administrator can guarantee that Shares purchased under the
Program will, at any particular time, be worth more or less than their purchase
price. Each participant must make an independent investment decision based on
his own judgment and research.

While the Program Administrator hopes to continue the Program indefinitely, the
Program Administrator reserves the right to suspend or terminate the Program at
any time. It also reserves the right to make modifications to the Program.
Participants will be notified of any such suspension, termination or
modification in accordance with the terms and conditions of the Program. The
Program Administrator also reserves the right to terminate any participant's
participation in the Program at any time. Any question of interpretation arising
under the Program will be determined in good faith by the Program Administrator
and any such good faith determination will be final.

Any interested shareholder may participate in the Program. All other cash
payments or bank account deductions must be at least $100.00, up to a maximum of
$100,000.00 annually. An interested shareholder may join the Program by reading
the Program description, completing and signing the enrollment form and
returning it to the Program Administrator. The enrollment form and information
relating to the Program (including the terms and conditions) may be obtained by
calling the Program Administrator at one of the following telephone numbers:
(800) 730-6001 (U.S. and Canada) or (781) 575-3100 (outside U.S. and Canada).
All correspondence regarding the Program should be directed to: Computershare
Trust Company, N.A., InvestLink(SM) Program, P.O. Box 43010, Providence, RI
02940-3010.

InvestLink is a service mark of Computershare Trust Company, N.A.

<Page>

PROXY VOTING AND PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

Information regarding how the Fund voted proxies related to its portfolio
securities during the 12-month period ended June 30, of each year, as well as
the policies and procedures that the Fund uses to determine how to vote proxies
relating to its portfolio securities are available:

- By calling 1-800-293-1232;

- On the Fund's website, www.credit-suisse.com/us

- On the website of the Securities and Exchange Commission,
http://www.sec.gov.

The Fund files a complete schedule of its portfolio holdings for the first and
third quarters of its fiscal year with the SEC on Form N-Q. The Fund'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
1-202-551-8090.

<Page>

OTHER FUNDS MANAGED BY CREDIT SUISSE ASSET MANAGEMENT, LLC

CLOSED-END FUNDS

SINGLE COUNTRY

The Chile Fund, Inc. (CH)
The First Israel Fund, Inc. (ISL)

MULTIPLE COUNTRY

The Emerging Markets Telecommunications Fund, Inc. (ETF)
The Latin America Equity Fund, Inc. (LAQ)

FIXED INCOME

Credit Suisse Asset Management Income Fund, Inc. (CIK)
Credit Suisse High Yield Bond Fund (DHY)

LITERATURE REQUEST--Call today for free descriptive information on the
closed-end funds listed above at 1-800-293-1232 or visit our website on the
Internet: http://www.credit-suisse.com/us.

OPEN-END FUNDS

Credit Suisse Capital Appreciation Fund
Credit Suisse Cash Reserve Fund
Credit Suisse Commodity Return Strategy Fund
Credit Suisse Emerging Markets Fund
Credit Suisse Fixed Income Fund
Credit Suisse Global Fixed Income Fund
Credit Suisse Global Small Cap Fund
Credit Suisse High Income Fund
Credit Suisse International Focus Fund
Credit Suisse Japan Equity Fund
Credit Suisse Large Cap Blend Fund
Credit Suisse Large Cap Value Fund
Credit Suisse Mid-Cap Growth Fund
Credit Suisse New York Municipal Fund
Credit Suisse Short Duration Bond Fund
Credit Suisse Small Cap Growth Fund
Credit Suisse Small Cap Value Fund
Credit Suisse Strategic Allocation Fund

Fund shares are not deposits or other obligations of Credit Suisse Asset
Management, LLC or any affiliate, are not FDIC-insured and are not guaranteed by
Credit Suisse Asset Management, LLC or any affiliate. Fund investments are
subject to investment risks, including loss of your investment. There are
special risk considerations associated with international, global,
emerging-market, small-company, private equity, high-yield debt,
single-industry, single-country and other special, aggressive or concentrated
investment strategies. Past performance cannot guarantee future results.

More complete information about a fund, including charges and expenses, is
provided in the Prospectus, which should be read carefully before investing. You
may obtain copies by calling Credit Suisse Funds at 800-927-2874. Performance
information current to the most recent month-end is available at
www.credit-suisse.com/us.

Credit Suisse Asset Management Securities, Inc., Distributor.

<Page>

SUMMARY OF GENERAL INFORMATION (UNAUDITED)

The Fund is a closed-end, non-diversified management investment company whose
shares trade on the American Stock Exchange, LLC ("AMEX"). The Fund's AMEX
trading symbol is IF. Its principal investment objective is long-term capital
appreciation with income as a secondary objective through investments primarily
in Indonesian equity and debt securities. Credit Suisse Asset Management, LLC,
the Fund's investment adviser, is part of the Asset Management business of
Credit Suisse, a leading global financial services organization headquartered in
Zurich, with offices focused on asset management in 18 countries.

SHAREHOLDER INFORMATION

The Fund's market price is published in: THE NEW YORK TIMES (daily), THE WALL
STREET JOURNAL (daily), and BARRON'S (each Monday) under the designation
"Indonesia". Weekly comparative net asset value (NAV) and market price
information about the Fund's shares are published each Sunday in THE NEW YORK
TIMES and each Monday in THE WALL STREET JOURNAL and BARRON'S, as well as other
newspapers, in a table called "Closed-End Funds."

<Page>

This page left intentionally blank.

<Page>

DIRECTORS AND CORPORATE OFFICERS

<Table>

Enrique R. Arzac Chairman of the Board of Directors
Richard H. Francis Director
Lawrence J. Fox Director
Lawrence D. Haber Director
Steven N. Rappaport Director
Steven B. Plump Chief Executive Officer and President
Boon Hong Yeo Chief Investment Officer
J. Kevin Gao Senior Vice President and Secretary
Ajay Mehra Chief Legal Officer
Emidio Morizio Chief Compliance Officer
Michael A. Pignataro Chief Financial Officer
Karen Regan Assistant Secretary
Robert Rizza Treasurer
John E. Smith Jr. Assistant Treasurer
Brooke Brown Assistant Secretary
</Table>

INVESTMENT ADVISER

Credit Suisse Asset Management, LLC
466 Lexington Avenue
New York, NY 10017

INVESTMENT SUB-ADVISER

Credit Suisse Asset Management Limited
Level 32, Gateway Building
1 Macquarie Place
Sydney NSW 2000

ADMINISTRATOR

Bear Stearns Funds Management, Inc.
383 Madison Avenue
New York, NY 10179

CUSTODIAN

Brown Brothers Harriman & Co.
40 Water Street
Boston, MA 02109

SHAREHOLDER SERVICING AGENT

Computershare Trust Company, N.A.
P. O. Box 43010
Providence, RI 02940

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

PricewaterhouseCoopers LLP
Two Commerce Square
Philadelphia, PA 19103

LEGAL COUNSEL

Willkie Farr & Gallagher LLP
787 Seventh Avenue
New York, NY 10019

This report, including the financial statements herein, is sent to the
shareholders of the Fund for their information. The financial information
included herein is taken from the records of the Fund without examination by
independent registered public accountants who do not express an opinion thereon.
It is not a prospectus, circular or representation intended for use in the
purchase or sale of shares of the Fund or of any securities mentioned in this
report.

[AMERICAN STOCK EXCHANGE(R) LOGO]
LISTED
IF (TM)

IF-SAR-0606

<Page>

ITEM 2. CODE OF ETHICS.