-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PryP63pJAyyKChAxwmJKbyYArAda71FMdQ+o3X7sZr8dIiUzoxUEv+Uoov4NjcD1 KymefWC3OIB9jdaF2FveRw== 0001047469-03-036748.txt : 20031110 0001047469-03-036748.hdr.sgml : 20031110 20031110173054 ACCESSION NUMBER: 0001047469-03-036748 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20030831 FILED AS OF DATE: 20031110 EFFECTIVENESS DATE: 20031110 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CREDIT SUISSE GLOBAL TECHNOLOGY FUND INC CENTRAL INDEX KEY: 0001067469 IRS NUMBER: 510376482 STATE OF INCORPORATION: MD FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-08935 FILM NUMBER: 03989641 BUSINESS ADDRESS: STREET 1: 466 LEXINGTON AVENUE CITY: NEW YORK STATE: NY ZIP: 10017-3147 BUSINESS PHONE: 2127166081 MAIL ADDRESS: STREET 1: 466 LEXINGTON AVENUE CITY: NEW YORK STATE: NY ZIP: 10017-3147 FORMER COMPANY: FORMER CONFORMED NAME: WARBURG PINCUS GLOBAL TELECOMMUNICATIONS FUND INC DATE OF NAME CHANGE: 19980804 N-CSR 1 a2120975zn-csr.txt N-CSR 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. 811-08935 CREDIT SUISSE GLOBAL TECHNOLOGY 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) Hal Liebes, Esq. Credit Suisse Global Technology 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: August 31, 2003 Date of reporting period: September 1, 2002 to August 31, 2003 ITEM 1. REPORTS TO STOCKHOLDERS. [CREDIT SUISSE ASSET MANAGEMENT LOGO] CREDIT SUISSE FUNDS ANNUAL REPORT AUGUST 31, 2003 - - CREDIT SUISSE GLOBAL TECHNOLOGY FUND - - CREDIT SUISSE GLOBAL HEALTH SCIENCES FUND MORE COMPLETE INFORMATION ABOUT THE FUNDS, INCLUDING CHARGES AND EXPENSES IS PROVIDED IN THE PROSPECTUS, WHICH MUST PRECEDE OR ACCOMPANY THIS DOCUMENT AND WHICH SHOULD BE READ CAREFULLY BEFORE INVESTING. YOU MAY OBTAIN ADDITIONAL COPIES BY CALLING 800-927-2874 OR BY WRITING TO CREDIT SUISSE FUNDS, P.O. BOX 55030, BOSTON, MA 02205-5030. CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR, IS LOCATED AT 466 LEXINGTON AVE., NEW YORK, NY 10017-3140. CREDIT SUISSE FUNDS ARE ADVISED BY CREDIT SUISSE ASSET MANAGEMENT, LLC. THE FUNDS' INVESTMENT ADVISER AND CO-ADMINISTRATORS MAY WAIVE SOME FEES AND/OR REIMBURSE SOME EXPENSES, WITHOUT WHICH PERFORMANCE WOULD BE LOWER. WAIVERS AND/OR REIMBURSEMENTS ARE SUBJECT TO CHANGE. RETURNS INCLUDE CHANGES IN SHARE PRICE AND REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. PAST PERFORMANCE CANNOT GUARANTEE FUTURE RESULTS. RETURNS AND SHARE PRICE WILL FLUCTUATE, AND REDEMPTION VALUE MAY BE MORE OR LESS THAN ORIGINAL COST. THE VIEWS OF THE FUNDS' MANAGEMENT ARE AS OF THE DATE OF THE LETTER AND THE FUNDS HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF AUGUST 31, 2003; THESE VIEWS AND FUNDS HOLDINGS MAY HAVE CHANGED SUBSEQUENT TO THESE DATES. NOTHING IN THIS DOCUMENT IS A RECOMMENDATION TO PURCHASE OR SELL SECURITIES. FUNDS 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. CREDIT SUISSE GLOBAL TECHNOLOGY FUND ANNUAL INVESTMENT ADVISER'S REPORT August 31, 2003 September 19, 2003 Dear Shareholder: We are writing to report on the results of the Credit Suisse Global Technology Fund(1) (the "Fund") for the fiscal year ended August 31, 2003. At August 31, 2003, the net asset value (NAV) per share of the Fund's Common Class and Class A(2) shares was $23.66, compared to an NAV per share of $19.00 on August 31, 2002. As a result, the total return of the Common Class and Class A(2) (without the maximum sales charge of 5.75%) shares was 24.53%. By comparison, the MSCI All Country World Free Growth Index(3) gained 10.55% during the same period. In general, the fiscal year proved to be rewarding for growth-oriented stocks like those in the Fund's three core industry sectors of technology, media and telecommunications (collectively abbreviated as "TMT"). Many TMT names returned to favor toward the end of 2002 after their shares had weakened in line with widening pessimism about the prospects for global economic activity. Apart from a phase in the first calendar quarter of 2003--when financial markets as a whole suffered from anxiety about the timing and potential length of a war with Iraq--the various TMT subcategories tended to appreciate as U.S. economic data showed improvement and monetary policy of the world's major central banks was broadly accommodative. Within the TMT universe, other factors were considered additionally encouraging as the fiscal year progressed. Widespread fears that technology-industry conditions would materially worsen did not come to fruition, for example. Long-dormant consolidation activity began to revive in June. Shares of leading Internet-based companies surged on enthusiasm about their profitability and hope that it would prove sustainable. And the capital markets began to open up to initial and secondary tech-stock offerings after having been virtually closed to them for an extended spell. Against the backdrop of conditions that we have described, the Fund significantly outperformed its benchmark as a result of strong stock selection and effective portfolio weightings on both a sectoral and regional basis. Stock selection was solidly beneficial in the three core TMT sectors. In each case (particularly in telecom), the Fund's holdings generated returns that comfortably exceeded those of the benchmark's corresponding industry subcomponent. Our above-benchmark weightings in each, moreover, served to amplify the favorable impact of stock selection. Viewed regionally, the Fund was most successful in the U.S. which, as we have long noted, represents the deepest and most diversified universe of publicly traded TMT equities worldwide. We overweighted U.S. exposure accordingly, and held positions in a wide variety of U.S.-based companies spread across the spectrum of TMT subcategories. Other countries in which the portfolio fared especially well included the Netherlands, the U.K., Portugal and France. The most negative contributions to the Fund's overall return came from stock selection in Japan, where we held a couple of leading electronic-game software companies, whose shares notably declined; and Norway, where our lone position, in a manufacturer of consumer electronics products, was also a weak performer. Sincerely yours, David Lefkowitz, Portfolio Manager CREDIT SUISSE ASSET MANAGEMENT, LLC NOTE: INTERNATIONAL INVESTING ENTAILS SPECIAL RISK CONSIDERATIONS, INCLUDING CURRENCY FLUCTUATIONS, LOWER LIQUIDITY, ECONOMIC AND POLITICAL RISKS, AND DIFFERENCES IN ACCOUNTING METHODS. SINCE THE FUND FOCUSES ITS INVESTMENTS ON COMPANIES INVOLVED IN TECHNOLOGY, AN INVESTMENT IN THE FUND MAY INVOLVE A GREATER DEGREE OF RISK THAN AN INVESTMENT IN OTHER MUTUAL FUNDS THAT INVEST IN A BROADER MIX 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 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.
CS GLOBAL TECHNOLOGY - COMMON CLASS MSCI AC WORLD FREE GROWTH $ (GROSS DIV) ASOFDATE $ VALUE MONTHLY RETURN $ VALUE MONTHLY RETURN 12/4/1996 10,000 N/A $ 10,000.00 12/31/1996 9,987 -0.13% n/a $ 10,000.00 1/31/1997 10,827 8.41% 1.82 $ 10,182.00 2/28/1997 10,787 -0.37% 1.2552 $ 10,309.80 3/31/1997 10,327 -4.26% -2.3318 $ 10,069.40 4/30/1997 10,740 4.00% 4.3627 $ 10,508.70 5/31/1997 11,460 6.70% 5.7067 $ 11,108.40 6/30/1997 12,060 5.24% 5.5859 $ 11,728.90 7/31/1997 12,193 1.11% 4.477 $ 12,254.01 8/31/1997 11,533 -5.41% -7.6954 $ 11,311.01 9/30/1997 12,847 11.39% 5.6105 $ 11,945.61 10/31/1997 12,373 -3.68% -7.0453 $ 11,104.01 11/30/1997 12,860 3.93% 2.3622 $ 11,366.31 12/31/1997 13,215 2.76% 1.0478 $ 11,485.41 1/31/1998 13,496 2.13% 3.3268 $ 11,867.50 2/28/1998 15,179 12.47% 7.234 $ 12,726.00 3/31/1998 16,974 11.83% 3.4284 $ 13,162.29 4/30/1998 17,115 0.83% 0.5068 $ 13,229.00 5/31/1998 16,665 -2.63% -1.6917 $ 13,005.21 6/30/1998 17,728 6.38% 3.6393 $ 13,478.50 7/31/1998 18,481 4.25% 0.0697 $ 13,487.90 8/31/1998 14,461 -21.75% -12.446 $ 11,809.20 9/30/1998 15,552 7.55% 2.3787 $ 12,090.10 10/31/1998 17,164 10.37% 8.8709 $ 13,162.60 11/30/1998 19,460 13.37% 6.4987 $ 14,018.00 12/31/1998 22,124 13.69% 7.0046 $ 14,999.90 1/31/1999 25,160 13.72% 3.414 $ 15,512.00 2/28/1999 24,138 -4.06% -3.7693 $ 14,927.31 3/31/1999 27,312 13.15% 3.9833 $ 15,521.91 4/30/1999 29,179 6.83% 0.3698 $ 15,579.31 5/31/1999 28,188 -3.40% -3.3172 $ 15,062.51 6/30/1999 31,254 10.88% 6.4412 $ 16,032.72 7/31/1999 31,525 0.87% -1.1296 $ 15,851.61 8/31/1999 31,920 1.25% 1.1696 $ 16,037.01 9/30/1999 33,570 5.17% 0.0056 $ 16,037.91 10/31/1999 38,038 13.31% 6.3755 $ 17,060.41 11/30/1999 45,317 19.14% 6.0895 $ 18,099.30 12/31/1999 56,673 25.06% 11.7065 $ 20,218.09 1/31/2000 56,113 -0.99% -5.8626 $ 19,032.79 2/29/2000 65,274 16.33% 3.6043 $ 19,718.79 3/31/2000 65,092 -0.28% 5.6423 $ 20,831.38 4/30/2000 55,923 -14.09% -6.9078 $ 19,392.39 5/31/2000 50,861 -9.05% -5.8703 $ 18,254.00 6/30/2000 55,615 9.35% 6.0337 $ 19,355.39 7/31/2000 52,827 -5.01% -5.2275 $ 18,343.59 8/31/2000 54,581 3.32% 3.4279 $ 18,972.39 9/30/2000 48,531 -11.08% -8.8529 $ 17,292.78 10/31/2000 45,790 -5.65% -4.3723 $ 16,536.69 11/30/2000 35,816 -21.78% -7.8172 $ 15,243.98 12/31/2000 35,005 -2.27% -1.6807 $ 14,987.78 1/31/2001 41,157 17.58% 3.6249 $ 15,531.07 2/28/2001 34,116 -17.11% -12.6321 $ 13,569.17 3/31/2001 29,375 -13.90% -8.2208 $ 12,453.67 4/30/2001 32,962 12.21% 8 $ 13,449.97 5/31/2001 31,742 -3.70% -1.884 $ 13,196.57 6/30/2001 29,765 -6.23% -3.438 $ 12,742.87 7/31/2001 27,499 -7.62% -1.6495 $ 12,532.68 8/31/2001 24,169 -12.11% -6.0218 $ 11,777.99 9/30/2001 21,521 -10.96% -8.6976 $ 10,753.58 10/31/2001 22,027 2.35% 4.4097 $ 11,227.78 11/30/2001 24,427 10.89% 7.7566 $ 12,098.68 12/31/2001 24,983 2.28% 0.89679 $ 12,207.18 1/31/2002 23,248 -6.95% -3.0515 $ 11,834.68 2/28/2002 21,654 -6.86% 0.3202 $ 11,872.57 3/31/2002 22,965 6.06% 2.5378 $ 12,173.87 4/30/2002 20,674 -9.98% -3.8377 $ 11,706.68 5/31/2002 20,342 -1.61% -0.5877 $ 11,637.88 6/30/2002 17,826 -12.37% -5.8172 $ 10,960.88 7/31/2002 15,833 -11.18% -7.09 $ 10,183.75 8/31/2002 15,775 -0.37% 0.0864 $ 10,192.55 9/30/2002 14,032 -11.05% -9.8932 $ 9,184.18 10/31/2002 15,418 9.88% 7.7805 $ 9,898.76 11/30/2002 17,378 12.71% 3.7791 $ 10,272.84 12/31/2002 15,236 -12.33% -3.8401 $ 9,878.35 1/31/2003 15,070 -1.09% -3.5156 $ 9,531.07 2/28/2003 14,754 -2.09% -1.132 $ 9,423.18 3/31/2003 14,688 -0.45% 0.78 $ 9,496.68 4/30/2003 16,199 10.29% 7.2075 $ 10,181.15 5/31/2003 17,569 8.46% 4.2617 $ 10,615.04 6/30/2003 17,843 1.56% 1.6099 $ 10,785.93 7/31/2003 18,656 4.56% 2.1587 $ 11,018.77 8/31/2003 19,644 5.30% 2.2386 $ 11,265.44 Check 19,644
Index started 1/1/97
CS GLOBAL TECHNOLOGY - CLASS A MSCI AC WORLD FREE GROWTH $ (GROSS DIV) STARTING PLOT POINT = 9,425 ASOFDATE $ VALUE MONTHLY RETURN MONTHLY RETURN $ VALUE 11/30/2001 10,000 N/A 10,000.00 12/31/2001 9,644 -3.56% 0.89679 10,089.68 1/31/2002 8,971 -6.98% -3.0515 9,781.79 2/28/2002 8,353 -6.89% 0.3202 9,813.11 3/31/2002 8,859 6.06% 2.5378 10,062.15 4/30/2002 7,978 -9.95% -3.8377 9,676.00 5/31/2002 7,850 -1.61% -0.5877 9,619.13 6/30/2002 6,879 -12.37% -5.8172 9,059.57 7/31/2002 6,113 -11.13% -7.09 8,417.24 8/31/2002 6,088 -0.42% 0.0864 8,424.52 9/30/2002 5,415 -11.05% -9.8932 7,591.06 10/31/2002 5,950 9.88% 7.7805 8,181.68 11/30/2002 6,706 12.71% 3.7791 8,490.88 12/31/2002 5,880 -12.33% -3.8401 8,164.82 1/31/2003 5,815 -1.09% -3.5156 7,877.78 2/28/2003 5,694 -2.09% -1.132 7,788.60 3/31/2003 5,668 -0.45% 0.78 7,849.35 4/30/2003 6,251 10.29% 7.2075 8,415.09 5/31/2003 6,777 8.41% 4.2617 8,773.72 6/30/2003 6,886 1.61% 1.6099 8,914.97 7/31/2003 7,196 4.51% 2.1587 9,107.42 8/31/2003 7,581 5.34% 2.2386 9,311.29 Check (with Load): $ 7,581
AVERAGE ANNUAL RETURNS AS OF AUGUST 31, 2003(1)
SINCE 1 YEAR 3 YEAR 5 YEAR INCEPTION --------- ------------ ---------- ------------- Common Class 24.53% (28.87%) 6.32% 10.53% Class A Without Sales Charge 24.53% - - (11.69%) Class A With Maximum Sales Charge 17.36% - - (14.61%)
AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2003(1)
SINCE 1 YEAR 3 YEAR 5 YEAR INCEPTION --------- ------------ ---------- ------------- Common Class 37.57% (26.46%) 4.42% 10.12% Class A Without Sales Charge 37.57% - - (12.03%) Class A With Maximum Sales Charge 29.67% - - (14.82%)
- ---------- (1) Fee waivers and/or expense reimbursements reduced expenses for the Fund, without which performance would be lower. Waivers and/or reimbursements may be discontinued at any time. (2) Total return for Class A shares for the reporting period, based on offering price (with maximum initial sales charge of 5.75%), was 17.36%. (3) The Morgan Stanley Capital International All Country World Free Growth Index is a market-capitalization-weighted index of growth companies (with high price-book-value securities) listed on stock exchanges in and outside of the U.S., and is compiled by Morgan Stanley Capital International, Inc. Investors cannot invest directly in an index. (4) Performance for the benchmark is not available for the period beginning December 4, 1996 (Inception Date). For that reason performance is shown for the period beginning January 1, 1997. CREDIT SUISSE GLOBAL HEALTH SCIENCES FUND ANNUAL INVESTMENT ADVISER'S REPORT August 31, 2003 September 19, 2003 Dear Shareholder: For the 12 months ended August 31, 2003, the Common Class Shares of Credit Suisse Global Health Sciences Fund(1) (the "Fund") had a gain of 22.98%, versus increases of 12.07% and 4.29%, respectively, for the S&P 500 Index(2) and the Morgan Stanley Capital International World Health Care Index.(3) The Fund's Class A Shares(1),(4) (without the maximum sales charge of 5.75%) also had a gain of 22.98% for the period. The period was ultimately a positive one for the stock markets around the world, though equities struggled early on. The market reached its low point for the period in early October 2002, hurt by a great deal of uncertainty regarding a possible U.S. led conflict with Iraq, which elevated investors' risk thresholds. Stocks began to recover, however, rallying over the second half of the period. When the war came to a swift and seemingly successful end in April 2003, a major cloud of uncertainty lifted and investors embraced risk. Optimism over a potential recovery in the U.S. economy--and by extension, the global economy--also supported equities. Grounds for this optimism included historically low interest rates, a significant tax-reduction package, and an upturn in leading economic indicators in the U.S. and elsewhere. Health-care stocks had mixed results in this environment. The best performers tended to be small- and mid-cap stocks of pharmaceutical and biotechnology companies. Large-cap drug stocks underperformed these companies, and lagged the broader equity market as well. Although they outperformed early in the period, the group--generally perceived to be a "defensive" sector--lost steam as investors' appetite for risk rose beginning in March 2003. With respect to subsector allocation, we maintained what we consider to be a diversified portfolio of health-care stocks. Consistent with our goal of capital appreciation, we continued to hold a number of biotech/emerging pharmaceutical names, emphasizing companies with FDA-approved products. This proved beneficial to the Fund's relative and absolute performance in the period, as these holdings for the most part had solid showings for the 12 months. Peter T. Wen Scott T. Lewis Co-Portfolio Manager Co-Portfolio Manager Steve Putnam Sherry Bertner Rabinowitz Associate Portfolio Manager Associate Portfolio Manager CREDIT SUISSE ASSET MANAGEMENT, LLC INTERNATIONAL INVESTING ENTAILS SPECIAL RISK CONSIDERATIONS, INCLUDING CURRENCY FLUCTUATIONS, LOWER LIQUIDITY, ECONOMIC AND POLITICAL RISKS, AND DIFFERENCES IN ACCOUNTING METHODS. SINCE THE FUND FOCUSES ITS INVESTMENTS ON COMPANIES INVOLVED IN THE HEALTH SCIENCES, AN INVESTMENT IN THE FUND MAY INVOLVE A GREATER DEGREE OF RISK THAN AN INVESTMENT IN OTHER MUTUAL FUNDS THAT INVEST IN A BROADER MIX 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 FUND'S INVESTMENTS. 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.
CS GLOBAL HEALTH SCIENCES - COMMON CLASS S&P 500 INDEX MSCI WORLD HEALTHCARE INDEX ASOFDATE $ VALUE MONTHLY RETURN MONTHLY RETURN $ VALUE MONTHLY RETURN $ VALUE 12/31/1996 10,000 10,000 10,000 1/31/1997 10,330 3.30% 6.208 10,621 7.149 10,715 2/28/1997 10,220 -1.06% 0.802 10,706 1.9693 10,926 3/31/1997 9,620 -5.87% -4.159 10,261 -2.4506 10,658 4/30/1997 9,820 2.08% 5.966 10,873 6.262 11,326 5/31/1997 10,530 7.23% 6.138 11,540 5.2498 11,920 6/30/1997 11,330 7.60% 4.397 12,048 9.1221 13,008 7/31/1997 11,760 3.80% 7.943 13,005 2.4046 13,320 8/31/1997 11,260 -4.25% -5.542 12,284 -8.8709 12,139 9/30/1997 12,020 6.75% 5.453 12,954 6.5725 12,936 10/31/1997 12,220 1.66% -3.291 12,527 -0.4304 12,881 11/30/1997 12,710 4.01% 4.587 13,102 2.8263 13,245 12/31/1997 12,735 0.20% 1.69 13,323 3.8753 13,758 1/31/1998 13,234 3.92% 1.132 13,474 7.7333 14,822 2/28/1998 14,233 7.54% 7.186 14,443 5.5739 15,648 3/31/1998 14,827 4.18% 5.133 15,184 1.1903 15,835 4/30/1998 15,231 2.72% 1.036 15,341 0.8156 15,964 5/31/1998 14,870 -2.37% -1.739 15,074 -2.1421 15,622 6/30/1998 15,539 4.50% 4.062 15,687 5.1424 16,425 7/31/1998 15,136 -2.60% -1.063 15,520 0.1118 16,443 8/31/1998 13,064 -13.68% -14.436 13,280 -8.2337 15,089 9/30/1998 14,551 11.38% 6.476 14,140 7.1863 16,174 10/31/1998 15,305 5.18% 8.095 15,284 5.818 17,115 11/30/1998 16,081 5.07% 6.063 16,211 5.1549 17,997 12/31/1998 16,962 5.48% 5.819 17,154 4.5593 18,818 1/31/1999 16,782 -1.06% 4.116 17,860 -0.7392 18,679 2/28/1999 16,368 -2.47% -3.106 17,305 -0.6705 18,553 3/31/1999 16,389 0.13% 4.017 18,001 1.6191 18,854 4/30/1999 15,274 -6.80% 3.808 18,686 -6.5874 17,612 5/31/1999 15,465 1.25% -2.312 18,254 -2.3409 17,199 6/30/1999 16,187 4.67% 5.466 19,252 2.2617 17,588 7/31/1999 15,911 -1.71% -3.046 18,665 -3.5425 16,965 8/31/1999 16,516 3.81% -0.466 18,578 3.1702 17,503 9/30/1999 15,369 -6.95% -2.769 18,064 -4.2557 16,758 10/31/1999 15,847 3.11% 6.358 19,212 8.8486 18,241 11/30/1999 16,431 3.69% 2.044 19,605 -0.076 18,227 12/31/1999 18,046 9.83% 5.879 20,758 -7.1731 16,920 1/31/2000 19,458 7.83% -5.024 19,715 0.4836 17,002 2/29/2000 22,698 16.65% -1.891 19,342 -7.0075 15,810 3/31/2000 19,448 -14.32% 9.783 21,234 7.9292 17,064 4/30/2000 18,471 -5.02% -3.009 20,595 4.5662 17,843 5/31/2000 17,993 -2.59% -2.052 20,173 2.9642 18,372 6/30/2000 21,859 21.49% 2.465 20,670 7.6696 19,781 7/31/2000 22,061 0.92% -1.563 20,347 -4.0468 18,981 8/31/2000 25,438 15.31% 6.21 21,611 -0.0684 18,968 9/30/2000 26,978 6.05% -5.28 20,469 4.522 19,825 10/31/2000 25,555 -5.28% -0.423 20,383 1.2168 20,067 11/30/2000 23,994 -6.11% -7.884 18,776 4.2715 20,924 12/31/2000 25,066 4.47% 0.489 18,868 2.6693 21,482 1/31/2001 22,618 -9.77% 3.548 19,537 -8.0527 19,752 2/28/2001 21,418 -5.31% -9.118 17,756 0.4106 19,833 3/31/2001 18,958 -11.48% -6.335 16,631 -6.4451 18,555 4/30/2001 21,244 12.06% 7.771 17,923 1.9614 18,919 5/31/2001 22,399 5.43% 0.67 18,043 0.9171 19,093 6/30/2001 23,161 3.40% -2.434 17,604 -3.0633 18,508 7/31/2001 22,087 -4.64% -0.984 17,431 3.9328 19,236 8/31/2001 21,764 -1.46% -6.26 16,340 -3.4924 18,564 9/30/2001 20,240 -7.00% -8.075 15,020 1.8682 18,911 10/31/2001 21,533 6.39% 1.907 15,307 -1.2578 18,673 11/30/2001 22,815 5.95% 7.671 16,481 2.4347 19,127 12/31/2001 23,069 1.11% 0.876 16,625 -2.2706 18,693 1/31/2002 20,933 -9.26% -1.459 16,383 -2.3355 18,257 2/28/2002 19,743 -5.68% -1.928 16,067 1.6698 18,561 3/31/2002 20,459 3.63% 3.761 16,671 0.3842 18,633 4/30/2002 19,270 -5.81% -6.063 15,660 -3.7418 17,935 5/31/2002 18,473 -4.13% -0.737 15,545 -2.3061 17,522 6/30/2002 16,996 -8.00% -7.124 14,438 -6.636 16,359 7/31/2002 16,107 -5.23% -7.795 13,312 -4.709 15,589 8/31/2002 15,726 -2.37% 0.657 13,400 0.061 15,598 9/30/2002 15,287 -2.79% -10.868 11,943 -5.455 14,747 10/31/2002 15,829 3.55% 8.802 12,995 5.493 15,557 11/30/2002 16,141 1.97% 5.886 13,759 1.309 15,761 12/31/2002 15,598 -3.36% -5.875 12,951 -2.537 15,361 1/31/2003 15,668 0.44% -2.62 12,612 -1.22 15,174 2/28/2003 15,552 -0.74% -1.5 12,423 -2.66 14,770 3/31/2003 16,210 4.23% 0.97 12,543 2.877 15,195 4/30/2003 16,476 1.64% 8.24 13,577 5.47 16,026 5/31/2003 18,058 9.60% 5.27 14,292 2.873 16,487 6/30/2003 18,300 1.34% 1.28 14,475 3.025 16,985 7/31/2003 19,466 6.37% 1.76 14,730 -1.199 16,782 8/31/2003 19,339 -0.65% 1.95 15,017 -3.062 16,268 Check 19,339
CS GLOBAL HEALTH SCIENCES - CLASS A S&P 500 INDEX MSCI WORLD HEALTHCARE INDEX STARTING PLOT POINT = 9,425 ASOFDATE $ VALUE MONTHLY RETURN MONTHLY RETURN $ VALUE MONTHLY RETURN $ VALUE 11/30/2001 10,000 N/A 10,000 10,000 12/31/2001 9,533 -4.67% 0.876 10,088 -2.2706 9,773 1/31/2002 8,646 -9.30% -1.459 9,940 -2.3355 9,545 2/28/2002 8,155 -5.68% -1.928 9,749 1.6698 9,704 3/31/2002 8,450 3.63% 3.761 10,115 0.3842 9,741 4/30/2002 7,959 -5.81% -6.063 9,502 -3.7418 9,377 5/31/2002 7,630 -4.13% -0.737 9,432 -2.3061 9,161 6/30/2002 7,020 -8.00% -7.124 8,760 -6.636 8,553 7/31/2002 6,652 -5.23% -7.795 8,077 -4.709 8,150 8/31/2002 6,495 -2.37% 0.657 8,130 0.061 8,155 9/30/2002 6,314 -2.79% -10.868 7,247 -5.455 7,710 10/31/2002 6,538 3.55% 8.802 7,885 5.493 8,134 11/30/2002 6,667 1.97% 5.886 8,349 1.309 8,240 12/31/2002 6,443 -3.36% -5.875 7,858 -2.537 8,031 1/31/2003 6,471 0.44% -2.62 7,652 -1.22 7,933 2/28/2003 6,423 -0.74% -1.5 7,538 -2.66 7,722 3/31/2003 6,695 4.23% 0.97 7,611 2.877 7,944 4/30/2003 6,810 1.71% 8.24 8,238 5.47 8,379 5/31/2003 7,458 9.52% 5.27 8,672 2.873 8,619 6/30/2003 7,558 1.34% 1.28 8,783 3.025 8,880 7/31/2003 8,040 6.37% 1.76 8,937 -1.199 8,774 8/31/2003 7,988 -0.65% 1.95 9,112 -3.062 8,505 Inception to date (with Load): 7,988
AVERAGE ANNUAL RETURNS AS OF AUGUST 31, 2003(1)
SINCE 1 YEAR 3 YEAR 5 YEAR INCEPTION ---------------- ---------------- ------------------ ------------------- Common Class 22.98% (8.73%) 8.16% 10.40% Class A Without Sales Charge 22.98% - - (8.99%) Class A With Maximum Sales Charge 15.92% - - (12.03%)
- ---------- (1) Fee waivers and/or expense reimbursements reduced expenses for the Fund, without which performance would be lower. Waivers and/or reimbursements may be discontinued at any time. (2) The 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) The Morgan Stanley Capital International World Health Care Index is a sector-level equity index that consists of all securities in the developed markets that are classified under the Global Industry Classification Standard (GICS)(SM) healthcare sector. It is the exclusive property of Morgan Stanley Capital International Inc. Investors cannot invest directly in an index. (4) Total return for Class A shares for the reporting period, based on offering price (with maximum sales charge of 5.75%), was 15.92%. CREDIT SUISSE GLOBAL TECHNOLOGY FUND SCHEDULE OF INVESTMENTS August 31, 2003
NUMBER OF SHARES VALUE ------------- ------------- COMMON STOCKS (94.3%) AUSTRALIA (0.9%) MEDIA (0.9%) News Corporation, Ltd. ADR 22,000 $ 636,240 ------------- TOTAL AUSTRALIA 636,240 ------------- BELGIUM (0.0%) COMMUNICATIONS EQUIPMENT (0.0%) Telindus Group NV - Strip VVPR* 305 3 ------------- TOTAL BELGIUM 3 ------------- BERMUDA (1.7%) INDUSTRIAL CONGLOMERATES (1.7%) Tyco International, Ltd. 60,800 1,251,264 ------------- TOTAL BERMUDA 1,251,264 ------------- CHINA (1.2%) DIVERSIFIED TELECOMMUNICATION SERVICES (1.2%) China Telecom Corporation, Ltd. ADR 33,450 904,488 ------------- TOTAL CHINA 904,488 ------------- FINLAND (2.3%) COMMUNICATIONS EQUIPMENT (2.3%) Nokia Oyj 64,900 1,063,105 Nokia Oyj ADR 38,300 623,907 ------------- TOTAL FINLAND 1,687,012 ------------- FRANCE (1.4%) DIVERSIFIED TELECOMMUNICATION SERVICES (1.4%) France Telecom SA* 43,100 1,069,420 ------------- TOTAL FRANCE 1,069,420 ------------- INDONESIA (1.7%) DIVERSIFIED TELECOMMUNICATION SERVICES (1.7%) PT Telekomunikasi Indonesia ADR 113,400 1,270,080 ------------- TOTAL INDONESIA 1,270,080 ------------- ISRAEL (0.6%) INTERNET SOFTWARE & SERVICES (0.6%) Check Point Software Technologies, Ltd.* 24,000 419,280 ------------- TOTAL ISRAEL 419,280 ------------- JAPAN (3.3%) OFFICE ELECTRONICS (1.8%) Canon, Inc. 27,000 1,298,166 ------------- WIRELESS TELECOMMUNICATION SERVICES (1.5%) NTT DoCoMo, Inc. 436 1,121,015 ------------- TOTAL JAPAN 2,419,181 -------------
See Accompanying Notes to Financial Statements.
NUMBER OF SHARES VALUE ------------- ------------- MEXICO (2.7%) DIVERSIFIED TELECOMMUNICATION SERVICES (1.8%) Telefonos de Mexico SA de CV ADR 45,570 $ 1,381,227 ------------- WIRELESS TELECOMMUNICATION SERVICES (0.9%) America Movil SA de CV ADR, Series L 28,760 661,480 ------------- TOTAL MEXICO 2,042,707 ------------- NETHERLANDS (3.8%) DIVERSIFIED TELECOMMUNICATION SERVICES (1.6%) Koninklijke (Royal) KPN NV* 168,777 1,169,244 ------------- SEMICONDUCTOR EQUIPMENT & PRODUCTS (2.2%) ASML Holding NV* 105,220 1,657,727 ------------- TOTAL NETHERLANDS 2,826,971 ------------- TAIWAN (2.9%) SEMICONDUCTOR EQUIPMENT & PRODUCTS (2.9%) Taiwan Semiconductor Manufacturing Company, Ltd. ADR* 182,304 2,147,541 United Microelectronics Corp.* 41,866 34,318 ------------- TOTAL TAIWAN 2,181,859 ------------- UNITED KINGDOM (2.1%) WIRELESS TELECOMMUNICATION SERVICES (2.1%) Vodafone Group PLC 833,600 1,526,218 ------------- TOTAL UNITED KINGDOM 1,526,218 ------------- UNITED STATES (69.7%) AEROSPACE & DEFENSE (3.9%) Alliant Techsystems, Inc.* 16,000 815,040 L-3 Communications Holdings, Inc.* 34,000 1,737,060 Lockheed Martin Corp. 7,000 358,610 ------------- 2,910,710 ------------- AUTO COMPONENTS (0.7%) Gentex Corp. 15,000 562,650 ------------- COMMUNICATIONS EQUIPMENT (7.9%) Cisco Systems, Inc.* 137,525 2,633,604 Comverse Technology, Inc.*^ 61,930 1,021,226 Motorola, Inc. 102,200 1,096,606 QUALCOMM, Inc. 27,000 1,114,560 ------------- 5,865,996 ------------- COMPUTERS & PERIPHERALS (4.6%) Apple Computer, Inc.* 25,000 565,750 Dell, Inc.* 32,000 1,044,160 Hewlett-Packard Co. 51,732 1,030,501 Seagate Technology 33,000 759,330 ------------- 3,399,741 ------------- DIVERSIFIED TELECOMMUNICATION SERVICES (1.9%) SBC Communications, Inc. 15,500 348,595
See Accompanying Notes to Financial Statements.
NUMBER OF SHARES VALUE ------------- ------------- Time Warner Telecom, Inc. Class A* 179,000 $ 1,045,360 ------------- 1,393,955 ------------- ELECTRICAL EQUIPMENT (2.4%) Harris Corp. 53,100 1,762,920 ------------- HEALTHCARE EQUIPMENT & SUPPLIES (4.7%) Arrow International, Inc. 24,000 620,640 Biomet, Inc. 44,000 1,308,120 Medtronic, Inc. 31,500 1,561,770 ------------- 3,490,530 ------------- HOUSEHOLD DURABLES (0.6%) Garmin, Ltd. 12,000 479,640 ------------- INTERNET & CATALOG RETAIL (0.5%) eBay, Inc.* 7,000 388,710 ------------- INTERNET SOFTWARE & SERVICES (1.8%) VeriSign, Inc.* 65,500 980,535 Yahoo!, Inc.* 12,000 400,800 ------------- 1,381,335 ------------- IT CONSULTING & SERVICES (0.9%) Titan Corp.* 40,000 643,200 ------------- MEDIA (12.5%) AOL Time Warner, Inc.* 49,433 808,724 Clear Channel Communications, Inc. 48,100 2,170,272 Cox Radio, Inc. Class A* 34,500 832,830 Gannett Company, Inc. 10,500 823,410 Liberty Media Corp. Class A* 225,000 2,722,500 Metro-Goldwyn-Mayer, Inc.*^ 30,800 445,984 Viacom, Inc. Class B 33,500 1,507,500 ------------- 9,311,220 ------------- PHARMACEUTICALS (1.3%) Andrx Corp.* 52,000 936,000 ------------- SEMICONDUCTOR EQUIPMENT & PRODUCTS (8.4%) Analog Devices, Inc.* 12,600 516,600 Fairchild Semiconductor International, Inc.* 84,000 1,486,800 Intel Corp. 101,000 2,890,620 Micron Technology, Inc.* 93,300 1,339,788 ------------- 6,233,808 ------------- SOFTWARE (17.6%) Activision, Inc.* 63,000 813,330 Adobe Systems, Inc. 42,000 1,630,860 Electronic Arts, Inc.* 12,900 1,157,775 Hyperion Solutions Corp.* 20,000 659,600 Micromuse, Inc.* 48,000 392,640 Microsoft Corp. 94,250 2,499,510 Network Associates, Inc.* 47,000 654,240 Oracle Corp.* 120,000 1,533,600 PeopleSoft, Inc.* 33,000 597,300 Take-Two Interactive Software, Inc.* 33,500 997,295
See Accompanying Notes to Financial Statements.
NUMBER OF SHARES VALUE ------------- ------------- THQ, Inc.* 34,500 $ 541,650 VERITAS Software Corp.* 45,875 1,581,770 ------------- 13,059,570 ------------- TOTAL UNITED STATES 51,819,985 ------------- TOTAL COMMON STOCKS (COST $72,268,155) 70,054,708 ------------- SHORT-TERM INVESTMENTS (4.9%) AIM Institutional Fund - Liquid Asset Portfolio# (Cost $1,984,500) 1,984,500 1,984,500 ------------- PAR (000) ------------- State Street Bank and Trust Co. Euro Time Deposit, 0.750%, 9/02/03 (Cost $1,637,000) $ 1,637 1,637,000 ------------- TOTAL INVESTMENTS AT VALUE (99.2%) (COST $75,889,655) 73,676,208 OTHER ASSETS IN EXCESS OF LIABILITIES (0.8%) 620,710 ------------- NET ASSETS (100.0%) $ 74,296,918 =============
See Accompanying Notes to Financial Statements. 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. CREDIT SUISSE GLOBAL HEALTH SCIENCES FUND SCHEDULE OF INVESTMENTS August 31, 2003
NUMBER OF SHARES VALUE ------------- ------------- COMMON STOCKS (96.7%) ISRAEL (2.6%) PHARMACEUTICALS (2.6%) Teva Pharmaceutical Industries, Ltd. ADR 19,200 $ 1,127,270 ------------- TOTAL ISRAEL 1,127,270 ------------- UNITED KINGDOM (4.3%) PHARMACEUTICALS (4.3%) Galen Holdings PLC ADR 21,500 864,730 Shire Pharmaceuticals Group PLC ADR* 41,200 957,900 ------------- TOTAL UNITED KINGDOM 1,822,630 ------------- UNITED STATES (89.8%) BIOTECHNOLOGY (23.6%) Affymetrix, Inc.* 95,500 2,198,410 Amgen, Inc.* 22,700 1,495,930 Cubist Pharmaceuticals, Inc.* 22,300 294,360 IDEC Pharmaceuticals Corp.* 58,000 2,015,500 Invitrogen Corp.* 29,400 1,695,498 MedImmune, Inc.* 33,800 1,178,606 OSI Pharmaceuticals, Inc.* 13,900 529,590 Protein Design Labs, Inc.* 50,300 618,690 ------------- 10,026,584 ------------- HEALTHCARE EQUIPMENT & SUPPLIES (9.9%) Fisher Scientific International, Inc.* 26,700 1,047,174 Medtronic, Inc. 36,100 1,789,838 Respironics, Inc.* 20,200 841,532 Therasense, Inc.* 38,600 550,050 ------------- 4,228,594 ------------- HEALTHCARE PROVIDERS & SERVICES (33.8%) Accredo Health, Inc.* 30,500 720,410 AdvancePCS* 18,000 723,240 AmerisourceBergen Corp. 11,100 646,131 Anthem, Inc.* 30,800 2,254,560 Caremark Rx, Inc.* 28,200 708,666 Community Health Systems, Inc.* 29,800 685,102 Express Scripts, Inc.* 22,800 1,477,668 HCA, Inc. 13,300 505,267 Health Management Associates, Inc. Class A 38,700 862,236 Laboratory Corporation of America Holdings* 20,952 633,798 LifePoint Hospitals, Inc.* 44,200 1,273,402 Omnicare, Inc. 35,700 1,210,230 Quest Diagnostics, Inc.* 12,800 768,000 Select Medical Corp.* 29,700 855,360 WebMD Corp.* 104,500 1,076,350 ------------- 14,400,420 ------------- IT CONSULTING & SERVICES (1.9%) Priority Healthcare Corp. Class B* 38,600 815,232 ------------- PHARMACEUTICALS (20.6%) Andrx Corp.* 41,900 754,200 CollaGenex Pharmaceuticals, Inc.* 64,400 752,192 King Pharmaceuticals, Inc.* 98,249 1,380,399
See Accompanying Notes to Financial Statements.
NUMBER OF SHARES VALUE ------------- ------------- Mylan Laboratories, Inc. 50,100 $ 1,823,640 Sepracor, Inc.* 70,200 1,889,784 SICOR, Inc.* 91,400 1,814,290 Watson Pharmaceuticals, Inc.* 8,600 353,460 ------------- 8,767,965 ------------- TOTAL UNITED STATES 38,238,795 ------------- TOTAL COMMON STOCKS (COST $35,074,578) 41,188,695 ------------- PAR (000) ------------- SHORT-TERM INVESTMENT (3.5%) State Street Bank and Trust Co. Euro Time Deposit, 0.750%, 9/02/03 (Cost $1,502,000) $ 1,502 1,502,000 ------------- TOTAL INVESTMENTS AT VALUE (100.2%) (COST $36,576,578) 42,690,695 LIABILITIES IN EXCESS OF OTHER ASSETS (-0.2%) (100,712) ------------- NET ASSETS (100.0%) $ 42,589,983 =============
See Accompanying Notes to Financial Statements. INVESTMENT ABBREVIATIONS ADR = American Depository Receipt - ---------- * Non-income producing security. CREDIT SUISSE FUNDS STATEMENTS OF ASSETS AND LIABILITIES August 31, 2003
GLOBAL GLOBAL TECHNOLOGY HEALTH SCIENCES FUND FUND -------------- --------------- ASSETS Investments at value, including collateral for securities on loan of $1,984,500 and $0, respectively (Cost $75,889,655 and $36,576,578, respectively) (Note 1) $ 73,676,208(1) $ 42,690,695 Cash 30 634 Foreign currency at value (cost $750,168 and $0, respectively) 755,807 - Dividend and interest receivable 8,782 6,095 Receivable for fund shares sold 545,680 641 Receivable from investment adviser (Note 2) 162,997 6,711 Receivable for investments sold 1,432,675 - Prepaid expenses and other assets 21,878 15,465 -------------- --------------- Total Assets 76,604,057 42,720,241 -------------- --------------- LIABILITIES Advisory fee payable (Note 2) 130,925 - Administrative services fee payable (Note 2) 10,390 8,038 Distribution fee payable (Note 2) 15,020 8,898 Payable upon return of securities loaned (Note 1) 1,984,500 - Payable for fund shares redeemed 54,271 43,101 Other accrued expenses payable 112,033 70,221 -------------- --------------- Total Liabilities 2,307,139 130,258 -------------- --------------- NET ASSETS Capital stock, $0.001 par value (Note 5) 3,140 2,543 Paid-in capital (Note 5) 311,216,937 43,254,154 Accumulated net investment loss (66,641) - Accumulated net realized loss on investments and foreign currency transactions (234,638,722) (6,781,070) Net unrealized appreciation (depreciation) from investments and foreign currency translations (2,217,796) 6,114,356 -------------- --------------- Net Assets $ 74,296,918 $ 42,589,983 ============== =============== COMMON SHARES Net assets $ 72,875,814 $ 42,474,632 Shares outstanding 3,079,732 2,536,166 -------------- --------------- Net asset value, offering price, and redemption price per share $ 23.66 $ 16.75 ============== =============== A SHARES Net assets $ 1,421,104 $ 115,351 Shares outstanding 60,058 6,887 -------------- --------------- Net asset value and redemption price per share $ 23.66 $ 16.75 ============== =============== Maximum offering price per share (net asset value/(1-5.75%)) $ 25.10 $ 17.77 ============== ==============
- ---------- (1) Including $1,934,072 of securities on loan. See Accompanying Notes to Financial Statements. STATEMENTS OF OPERATIONS For the Year Ended August 31, 2003
GLOBAL GLOBAL TECHNOLOGY HEALTH SCIENCES FUND FUND -------------- --------------- INVESTMENT INCOME (Note 1) Dividends $ 462,329 $ 107,152 Interest 17,353 6,235 Securities lending 16,244 - Foreign taxes withheld (46,255) (1,403) -------------- --------------- Total investment income 449,671 111,984 -------------- --------------- EXPENSES Investment advisory fees (Note 2) 673,131 420,751 Administrative services fees (Note 2) 78,959 70,057 Distribution fees (Note 2) 168,283 105,188 Transfer agent fees (Note 2) 467,915 169,956 Printing fees (Note 2) 83,741 55,581 Legal fees 54,775 75,703 Registration fees 33,954 33,728 Audit fees 27,933 20,377 Custodian fees 25,674 3,249 Directors' fees 12,444 10,972 Insurance expense 10,194 8,871 Interest expense 2,729 1,861 Miscellaneous expense 9,082 7,865 -------------- --------------- Total expenses 1,648,814 984,159 Less: fees waived (Note 2) (538,153) (315,154) -------------- --------------- Net expenses 1,110,661 669,005 -------------- --------------- Net investment loss (660,990) (557,021) -------------- --------------- NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS AND FOREIGN CURRENCY RELATED ITEMS Net realized loss from investments (15,483,424) (3,734,515) Net realized loss on foreign currency transactions (73,745) - Net change in unrealized appreciation (depreciation) from investments 31,175,560 13,016,923 Net change in unrealized appreciation (depreciation) from foreign currency translations (59,508) 80 -------------- --------------- Net realized and unrealized gain from investments and foreign currency related items 15,558,883 9,282,488 -------------- --------------- Net increase in net assets resulting from operations $ 14,897,893 $ 8,725,467 ============== ===============
See Accompanying Notes to Financial Statements. STATEMENTS OF CHANGES IN NET ASSETS
GLOBAL TECHNOLOGY FUND GLOBAL HEALTH SCIENCES FUND -------------------------------- -------------------------------- FOR THE YEAR ENDED AUGUST 31, FOR THE YEAR ENDED AUGUST 31, -------------------------------- -------------------------------- 2003 2002 2003 2002 -------------- -------------- -------------- -------------- FROM OPERATIONS Net investment loss $ (660,990) $ (1,021,530) $ (557,021) $ (977,229) Net realized gain (loss) from investments and foreign currency transactions (15,557,169) (88,225,291) (3,734,515) 2,371,402 Net change in unrealized appreciation (depreciation) from investments and foreign currency translations 31,116,052 38,485,777 13,017,003 (21,722,994) -------------- -------------- -------------- -------------- Net increase (decrease) in net assets resulting from operations 14,897,893 (50,761,044) 8,725,467 (20,328,821) -------------- -------------- -------------- -------------- FROM CAPITAL SHARE TRANSACTIONS (Note 5) Proceeds from sale of shares 8,884,366 43,813,941 2,304,707 20,189,724 Exchange value of shares due to merger - 7,288,417 - - Net asset value of shares redeemed (22,147,764) (75,183,945) (12,955,381) (56,446,309) -------------- -------------- -------------- -------------- Net decrease in net assets from capital share transactions (13,263,398) (24,081,587) (10,650,674) (36,256,585) -------------- -------------- -------------- -------------- Net increase (decrease) in net assets 1,634,495 (74,842,631) (1,925,207) (56,585,406) NET ASSETS Beginning of year 72,662,423 147,505,054 44,515,190 101,100,596 -------------- -------------- -------------- -------------- End of year $ 74,296,918 $ 72,662,423 $ 42,589,983 $ 44,515,190 ============== ============== ============== ============== ACCUMULATED NET INVESTMENT LOSS $ (66,641) $ (70,692) $ - $ - ============== ============== ============== ==============
See Accompanying Notes to Financial Statements. CREDIT SUISSE GLOBAL TECHNOLOGY FUND FINANCIAL HIGHLIGHTS (For a Common Class Share of the Fund Outstanding Throughout Each Year)
FOR THE YEAR ENDED AUGUST 31, ---------------------------------------------------------------------------------- 2003 2002 2001 2000 1999 ---------- ---------- ---------- ---------- ---------- PER SHARE DATA Net asset value, beginning of period $ 19.00 $ 29.11 $ 69.11 $ 41.22 $ 20.54 ---------- ---------- ---------- ---------- ---------- INVESTMENT OPERATIONS Net investment loss (0.21)(1) (0.28)(1) (0.75) (0.44) (0.04) Net gain (loss) on investments and foreign currency related items (both realized and unrealized) 4.87 (9.83) (36.86) 29.56 23.56 ---------- ---------- ---------- ---------- ---------- Total from investment operations 4.66 (10.11) (37.61) 29.12 23.52 ---------- ---------- ---------- ---------- ---------- LESS DISTRIBUTIONS Distributions from net realized gains - - (2.39) (1.23) (2.84) ---------- ---------- ---------- ---------- ---------- NET ASSET VALUE, END OF PERIOD $ 23.66 $ 19.00 $ 29.11 $ 69.11 $ 41.22 ========== ========== ========== ========== ========== Total return(2) 24.53% (34.73)% (55.72)% 70.99% 120.73% RATIOS AND SUPPLEMENTAL DATA Net assets, end of period (000s omitted) $ 72,876 $ 71,473 $ 147,504 $ 471,455 $ 65,165 Ratio of expenses to average net assets 1.65%(3) 1.65%(3) 1.67%(3) 1.66%(3) 1.65% Ratio of net investment loss to average net assets (0.98)% (0.90)% (1.14)% (0.89)% (0.35)% Decrease reflected in above operating expense ratios due to waivers/reimbursements 0.80% 0.51% 0.15% 0.11% 0.87% Portfolio turnover rate 31% 68% 100% 143% 203%
- ---------- (1) Per share information is calculated using the average share outstanding method. (2) Total returns are historical and assume changes in share price and reinvestment of all dividends and distributions. Had certain expenses not been reduced during the periods shown, total returns would have been lower. (3) Interest earned on uninvested cash balances is used to offset portions of the transfer agent expenses. These arrangements resulted in a reduction to the net expense ratio by .00%, .02% and .02% for the years ended August 31, 2002, 2001 and 2000, respectively. The operating expense ratio after reflecting these arrangements was 1.65%, 1.65% and 1.64% for the years ended August 31, 2002, 2001 and 2000, respectively. For the year ended August 31, 2003, there were no transfer agent credits. See Accompanying Notes to Financial Statements. CREDIT SUISSE GLOBAL TECHNOLOGY FUND FINANCIAL HIGHLIGHTS (For a Class A Share of the Fund Outstanding Throughout Each Period)
FOR THE YEAR FOR THE PERIOD ENDED ENDED AUGUST 31, 2003 AUGUST 31, 2002(1) --------------- ------------------ PER SHARE DATA Net asset value, beginning of period $ 19.00 $ 29.42 -------------- -------------- INVESTMENT OPERATIONS Net investment loss(2) (0.16) (0.17) Net gain (loss) on investments and foreign currency related items (both realized and unrealized) 4.82 (10.25) -------------- -------------- Total from investment operations 4.66 (10.42) -------------- -------------- NET ASSET VALUE, END OF PERIOD $ 23.66 $ 19.00 ============== ============== Total return(3) 24.53% (35.42)% RATIOS AND SUPPLEMENTAL DATA Net assets, end of period (000s omitted) $ 1,421 $ 1,190 Ratio of expenses to average net assets(4) 1.65% 1.65%(5) Ratio of net investment loss to average net assets (0.98)% (1.03)%(5) Decrease reflected in above operating expense ratios due to waivers/reimbursements 0.84% 0.76%(5) Portfolio turnover rate 31% 68%
- ---------- (1) For the period November 30, 2001 (inception date) through August 31, 2002. (2) Per share information is calculated using the average share outstanding method. (3) Total returns are historical and assume changes in share price, reinvestment of all dividends and distributions, and no sales charge. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods less than one year are not annualized. (4) Interest earned on uninvested cash balances is used to offset portions of the transfer agent expenses. These arrangements had no effect on the Fund's Class A expense ratio. For the year ended August 31, 2003, there were no transfer agent credits. (5) Annualized. See Accompanying Notes to Financial Statements. CREDIT SUISSE GLOBAL HEALTH SCIENCES FUND FINANCIAL HIGHLIGHTS (For a Common Class Share of the Fund Outstanding Throughout Each Year)
FOR THE YEAR ENDED FOR THE YEAR ENDED AUGUST 31, OCTOBER 31, ---------------------------------------------------------- ------------ 2003 2002 2001 2000(1) 1999 ---------- ---------- ---------- ---------- ------------ PER SHARE DATA Net asset value, beginning of period $ 13.62 $ 18.85 $ 23.95 $ 14.92 $ 14.41 ---------- ---------- ---------- ---------- ----------- INVESTMENT OPERATIONS Net investment loss (0.19)(2) (0.23)(2) (0.10) (0.08) (0.13) Net gain (loss) on investments and foreign currency related items (both realized and unrealized) 3.32 (5.00) (3.08) 9.11 0.64 ---------- ---------- ---------- ---------- ----------- Total from investment operations 3.13 (5.23) (3.18) 9.03 0.51 ---------- ---------- ---------- ---------- ----------- LESS DISTRIBUTIONS Distributions from net realized gains - - (1.92) - - ---------- ---------- ---------- ---------- ----------- NET ASSET VALUE, END OF PERIOD $ 16.75 $ 13.62 $ 18.85 $ 23.95 $ 14.92 ========== ========== ========== ========== =========== Total return(3) 22.98% (27.75)% (14.44)% 60.52% 3.54% RATIOS AND SUPPLEMENTAL DATA Net assets, end of period (000s omitted) $ 42,475 $ 44,484 $ 101,101 $ 90,801 $ 47,574 Ratio of expenses to average net assets(4) 1.59% 1.59% 1.60% 1.61%(5) 1.59% Ratio of net investment income (loss) to average net assets (1.32)% (1.30)% (1.05)% (0.94)%(5) 0.62% Decrease reflected in above operating expense ratios due to waivers/reimbursements 0.75% 0.56% 0.26% 0.28%(5) 0.29% Portfolio turnover rate 13% 67% 35% 106% 146%
- ---------- (1) Effective May 1, 2000, Global Health Sciences Fund changed its fiscal and tax year ends from October 31st to August 31st. (2) Per share information is calculated using the average share outstanding method. (3) Total returns are historical and assume changes in share price and reinvestment of all dividends and distributions. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods less than one year are not annualized. (4) Interest earned on uninvested cash balances is used to offset portions of the transfer agent expenses. These arrangements resulted in a reduction to the net expense ratio by .00% and .01% for the years ended August 31, 2002 and 2001, respectively, and .02% annualized for the period November 1, 1999 to August 31, 2000. These arrangements had no effect on the Fund's expense ratios for previous periods. The operating expense ratio after reflecting these arrangements was 1.59% for the years ended August 31, 2002 and 2001, respectively, and 1.59% annualized for the period November 1, 1999 to August 31, 2000. For the year ended August 31, 2003, there were no transfer agent credits. (5) Annualized. See Accompanying Notes to Financial Statements. CREDIT SUISSE GLOBAL HEALTH SCIENCES FUND FINANCIAL HIGHLIGHTS (For a Class A Share of the Fund Outstanding Throughout Each Period)
FOR THE YEAR FOR THE PERIOD ENDED ENDED AUGUST 31, 2003 AUGUST 31, 2002(1) --------------- ------------------ PER SHARE DATA Net asset value, beginning of period $ 13.62 $ 19.76 --------------- ------------------ INVESTMENT OPERATIONS Net investment loss(2) (0.19) (0.14) Net gain (loss) on investments and foreign currency related items (both realized and unrealized) 3.32 (6.00) --------------- ------------------ Total from investment operations 3.13 (6.14) --------------- ------------------ NET ASSET VALUE, END OF PERIOD $ 16.75 $ 13.62 =============== ================== Total return(3) 22.98% (31.07)% RATIOS AND SUPPLEMENTAL DATA Net assets, end of period (000s omitted) $ 115 $ 31 Ratio of expenses to average net assets(4) 1.59% 1.59%(5) Ratio of net investment loss to average net assets (1.32)% (1.32)%(5) Decrease reflected in above operating expense ratios due to waivers/reimbursements 0.75% 1.24%(5) Portfolio turnover rate 13% 67%
- ---------- (1) For the period November 30, 2001 (inception date) through August 31, 2002. (2) Per share information is calculated using the average share outstanding method. (3) Total returns are historical and assume changes in share price, reinvestment of all dividends and distributions, and no sales charge. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods less than one year are not annualized. (4) Interest earned on uninvested cash balances is used to offset portions of the transfer agent expenses. These arrangements had no effect on the Fund's Class A expense ratio. For the year ended August 31, 2003, there were no transfer agent credits. (5) Annualized. See Accompanying Notes to Financial Statements. CREDIT SUISSE FUNDS NOTES TO FINANCIAL STATEMENTS August 31, 2003 NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Credit Suisse Funds covered in this report are Credit Suisse Global Technology Fund, Inc. ("Global Technology") and Credit Suisse Global Health Sciences Fund, Inc. ("Global Health Sciences") (each, a "Fund" and collectively, the "Funds"), which are registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as non-diversified, open-end management investment companies. Global Technology and Global Health Sciences Funds were incorporated under the laws of the State of Maryland on July 31, 1998 and October 24, 1996, respectively. Investment objectives for each Fund are as follows: Global Technology seeks long-term capital appreciation; Global Health Sciences seeks capital appreciation. Global Technology is authorized to offer four classes of shares: Common Class, Institutional Class, Advisor Class and Class A, although only Common Class and Class A shares are offered. Global Health Sciences is authorized to issue three classes of shares: Common Class, Advisor Class, and Class A, although only Common Class and Class A shares are being offered. Effective December 12, 2001, the Funds closed the Common Class shares to new investors. Common Class shares for each Fund bear expenses paid pursuant to a distribution agreement at an annual rate of 0.25% of the average daily net assets of each Fund's Common Class shares. Class A shares are sold with a front-end sales charge of up to 5.75% and bear expenses paid pursuant to a plan of distribution at an annual rate of 0.25% of the average daily net assets of each Fund's Class A shares. In addition, the Common Class and Class A shares bear co-administration fees. Effective as of the close of business on April 26, 2002, the Global Technology Fund acquired all of the net assets of the Credit Suisse Technology Fund ("Technology Fund") in a tax-free exchange of shares. The shares exchanged were 221,743 shares of the Common Class shares of Global Technology (valued at $5,507,646) for 1,495,563 shares of the Common Class of the Technology Fund, 34,693 shares of Class A shares of Global Technology (valued at $861,096) for 235,172 shares of the Class A Shares of the Technology Fund, 24,002 shares of Class A shares of Global Technology (valued at $595,518) for 162,261 shares of the Class B Shares of the Technology Fund, 13,068 shares of Class A shares of Global Technology (valued at $324,157) for 89,071 shares of the Class C Shares of the Technology Fund. The aggregate net assets of Technology and Global Technology immediately before the acquisition were $7,288,417 which included ($8,507,702) of unrealized depreciation and $99,665,575 respectively, and the combined net assets of the Global Technology after the acquisition were $106,953,992. A) SECURITY VALUATION - The net asset value of each Fund is determined daily as of the close of regular trading on The New York Stock Exchange, Inc. (the "Exchange") on each day the Exchange is open for business. Each Fund's equity investments are valued at market value, which is generally determined using the closing price on the exchange or market on which the security is primarily traded at the time of valuation (the "Valuation Time"). If no sales are reported, equity investments are generally valued at the most recent bid quotation as of the Valuation Time or at the lowest asked quotation in the case of a short sale of securities. Debt securities with a remaining maturity greater than 60 days are valued in accordance with the price supplied by a pricing service, which may use a matrix, formula or other objective method that takes into consideration market indices, yield curves and other specific adjustments. Securities and other assets for which market quotations are not readily available are valued at fair value as determined in good faith by the Board of Directors under procedures established by the Board of Directors in the absence of readily ascertainable market values. 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. B) FOREIGN CURRENCY TRANSACTIONS - The books and records of the Funds 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 Funds do 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 Funds isolate 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. Certain expenses are class-specific expenses and vary by class. Income, expenses (excluding class-specific expenses) and realized/unrealized gains/losses are allocated proportionately to each class of shares based upon the relative net asset value of the outstanding shares of that class. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes. 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 each Fund's intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from federal income and excise taxes. 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 Funds, together with other funds/portfolios advised by Credit Suisse Asset Management, LLC ("CSAM"), an indirect, wholly-owned subsidiary of Credit Suisse Group, pool available cash into either a short-term variable rate time deposit issued by State Street Bank and Trust Company ("SSB"), the Funds' custodian, or a money market fund advised by CSAM. The short-term time deposit issued by SSB is a variable rate account classified as a short-term investment. H) FORWARD FOREIGN CURRENCY CONTRACTS - Each Fund 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 counter parties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency. Each Fund 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 August 31, 2003, the Funds had no open forward foreign currency contracts. I) SHORT SALES -- When CSAM believes that a security is overvalued, it may sell the security short by borrowing the same security from a broker or other institution and selling the security. A Fund will incur a loss as a result of the short sale if the price of the borrowed security increases between the date of the short sale and the date on which the Fund replaces such security. The Fund will realize a gain if there is a decline in the price of the security between those dates, if the decline exceeds the cost of borrowing the security and other transaction costs. There can be no assurance that a Fund will be able to close out a short position at any particular time or at an acceptable price. Although the Fund's gain is limited to the amount at which it has sold a security short, its potential loss is limited only by the maximum attainable price of the security less the price at which the security was sold. Until a Fund replaces a borrowed security, it will maintain at all times cash or other liquid securities in an amount which, when added to any amount deposited with a broker as collateral will at least equal the current market value of the security sold short. Depending on arrangements made with the broker, a Fund may not receive any payments (including interest) on collateral deposited with them. A Fund will not make a short sale if, after giving effect to such sale, the market value of all securities sold short exceeds 10% of the value of its net assets. J) SECURITIES LENDING -- Loans of securities are required at all times to be secured by collateral at least equal to 102% of the market value of domestic securities on loan including any accrued interest thereon and 105% of the market value of foreign securities on loan including any accrued interest thereon. Cash collateral received by the Funds in connection with securities lending activity is invested in a variety of investments including certain CSAM-advised funds or the AIM Institutional Funds - Liquid Asset Portfolio. However, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. The market value of securities on loan to brokers and the value of collateral held by Global Technology with respect to such loans at August 31, 2003 was as follows:
MARKET VALUE OF VALUE OF SECURITIES LOANED COLLATERAL RECEIVED ----------------- ------------------- $ 1,934,072 $ 1,984,500
Credit Suisse First Boston ("CSFB"), an affiliate of CSAM, has been engaged by Global Technology and Global Health Sciences to act as each Fund's securities lending agent. Prior to April 1, 2003, CSFB had agreed to charge each Fund fees for its securities lending activities equal to its costs in providing services as securities lending agent and had voluntarily waived such fees through March 31, 2003. Effective April 1, 2003, the Funds and CSFB entered into an arrangement to share the income earned from securities lending activities, whereby, generally, each Fund will receive 75% and CSFB will receive 25% of the income, in accordance with the provisions of the securities lending agency agreement. If CSFB should enter into a securities lending agency agreement with another comparable investment company client under which it will receive a smaller proportion of the fees, its fee agreement with each Fund shall be reduced to such lower fee amount. K) OTHER -- The Funds 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 Funds may be subject to taxes imposed by countries in which they invest, with respect to their 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 Funds accrue such taxes when the related income or gains are earned. The Funds invest a high percentage of their assets in specific sectors of the market, especially technology and health sciences. As a result, the financial, economic, business and political developments in a particular sector of the market, positive or negative, have a greater impact on each Fund's net asset value and will cause its shares to fluctuate more than if the fund did not concentrate its investments in a particular sector. Each fund under normal market conditions, invests at least 80% of their net assets, plus borrowings for investment purposes in a group of related industries within the technology and health sciences sectors, as applicable, of the market. NOTE 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES CSAM serves as investment adviser for the Funds. For its investment advisory services, CSAM is entitled to receive a fee from each Fund at an annual rate of 1.00% of its average daily net assets. For the year ended August 31, 2003, investment advisory fees earned and voluntarily waived for each Fund were as follows:
GROSS NET ADVISORY ADVISORY FUND FEE WAIVER FEE - ---- -------- ------ -------- Global Technology $ 673,131 $ (538,153) $ 134,978 Global Health Sciences 420,751 (315,154) 105,597
During the period covered by this report, CSAM determined that Global Technology's advisory contract had lapsed due to an administrative error. CSAM has taken all necessary steps to remedy this error, including obtaining Board of Directors and Shareholder approval of retention or payment of fees paid or payable to CSAM during the period the contract had lapsed and approval of a new contract on the same terms as in the lapsed contract. Credit Suisse Asset Management Limited (CSAM U.K.) ("CSAM Ltd. U.K.") and Credit Suisse Asset Management Limited (CSAM Japan) ("CSAM Ltd. Japan") each an affiliate of CSAM, are sub-investment advisers to each Fund. CSAM Ltd. U.K. and CSAM Ltd. Japan's sub-investment advisory fees are paid by CSAM out of CSAM's net investment advisory fee and are not paid by the Funds. Effective October 9, 2002, Credit Suisse Asset Management Limited (CSAM Australia) ("CSAM Ltd. Australia"), an affiliate of CSAM, became a sub-investment adviser to each Fund. CSAM Ltd. Australia's sub-investment advisory fee is paid by CSAM out of CSAM's net investment advisory fee and is not paid by the Funds. Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of CSAM, and SSB serve as each Fund's co-administrators. For co-administrative services, CSAMSI currently receives a fee calculated at an annual rate of 0.05% of Global Technology's average daily net assets of Common Class shares and Class A shares. Prior to May 20, 2003 CSAMSI received a fee calculated at an annual rate of 0.05% of Global Technology's first $125 million in average daily net assets and 0.10% of the average daily net assets over $125 million. For Global Health Sciences, CSAMSI currently receives a fee calculated at an annual rate of 0.10% of the Fund's average daily net assets of Common Class shares and Class A shares. For the year ended August 31, 2003, co-administrative services fees earned by CSAMSI were as follows:
FUND CO-ADMINISTRATIVE SERVICES FEE ---- ------------------------------ Global Technology $ 33,756 Global Health Sciences 42,075
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.
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
For the year ended August 31, 2003, co-administrative service fees earned by SSB (including out-of-pocket expenses) were as follows:
FUND CO-ADMINISTRATIVE SERVICES FEE ---- ------------------------------ Global Technology $ 45,203 Global Health Sciences 27,982
In addition to serving as each Fund's co-administrator, CSAMSI currently serves as distributor of each Fund's shares. Pursuant to a distribution plan adopted by each Fund pursuant to Rule 12b-1 under the 1940 Act, CSAMSI receives a fee for its distribution services. This fee is calculated at an annual rate of 0.25% of the average daily net assets of the Common Class shares of each Fund. For Class A shares, the fee is calculated at an annual rate of 0.25% of the average daily net assets of the Class A shares. For the year ended August 31, 2003, distribution fees earned by CSAMSI were as follows:
FUND DISTRIBUTION FEE ---- ---------------- Global Technology Common Class $ 165,760 Class A 2,523 ----------- $ 168,283 ===========
FUND DISTRIBUTION FEE ---- ---------------- Global Health Sciences Common Class $ 104,967 Class A 221 ---------- $ 105,188 ==========
Certain brokers, dealers and financial representatives provide transfer agent related services to the Funds, and receive compensation from CSAM. CSAM is then reimbursed by the Funds. For the year ended August 31, 2003, the Funds reimbursed CSAM the following amounts, which is included in the Funds' transfer agent expense as follows:
FUND AMOUNT ---- --------- Global Technology $ 134,497 Global Health Sciences 67,893
For the year ended August 31, 2003, CSAMSI and its affiliates advised the Funds that they retained the following amounts from commissions earned on the sale of the Funds' Class A shares:
FUND AMOUNT ---- --------- Global Technology $ 4,195 Global Health Sciences 5,629
For the year ended August 31, 2003, Global Health Sciences Fund paid CSFB $20,091 in brokerage commissions. For the year ended August 31, 2003, CSFB received $1,851 from securities lending transactions for Global Technology. Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by the Funds to provide certain financial printing and fulfillment services. For the year ended August 31, 2003, Merrill was paid for its services to the Funds as follows:
FUND AMOUNT ---- --------- Global Technology $ 27,692 Global Health Sciences 34,710
NOTE 3. LINE OF CREDIT The Funds, together with other funds/portfolios advised by CSAM (collectively, the "Participating Funds"), participate in a $100 million committed, unsecured line of credit facility ("Credit Facility") for temporary or emergency purposes with Deutsche Bank, A.G. as administrative agent and syndication agent and SSB as operations agent. Under the terms of the Credit Facility, the Participating Funds pay an aggregate commitment fee at a rate of 0.10% per annum on the average unused amount of the Credit Facility, which is allocated among the Participating Funds in such manner as is determined by the governing Boards of the Participating Funds. In addition, the Participating Funds pay interest on borrowings at the Federal Funds rate plus 0.50%. At August 31, 2003 and during the year ended August 31, 2003, the Funds had no borrowings under the Credit Facility. NOTE 4. PURCHASES AND SALES OF SECURITIES For the year ended August 31, 2003, purchases and sales of investment securities (excluding short-term investments) were as follows:
FUND PURCHASES SALES ---- --------- ----- Global Technology $ 20,576,962 $ 34,869,991 Global Health Sciences 5,369,818 17,053,418
NOTE 5. CAPITAL SHARE TRANSACTIONS Each Fund is authorized to issue four billion full and fractional shares of capital stock, $.001 par value per share. Transactions in capital shares for each Fund were as follows:
GLOBAL TECHNOLOGY ------------------------ COMMON CLASS ------------------------ FOR THE YEAR ENDED ------------------------ AUGUST 31, 2003 AUGUST 31, 2002 ---------------------------------- ------------------------------------ SHARES VALUE SHARES VALUE ------ ----- ------ ----- Shares sold 397,379 $ 7,673,618 1,483,408 $ 40,699,743 Shares exchanged due to merger - - 221,743 5,507,646 Shares redeemed (1,079,934) (20,952,159) (3,010,011) (74,973,602) ---------- -------------- ---------- -------------- Net decrease (682,555) $ (13,278,541) (1,304,860) $ (28,766,213) ========== ============== ========== ==============
GLOBAL TECHNOLOGY ------------------------ CLASS A ------------------------ FOR THE YEAR ENDED ------------------------ AUGUST 31, 2003 AUGUST 31, 2002(1) ---------------------------------- ------------------------------------ SHARES VALUE SHARES VALUE ------ ----- ------ ----- Shares sold 55,680 $ 1,210,748 675 $ 3,114,198 Shares exchanged due to merger - - 71,763 1,780,771 Shares redeemed (58,250) (1,195,605) (9,810) (210,343) ------- -------------- ------ -------------- Net increase (decrease) (2,570) $ 15,143 62,628 $ 4,684,626 ======= ============== ====== ==============
GLOBAL HEALTH SCIENCES ------------------------------ COMMON CLASS ------------------------------ FOR THE YEAR ENDED ------------------------------ AUGUST 31, 2003 AUGUST 31, 2002 ---------------------------------- ------------------------------------ SHARES VALUE SHARES VALUE ------ ----- ------ ----- Shares sold 149,078 $ 2,213,783 1,097,841 $ 20,153,575 Shares redeemed (879,677) (12,927,905) (3,195,361) (56,446,309) -------- -------------- ---------- -------------- Net decrease (730,599) $ (10,714,122) (2,097,520) $ (36,392,734) ======== ============== ========== ==============
GLOBAL HEALTH SCIENCES ------------------------------ CLASS A ------------------------------ FOR THE YEAR ENDED ------------------------------ AUGUST 31, 2003 AUGUST 31, 2002(1) ---------------------------------- ------------------------------------ SHARES VALUE SHARES VALUE ------ ----- ------ ----- Shares sold 6,622 $ 90,924 2,260 $ 36,149 Shares redeemed (1,995) (27,476) - - ------ -------------- ----- -------------- Net increase 4,627 $ 63,448 2,260 $ 36,149 ====== ============== ===== ==============
- ---------- (1) For the period November 30, 2001 (inception date) through August 31, 2002. On August 31, 2003, the number of shareholders that held 5% or more of the outstanding shares of each class of the Funds were as follows:
NUMBER OF APPROXIMATE PERCENTAGE FUND SHAREHOLDERS OF OUTSTANDING SHARES ---------------------- ------------ ---------------------- Global Technology Common Class 2 51% Class A 1 30% Global Health Sciences Common Class 2 48% Class A 6 63%
Some of the shareholders are omnibus accounts, which hold shares on behalf of several individual shareholders. NOTE 6. FEDERAL INCOME TAXES Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments of foreign currency transactions and Post-October losses. There were no distributions for the years ended August 31, 2002 and August 31, 2003 for either Fund. At August 31, 2003, the components of distributable earnings on a tax basis were as follows:
GLOBAL GLOBAL HEALTH TECHNOLOGY SCIENCES -------------- -------------- Undistributed ordinary income $ - $ - Accumulated realized loss (223,508,133) (3,460,007) Unrealized appreciation/(depreciation) (2,217,796) 6,114,356 Undistributed Ordinary Loss-Other (66,641) - Undistributed Capital-Other (11,130,589) (3,321,063) -------------- -------------- $ (236,923,159) $ (666,714) ============== ==============
At August 31, 2003, each Fund had capital loss carryforwards available to offset possible future capital gains as follows:
EXPIRES AUGUST 31, ------------------------------------------------------- FUND 2009 2010 2011 ---- -------------- --------------- ------------- Global Technology $ (22,443,214) $ (128,849,577) $ (72,215,342) Global Health Sciences (222,906) (2,823,649) (413,452)
Included in the Global Technology capital loss carryforwards which expire in 2009 is $3,027,000 acquired in the Credit Suisse Technology Fund merger which is subject to IRS limitations. Under current tax law, certain capital and currency 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. The Funds will be unable to realize the benefit from these losses if they cannot realize gains on investments prior to the expiration of the loss carryforwards. For the tax period ended August 31, 2003, each Fund elected to defer net capital and currency losses arising between November 1, 2002 and August 31, 2003 as follows:
FUND CAPITAL CURRENCY ---- ------------ -------- Global Technology $ 11,130,589 $ 66,641 Global Health Sciences 3,321,063 -
At August 31, 2003, the identified cost for federal income tax purposes, as well as the gross unrealized appreciation from investments for those securities having an excess of value over cost, gross unrealized depreciation from investments for those securities having an excess of cost over value and the net unrealized appreciation (depreciation) from investments were as follows:
NET UNREALIZED GROSS UNREALIZED GROSS UNREALIZED APPRECIATION/ FUND IDENTIFIED COST APPRECIATION (DEPRECIATION) (DEPRECIATION) ---- --------------- ---------------- ---------------- -------------- Global Technology $ 75,889,655 $ 7,995,535 $ (10,208,982) $ (2,213,447) Global Health Sciences 36,576,578 9,711,487 (3,597,370) 6,114,117
At August 31, 2003, accumulated undistributed net investment loss, accumulated net realized loss from investments and Paid-in Capital have been adjusted 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.
ACCUMULATED NET PAID-IN UNDISTRIBUTED NET REALIZED INCOME ON FUND CAPITAL INVESTMENT INCOME INVESTMENTS - ---- ----------- ----------------- ------------------ Global Technology $ (738,786) $ 665,041 $ 73,745 Global Health Sciences (557,021) 557,021 -
NOTE 7. PROPOSED REORGANIZATION On December 12, 2002 and February 13, 2003, respectively, the Board of Directors of Global Health Sciences and Global Technology, respectively, approved, subject to shareholder approval, a proposed reorganization (the "Reorganization"). The Reorganization was approved by the shareholders of the Funds on September 11, 2003 and September 30, 2003, respectively. When the Reorganization is completed, each shareholder of the Funds will become a shareholder of the Credit Suisse Global Post-Venture Capital Fund (the "Acquiring Fund") and will receive on a tax-free basis, shares of the Acquiring Fund with the same aggregate net asset value as their shares of their respective Funds. NOTE 8. SUBSEQUENT EVENT On September 26, 2003, all of Global Health Sciences' net assets were acquired by Credit Suisse Global Post-Venture Capital Fund, Inc. (the "Acquiring Fund") in a tax-free exchange of shares (the "Global Health Sciences Reorganization"). As a result of the Global Health Sciences Reorganization, each Global Health Sciences shareholder became a shareholder of the Acquiring Fund and received shares of the Acquiring Fund with the same aggregate net asset value as their shares of Global Health Sciences. Global Health Sciences was liquidated and will be subsequently dissolved. On October 10, 2003, all of Global Technology's net assets were acquired by Credit Suisse Global Post-Venture Capital Fund, Inc. (the "Acquiring Fund") in a tax-free exchange of shares (the "Global Technology Reorganization"). As a result of the Global Technology Reorganization, each Global Technology shareholder became a shareholder of the Acquiring Fund and received shares of the Acquiring Fund with the same aggregate net asset value as their shares of Global Technology. Global Technology was liquidated and will be subsequently dissolved. CREDIT SUISSE FUNDS REPORT OF INDEPENDENT AUDITORS To the Board of Directors and Shareholders of Credit Suisse Global Technology Fund, Inc.; Credit Suisse Global Health Sciences Fund, Inc.: In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Credit Suisse Global Technology Fund, Inc. and Credit Suisse Global Health Sciences Fund, Inc., (collectively referred to as the "Funds") at August 31, 2003, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and the financial highlights for each of the years (or periods) presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Funds' management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with auditing standards generally accepted in the United States of America, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 2003 by correspondence with the custodian, provide a reasonable basis for our opinion. PricewaterhouseCoopers LLP Philadelphia, Pennsylvania October 29, 2003 CREDIT SUISSE GLOBAL TECHNOLOGY FUND SHAREHOLDER MEETING RESULTS (UNAUDITED) A special meeting of shareholders of the Credit Suisse Global Technology Fund, Inc. (the "Fund") was held at 466 Lexington Avenue, 16th Floor, New York, NY 10017 on August 1, 2003 and adjourned to September 11, 2003 and September 30, 2003. The following matters were voted upon by the shareholders of the Fund and the results are presented below. Shares delivered not voted are included in the total for the proposals. Proposals 1, 2, 3-A, 3-B and 4-C were approved. The remaining proposals were not approved. 1. To approve an Agreement and Plan of Reorganization (the "Plan") providing that (i) the Fund would transfer all of its assets in exchange for shares of common stock of the Credit Suisse Global Post-Venture Capital Fund, Inc. (the "Acquiring Fund"), and the assumption by the Acquiring Fund of the Fund's liabilities, (ii) such shares of common stock of the Acquiring Fund would be distributed to shareholders of the Fund in liquidation of the Fund, and (iii) the Fund would subsequently be dissolved.
% OF TOTAL SHARES % OF TOTAL SHARES OUTSTANDING SHARES VOTED --------- ----------------- ------------ For 1,161,982 34.97% 69.33% Against 160,182 4.82% 9.56% Abstain 70,942 2.14% 4.23% Broker Non-votes 282,907 8.52% 16.88%
2. To Elect the Following Nominees as Directors:
FOR WITHHELD --------- -------- Richard H. Francis 1,193,396 113,851 Jack W. Fritz 1,193,030 114,217 Joseph D. Gallagher 1,192,193 115,055 Jeffrey E. Garten 1,193,766 113,482 Peter F. Krogh 1,194,507 112,741 James S. Pasman, Jr. 1,194,407 112,840 Steven N. Rappaport 1,194,250 112,997 William W. Priest 1,194,353 112,894 Total Eligible Shares 3,322,389 Total Shares Voted 1,307,247 % of Shares Voted 39.35%
3-A To Approve a New Investment Advisory Agreement:
% OF TOTAL SHARES % OF TOTAL SHARES OUTSTANDING SHARES VOTED --------- ----------------- ------------ For 1,439,985 43.34% 85.93% Against 161,381 4.86% 9.62% Abstain 74,647 2.25% 4.45%
3-B To Approve the Retention or Payment of Fees Paid or Payable to CSAM:
% OF TOTAL SHARES % OF TOTAL SHARES OUTSTANDING SHARES VOTED --------- ----------------- ------------ For 1,116,513 33.61% 85.41% Against 135,702 4.08% 10.38% Abstain 55,032 1.66% 4.21%
4-A. To Modify the Fundamental Investment Restriction on Borrowing Money:
% OF TOTAL SHARES % OF TOTAL SHARES OUTSTANDING SHARES VOTED --------- ----------------- ------------ For 1,111,510 33.45% 66.32% Against 202,224 6.09% 12.07% Abstain 79,372 2.39% 4.73% Broker Non-votes 282,907 8.52% 16.88%
4-B. To Modify the Fundamental Investment Restriction on Lending:
% OF TOTAL SHARES % OF TOTAL SHARES OUTSTANDING SHARES VOTED --------- ----------------- ------------ For 1,118,232 33.66% 66.72% Against 195,434 5.88% 11.66% Abstain 79,440 2.39% 4.74% Broker Non-votes 282,907 8.52% 16.88%
4-C. To Modify the Fundamental Investment Restriction on Real Estate Investments:
% OF TOTAL SHARES % OF TOTAL SHARES OUTSTANDING SHARES VOTED --------- ----------------- ------------ For 1,125,544 33.88% 67.16% Against 186,111 5.60% 11.10% Abstain 81,451 2.45% 4.86% Broker Non-votes 282,907 8.52% 16.88%
5. To Change the Fund's Investment Objective from Fundamental to Non-Fundamental:
% OF TOTAL SHARES % OF TOTAL SHARES OUTSTANDING SHARES VOTED --------- ----------------- ------------ For 1,117,164 33.63% 66.66% Against 194,781 5.86% 11.62% Abstain 81,160 2.44% 4.84% Broker Non-votes 282,907 8.52% 16.88%
CREDIT SUISSE GLOBAL HEALTH SCIENCES SHAREHOLDER MEETING RESULTS (UNAUDITED) A special meeting of shareholders of the Credit Suisse Global Health Sciences Fund, Inc. (the "Fund") was held at 466 Lexington Avenue, 16th Floor, New York, NY 10017 on August 1, 2003 and adjourned to September 11, 2003. The following matters were voted upon by the shareholders of the Fund and the results are presented below. Shares delivered not voted are included in the total for the proposals. All proposals were approved. 1. To approve an Agreement and Plan of Reorganization (the "Plan") providing that (i) the Fund would transfer all of its assets in exchange for shares of common stock of the Credit Suisse Global Post-Venture Capital Fund, Inc. (the "Acquiring Fund") and the assumption by the Acquiring Fund of the Fund's liabilities, (ii) such shares of common stock of the Acquiring Fund would be distributed to shareholders of the Fund in liquidation of the Fund, and (iii) the Fund would subsequently be dissolved.
% OF TOTAL SHARES % OF TOTAL SHARES OUTSTANDING SHARES VOTED --------- ----------------- ------------ For 1,013,234 36.55% 69.36% Against 321,193 11.59% 21.99% Abstain 63,141 2.28% 4.32% Broker Non-votes 63,311 2.28% 4.33%
2. To Elect the Following Nominees as Directors:
FOR WITHHELD --------- -------- Richard H. Francis 1,094,535 240,929 Jack W. Fritz 1,096,324 239,140 Joseph D. Gallagher 1,098,063 237,401 Jeffrey E. Garten 1,097,740 237,724 Peter F. Krogh 1,097,476 237,988 James S. Pasman, Jr. 1,097,206 238,258 Steven N. Rappaport 1,097,160 238,304 William W. Priest 1,096,903 238,561 Total Eligible Shares 2,772,024 Total Shares Voted 1,335,464 % of Shares Voted 48.18%
3-A. To Modify the Fundamental Investment Restriction on Borrowing Money:
% OF TOTAL SHARES % OF TOTAL SHARES OUTSTANDING SHARES VOTED --------- ----------------- ------------ For 1,016,531 36.67% 69.58% Against 317,280 11.45% 21.72% Abstain 63,756 2.30% 4.37% Broker Non-votes 63,311 2.28% 4.33%
3-B. To Modify the Fundamental Investment Restriction on Lending:
% OF TOTAL SHARES % OF TOTAL SHARES OUTSTANDING SHARES VOTED --------- ----------------- ------------ For 1,020,086 36.80% 69.83% Against 314,585 11.35% 21.53% Abstain 62,896 2.27% 4.31% Broker Non-votes 63,311 2.28% 4.33%
3-C. To Modify the Fundamental Investment Restriction on Real Estate Investments:
% OF TOTAL SHARES % OF TOTAL SHARES OUTSTANDING SHARES VOTED --------- ----------------- ------------ For 1,020,174 36.80% 69.83% Against 316,567 11.42% 21.67% Abstain 60,827 2.19% 4.16% Broker Non-votes 63,311 2.28% 4.34%
3-D. To Remove the Fundamental Investment Restriction on Margin Transactions:
% OF TOTAL SHARES % OF TOTAL SHARES OUTSTANDING SHARES VOTED --------- ----------------- ------------ For 1,001,960 36.15% 68.59% Against 331,372 11.96% 22.68% Abstain 64,235 2.32% 4.40% Broker Non-votes 63,311 2.28% 4.33%
3-E. To Remove the Fundamental Investment Restriction on Investments in Oil, Gas and Mineral Programs:
% OF TOTAL SHARES % OF TOTAL SHARES OUTSTANDING SHARES VOTED --------- ----------------- ------------ For 1,018,213 36.73% 69.70% Against 316,686 11.42% 21.68% Abstain 62,668 2.26% 4.29% Broker Non-votes 63,311 2.28% 4.33%
4. To Change the Fund's Investment Objective from Fundamental to Non-Fundamental:
% OF TOTAL SHARES % OF TOTAL SHARES OUTSTANDING SHARES VOTED --------- ----------------- ------------ For 979,144 35.32% 67.02% Against 354,189 12.78% 24.25% Abstain 64,235 2.32% 4.40% Broker Non-votes 63,311 2.28% 4.33%
CREDIT SUISSE FUNDS INFORMATION CONCERNING DIRECTORS AND OFFICERS (UNAUDITED)
TERM NUMBER OF OF OFFICE(1) PORTFOLIOS IN AND FUND POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER NAME, ADDRESS AND DATE OF HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS BIRTH FUND SERVED PAST FIVE YEARS DIRECTOR HELD BY DIRECTOR - -------------------------- -------------- ------------ -------------------- ------------- ---------------- INDEPENDENT DIRECTORS Richard H. Francis Director, Since Currently retired 44 None c/o Credit Suisse Asset Nominating and 1999 Management, LLC Audit 466 Lexington Avenue Committee New York, New York Member 10017-3140 Date of Birth: 04/23/32 Jack W. Fritz Director, Since Private investor; 43 Director of 2425 North Fish Creek Road Nominating and Funds Consultant and Advo, Inc. P.O. Box 1287 Audit Inception Director of Fritz (direct mail Wilson, Wyoming 83014 Committee Broadcasting, Inc. advertising) Member and Fritz Date of Birth: 04/22/27 Communications (developers and operators of radio stations) (1987 - present) Jeffrey E. Garten Director, Since Dean of Yale 43 Director of Box 208200 Nominating and 1998(2) School of Aetna, Inc.; New Haven, Connecticut Audit Management and Director of 06520-8200 Committee William S. Beinecke Calpine Member Professor in the Corporation; Date of Birth: 10/29/46 Practice of Director of International CarMax Group Trade and Finance (used car (11/95 - present) dealers)
(1) Each Director and Officer serves until his or her respective successor has been duly elected and qualified. (2) Mr. Garten was initially appointed as a Director of Global Health Science Fund on February 6, 1998. He resigned as Director on February 3, 2000 and was subsequently reappointed on December 21, 2000.
TERM NUMBER OF OF OFFICE(1) PORTFOLIOS IN AND FUND POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER NAME, ADDRESS AND DATE OF HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS BIRTH FUND SERVED PAST FIVE YEARS DIRECTOR HELD BY DIRECTOR - -------------------------- -------------- ------------ -------------------- ------------- ---------------- INDEPENDENT DIRECTORS-(CONTINUED) Peter F. Krogh Director, Since Dean Emeritus and 43 Director 301 ICC Nominating and 2001 Distinguished Professor of Carlisle Companies Georgetown University Audit of International Affairs Incorporated (diversified Washington, DC 20057 Committee at the Edmund A. Walsh manufacturing company); Member School of Member of Date of Birth: 02/11/37 Foreign Service, Selection Georgetown University Committee (6/95 - present); for Truman Moderator of PBS Scholars and foreign affairs Henry Luce television Scholars; Senior series (1988 - 2000) Associate of Center for Strategic and International Studies; Trustee of numerous world affairs organizations James S. Pasman, Jr. Director, Since Currently retired 45 Director of c/o Credit Suisse Asset Nominating and 1999 Education Management, LLC Audit Management 466 Lexington Avenue Committee Corp. New York, New York Member 10017-3140 Date of Birth: 12/20/30
TERM NUMBER OF OF OFFICE(1) PORTFOLIOS IN AND FUND POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER NAME, ADDRESS AND DATE OF HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS BIRTH FUND SERVED PAST FIVE YEARS DIRECTOR HELD BY DIRECTOR - -------------------------- -------------- ------------ -------------------- ------------- ---------------- INDEPENDENT DIRECTORS-(CONTINUED) Steven N. Rappaport Director, Since Partner of Lehigh Court, 45 None Lehigh Court, LLC Nominating 1999 LLC and RZ Capital 40 East 52nd Street Committee (private investment New York, New York Member and firms) (7/02 - present); 10022 Audit Consultant to SunGard Committee Securities Finance, Inc. Date of Birth: 07/10/48 Chairman from February 2002 to July 2002; President of SunGard Securities Finance, Inc. from 2001 to February 2002; President of Loanet, Inc. (on-line accounting service) from 1997 to 2001 INTERESTED DIRECTORS Joseph D. Gallagher(3) Director, Since Managing Director and 46 None Credit Suisse Asset Chairman of the 2003 Chief Executive Officer Management, LLC Board and Chief of CSAM since 2003; 466 Lexington Avenue Executive Chief Executive Officer New York, New York Officer and Director of Credit 10017-3140 Suisse Asset Management Limited, London, Date of Birth: 12/14/62 England, from June 2000 to 2003; Director of Credit Suisse Asset Management Funds (UK) Limited, London, England, from June 2000 to 2003; Managing Director, Head - Asian Corporate Finance and M&A's, Credit Suisse First Boston, Hong Kong, China, from January 1998 to May 1999
(3) Mr. Gallagher is a Director who is an "interested person" of the Fund as defined in the 1940 Act, because he is an officer of CSAM.
TERM NUMBER OF OF OFFICE(1) PORTFOLIOS IN AND FUND POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER NAME, ADDRESS AND DATE OF HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS BIRTH FUND SERVED PAST FIVE YEARS DIRECTOR HELD BY DIRECTOR - -------------------------- -------------- ------------ -------------------- ------------- ---------------- INTERESTED DIRECTORS-(CONTINUED) William W. Priest(4) Director Since Co-Managing Partner, 50 None Steinberg Priest & Sloane 1999 Steinberg Priest & Capital Management Sloane Capital 12 East 49th Street Management since March 12th Floor 2001; Chairman and New York, New York Managing Director of 10017 CSAM from 2000 to February 2001, Chief Date of Birth: 09/24/41 Executive Officer and Managing Director of CSAM from 1990 to 2000
(4) Mr. Priest is a director who is an "interested person" of the Fund as defined in the 1940 Act, because he provided consulting services to CSAM within the last two years (ended 12/31/02).
TERM OF OFFICE(1) AND POSITION(S) LENGTH NAME, ADDRESS AND DATE OF HELD WITH OF TIME BIRTH FUND SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS - -------------------------- -------------- ------------ ---------------------------------------------- OFFICERS Hal Liebes Vice President Since Managing Director and Global General Counsel of CSAM; Credit Suisse Asset and Secretary 1999 Associated with CSAM since 1997; Officer of other Credit Management, LLC Suisse Funds 466 Lexington Avenue New York, New York 10017-3140 Date of Birth: 07/06/64 Michael A. Pignataro Chief Since Director and Director of Fund Administration of CSAM; Credit Suisse Asset Financial 1999 Associated with CSAM since 1984; Officer of other Credit Management, LLC Officer and Suisse Funds 466 Lexington Avenue Treasurer New York, New York 10017-3140 Date of Birth: 11/15/59 Gregory N. Bressler Assistant Since Director and Deputy General Counsel of CSAM; Associated with Credit Suisse Asset Secretary 2000 CSAM since January 2000; Associated with the law firm of Management, LLC Swidler Berlin Shereff Friedman LLP from 1996 to 2000; Officer 466 Lexington Avenue of other Credit Suisse Funds New York, New York 10017-3140 Date of Birth: 11/17/66
TERM OF OFFICE(1) AND POSITION(S) LENGTH NAME, ADDRESS AND DATE OF HELD WITH OF TIME BIRTH FUND SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS - -------------------------- -------------- ------------ ---------------------------------------------- OFFICERS-(CONTINUED) Rocco A. Del Guercio Assistant Since Vice President and Administrative Officer of CSAM; Credit Suisse Asset Treasurer 1999 Associated with CSAM since June 1996; Officer of other Credit Management, LLC Suisse Funds 466 Lexington Avenue New York, New York 10017-3140 Date of Birth: 04/28/63 Joseph Parascondola Assistant Since Assistant Vice President of CSAM; Associated with CSAM since April Credit Suisse Asset Treasurer 2000 2000; Assistant Vice President, Deutsche Asset Management from Management, LLC January 1999 to April 2000; Assistant Vice President, Weiss, Peck 466 Lexington Avenue & Greer LLC from November 1995 to December 1998; Officer of New York, New York other Credit Suisse Funds 10017-3140 Date of Birth: 06/05/63 Robert M. Rizza Assistant Since Assistant Vice President of CSAM since January 2001; Associated Credit Suisse Asset Treasurer 2002 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
The Statement of Additional Information includes additional information about the Directors and is available, without charge, upon request, by calling 800-927-2874. CREDIT SUISSE FUNDS TAX INFORMATION LETTER (UNAUDITED) August 31, 2003 IMPORTANT TAX INFORMATION FOR CORPORATE SHAREHOLDERS For the fiscal year ended August 31, 2003 certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. Complete information will be reported in conjunction with your 2003 Form 1099-DIV. [CREDIT SUISSE ASSET MANAGEMENT LOGO] P.O. Box 55030, Boston, MA 02205-5030 800-927-2874 - www.csam-americas.com CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. WPGBL-2-0803 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 10(a)(1) to this Form. There were no amendments to the code during the fiscal year ended August 31, 2003. There were no waivers or implicit waivers from the code granted by the registrant during the fiscal year ended August 31, 2003. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. The registrant's governing board has determined that it has three audit committee financial experts serving on its audit committee: Richard H. Francis, James S. Pasman, Jr., and Steven N. Rappaport. Each audit committee financial expert is "independent" for purposes of this item. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Form N-CSR disclosure requirement is not yet effective with respect to the Registrant. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable to the Registrant. ITEM 6. [RESERVED] ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to the Registrant. ITEM 8. [RESERVED] ITEM 9. 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 registrant's second fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 10. EXHIBITS. (a)(1) The registrant's code of ethics is an exhibit to this report. (a)(2) The certifications of the registrant as required by Rule 30a-2(a) under the Act are exhibits to this report. (b) The certifications of the registrant as required by Rule 30a-2(b) under the Act are an exhibit to this report. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. CREDIT SUISSE GLOBAL TECHNOLOGY FUND, INC. /s/ Joseph D. Gallagher ----------------------- Name: Joseph D. Gallagher Title: Chief Executive Officer Date: November 10, 2003 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. /s/ Joseph D. Gallagher ----------------------- Name: Joseph D. Gallagher Title: Chief Executive Officer Date: November 10, 2003 /s/ Michael A. Pignataro ----------------------- Name: Michael A. Pignataro Title: Chief Financial Officer Date: November 10, 2003 EX-99.CODEETH 3 a2120975zex-99_codeeth.txt EXHIBIT 99.CODEETH EX-99.CODE ETH EXHIBIT 10(a)(1) CODE OF ETHICS CREDIT SUISSE FUNDS CREDIT SUISSE INSTITUTIONAL FUNDS CREDIT SUISSE CLOSED-END FUNDS CODE OF ETHICS FOR SENIOR OFFICERS PREAMBLE Section 406 of the Sarbanes-Oxley Act of 2002 directs that rules be adopted disclosing whether a company has a code of ethics for senior financial officers. The Securities and Exchange Commission (the "SEC") has adopted rules requiring annual disclosure of an investment company's code of ethics applicable to the company's principal executive as well as principal financial officers, if such a code has been adopted. In response, the above Funds (each a "Fund", and together the "Funds") have adopted this Code of Ethics. STATEMENT OF POLICY It is the obligation of the senior officers of the Funds to provide full, fair, timely and comprehensible disclosure--financial and otherwise--to Fund shareholders, regulatory authorities and the general public. In fulfilling that obligation, senior officers must act ethically, honestly and diligently. This Code is intended to enunciate guidelines to be followed by persons who serve the Funds in senior officerships. No Code can address every situation that a senior officer might face; however, as a guiding principle, senior officers should strive to implement the spirit as well as the letter of applicable laws, rules and regulations, and to provide the type of clear and complete disclosure and information Fund shareholders have a right to expect. The purpose of this Code of Ethics is to promote high standards of ethical conduct by Covered Persons (as defined below) in their capacities as officers of the Funds, to instruct them as to what is considered to be inappropriate and unacceptable conduct or activities for officers and to prohibit such conduct or activities. This Code supplements other policies that the Funds and their adviser have adopted or may adopt in the future with which Fund officers are also required to comply (e.g., code of ethics relating to personal trading and conduct). COVERED PERSONS This Code of Ethics applies to those persons appointed by the Fund's Board of Directors as Chief Executive Officer, President, Chief Financial Officer and Chief Accounting Officer, or persons performing similar functions. It is recognized that each of such persons currently is a full-time employee of Credit Suisse Asset Management LLC ("CSAM"), each Fund's investment adviser. PROMOTION OF HONEST AND ETHICAL CONDUCT In serving as an officer of the Funds, each Covered Person must maintain high standards of honesty and ethical conduct and must encourage his colleagues who provide services to the Funds, whether directly or indirectly, to do the same. Each Covered Person understands that as an officer of a Fund, he has a duty to act in the best interests of the Fund and its shareholders. The interests of other CSAM clients or CSAM itself or the Covered Person's personal interests should not be allowed to compromise the Covered Person's fulfilling his duties as an officer of the Fund. The governing Boards of the Funds recognize that the Covered Persons are also officers or employees of CSAM. Furthermore, the governing Boards of the Funds recognize that, subject to the Covered Person's fiduciary duties to the Funds, the Covered Persons will in the normal course of their duties (whether formally for the Funds or for CSAM, or for both) be involved in establishing policies and implementing decisions that will have different effects on CSAM and the Funds. The governing Boards of the Funds recognize that the participation of the Covered Persons in such activities is inherent in the contractual relationship between the Funds and CSAM and/or its affiliates, and is consistent with the expectation of the governing Boards of the performance by the Covered Persons of their duties as officers of the Funds. If a Covered Person believes that his responsibilities as an officer or employee of CSAM are likely to materially compromise his objectivity or his ability to perform the duties of his role as an officer of the Funds, he should consult with CSAM's general counsel, the Funds' chief legal officer or outside counsel, or counsel to the independent Directors/Trustees of the relevant Fund or Funds. Under appropriate circumstances, a Covered Person should also consider whether to present the matter to the Directors/Trustees of the relevant Fund or Funds or a committee thereof. No Covered Person shall suggest that any person providing, or soliciting to be retained to provide, services to a Fund give a gift or an economic benefit of any kind to him in connection with the person's retention or the provision of services. PROMOTION OF FULL, FAIR, ACCURATE, TIMELY AND UNDERSTANDABLE DISCLOSURE No Covered Person shall create or further the creation of false or misleading information in any SEC filing or report to Fund shareholders. No Covered Person shall conceal or fail to disclose information within the Covered Person's possession legally required to be disclosed or necessary to make the disclosure made not misleading. If a Covered Person shall become aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to CSAM's general counsel or Fund counsel, who shall advise such Covered Person whether corrective action is necessary or appropriate. Each Covered Person, consistent with his responsibilities, shall exercise appropriate supervision over, and shall assist, relevant Fund service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner. Each Covered Person shall use his best efforts within his area of expertise to assure that Fund reports reveal, rather than conceal, the relevant Fund's financial condition. Each Covered Person shall seek to obtain additional resources if he believes that available resources are inadequate to enable the Funds to provide full, fair and accurate financial information and other disclosure to regulators and Fund shareholders. Each Covered Person shall inquire of other Fund officers and service providers, as appropriate, to assure that information provided is accurate and complete and presented in an understandable format using comprehensible language. Each Covered Person shall diligently perform his services to the Funds, so that information can be gathered and assessed early enough to facilitate timely filings and issuance of reports and required certifications. PROMOTION OF COMPLIANCE WITH APPLICABLE GOVERNMENT LAWS, RULES AND REGULATIONS Each Covered Person shall become and remain knowledgeable concerning the laws and regulations relating to the Funds and their operations and shall act with competence and due care in serving as an officer of the Funds. Each Covered Person with specific responsibility for financial statement disclosure will become and remain knowledgeable concerning relevant auditing standards, generally accepted accounting principles, FASB pronouncements and other accounting and tax literature and developments. Each Covered Person shall devote sufficient time to fulfilling his responsibilities to the Funds, recognizing that he will devote substantial time to providing services to other CSAM clients and will perform other activities as an employee of CSAM. Each Covered Person shall cooperate with a Fund's independent auditors, regulatory agencies and internal auditors in their review or inspection of the Fund and its operations. No Covered Person shall knowingly violate any law or regulation relating to the Funds or their operations or seek to illegally circumvent any such law or regulation. No Covered Person shall engage in any conduct involving dishonesty, fraud, deceit or misrepresentation involving the Funds or their operations. PROMOTING PROMPT INTERNAL REPORTING OF VIOLATIONS Each Covered Person shall promptly report his own violations of this Code and violations by other Covered Persons of which he is aware to the Chairman of the relevant Fund's Audit Committee. Any requests for a waiver from or an amendment to this Code shall be made to the Chairman of the relevant Fund's Audit Committee. All waivers and amendments shall be disclosed as required by law. SANCTIONS Failure to comply with this Code will subject the violator to appropriate sanctions, which will vary based on the nature and severity of the violation. Such sanctions may include censure, suspension or termination of position as an officer of the Fund. Sanctions shall be imposed by the relevant Fund's Audit Committee, subject to review by the entire Board of Directors/Trustees of the Fund. Each Covered Person shall be required to certify annually whether he has complied with this Code. NO RIGHTS CREATED This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern the Funds' senior officers in the conduct of the Funds' business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity. RECORDKEEPING The Funds will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board (1) that provided the basis for any amendment or waiver to this Code and (2) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the relevant Board. AMENDMENTS The Directors/Trustees will make and approve such changes to this Code of Ethics as they deem necessary or appropriate to effectuate the purposes of this Code. Dated: May 20, 2003 CODE OF ETHICS FOR SENIOR OFFICERS: I HEREBY CERTIFY THAT: (1) I have read and I understand the Code of Ethics for Senior Officers adopted by the Credit Suisse Funds, the Credit Suisse Institutional Funds and the Credit Suisse Closed-End Funds (the "Code of Ethics"); (2) I recognize that I am subject to the Code of Ethics; (3) I have complied with the requirements of the Code of Ethics during the calendar year ending December 31, _______; and (4) I have reported all violations of the Code of Ethics required to be reported pursuant to the requirements of the Code during the calendar year ending December 31, _______. Set forth below exceptions to items (3) and (4), if any: ---------------------------------------- ---------------------------------------- ---------------------------------------- Name: ------------------------------ Date: EX-99.CERT 4 a2120975zex-99_cert.txt EXHIBIT 99.CERT EX-99.CERT EXHIBIT 10(A)(2) CERTIFICATIONS I, Michael A. Pignataro, certify that: 1. I have reviewed this report on Form N-CSR of Credit Suisse Global Technology Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (c) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: November 10, 2003 /s/ Michael A. Pignataro - ------------------------ Michael A. Pignataro Chief Financial Officer I, Joseph D. Gallagher, certify that: 1. I have reviewed this report on Form N-CSR of Credit Suisse Global Technology Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (c) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected. or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial data information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: November 10, 2003 /s/ Joseph D. Gallagher - ----------------------- Joseph D. Gallagher Chief Executive Officer EX-99.906CERT 5 a2120975zex-99_906cert.txt EXHIBIT 99.906CERT EX-99.906CERT EXHIBIT 10(b) SECTION 906 CERTIFICATIONS SECTION 906 CERTIFICATION Joseph D. Gallagher, Chief Executive Officer, and Michael A. Pignataro, Chief Financial Officer, of Credit Suisse Global Technology Fund, Inc. (the "Fund"), each certify to his knowledge that: (1) The Fund's periodic report on Form N-CSR for the period ended August 31, 2003 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund. /s/ Joseph D. Gallagher /s/ Michael A. Pignataro ----------------------- ------------------------ Joseph D. Gallagher Michael A. Pignataro Chief Executive Officer Chief Financial Officer November 10, 2003 November 10, 2003 A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request. -----END PRIVACY-ENHANCED MESSAGE-----