0001104659-11-011698.txt : 20110302 0001104659-11-011698.hdr.sgml : 20110302 20110302091040 ACCESSION NUMBER: 0001104659-11-011698 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20101231 FILED AS OF DATE: 20110302 DATE AS OF CHANGE: 20110302 EFFECTIVENESS DATE: 20110302 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CREDIT SUISSE LARGE CAP BLEND FUND, INC. CENTRAL INDEX KEY: 0001067479 IRS NUMBER: 510380617 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-08921 FILM NUMBER: 11654645 BUSINESS ADDRESS: STREET 1: ELEVEN MADISON AVENUE CITY: NEW YORK STATE: NY ZIP: 10010 BUSINESS PHONE: 212-325-2000 MAIL ADDRESS: STREET 1: ELEVEN MADISON AVENUE CITY: NEW YORK STATE: NY ZIP: 10010 FORMER COMPANY: FORMER CONFORMED NAME: CREDIT SUISSE SELECT EQUITY FUND INC DATE OF NAME CHANGE: 20011212 FORMER COMPANY: FORMER CONFORMED NAME: WARBURG PINCUS FOCUS FUND INC DATE OF NAME CHANGE: 20000502 FORMER COMPANY: FORMER CONFORMED NAME: WARBURG PINCUS SELECT ECONOMIC VALUE EQUITY FUND INC DATE OF NAME CHANGE: 19980804 0001067479 S000010544 Credit Suisse Large Cap Blend Fund Inc C000029092 Common Class WFDCX C000029093 Class A CFFAX C000029094 Class B CFFBX C000029095 Class C CFFCX N-CSR 1 a11-1991_5ncsr.htm 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 number

811-08921

 

CREDIT SUISSE LARGE CAP BLEND FUND, INC.

(Exact name of registrant as specified in charter)

 

Eleven Madison Avenue, New York, New York

 

10010

(Address of principal executive offices)

 

(Zip code)

 

John G. Popp

Credit Suisse Large Cap Blend Fund, Inc.

Eleven Madison Avenue

New York, New York  10010

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

(212) 325-2000

 

 

Date of fiscal year end:

December 31st

 

 

Date of reporting period:

January 1, 2010 to December 31, 2010

 

 



 

Item 1. Reports to Stockholders.

 



CREDIT SUISSE FUNDS

Annual Report

December 31, 2010

n  CREDIT SUISSE
LARGE CAP BLEND FUND, INC.

The Fund's investment objectives, risks, charges and expenses (which should be considered carefully before investing), and more complete information about the Fund, are provided in the Prospectus, which should be read carefully before investing. You may obtain additional copies by calling 877-870-2874 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 Eleven Madison Avenue, New York, NY 10010. Credit Suisse Funds are advised by Credit Suisse Asset Management, LLC.



Investors in the Credit Suisse Funds should be aware that they may be eligible to purchase Common Class shares (where offered) directly or through certain intermediaries. Such shares are not subject to a sales charge but may be subject to an ongoing service and distribution fee of up to 0.25% of average daily net assets. Investors in the Credit Suisse Funds should also be aware that they may be eligible for a reduction or waiver of the sales charge with respect to Class A, B or C shares (where offered). For more information, please review the relevant prospectuses or consult your financial representative.

The views of the Fund's management are as of the date of the letter and the Fund holdings described in this document are as of December 31, 2010; these views and Fund holdings may have changed subsequent to these dates. Nothing in this document is a recommendation to purchase or sell securities.

Fund shares are not deposits or other obligations of Credit Suisse Asset Management, LLC ("Credit Suisse") or any affiliate, are not FDIC-insured and are not guaranteed by Credit Suisse or any affiliate. Fund investments are subject to investment risks, including loss of your investment.




Credit Suisse Large Cap Blend Fund, Inc.
Annual Investment Adviser's Report

December 31, 2010 (unaudited)

February 3, 2011

Performance Summary
01/01/10 – 12/31/10

Fund & Benchmark   Performance  
Common1      10.50 %  
Class A1,2      10.50 %  
Class B1,2      9.71 %  
Class C1,2      9.75 %  
S&P 500 Index3      15.06 %  

 

Performance for the Fund's Class A, Class B and Class C Shares is shown without including the effect of the maximum sales charge of 5.75%, 4.00% and 1.00%, respectively.2

Market Review: A positive end to a challenging year

The year ended December 31, 2010, was a volatile one for equities. After three quarters of choppy trading, global equity markets had a robust fourth quarter and, in general, finished the year higher. Fairly encouraging economic data reports and cooperative central bankers in the United States and Europe combined with impressive economic growth in developing regions to help ease investor concerns about the threat of a double-dip recession. This change in sentiment boosted stock prices, especially during the last month of the year. Additionally, the U.S. Federal Reserve's anti-deflationary policy of implementing multiple quantitative easing measures — the first worth approximately $1.7 trillion and the second worth approximately $600 billion — together with the extension of Bush-era tax cuts injected liquidity into the global markets. For the 12-month period, the S&P 500 Index gained 15.06%, while the Dow Jones Industrial Average rose 14.06%.

As of December 31, 2010, the target U.S. Federal Funds rate remained at 0.00%-0.25% and the discount rate held at 0.75%. The Conference Board Consumer Confidence Index (a survey based on a representative sample of 5,000 U.S. households) decreased unexpectedly in December, dropping from 54.3 in November to 52.5 (for context, the Index measured 100 in 1985 meaning complete confidence). In the private sector, employment continued to increase in many industries, as 113,000 jobs were added. Conversely, the public sector continued to lay off workers, losing 10,000 jobs in December. Overall, the unemployment rate decreased to 9.4% in December. Each of the 10 sectors within the S&P 500 posted gains for the year. Consumer discretionary posted the largest increase, gaining 25.72%, while health care was the weakest performer, gaining only 0.71% for the year.


1



Credit Suisse Large Cap Blend Fund, Inc.
Annual Investment Adviser's Report (continued)

December 31, 2010 (unaudited)

Strategic Review and Outlook: Cautiously optimistic for the future

For the year ended December 31, 2010, the Fund underperformed the benchmark despite strong performance. During the year, quantitative models in general were challenged by a prolonged period of high correlation and low volatility. In the United States, as the market oscillated between fears of a double dip recession and hope of potential economic growth, there were fewer opportunities to identify individual stock outperformance. As a result, transaction costs and the volatile environment resulted in underperformance. On a stock and sector basis, stock selection and sector weighting in energy, consumer staples, and materials contributed positively to performance. Conversely, stock selection and sector weighting in health care, utilities and financials detracted from performance.

Although we expect the market to remain challenging in the near term, we are comfortable with our proactive long-term investment process going forward.

Credit Suisse Quantitative Equities Group

Mika Toikka
Timothy Schwider

The value of investments generally will fluctuate in response to market movements.

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.


2



Credit Suisse Large Cap Blend Fund, Inc.
Annual Investment Adviser's Report (continued)

December 31, 2010 (unaudited)

Comparison of Change in Value of $10,000 Investment in the
Credit Suisse Large Cap Blend Fund, Inc.
1 Common Class shares
and the S&P 500 Index
3 for Ten Years.

Comparison of Change in Value of $10,000 Investment in the
Credit Suisse Large Cap Blend Fund, Inc.
1 Class A shares2, Class B shares2,
Class C shares
2 and the S&P 500 Index3,4, from Inception (07/31/01).


3



Credit Suisse Large Cap Blend Fund, Inc.
Annual Investment Adviser's Report (continued)

December 31, 2010 (unaudited)

Average Annual Returns as of December 31, 20101

    1 Year   5 Years   10 Years   Since
Inception
 
Common Class5      10.50 %     1.36 %     (0.81 )%     2.74 %  
Class A Without Sales Charge     10.50 %     1.35 %           0.36 %  
Class A With Maximum
Sales Charge
    4.15 %     0.15 %           (0.27 )%  
Class B Without CDSC     9.71 %     0.60 %           (0.39 )%  
Class B With CDSC     5.71 %     0.60 %           (0.39 )%  
Class C Without CDSC     9.75 %     0.60 %           (0.41 )%  
Class C With CDSC     8.75 %     0.60 %           (0.41 )%  

 

Returns represent past performance and include change in share price and reinvestment of dividends and capital gains. Past performance cannot guarantee future results. The current performance of the Fund may be lower or higher than the figures shown. Returns and share price will fluctuate, and redemption value may be more or less than original cost. The performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Performance information current to the most recent month-end is available at www.credit-suisse.com/us.

The annualized gross expense ratios are 0.95% for Common Class shares, 1.40% for Class A shares, 2.14% for Class B shares and 2.18% for Class C shares. The annualized net expense ratios after fee waivers and/or expense reimbursements are 0.95% for Common Class shares, 1.30% for Class A shares, 2.04% for Class B shares and 2.03% for Class C shares.

1  Fee waivers and/or expense reimbursements may reduce expenses for the Fund, without which performance would be lower. Waivers and/or reimbursements may be discontinued at any time.

2  Total return for the Fund's Class A shares for the reporting period, based on offering price (including maximum sales charge of 5.75%), was 4.15%. Total return for the Fund's Class B shares for the reporting period, based on redemption value (including maximum contingent deferred sales charge of 4.00%), was 5.71%. Total return for the Fund's Class C shares for the reporting period, based on redemption value (including maximum contingent deferred sales charge of 1.00%), was 8.75%.

3  The Standard & Poor's 500 Index is an unmanaged index (with no defined investment objective) of common stocks, includes reinvestment of dividends, and is a registered trademark of The McGraw-Hill Companies, Inc. Investors cannot invest directly in an index.

4  Performance for the benchmark is not available for the period beginning July 31, 2001. For that reason, performance for the benchmark is shown for the period beginning August 1, 2001.

5  Inception date 10/30/98.


4



Credit Suisse Large Cap Blend Fund, Inc.
Annual Investment Adviser's Report (continued)

December 31, 2010 (unaudited)

Information About Your Fund's Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads), redemption fees and account maintenance fees, which are not shown in this section and which would result in higher total expenses. The following table is intended to help you understand your ongoing expenses of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. The table is based on an investment of $1,000 made at the beginning of the six month period ended December 31, 2010.

The table illustrates your Fund's expenses in two ways:

Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold.

Hypothetical 5% Fund Return. This helps you to compare your Fund's ongoing expenses with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs had been included, your costs would have been higher. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expenses of owning different funds.


5



Credit Suisse Large Cap Blend Fund, Inc.
Annual Investment Adviser's Report (continued)

December 31, 2010 (unaudited)

Expenses and Value for a $1,000 Investment
for the six month period ended December 31, 2010

Actual Fund Return   Common
Class
  Class A   Class B   Class C  
Beginning Account Value 7/1/10   $ 1,000.00     $ 1,000.00     $ 1,000.00     $ 1,000.00    
Ending Account Value 12/31/10   $ 1,201.10     $ 1,200.40     $ 1,196.50     $ 1,197.20    
Expenses Paid per $1,000*   $ 5.22     $ 7.21     $ 11.29     $ 11.19    
Hypothetical 5% Fund Return  
Beginning Account Value 7/1/10   $ 1,000.00     $ 1,000.00     $ 1,000.00     $ 1,000.00    
Ending Account Value 12/31/10   $ 1,020.47     $ 1,018.65     $ 1,014.92     $ 1,015.02    
Expenses Paid per $1,000*   $ 4.79     $ 6.61     $ 10.36     $ 10.26    
    Common
Class
  Class A   Class B   Class C  
Annualized Expense Ratios*     0.94 %     1.30 %     2.04 %     2.02 %  

 

*  Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year period, then divided by 365.

  The "Expenses Paid per $1,000" and the "Annualized Expense Ratios" in the tables are based on actual expenses paid by the Fund during the period, net of fee waivers and/or expense reimbursements. If those fee waivers and/or expense reimbursements had not been in effect, the Fund's actual expenses would have been higher.

For more information, please refer to the Fund's prospectus.


6



Credit Suisse Large Cap Blend Fund, Inc.
Annual Investment Adviser's Report (continued)

December 31, 2010 (unaudited)

SECTOR BREAKDOWN*

*  Expressed as a percentage of total investments (excluding securities lending collateral if applicable) and may vary over time.


7




Credit Suisse Large Cap Blend Fund, Inc.
Schedule of Investments

December 31, 2010

    Number of
Shares
  Value  
COMMON STOCKS (99.8%)  
Aerospace & Defense (0.5%)  
General Dynamics Corp.     2,700     $ 191,592    
Goodrich Corp.     800       70,456    
Honeywell International, Inc.     2,400       127,584    
ITT Corp.     1,800       93,798    
L-3 Communications Holdings, Inc.     900       63,441    
Lockheed Martin Corp.     2,200       153,802    
Northrop Grumman Corp.     2,200       142,516    
Precision Castparts Corp.     400       55,684    
Raytheon Co.     2,900       134,386    
Rockwell Collins, Inc.     800       46,608    
The Boeing Co.     3,100       202,306    
United Technologies Corp.     3,300       259,776    
      1,541,949    
Air Freight & Logistics (0.3%)  
CH Robinson Worldwide, Inc.§     1,200       96,228    
Expeditors International of Washington, Inc.     1,500       81,900    
FedEx Corp.     2,400       223,224    
United Parcel Service, Inc. Class B     7,200       522,576    
      923,928    
Airlines (0.1%)  
AirTran Holdings, Inc.*     12,500       92,375    
Delta Air Lines, Inc.*     20,100       253,260    
Southwest Airlines Co.     6,100       79,178    
      424,813    
Auto Components (0.0%)  
Johnson Controls, Inc.     2,600       99,320    
Automobiles (2.3%)  
Ford Motor Co.*     444,100       7,456,439    
Harley-Davidson, Inc.     1,800       62,406    
      7,518,845    
Beverages (1.9%)  
Brown-Forman Corp. Class B     1,600       111,392    
Dr. Pepper Snapple Group, Inc.     119,700       4,208,652    
Molson Coors Brewing Co. Class B     1,000       50,190    
PepsiCo, Inc.     11,588       757,044    
The Coca-Cola Co.     16,400       1,078,628    
      6,205,906    
Biotechnology (3.0%)  
Alexion Pharmaceuticals, Inc.*     1,100       88,605    
Amgen, Inc.*     53,908       2,959,549    
Biogen Idec, Inc.*     7,700       516,285    
Celgene Corp.*     5,650       334,141    
Cephalon, Inc.*     34,239       2,113,231    
Dendreon Corp.*     1,200       41,904    
Genzyme Corp.*     4,300       306,160    
Gilead Sciences, Inc.*     85,300       3,091,272    
United Therapeutics Corp.*     4,700       297,134    
      9,748,281    

 

See Accompanying Notes to Financial Statements.
8



Credit Suisse Large Cap Blend Fund, Inc.
Schedule of Investments (continued)

December 31, 2010

    Number of
Shares
  Value  
COMMON STOCKS  
Capital Markets (3.9%)  
Ameriprise Financial, Inc.     177,800     $ 10,232,390    
Federated Investors, Inc. Class B§     2,800       73,276    
Franklin Resources, Inc.     1,100       122,331    
Invesco, Ltd.     2,400       57,744    
Legg Mason, Inc.     1,300       47,151    
Morgan Stanley     10,000       272,100    
Northern Trust Corp.     1,500       83,115    
State Street Corp.     3,700       171,458    
T. Rowe Price Group, Inc.     2,000       129,080    
The Bank of New York Mellon Corp.     9,100       274,820    
The Charles Schwab Corp.     8,200       140,302    
The Goldman Sachs Group, Inc.     3,950       664,232    
Waddell & Reed Financial, Inc. Class A     14,942       527,303    
      12,795,302    
Chemicals (1.5%)  
Air Products & Chemicals, Inc.     600       54,570    
CF Industries Holdings, Inc.     500       67,575    
E.I. Du Pont de Nemours & Co.     10,200       508,776    
Eastman Chemical Co.     550       46,244    
Ecolab, Inc.     1,700       85,714    
International Flavors & Fragrances, Inc.     856       47,585    
Lubrizol Corp.     31,453       3,361,697    
Monsanto Co.     1,500       104,460    
PPG Industries, Inc.     1,400       117,698    
Praxair, Inc.     900       85,923    
Sigma-Aldrich Corp.     900       59,904    
The Dow Chemical Co.     8,500       290,190    
      4,830,336    
Commercial Banks (1.3%)  
BB&T Corp.     4,900       128,821    
Comerica, Inc.     1,400       59,136    
Commerce Bancshares, Inc.     2,220       88,189    
Cullen/Frost Bankers, Inc.     1,791       109,466    
Fifth Third Bancorp     21,400       314,152    
Huntington Bancshares, Inc.     9,500       65,265    
KeyCorp     7,800       69,030    
M&T Bank Corp.     13,900       1,209,995    
PNC Financial Services Group, Inc.     3,900       236,808    
Popular, Inc.*     18,100       56,834    
Regions Financial Corp.     9,900       69,300    
SunTrust Banks, Inc.§     3,800       112,138    
Synovus Financial Corp.     77,600       204,864    
U.S. Bancorp     14,400       388,368    
Wells Fargo & Co.     39,600       1,227,204    
      4,339,570    

 

See Accompanying Notes to Financial Statements.
9



Credit Suisse Large Cap Blend Fund, Inc.
Schedule of Investments (continued)

December 31, 2010

    Number of
Shares
  Value  
COMMON STOCKS  
Commercial Services & Supplies (0.1%)  
Republic Services, Inc.     1,900     $ 56,734    
Stericycle, Inc.*     600       48,552    
Waste Management, Inc.     3,600       132,732    
      238,018    
Communications Equipment (0.6%)  
Cisco Systems, Inc.*     42,500       859,775    
Harris Corp.     1,100       49,830    
Juniper Networks, Inc.*     4,300       158,756    
Motorola, Inc.*     18,700       169,609    
Polycom, Inc.*     2,500       97,450    
QUALCOMM, Inc.     8,900       440,461    
Unity Wireless Corp.*     712,201       356    
      1,776,237    
Computers & Peripherals (4.8%)  
Apple, Inc.*     39,500       12,741,120    
Dell, Inc.*     5,500       74,525    
EMC Corp.*     20,400       467,160    
Hewlett-Packard Co.     15,600       656,760    
Lexmark International, Inc. Class A*     43,600       1,518,152    
NetApp, Inc.*     2,600       142,896    
SanDisk Corp.*     1,800       89,748    
Western Digital Corp.*     2,199       74,546    
      15,764,907    
Construction & Engineering (0.0%)  
Fluor Corp.     1,269       84,084    
Construction Materials (0.0%)  
Vulcan Materials Co.     1,100       48,796    
Consumer Finance (2.1%)  
American Express Co.     8,300       356,236    
Capital One Financial Corp.     148,500       6,320,160    
Discover Financial Services     4,000       74,120    
      6,750,516    
Distributors (0.0%)  
Genuine Parts Co.     1,300       66,742    
Diversified Consumer Services (1.1%)  
Career Education Corp.*     14,324       296,937    
DeVry, Inc.     64,677       3,103,202    
ITT Educational Services, Inc.*     1,300       82,797    
Strayer Education, Inc.     600       91,332    
      3,574,268    

 

See Accompanying Notes to Financial Statements.
10



Credit Suisse Large Cap Blend Fund, Inc.
Schedule of Investments (continued)

December 31, 2010

    Number of
Shares
  Value  
COMMON STOCKS  
Diversified Financial Services (2.5%)  
Bank of America Corp.     75,594     $ 1,008,424    
Citigroup, Inc.*     609,600       2,883,408    
CME Group, Inc.     600       193,050    
IntercontinentalExchange, Inc.*     500       59,575    
JPMorgan Chase & Co.     79,500       3,372,390    
Moody's Corp.§     26,400       700,656    
NYSE Euronext     1,600       47,968    
      8,265,471    
Diversified Telecommunication Services (5.4%)  
AT&T, Inc.     506,005       14,866,427    
CenturyTel, Inc.     2,600       120,042    
Cincinnati Bell, Inc.*     21,300       59,640    
Frontier Communications Corp.     7,892       76,789    
Qwest Communications International, Inc.     50,600       385,066    
Verizon Communications, Inc.     54,700       1,957,166    
      17,465,130    
Electric Utilities (0.4%)  
American Electric Power Co., Inc.     3,600       129,528    
Duke Energy Corp.     10,500       187,005    
Edison International     2,500       96,500    
Entergy Corp.     1,400       99,162    
Exelon Corp.     5,100       212,364    
FirstEnergy Corp.     2,800       103,656    
NextEra Energy, Inc.     3,200       166,368    
PPL Corp.     3,500       92,120    
Progress Energy, Inc.     1,900       82,612    
Southern Co.     6,000       229,380    
      1,398,695    
Electrical Equipment (0.1%)  
Emerson Electric Co.     2,400       137,208    
Rockwell Automation, Inc.     1,100       78,881    
Roper Industries, Inc.     700       53,501    
      269,590    
Electronic Equipment, Instruments & Components (0.1%)  
Amphenol Corp. Class A     1,300       68,614    
Corning, Inc.     12,100       233,772    
Dolby Laboratories, Inc. Class A*     1,500       100,050    
      402,436    

 

See Accompanying Notes to Financial Statements.
11



Credit Suisse Large Cap Blend Fund, Inc.
Schedule of Investments (continued)

December 31, 2010

    Number of
Shares
  Value  
COMMON STOCKS  
Energy Equipment & Services (0.5%)  
Baker Hughes, Inc.     2,680     $ 153,216    
Cameron International Corp.*     1,200       60,876    
Diamond Offshore Drilling, Inc.     2,100       140,427    
Halliburton Co.     2,900       118,407    
National-Oilwell Varco, Inc.     3,200       215,200    
Schlumberger, Ltd.     10,253       856,125    
      1,544,251    
Food & Staples Retailing (0.5%)  
Costco Wholesale Corp.     1,400       101,094    
CVS Caremark Corp.     9,400       326,838    
Safeway, Inc.     2,621       58,946    
Sysco Corp.     4,400       129,360    
The Kroger Co.     4,600       102,856    
Wal-Mart Stores, Inc.     14,700       792,771    
Walgreen Co.     3,300       128,568    
      1,640,433    
Food Products (1.4%)  
Archer-Daniels-Midland Co.     4,460       134,157    
ConAgra Foods, Inc.     3,900       88,062    
General Mills, Inc.     4,900       174,391    
H.J. Heinz Co.     1,870       92,490    
Kellogg Co.     1,900       97,052    
Kraft Foods, Inc. Class A     12,200       384,422    
Mead Johnson Nutrition Co.     1,503       93,562    
Sara Lee Corp.     6,200       108,562    
The Hershey Co.     1,310       61,766    
The J.M. Smucker Co.     900       59,085    
Tyson Foods, Inc. Class A     194,200       3,344,124    
      4,637,673    
Gas Utilities (0.0%)  
ONEOK, Inc.     1,000       55,470    
Health Care Equipment & Supplies (0.3%)  
Baxter International, Inc.     2,200       111,364    
Becton, Dickinson and Co.     1,800       152,136    
Boston Scientific Corp.*     11,735       88,834    
CareFusion Corp.*     2,800       71,960    
CR Bard, Inc.     700       64,239    
Medtronic, Inc.     8,465       313,967    
St. Jude Medical, Inc.*     2,500       106,875    
Stryker Corp.     1,000       53,700    
Varian Medical Systems, Inc.*     900       62,352    
Zimmer Holdings, Inc.*     1,400       75,152    
      1,100,579    

 

See Accompanying Notes to Financial Statements.
12



Credit Suisse Large Cap Blend Fund, Inc.
Schedule of Investments (continued)

December 31, 2010

    Number of
Shares
  Value  
COMMON STOCKS  
Health Care Providers & Services (4.0%)  
Aetna, Inc.     3,400     $ 103,734    
AmerisourceBergen Corp.     2,100       71,652    
Cardinal Health, Inc.     2,700       103,437    
CIGNA Corp.     2,200       80,652    
DaVita, Inc.*     700       48,643    
Express Scripts, Inc.*     21,300       1,151,265    
Humana, Inc.*     159,100       8,709,134    
Laboratory Corp. of America Holdings*     800       70,336    
McKesson Corp.     2,100       147,798    
Medco Health Solutions, Inc.*     1,400       85,778    
Quest Diagnostics, Inc.     1,100       59,367    
Tenet Healthcare Corp.*     14,800       99,012    
UnitedHealth Group, Inc.     63,200       2,282,152    
WellPoint, Inc.*     3,128       177,858    
      13,190,818    
Hotels, Restaurants & Leisure (0.4%)  
Carnival Corp.     3,300       152,163    
Darden Restaurants, Inc.     921       42,771    
Marriott International, Inc. Class A§     2,100       87,234    
McDonald's Corp.     7,850       602,566    
Starbucks Corp.     2,400       77,112    
Starwood Hotels & Resorts Worldwide, Inc.     1,400       85,092    
Wynn Resorts, Ltd.     500       51,920    
Yum! Brands, Inc.     1,400       68,670    
      1,167,528    
Household Durables (1.1%)  
Fortune Brands, Inc.§     900       54,225    
Harman International Industries, Inc.*     30,900       1,430,670    
Newell Rubbermaid, Inc.     4,000       72,720    
Stanley Black & Decker, Inc.     1,210       80,913    
Whirlpool Corp.     23,000       2,043,090    
      3,681,618    
Household Products (0.5%)  
Clorox Co.     1,066       67,456    
Colgate-Palmolive Co.     1,900       152,703    
Kimberly-Clark Corp.     1,900       119,776    
The Procter & Gamble Co.     20,100       1,293,033    
      1,632,968    
Independent Power Producers & Energy Traders (1.5%)  
Constellation Energy Group, Inc.     160,300       4,909,989    
The AES Corp.*     4,100       49,938    
      4,959,927    

 

See Accompanying Notes to Financial Statements.
13



Credit Suisse Large Cap Blend Fund, Inc.
Schedule of Investments (continued)

December 31, 2010

    Number of
Shares
  Value  
COMMON STOCKS  
Industrial Conglomerates (0.6%)  
3M Co.     5,300     $ 457,390    
General Electric Co.     75,400       1,379,066    
Tyco International, Ltd.*     3,427       142,015    
      1,978,471    
Insurance (5.4%)  
ACE, Ltd.     2,400       149,400    
Aflac, Inc.     5,200       293,436    
American International Group, Inc.*     4,100       236,242    
AON Corp.     2,500       115,025    
Berkshire Hathaway, Inc. Class B*     162,298       13,001,693    
Chubb Corp.     3,000       178,920    
First American Financial Corp.     7,100       106,074    
Genworth Financial, Inc. Class A*     3,900       51,246    
Hartford Financial Services Group, Inc.     3,200       84,768    
Lincoln National Corp.     2,000       55,620    
Loews Corp.     2,426       94,395    
Marsh & McLennan Cos., Inc.     4,300       117,562    
MetLife, Inc.     4,200       186,648    
Principal Financial Group, Inc.     2,600       84,656    
Prudential Financial, Inc.     3,700       217,227    
The Allstate Corp.     4,000       127,520    
The Progressive Corp.     5,400       107,298    
The Travelers Cos., Inc.     40,100       2,233,971    
Unum Group     3,400       82,348    
XL Group PLC     3,400       74,188    
      17,598,237    
Internet & Catalog Retail (1.4%)  
Amazon.com, Inc.*     5,100       918,000    
Expedia, Inc.     144,000       3,612,960    
priceline.com, Inc.*     300       119,865    
      4,650,825    
Internet Software & Services (4.7%)  
Akamai Technologies, Inc.*     1,300       61,165    
eBay, Inc.*     42,300       1,177,209    
Google, Inc. Class A*     23,600       14,017,692    
Yahoo!, Inc.*     9,400       156,322    
      15,412,388    
IT Services (0.7%)  
Automatic Data Processing, Inc.     1,600       74,048    
Cognizant Technology Solutions Corp. Class A*     900       65,961    
Computer Sciences Corp.     1,300       64,480    
Fidelity National Information Services, Inc.     1,700       46,563    
International Business Machines Corp.     9,050       1,328,178    
Mastercard, Inc. Class A     800       179,288    
Paychex, Inc.     2,400       74,184    
The Western Union Co.     5,000       92,850    
Visa, Inc. Class A     3,800       267,444    
      2,192,996    

 

See Accompanying Notes to Financial Statements.
14



Credit Suisse Large Cap Blend Fund, Inc.
Schedule of Investments (continued)

December 31, 2010

    Number of
Shares
  Value  
COMMON STOCKS  
Leisure Equipment & Products (0.0%)  
Mattel, Inc.     2,100     $ 53,403    
Life Sciences Tools & Services (0.3%)  
Agilent Technologies, Inc.*     2,600       107,718    
Charles River Laboratories International, Inc.*     6,700       238,118    
Life Technologies Corp.*     1,575       87,413    
Techne Corp.     3,600       236,412    
Thermo Fisher Scientific, Inc.*     3,100       171,616    
      841,277    
Machinery (2.5%)  
Caterpillar, Inc.     30,200       2,828,532    
Cummins, Inc.     1,400       154,014    
Danaher Corp.     1,800       84,906    
Deere & Co.     3,400       282,370    
Dover Corp.     60,600       3,542,070    
Eaton Corp.     9,900       1,004,949    
Illinois Tool Works, Inc.     1,300       69,420    
Lincoln Electric Holdings, Inc.     1,200       78,324    
PACCAR, Inc.§     1,100       63,162    
Parker Hannifin Corp.     1,000       86,300    
      8,194,047    
Media (2.7%)  
CBS Corp. Class B     5,400       102,870    
Comcast Corp. Class A     20,600       452,582    
DIRECTV Class A*     4,100       163,713    
Discovery Communications, Inc. Class A*§     2,100       87,570    
News Corp. Class A     397,900       5,793,424    
Omnicom Group, Inc.     2,300       105,340    
The Interpublic Group of Cos., Inc.*     5,600       59,472    
The McGraw-Hill Cos., Inc.     1,573       57,273    
The Walt Disney Co.     14,349       538,231    
The Washington Post Co. Class B     1,603       704,518    
Time Warner Cable, Inc.     2,800       184,884    
Time Warner, Inc.     8,600       276,662    
Viacom, Inc. Class B     3,900       154,479    
      8,681,018    
Metals & Mining (2.2%)  
Alcoa, Inc.     7,700       118,503    
Cliffs Natural Resources, Inc.     900       70,209    
Freeport-McMoRan Copper & Gold, Inc.     6,000       720,540    
Newmont Mining Corp.     97,700       6,001,711    
Nucor Corp.     1,800       78,876    
United States Steel Corp.     1,100       64,262    
      7,054,101    

 

See Accompanying Notes to Financial Statements.
15



Credit Suisse Large Cap Blend Fund, Inc.
Schedule of Investments (continued)

December 31, 2010

    Number of
Shares
  Value  
COMMON STOCKS  
Multi-Utilities (0.9%)  
Ameren Corp.     1,700     $ 47,923    
Consolidated Edison, Inc.     2,100       104,097    
Dominion Resources, Inc.     4,400       187,968    
DTE Energy Co.     25,600       1,160,192    
Integrys Energy Group, Inc.     13,600       659,736    
NSTAR     3,758       158,550    
PG&E Corp.     2,800       133,952    
Public Service Enterprise Group, Inc.     3,784       120,369    
Sempra Energy     1,821       95,566    
Wisconsin Energy Corp.     900       52,974    
Xcel Energy, Inc.     3,400       80,070    
      2,801,397    
Multiline Retail (0.4%)  
Big Lots, Inc.*     19,000       578,740    
Dollar Tree, Inc.*     3,400       190,672    
Family Dollar Stores, Inc.     1,100       54,681    
J.C. Penney Co., Inc.     1,700       54,927    
Kohl's Corp.*     2,300       124,982    
Macy's, Inc.     2,800       70,840    
Sears Holdings Corp.*§     1,200       88,500    
Target Corp.     2,444       146,958    
      1,310,300    
Office Electronics (0.0%)  
Xerox Corp.     11,061       127,423    
Oil, Gas & Consumable Fuels (12.1%)  
Anadarko Petroleum Corp.     3,600       274,176    
Apache Corp.     2,700       321,921    
Arch Coal, Inc.     4,800       168,288    
Chesapeake Energy Corp.     4,700       121,777    
Chevron Corp.     166,600       15,202,250    
ConocoPhillips     114,500       7,797,450    
Consol Energy, Inc.     1,300       63,362    
Denbury Resources, Inc.*     3,147       60,076    
Devon Energy Corp.     3,400       266,934    
El Paso Corp.     4,800       66,048    
EOG Resources, Inc.     800       73,128    
Exxon Mobil Corp.     81,327       5,946,630    
Hess Corp.     93,822       7,181,136    
Marathon Oil Corp.     6,400       236,992    
Murphy Oil Corp.     1,300       96,915    
Noble Energy, Inc.     1,200       103,296    
Occidental Petroleum Corp.     6,200       608,220    
Peabody Energy Corp.     2,000       127,960    
Pioneer Natural Resources Co.     900       78,138    
QEP Resources, Inc.     1,400       50,834    
Range Resources Corp.     1,200       53,976    
Southwestern Energy Co.*     2,600       97,318    
Spectra Energy Corp.     4,700       117,453    
The Williams Cos., Inc.     3,800       93,936    
Valero Energy Corp.     4,737       109,520    
      39,317,734    

 

See Accompanying Notes to Financial Statements.
16



Credit Suisse Large Cap Blend Fund, Inc.
Schedule of Investments (continued)

December 31, 2010

    Number of
Shares
  Value  
COMMON STOCKS  
Paper & Forest Products (0.0%)  
International Paper Co.     3,200     $ 87,168    
Personal Products (1.1%)  
Alberto-Culver Co.     3,300       122,232    
Avon Products, Inc.     3,100       90,086    
The Estee Lauder Cos., Inc. Class A     41,200       3,324,840    
      3,537,158    
Pharmaceuticals (6.7%)  
Abbott Laboratories     89,300       4,278,363    
Allergan, Inc.     1,000       68,670    
Bristol-Myers Squibb Co.     13,336       353,137    
Eli Lilly & Co.     306,200       10,729,248    
Endo Pharmaceuticals Holdings, Inc.*     41,535       1,483,215    
Forest Laboratories, Inc.*     2,600       83,148    
Hospira, Inc.*     10,178       566,813    
Johnson & Johnson     20,150       1,246,277    
King Pharmaceuticals, Inc.*     66,400       932,920    
Merck & Co., Inc.     21,147       762,138    
Pfizer, Inc.     58,707       1,027,960    
Teva Pharmaceutical Industries, Ltd. ADR     3,022       157,537    
      21,689,426    
Real Estate Investment Trusts (0.3%)  
AvalonBay Communities, Inc.     531       59,764    
Boston Properties, Inc.§     1,000       86,100    
Cousins Properties, Inc.     16       133    
Equity Residential     2,100       109,095    
HCP, Inc.     2,200       80,938    
Host Hotels & Resorts, Inc.     4,514       80,665    
Kimco Realty Corp.     3,300       59,532    
ProLogis     4,100       59,204    
Simon Property Group, Inc.§     957       95,212    
Ventas, Inc.     1,200       62,976    
Vornado Realty Trust     1,332       110,996    
Weyerhaeuser Co.     3,943       74,641    
      879,256    
Road & Rail (0.2%)  
CSX Corp.     2,900       187,369    
Norfolk Southern Corp.     2,800       175,896    
Union Pacific Corp.     3,500       324,310    
      687,575    

 

See Accompanying Notes to Financial Statements.
17



Credit Suisse Large Cap Blend Fund, Inc.
Schedule of Investments (continued)

December 31, 2010

    Number of
Shares
  Value  
COMMON STOCKS  
Semiconductors & Semiconductor Equipment (5.8%)  
Altera Corp.§     67,600     $ 2,405,208    
Analog Devices, Inc.     123,100       4,637,177    
Applied Materials, Inc.     10,400       146,120    
Broadcom Corp. Class A     3,400       148,070    
First Solar, Inc.*§     600       78,084    
Intel Corp.     523,700       11,013,411    
Microchip Technology, Inc.§     2,200       75,262    
Micron Technology, Inc.*     6,700       53,734    
Texas Instruments, Inc.     9,300       302,250    
      18,859,316    
Software (3.8%)  
Adobe Systems, Inc.*     3,900       120,042    
BMC Software, Inc.*     1,300       61,282    
CA, Inc.     1,900       46,436    
Citrix Systems, Inc.*     1,400       95,774    
Intuit, Inc.*     2,100       103,530    
McAfee, Inc.*     3,000       138,930    
Microsoft Corp.     54,450       1,520,244    
Oracle Corp.     323,220       10,116,786    
Red Hat, Inc.*     1,400       63,910    
Salesforce.com, Inc.*§     800       105,600    
Symantec Corp.*     5,800       97,092    
      12,469,626    
Specialty Retail (1.6%)  
Bed Bath & Beyond, Inc.*     2,000       98,300    
Best Buy Co., Inc.     2,400       82,296    
Home Depot, Inc.     5,400       189,324    
Lowe's Cos., Inc.     6,100       152,988    
Ltd Brands, Inc.     120,300       3,696,819    
PetSmart, Inc.     3,200       127,424    
Staples, Inc.     5,500       125,235    
The Gap, Inc.     3,700       81,918    
TJX Cos., Inc.     14,200       630,338    
      5,184,642    
Textiles, Apparel & Luxury Goods (0.2%)  
Coach, Inc.     2,200       121,682    
NIKE, Inc. Class B     1,152       98,404    
The Warnaco Group, Inc.*     4,200       231,294    
VF Corp.     700       60,326    
      511,706    
Thrifts & Mortgage Finance (0.0%)  
NewAlliance Bancshares, Inc.     4,799       71,889    

 

See Accompanying Notes to Financial Statements.
18



Credit Suisse Large Cap Blend Fund, Inc.
Schedule of Investments (continued)

December 31, 2010

    Number of
Shares
  Value  
COMMON STOCKS  
Tobacco (3.9%)  
Altria Group, Inc.     15,100     $ 371,762    
Lorillard, Inc.     1,200       98,472    
Philip Morris International, Inc.     208,750       12,218,138    
Reynolds American, Inc.     2,600       84,812    
      12,773,184    
Trading Companies & Distributors (0.0%)  
Fastenal Co.§     1,100       65,901    
WW Grainger, Inc.     400       55,244    
      121,145    
Wireless Telecommunication Services (0.1%)  
American Tower Corp. Class A*     1,200       61,968    
Sprint Nextel Corp.*§     90,600       383,238    
      445,206    
TOTAL COMMON STOCKS (Cost $298,431,452)     325,675,319    
SHORT-TERM INVESTMENTS (0.5%)  
State Street Navigator Prime Portfolio, 0.3426%§§     245,994       245,994    
    Par
(000)
     
State Street Bank and Trust Co. Euro Time Deposit, 0.010%, 01/03/11   $ 1,477       1,477,000    
TOTAL SHORT-TERM INVESTMENTS (Cost $1,722,994)     1,722,994    
TOTAL INVESTMENTS AT VALUE (100.3%) (Cost $300,154,446)     327,398,313    
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.3%)     (951,902 )  
NET ASSETS (100.0%)   $ 326,446,411    

 

INVESTMENT ABBREVIATION

ADR = American Depositary Receipt

*  Non-income producing security.

§  Security or portion thereof is out on loan.

§§  Represents security purchased with cash collateral received for securities on loan. The rate shown is the annualized seven-day yield at December 31, 2010.

 

See Accompanying Notes to Financial Statements.
19




Credit Suisse Large Cap Blend Fund, Inc.
Statement of Assets and Liabilities

December 31, 2010

Assets  
Investments at value, including collateral for securities on loan of $245,994
(Cost $300,154,446) (Note 2)
  $ 327,398,3131    
Cash     900    
Dividend and interest receivable     314,972    
Receivable for fund shares sold     202,620    
Prepaid expenses and other assets     93,931    
Total Assets     328,010,736    
Liabilities  
Advisory fee payable (Note 3)     162,765    
Administrative services fee payable (Note 3)     69,181    
Shareholder servicing/Distribution fee payable (Note 3)     43,136    
Payable for fund shares redeemed     735,354    
Payable upon return of securities loaned (Note 2)     245,994    
Directors' fee payable     112    
Other accrued expenses payable     307,783    
Total Liabilities     1,564,325    
Net Assets  
Capital stock, $.001 par value (Note 6)     30,999    
Paid-in capital (Note 6)     369,818,791    
Undistributed net investment income     28,150    
Accumulated net realized gain from investments and foreign currency transactions     (70,675,396 )  
Net unrealized appreciation from investments     27,243,867    
Net Assets   $ 326,446,411    
Common Shares  
Net assets   $ 133,419,542    
Shares outstanding     12,703,168    
Net asset value, offering price and redemption price per share   $ 10.50    
A Shares  
Net assets   $ 189,454,951    
Shares outstanding     17,940,338    
Net asset value and redemption price per share   $ 10.56    
Maximum offering price per share (net asset value/(1-5.75%))   $ 11.20    
B Shares  
Net assets   $ 2,188,079    
Shares outstanding     217,500    
Net asset value and offering price per share   $ 10.06    
C Shares  
Net assets   $ 1,383,839    
Shares outstanding     137,960    
Net asset value and offering price per share   $ 10.03    

 

1  Including $241,117 of securities on loan.

 

See Accompanying Notes to Financial Statements.
20



Credit Suisse Large Cap Blend Fund, Inc.
Statement of Operations

For the Year Ended December 31, 2010

Investment Income (Note 2)  
Dividends   $ 2,064,429    
Interest     106    
Securities lending     8,207    
Foreign taxes withheld     (54 )  
Total investment income     2,072,688    
Expenses  
Investment advisory fees (Note 3)     499,637    
Administrative services fees (Note 3)     169,364    
Shareholder servicing/Distribution fees (Note 3)  
Common Class     2,434    
Class A     167,787    
Class B     7,830    
Class C     5,239    
Transfer agent fees     148,581    
Registration fees     83,481    
Printing fees (Note 3)     63,525    
Audit and tax fees     35,734    
Legal fees     30,629    
Directors' fees     25,870    
Custodian fees     18,802    
Insurance expense     3,062    
Interest expense (Note 4)     1,039    
Commitment fees (Note 4)     884    
Miscellaneous expense     7,665    
Total expenses     1,271,563    
Less: fees waived (Note 3)     (70,807 )  
Net expenses     1,200,756    
Net investment income     871,932    
Net Realized and Unrealized Gain from Investments  
Net realized gain from investments     21,774,334    
Net change in unrealized appreciation (depreciation) from investments     (824,389 )  
Net realized and unrealized gain from investments     20,949,945    
Net increase in net assets resulting from operations   $ 21,821,877    

 

See Accompanying Notes to Financial Statements.
21




Credit Suisse Large Cap Blend Fund, Inc.
Statements of Changes in Net Assets

    For the Year
Ended
December 31, 2010
  For the Year
Ended
December 31, 2009
 
From Operations  
Net investment income   $ 871,932     $ 308,614    
Net realized gain from investments and foreign currency transactions     21,774,334       866,874    
Net change in unrealized appreciation (depreciation)
from investments and foreign currency translations
    (824,389 )     6,479,961    
Net increase in net assets resulting from operations     21,821,877       7,655,449    
From Dividends and Distributions  
Dividends from net investment income  
Common Class shares     (397,074 )     (11,720 )  
Class A shares     (461,909 )     (302,822 )  
Class B shares     (34 )     (1,492 )  
Class C shares     (27 )     (712 )  
Distributions from net realized gains  
Common Class shares     (1,407,901 )        
Class A shares     (1,939,811 )        
Class B shares     (23,425 )        
Class C shares     (15,339 )        
Net decrease in net assets resulting from dividends and distributions     (4,245,520 )     (316,746 )  
From Capital Share Transactions (Note 6)  
Proceeds from sale of shares     3,968,136       1,149,305    
Exchange value of shares due to merger     294,879,973          
Reinvestment of dividends and distributions     3,983,310       264,468    
Net asset value of shares redeemed     (29,693,513 )     (4,381,229 )  
Net increase (decrease) in net assets from capital share transactions     273,137,906       (2,967,456 )  
Net increase in net assets     290,714,263       4,371,247    
Net Assets  
Beginning of year     35,732,148       31,360,901    
End of year   $ 326,446,411     $ 35,732,148    
Undistributed net investment income   $ 28,150     $ 8,022    

 

See Accompanying Notes to Financial Statements.
22




Credit Suisse Large Cap Blend Fund, Inc.
Financial Highlights

(For a Common Class Share of the Fund Outstanding Throughout Each Year)

    For the Year Ended December 31,  
    2010   2009   2008   2007   2006  
Per share data  
Net asset value, beginning of year   $ 9.63     $ 7.71     $ 11.95     $ 12.71     $ 12.23    
INVESTMENT OPERATIONS  
Net investment income1     0.13       0.08       0.11       0.08       0.05    
Net gain (loss) on investments and foreign currency
related items (both realized and unrealized)
    0.88       1.93       (4.23 )     0.68       1.22    
Total from investment operations     1.01       2.01       (4.12 )     0.76       1.27    
LESS DIVIDENDS AND DISTRIBUTIONS  
Dividends from net investment income     (0.03 )     (0.09 )     (0.12 )     (0.06 )     (0.07 )  
Distributions from net realized gains     (0.11 )           (0.00 )2     (1.46 )     (0.72 )  
Total dividends and distributions     (0.14 )     (0.09 )     (0.12 )     (1.52 )     (0.79 )  
Net asset value, end of year   $ 10.50     $ 9.63     $ 7.71     $ 11.95     $ 12.71    
Total return3     10.50 %     26.03 %     (34.46 )%     6.15 %     10.44 %  
RATIOS AND SUPPLEMENTAL DATA  
Net assets, end of year (000s omitted)   $ 133,419     $ 1,293     $ 1,237     $ 1,883     $ 2,202    
Ratio of expenses to average net assets     0.95 %     1.30 %     1.30 %     1.28 %     1.30 %  
Ratio of net investment income to average net assets     1.28 %     0.99 %     1.10 %     0.58 %     0.40 %  
Decrease reflected in above operating expense
ratios due to waivers/reimbursements
    %     0.78 %     0.41 %     0.07 %     0.26 %  
Portfolio turnover rate     360 %     362 %     222 %     114 %     106 %  

 

1  Per share information is calculated using the average shares outstanding method.

2  This amount represents less than $(0.01) per share.

3  Total returns are historical and assume changes in share price and reinvestment of all dividends and distributions. Had certain expenses not been reduced during the years shown, total returns would have been lower.

 

See Accompanying Notes to Financial Statements.
23



Credit Suisse Large Cap Blend Fund, Inc.
Financial Highlights

(For a Class A Share of the Fund Outstanding Throughout Each Year)

    For the Year Ended December 31,  
    2010   2009   2008   2007   2006  
Per share data  
Net asset value, beginning of year   $ 9.68     $ 7.75     $ 12.01     $ 12.78     $ 12.26    
INVESTMENT OPERATIONS  
Net investment income1     0.07       0.08       0.11       0.08       0.05    
Net gain (loss) on investments and foreign currency
related items (both realized and unrealized)
    0.95       1.94       (4.25 )     0.67       1.23    
Total from investment operations     1.02       2.02       (4.14 )     0.75       1.28    
LESS DIVIDENDS AND DISTRIBUTIONS  
Dividends from net investment income     (0.03 )     (0.09 )     (0.12 )     (0.06 )     (0.04 )  
Distributions from net realized gains     (0.11 )           (0.00 )2     (1.46 )     (0.72 )  
Total dividends and distributions     (0.14 )     (0.09 )     (0.12 )     (1.52 )     (0.76 )  
Net asset value, end of year   $ 10.56     $ 9.68     $ 7.75     $ 12.01     $ 12.78    
Total return3     10.50 %     26.02 %     (34.45 )%     6.03 %     10.48 %  
RATIOS AND SUPPLEMENTAL DATA  
Net assets, end of year (000s omitted)   $ 189,455     $ 33,671     $ 28,642     $ 47,691     $ 51,493    
Ratio of expenses to average net assets     1.30 %     1.30 %     1.30 %     1.28 %     1.30 %  
Ratio of net investment income to average net assets     0.70 %     0.99 %     1.09 %     0.58 %     0.40 %  
Decrease reflected in above operating expense
ratios due to waivers/reimbursements
    0.10 %     0.77 %     0.40 %     0.07 %     0.26 %  
Portfolio turnover rate     360 %     362 %     222 %     114 %     106 %  

 

1  Per share information is calculated using the average shares outstanding method.

2  This amount represents less than $(0.01) per share.

3  Total returns are historical and assume changes in share price, reinvestment of all dividends and distributions and no sales charge. Had certain expenses not been reduced during the years shown, total returns would have been lower.

 

See Accompanying Notes to Financial Statements.
24



Credit Suisse Large Cap Blend Fund, Inc.
Financial Highlights

(For a Class B Share of the Fund Outstanding Throughout Each Year)

    For the Year Ended December 31,  
    2010   2009   2008   2007   2006  
Per share data  
Net asset value, beginning of year   $ 9.27     $ 7.43     $ 11.49     $ 12.35     $ 11.92    
INVESTMENT OPERATIONS  
Net investment income (loss)1     (0.00 )2     0.02       0.03       (0.02 )     (0.04 )  
Net gain (loss) on investments and foreign currency
related items (both realized and unrealized)
    0.90       1.85       (4.05 )     0.65       1.19    
Total from investment operations     0.90       1.87       (4.02 )     0.63       1.15    
LESS DIVIDENDS AND DISTRIBUTIONS  
Dividends from net investment income     (0.00 )2     (0.03 )     (0.04 )     (0.03 )        
Distributions from net realized gains     (0.11 )           (0.00 )2     (1.46 )     (0.72 )  
Total dividends and distributions     (0.11 )     (0.03 )     (0.04 )     (1.49 )     (0.72 )  
Net asset value, end of year   $ 10.06     $ 9.27     $ 7.43     $ 11.49     $ 12.35    
Total return3     9.71 %     25.11 %     (34.97 )%     5.24 %     9.67 %  
RATIOS AND SUPPLEMENTAL DATA  
Net assets, end of year (000s omitted)   $ 2,188     $ 500     $ 1,201     $ 3,087     $ 5,010    
Ratio of expenses to average net assets     2.04 %     2.05 %     2.05 %     2.03 %     2.05 %  
Ratio of net investment income (loss) to average net assets     (0.03 )%     0.28 %     0.25 %     (0.19 )%     (0.35 )%  
Decrease reflected in above operating expense
ratios due to waivers/reimbursements
    0.10 %     0.85 %     0.35 %     0.06 %     0.26 %  
Portfolio turnover rate     360 %     362 %     222 %     114 %     106 %  

 

1  Per share information is calculated using the average shares outstanding method.

2  This amount represents less than $(0.01) per share.

3  Total returns are historical and assume changes in share price, reinvestment of all dividends and distributions and no sales charge. Had certain expenses not been reduced during the years shown, total returns would have been lower.

 

See Accompanying Notes to Financial Statements.
25



Credit Suisse Large Cap Blend Fund, Inc.
Financial Highlights

(For a Class C Share of the Fund Outstanding Throughout Each Year)

    For the Year Ended December 31,  
    2010   2009   2008   2007   2006  
Per share data  
Net asset value, beginning of year   $ 9.24     $ 7.41     $ 11.45     $ 12.31     $ 11.89    
INVESTMENT OPERATIONS  
Net investment income (loss)1     (0.00 )2     0.02       0.03       (0.02 )     (0.04 )  
Net gain (loss) on investments and foreign currency
related items (both realized and unrealized)
    0.90       1.84       (4.03 )     0.65       1.18    
Total from investment operations     0.90       1.86       (4.00 )     0.63       1.14    
LESS DIVIDENDS AND DISTRIBUTIONS  
Dividends from net investment income     (0.00 )2     (0.03 )     (0.04 )     (0.03 )        
Distributions from net realized gains     (0.11 )           (0.00 )2     (1.46 )     (0.72 )  
Total dividends and distributions     (0.11 )     (0.03 )     (0.04 )     (1.49 )     (0.72 )  
Net asset value, end of year   $ 10.03     $ 9.24     $ 7.41     $ 11.45     $ 12.31    
Total return3     9.75 %     25.04 %     (34.91 )%     5.26 %     9.61 %  
RATIOS AND SUPPLEMENTAL DATA  
Net assets, end of year (000s omitted)   $ 1,384     $ 268     $ 281     $ 616     $ 851    
Ratio of expenses to average net assets     2.03 %     2.05 %     2.05 %     2.03 %     2.05 %  
Ratio of net investment income (loss) to average net assets     (0.04 )%     0.25 %     0.31 %     (0.18 )%     (0.35 )%  
Decrease reflected in above operating expense
ratios due to waivers/reimbursements
    0.15 %     0.79 %     0.38 %     0.06 %     0.26 %  
Portfolio turnover rate     360 %     362 %     222 %     114 %     106 %  

 

1  Per share information is calculated using the average shares outstanding method.

2  This amount represents less than $(0.01) per share.

3  Total returns are historical and assume changes in share price, reinvestment of all dividends and distributions and no sales charge. Had certain expenses not been reduced during the years shown, total returns would have been lower.

 

See Accompanying Notes to Financial Statements.
26




Credit Suisse Large Cap Blend Fund, Inc.
Notes to Financial Statements

December 31, 2010

Note 1. Organization

Credit Suisse Large Cap Blend Fund, Inc. (the "Fund"), is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end management investment company that seeks long-term appreciation of capital. The Fund was incorporated under the laws of the State of Maryland on July 31, 1998.

The Fund offers four classes of shares: Common Class shares, Class A shares, Class B shares and Class C shares. The Fund's Common Class shares are closed to new investors, with certain exceptions as set forth in the prospectus. Each class of shares represents an equal pro rata interest in the Fund, except that they bear different expenses, which reflect the differences in the range of services provided to them. Class A shares are sold subject to a front-end sales charge of 5.75%. Class B shares are sold subject to a contingent deferred sales charge which declines from 4.00% to zero depending on the period of time the shares are held. Class B shares automatically convert to Class A shares after 8 years. Class C shares are sold subject to a contingent deferred sales charge of 1.00% if the shares are redeemed within the first year of purchase.

Note 2. Significant Accounting Policies

A) SECURITY VALUATION — The net asset value of the Fund is determined daily as of the close of regular trading on the New York Stock Exchange, Inc. (the "Exchange") on each day the Exchange is open for business. Equity investments are valued at market value, which is generally determined using the closing price on the exchange or market on which the security is primarily traded at the time of valuation (the "Valuation Time"). If no sales are reported, equity investments are generally valued at the most recent bid quotation as of the Valuation Time or at the lowest asked quotation in the case of a short sale of securities. Equity investments are generally categorized as Level 1. Debt securities with a remaining maturity greater than 60 days are valued in accordance with the price supplied by a pricing service, which may use a matrix, formula or other objective method that takes into consideration market indices, yield curves and other specific adjustments. Debt obligations that will mature in 60 days or less are valued on the basis of amortized cost, which approximates market value, unless it is determined that using this method would not represent fair value. Debt securities are generally categorized as Level 2. Investments in open-end investment companies are valued at their net asset value each business day and are generally categorized as Level 1. Securities and other assets for which market quotations are not readily available, or whose values have been materially affected by events occurring


27



Credit Suisse Large Cap Blend Fund, Inc.
Notes to Financial Statements (continued)

December 31, 2010

Note 2. Significant Accounting Policies

before the Fund's Valuation Time but after the close of the securities' primary markets, are valued at fair value as determined in good faith by, or under the direction of, the Board of Directors under procedures established by the Board of Directors and are generally categorized as Level 3. The Fund may utilize a service provided by an independent third party which has been approved by the Board of Directors to fair value certain securities. When fair value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities.

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America ("GAAP"), the Fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. In accordance with GAAP, fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. In accordance with the Fund's valuation procedures, factors used in determining value may include, but are not limited to, the type of the security, the size of the holding, the initial cost of the security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies, quotations or evaluated prices from broker-dealers and/or pricing services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or issuer's financial statements, an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold and with respect to debt


28



Credit Suisse Large Cap Blend Fund, Inc.
Notes to Financial Statements (continued)

December 31, 2010

Note 2. Significant Accounting Policies

securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security is normally traded. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

•  Level 1 – quoted prices in active markets for identical investments

•  Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of December 31, 2010 in valuing the Fund's investments carried at value:

    Level 1   Level 2   Level 3   Total  
Investments in Securities  
Common Stocks   $ 325,675,319     $     $     $ 325,675,319    
Short-Term Investments     245,994       1,477,000             1,722,994    
Other Financial Instruments*                          
    $ 325,921,313     $ 1,477,000     $     $ 327,398,313    

 

*Other financial instruments include futures, forwards and swap contracts.

Effective January 1, 2010, the Fund adopted FASB amendments to authoritative guidance which requires the Fund to disclose details of significant transfers in and out of Level 1 and Level 2 measurements and the reasons for the transfers. For the year ended December 31, 2010, there were no significant transfers in and out of Level 1 and Level 2.

B) DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES — Effective January 1, 2009, the Fund adopted amendments to authoritative guidance on disclosures about derivative instruments and hedging activities which require that the Fund disclose (a) how and why an entity uses derivative instruments, (b) how derivative instruments and hedging activities are accounted for, and (c) how derivative instruments and related hedging activities affect a fund's financial position, financial performance, and cash flows. The Fund has not entered into any derivative or hedging activities during the period covered by this report.


29



Credit Suisse Large Cap Blend Fund, Inc.
Notes to Financial Statements (continued)

December 31, 2010

Note 2. Significant Accounting Policies

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 GAAP.

E) FEDERAL INCOME TAXES — No provision is made for federal taxes as it is the 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 to make the requisite distributions to its shareholders, which will be sufficient to relieve it from federal income and excise taxes.

The Fund adopted the authoritative guidance for uncertainty in income taxes and recognizes a tax benefit or liability from an uncertain position only if it is more likely than not that the position is sustainable based solely on its technical merits and consideration of the relevant taxing authority's widely understood administrative practices and procedures. The Fund has reviewed its current tax positions and has determined that no provision for income tax is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

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 income and expenses during the reporting period. Actual results could differ from these estimates.


30



Credit Suisse Large Cap Blend Fund, Inc.
Notes to Financial Statements (continued)

December 31, 2010

Note 2. Significant Accounting Policies

G) SHORT-TERM INVESTMENTS — The Fund, together with other funds/portfolios advised by Credit Suisse Asset Management, LLC ("Credit Suisse"), an indirect, wholly-owned subsidiary of Credit Suisse Group AG, pools available cash into a short-term variable rate time deposit issued by State Street Bank and Trust Company ("SSB"), the Fund's custodian. The short-term time deposit issued by SSB is a variable rate account classified as a short-term investment.

H) SECURITIES LENDING — Loans of securities are required at all times to be secured by collateral at least equal to 102% of the market value of domestic securities on loan (including any accrued interest thereon) and 105% of the market value of foreign securities on loan (including any accrued interest thereon). Cash collateral received by the Fund in connection with securities lending activity may be pooled together with cash collateral for other funds/portfolios advised by Credit Suisse and may be invested in a variety of investments, including funds advised by SSB, the Fund's securities lending agent, or money market instruments. However, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings.

SSB has been engaged by the Fund to act as the Fund's securities lending agent. The Fund's securities lending arrangement provides that the Fund and SSB will share the net income earned from securities lending activities. During the year ended December 31, 2010, total earnings from the Fund's investment in cash collateral received in connection with securities lending arrangements was $12,343, of which $2,662 was rebated to borrowers (brokers). The Fund retained $8,207 in income from the cash collateral investment, and SSB, as lending agent, was paid $1,474. Securities lending income is accrued as earned.

I) SUBSEQUENT EVENTS — In preparing the financial statements as of December 31, 2010, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements.

Note 3. Transactions with Affiliates and Related Parties

Credit Suisse serves as investment adviser for the Fund. For its investment advisory services, Credit Suisse is entitled to receive a fee from the Fund at an annual rate of 0.50% of the Fund's average daily net assets. For the year ended December 31, 2010, investment advisory fees earned and voluntarily waived were $499,637 and $70,807, respectively. Credit Suisse will not recapture from the Fund any fees it waived during the year ended December 31, 2010. Fee


31



Credit Suisse Large Cap Blend Fund, Inc.
Notes to Financial Statements (continued)

December 31, 2010

Note 3. Transactions with Affiliates and Related Parties

waivers and expense reimbursements are voluntary and may be discontinued by Credit Suisse at any time.

Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of Credit Suisse, and SSB serve as co-administrators to the Fund. For its co-administrative services, CSAMSI currently receives a fee calculated at an annual rate of 0.09% of the Fund's average daily net assets. For the year ended December 31, 2010, co-administrative services fees earned by CSAMSI were $89,934.

For its co-administrative services, SSB receives a fee, exclusive of out-of-pocket expenses, calculated in total for all the Credit Suisse funds/portfolios co-administered by SSB and allocated based upon the relative average net assets of each fund/portfolio, subject to an annual minimum fee. For the year ended December 31, 2010, co-administrative services fees earned by SSB (including out-of-pocket expenses) were $79,430.

In addition to serving as the Fund's co-administrator, CSAMSI currently serves as distributor of the Fund's shares. Pursuant to distribution plans adopted by the Fund pursuant to Rule 12b-1 under the 1940 Act, CSAMSI receives fees for its distribution services. For the Common Class shares of the Fund, the fee was calculated at an annual rate of 0.25% of the average daily net assets through October 10, 2010. Effective October 11, 2010, Common Class shares no longer charge this fee. For the Class A shares of the Fund, the fee is calculated at an annual rate of 0.25% of the average daily net assets. For the Class B and Class C shares of the Fund, the fee is calculated at an annual rate of 1.00% of average daily net assets.

Merrill Corporation ("Merrill"), an affiliate of Credit Suisse, has been engaged by the Fund to provide certain financial printing services. For the year ended December 31, 2010, Merrill was paid $34,520 for its services by the Fund.

Note 4. Line of Credit

The Fund, together with other funds/portfolios advised by Credit Suisse (collectively, the "Participating Funds"), participates in a committed, unsecured line of credit facility ("Credit Facility") for temporary or emergency purposes with SSB. Under the terms of the Credit Facility, the Participating Funds pay an aggregate commitment fee 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,


32



Credit Suisse Large Cap Blend Fund, Inc.
Notes to Financial Statements (continued)

December 31, 2010

Note 4. Line of Credit

the Participating Funds pay interest on borrowings at either the Overnight Federal Funds rate or the Overnight LIBOR rate plus a spread. At December 31, 2010, the Fund had no loans outstanding under the Credit Facility. During the year ended December 31, 2010, the Fund had borrowings under the Credit Facility as follows:

Average Daily
Loan Balance
  Weighted Average
Interest Rate %
  Maximum Daily
Loan Outstanding
 
$ 4,076,500       1.491 %   $ 5,261,000    

 

Note 5. Purchases and Sales of Securities

For the year ended December 31, 2010, purchases and sales of investment securities (excluding short-term investments) were $357,215,532 and $381,334,373, respectively.

Note 6. Capital Share Transactions

The 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 class were as follows:

    Common Class  
    For the Year Ended
December 31, 2010
  For the Year Ended
December 31, 2009
 
    Shares   Value   Shares   Value  
Shares sold     194,337     $ 1,994,500       13,253     $ 109,159    
Shares exchanged due to merger     13,769,297       137,553,921                
Shares issued in reinvestment
of dividends and distributions
    167,188       1,748,715       1,185       11,480    
Shares redeemed     (1,561,979 )     (16,043,543 )     (40,541 )     (349,824 )  
Net increase (decrease)     12,568,843     $ 125,253,593       (26,103 )   $ (229,185 )  
    Class A  
    For the Year Ended
December 31, 2010
  For the Year Ended
December 31, 2009
 
    Shares   Value   Shares   Value  
Shares sold     194,546     $ 1,924,364       114,797     $ 992,119    
Shares exchanged due to merger     15,347,297       154,195,398                
Shares issued in reinvestment
of dividends and distributions
    209,662       2,203,054       25,814       251,608    
Shares redeemed     (1,287,990 )     (13,040,006 )     (358,829 )     (3,060,365 )  
Net increase (decrease)     14,463,515     $ 145,282,810       (218,218 )   $ (1,816,638 )  


33



Credit Suisse Large Cap Blend Fund, Inc.
Notes to Financial Statements (continued)

December 31, 2010

Note 6. Capital Share Transactions

    Class B  
    For the Year Ended
December 31, 2010
  For the Year Ended
December 31, 2009
 
    Shares   Value   Shares   Value  
Shares sold     2,681     $ 25,793       3,963     $ 31,034    
Shares exchanged due to merger     211,845       2,027,396                
Shares issued in reinvestment
of dividends and distributions
    1,979       19,728       105       977    
Shares redeemed     (52,885 )     (509,990 )     (111,825 )     (888,459 )  
Net increase (decrease)     163,620     $ 1,562,927       (107,757 )   $ (856,448 )  
    Class C  
    For the Year Ended
December 31, 2010
  For the Year Ended
December 31, 2009
 
    Shares   Value   Shares   Value  
Shares sold     2,534     $ 23,479       1,850     $ 16,993    
Shares exchanged due to merger     115,616       1,103,258                
Shares issued in reinvestment
of dividends and distributions
    1,189       11,813       44       403    
Shares redeemed     (10,417 )     (99,974 )     (10,745 )     (82,581 )  
Net increase (decrease)     108,922     $ 1,038,576       (8,851 )   $ (65,185 )  

 

On December 31, 2010, the number of shareholders that held 5% or more of the outstanding shares of each class of the Fund was as follows:

    Number of
Shareholders
  Approximate Percentage
of Outstanding Shares
 
Common Class     3       48 %  
Class A     1       11 %  
Class B     3       45 %  
Class C     4       72 %  

 

Some of the shareholders are omnibus accounts, which hold shares on behalf of individual shareholders.

Note 7. Federal Income Taxes

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

The tax characteristics of dividends and distributions paid during the years ended December 31, 2010 and 2009, respectively, by the Fund were as follows:

Ordinary Income   Long-Term Capital Gain  
2010   2009   2010   2009  
$ 859,044     $ 316,746     $ 3,386,476     $ 0    

 


34



Credit Suisse Large Cap Blend Fund, Inc.
Notes to Financial Statements (continued)

December 31, 2010

Note 7. Federal Income Taxes

The tax basis components of distributable earnings differ from the amounts reflected in the Statement of Assets and Liabilities by temporary book/tax differences. These differences are primarily due to differing treatments of wash sales, real estate investment trusts and cumulative basis adjustments on partnerships.

At December 31, 2010, the components of distributable earnings on a tax basis were as follows:

Undistributed net investment income   $ 15,374    
Undistributed capital gains     4,170,086    
Accumulated realized loss     (68,675,724 )  
Unrealized appreciation     21,086,885    
    $ (43,403,379 )  

 

At December 31, 2010, the Fund had capital loss carryforwards available to offset possible future capital gains as follows:

Expires December 31,  
2015   2016  
$ 12,567,359     $ 56,108,365    

 

During the tax year ended December 31, 2010, the Fund utilized $12,531,966 of the capital loss carryforwards and $46,071,536 of the capital loss carryforwards expired.

It is uncertain whether the Fund will be able to realize the benefits of the capital loss carryforwards before they expire.

Included in the Fund's capital loss carryforwards which expire in 2015 are $1,217,389, $9,817,957, $1,532,013, acquired in the Fund mergers of the Credit Suisse Large Cap Growth Fund, Credit Suisse Large Cap Value Fund and Credit Suisse Mid-Cap Core Fund, Inc., respectively, which are subject to limitations.

Included in the Fund's capital loss carryforwards which expire in 2016 are $11,022,797, $24,633,083, $20,452,485, acquired in the Fund mergers of the Credit Suisse Large Cap Growth Fund, Credit Suisse Large Cap Value Fund and Credit Suisse Mid-Cap Core Fund, Inc., respectively, which are subject to limitations.

At December 31, 2010, the identified cost for federal income tax purposes, as well as the gross unrealized appreciation from investments for those securities


35



Credit Suisse Large Cap Blend Fund, Inc.
Notes to Financial Statements (continued)

December 31, 2010

Note 7. Federal Income Taxes

having an excess of value over cost, gross unrealized depreciation from investments for those securities having an excess of cost over value and the net unrealized appreciation from investments were $306,311,428, $30,626,501, $(9,539,616) and $21,086,885, respectively.

At December 31, 2010, the Fund reclassified $7,240 to undistributed net investment income and $80,767,214 to paid in capital from accumulated net realized loss, to adjust for current period permanent book/tax differences which arose principally from capital loss carryforwards and other temporary book/tax differences from the acquired funds and the expiration of capital loss carryforwards. Net assets were not affected by these reclassifications.

Note 8. Acquisition of Credit Suisse Large Cap Growth Fund, Credit Suisse Large Cap Value Fund and Credit Suisse Mid-Cap Core Fund, Inc.

On October 8, 2010, Credit Suisse Large Cap Blend Fund, Inc. acquired all of the net assets of Credit Suisse Large Cap Growth Fund, Credit Suisse Large Cap Value Fund and Credit Suisse Mid-Cap Core Fund, Inc., each open-end investment companies, pursuant to a plan of reorganization approved by the Board of Trustees/Directors on May 3, 2010. The purpose of the transaction was to combine four funds managed by Credit Suisse with comparable investment objectives and strategies. The acquisition was accomplished by a tax-free exchange of 2,965,536 shares of Credit Suisse Large Cap Growth Fund valued at $51,257,052, 12,370,780 shares of Credit Suisse Large Cap Value Fund valued at $151,560,546 and 2,623,421 shares of Credit Suisse Mid-Cap Core Fund, Inc. valued at $92,062,375 for 29,444,055 shares of Credit Suisse Large Cap Blend Fund, Inc. The investment portfolios of Credit Suisse Large Cap Growth Fund, Credit Suisse Large Cap Value Fund and Credit Suisse Mid-Cap Core Fund, Inc. had a fair value at October 8, 2010 of $51,973,119, $151,648,970 and $92,200,589 and identified costs of $46,562,613, $138,709,260 and $85,462,208, respectively, which were the principal assets acquired by Credit Suisse Large Cap Blend Fund, Inc. For financial reporting purposes, assets received and shares issued by Credit Suisse Large Cap Blend Fund, Inc. were recorded at fair value; however the cost basis of the investments received from Credit Suisse Large Cap Growth Fund, Credit Suisse Large Cap Value Fund and Credit Suisse Mid-Cap Core Fund, Inc. were carried forward to align ongoing reporting of Credit Suisse Large Cap Blend Fund, Inc.'s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Immediately prior to the merger, the net assets of Credit Suisse Large Cap Blend Fund, Inc. were $34,788,604.


36



Credit Suisse Large Cap Blend Fund, Inc.
Notes to Financial Statements (continued)

December 31, 2010

Note 8. Acquisition of Credit Suisse Large Cap Growth Fund, Credit Suisse Large Cap Value Fund and Credit Suisse Mid-Cap Core Fund, Inc.

Credit Suisse Large Cap Blend Fund, Inc. pro forma results of operations for the year ended December 31, 2010 are as follows:

Net investment income   $ 2,399,9791    
Net gain from investments     65,946,8662    
Net increase in net assets resulting from operations   $ 68,346,845    

 

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of net investment income and net gain on investments of Credit Suisse Large Cap Growth Fund, Credit Suisse Large Cap Value Fund and Credit Suisse Mid-Cap Core Fund, Inc. that have been included in Credit Suisse Large Cap Blend Fund, Inc.'s statement of operations since October 8, 2010.

1 $871,932 as reported, plus $68,964, $995,494 and $175,208 for Credit Suisse Large Cap Growth Fund, Credit Suisse Large Cap Value Fund and Credit Suisse Mid-Cap Core Fund, Inc. respectively, premerger, plus $288,381 of pro-forma gross expenses eliminated.

2 $20,949,945 as reported, plus $9,268,309, $15,488,326 and $20,240,286 for Credit Suisse Large Cap Growth Fund, Credit Suisse Large Cap Value Fund and Credit Suisse Mid-Cap Core Fund, Inc., respectively, premerger.

Note 9. Contingencies

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


37





Credit Suisse Large Cap Blend Fund, Inc.
Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of
Credit Suisse Large Cap Blend Fund, Inc.:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Credit Suisse Large Cap Blend Fund, Inc. (the "Fund") at December 31, 2010, the results of its operations for the year then ended and the changes in its net assets and financial highlights for the 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 Fund's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at December 31, 2010 by correspondence with the custodian and brokers, provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts
February 22, 2011


38




Credit Suisse Large Cap Blend Fund, Inc.
Board Approval of Advisory Agreement
(unaudited)

In approving the renewal of the current Advisory Agreement, the Board of Directors (the "Board") of the Credit Suisse Large Cap Blend Fund, Inc. (the "Fund"), including a majority of the Directors who are not "interested persons" of the Fund as defined in the Investment Company Act of 1940 (the "Independent Directors"), at a meeting held on November 15 and 16, 2010, considered the following factors:

Investment Advisory Fee Rates and Expenses

The Board reviewed and considered the contractual advisory fee rate of 0.50% for the Fund ("Contractual Advisory Fee") in light of the extent and quality of the advisory services provided by Credit Suisse Asset Management, LLC ("Credit Suisse"). The Board also reviewed and considered the voluntary fee waivers currently in place for the Fund and considered the actual fee rate of 0.39% paid by the Fund after taking waivers into account ("Net Advisory Fee") as of September 30, 2010. The Board also considered the merger of other Credit Suisse funds into the Fund. The Board acknowledged that voluntary fee waivers and expense reimbursements could be discontinued at any time.

Additionally, the Board received and considered information comparing the Fund's Contractual Advisory Fee, Net Advisory Fee and the Fund's overall expenses with those of funds in both the relevant expense group ("Expense Group") and universe of funds ("Expense Universe") provided by Lipper Inc., an independent provider of investment company data.

Nature, Extent and Quality of the Services under the Advisory Agreement

The Board received and considered information regarding the nature, extent and quality of services provided to the Fund by Credit Suisse under the Advisory Agreement. The Board also noted information received at regular meetings throughout the year related to the services rendered by Credit Suisse. The Board reviewed background information about Credit Suisse, including its Form ADV. The Board considered the background and experience of Credit Suisse's senior management and the expertise of, and the amount of attention given to the Fund by, senior personnel of Credit Suisse. In addition, the Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day portfolio management of the Fund and the extent of the resources devoted to research and analysis of actual and potential investments. The Board evaluated the ability of Credit Suisse, based on its resources, reputation and other attributes, to attract and retain qualified investment professionals, including research,


39




Credit Suisse Large Cap Blend Fund, Inc.
Board Approval of Advisory Agreement
(unaudited)(continued)

advisory, and supervisory personnel. The Board also received and considered information about the nature, extent and quality of services and fee rates offered to other Credit Suisse clients for comparable services.

Fund Performance

The Board received and considered performance results of the Fund over time, along with comparisons both to the relevant performance group ("Performance Group") and universe of funds ("Performance Universe") for the Fund. The Board was provided with a description of the methodology used to arrive at the funds included in the Performance Group and the Performance Universe.

Credit Suisse Profitability

The Board received and considered a profitability analysis of Credit Suisse based on the fees payable under the Advisory Agreement for the Fund, including any fee waivers, as well as other relationships between the Fund on the one hand and Credit Suisse affiliates on the other. The Board also considered Credit Suisse's methodology for allocating costs to the Fund, recognizing that cost allocation methodologies are inherently subjective. The Board received profitability information for the other funds in the Credit Suisse family of funds.

Economies of Scale

The Board considered information regarding whether there have been economies of scale with respect to the management of the Fund, whether the Fund has appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. Accordingly, the Board considered whether breakpoints in the Fund's advisory fee structure would be appropriate or reasonable taking into consideration economies of scale or other efficiencies that might accrue from increases in the Fund's asset levels.

Other Benefits to Credit Suisse

The Board considered other benefits received by Credit Suisse and its affiliates as a result of their relationship with the Fund. Such benefits include, among others, benefits potentially derived from an increase in Credit Suisse's businesses as a result of its relationship with the Fund (such as the ability to market to shareholders other financial products offered by Credit Suisse and its


40




Credit Suisse Large Cap Blend Fund, Inc.
Board Approval of Advisory Agreement
(unaudited)(continued)

affiliates) and the fees paid to affiliates of Credit Suisse for co-administration and distribution services.

The Board considered the standards applied in seeking best execution, and reviewed Credit Suisse's method for allocating portfolio investment opportunities among its advisory clients. Credit Suisse confirmed there were no soft dollar arrangements during the past year.

Other Factors and Broader Review

As discussed above, the Board reviews detailed materials received from Credit Suisse as part of the annual re-approval process. The Board also reviews and assesses the quality of the services that the Fund receives throughout the year. In this regard, the Board reviews reports of Credit Suisse at least quarterly, which include, among other things, detailed portfolio and market reviews, detailed fund performance reports and Credit Suisse's compliance procedures.

Conclusions

In selecting Credit Suisse, and approving the Advisory Agreement and the investment advisory fee under such agreement, the Board concluded that:

•  The combined Contractual Advisory Fee and co-administration fee were below the median of the Fund's Expense Group and the Net Advisory Fee was the lowest in the Expense Group. The Board concluded the fee was reasonable.

•  The Fund's performance was above the median for all periods in its Performance Group and Performance Universe except for the one and five year periods in the Performance Group and Performance Universe. The Board determined that it would continue to monitor steps taken by Credit Suisse to improve performance. The Board noted the changes to the Fund during the past year including the reorganization in which the Fund acquired substantially all of the assets and liabilities of each of the Credit Suisse Large Cap Value Fund, Credit Suisse Large Cap Growth Fund and Credit Suisse Mid Cap Core Fund, Inc.

•  Aside from performance (as discussed above), the Board was satisfied with the nature, extent and quality of the investment advisory services provided to the Fund by Credit Suisse and that, based on dialogue with management and counsel, the services provided by Credit Suisse under the Advisory


41




Credit Suisse Large Cap Blend Fund, Inc.
Board Approval of Advisory Agreement
(unaudited)(continued)

Agreement are typical of, and consistent with, those provided to similar mutual funds by other investment advisers.

•  In light of the costs of providing investment management and other services to the Fund and Credit Suisse's ongoing commitment to the Fund and willingness to waive fees, Credit Suisse's profitability based on fees payable under the Advisory Agreement, as well as other ancillary benefits that Credit Suisse and its affiliates received, were considered reasonable.

•  In light of the combined Contractual Advisory Fee and co-administration fee, as well as the fee waivers and the Net Advisory Fee, the Fund's current fee structure (without breakpoints) was considered reasonable.

No single factor reviewed by the Board was identified by the Board as the principal factor in determining whether to approve the Advisory Agreement. The Independent Directors were advised by separate independent legal counsel throughout the process.


42




Credit Suisse Large Cap Blend Fund, Inc.
Information Concerning Directors and Officers
(unaudited)

Name, Address
(Year of Birth)
  Position(s)
Held with
Fund
  Term
of Office1
and
Length
of Time
Served
  Principal
Occupation(s) During
Past Five Years
  Number of
Portfolios in
Fund
Complex
Overseen by
Director
  Other
Directorships
Held by Director
 
Independent Directors            
Enrique Arzac
c/o Credit Suisse Asset
Management, LLC
Attn: General Counsel
Eleven Madison Avenue
New York, New York
10010
(1941)
  Director, Audit Committee Chairman and Nominating Committee Member   Since 2005   Professor of Finance and Economics, Graduate School of Business, Columbia University since 1971.   9   Director of Epoch Holding Corporation (an investment management and investment advisory services company); Director of Starcomms PLC., (telecommunications company); Director of Mirae Asset Discovery Funds (6 open-end portfolios); Director of Aberdeen Asia-Pacific Income Investment Company Limited (a Canadian closed-end fund); Director of The Adams Express Company, Petroleum and Resources Corporation, Aberdeen Chile Fund, Inc., Aberdeen Indonesia Fund, Inc., Aberdeen Israel Fund, Inc., Aberdeen Latin America Equity Fund, Inc. and Aberdeen Emerging Markets Telecommunications and Infrastructure Fund, Inc. (each a closed-end investment company).  

 

1  Each Director and Officer serves until his or her respective successor has been duly elected and qualified.

 


43




Credit Suisse Large Cap Blend Fund, Inc.
Information Concerning Directors and Officers
(unaudited) (continued)

Name, Address
(Year of Birth)
  Position(s)
Held with
Fund
  Term
of Office1
and
Length
of Time
Served
  Principal
Occupation(s) During
Past Five Years
  Number of
Portfolios in
Fund
Complex
Overseen by
Director
  Other
Directorships
Held by Director
 
Independent Directors            
Jeffrey E. Garten2
Box 208200
New Haven, Connecticut
06520-8200
(1946)
  Director, Audit and Nominating Committee Member   Since Fund Inception   The Juan Trippe Professor in the Practice of International Trade, Finance and Business from July 2005 to present; Partner and Chairman of Garten Rothkopf (consulting firm) from October 2005 to present; Dean of Yale School of Management from November 1995 to June 2005.   7   Director of Aetna, Inc. (insurance company); Director of CarMax Group (used car dealers); Member of Standard & Poor's Board of Managers.  
Peter F. Krogh
c/o Credit Suisse Asset
Management, LLC
Attn: General Counsel
Eleven Madison Avenue
New York, New York
10010
(1937)
  Director, Audit and Nominating Committee Member   Since 2001   Dean Emeritus and Distinguished Professor of International Affairs at the Edmund A. Walsh School of Foreign Service, Georgetown University from June 1995 to June 2009.   7   None  

 

2  Mr. Garten was initially appointed as a Director of the Fund at inception. He resigned as Director on February 3, 2000 and was subsequently reappointed on December 21, 2000.

 


44




Credit Suisse Large Cap Blend Fund, Inc.
Information Concerning Directors and Officers
(unaudited) (continued)

Name, Address
(Year of Birth)
  Position(s)
Held with
Fund
  Term
of Office1
and
Length
of Time
Served
  Principal
Occupation(s) During
Past Five Years
  Number of
Portfolios in
Fund
Complex
Overseen by
Director
  Other
Directorships
Held by Director
 
Independent Directors            
Steven N. Rappaport
Lehigh Court, LLC
555 Madison Avenue
29th Floor
New York, New York
10022
(1948)
  Chairman of the Board of Directors, Audit Committee Member and Nominating Committee Chairman   Director since 1999 and Chairman since 2005   Partner of Lehigh Court, LLC and RZ Capital (private investment firms) from July 2002 to present.   9   Director of iCAD, Inc. (a surgical and medical instruments and apparatus company); Director of Presstek, Inc. (digital imaging technologies company); Director of Wood Resources, LLC. (plywood manufacturing company); Director of Aberdeen Chile Fund, Inc., Aberdeen Indonesia Fund, Inc., Aberdeen Israel Fund, Inc., Aberdeen Latin America Equity Fund, Inc. and Aberdeen Emerging Markets Telecommunications and Infrastructure Fund, Inc. (each a closed-end investment company).  

 


45




Credit Suisse Large Cap Blend Fund, Inc.
Information Concerning Directors and Officers
(unaudited) (continued)

Name, Address
(Year of Birth)
  Position(s)
Held with
Fund
  Term
of Office1
and
Length
of Time
Served
  Principal Occupation(s) During Past Five Years  
Officers**        
John G. Popp
Credit Suisse Asset
Management, LLC
Eleven Madison Avenue
New York, New York 10010
(1956)
  Chief Executive Officer and President   Since 2010   Managing Director of Credit Suisse; Group Manager and Senior Portfolio Manager for Performing Credit Strategies; Associated with Credit Suisse or its predecessor since 1997; Officer of other Credit Suisse Funds.  
Michael A. Pignataro
Credit Suisse Asset
Management, LLC
Eleven Madison Avenue
New York, New York 10010
(1959)
  Chief Financial Officer   Since 1999   Director and Director of Fund Administration of Credit Suisse; Associated with Credit Suisse or its predecessor since 1984; Officer of other Credit Suisse Funds.  
Emidio Morizio
Credit Suisse Asset
Management, LLC
One Madison Avenue
New York, New York 10010
(1966)
  Chief Compliance Officer   Since 2004   Managing Director and Global Head of Compliance of Credit Suisse; Associated with Credit Suisse since July 2000; Officer of other Credit Suisse Funds.  
Roger Machlis
Credit Suisse Asset
Management, LLC
One Madison Avenue
New York, New York 10010
(1961)
  Chief Legal Officer   Since 2010   Managing Director and General Counsel for Credit Suisse; Associated with Credit Suisse Group AG since 1997; Officer of other Credit Suisse Funds.  
Cecilia Chau
Credit Suisse Asset
Management, LLC
Eleven Madison Avenue
New York, New York 10010
(1973)
  Treasurer   Since 2008   Vice President of Credit Suisse since 2009; Assistant Vice President of Credit Suisse from June 2007 to December 2008; Associated with Alliance Bernstein L.P. from January 2007 to May 2007; Associated with Credit Suisse from August 2000 to December 2006; Officer of other Credit Suisse Funds.  
Karen Regan
Credit Suisse Asset
Management, LLC
Eleven Madison Avenue
New York, New York 10010
(1963)
  Vice President and Secretary   Since 2010   Vice President of Credit Suisse; Associated with Credit Suisse since December 2004; Officer of other Credit Suisse Funds  

 

**  The officers of the Fund shown are officers that make policy decisions.

The Statement of Additional Information includes additional information about the Directors and is available, without charge, upon request, by calling 877-870-2874.

 


46



Credit Suisse Large Cap Blend Fund, Inc.
Tax Information Letter
December 31, 2010 (unaudited)

Important Tax Information for Corporate Shareholders

Corporate shareholders should note for the year ended December 31, 2010, the percentage of the Fund's investment income (i.e., net investment income plus short-term capital gains) that qualified for the intercorporate dividends received deduction is 100%.

Important Tax Information for Shareholders

For the fiscal year ended December 31, 2010, the Fund designates approximately $859,044, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for reduced tax rates. These lower rates range from 5% to 15% depending on an individual's tax bracket. If the Fund pays a distribution during calendar year 2010, complete information will be reported in conjunction with Form 1099-DIV.

During the year ended December 31, 2010, the Fund declared $3,386,476 in dividends that were designated as long term capital gains dividends.


47




Credit Suisse Large Cap Blend Fund, Inc.
Proxy Voting and Portfolio Holdings Information
(unaudited)

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

•  By calling 1-877-870-2874

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

•  On the website of the Securities and Exchange Commission, www.sec.gov.

The Fund files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Fund's Forms N-Q are available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the SEC's Public Reference Room may be obtained by calling 1-202-551-8090.


48




P.O. BOX 55030, BOSTON, MA 02205-5030

877-870-2874 n WWW.credit-suisse.com/us

CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR.  LCB-AR-1210




 

Item 2. Code of Ethics.

 

The registrant has adopted a code of ethics applicable to its Chief Executive Officer, President, Chief Financial Officer and Chief Accounting Officer, or persons performing similar functions. A copy of the code is filed as Exhibit 12(a)(1) to this Form. There were no amendments to the code during the fiscal year ended December 31, 2010. There were no waivers or implicit waivers from the code granted by the registrant during the fiscal year ended December 31, 2010

 



 

Item 3. Audit Committee Financial Expert.

 

The registrant’s governing board has determined that it has two audit committee financial experts serving on its audit committee: Enrique R. Arzac and Steven N. Rappaport.  Each audit committee financial expert is “independent” for purposes of this item.

 

Item 4. Principal Accountant Fees and Services.

 

(a) through (d). The information in the table below is provided for services rendered to the registrant by its independent registered public accounting firm, PricewaterhouseCoopers LLP (“PwC”), for its fiscal years ended December 31, 2009 and December 31, 2010.

 

 

 

2009

 

2010

 

Audit Fees

 

$

17,500

 

$

30,000

 

Audit-Related Fees(1)

 

$

3,400

 

$

3,400

 

Tax Fees(2)

 

$

2,800

 

$

2,800

 

All Other Fees

 

 

 

Total

 

$

23,700

 

$

36,200

 

 


(1) Services include agreed-upon procedures in connection with the registrant’s semi-annual financial statements ($3,400 for 2009 and $3,400 for 2010).

 

(2) Tax services in connection with the registrant’s excise tax calculations and review of the registrant’s applicable tax returns.

 

The information in the table below is provided with respect to non-audit services that directly relate to the registrant’s operations and financial reporting and that were rendered by PwC to the registrant’s investment adviser, Credit Suisse Asset Management, LLC (“Credit Suisse”), and any service provider to the registrant controlling, controlled by or under common control with Credit Suisse that provided ongoing services to the registrant (“Covered Services Provider”), for the registrant’s fiscal years ended December 31, 2009 and December 31, 2010.

 

 

 

2009

 

2010

 

Audit-Related Fees

 

N/A

 

N/A

 

Tax Fees

 

N/A

 

N/A

 

All Other Fees

 

N/A

 

N/A

 

Total

 

N/A

 

N/A

 

 



 

(e)(1) Pre-Approval Policies and Procedures.  The Audit Committee (“Committee”) of the registrant is responsible for pre-approving (i) all audit and permissible non-audit services to be provided by the independent registered public accounting firm to the registrant and (ii) all permissible non-audit services to be provided by the independent registered public accounting firm to Credit Suisse and any Covered Services Provider if the engagement relates directly to the operations and financial reporting of the registrant.  The Committee may delegate its responsibility to pre-approve any such audit and permissible non-audit services to the Chairperson of the Committee, and the Chairperson shall report to the Committee, at its next regularly scheduled meeting after the Chairperson’s pre-approval of such services, his or her decision(s).  The Committee may also establish detailed pre-approval policies and procedures for pre-approval of such services in accordance with applicable laws, including the delegation of some or all of the Committee’s pre-approval responsibilities to other persons (other than Credit Suisse or the registrant’s officers).  Pre-approval by the Committee of any permissible non-audit services shall not be required so long as: (i) the aggregate amount of all such permissible non-audit services provided to the registrant, Credit Suisse and any Covered Services Provider constitutes not more than 5% of the total amount of revenues paid by the registrant to its independent registered public accounting firm during the fiscal year in which the permissible non-audit services are provided; (ii) the permissible non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the Committee and approved by the Committee (or its delegate(s)) prior to the completion of the audit.

 

(e)(2) The information in the table below sets forth the percentages of fees for services (other than audit, review or attest services) rendered by PwC to the registrant for which the pre-approval requirement was waived pursuant to Rule 2-01(c)(7)(i)(C) of Regulation S-X:

 

 

 

2009

 

2010

 

Audit-Related Fees

 

N/A

 

N/A

 

Tax Fees

 

N/A

 

N/A

 

All Other Fees

 

N/A

 

N/A

 

Total

 

N/A

 

N/A

 

 



 

The information in the table below sets forth the percentages of fees for services (other than audit, review or attest services) rendered by PwC to Credit Suisse and any Covered Services Provider required to be approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X, for the registrant’s fiscal years ended December 31, 2009 and December 31, 2010:

 

 

 

2009

 

2010

 

Audit-Related Fees

 

N/A

 

N/A

 

Tax Fees

 

N/A

 

N/A

 

All Other Fees

 

N/A

 

N/A

 

Total

 

N/A

 

N/A

 

 

(f) Not Applicable.

 

(g) The aggregate fees billed by PwC for non-audit services rendered to the registrant, Credit Suisse and Covered Service Providers for the fiscal years ended December 31, 2009 and December 31, 2010 were $6,200 and $6,200, respectively.

 

(h) Not Applicable.

 

Item 5. Audit Committee of Listed Registrants.

 

Form N-CSR disclosure requirement is not applicable to the registrant.

 

Item 6. Schedule of Investments.

 

Included as part of the report to shareholders filed under Item 1 of this Form.

 



 

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Form N-CSR disclosure requirement is not applicable to the registrant.

 

Item 8.  Portfolio Managers of Closed-End Management Investment Companies.

 

Form N-CSR disclosure requirement is not applicable to the registrant.

 

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Form N-CSR disclosure requirement is not applicable to the registrant.

 

Item 10. Submission of Matters to a Vote of Security Holders.

 

None

 

Item 11. Controls and Procedures.

 

(a) As of a date within 90 days from the filing date of this report, the principal executive officer and principal financial officer concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) were effective based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934.

 

(b) There were no changes in registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 12. Exhibits.

 

(a)(1)

 

Registrant’s Code of Ethics is an exhibit to this report.

 

 

 

(a)(2)

 

The certifications of the registrant as required by Rule 30a-2(a) under the Act are exhibits to this report.

 

 

 

(a)(3)

 

Not applicable.

 

 

 

(b)

 

The certifications of the registrant as required by Rule 30a-2(b) under the Act are an exhibit to this report.

 



 

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 LARGE CAP BLEND FUND, INC.

 

 

 

/s/ John G. Popp

 

 

Name:  John G. Popp

 

 

Title:   Chief Executive Officer

 

 

Date:   March 2, 2011

 

 

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/ John G. Popp

 

 

Name:  John G. Popp

 

 

Title:   Chief Executive Officer

 

 

Date:   March 2, 2011

 

 

 

 

 

/s/ Michael A. Pignataro

 

 

Name:  Michael A. Pignataro

 

 

Title:   Chief Financial Officer

 

 

Date:   March 2, 2011

 

 


EX-99.CODEETH 2 a11-1991_5ex99dcodeeth.htm EX-99.CODEETH

EX-99.CODE ETHICS

 

EXHIBIT 12(a)(1)

 

CODE OF ETHICS

 

CREDIT SUISSE 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 (“Credit Suisse”), 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 Credit Suisse clients or Credit Suisse 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 Credit Suisse.  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 Credit Suisse, or for both) be involved in establishing policies and implementing decisions that will have different effects on Credit Suisse 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 Credit Suisse 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 Credit Suisse 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 Credit Suisse ‘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 Credit Suisse’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 Credit Suisse clients and will perform other activities as an employee of Credit Suisse.

 

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 3, 2010

 



 

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 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 3 a11-1991_5ex99dcert.htm EX-99.CERT

EX-99.CERT

 

EXHIBIT 12(a)(2)

 

CERTIFICATIONS

 

I, Michael A. Pignataro, certify that:

 

1.             I have reviewed this report on Form N-CSR of Credit Suisse Large Cap Blend 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) and internal control over financial reporting (as defined in Rule 30a-3(d) 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)           Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)           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

 

(d)           Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this 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:  March 2, 2011

 

 

/s/ Michael A. Pignataro

 

 

Michael A. Pignataro

Chief Financial Officer

 



 

I, John G. Popp, certify that:

 

1.             I have reviewed this report on Form N-CSR of Credit Suisse Large Cap Blend 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) and internal control over financial reporting (as defined in Rule 30a-3(d) 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)           Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)           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

 

(d)           Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this 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:  March 2, 2011

 

/s/ John G. Popp

 

 

John G. Popp

Chief Executive Officer

 


EX-99.906CERT 4 a11-1991_5ex99d906cert.htm EX-99.906CERT

EX-99.906CERT

 

EXHIBIT 12(b)

 

SECTION 906 CERTIFICATIONS

 

SECTION 906 CERTIFICATION

 

John G. Popp, Chief Executive Officer, and Michael A. Pignataro, Chief Financial Officer, of Credit Suisse Large Cap Blend Fund, Inc. (the “Fund”), each certify to his knowledge that:

 

(1)           The Fund’s periodic report on Form N-CSR for the period ended December 31, 2010 (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/ John G. Popp

 

/s/ Michael A. Pignataro

 

John G. Popp

 

Michael A. Pignataro

 

Chief Executive Officer

 

Chief Financial Officer

 

March 2, 2011

 

March 2, 2011

 

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.

 


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