N-CSRS 1 a08-15223_19ncsrs.htm N-CSRS

 

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

811-05041

 

CREDIT SUISSE LARGE CAP GROWTH FUND

(Exact name of registrant as specified in charter)

 

Eleven Madison Avenue, New York, New York

 

10010

(Address of principal executive offices)

 

(Zip code)

 

J. Kevin Gao, Esq.
Credit Suisse Large Cap Growth Fund
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:

October 31

 

 

Date of reporting period:

November 1, 2007 to April 30, 2008

 

 



 

Item 1. Reports to Stockholders.

 



CREDIT SUISSE FUNDS

Semiannual Report

April 30, 2008
(unaudited)

n  CREDIT SUISSE
  LARGE CAP GROWTH FUND

n  CREDIT SUISSE
  MID-CAP CORE FUND

The Funds' investment objectives, risks, charges and expenses (which should be considered carefully before investing), and more complete information about the Funds, are provided in the Prospectus, which should be read carefully before investing. You may obtain additional copies by calling 800-927-2874 or by writing to Credit Suisse Funds, P.O. Box 55030, Boston, MA 02205-5030.

Credit Suisse Asset Management Securities, Inc., Distributor, is located at 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 and/or Advisor Class shares (where offered) directly or through certain intermediaries. Such shares are not subject to a sales charge but may be subject to an ongoing service and distribution fee of up to 0.50% of average daily net assets. Investors in the Credit Suisse Funds should also be aware that they may be eligible for a reduction or waiver of the sales charge with respect to Class A, B or C shares (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 April 30, 2008; 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 Growth Fund
Semiannual Investment Adviser's Report
April 30, 2008 (unaudited)

June 9, 2008

Dear Shareholder:

Performance Summary
11/01/07 – 04/30/08

Fund & Benchmark   Performance  
Common Class1      (12.14 )%  
Advisor Class1      (12.32 )%  
Class A1,2      (12.23 )%  
Class B1,2      (12.53 )%  
Class C1,2      (12.53 )%  
Russell 1000® Growth Index3      (9.28 )%  

 

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

Market Review: Housing and the dollar continue to weaken

The six-month period ended April 30, 2008 was a volatile one for U.S. equities, with the benchmark Russell 1000 Growth Index losing –9.28% and the bellwether S&P 500 Index dropping –9.64% in total return. In fact, nine out of the ten economic sectors in the large-cap S&P 500 Index fell during the period.

The weak dollar and elevated commodity prices buoyed the energy sector, which was up 5.6%. And, as the credit crunch intensified in the first quarter of 2008, the greatest laggards in the large-cap space were the financial (-21.3%) and information technology (-15.6%) sectors.

During the period, the U.S. Federal Reserve cut the Federal Funds rate five times, for a total of 250 basis points. The last cut of 25 basis points, on April 30, 2008, brought the rate down to the 2% level. At that time, the Fed said "substantial" easing should promote growth, but to date, economic activity "remains weak."

The U.S. housing sector has continued to weaken in 2008. In fact, since January 2007, the S&P/Case Shiller U.S. Home Price Index (a measure of home prices in 20 U.S. metropolitan areas) has fallen every month. Additionally, the number of homes entering foreclosure jumped more than 100% in the first three months of the year as compared to the same quarter in 2007. According to RealtyTrac, one in every 194 homes received a foreclosure filing. In fact, foreclosure activity rose in 46 of the 50 states and in 90 of the 100 largest metropolitan areas.


1



Credit Suisse Large Cap Growth Fund
Semiannual Investment Adviser's Report (continued)
April 30, 2008 (unaudited)

Gross Domestic Product rose only a scant 0.6% in both Q4'07 and Q1'08, compared to being up 4.9% in Q3'07, as housing and the credit crunch put the breaks on economic growth. Inflation appears to be well contained.

The labor market has weakened considerably in 2008. Non-farm payrolls fell by 260,000 in the first four months of 2008, as compared to an increase of 374,000 in the same period of 2007. Additionally, the household unemployment rate measured 5.0% in April, up from 4.7% in November of 2007.

Additionally, while the U.S. dollar falls, crude oil continues to rise. During the six-month period, crude rose from $88 to $113 per barrel.

Strategic Review and Outlook: Expect the market to remain volatile over the short term

Stock selection in two sectors produced positive performance, while eight sectors underperformed during the six-month period. The largest contributors to performance relative to the benchmark came primarily from stock selection within the information technology and materials sectors. Conversely, stock selection in financials, healthcare and consumer staples was the largest detractor to performance.

As of April 30, 2008, the Fund's largest overweights against the Russell 1000 Growth Index were in the healthcare (+1.12%) and information technology (+0.83%) sectors, while the largest underweights were in the consumer discretionary (-1.96%) and materials (-0.33%) sectors.

The Federal Reserve believes that the substantial easing thus far, in combination with ongoing measures to foster market liquidity, should help to promote moderate growth over time while mitigating the risks to economic activity. In addition, though the outlook is uncertain, inflation is expected to moderate in coming quarters, but will need to be carefully monitored.

The Federal Open Market Committee's next interest rate meeting is scheduled for June 25, 2008. Based on interest-rate futures as of May 6, 2008, traders are expecting the Fed to leave its target rate at the current level of 2.00%.

The near-term outlook for the U.S. housing market remains bleak. In fact, Federal Reserve Chairman Ben Bernanke urged the government and mortgage lenders to intensify their efforts to avoid home foreclosures in a speech given in New York on May 5, 2008. Additionally, the outlook for merger and acquisition activity is unlikely to improve in upcoming quarters as the Federal Reserve said the proportion of U.S. banks making it tougher for companies to borrow approached a record high in the past three months as the credit crunch deepened. Further, expectations for U.S. stock market volatility remain high on a historical


2



Credit Suisse Large Cap Growth Fund
Semiannual Investment Adviser's Report (continued)
April 30, 2008 (unaudited)

basis, though they have been significantly reduced since hitting a multi-year high in mid-March.

Now that the Fed appears to be done easing, we expect our Valuation and Capital Use factors — and the companies we choose based on them — to rebound as contributing factors to performance. From a sector perspective, we are favorable toward tech, basic materials, and industrials, while we are currently underweight healthcare, consumer services, and energy.

Jordan Low
Portfolio Manager

In addition to historical information, this report contains forward-looking statements that 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.

The Fund adopted new investment strategies effective December 1, 2006 so that its holdings are selected using quantitative stock selection models rather than a more traditional fundamental analysis approach. Investors should be aware that performance information for periods prior to December 1, 2006 does not reflect the current investment strategies.


3



Credit Suisse Large Cap Growth Fund
Semiannual Investment Adviser's Report (continued)
April 30, 2008 (unaudited)

Average Annual Returns as of March 31, 20081

    1 Year   5 Years   10 Years   Since
Inception
  Inception
Date
 
Common Class     (4.39 )%     7.49 %     1.45 %     8.28 %   08/17/87  
Advisor Class     (4.81 )%     6.93 %     0.95 %     7.70 %   04/04/91  
Class A Without
Sales Charge
    (4.57 )%     7.23 %           (0.76 )%   11/30/01  
Class A With Maximum
Sales Charge
    (10.05 )%     5.96 %           (1.68 )%   11/30/01  
Class B Without CDSC     (5.34 )%     6.40 %           (1.51 )%   11/30/01  
Class B With CDSC     (9.13 )%     6.40 %           (1.51 )%   11/30/01  
Class C Without CDSC     (5.29 )%     6.42 %           (1.51 )%   11/30/01  
Class C With CDSC     (6.24 )%     6.42 %           (1.51 )%   11/30/01  

 

Average Annual Returns as of April 30, 20081

    1 Year   5 Years   10 Years   Since
Inception
  Inception
Date
 
Common Class     (5.49 )%     7.02 %     1.61 %     8.45 %   08/17/87  
Advisor Class     (5.91 )%     6.49 %     1.11 %     7.91 %   04/04/91  
Class A Without
Sales Charge
    (5.74 )%     6.74 %           (0.15 )%   11/30/01  
Class A With Maximum
Sales Charge
    (11.17 )%     5.49 %           (1.06 )%   11/30/01  
Class B Without CDSC     (6.42 )%     5.96 %           (0.89 )%   11/30/01  
Class B With CDSC     (10.16 )%     5.96 %           (0.89 )%   11/30/01  
Class C Without CDSC     (6.37 )%     5.96 %           (0.89 )%   11/30/01  
Class C With CDSC     (7.31 )%     5.96 %           (0.89 )%   11/30/01  

 

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.

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 (with maximum sales charge of 5.75%), was -17.27%. 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%), was -16.03%. 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%), was -13.40%.

3  The Russell 1000® Growth Index measures the performance of those companies in the Russell 1000® Index with higher price-to-book ratios and higher forecasted growth values. It is an unmanaged index of common stocks that includes reinvestment of dividends and is compiled by Frank Russell Company. Investors cannot invest directly in an index.


4



Credit Suisse Large Cap Growth Fund
Semiannual Investment Adviser's Report (continued)
April 30, 2008 (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 April 30, 2008.

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 Growth Fund
Semiannual Investment Adviser's Report (continued)
April 30, 2008 (unaudited)

Expenses and Value of a $1,000 Investment
for the six month period ended April 30, 2008

Actual Fund Return   Common
Class
  Advisor
Class
  Class A   Class B   Class C  
Beginning Account
Value 11/1/07
  $ 1,000.00     $ 1,000.00     $ 1,000.00     $ 1,000.00     $ 1,000.00    
Ending Account
Value 4/30/08
  $ 878.60     $ 876.80     $ 877.70     $ 874.70     $ 874.70    
Expenses Paid per $1,000*   $ 4.90     $ 7.19     $ 6.07     $ 9.65     $ 9.60    
Hypothetical 5%
Fund Return
 
Beginning Account
Value 11/1/07
  $ 1,000.00     $ 1,000.00     $ 1,000.00     $ 1,000.00     $ 1,000.00    
Ending Account
Value 4/30/08
  $ 1,019.64     $ 1,017.21     $ 1,018.40     $ 1,014.57     $ 1,014.62    
Expenses Paid per $1,000*   $ 5.27     $ 7.72     $ 6.52     $ 10.37     $ 10.32    
    Common
Class
  Advisor
Class
  Class A   Class B   Class C  
Annualized Expense
Ratios*
    1.05 %     1.54 %     1.30 %     2.07 %     2.06 %  

 

*  Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year period, then divided by 366.

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

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


6



Credit Suisse Large Cap Growth Fund
Semiannual Investment Adviser's Report (continued)
April 30, 2008 (unaudited)

SECTOR BREAKDOWN*

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


7



Credit Suisse Mid-Cap Core Fund
Semiannual Investment Adviser's Report
April 30, 2008 (unaudited)

June 10, 2008

Dear Shareholder:

Performance Summary
11/01/07 – 04/30/08

Fund and Benchmark   Performance  
Common Class1      (8.08 )%  
Advisor Class1      (8.31 )%  
Class A1,2      (8.21 )%  
Class B1,2      (8.55 )%  
Class C1,2      (8.57 )%  
Standard & Poor's MidCap 400® Index3      (6.95 )%  

 

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

Market Review: Housing and the dollar continue to weaken

The six-month period ended April 30, 2008 was a volatile one for U.S. equities, with the benchmark S&P MidCap 400 Index dropping -6.95%, with the broadcasting & cable tv sector leading the way down at -49.6%. Other laggards were commercial printing (-47.3%) and oil & gas refining & marketing (-45.7%). The best performing sectors were coal and consumable fuel (+39.9%) and oil & gas drilling (+35.6%).

During the period, the U.S. Federal Reserve cut the Federal Funds rate five times, for a total of 250 basis points. The last cut of 25 basis points, on April 30, 2008, brought the rate down to the 2% level. At that time, the Fed said "substantial" easing should promote growth, but to date, economic activity "remains weak."

The U.S. housing sector has continued to weaken in 2008. In fact, since January 2007, the S&P/Case Shiller U.S. Home Price Index (a measure of home prices in 20 U.S. metropolitan areas) has fallen every month. Additionally, the number of homes entering foreclosure jumped more than 100% in the first three months of the year as compared to the same quarter in 2007. According to RealtyTrac, one in every 194 homes received a foreclosure filing. In fact, foreclosure activity rose in 46 of the 50 states and in 90 of the 100 largest metropolitan areas.

Gross Domestic Product rose only a scant 0.6% in both Q4'07 and Q1'08, compared to being up 4.9% in Q3'07, as housing and the credit crunch put the breaks on economic growth. Inflation appears to be well contained.


8



Credit Suisse Mid-Cap Core Fund
Semiannual Investment Adviser's Report (continued)
April 30, 2008 (unaudited)

The labor market has weakened considerably in 2008. Non-farm payrolls fell by 260,000 in the first 4 months of 2008, as compared to an increase of 374,000 in the same period of 2007. Additionally, the household unemployment rate measured 5.0% in April, up from 4.7% in November of 2007.

Additionally, while the U.S. dollar falls, crude oil continues to rise. During the six-month period ended April 30, 2008, crude rose from $88 to $113 per barrel.

Strategic Review and Outlook: Expect the market to remain volatile over the short term

Stock selection in two sectors produced positive performance, while eight sectors underperformed during the six-month period. The largest contributors to performance relative to the benchmark came primarily from stock selection within the energy, materials and utilities sectors. Conversely, stock selection in telecomm services, financials, and information technology was the largest detractor to performance.

As of April 30, 2008, the Fund's largest overweights against the MidCap 400 Index were in the energy (+3.38%) and healthcare (+2.68%) sectors, while the largest underweights were in the information technology (-2.84%) and consumer discretionary (-2.29%) sectors.

The Federal Reserve believes that the substantial easing thus far, in combination with ongoing measures to foster market liquidity, should help to promote moderate growth over time while mitigating the risks to economic activity. In addition, though the outlook is uncertain, inflation is expected to moderate in coming quarters, but will need to be carefully monitored.

The Federal Open Market Committee's next interest rate meeting is scheduled for June 25, 2008. Based on interest-rate futures as of May 6, 2008, traders are expecting the Fed to leave its target rate at the current level of 2.00%.

The near-term outlook for the U.S. housing market remains bleak. In fact, Federal Reserve Chairman Ben Bernanke urged the government and mortgage lenders to intensify their efforts to avoid home foreclosures in a speech given in New York on May 5, 2008. Additionally, the outlook for mergers and acquisitions activity is unlikely to improve in upcoming quarters as the Federal Reserve said the proportion of U.S. banks making it tougher for companies to borrow approached a record high in the past three months as the credit crunch deepened. Further, expectations for U.S. stock market volatility remain high on a historical basis, though they have been significantly reduced since hitting a multi-year high in mid-March.

Now that the Fed appears to be done easing, we expect our Valuation and Capital Use factors — and the companies we choose based on them — to


9



Credit Suisse Mid-Cap Core Fund
Semiannual Investment Adviser's Report (continued)
April 30, 2008 (unaudited)

rebound as contributing factors to performance. Rising oil and gas prices lead us to be favorable toward energy and basic materials, while the continuing credit and housing issues, plus the tightening of consumer belts lead us to be currently underweight in financials, tech and consumer cyclicals.

Jordan Low
Portfolio Manager

Investing in small to medium-sized companies may be more volatile and less liquid than investments in larger companies.

In addition to historical information, this report contains forward-looking statements that 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.

The Fund adopted new investment strategies effective December 1, 2006 so that its holdings are selected using quantitative stock selection models rather than a more traditional fundamental analysis approach. Investors should be aware that performance information for periods prior to December 1, 2006 does not reflect the current investment strategies.


10



Credit Suisse Mid-Cap Core Fund
Semiannual Investment Adviser's Report (continued)
April 30, 2008 (unaudited)

Average Annual Returns as of March 31, 20081

    1 Year   5 Years   10 Years   Since
Inception
  Inception
Date
 
Common Class     (4.73 )%     12.17 %     0.97 %     9.54 %   01/21/88  
Advisor Class     (5.22 )%     11.61 %     0.46 %     7.76 %   04/04/91  
Class A Without
Sales Charge
    (4.95 )%     11.91 %           3.90 %   11/30/01  
Class A With Maximum
Sales Charge
    (10.41 )%     10.59 %           2.94 %   11/30/01  
Class B Without CDSC     (5.71 )%                 2.37 %   02/27/04  
Class B With CDSC     (9.48 )%                 2.37 %   02/27/04  
Class C Without CDSC     (5.59 )%                 2.40 %   02/27/04  
Class C With CDSC     (6.54 )%                 2.40 %   02/27/04  

 

Average Annual Returns as of April 30, 20081

    1 Year   5 Years   10 Years   Since
Inception
  Inception
Date
 
Common Class     (1.50 )%     12.18 %     1.59 %     9.88 %   01/21/88  
Advisor Class     (2.01 )%     11.62 %     1.08 %     8.16 %   04/04/91  
Class A Without
Sales Charge
    (1.72 )%     11.91 %           4.99 %   11/30/01  
Class A With Maximum
Sales Charge
    (7.37 )%     10.59 %           4.02 %   11/30/01  
Class B Without CDSC     (2.50 )%                 4.04 %   02/27/04  
Class B With CDSC     (6.40 )%                 4.04 %   02/27/04  
Class C Without CDSC     (2.44 )%                 4.07 %   02/27/04  
Class C With CDSC     (3.42 )%                 4.07 %   02/27/04  

 

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.

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 (with maximum sales charge of 5.75%), was -13.48%. 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%), was -12.21%. 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%), was -9.48%.

3  The Standard & Poor's MidCap 400 Index is an unmanaged market weighted index of 400 U.S. stocks selected on the basis of capitalization, liquidity, and industry group representation. It is a registered trademark of McGraw-Hill Co., Inc. Investors cannot invest directly in an index.


11



Credit Suisse Mid-Cap Core Fund
Semiannual Investment Adviser's Report (continued)
April 30, 2008 (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 April 30, 2008.

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.


12



Credit Suisse Mid-Cap Core Fund
Semiannual Investment Adviser's Report (continued)
April 30, 2008 (unaudited)

Expenses and Value of a $1,000 Investment
for the six month period ended April 30, 2008

Actual Fund Return   Common
Class
  Advisor
Class
  Class A   Class B   Class C  
Beginning Account
Value 11/1/07
  $ 1,000.00     $ 1,000.00     $ 1,000.00     $ 1,000.00     $ 1,000.00    
Ending Account
Value 4/30/08
  $ 919.20     $ 916.90     $ 917.90     $ 914.50     $ 914.30    
Expenses Paid per $1,000*   $ 6.78     $ 9.15     $ 8.01     $ 11.52     $ 11.85    
Hypothetical 5%
Fund Return
 
Beginning Account
Value 11/1/07
  $ 1,000.00     $ 1,000.00     $ 1,000.00     $ 1,000.00     $ 1,000.00    
Ending Account
Value 4/30/08
  $ 1,017.80     $ 1,015.32     $ 1,016.51     $ 1,012.83     $ 1,012.48    
Expenses Paid per $1,000*   $ 7.12     $ 9.62     $ 8.42     $ 12.11     $ 12.46    
    Common
Class
  Advisor
Class
  Class A   Class B   Class C  
Annualized Expense
Ratios*
    1.42 %     1.92 %     1.68 %     2.42 %     2.49 %  

 

*  Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year period, then divided by 366.

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

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


13



Credit Suisse Mid-Cap Core Fund
Semiannual Investment Adviser's Report (continued)
April 30, 2008 (unaudited)

SECTOR BREAKDOWN*

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


14




Credit Suisse Large Cap Growth Fund
Schedule of Investments

April 30, 2008 (unaudited)

    Number of
Shares
  Value  
COMMON STOCKS (97.0%)  
Aerospace & Defense (4.4%)  
Boeing Co.     16,400     $ 1,391,704    
L-3 Communications Holdings, Inc.     1,100       122,595    
Lockheed Martin Corp.     4,600       487,784    
Northrop Grumman Corp.     200       14,714    
Raytheon Co.     2,000       127,940    
Rockwell Collins, Inc.     10,800       681,588    
United Technologies Corp.     13,700       992,839    
      3,819,164    
Air Freight & Couriers (0.7%)  
FedEx Corp.§     4,000       383,480    
United Parcel Service, Inc. Class B     2,500       181,025    
      564,505    
Airlines (0.2%)  
Southwest Airlines Co.     10,700       141,668    
Auto Components (1.2%)  
Autoliv, Inc.§     10,700       655,268    
BorgWarner, Inc.§     6,400       314,560    
Johnson Controls, Inc.     1,800       63,468    
      1,033,296    
Banks (1.2%)  
Bank of America Corp.     11,700       439,218    
Northern Trust Corp.     3,200       237,152    
PNC Financial Services Group, Inc.§     5,200       360,620    
      1,036,990    
Beverages (2.9%)  
Coca-Cola Co.     11,900       700,553    
Hansen Natural Corp.*§     800       28,312    
Molson Coors Brewing Co. Class B     1,800       98,712    
Pepsi Bottling Group, Inc.     15,200       512,392    
PepsiAmericas, Inc.     3,000       77,100    
PepsiCo, Inc.     15,400       1,055,362    
      2,472,431    
Biotechnology (1.4%)  
Celgene Corp.*     700       43,498    
Cephalon, Inc.*§     800       49,928    
Genentech, Inc.*     4,900       334,180    
Genzyme Corp.*     5,600       393,960    
Gilead Sciences, Inc.*     6,000       310,560    
IDEXX Laboratories, Inc.*§     700       37,240    
      1,169,366    

 

See Accompanying Notes to Financial Statements.
15



Credit Suisse Large Cap Growth Fund
Schedule of Investments (continued)

April 30, 2008 (unaudited)

    Number of
Shares
  Value  
COMMON STOCKS  
Chemicals (2.2%)  
Air Products and Chemicals, Inc.     1,200     $ 118,116    
CF Industries Holdings, Inc.§     1,200       160,440    
Lubrizol Corp.     4,800       279,936    
Monsanto Co.     9,700       1,105,994    
Praxair, Inc.     2,000       182,620    
The Mosaic Co.*     600       73,506    
      1,920,612    
Commercial Services & Supplies (1.2%)  
DST Systems, Inc.*§     4,600       275,264    
Hewitt Associates, Inc. Class A*     5,600       229,600    
MasterCard, Inc. Class A§     1,500       417,240    
Sotheby's§     2,200       60,940    
The Corporate Executive Board Co.     400       17,428    
      1,000,472    
Communications Equipment (3.6%)  
Cisco Systems, Inc.*     74,500       1,910,180    
Corning, Inc.     20,800       555,568    
QUALCOMM, Inc.     13,700       591,703    
      3,057,451    
Computers & Peripherals (6.9%)  
Apple Computer, Inc.*     10,700       1,861,265    
Dell, Inc.*     29,400       547,722    
Hewlett-Packard Co.     35,900       1,663,965    
International Business Machines Corp.     12,300       1,484,610    
NVIDIA Corp.*     2,000       41,100    
Western Digital Corp.*§     10,200       295,698    
      5,894,360    
Construction & Engineering (0.5%)  
Fluor Corp.§     1,700       259,879    
Jacobs Engineering Group, Inc.*§     1,400       120,862    
Quanta Services, Inc.*§     1,900       50,426    
      431,167    
Containers & Packaging (0.7%)  
Ball Corp.§     11,000       591,580    
Sealed Air Corp.§     200       5,058    
      596,638    
Diversified Financials (4.6%)  
American Express Co.     2,600       124,852    
Charles Schwab Corp.     13,100       282,960    
Federated Investors, Inc. Class B§     2,600       87,048    
Franklin Resources, Inc.     5,600       532,840    
Goldman Sachs Group, Inc.     2,400       459,288    
JPMorgan Chase & Co.     1,400       66,710    
Merrill Lynch & Co., Inc.     2,966       147,796    

 

See Accompanying Notes to Financial Statements.
16



Credit Suisse Large Cap Growth Fund
Schedule of Investments (continued)

April 30, 2008 (unaudited)

    Number of
Shares
  Value  
COMMON STOCKS  
Diversified Financials  
Nasdaq OMX Group, Inc.*§     14,300     $ 521,235    
Nymex Holdings, Inc.§     5,900       546,340    
SEI Investments Co.     11,400       265,278    
State Street Corp.     9,600       692,544    
Waddell & Reed Financial, Inc. Class A     4,800       162,528    
Western Union Co.     3,000       69,000    
      3,958,419    
Diversified Telecommunication Services (0.6%)  
FairPoint Communications, Inc.§     177       1,630    
Time Warner Cable, Inc. Class A*     2,500       70,000    
Verizon Communications, Inc.     9,400       361,712    
Windstream Corp.§     8,800       103,312    
      536,654    
Electric Utilities (0.7%)  
Constellation Energy Group§     4,100       347,065    
Public Service Enterprise Group, Inc.     5,000       219,550    
      566,615    
Electrical Equipment (1.1%)  
Energizer Holdings, Inc.*§     4,900       387,394    
Rockwell Automation, Inc.     10,700       580,261    
      967,655    
Electronic Equipment & Instruments (0.6%)  
Avnet, Inc.*     4,700       123,093    
Intersil Corp. Class A§     800       21,376    
Thermo Fisher Scientific, Inc.*     3,300       190,971    
Waters Corp.*     3,000       184,380    
      519,820    
Energy Equipment & Services (3.4%)  
Baker Hughes, Inc.     3,800       307,344    
Bonneville Pacific Corp.*^     16,883       127    
ENSCO International, Inc.§     1,617       103,051    
Halliburton Co.     20,600       945,746    
National-Oilwell Varco, Inc.*     1,100       75,295    
Noble Corp.§     3,174       178,633    
Schlumberger, Ltd.     12,900       1,297,095    
      2,907,291    
Food & Drug Retailing (0.9%)  
Kroger Co.     18,900       515,025    
Safeway, Inc.     3,000       94,800    
Terra Industries, Inc.*     2,100       79,506    
Walgreen Co.§     1,200       41,820    
      731,151    

 

See Accompanying Notes to Financial Statements.
17



Credit Suisse Large Cap Growth Fund
Schedule of Investments (continued)

April 30, 2008 (unaudited)

    Number of
Shares
  Value  
COMMON STOCKS  
Food Products (0.6%)  
Kellogg Co.     4,700     $ 240,499    
Kraft Foods, Inc. Class A     3,400       107,542    
Sara Lee Corp.     2,000       29,020    
Wm. Wrigley Jr. Co.§     2,000       152,320    
      529,381    
Gas Utilities (0.2%)  
UGI Corp.     6,700       174,200    
Healthcare Equipment & Supplies (2.7%)  
Applera Corp.§     15,600       497,796    
Baxter International, Inc.     10,000       623,200    
Becton Dickinson & Co.     6,900       616,860    
Boston Scientific Corp.*     4,900       65,317    
Edwards Lifesciences Corp.*     1,500       83,130    
Hlth Corp.*§     2,183       24,275    
Kinetic Concepts, Inc.*     10,800       428,328    
      2,338,906    
Healthcare Providers & Services (2.3%)  
Aetna, Inc.     15,100       658,360    
CIGNA Corp.     3,000       128,130    
Express Scripts, Inc.*     2,800       196,056    
Humana, Inc.*     6,800       324,972    
Quest Diagnostics, Inc.     3,700       185,666    
UnitedHealth Group, Inc.     12,386       404,155    
WellPoint, Inc.*     1,900       94,525    
      1,991,864    
Hotels, Restaurants & Leisure (1.1%)  
Burger King Holdings, Inc.     700       19,530    
Carnival Corp.§     1,500       60,255    
International Game Technology     5,000       173,700    
Starwood Hotels & Resorts Worldwide, Inc.     10,900       569,089    
Yum! Brands, Inc.§     2,000       81,360    
      903,934    
Household Durables (0.7%)  
American Greetings Corp. Class A§     10,200       182,580    
Whirlpool Corp.§     5,700       414,846    
      597,426    
Household Products (1.9%)  
Clorox Co.     8,300       439,900    
Colgate-Palmolive Co.     500       35,350    
Procter & Gamble Co.     17,500       1,173,375    
      1,648,625    

 

See Accompanying Notes to Financial Statements.
18



Credit Suisse Large Cap Growth Fund
Schedule of Investments (continued)

April 30, 2008 (unaudited)

    Number of
Shares
  Value  
COMMON STOCKS  
Industrial Conglomerates (3.5%)  
3M Co.     11,100     $ 853,590    
General Electric Co.     27,200       889,440    
Honeywell International, Inc.     5,400       320,760    
KBR, Inc.     3,900       112,476    
Reynolds American, Inc.     6,700       360,795    
Tyco International, Ltd.     10,200       477,258    
      3,014,319    
Insurance (1.2%)  
Aflac, Inc.     3,000       200,010    
Endurance Specialty Holdings, Ltd.§     5,800       215,354    
MetLife, Inc.     1,000       60,850    
Prudential Financial, Inc.     5,400       408,834    
Transatlantic Holdings, Inc.§     2,500       162,125    
      1,047,173    
Internet & Catalog Retail (0.5%)  
Amazon.com, Inc.*§     5,700       448,191    
Internet Software & Services (2.3%)  
eBay, Inc.*     17,700       553,833    
Google, Inc. Class A*     2,300       1,320,867    
Yahoo!, Inc.*     3,700       101,417    
      1,976,117    
IT Consulting & Services (1.3%)  
Accenture, Ltd. Class A     22,400       841,120    
Acxiom Corp.     700       8,281    
Cognizant Technology Solutions Corp. Class A*     7,500       241,875    
      1,091,276    
Machinery (4.1%)  
Caterpillar, Inc.§     11,200       917,056    
Cummins, Inc.     12,226       765,959    
Danaher Corp.§     8,900       694,378    
Deere & Co.     2,000       168,140    
Dover Corp.     4,800       237,456    
Eaton Corp.§     5,300       465,552    
Joy Global, Inc.     1,300       96,525    
Lincoln Electric Holdings, Inc.§     300       22,890    
Manitowoc Company, Inc.§     4,800       181,536    
      3,549,492    
Marine (0.0%)  
Kirby Corp.*     600       32,904    
Media (2.7%)  
Comcast Corp. Class A§     2,100       43,155    
DIRECTV Group, Inc.*§     20,600       507,584    
Liberty Media Corp. - Capital Series A*     10,600       162,922    
News Corp. Class A     45,000       805,500    

 

See Accompanying Notes to Financial Statements.
19



Credit Suisse Large Cap Growth Fund
Schedule of Investments (continued)

April 30, 2008 (unaudited)

    Number of
Shares
  Value  
COMMON STOCKS  
Media  
Regal Entertainment Group Class A§     27,200     $ 515,712    
Scholastic Corp.*§     2,700       76,005    
The E.W. Scripps Co. Class A     2,100       94,311    
Walt Disney Co.     3,700       119,991    
      2,325,180    
Metals & Mining (2.0%)  
AK Steel Holding Corp.     1,300       81,614    
Alpha Natural Resources, Inc.*     1,600       77,840    
CONSOL Energy, Inc.     2,000       161,920    
Foundation Coal Holdings, Inc.     500       29,990    
Freeport-McMoRan Copper & Gold, Inc.§     5,770       656,338    
Massey Energy Co.     900       47,097    
Nucor Corp.     4,000       302,000    
Southern Copper Corp.§     3,100       355,756    
      1,712,555    
Multiline Retail (2.5%)  
Target Corp.     6,600       350,658    
Wal-Mart Stores, Inc.     30,400       1,762,592    
      2,113,250    
Oil & Gas (4.0%)  
Anadarko Petroleum Corp.     1,000       66,560    
Apache Corp.     500       67,340    
Cabot Oil & Gas Corp.     1,100       62,667    
Chesapeake Energy Corp.§     1,400       72,380    
Chevron Corp.     2,900       278,835    
Devon Energy Corp.     600       68,040    
EOG Resources, Inc.§     500       65,240    
Exxon Mobil Corp.     20,200       1,880,014    
Frontier Oil Corp.     4,200       104,370    
Occidental Petroleum Corp.     7,300       607,433    
Quicksilver Resources, Inc.§     1,200       49,788    
The Williams Companies, Inc.     1,900       67,450    
XTO Energy, Inc.     1,000       61,860    
      3,451,977    
Pharmaceuticals (4.7%)  
Abbott Laboratories     10,900       574,975    
Bristol-Myers Squibb Co.     43,400       953,498    
Eli Lilly and Co.     2,100       101,094    
Endo Pharmaceuticals Holdings, Inc.*§     5,000       124,150    
Forest Laboratories, Inc.*     7,500       260,325    
Johnson & Johnson     6,900       462,921    
Medco Health Solutions, Inc.*     6,262       310,219    
Medicis Pharmaceutical Corp. Class A§     4,000       82,400    

 

See Accompanying Notes to Financial Statements.
20



Credit Suisse Large Cap Growth Fund
Schedule of Investments (continued)

April 30, 2008 (unaudited)

    Number of
Shares
  Value  
COMMON STOCKS  
Pharmaceuticals  
Merck & Company, Inc.     16,900     $ 642,876    
Pfizer, Inc.     18,800       378,068    
Watson Pharmaceuticals, Inc.*§     5,900       183,136    
      4,073,662    
Real Estate (0.5%)  
Jones Lang LaSalle, Inc.§     4,900       380,289    
The St. Joe Co.§     1,100       44,737    
      425,026    
Road & Rail (2.1%)  
Burlington Northern Santa Fe Corp.     8,900       912,695    
Union Pacific Corp.§     6,000       871,140    
      1,783,835    
Semiconductor Equipment & Products (5.4%)  
Analog Devices, Inc.     14,500       467,045    
Applied Materials, Inc.§     2,000       37,320    
Cree, Inc.*§     200       5,200    
First Solar, Inc.*§     700       204,393    
Intel Corp.     96,600       2,150,316    
MEMC Electronic Materials, Inc.*     8,400       528,948    
Microchip Technology, Inc.§     6,200       227,850    
Teradyne, Inc.*     1,000       13,290    
Texas Instruments, Inc.     34,500       1,006,020    
      4,640,382    
Software (6.4%)  
Adobe Systems, Inc.*     9,500       354,255    
Autodesk, Inc.*     2,600       98,800    
BMC Software, Inc.*§     9,400       326,744    
Compuware Corp.*     2,000       15,080    
Microsoft Corp.     119,400       3,405,288    
Oracle Corp.*     60,400       1,259,340    
Salesforce.com, Inc.*§     1,100       73,403    
VeriFone Holdings, Inc.*     700       7,833    
      5,540,743    
Specialty Retail (2.6%)  
Abercrombie & Fitch Co. Class A§     4,800       356,688    
AutoZone, Inc.*     1,700       205,275    
Best Buy Company, Inc.§     13,400       576,468    
RadioShack Corp.§     24,600       341,940    
Staples, Inc.     5,400       117,180    
The Gap, Inc.     12,200       227,164    
The TJX Companies, Inc.     3,900       125,658    
Tiffany & Co.§     6,500       283,010    
      2,233,383    

 

See Accompanying Notes to Financial Statements.
21



Credit Suisse Large Cap Growth Fund
Schedule of Investments (continued)

April 30, 2008 (unaudited)

    Number of
Shares
  Value  
COMMON STOCKS  
Textiles & Apparel (1.0%)  
Nike, Inc. Class B§     13,100     $ 875,080    
Tobacco (1.4%)  
Altria Group, Inc.     9,400       188,000    
Loews Corp. Carolina Group     5,900       387,453    
Philip Morris International, Inc.*     9,400       479,682    
UST, Inc.§     3,300       171,831    
      1,226,966    
Wireless Telecommunication Services (0.3%)  
Telephone and Data Systems, Inc.     6,800       260,440    
TOTAL COMMON STOCKS (Cost $78,421,095)     83,332,012    
SHORT-TERM INVESTMENTS (23.0%)  
State Street Navigator Prime Portfolio§§     17,199,146       17,199,146    
    Par
(000)
     
State Street Bank and Trust Co. Euro Time Deposit, 1.100%, 05/01/08   $ 2,553       2,553,000    
TOTAL SHORT-TERM INVESTMENTS (Cost $19,752,146)     19,752,146    
TOTAL INVESTMENTS AT VALUE (120.0%) (Cost $98,173,241)     103,084,158    
LIABILITIES IN EXCESS OF OTHER ASSETS (-20.0%)     (17,196,807 )  
NET ASSETS (100.0%)   $ 85,887,351    

 

*  Non-income producing security.

^  Not readily marketable security; security is valued at fair value as determined in good faith by, or under the direction of, the Board of Trustees.

§  Security or a portion thereof is on loan.

§§  Represents security purchased with cash collateral received for securities on loan.

See Accompanying Notes to Financial Statements.
22



Credit Suisse Mid-Cap Core Fund
Schedule of Investments

April 30, 2008 (unaudited)

    Number of
Shares
  Value  
COMMON STOCKS (100.2%)  
Aerospace & Defense (1.3%)  
Alliant Techsystems, Inc.*§     8,700     $ 956,826    
Goodrich Corp.     4,800       327,120    
L-3 Communications Holdings, Inc.     2,800       312,060    
Rockwell Collins, Inc.     4,800       302,928    
      1,898,934    
Airlines (0.2%)  
AMR Corp.*§     10,500       92,085    
Continental Airlines, Inc. Class B*§     5,100       91,698    
Delta Air Lines, Inc.*§     8,600       73,186    
SkyWest, Inc.     5,800       110,374    
      367,343    
Auto Components (0.4%)  
ArvinMeritor, Inc.§     1,576       23,545    
Autoliv, Inc.§     2,900       177,596    
Lear Corp.*     14,900       425,693    
      626,834    
Banks (3.2%)  
Associated Banc-Corp.§     3,410       96,401    
Astoria Financial Corp.§     3,501       82,974    
Bank of Hawaii Corp.     7,600       416,708    
Cathay General Bancorp§     7,200       122,760    
Cullen/Frost Bankers, Inc.§     6,916       386,051    
East West Bancorp, Inc.§     11,900       169,456    
First Community Bancorp, Inc.§     5,600       120,344    
First Niagara Financial Group, Inc.     1,727       24,920    
FirstMerit Corp.     2,567       52,675    
KeyCorp     11,600       279,908    
New York Community Bancorp, Inc.§     22,300       416,341    
Northern Trust Corp.     4,300       318,673    
South Financial Group, Inc.§     17,900       108,116    
Sovereign Bancorp, Inc.§     24,000       179,280    
SVB Financial Group*§     7,600       369,816    
Synovus Financial Corp.§     48,200       570,688    
TCF Financial Corp.§     14,300       248,820    
The Colonial BancGroup, Inc.§     40,700       331,298    
Washington Federal, Inc.     2,727       64,930    
Webster Financial Corp.     12,400       323,020    
Wilmington Trust Corp.§     3,944       129,679    
      4,812,858    
Beverages (0.4%)  
Hansen Natural Corp.*§     4,900       173,411    
Molson Coors Brewing Co. Class B     5,000       274,200    
PepsiAmericas, Inc.     3,294       84,656    
      532,267    

 

See Accompanying Notes to Financial Statements.
23



Credit Suisse Mid-Cap Core Fund
Schedule of Investments (continued)

April 30, 2008 (unaudited)

    Number of
Shares
  Value  
COMMON STOCKS  
Biotechnology (3.0%)  
Alexion Pharmaceuticals, Inc.*     4,500     $ 316,710    
BioMarin Pharmaceutical, Inc.*§     26,700       973,482    
Cephalon, Inc.*§     9,100       567,931    
Charles River Laboratories International, Inc.*     10,400       603,720    
Invitrogen Corp.*     6,532       611,199    
Millennium Pharmaceuticals, Inc.*     48,700       1,211,169    
OSI Pharmaceuticals, Inc.*§     7,200       249,480    
      4,533,691    
Building Products (0.4%)  
Crane Co.     13,200       540,408    
Chemicals (5.5%)  
Celanese Corp. Class A     17,500       783,125    
CF Industries Holdings, Inc.     16,923       2,262,605    
Cytec Industries, Inc.     7,349       433,665    
FMC Corp.     22,100       1,387,438    
Lubrizol Corp.     21,400       1,248,048    
Minerals Technologies, Inc.     5,100       345,474    
Olin Corp.     10,200       205,734    
OM Group, Inc.*     8,800       481,888    
The Mosaic Co.*     9,500       1,163,845    
      8,311,822    
Commercial Services & Supplies (5.8%)  
Alliance Data Systems Corp.*     17,600       1,010,416    
Bally Technologies, Inc.*§     9,500       320,055    
Brink's Co.     16,900       1,229,475    
Con-way, Inc.§     6,300       291,375    
CSG Systems International, Inc.*     16,600       200,860    
DeVry, Inc.§     8,800       501,600    
DST Systems, Inc.*§     7,900       472,736    
Dun & Bradstreet Corp.     7,900       665,970    
Herman Miller, Inc.§     11,400       265,962    
ITT Educational Services, Inc.*§     3,800       291,308    
Korn/Ferry International*     13,200       246,312    
Manpower, Inc.     11,700       785,421    
Republic Services, Inc.     22,600       718,454    
Rollins, Inc.     2,200       35,046    
Sotheby's§     9,900       274,230    
Stericycle, Inc.*     12,700       677,926    
Strayer Education, Inc.§     2,200       408,518    
The Corporate Executive Board Co.     5,110       222,643    
Valassis Communications, Inc.*§     6,958       98,803    
      8,717,110    

 

See Accompanying Notes to Financial Statements.
24



Credit Suisse Mid-Cap Core Fund
Schedule of Investments (continued)

April 30, 2008 (unaudited)

    Number of
Shares
  Value  
COMMON STOCKS  
Communications Equipment (1.4%)  
ADC Telecommunications, Inc.*     14,900     $ 208,898    
CommScope, Inc.*     9,574       455,244    
Harris Corp.     15,900       859,077    
Juniper Networks, Inc.*     11,500       317,630    
Plantronics, Inc.     13,400       333,794    
Unity Wireless Corp.*     712,201       12,107    
      2,186,750    
Computers & Peripherals (1.6%)  
Lexmark International, Inc. Class A*§     8,000       251,120    
NCR Corp.*     31,200       768,456    
NVIDIA Corp.*     12,400       254,820    
Palm, Inc.§     700       4,032    
Western Digital Corp.*§     38,500       1,116,115    
      2,394,543    
Construction & Engineering (0.6%)  
Fluor Corp.     3,000       458,610    
Quanta Services, Inc.*§     3,157       83,787    
Shaw Group, Inc.*     6,500       321,230    
      863,627    
Containers & Packaging (0.3%)  
Owens-Illinois, Inc.*     7,400       408,110    
Packaging Corp. of America     2,700       59,346    
      467,456    
Distributor (0.1%)  
WESCO International, Inc.*§     3,900       145,119    
Diversified Financials (2.3%)  
Ameriprise Financial, Inc.     5,400       256,446    
BlackRock, Inc.§     2,400       484,296    
Eaton Vance Corp.§     13,400       490,440    
Federated Investors, Inc. Class B     6,600       220,968    
Greenhill & Company, Inc.§     2,400       156,120    
IndyMac Bancorp, Inc.§     100       325    
IntercontinentalExchange Inc.*     900       139,635    
Marshall & Ilsley Corp.§     5,300       132,394    
Midcap SPDR Trust Series 1§     8,500       1,294,210    
Raymond James Financial, Inc.     2,974       85,562    
The First Marblehead Corp.§     10,000       37,000    
Waddell & Reed Financial, Inc. Class A     4,190       141,873    
      3,439,269    
Diversified Telecommunication Services (0.2%)  
CenturyTel, Inc.     3,300       107,085    
Embarq Corp.     3,200       133,024    
NeuStar, Inc. Class A*§     3,500       96,285    
      336,394    

 

See Accompanying Notes to Financial Statements.
25



Credit Suisse Mid-Cap Core Fund
Schedule of Investments (continued)

April 30, 2008 (unaudited)

    Number of
Shares
  Value  
COMMON STOCKS  
Electric Utilities (4.2%)  
Alliant Energy Corp.     16,800     $ 632,856    
Black Hills Corp.§     9,200       358,892    
CenterPoint Energy, Inc.§     18,000       273,960    
DPL, Inc.§     6,800       189,244    
Edison International     14,000       730,380    
Energy East Corp.§     22,400       510,720    
Entergy Corp.     7,100       815,506    
Mirant Corp.*§     19,600       805,756    
NRG Energy, Inc.*§     14,900       654,855    
NSTAR§     3,934       126,714    
PPL Corp.     5,800       278,516    
Puget Energy, Inc.     3,302       89,848    
Reliant Energy, Inc.*     31,400       808,236    
      6,275,483    
Electrical Equipment (1.1%)  
AMETEK, Inc.     5,556       269,577    
Energizer Holdings, Inc.*     7,800       616,668    
Hubbell, Inc. Class B§     9,000       402,570    
Rockwell Automation, Inc.     2,600       140,998    
Thomas & Betts Corp.*     7,212       270,162    
      1,699,975    
Electronic Equipment & Instruments (1.9%)  
Amphenol Corp. Class A     8,700       401,766    
Avnet, Inc.*     25,100       657,369    
Benchmark Electronics, Inc.*     7,300       129,794    
Ingram Micro, Inc.*     18,800       319,788    
Intersil Corp. Class A§     17,600       470,272    
Molex, Inc.     5,900       167,442    
Varian, Inc.*§     14,500       738,485    
      2,884,916    
Energy Equipment & Services (5.2%)  
Cameron International Corp.*     17,900       881,217    
ENSCO International, Inc.     4,800       305,904    
FMC Technologies, Inc.*     31,700       2,130,240    
Helmerich & Payne, Inc.     15,300       822,375    
National-Oilwell Varco, Inc.*     14,123       966,719    
Patterson-UTI Energy, Inc.§     27,300       762,762    
Pride International, Inc.*     23,100       980,595    
Tidewater, Inc.§     13,000       847,860    
Unit Corp.*     2,900       184,179    
      7,881,851    
Food & Drug Retailing (0.9%)  
Flowers Foods, Inc.     5,700       147,573    
Longs Drug Stores Corp.     2,800       112,168    
Terra Industries, Inc.*     27,800       1,052,508    
      1,312,249    

 

See Accompanying Notes to Financial Statements.
26



Credit Suisse Mid-Cap Core Fund
Schedule of Investments (continued)

April 30, 2008 (unaudited)

    Number of
Shares
  Value  
COMMON STOCKS  
Food Products (1.2%)  
Corn Products International, Inc.     13,300     $ 616,854    
Hormel Foods Corp.     21,500       847,315    
Sara Lee Corp.     20,100       291,651    
      1,755,820    
Gas Utilities (4.3%)  
Energen Corp.     21,800       1,487,632    
MDU Resources Group, Inc.     26,100       753,507    
National Fuel Gas Co.§     20,000       1,023,600    
ONEOK, Inc.     14,900       716,988    
Southwestern Energy Co.*     58,200       2,462,442    
      6,444,169    
Healthcare Equipment & Supplies (5.1%)  
Applera Corp.     7,600       242,516    
Beckman Coulter, Inc.     9,600       655,680    
DENTSPLY International, Inc.     21,500       835,705    
Hologic, Inc.*     35,600       1,039,164    
IMS Health, Inc.     5,700       141,075    
Intuitive Surgical, Inc.*     11,800       3,413,268    
Kinetic Concepts, Inc.*     22,300       884,418    
STERIS Corp.     3,384       93,771    
Varian Medical Systems, Inc.*     7,800       365,664    
      7,671,261    
Healthcare Providers & Services (5.2%)  
AmerisourceBergen Corp.     6,600       267,630    
Apria Healthcare Group, Inc.*     6,100       107,482    
Covance, Inc.*     14,100       1,181,439    
Express Scripts, Inc.*     11,300       791,226    
Health Net, Inc.*     3,725       109,105    
Henry Schein, Inc.*§     13,200       730,884    
Humana, Inc.*     10,500       501,795    
Kindred Healthcare, Inc.*     17,800       422,394    
LifePoint Hospitals, Inc.*§     7,000       210,840    
Lincare Holdings, Inc.*§     6,300       153,342    
PARAXEL International Corp.*     15,000       381,000    
Pharmaceutical Product Development, Inc.     27,200       1,126,624    
WellCare Health Plans, Inc.*§     41,400       1,812,492    
      7,796,253    
Hotels, Restaurants & Leisure (0.8%)  
CBRL Group, Inc.§     6,500       240,110    
Chipotle Mexican Grill, Inc. Class A*§     3,100       304,203    
Choice Hotels International, Inc.§     3,600       124,164    
WMS Industries, Inc.*§     6,800       246,092    
Yum! Brands, Inc.     8,800       357,984    
      1,272,553    

 

See Accompanying Notes to Financial Statements.
27



Credit Suisse Mid-Cap Core Fund
Schedule of Investments (continued)

April 30, 2008 (unaudited)

    Number of
Shares
  Value  
COMMON STOCKS  
Household Durables (1.6%)  
Blyth, Inc.     3,493     $ 58,822    
D.R. Horton, Inc.§     13,700       212,213    
Furniture Brands International, Inc.§     29,300       397,015    
KB Home§     8,300       186,750    
Mohawk Industries, Inc.*§     8,100       617,139    
NVR, Inc.*§     700       429,450    
The Ryland Group, Inc.§     6,036       193,031    
Tupperware Brands Corp.     9,100       358,540    
      2,452,960    
Household Products (0.3%)  
Church & Dwight Co, Inc.§     8,800       500,016    
Industrial Conglomerates (1.0%)  
Carlisle Companies, Inc.§     7,800       225,264    
KBR, Inc.     23,600       680,624    
Teleflex, Inc.     5,600       308,504    
Walter Industries, Inc.     4,700       325,992    
      1,540,384    
Insurance (3.7%)  
Ambac Financial Group, Inc.§     36,900       170,847    
American Financial Group, Inc.     11,650       319,443    
Arthur J. Gallagher & Co.§     3,252       79,902    
Assurant, Inc.     5,300       344,500    
CNA Financial Corp.§     9,400       252,014    
Conseco, Inc.*     11,100       129,315    
Everest Re Group, Ltd.     9,400       849,290    
Fidelity National Financial, Inc. Class A§     45,200       722,748    
Hanover Insurance Group, Inc.     5,449       244,551    
HCC Insurance Holdings, Inc.     16,900       417,092    
MGIC Investment Corp.§     8,400       109,452    
Radian Group, Inc.§     27,700       149,580    
StanCorp Financial Group, Inc.     6,286       322,095    
The PMI Group, Inc.§     25,800       145,254    
Transatlantic Holdings, Inc.     700       45,395    
Unitrin, Inc.§     4,664       176,952    
Unum Group     11,900       276,199    
W.R. Berkley Corp.     27,250       700,052    
XL Capital, Ltd. Class A     3,500       122,115    
      5,576,796    
Internet Software & Services (0.5%)  
McAfee, Inc.*     22,100       734,825    
IT Consulting & Services (0.3%)  
Acxiom Corp.§     9,400       111,202    
Computer Sciences Corp.*§     6,600       287,694    
      398,896    

 

See Accompanying Notes to Financial Statements.
28



Credit Suisse Mid-Cap Core Fund
Schedule of Investments (continued)

April 30, 2008 (unaudited)

    Number of
Shares
  Value  
COMMON STOCKS  
Leisure Equipment & Products (0.4%)  
Brunswick Corp.§     8,100     $ 135,108    
Callaway Golf Co.§     11,500       158,010    
Hasbro, Inc.§     4,900       174,244    
Polaris Industries, Inc.§     3,200       148,960    
      616,322    
Machinery (5.5%)  
AGCO Corp.*     23,800       1,431,094    
Eaton Corp.§     3,200       281,088    
Flowserve Corp.     8,400       1,042,356    
Gardner Denver, Inc.*     6,700       311,215    
Harsco Corp.     7,200       427,176    
Ingersoll-Rand Company, Ltd. Class A     9,500       421,610    
Joy Global, Inc.     25,600       1,900,800    
Kennametal, Inc.     5,200       180,804    
Lincoln Electric Holdings, Inc.     5,000       381,500    
Nordson Corp.§     5,000       295,150    
Parker Hannifin Corp.     4,100       327,385    
Reliance Steel & Aluminum Co.     5,000       303,900    
SPX Corp.     4,200       516,600    
The Timken Co.     8,200       296,430    
Trinity Industries, Inc.§     3,300       100,320    
      8,217,428    
Marine (0.2%)  
Overseas Shipholding Group, Inc.§     3,754       282,526    
Media (0.9%)  
DISH Network Corp. Class A*     3,900       116,376    
Gannett Co., Inc.§     4,200       120,204    
Harte-Hanks, Inc.§     7,400       101,084    
Interactive Data Corp.     10,800       291,384    
Netflix, Inc.*§     6,100       195,078    
Regal Entertainment Group Class A§     8,100       153,576    
Scholastic Corp.*§     13,600       382,840    
      1,360,542    
Metals & Mining (3.7%)  
AK Steel Holding Corp.     13,200       828,696    
Arch Coal, Inc.     19,300       1,107,048    
Carpenter Technology Corp.     8,995       461,264    
Cleveland-Cliffs, Inc.     6,489       1,040,836    
Freeport-McMoRan Copper & Gold, Inc.     8,300       944,125    
Massey Energy Co.     6,400       334,912    
Steel Dynamics, Inc.     25,300       881,705    
Worthington Industries, Inc.§     2,146       38,649    
      5,637,235    

 

See Accompanying Notes to Financial Statements.
29



Credit Suisse Mid-Cap Core Fund
Schedule of Investments (continued)

April 30, 2008 (unaudited)

    Number of
Shares
  Value  
COMMON STOCKS  
Multi-Utilities (0.6%)  
Questar Corp.     12,300     $ 762,969    
Vectren Corp.§     3,391       95,898    
Westar Energy, Inc.     2,927       67,877    
      926,744    
Multiline Retail (1.1%)  
Big Lots, Inc.*§     17,800       481,134    
BJ's Wholesale Club, Inc.*§     13,600       518,432    
Dollar Tree, Inc.*     11,500       363,400    
Nordstrom, Inc.§     6,900       243,294    
      1,606,260    
Oil & Gas (6.6%)  
Cimarex Energy Co.     19,600       1,221,080    
Continental Resources, Inc.*§     19,400       833,618    
Denbury Resources, Inc.*     35,200       1,075,712    
Encore Acquisition Co.*§     6,900       314,847    
Equitable Resources, Inc.     18,000       1,194,660    
Frontier Oil Corp.     15,004       372,849    
Hess Corp.     3,000       318,600    
Holly Corp.     2,500       103,700    
Murphy Oil Corp.     3,700       334,258    
Newfield Exploration Co.*§     18,600       1,130,136    
Noble Energy, Inc.     3,300       287,100    
Plains Exploration & Production Co.*     15,161       944,227    
Quicksilver Resources, Inc.     4,675       193,966    
Stone Energy Corp.*     13,900       847,066    
W&T Offshore, Inc.§     19,400       793,460    
      9,965,279    
Paper & Forest Products (0.5%)  
Potlatch Corp.§     6,000       268,860    
Rayonier, Inc.§     11,400       479,142    
      748,002    
Personal Products (0.3%)  
Alberto-Culver Co.     10,800       271,836    
NBTY, Inc.*     7,500       211,125    
      482,961    
Pharmaceuticals (1.0%)  
Forest Laboratories, Inc.*     3,700       128,427    
Medicis Pharmaceutical Corp. Class A§     7,400       152,440    
Par Pharmaceutical Cos, Inc.*§     18,100       308,605    
Perrigo Co.§     11,600       475,484    
Sepracor, Inc.*§     20,800       448,240    
      1,513,196    

 

See Accompanying Notes to Financial Statements.
30



Credit Suisse Mid-Cap Core Fund
Schedule of Investments (continued)

April 30, 2008 (unaudited)

    Number of
Shares
  Value  
COMMON STOCKS  
Real Estate (4.6%)  
Apartment Investment & Management Co. Class A§     11,791     $ 436,031    
Brandywine Realty Trust     15,700       273,965    
CBL & Associates Properties, Inc.§     8,900       217,961    
Colonial Properties Trust     11,000       266,530    
Developers Diversified Realty Corp.§     5,300       227,635    
Duke Realty Corp.     27,000       659,340    
First Industrial Realty Trust, Inc.§     4,600       138,966    
Health Care REIT, Inc.     6,100       295,545    
Hospitality Properties Trust§     14,100       453,033    
Host Hotels & Resorts, Inc.     8,700       149,640    
HRPT Properties Trust     35,800       248,094    
Jones Lang LaSalle, Inc.§     9,000       698,490    
Liberty Property Trust     12,800       448,384    
Macerich Co.     13,300       972,629    
Mack-Cali Realty Corp.     17,200       671,144    
Mid-America Apartment Communities, Inc.     2,700       141,750    
Weingarten Realty Investors§     16,700       616,063    
      6,915,200    
Road & Rail (1.1%)  
CSX Corp.     2,600       163,670    
GATX Corp.§     6,900       303,600    
J.B. Hunt Transport Services, Inc.§     12,300       417,831    
Kansas City Southern*§     10,300       464,324    
Werner Enterprises, Inc.§     13,500       262,575    
      1,612,000    
Semiconductor Equipment & Products (2.1%)  
Analog Devices, Inc.     5,300       170,713    
Cree, Inc.*§     12,100       314,600    
Cypress Semiconductor Corp.*§     15,200       427,424    
First Solar, Inc.*     1,900       554,781    
Integrated Device Technology, Inc.*     21,800       233,042    
Lam Research Corp.*§     17,000       694,280    
MEMC Electronic Materials, Inc.*     3,400       214,098    
MPS Group, Inc.*     13,000       139,490    
Novellus Systems, Inc.*§     11,900       260,134    
QLogic Corp.*     10,400       165,984    
Semtech Corp.*     2,033       33,016    
      3,207,562    
Software (2.1%)  
ACI Worldwide, Inc.*§     2,600       57,460    
Activision, Inc.*     40,300       1,090,115    
Advent Software, Inc.*§     5,000       199,300    
Autodesk, Inc.*     3,500       133,000    
BMC Software, Inc.*     9,600       333,696    

 

See Accompanying Notes to Financial Statements.
31



Credit Suisse Mid-Cap Core Fund
Schedule of Investments (continued)

April 30, 2008 (unaudited)

    Number of
Shares
  Value  
COMMON STOCKS  
Software  
Cadence Design Systems, Inc.*     36,700     $ 408,471    
National Instruments Corp.     3,500       102,970    
Sybase, Inc.*     13,000       382,460    
Synopsys, Inc.*     20,000       462,200    
      3,169,672    
Specialty Retail (3.6%)  
Abercrombie & Fitch Co. Class A     4,600       341,826    
Advance Auto Parts, Inc.     13,200       457,776    
Aeropostale, Inc.*§     14,350       456,186    
American Eagle Outfitters, Inc.     35,600       653,972    
AnnTaylor Stores Corp.*     9,700       245,410    
AutoZone, Inc.*     3,800       458,850    
Barnes & Noble, Inc.§     6,000       193,680    
GameStop Corp. Class A*     13,000       715,520    
Men's Wearhouse, Inc.§     8,300       221,029    
Rent-A-Center, Inc.*     24,700       531,791    
The Gap, Inc.     7,700       143,374    
The TJX Companies, Inc.     6,400       206,208    
Tiffany & Co.     3,500       152,390    
United Rentals, Inc.*§     24,300       457,812    
Urban Outfitters, Inc.*§     3,700       126,725    
Williams-Sonoma, Inc.§     3,277       86,513    
      5,449,062    
Textiles & Apparel (0.4%)  
Fossil, Inc.*§     4,200       150,318    
Warnaco Group, Inc.*     11,300       521,382    
      671,700    
Tobacco (0.7%)  
Loews Corp. Carolina Group     7,200       472,824    
Universal Corp.§     8,100       519,939    
      992,763    
Trading Companies & Distributors (0.8%)  
Fastenal Co.§     24,200       1,181,202    
TOTAL COMMON STOCKS (Cost $148,601,027)     150,928,488    

 

See Accompanying Notes to Financial Statements.
32



Credit Suisse Mid-Cap Core Fund
Schedule of Investments (continued)

April 30, 2008 (unaudited)

    Number of
Shares
  Value  
WARRANTS (0.0%)  
Wireless Telecommunication Services (0.0%)  
Unity Wireless Corp., strike price $0.20, expires 08/17/09^     79,133     $ 0    
Unity Wireless Corp., strike price $0.22, expires 08/17/09^     79,134       0    
Unity Wireless Corp., strike price $0.27, expires 08/17/09^     79,133       0    
Unity Wireless Corp., strike price $0.30, expires 08/17/09^     79,134       0    
TOTAL WARRANTS (Cost $0)     0    
SHORT-TERM INVESTMENT (25.2%)  
State Street Navigator Prime Portfolio§§ (Cost $37,985,905)     37,985,905       37,985,905    
TOTAL INVESTMENTS AT VALUE (125.4%) (Cost $186,586,932)     188,914,393    
LIABILITIES IN EXCESS OF OTHER ASSETS (-25.4%)     (38,318,713 )  
NET ASSETS (100.0%)   $ 150,595,680    

 

*  Non-income producing security.

^  Not readily marketable security; security is valued at fair value as determined in good faith by, or under the direction of, the Board of Directors.

§  Security or a portion thereof is on loan.

§§  Represents security purchased with cash collateral received for securities on loan.

See Accompanying Notes to Financial Statements.
33




Credit Suisse Funds
Statements of Assets and Liabilities

April 30, 2008 (unaudited)

    Large Cap
Growth Fund
  Mid-Cap
Core Fund
 
Assets  
Investments at value, including collateral for securities on loan
of $17,199,146 and $37,985,905 (Cost $98,173,241, and
$186,586,932, respectively) (Note 2)
  $ 103,084,1581     $ 188,914,3932    
Cash     948          
Receivable for investments sold     2,956,391          
Dividends receivable     57,402       80,464    
Receivable for fund shares sold     45,379       60,066    
Prepaid expenses and other assets     31,516       48,811    
Total Assets     106,175,794       189,103,734    
Liabilities  
Advisory fee payable (Note 3)     35,142       85,809    
Administrative services fee payable (Note 3)     1,262       2,535    
Shareholder servicing/Distribution fee payable (Note 3)     19,451       48,889    
Payable upon return of securities loaned (Note 2)     17,199,146       37,985,905    
Due to custodian           78,495    
Payable for investments purchased     2,937,819          
Payable for fund shares redeemed     43,213       63,875    
Trustees'/Directors' fee payable     8,544       8,544    
Other accrued expenses payable     43,866       234,002    
Total Liabilities     20,288,443       38,508,054    
Net Assets  
Capital stock, $.001 par value (Note 6)     4,821       4,198    
Paid-in capital (Note 6)     373,526,517       255,701,440    
Undistributed net investment income (loss)     141,982       (139,588 )  
Accumulated net realized loss on investments     (292,696,886 )     (107,297,831 )  
Net unrealized appreciation from investments     4,910,917       2,327,461    
Net Assets   $ 85,887,351     $ 150,595,680    
Common Shares  
Net assets   $ 82,114,989     $ 141,407,971    
Shares outstanding     4,599,762       3,920,824    
Net asset value, offering price, and redemption price per share   $ 17.85     $ 36.07    
Advisor Shares  
Net assets   $ 1,995,039     $ 8,708,923    
Shares outstanding     118,290       263,168    
Net asset value, offering price, and redemption price per share   $ 16.87     $ 33.09    

 

See Accompanying Notes to Financial Statements.
34



Credit Suisse Funds
Statements of Assets and Liabilities (continued)

April 30, 2008 (unaudited)

    Large Cap
Growth Fund
  Mid-Cap
Core Fund
 
A Shares  
Net assets   $ 1,063,136     $ 372,472    
Shares outstanding     60,468       10,515    
Net asset value and redemption price per share   $ 17.58     $ 35.42    
Maximum offering price per share (net asset value/(1-5.75%))   $ 18.65     $ 37.58    
B Shares  
Net assets   $ 381,712     $ 105,133    
Shares outstanding     22,781       3,062    
Net asset value and offering price per share   $ 16.76     $ 34.33    
C Shares  
Net assets   $ 332,475     $ 1,181    
Shares outstanding     19,843       34    
Net asset value and offering price per share   $ 16.76     $ 34.37    

 

1  Including $16,818,931 of securities on loan.

2  Including $37,088,845 of securities on loan.

See Accompanying Notes to Financial Statements.
35



Credit Suisse Funds
Statements of Operations

For the Six Months Ended April 30, 2008 (unaudited)

    Large Cap
Growth Fund
  Mid-Cap
Core Fund
 
Investment Income (Note 2)  
Dividends   $ 591,299     $ 848,397    
Interest     7,616       4,800    
Securities lending     43,239       138,526    
Total investment income     642,154       991,723    
Expenses  
Investment advisory fees (Note 3)     232,887       545,212    
Administrative services fees (Note 3)     55,427       92,686    
Shareholder servicing/Distribution fees (Note 3)  
Advisor Class     6,098       22,089    
Class A     1,369       429    
Class B     1,597       539    
Class C     1,676       6    
Transfer agent fees (Note 3)     55,100       243,239    
Registration fees     46,365       50,742    
Printing fees (Note 3)     34,290       79,446    
Audit and tax fees     21,705       22,364    
Legal fees     19,895       29,029    
Trustees'/Directors' fees     8,874       8,874    
Custodian fees     5,275       13,483    
Insurance expense     1,160       1,993    
Interest expense (Note 4)     956       858    
Commitment fees (Note 4)           384    
Miscellaneous expense     7,477       19,938    
Total expenses     500,151       1,131,311    
Net investment income (loss)     142,003       (139,588 )  
Net Realized and Unrealized Gain (Loss) from Investments  
Net realized loss from investments     (3,393,152 )     (1,336,491 )  
Net change in unrealized appreciation (depreciation) from investments     (9,763,007 )     (13,543,855 )  
Net realized and unrealized loss from investments     (13,156,159 )     (14,880,346 )  
Net decrease in net assets resulting from operations   $ (13,014,156 )   $ (15,019,934 )  

 

See Accompanying Notes to Financial Statements.
36




Credit Suisse Funds
Statements of Changes in Net Assets

    Large Cap Growth Fund   Mid-Cap Core Fund  
    For the Six Months
Ended
April 30, 2008
(unaudited)
  For the Year
Ended
October 31, 2007
  For the Six Months
Ended
April 30, 2008
(unaudited)
  For the Year
Ended
October 31, 2007
 
From Operations  
Net investment income (loss)   $ 142,003     $ 17,853     $ (139,588 )   $ (439,718 )  
Net realized gain (loss) from
investments
    (3,393,152 )     31,559,847       (1,336,491 )     48,496,910    
Net change in unrealized appreciation
(depreciation) from investments
    (9,763,007 )     (12,753,759 )     (13,543,855 )     (14,192,329 )  
Net increase (decrease) in net assets
resulting from operations
    (13,014,156 )     18,823,941       (15,019,934 )     33,864,863    
From Dividends  
Dividends from net investment income
Common Class shares
    (12,298 )                    
From Capital Share Transactions (Note 6)  
Proceeds from sale of shares     1,988,332       5,906,280       4,045,631       11,062,292    
Reinvestment of dividends     11,938                      
Net asset value of shares redeemed     (13,968,604 )     (100,866,811 )     (23,118,998 )     (105,922,658 )  
Net decrease in net assets from
capital share transactions
    (11,968,334 )     (94,960,531 )     (19,073,367 )     (94,860,366 )  
Net decrease in net assets     (24,994,788 )     (76,136,590 )     (34,093,301 )     (60,995,503 )  
Net Assets  
Beginning of period     110,882,139       187,018,729       184,688,981       245,684,484    
End of period   $ 85,887,351     $ 110,882,139     $ 150,595,680     $ 184,688,981    
Undistributed net
investment income (loss)
  $ 141,982     $ 12,277     $ (139,588 )   $    

 

See Accompanying Notes to Financial Statements.
37




Credit Suisse Large Cap Growth Fund
Financial Highlights

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

    For the Six
Months Ended
April 30, 2008
  For the Year Ended October 31,  
    (unaudited)   2007   2006   2005   2004   2003  
Per share data  
Net asset value, beginning of period   $ 20.32     $ 17.40     $ 16.49     $ 15.26     $ 14.75     $ 12.53    
INVESTMENT OPERATIONS  
Net investment income (loss)1     0.03       0.01       (0.04 )     0.01       (0.09 )     (0.05 )  
Net gain (loss) on investments
(both realized and unrealized)
    (2.50 )     2.91       0.97       1.22       0.60       2.27    
Total from investment operations     (2.47 )     2.92       0.93       1.23       0.51       2.22    
LESS DIVIDENDS  
Dividends from net investment income     (0.00 )2           (0.02 )                    
Total dividends                 (0.02 )                    
Net asset value, end of period   $ 17.85     $ 20.32     $ 17.40     $ 16.49     $ 15.26     $ 14.75    
Total return3     (12.14 )%     16.78 %     5.62 %     8.06 %     3.46 %     17.72 %  
RATIOS AND SUPPLEMENTAL DATA  
Net assets, end of period (000s omitted)   $ 82,115     $ 105,404     $ 181,077     $ 291,148     $ 433,681     $ 514,668    
Ratio of expenses to average net assets     1.05 %4     1.10 %     1.20 %     1.17 %     1.16 %     1.15 %  
Ratio of net investment income (loss)
to average net assets
    0.33 %4     0.04 %     (0.24 )%     0.09 %     (0.57 )%     (0.39 )%  
Portfolio turnover rate     53 %     161 %     94 %     97 %     70 %     97 %  

 

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

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

3  Total returns are historical and assume changes in share price and reinvestment of all dividends and distributions. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods less than one year are not annualized.

4  Annualized.

See Accompanying Notes to Financial Statements.
38



Credit Suisse Large Cap Growth Fund
Financial Highlights

(For an Advisor Class Share of the Fund Outstanding Throughout Each Period)

    For the Six
Months Ended
April 30, 2008
  For the Year Ended October 31,  
    (unaudited)   2007   2006   2005   2004   2003  
Per share data  
Net asset value, beginning of period   $ 19.24     $ 16.56     $ 15.76     $ 14.65     $ 14.24     $ 12.16    
INVESTMENT OPERATIONS  
Net investment loss1     (0.01 )     (0.08 )     (0.12 )     (0.04 )     (0.16 )     (0.11 )  
Net gain (loss) on investments
(both realized and unrealized)
    (2.36 )     2.76       0.92       1.15       0.57       2.19    
Total from investment operations     (2.37 )     2.68       0.80       1.11       0.41       2.08    
Net asset value, end of period   $ 16.87     $ 19.24     $ 16.56     $ 15.76     $ 14.65     $ 14.24    
Total return2     (12.32 )%     16.18 %     5.08 %     7.58 %     2.88 %     17.11 %  
RATIOS AND SUPPLEMENTAL DATA  
Net assets, end of period (000s omitted)   $ 1,995     $ 3,541     $ 3,729     $ 5,334     $ 14,723     $ 17,380    
Ratio of expenses to average net assets     1.54 %3     1.60 %     1.70 %     1.67 %     1.66 %     1.65 %  
Ratio of net investment loss
to average net assets
    (0.16 )%3     (0.46 )%     (0.74 )%     (0.41 )%     (1.07 )%     (0.90 )%  
Portfolio turnover rate     53 %     161 %     94 %     97 %     70 %     97 %  

 

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

2  Total returns are historical and assume changes in share price and reinvestment of all dividends and distributions. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods less than one year are not annualized.

3  Annualized.

See Accompanying Notes to Financial Statements.
39



Credit Suisse Large Cap Growth Fund
Financial Highlights

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

    For the Six
Months Ended
April 30, 2008
  For the Year Ended October 31,  
    (unaudited)   2007   2006   2005   2004   2003  
Per share data  
Net asset value, beginning of period   $ 20.03     $ 17.20     $ 16.33     $ 15.14     $ 14.68     $ 12.50    
INVESTMENT OPERATIONS  
Net investment income (loss)1     0.01       (0.04 )     (0.08 )     (0.00 )2     (0.12 )     (0.09 )  
Net gain (loss)on investments
(both realized and unrealized)
    (2.46 )     2.87       0.95       1.19       0.58       2.27    
Total from investment operations     (2.45 )     2.83       0.87       1.19       0.46       2.18    
Net asset value, end of period   $ 17.58     $ 20.03     $ 17.20     $ 16.33     $ 15.14     $ 14.68    
Total return3     (12.23 )%     16.45 %     5.33 %     7.86 %     3.13 %     17.44 %  
RATIOS AND SUPPLEMENTAL DATA  
Net assets, end of period (000s omitted)   $ 1,063     $ 1,285     $ 1,329     $ 1,585     $ 2,490     $ 1,152    
Ratio of expenses to average net assets     1.30 %4     1.35 %     1.45 %     1.42 %     1.41 %     1.40 %  
Ratio of net investment income (loss)
to average net assets
    0.08 %4     (0.21 )%     (0.49 )%     (0.16 )%     (0.82 )%     (0.69 )%  
Portfolio turnover rate     53 %     161 %     94 %     97 %     70 %     97 %  

 

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

2  This 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 periods shown, total returns would have been lower. Total returns for periods less than one year are not annualized.

4  Annualized.

See Accompanying Notes to Financial Statements.
40



Credit Suisse Large Cap Growth Fund
Financial Highlights

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

    For the Six
Months Ended
April 30, 2008
  For the Year Ended October 31,  
    (unaudited)   2007   2006   2005   2004   2003  
Per share data  
Net asset value, beginning of period   $ 19.16     $ 16.58     $ 15.85     $ 14.82     $ 14.47     $ 12.41    
INVESTMENT OPERATIONS  
Net investment loss1     (0.06 )     (0.17 )     (0.20 )     (0.16 )     (0.23 )     (0.19 )  
Net gain (loss) on investments
(both realized and unrealized)
    (2.34 )     2.75       0.93       1.19       0.58       2.25    
Total from investment operations     (2.40 )     2.58       0.73       1.03       0.35       2.06    
Net asset value, end of period   $ 16.76     $ 19.16     $ 16.58     $ 15.85     $ 14.82     $ 14.47    
Total return2     (12.53 )%     15.56 %     4.61 %     6.95 %     2.42 %     16.60 %  
RATIOS AND SUPPLEMENTAL DATA  
Net assets, end of period (000s omitted)   $ 382     $ 285     $ 498     $ 625     $ 543     $ 545    
Ratio of expenses to average net assets     2.07 %3     2.10 %     2.20 %     2.17 %     2.16 %     2.15 %  
Ratio of net investment loss
to average net assets
    (0.69 )%3     (0.97 )%     (1.24 )%     (0.91 )%     (1.57 )%     (1.44 )%  
Portfolio turnover rate     53 %     161 %     94 %     97 %     70 %     97 %  

 

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

2  Total returns are historical and assume changes in share price, reinvestment of all dividends and distributions and no sales charge. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods less than one year are not annualized.

3  Annualized.

See Accompanying Notes to Financial Statements.
41



Credit Suisse Large Cap Growth Fund
Financial Highlights

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

    For the Six
Months Ended
April 30, 2008
  For the Year Ended October 31,  
    (unaudited)   2007   2006   2005   2004   2003  
Per share data  
Net asset value, beginning of period   $ 19.16     $ 16.58     $ 15.85     $ 14.81     $ 14.47     $ 12.41    
INVESTMENT OPERATIONS  
Net investment loss1     (0.06 )     (0.17 )     (0.20 )     (0.14 )     (0.23 )     (0.19 )  
Net gain (loss) on investments
(both realized and unrealized)
    (2.34 )     2.75       0.93       1.18       0.57       2.25    
Total from investment operations     (2.40 )     2.58       0.73       1.04       0.34       2.06    
Net asset value, end of period   $ 16.76     $ 19.16     $ 16.58     $ 15.85     $ 14.81     $ 14.47    
Total return2     (12.53 )%     15.56 %     4.61 %     7.02 %     2.35 %     16.60 %  
RATIOS AND SUPPLEMENTAL DATA  
Net assets, end of period (000s omitted)   $ 332     $ 367     $ 385     $ 471     $ 849     $ 223    
Ratio of expenses to average net assets     2.06 %3     2.10 %     2.20 %     2.17 %     2.16 %     2.15 %  
Ratio of net investment loss
to average net assets
    (0.69 )%3     (0.96 )%     (1.24 )%     (0.91 )%     (1.57 )%     (1.44 )%  
Portfolio turnover rate     53 %     161 %     94 %     97 %     70 %     97 %  

 

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

2  Total returns are historical and assume changes in share price, reinvestment of all dividends and distributions and no sales charge. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods less than one year are not annualized.

3  Annualized.

See Accompanying Notes to Financial Statements.
42



Credit Suisse Mid-Cap Core Fund
Financial Highlights

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

    For the Six
Months Ended
April 30,2008
  For the Year Ended October 31,  
    (unaudited)   2007   2006   2005   2004   2003  
Per share data  
Net asset value, beginning of period   $ 39.24     $ 33.21     $ 31.67     $ 28.04     $ 26.79     $ 18.98    
INVESTMENT OPERATIONS  
Net investment loss1     (0.03 )     (0.07 )     (0.19 )     (0.27 )     (0.30 )     (0.22 )  
Net gain (loss) on investments
(both realized and unrealized)
    (3.14 )     6.10       1.73       3.90       1.55       8.03    
Total from investment operations     (3.17 )     6.03       1.54       3.63       1.25       7.81    
Net asset value, end of period   $ 36.07     $ 39.24     $ 33.21     $ 31.67     $ 28.04     $ 26.79    
Total return2     (8.08 )%     18.16 %     4.86 %     12.95 %     4.67 %     41.15 %  
RATIOS AND SUPPLEMENTAL DATA  
Net assets, end of period (000s omitted)   $ 141,408     $ 173,327     $ 228,798     $ 290,509     $ 364,298     $ 407,262    
Ratio of expenses to average net assets     1.42 %4     1.25 %     1.35 %     1.39 %     1.40 %     1.38 %  
Ratio of net investment loss
to average net assets
    (0.15 )%4     (0.19 )%     (0.56 )%     (0.87 )%     (1.08 )%     (1.04 )%  
Decrease reflected in above
operating expense ratios
due to waivers/reimbursements
          0.00 %3     0.03 %                    
Portfolio turnover rate     81 %     278 %     69 %     79 %     106 %     68 %  

 

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

2  Total returns are historical and assume changes in share price and reinvestment of all dividends and distributions. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods less than one year are not annualized.

3  This amount represents less than 0.01% per share.

4  Annualized.

See Accompanying Notes to Financial Statements.
43



Credit Suisse Mid-Cap Core Fund
Financial Highlights

(For an Advisor Class Share of the Fund Outstanding Throughout Each Period)

    For the Six
Months Ended
April 30, 2008
  For the Year Ended October 31,  
    (unaudited)   2007   2006   2005   2004   2003  
Per share data  
Net asset value, beginning of period   $ 36.09     $ 30.70     $ 29.42     $ 26.18     $ 25.14     $ 17.90    
INVESTMENT OPERATIONS  
Net investment loss1     (0.11 )     (0.23 )     (0.33 )     (0.40 )     (0.41 )     (0.31 )  
Net gain (loss) on investments
(both realized and unrealized)
    (2.89 )     5.62       1.61       3.64       1.45       7.55    
Total from investment operations     (3.00 )     5.39       1.28       3.24       1.04       7.24    
Net asset value, end of period   $ 33.09     $ 36.09     $ 30.70     $ 29.42     $ 26.18     $ 25.14    
Total return2     (8.31 )%     17.56 %     4.35 %     12.38 %     4.14 %     40.45 %  
RATIOS AND SUPPLEMENTAL DATA  
Net assets, end of period (000s omitted)   $ 8,709     $ 10,892     $ 16,250     $ 24,851     $ 26,474     $ 40,322    
Ratio of expenses to average net assets     1.92 %3     1.75 %     1.85 %     1.89 %     1.90 %     1.88 %  
Ratio of net investment loss
to average net assets
    (0.65 )%3     (0.68 )%     (1.06 )%     (1.37 )%     (1.58 )%     (1.53 )%  
Decrease reflected in above
operating expense ratio
due to waivers/reimbursements
          0.01 %     0.03 %                    
Portfolio turnover rate     81 %     278 %     69 %     79 %     106 %     68 %  

 

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

2  Total returns are historical and assume changes in share price and reinvestment of all dividends and distributions. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods less than one year are not annualized.

3  Annualized.

See Accompanying Notes to Financial Statements.
44



Credit Suisse Mid-Cap Core Fund
Financial Highlights

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

    For the Six
Months Ended
April 30, 2008
  For the Year Ended October 31,  
    (unaudited)   2007   2006   2005   2004   2003  
Per share data  
Net asset value, beginning of period   $ 38.59     $ 32.73     $ 31.29     $ 27.77     $ 26.60     $ 18.90    
INVESTMENT OPERATIONS  
Net investment loss1     (0.07 )     (0.15 )     (0.27 )     (0.34 )     (0.38 )     (0.33 )  
Net gain (loss) on investments
(both realized and unrealized)
    (3.10 )     6.01       1.71       3.86       1.55       8.03    
Total from investment operations     (3.17 )     5.86       1.44       3.52       1.17       7.70    
Net asset value, end of period   $ 35.42     $ 38.59     $ 32.73     $ 31.29     $ 27.77     $ 26.60    
Total return2     (8.21 )%     17.90 %     4.60 %     12.68 %     4.40 %     40.74 %  
RATIOS AND SUPPLEMENTAL DATA  
Net assets, end of period (000s omitted)   $ 372     $ 345     $ 555     $ 688     $ 567     $ 75    
Ratio of expenses to average net assets     1.68 %3     1.50 %     1.60 %     1.64 %     1.65 %     1.63 %  
Ratio of net investment loss
to average net assets
    (0.40 )%3     (0.42 )%     (0.81 )%     (1.12 )%     (1.33 )%     (1.36 )%  
Decrease reflected in above
operating expense ratios
due to waivers/reimbursements
          0.01 %     0.03 %                    
Portfolio turnover rate     81 %     278 %     69 %     79 %     106 %     68 %  

 

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

2  Total returns are historical and assume changes in share price, reinvestment of all dividends and distributions and no sales charge. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods less than one year are not annualized.

3  Annualized.

See Accompanying Notes to Financial Statements.
45



Credit Suisse Mid-Cap Core Fund
Financial Highlights

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

    For the Six
Months Ended
April 30, 2008
  For the Year Ended October 31,  
    (unaudited)   2007   2006   2005   20041   
Per share data  
Net asset value, beginning of period   $ 37.54     $ 32.10     $ 30.91     $ 27.64     $ 29.10    
INVESTMENT OPERATIONS  
Net investment loss2     (0.19 )     (0.43 )     (0.50 )     (0.58 )     (0.38 )  
Net gain (loss) on investments
(both realized and unrealized)
    (3.02 )     5.87       1.69       3.85       (1.08 )  
Total from investment operations     (3.21 )     5.44       1.19       3.27       (1.46 )  
Net asset value, end of period   $ 34.33     $ 37.54     $ 32.10     $ 30.91     $ 27.64    
Total return3     (8.55 )%     16.95 %     3.85 %     11.83 %     (5.02 )%  
RATIOS AND SUPPLEMENTAL DATA  
Net assets, end of period (000s omitted)   $ 105     $ 124     $ 80     $ 55     $ 7    
Ratio of expenses to average net assets     2.42 %4     2.25 %     2.35 %     2.39 %     2.40 %4  
Ratio of net investment loss
to average net assets
    (1.15 )%4     (1.22 )%     (1.56 )%     (1.87 )%     (2.08 )%4  
Decrease reflected in above operating expense
ratios due to waivers/reimbursements
          0.00 %5     0.03 %              
Portfolio turnover rate     81 %     278 %     69 %     79 %     106 %  

 

1  For the period February 27, 2004 (inception date) through October 31, 2004.

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

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

4  Annualized.

5  This amount represents less than 0.01% per share.

See Accompanying Notes to Financial Statements.
46



Credit Suisse Mid-Cap Core Fund
Financial Highlights

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

    For the Six
Months Ended
April 30, 2008
  For the Year Ended October 31,  
    (unaudited)   2007   2006   2005   20041   
Per share data  
Net asset value, beginning of period   $ 37.59     $ 32.10     $ 30.91     $ 27.67     $ 29.10    
INVESTMENT OPERATIONS  
Net investment loss2     (0.21 )     (0.40 )     (0.51 )     (0.62 )     (0.38 )  
Net gain (loss) on investments
(both realized and unrealized)
    (3.01 )     5.89       1.70       3.86       (1.05 )  
Total from investment operations     (3.22 )     5.49       1.19       3.24       (1.43 )  
Net asset value, end of period   $ 34.37     $ 37.59     $ 32.10     $ 30.91     $ 27.67    
Total return3     (8.57 )%     17.10 %     3.85 %     11.71 %     (4.91 )%  
RATIOS AND SUPPLEMENTAL DATA  
Net assets, end of period (000s omitted)   $ 1     $ 1     $ 1     $ 1     $ 1    
Ratio of expenses to average net assets     2.49 %4     2.16 %     2.35 %     2.39 %     2.40 %4  
Ratio of net investment loss to average net assets     (1.22 )%4     (1.15 )%     (1.56 )%     (1.87 )%     (2.08 )%4  
Decrease reflected in above operating expense
ratios due to waivers/reimbursements
          0.00 %5     0.03 %              
Portfolio turnover rate     81 %     278 %     69 %     79 %     106 %  

 

1  For the period February 27, 2004 (inception date) through October 31, 2004.

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

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

4  Annualized.

5  This amount represents less than 0.01% per share.

See Accompanying Notes to Financial Statements.
47




Credit Suisse Funds
Notes to Financial Statements
April 30, 2008 (unaudited)

Note 1. Organization

The Credit Suisse Funds covered in this report are Credit Suisse Large Cap Growth Fund ("Large Cap Growth") and Credit Suisse Mid-Cap Core Fund ("Mid-Cap Core"), each of which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified open-end management investment company. Large Cap Growth was organized under the laws of the Commonwealth of Massachusetts as a business trust on January 20, 1987. Mid-Cap Core was incorporated under the laws of the State of Maryland on November 12, 1987. Investment objectives for each Fund are as follows: Large Cap Growth seeks long-term capital appreciation and Mid-Cap Core seeks maximum capital appreciation.

Large Cap Growth and Mid-Cap Core each offer five classes of shares: Common Class, Advisor Class, Class A, Class B, and Class C shares. The Funds' Common Class shares are closed to new investors, with certain exceptions as set forth in the prospectus. Each class of shares in each Fund represents an equal pro rata interest in each Fund, except that they bear different expenses, which reflect the difference in the range of services provided to them. Class A shares of each Fund are sold subject to a maximum 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 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 each Fund is determined daily as of the close of regular trading on the New York Stock Exchange, Inc. (the "Exchange") on each day the Exchange is open for business. Equity investments are valued at market value, which is generally determined using the closing price on the exchange or market on which the security is primarily traded at the time of valuation (the "Valuation Time"). If no sales are reported, equity investments are generally valued at the most recent bid quotation as of the Valuation Time or at the lowest asked quotation in the case of a short sale of securities. Debt securities with a remaining maturity greater than 60 days are valued in accordance with the price supplied by a pricing service, which may use a matrix, formula or other objective method that takes into consideration market indices, yield curves and other specific adjustments. Debt obligations that will mature in 60 days or less are valued on the basis of amortized cost, which approximates market value, unless it is determined that using this method would not represent fair value. Investments in mutual funds


48



Credit Suisse Funds
Notes to Financial Statements (continued)
April 30, 2008 (unaudited)

Note 2. Significant Accounting Policies

are valued at the mutual fund's closing net asset value per share on the day of valuation. Securities and other assets for which market quotations are not readily available, or whose values have been materially affected by events occurring before each 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 Trustees/Directors under procedures established by the Board of Trustees/Directors. The Funds may utilize a service provided by an independent third party which has been approved by the Board of Trustees/Directors to fair value certain securities. When fair-value pricing is employed, the prices of securities used by the funds to calculate its net asset value may differ from quoted or published prices for the same securities.

B) FOREIGN CURRENCY TRANSACTIONS — The books and records of the Funds are maintained in U.S. dollars. Transactions denominated in foreign currencies are recorded at the current prevailing exchange rates. All assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the current exchange rate at the end of the period. Translation gains or losses resulting from changes in the exchange rate during the reporting period and realized gains and losses on the settlement of foreign currency transactions are reported in the results of operations for the current period. The Funds do not isolate that portion of realized gains and losses on investments in equity securities which is due to changes in the foreign exchange rate from that which is due to changes in market prices of equity securities. The Funds isolate that portion of realized gains and losses on investments in debt securities which is due to changes in the foreign exchange rate from that which is due to changes in market prices of debt securities.

C) SECURITY TRANSACTIONS AND INVESTMENT INCOME — Security transactions are accounted for on a trade date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Certain expenses are class-specific expenses and vary by class. Income, expenses (excluding class-specific expenses) and realized/unrealized gains/losses are allocated proportionately to each class of shares based upon the relative net asset value of the outstanding shares of that class. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes.

D) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Dividends from net investment income and distributions of net realized capital gains, if any, are declared and paid at least annually. However, to the extent that a net realized capital gain can be reduced by a capital loss carryforward, such gain will not be distributed. Income and capital gain distributions are determined


49



Credit Suisse Funds
Notes to Financial Statements (continued)
April 30, 2008 (unaudited)

Note 2. Significant Accounting Policies

in accordance with federal income tax regulations which may differ from accounting principles generally accepted in the United States of America ("GAAP").

E) FEDERAL INCOME TAXES — No provision is made for federal taxes, as it is each Fund's intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under the Internal Revenue Code of 1986, as amended, and to make the requisite distributions to its shareholders, which will be sufficient to relieve it from federal income and excise taxes.

F) USE OF ESTIMATES — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates.

G) SHORT-TERM INVESTMENTS — The Funds, together with other funds/portfolios advised by Credit Suisse Asset Management, LLC ("Credit Suisse"), an indirect, wholly-owned subsidiary of Credit Suisse Group, pool available cash into a short-term variable rate time deposit issued by State Street Bank and Trust Company ("SSB"), the Funds' custodian, or a money market fund advised by Credit Suisse. 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 Funds 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 certain Credit Suisse-advised funds, funds advised by SSB, the Funds' securities lending agent or money market instruments. However, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings.

SSB has been engaged by the Funds to act as the Funds' securities lending agent. The Funds' securities lending arrangement provides that the Funds and SSB will share the net income earned from securities lending activities. During the six months ended April 30, 2008, total earnings from the Fund's


50



Credit Suisse Funds
Notes to Financial Statements (continued)
April 30, 2008 (unaudited)

Note 2. Significant Accounting Policies

investments in cash collateral received in connection with Large Cap Growth and Mid-Cap Core's securities lending arrangements were $332,207, and $817,234, respectively of which $278,149, and $643,610, respectively, were rebated to borrowers (brokers). The Funds retained $43,239 and $138,526 in income, respectively, from the cash collateral investment and SSB, as lending agent, was paid $10,819 and $35,098, respectively. The Funds may also be entitled to certain minimum amounts of income from their securities lending activities. Securities lending income is accrued as earned.

Note 3. Transactions with Affiliates and Related Parties

Credit Suisse serves as investment adviser to each Fund. For its investment advisory services, Credit Suisse is entitled to receive a fee from Large Cap Growth of 0.50%, and from Mid-Cap Core of 0.70%.

For the six months ended April 30, 2008, investment advisory fees earned for each Fund was as follows:

Fund   Investment Advisory Fee  
Large Cap Growth   $ 232,887    
Mid-Cap Core     545,212    

 

Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of Credit Suisse, and SSB serve as co-administrators to the Funds. For its co-administrative services, CSAMSI currently receives a fee calculated at an annual rate of 0.09% of each Fund's average daily net assets. For the six months ended April 30, 2008, co-administrative services fees earned by CSAMSI were as follows:

Fund   Co-Administration Fee  
Large Cap Growth   $ 41,920    
Mid-Cap Core     70,099    

 

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 relative average net assets of each fund/portfolio, subject to an annual minimum fee. For the six months ended April 30, 2008, co-administrative services fees earned by SSB (including out-of-pocket fees) were as follows:

Fund   Co-Administration Fee  
Large Cap Growth   $ 13,507    
Mid-Cap Core     22,587    

 


51



Credit Suisse Funds
Notes to Financial Statements (continued)
April 30, 2008 (unaudited)

Note 3. Transactions with Affiliates and Related Parties

In addition to serving as each Fund's co-administrator, CSAMSI currently serves as distributor of each Fund's shares. Pursuant to distribution plans adopted by each Fund pursuant to Rule 12b-1 under the 1940 Act, CSAMSI receives fees for its distribution services. For the Advisor Class shares of each Fund, the shareholder servicing fee is calculated at an annual rate of 0.50% of the average daily net assets. For the Class A shares of each Fund, the fee is calculated at an annual rate of 0.25% of average daily net assets. For the Class B and Class C shares of each Fund, the fee is calculated at an annual rate of 1.00% of average daily net assets.

Certain brokers, dealers and financial representatives provide transfer agent related services to the Funds, and receive compensation for these services from Credit Suisse. Credit Suisse is then reimbursed by the Funds. For the six months ended April 30, 2008, the Funds reimbursed Credit Suisse the following amounts, which are included in each Fund's transfer agent expense as follows:

Fund   Amount  
Large Cap Growth   $ 52,424    
Mid-Cap Core     155,160    

 

For the six months ended April 30, 2008, CSAMSI and its affiliates advised the Funds that they retained the following amounts from commissions earned on the sale of the Funds' Class A shares were as follows:

Fund   Amount  
Large Cap Growth   $ 61    
Mid-Cap Core     18    

 

Merrill Corporation ("Merrill"), an affiliate of Credit Suisse, has been engaged by the Funds to provide certain financial printing and fulfillment services. For the six months ended April 30, 2008, Merrill was paid for its services by the Funds as follows:

Fund   Amount  
Large Cap Growth   $ 10,285    
Mid-Cap Core     9,944    

 


52



Credit Suisse Funds
Notes to Financial Statements (continued)
April 30, 2008 (unaudited)

Note 4. Line of Credit

The Funds, together with other funds/portfolios advised by Credit Suisse (collectively, the "Participating Funds"), participate in a $50 million committed, unsecured line of credit facility ("Credit Facility") for temporary or emergency purposes with Deutsche Bank, A.G. as administrative agent and syndication agent and SSB as operations agent. Under the terms of the Credit Facility, the Participating Funds pay an aggregate commitment fee at a rate of 0.10% per annum on the average unused amount of the Credit Facility, which is allocated among the Participating Funds in such manner as is determined by the governing Boards of the Participating Funds. In addition, the Participating Funds pay interest on borrowings at the Federal Funds rate plus 0.50%. Effective June 2008, Deutsche Bank, A.G. will no longer serve as administrative agent and syndication agent to the credit facility. At April 30, 2008, the Funds had no loans outstanding under the Credit Facility. During the six months ended April 30, 2008, the Funds had borrowings under the Credit Facility as follows:

Fund   Average Daily
Loan Balance
  Weighted
Average
Interest
Rate%
  Maximum
Daily Loan
Outstanding
 
Large Cap Growth   $ 1,378,286       3.569 %   $ 1,581,000    
Mid-Cap Core     1,224,400       5.049 %     1,873,000    

 

Note 5. Purchases and Sales of Securities

For the six months ended April 30, 2008, purchases and sales of investment securities (excluding short-term investments) were as follows:

Fund   Purchases   Sales  
Large Cap Growth   $ 49,537,905     $ 66,026,778    
Mid-Cap Core     128,627,555       144,847,961    

 

At April 30, 2008, the identified cost for federal income tax purposes, as well as the gross unrealized appreciation from investments for those securities having an excess of value over cost, gross unrealized depreciation from investments for those securities having an excess of cost over value and the net unrealized appreciation from investments were as follows:

Fund   Identified
Cost
  Gross Unrealized
Appreciation
  Gross Unrealized
Depreciation
  Net Unrealized
Appreciation
 
Large Cap Growth   $ 98,173,241     $ 9,144,342     $ (4,233,425 )   $ 4,910,917    
Mid-Cap Core     186,586,932       19,646,674       (17,319,213 )     2,327,461    

 


53



Credit Suisse Funds
Notes to Financial Statements (continued)
April 30, 2008 (unaudited)

Note 6. Capital Share Transactions

Large Cap Growth is authorized to issue an unlimited number of full and fractional shares of beneficial interest. Mid-Cap Core has four billion full and fractional shares of capital stock authorized and classified as follows: one billion as Common Class shares, one billion as Advisor Class shares, one billion as Class A shares, 500 million as Class B shares and 500 million as Class C shares. Each Fund has a par value of $.001 per share. Transactions in classes of each Fund were as follows:

    Large Cap Growth  
    Common Class  
    For the Six Months Ended
April 30, 2008 (unaudited)
  For the Year Ended
October 31, 2007
 
    Shares   Value   Shares   Value  
Shares sold     90,849     $ 1,649,423       282,143     $ 5,214,306    
Shares issued in reinvestment
of dividends
    605       11,938                
Shares redeemed     (679,886 )     (12,502,965 )     (5,498,174 )     (98,903,891 )  
Net decrease     (588,432 )   $ (10,841,604 )     (5,216,031 )   $ (93,689,585 )  
    Advisor Class  
    For the Six Months Ended
April 30, 2008 (unaudited)
  For the Year Ended
October 31, 2007
 
    Shares   Value   Shares   Value  
Shares sold     4,139     $ 72,738       22,088     $ 390,930    
Shares redeemed     (69,883 )     (1,271,361 )     (63,194 )     (1,090,649 )  
Net decrease     (65,744 )   $ (1,198,623 )     (41,106 )   $ (699,719 )  
    Class A  
    For the Six Months Ended
April 30, 2008 (unaudited)
  For the Year Ended
October 31, 2007
 
    Shares   Value   Shares   Value  
Shares sold     2,480     $ 44,173       11,869     $ 224,926    
Shares redeemed     (6,159 )     (119,737 )     (24,943 )     (457,716 )  
Net decrease     (3,679 )   $ (75,564 )     (13,074 )   $ (232,790 )  
    Class B  
    For the Six Months Ended
April 30, 2008 (unaudited)
  For the Year Ended
October 31, 2007
 
    Shares   Value   Shares   Value  
Shares sold     12,145     $ 209,998       4,217     $ 74,429    
Shares redeemed     (4,253 )     (74,541 )     (19,372 )     (342,551 )  
Net increase (decrease)     7,892     $ 135,457       (15,155 )   $ (268,122 )  

 


54



Credit Suisse Funds
Notes to Financial Statements (continued)
April 30, 2008 (unaudited)

Note 6. Capital Share Transactions

    Class C  
    For the Six Months Ended
April 30, 2008 (unaudited)
  For the Year Ended
October 31, 2007
 
    Shares   Value   Shares   Value  
Shares sold     680     $ 12,000       100     $ 1,689    
Shares redeemed                 (4,177 )     (72,004 )  
Net increase (decrease)     680     $ 12,000       (4,077 )   $ (70,315 )  
    Mid-Cap Core  
    Common Class  
    For the Six Months Ended
April 30, 2008 (unaudited)
  For the Year Ended
October 31, 2007
 
    Shares   Value   Shares   Value  
Shares sold     86,843     $ 3,044,506       232,585     $ 8,402,238    
Shares redeemed     (583,300 )     (20,896,022 )     (2,704,762 )     (95,575,240 )  
Net decrease     (496,457 )   $ (17,851,516 )     (2,472,177 )   $ (87,173,002 )  
    Advisor Class  
    For the Six Months Ended
April 30, 2008 (unaudited)
  For the Year Ended
October 31, 2007
 
    Shares   Value   Shares   Value  
Shares sold     25,806     $ 864,800       75,932     $ 2,519,639    
Shares redeemed     (64,403 )     (2,137,838 )     (303,466 )     (9,956,296 )  
Net decrease     (38,597 )   $ (1,273,038 )     (227,534 )   $ (7,436,657 )  
    Class A  
    For the Six Months Ended
April 30, 2008 (unaudited)
  For the Year Ended
October 31, 2007
 
    Shares   Value   Shares   Value  
Shares sold     3,182     $ 112,770       2,198     $ 77,462    
Shares redeemed     (1,604 )     (53,826 )     (10,217 )     (356,499 )  
Net increase (decrease)     1,578     $ 58,944       (8,019 )   $ (279,037 )  
    Class B  
    For the Six Months Ended
April 30, 2008 (unaudited)
  For the Year Ended
October 31, 2007
 
    Shares   Value   Shares   Value  
Shares sold     737     $ 23,555       1,759     $ 59,953    
Shares redeemed     (989 )     (31,312 )     (927 )     (31,714 )  
Net increase (decrease)     (252 )   $ (7,757 )     832     $ 28,239    

 


55



Credit Suisse Funds
Notes to Financial Statements (continued)
April 30, 2008 (unaudited)

Note 6. Capital Share Transactions

    Class C  
    For the Six Months Ended
April 30, 2008 (unaudited)
  For the Year Ended
October 31, 2007
 
    Shares   Value   Shares   Value  
Shares Sold         $       84     $ 3,000    
Shares redeemed                 (84 )     (2,909 )  
Net increase         $           $ 91    

 

On April 30, 2008, the number of shareholders that held 5% or more of the outstanding shares of each class of the Funds were as follows:

Fund   Number of
Shareholders
  Approximate Percentage
of Outstanding Shares
 
Large Cap Growth  
Common     4       39 %  
Advisor     4       81 %  
Class A     5       78 %  
Class B     4       48 %  
Class C     4       85 %  
Mid-Cap Core  
Common     4       55 %  
Advisor     1       89 %  
Class A     4       74 %  
Class B     4       90 %  
Class C     1       94 %  

 

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

Note 7. Contingencies

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

Note 8. Recent Accounting Pronouncements

During June 2006, the Financial Accounting Standards Board ("FASB") issued FASB Interpretation 48 ("FIN 48" or the "Interpretation"), Accounting for Uncertainty in Income Taxes — an interpretation of FASB statement 109.


56



Credit Suisse Funds
Notes to Financial Statements (continued)
April 30, 2008 (unaudited)

Note 8. Recent Accounting Pronouncements

FIN 48 supplements FASB Statement 109, Accounting for Income Taxes, by defining the confidence level that a tax position must meet in order to be recognized in the financial statements. FIN 48 prescribes a comprehensive model for how a fund should recognize, measure, present, and disclose in its financial statements uncertain tax positions that the fund has taken or expects to take on a tax return. FIN 48 requires that the tax effects of a position be recognized only if it is "more likely than not" to be sustained based solely on its technical merits. Management must be able to conclude that the tax law, regulations, case law, and other objective information regarding the technical merits sufficiently support the position's sustainability with a likelihood of more than 50 percent. During the period ended April 30, 2008, Management has adopted FIN 48. There was no material impact to the financial statements or disclosures thereto as a result of the adoption of this pronouncement.

On September 20, 2006, the FASB released Statement of Financial Accounting Standards No. 157 "Fair Value Measurements" ("FAS 157"). FAS 157 establishes an authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair-value measurements. The application of FAS 157 is required for fiscal years, beginning after November 15, 2007 and interim periods within those fiscal years. As of April 30, 2008, management does not believe the adoption of FAS 157 will impact the amounts reported in the financial statements, however, additional disclosures will be required in subsequent reports.

In March 2008, FASB issued Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities ("FAS 161"), an amendment of FASB Statement No. 133. FAS 161 requires enhanced disclosures about (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. Management of the Funds does not believe the adoption of FAS 161 will materially impact the financial statement amounts, but will require additional disclosures. This will include qualitative and quantitative disclosures on derivative positions existing at period end and the effect of using derivatives during the reporting period. FAS 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008.


57





Credit Suisse Large Cap Growth Fund
Board Approval of Advisory Agreement
(unaudited)

In approving the renewal of the current Advisory Agreement, the Board of Trustees, including the Independent Trustees, at a meeting held on November 13 and 14, 2007, considered the following factors with respect to the Credit Suisse Large Cap Growth Fund (the "Fund"):

Investment Advisory Fee Rates

The Board reviewed and considered the contractual advisory fee rate of 0.50% ("Contractual Advisory Fee") in light of the extent and quality of the advisory services provided by Credit Suisse Asset Management, LLC ("Credit Suisse").

Additionally, the Board received and considered information comparing the Fund's Contractual 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 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 the 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.


58




Credit Suisse Large Cap Growth Fund
Board Approval of Advisory Agreement
(unaudited) (continued)

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 other relationships between the Fund on the one hand and Credit Suisse affiliates on the other. The Board received profitability information for the other funds in the Credit Suisse family of funds.

Economies of Scale

The Board considered whether economies of scale in the provision of services to the Fund were being passed along to the shareholders. Accordingly, the Board considered whether alternative fee structures (such as breakpoint fee structures) would be more 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, research arrangements with brokers who execute transactions on behalf of the Fund, administrative and brokerage relationships with affiliates of Credit Suisse and 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 affiliates).

The Board considered the standards applied in seeking best execution, whether and to what extent soft dollar credits are sought and how any such credits are utilized, any benefits that may be achieved by using an affiliated broker and the existence of quality controls applicable to brokerage allocation procedures. The Board also reviewed Credit Suisse's method for allocating portfolio investment opportunities among its advisory clients.

Conclusions

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

•  The Contractual Advisory Fee was the lowest in the Fund's Expense Group and the Board considered the fee to be reasonable.


59




Credit Suisse Large Cap Growth Fund
Board Approval of Advisory Agreement
(unaudited) (continued)

•  The Fund's performance was below most of its peers in the Performance Group and Performance Universe for all of the periods reviewed. The Board noted that new investment strategies and portfolio management had gone into effect in December 2006 and that it would continue to monitor steps taken by Credit Suisse to improve performance.

•  Aside from performance (as discussed above), the Board was satisfied with the nature and extent 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 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, the profits and other ancillary benefits that Credit Suisse and its affiliates received were considered reasonable.

•  Credit Suisse's profitability based on fees payable under the Advisory Agreement was reasonable in light of the nature, extent and quality of the services provided to the Fund thereunder.

•  In light of the amount of the Contractual 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 Trustees were advised by separate independent legal counsel throughout the process.


60




Credit Suisse Mid-Cap Core Fund
Board Approval of Advisory Agreement
(unaudited)

In approving the renewal of the current Advisory Agreement, the Board of Directors, including the Independent Directors, at a meeting held on November 13 and 14, 2007, considered the following factors with respect to the Credit Suisse Mid-Cap Core Fund (the "Fund"):

Investment Advisory Fee Rates

The Board reviewed and considered the contractual advisory fee rate of 0.70% ("Contractual Advisory Fee") in light of the extent and quality of the advisory services provided by Credit Suisse Asset Management, LLC ("Credit Suisse").

Additionally, the Board received and considered information comparing the Fund's Contractual 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 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 the 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.


61




Credit Suisse Mid-Cap Core Fund
Board Approval of Advisory Agreement
(unaudited) (continued)

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 other relationships between the Fund on the one hand and Credit Suisse affiliates on the other. The Board received profitability information for the other funds in the Credit Suisse family of funds.

Economies of Scale

The Board considered whether economies of scale in the provision of services to the Fund were being passed along to the shareholders. Accordingly, the Board considered whether alternative fee structures (such as breakpoint fee structures) would be more 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, research arrangements with brokers who execute transactions on behalf of the Fund, administrative and brokerage relationships with affiliates of Credit Suisse and 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 affiliates).

The Board considered the standards applied in seeking best execution, whether and to what extent soft dollar credits are sought and how any such credits are utilized, any benefits that may be achieved by using an affiliated broker and the existence of quality controls applicable to brokerage allocation procedures. The Board also reviewed Credit Suisse's method for allocating portfolio investment opportunities among its advisory clients.

Conclusions

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

•  The Contractual Advisory Fee was among the lowest in the Fund's Expense Group and was considered reasonable.


62




Credit Suisse Mid-Cap Core Fund
Board Approval of Advisory Agreement
(unaudited) (continued)

•  The Fund's performance for all of the periods reviewed was below most funds in the Performance Group and Performance Universe. The Board noted that changes in the Fund's investment strategies and portfolio management had gone into effect in December 2006 and that it would continue to monitor steps undertaken by Credit Suisse to improve performance.

•  Aside from performance (as described above), the Board was satisfied with the nature and extent 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 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, the profits and other ancillary benefits that Credit Suisse and its affiliates received were considered reasonable.

•  Credit Suisse's profitability based on fees payable under the Advisory Agreement was reasonable in light of the nature, extent and quality of the services provided to the Fund thereunder.

•  Based on the Contractual 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.


63




Credit Suisse Funds
Privacy Policy Notice
(unaudited)

Important Privacy Choices for Consumers

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

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

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

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

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

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

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

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

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

Note: This Notice is provided to clients and prospective clients of Credit Suisse Asset Management, LLC ("Credit Suisse"), and Credit Suisse Asset Management Securities, Inc., and shareholders and prospective shareholders in Credit Suisse sponsored and advised investment companies, including Credit Suisse Funds, and other consumers and customers, as applicable. This Notice is not intended to be incorporated in any offering materials but is merely a statement of our current Privacy Policy, and may be amended from time to time upon notice to you. This Notice is dated as of May 13, 2008.


64




Credit Suisse Funds
Proxy Voting and Portfolio Holdings Information
(unaudited)

Information regarding how each 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 each Fund uses to determine how to vote proxies relating to its portfolio securities are available:

•  By calling 1-800-927-2874

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

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

Each fund files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. Each 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.


65




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

800-927-2874 n www.credit-suisse.com/us

CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR.  USEQGTH-SAR-0408




 

Item 2. Code of Ethics.

 

This item is inapplicable to a semi-annual report on Form N-CSR.

 

Item 3. Audit Committee Financial Expert.

 

This item is inapplicable to a semi-annual report on Form N-CSR.

 

Item 4. Principal Accountant Fees and Services.

 

This item is inapplicable to a semi-annual report on Form N-CSR.

 

Item 5. Audit Committee of Listed Registrants.

 

This item 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.

 

This item is not applicable to the registrant.

 

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

 

This item is not applicable to the registrant.

 

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

 

This item is not applicable to the registrant.

 

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

 

The Nominating Committee recommends Board member candidates.  Shareholders of the registrant may also submit nominees that will be considered by the Committee.  Recommendations should be mailed to the registrant’s Secretary, c/o Credit Suisse Asset Management, LLC, Eleven Madison Avenue, New York, NY 10010.  Any submission should include at a minimum the following information: the name, age, business address, residence address and principal occupation or employment of such individual; the class, series and number of shares of the registrant that are beneficially owned by such individual; the date such shares were acquired and the investment intent of such acquisition; whether such shareholder believes such individual is, or is not, an “interested person” of the registrant (as defined in the Investment Company Act of 1940) and information regarding such individual that is sufficient, in the Committee’s discretion, to make such determination; and all other information relating to such individual that is required to be disclosed in solicitation of proxies for election of directors in an election contest (even if an election contest is not involved) or is otherwise required pursuant to the rules for proxy materials under the Securities Exchange Act of 1934.

 

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 registrant’s last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 12. Exhibits.

 

(a)(1)       Not applicable.

 

(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 GROWTH FUND

 

/s/George R. Hornig

 

Name:

George R. Hornig

Title:   Chief Executive Officer

Date:   July 8, 2008

 

 

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/ George R. Hornig

 

Name:

George R. Hornig

Title:   Chief Executive Officer

Date:   July 8, 2008

 

/s/Michael A. Pignataro

 

Name:

Michael A. Pignataro

Title:   Chief Financial Officer

Date:   July 8, 2008