N-Q 1 nq35674.htm CREDIT SUISSE CAPITAL APPRECIATION FUND Form N-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q


QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number         811-5041         

        Credit Suisse Capital Appreciation Fund        
(Exact name of registrant as specified in charter)

c/o Credit Suisse Asset Management, LLC
        466 Lexington Avenue, New York, New York 10017       
(Address of principal executive offices) (Zip code)


J. Kevin Gao, Esq.
        466 Lexington Avenue, New York, New York 10017          
(Name and address of agent for service)

Registrant's telephone number, including area code:         212-875-3500        

Date of fiscal year-end:            October 31st          

Date of reporting period:          May 1, 2005 to July 31, 2005         

 

Item 1. Schedule of Investments

Credit Suisse Capital Appreciation Fund       
Schedule of Investments       
July 31, 2005 (unaudited)       
  Number of     
   Shares     Value 
COMMON STOCKS (97.6%)       
Aerospace & Defense (9.6%)       
     Alliant Techsystems, Inc.*§  47,900  $ 3,496,700 
     Boeing Co.  109,800    7,247,898 
     L-3 Communications Holdings, Inc.  119,200    9,325,016 
     Precision Castparts Corp.  75,800    6,820,484 
     United Technologies Corp.  125,500    6,362,850 
      33,252,948 
 
Banks (1.0%)       
     Hudson City Bancorp, Inc.  287,700    3,403,491 
 
Biotechnology (6.1%)       
     Amgen, Inc.*  53,000    4,226,750 
     Genentech, Inc.*  81,600    7,289,328 
     Genzyme Corp.*  55,800    4,152,078 
     Gilead Sciences, Inc.*  73,100    3,275,611 
     Martek Biosciences Corp.*§  53,800    2,345,142 
      21,288,909 
 
Chemicals (3.1%)       
     Chemtura Corp.§  249,300    3,923,982 
     Monsanto Co.  99,900    6,730,263 
      10,654,245 
 
Communications Equipment (5.1%)       
     Comverse Technology, Inc.*  206,800    5,229,972 
     Corning, Inc.*  556,100    10,593,705 
     Motorola, Inc.  93,300    1,976,094 
      17,799,771 
 
Computers & Peripherals (3.2%)       
     Apple Computer, Inc.  84,800    3,616,720 
     Avid Technology, Inc.*§  72,500    2,983,375 
     NCR Corp.*  130,300    4,522,713 
      11,122,808 
 
Diversified Financials (2.2%)       
     Capital One Financial Corp.  91,500    7,548,750 
 
Electronic Equipment & Instruments (3.3%)       
     Broadcom Corp. Class A*  136,100    5,820,997 
     Roper Industries, Inc.§  50,500    3,875,875 
     Solectron Corp.*  415,200    1,594,368 
      11,291,240 
 
Energy Equipment & Services (1.5%)       
     Bonneville Pacific Corp.*^  16,883    1 
     Smith International, Inc.  50,200    3,410,588 
     Weatherford International, Ltd.*§  30,400    1,923,712 
      5,334,301 
 
Food & Drug Retailing (1.8%)       
     CVS Corp.  198,600    6,162,558 

  Number of     
   Shares     Value 
COMMON STOCKS       
Food Products (2.4%)       
     Campbell Soup Co.  141,900  $ 4,377,615 
     Wm. Wrigley Jr. Co.  54,000    3,841,560 
      8,219,175 
 
Healthcare Equipment & Supplies (4.3%)       
     Dade Behring Holdings, Inc.  106,300    8,057,540 
     St. Jude Medical, Inc.  145,200    6,883,932 
      14,941,472 
 
Healthcare Providers & Services (5.6%)       
     Aetna, Inc.  42,400    3,281,760 
     LifePoint Hospitals, Inc.*§  112,200    5,246,472 
     UnitedHealth Group, Inc.  67,500    3,530,250 
     WellPoint, Inc.  105,000    7,427,700 
      19,486,182 
 
Hotels, Restaurants & Leisure (3.9%)       
     Harrah’s Entertainment, Inc.  67,200    5,291,328 
     Starbucks Corp.*  88,300    4,640,165 
     Starwood Hotels & Resorts Worldwide, Inc.  56,600    3,583,912 
      13,515,405 
 
Household Durables (0.7%)       
     Fortune Brands, Inc.  27,300    2,581,215 
 
Household Products (3.5%)       
     Kimberly-Clark Corp.  50,100    3,194,376 
     Procter & Gamble Co.  159,200    8,856,296 
      12,050,672 
 
Industrial Conglomerates (3.2%)       
     General Electric Co.  169,800    5,858,100 
     Tyco International, Ltd.  169,700    5,170,759 
      11,028,859 
 
Insurance (1.7%)       
     American International Group, Inc.  67,800    4,081,560 
     Genworth Financial, Inc. Class A  56,700    1,778,112 
      5,859,672 
 
Internet Software & Services (2.6%)       
     VeriSign, Inc.*  183,800    4,835,778 
     Yahoo!, Inc.*  130,800    4,360,872 
      9,196,650 
 
IT Consulting & Services (1.7%)       
     CACI International, Inc. Class A*§  18,200    1,197,378 
     NAVTEQ Corp.*  108,600    4,775,142 
      5,972,520 
 
Machinery (1.0%)       
     Deere & Co.  47,800    3,514,734 
 
Media (3.7%)       
     E.W. Scripps Co. Class A§  53,100    2,683,143 
     Getty Images, Inc.*§  56,900    4,594,675 
     XM Satellite Radio Holdings, Inc. Class A*§  159,600    5,686,548 
      12,964,366 

    Number of    
    Shares        Value  
COMMON STOCKS       
Metals & Mining (0.7%)       
     Newmont Mining Corp.    63,400   $ 2,380,670  
 
Multiline Retail (1.5%)       
     Kohls Corp.*    93,400   5,263,090  
 
Oil & Gas (2.2%)       
     Forest Oil Corp.*    40,400   1,808,304  
     XTO Energy, Inc.    169,766   5,957,089  
      7,765,393  
 
Pharmaceuticals (10.5%)       
     Abbott Laboratories    67,900   3,166,177  
     Johnson & Johnson    148,700   9,510,852  
     Medco Health Solutions, Inc.*    67,200   3,255,168  
     Medicis Pharmaceutical Corp. Class A    53,000   1,797,760  
     Pfizer, Inc.    117,900   3,124,350  
     Schering-Plough Corp.    316,500   6,589,530  
     Sepracor, Inc.*§    89,900   4,706,265  
     Wyeth    97,900   4,478,925  
      36,629,027  
 
Semiconductor Equipment & Products (1.5%)       
     Intel Corp.    128,000   3,473,920  
     Maxim Integrated Products, Inc.    40,300   1,687,361  
      5,161,281  
 
Software (6.2%)       
     Activision, Inc.*    146,666   2,983,186  
     Macromedia, Inc.*    143,700   5,769,555  
     Microsoft Corp.    399,300   10,226,073  
     Oracle Corp.*    186,000   2,525,880  
      21,504,694  
 
Specialty Retail (3.8%)       
     Best Buy Co., Inc.    29,600   2,267,360  
     Home Depot, Inc.    147,700   6,426,427  
     Office Depot, Inc.*    155,500   4,413,090  
      13,106,877  
 
TOTAL COMMON STOCKS (Cost $281,265,425)      339,000,975  
 
 
 
SHORT-TERM INVESTMENTS (8.3%)       
     State Street Navigator Prime Fund §§    22,372,364   22,372,364  
 
     Par    
    (000 )   
     State Street Bank and Trust Co. Euro Time Deposit, 2.350%, 8/01/05  $  6,347   6,347,000  
TOTAL SHORT-TERM INVESTMENTS (Cost $28,719,364)      28,719,364  
 
 
TOTAL INVESTMENTS AT VALUE (105.9%) (Cost $309,984,789)      367,720,339  
 
LIABILITIES IN EXCESS OF OTHER ASSETS (-5.9%)      (20,414,776 ) 
 
NET ASSETS (100.0%)      $ 347,305,563  

*  Non-income producing security. 
^  Not readily marketable security; security is valued at fair value as determined in good faith by or under the direction of, 
  the Board of Trustees. 
§  Security or portion thereof is out on loan. 
§§  Represents security purchased with cash collateral received for securities on loan. 

Security Valuation – The net asset value of the Fund is determined daily as of the close of regular trading on the New York Stock Exchange, Inc. (the “Exchange”) on each day the Exchange is open for business. The Fund’s equity investments are valued at market value, which is generally, determined using the closing price on the exchange or market on which the security is primarily traded at the time of valuation (the “Valuation Time”). If no sales are reported, equity investments are generally valued at the most recent bid quotation as of the Valuation Time or at the lowest asked quotation in the case of a short sale of securities. Debt securities with a remaining maturity greater than 60 days are valued in accordance with the price supplied by a pricing service, which may use a matrix, formula or other objective method that takes into consideration market indices, yield curves and other specific adjustments. Debt obligations that will mature in 60 days or less are valued on the basis of amortized cost, which approximates market value, unless it is determined that using this method would not represent fair value. Securities and other assets for which market quotations are not readily available, or whose values have been materially affected by events occurring before the 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 under procedures established by the Board of Trustees. The Fund may utilize a service provided by an independent third party which was has been approved by the Board of Trustees to fair value certain securities.

Federal Income Tax Cost – At July 31, 2005, 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 $309,984,789, $61,321,250, $(3,585,700) and $57,735,550, respectively.

Other information regarding the Fund is available in the Fund’s most recent Report to Shareholders. This information is also available on the Fund’s website at http://www.csam.com/us as well as on the website of the Securities and Exchange Commission – http://www.sec.gov.

Item 2. 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 and Exchange Act of 1934.

    (b)  There were no changes in the 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 quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 3. Exhibits.

  1. The certifications of the registrant as required by Rule 30a-2(a) under the Act are exhibits 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 Capital Appreciation Fund        

/s/ Steven Plump
Name: Steven Plump
Title: Chief Executive Officer 
Date:  September 29, 2005

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ Steven Plump
Name: Steven Plump
Title: Chief Executive Officer 
Date:  September 29, 2005 

/s/ Michael A. Pignataro
Name: Michael A. Pignataro
Title: Chief Financial Officer 
Date:  September 29, 2005