Fund Factbook Swiss Market Data as at March 2012 · PDF fileFund Factbook Swiss Market Data as...

booklet issuerId channelId languageId perDateFund Factbook9926 9913 18 20120330

Fund FactbookSwiss MarketData as at March 2012

OverviewContents 3

Fund Performance 6

Credit Suisse Bond FundCredit Suisse Bond Fund (CH) Convert International A CHF 16

Credit Suisse Bond Fund (CH) Convert International A USD 18

Credit Suisse Bond Fund (CH) Dynamic International 20

Credit Suisse Bond Fund (CH) Dynamic Sfr 22

Credit Suisse Bond Fund (CH) Government Bond CHF B 24

Credit Suisse Bond Fund (Lux) Brazil B 26

Credit Suisse Bond Fund (Lux) High Yield US$ B 28

Credit Suisse Bond Fund (Lux) High Yield US$ I 30

Credit Suisse Bond Fund (Lux) High Yield US$ R EUR 32

Credit Suisse Bond Fund (Lux) Inflation Linked (Euro) B 34

Credit Suisse Bond Fund (Lux) Inflation Linked (Euro) I 36

Credit Suisse Bond Fund (Lux) Inflation Linked (Sfr) B 38

Credit Suisse Bond Fund (Lux) Inflation Linked (US$) B 40

Credit Suisse Bond Fund (Lux) Sfr B 42

Credit Suisse Bond Fund (Lux) Short-Term Sfr B 44

Credit Suisse Bond Fund (Lux) TOPS (Euro) B 46

Credit Suisse Bond Fund (Lux) TOPS (Sfr) B 48

Credit Suisse Bond Fund (Lux) TOPS (US$) B 50

Credit Suisse Commodity FundCredit Suisse Commodity Fund Plus (CH) Sfr B 52

Credit Suisse Commodity Fund Plus (CH) US$ B 53

Credit Suisse Commodity Fund Plus (CH) US$ I 54

Credit Suisse Equity FundCredit Suisse Equity Fund (CH) Small & Mid Cap Switzerland 55

Credit Suisse Equity Fund (CH) Swiss Blue Chips 57

Credit Suisse Equity Fund (CH) Swissac B 59

Credit Suisse Equity Fund (Lux) Brazil B 61

Credit Suisse Equity Fund (Lux) Brazil I 63

Credit Suisse Equity Fund (Lux) European Property B 65

Credit Suisse Equity Fund (Lux) European Property I 67

Credit Suisse Equity Fund (Lux) Global Prestige B 69

Credit Suisse Equity Fund (Lux) Global Prestige R USD 71

Credit Suisse Equity Fund (Lux) Global Security B 73

Credit Suisse Equity Fund (Lux) Global Security R CHF 75

Credit Suisse Equity Fund (Lux) Global Security R EUR 77

Credit Suisse Equity Fund (Lux) Global Value B 79

Credit Suisse Equity Fund (Lux) Global Value I 81

Credit Suisse Equity Fund (Lux) Global Value R CHF 83

Credit Suisse Equity Fund (Lux) Global Value R CZK 85

Credit Suisse Equity Fund (Lux) Global Value R USD 87

Credit Suisse Equity Fund (Lux) Italy B 89

Credit Suisse Equity Fund (Lux) Italy I 91

Credit Suisse Equity Fund (Lux) Small and Mid Cap Europe B 93

Credit Suisse Equity Fund (Lux) Small and Mid Cap Germany B 95

Credit Suisse Equity Fund (Lux) Small and Mid Cap Germany I 97

Credit Suisse Equity Fund (Lux) USA B 99

Credit Suisse Equity Fund (Lux) USA I 101

Credit Suisse Equity Fund (Lux) USA R EUR 103

Credit Suisse Equity Fund (Lux) USA Value B 105

Credit Suisse Equity Fund (Lux) USA Value I 107

Credit Suisse Equity Fund (Lux) USA Value R EUR 109

Credit Suisse FundCredit Suisse Fund (Lux) Bond Medium Maturity USD B 111

Credit Suisse Fund (Lux) Bond Short Maturity EUR B 113

Credit Suisse Fund (Lux) Bond Short Maturity USD B 115

Credit Suisse Fund (Lux) Bond USD B 117

Credit Suisse Fund (Lux) Commodity Index Plus (Sfr) B 119

Credit Suisse Fund (Lux) Commodity Index Plus (Sfr) I 121

Credit Suisse Fund (Lux) Commodity Index Plus (US$) B 123

Credit Suisse Fund (Lux) Commodity Index Plus (US$) I 125

Credit Suisse Fund (Lux) Fixed Income Cycle Invest B 127

Credit Suisse Fund (Lux) Fixed Income Cycle Invest I 129

Credit Suisse Fund (Lux) Fixed Income Cycle Invest R CHF 131

Credit Suisse Fund (Lux) Fixed Income Cycle Invest R USD 133

Credit Suisse Fund (Lux) Global Responsible Equities B 135

Credit Suisse Fund (Lux) Global Responsible Equities I 137

Credit Suisse Fund (Lux) Money Market EUR B 139

Credit Suisse Fund (Lux) Money Market EUR I 141

Credit Suisse Fund (Lux) Money Market Sfr B 143

Credit Suisse Fund (Lux) Money Market USD B 145

Credit Suisse Fund (Lux) Relative Return Engineered (Euro) B 147

Credit Suisse Fund (Lux) Relative Return Engineered (Euro) I 149

Credit Suisse Fund (Lux) Relative Return Engineered (Sfr) B 151

Credit Suisse Fund (Lux) Relative Return Engineered (US$) B 153

Credit Suisse Fund (Lux) SBI Foreign Corporate CHF B 155

Credit Suisse Fund (Lux) SBI Foreign Government 1-5 CHF B 157

Credit Suisse Fund (Lux) SBI Foreign Government 5+ CHF B 159

Credit Suisse Fund (Lux) Total Return Engineered (Euro) B 161

Credit Suisse Fund (Lux) Total Return Global Long/Short Exposure (Euro) B 163

Credit Suisse Fund (Lux) Total Return Global Long/Short Exposure (Euro) I 165

Credit Suisse MACSCredit Suisse MACS Absolut P 167

Credit Suisse MACS Classic 20 B 168

Credit Suisse MACS Classic 40 B 169

Credit Suisse MACS Classic 60 P 170

Credit Suisse MACS Dynamic B 171

Credit Suisse MACS Funds 20 P 172



Credit Suisse MACS Global Equity P 175

Credit Suisse Portfolio FundCredit Suisse Portfolio Fund (CH) Privilege 176

Credit Suisse Portfolio Fund (Lux) Balanced (Euro) B 178

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Credit Suisse Portfolio Fund (Lux) Balanced (Sfr) B 180

Credit Suisse Portfolio Fund (Lux) Balanced (US$) B 182

Credit Suisse Portfolio Fund (Lux) Growth (Euro) B 184

Credit Suisse Portfolio Fund (Lux) Growth (Sfr) B 186

Credit Suisse Portfolio Fund (Lux) Growth (US$) B 188

Credit Suisse Portfolio Fund (Lux) Income (Euro) B 190

Credit Suisse Portfolio Fund (Lux) Income (Sfr) B 192

Credit Suisse Portfolio Fund (Lux) Income (US$) B 194

Credit Suisse Portfolio Fund (Lux) Reddito (Euro) B 196

Credit Suisse PremiumCredit Suisse Premium (CH) Bond (£) 198

Credit Suisse Premium (CH) Bond (Euro) 200

Credit Suisse Premium (CH) Bond (Sfr) 202

Credit Suisse Premium (CH) Bond (US$) 204

Credit Suisse Premium (CH) Short Maturity (Euro) 206

Credit Suisse Prime Select TrustCredit Suisse Prime Select Trust (Lux) Global Equities Long/Short B 208

Credit Suisse Prime Select Trust (Lux) Global Equities Long/Short R CHF 209

Credit Suisse Prime Select Trust (Lux) Global Equities Long/Short R EUR 210

Credit Suisse Prime Select Trust (Lux) Multi Strategy 211

Credit Suisse Prime Select Trust (Lux) Multi Strategy I 212

Credit Suisse Prime Select Trust (Lux) Multi Strategy R CHF 213

Credit Suisse Prime Select Trust (Lux) Multi Strategy R EUR 214

Credit Suisse Prime Select Trust (Lux) Multi Strategy R GBP 215

Credit Suisse Real Estate FundCredit Suisse 1a Immo PK 216

CS PortfolioReal A 217

Credit Suisse Real Estate Fund Green Property 218

Credit Suisse Real Estate Fund Hospitality 219

Credit Suisse Real Estate Fund International 220

Credit Suisse Real Estate Fund Interswiss 221

Credit Suisse Real Estate Fund LivingPlus 222

Credit Suisse Real Estate Fund PropertyPlus 223

Credit Suisse Real Estate Fund Siat 224

Credit Suisse Select FundCredit Suisse Select Fund (CH) Swiss Equities 130/30 B 225

Credit Suisse Select Fund (CH) Swiss Real Estate Securities A 227

Credit Suisse Select Fund (CH) Swiss Real Estate Securities I 229

Credit Suisse SICAV OneCredit Suisse SICAV One (Lux) CommodityAllocation B 231

Credit Suisse SICAV One (Lux) CommodityAllocation R CHF 233

Credit Suisse SICAV One (Lux) CommodityAllocation R EUR 235

Credit Suisse SICAV One (Lux) Equity Asian Dragon B 237

Credit Suisse SICAV One (Lux) Equity Asian Dragon I 239

Credit Suisse SICAV One (Lux) Equity Eurozone B 241

Credit Suisse SICAV One (Lux) Equity Eurozone I 243

Credit Suisse SICAV One (Lux) Equity Global Emerging Market Property B 245

Credit Suisse SICAV One (Lux) Equity Global Emerging Market Property I 247

Credit Suisse SICAV One (Lux) Equity Global Emerging Market Property R CHF 249

Credit Suisse SICAV One (Lux) Equity Global Emerging Market Property R EUR 251

Credit Suisse SICAV One (Lux) Equity Global Emerging Markets B 253

Credit Suisse SICAV One (Lux) Equity Global Emerging Markets I 255

Credit Suisse SICAV One (Lux) Equity Japan Value B 257

Credit Suisse SICAV One (Lux) European Equity Dividend Plus B 259

Credit Suisse SICAV One (Lux) European Equity Dividend Plus I 261

Credit Suisse SICAV One (Lux) European Equity Dividend Plus R CHF 263

Credit Suisse SICAV One (Lux) Global Convertibles B 265

Credit Suisse SICAV One (Lux) Global Convertibles R CHF 267

Credit Suisse SICAV One (Lux) Global Convertibles R EUR 269

Credit Suisse SICAV One (Lux) Global Equity Dividend Plus B 271

Credit Suisse SICAV One (Lux) Global Equity Dividend Plus R CHF 273

Credit Suisse SICAV One (Lux) IndexSelection Balanced (Sfr) B 275

Credit Suisse SICAV One (Lux) IndexSelection Capital Gains Oriented (Sfr) B 276

Credit Suisse SICAV One (Lux) IndexSelection Income Oriented (Sfr) B 277

Credit Suisse SICAV One (Lux) Small and Mid Cap Alpha Long/Short B 278

Credit Suisse SICAV One (Lux) Small and Mid Cap Alpha Long/Short I 280

Credit Suisse SICAV One (Lux) Small and Mid Cap Alpha Long/Short R CHF 282

Credit Suisse SICAV One (Lux) Small and Mid Cap Alpha Long/Short R USD 284

Credit Suisse SICAV IISICAV II (Lux) Credit Suisse Bond Sfr B 286

SICAV II (Lux) Credit Suisse Global Convertibles B 288

SICAV II (Lux) Credit Suisse Global Convertibles R CHF 290

SICAV II (Lux) Credit Suisse Global Convertibles R EUR 292

SICAV II (Lux) Credit Suisse Inflation Linked Bonds (Euro) B 294

SICAV II (Lux) Credit Suisse Money Market Sfr B 296

SICAV II (Lux) Credit Suisse TOPS (Euro) B 298

Credit Suisse SolutionsCredit Suisse Solutions (Lux) Dow Jones Credit Suisse AllHedge Index B 300

Credit Suisse Solutions (Lux) Dow Jones Credit Suisse AllHedge Index I 301

Credit Suisse Solutions (Lux) Dow Jones Credit Suisse AllHedge Index R CHF 302

Credit Suisse Solutions (Lux) Dow Jones Credit Suisse AllHedge Index R EUR 303

Credit Suisse Solutions (Lux) Megatrends B 304

Credit Suisse Solutions (Lux) Megatrends I 306

Credit Suisse Solutions (Lux) Megatrends R CHF 308

Credit Suisse Solutions (Lux) Megatrends R EUR 310

Credit Suisse Solutions (Lux) Megatrends R GBP 312

Credit Suisse Solutions (Lux) Prima Multi-Strategy B EUR 314

Credit Suisse Solutions (Lux) Prima Multi-Strategy I EUR 315

Credit Suisse Solutions (Lux) Prima Multi-Strategy R CHF 316

Credit Suisse Solutions (Lux) Prima Multi-Strategy R GBP 317

Credit Suisse Solutions (Lux) Prima Multi-Strategy R USD 318

Credit Suisse TriamantCredit Suisse Triamant Balanced CHF 319

ContentsFunds distributed in Switzerland

4

Credit Suisse Triamant Balanced EUR 320

Credit Suisse Triamant Capital Gains Oriented CHF 321

Credit Suisse Triamant Capital Gains Oriented EUR 322

Credit Suisse Triamant Income Oriented CHF 323

Credit Suisse Triamant Income Oriented EUR 324

CS ETFCS ETF (CH) on Swiss Bond Index Domestic Government 1-3 325

CS ETF (CH) on Swiss Bond Index Domestic Government 3-7 326

CS ETF (CH) on Swiss Bond Index Domestic Government 7-15 327

CS ETF (CH) on SLI® 328

CS ETF (CH) on SMI® 329

CS ETF (CH) on SMIM® 330

CS ETF (IE) on Credit Suisse Global Alternative Energy 331

CS ETF (IE) on CSI 300 332

CS ETF (IE) on Dow Jones Industrial Average 333

CS ETF (IE) on EONIA 334

CS ETF (IE) on EURO STOXX 50® 335

CS ETF (IE) on Fed Funds Effective Rate 336

CS ETF (IE) on FTSE 100 337

CS ETF (IE) on FTSE MIB 338

CS ETF (IE) on iBoxx EUR Govt 1-3 339



CS ETF (IE) on iBoxx EUR Inflation Linked 342

CS ETF (IE) on iBoxx USD Govt 1-3 343



CS ETF (IE) on iBoxx USD Inflation Linked 346

CS ETF (IE) on MSCI Australia 347

CS ETF (IE) on MSCI Brazil 348

CS ETF (IE) on MSCI Canada 349

CS ETF (IE) on MSCI Chile 350

CS ETF (IE) on MSCI EM Asia 351

CS ETF (IE) on MSCI EM EMEA 352

CS ETF (IE) on MSCI EM Latin America 353

CS ETF (IE) on MSCI EMU 354

CS ETF (IE) on MSCI EMU Small Cap 355

CS ETF (IE) on MSCI Europe 356

CS ETF (IE) on MSCI India 357

CS ETF (IE) on MSCI Japan 358

CS ETF (IE) on MSCI Japan Large Cap 359

CS ETF (IE) on MSCI Japan Small Cap 360

CS ETF (IE) on MSCI Korea 361

CS ETF (IE) on MSCI Mexico Capped 362

CS ETF (IE) on MSCI Pacific ex Japan 363

CS ETF (IE) on MSCI Russia 364

CS ETF (IE) on MSCI South Africa 365

CS ETF (IE) on MSCI Taiwan 366

CS ETF (IE) on MSCI UK 367

CS ETF (IE) on MSCI UK Large Cap 368

CS ETF (IE) on MSCI UK Small Cap 369

CS ETF (IE) on MSCI USA 370

CS ETF (IE) on MSCI USA Large Cap 371

CS ETF (IE) on MSCI USA Small Cap 372

CS ETF (IE) on MSCI World 373

CS ETF (IE) on NASDAQ 100 374

CS ETF (IE) on Nikkei 225 375

CS ETF (IE) on S&P 500 376

CS ETF (Lux) on MSCI Emerging Markets 377

CS ETF (Lux) on MSCI EMU Large Cap 378

CS ETF (Lux) on MSCI EMU Mid Cap 379

CS ETF II (CH) on Gold 380

CS ETF II (CH) on Gold - hedged CHF 381

CS ETF II (CH) on Gold - hedged EUR 382

InformationGlossary 384

Factsheet Explained 386

Where to find the current prices of our funds 388

Important Information 389

Contacts 392

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Total return in % as of 31.03.2012* Risk

Fund NameFund

currency*

Fundcurrency

1 year

Fundcurrency

3 yearsCHF

1 yearCHF

3 years

in fundcurrency %

3 years** Page

Credit Suisse Bond FundCredit Suisse Bond Fund (CH) Convert International A CHF CHF -5.6 25.2 -5.6 25.2 11.7 16

Credit Suisse Bond Fund (CH) Convert International A USD USD -4.7 57.1 -5.8 24.9 13.4 18

Credit Suisse Bond Fund (CH) Dynamic International USD 3.9 31.4 2.7 4.5 8.0 20

Credit Suisse Bond Fund (CH) Dynamic Sfr CHF 3.8 30.2 3.8 30.2 4.5 22

Credit Suisse Bond Fund (CH) Government Bond CHF B CHF 8.3 n/a 8.3 n/a n/a 24

Credit Suisse Bond Fund (Lux) Brazil B USD -0.8 64.9 -2.0 31.1 18.1 26

Credit Suisse Bond Fund (Lux) High Yield US$ B USD 5.2 83.2 3.9 45.7 9.2 28

Credit Suisse Bond Fund (Lux) High Yield US$ I USD 5.7 86.0 4.5 47.8 9.2 30

Credit Suisse Bond Fund (Lux) High Yield US$ R EUR EUR n/a n/a n/a n/a n/a 32

Credit Suisse Bond Fund (Lux) Inflation Linked (Euro) B EUR 3.5 9.0 -4.0 -13.1 3.2 34

Credit Suisse Bond Fund (Lux) Inflation Linked (Euro) I EUR 4.1 10.7 -3.5 -11.8 3.2 36

Credit Suisse Bond Fund (Lux) Inflation Linked (Sfr) B CHF 2.5 15.8 2.5 15.8 2.2 38

Credit Suisse Bond Fund (Lux) Inflation Linked (US$) B USD 5.1 14.9 3.9 -8.7 2.9 40

Credit Suisse Bond Fund (Lux) Sfr B CHF 3.1 21.5 3.1 21.5 3.3 42

Credit Suisse Bond Fund (Lux) Short-Term Sfr B CHF 1.4 6.9 1.4 6.9 1.1 44

Credit Suisse Bond Fund (Lux) TOPS (Euro) B EUR 1.9 25.9 -5.6 0.4 4.6 46

Credit Suisse Bond Fund (Lux) TOPS (Sfr) B CHF 0.3 24.0 0.3 24.0 4.0 48

Credit Suisse Bond Fund (Lux) TOPS (US$) B USD 1.0 21.0 -0.2 -3.8 3.7 50

Credit Suisse Commodity FundCredit Suisse Commodity Fund Plus (CH) Sfr B CHF -8.0 36.5 -8.0 36.5 20.8 52

Credit Suisse Commodity Fund Plus (CH) US$ B USD -8.2 49.8 -9.3 19.1 22.5 53

Credit Suisse Commodity Fund Plus (CH) US$ I USD -7.2 54.8 -8.3 23.0 22.5 54

Credit Suisse Equity FundCredit Suisse Equity Fund (CH) Small & Mid Cap Switzerland CHF -13.0 44.4 -13.0 44.4 16.0 55

Credit Suisse Equity Fund (CH) Swiss Blue Chips CHF -3.8 29.3 -3.8 29.3 12.5 57

Credit Suisse Equity Fund (CH) Swissac B CHF -5.7 29.9 -5.7 29.9 12.8 59

Credit Suisse Equity Fund (Lux) Brazil B USD -19.0 74.1 -20.0 38.4 32.1 61

Credit Suisse Equity Fund (Lux) Brazil I USD -18.3 n/a -19.2 n/a n/a 63

Credit Suisse Equity Fund (Lux) European Property B EUR -7.8 63.4 -14.5 30.2 20.9 65

Fund Performanceas of 30.03.2012

6


Fund NameFund

currency*

Fundcurrency

1 year

Fundcurrency

3 yearsCHF

1 yearCHF

3 years

in fundcurrency %

3 years** Page

Credit Suisse Equity Fund (Lux) European Property I EUR -6.8 68.5 -13.6 34.3 21.0 67

Credit Suisse Equity Fund (Lux) Global Prestige B EUR 21.4 187.9 12.6 129.5 21.0 69

Credit Suisse Equity Fund (Lux) Global Prestige R USD USD 22.4 192.2 20.9 132.3 21.2 71

Credit Suisse Equity Fund (Lux) Global Security B USD 7.1 86.0 5.8 47.8 17.7 73

Credit Suisse Equity Fund (Lux) Global Security R CHF CHF 4.8 78.0 4.8 78.0 17.7 75

Credit Suisse Equity Fund (Lux) Global Security R EUR EUR 5.2 79.2 -2.5 42.9 17.6 77

Credit Suisse Equity Fund (Lux) Global Value B EUR -4.0 94.6 -11.0 55.2 17.3 79

Credit Suisse Equity Fund (Lux) Global Value I EUR -3.0 100.5 -10.1 59.9 17.3 81

Credit Suisse Equity Fund (Lux) Global Value R CHF CHF -5.6 88.0 -5.6 88.0 17.3 83

Credit Suisse Equity Fund (Lux) Global Value R CZK CZK -4.5 n/a -12.5 n/a n/a 85

Credit Suisse Equity Fund (Lux) Global Value R USD USD -4.6 93.2 -5.8 53.6 17.3 87

Credit Suisse Equity Fund (Lux) Italy B EUR -19.7 15.4 -25.5 -8.0 22.5 89

Credit Suisse Equity Fund (Lux) Italy I EUR -18.7 19.7 -24.6 -4.6 22.5 91

Credit Suisse Equity Fund (Lux) Small and Mid Cap Europe B EUR -3.8 89.8 -10.8 51.3 19.0 93

Credit Suisse Equity Fund (Lux) Small and Mid Cap Germany B EUR -2.9 128.3 -10.0 82.1 22.0 95

Credit Suisse Equity Fund (Lux) Small and Mid Cap Germany I EUR -1.9 135.4 -9.0 87.7 22.1 97

Credit Suisse Equity Fund (Lux) USA B USD 3.9 67.4 2.7 33.1 17.8 99

Credit Suisse Equity Fund (Lux) USA I USD 4.6 70.4 3.3 35.5 17.8 101

Credit Suisse Equity Fund (Lux) USA R EUR EUR 2.1 60.9 -5.3 28.3 17.9 103

Credit Suisse Equity Fund (Lux) USA Value B USD -1.9 121.9 -3.1 76.4 27.1 105

Credit Suisse Equity Fund (Lux) USA Value I USD -0.8 129.0 -2.0 82.0 27.1 107

Credit Suisse Equity Fund (Lux) USA Value R EUR EUR n/a n/a n/a n/a n/a 109

Credit Suisse FundCredit Suisse Fund (Lux) Bond Medium Maturity USD B USD 4.7 13.2 3.5 -10.0 2.3 111

Credit Suisse Fund (Lux) Bond Short Maturity EUR B EUR 4.2 n/a -3.4 n/a n/a 113

Credit Suisse Fund (Lux) Bond Short Maturity USD B USD 1.7 n/a 0.4 n/a n/a 115

Credit Suisse Fund (Lux) Bond USD B USD 8.0 22.7 6.7 -2.5 4.0 117

Credit Suisse Fund (Lux) Commodity Index Plus (Sfr) B CHF -17.5 32.5 -17.5 32.5 18.1 119

Credit Suisse Fund (Lux) Commodity Index Plus (Sfr) I CHF -16.7 36.6 -16.7 36.6 18.1 121

Credit Suisse Fund (Lux) Commodity Index Plus (US$) B USD -16.5 41.4 -17.5 12.4 18.2 123

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Fund NameFund

currency*

Fundcurrency

1 year

Fundcurrency

3 yearsCHF

1 yearCHF

3 years

in fundcurrency %

3 years** Page

Credit Suisse Fund (Lux) Commodity Index Plus (US$) I USD -15.6 45.7 -16.6 15.8 18.2 125

Credit Suisse Fund (Lux) Fixed Income Cycle Invest B EUR 0.1 n/a -7.3 n/a n/a 127

Credit Suisse Fund (Lux) Fixed Income Cycle Invest I EUR 0.4 n/a -6.9 n/a n/a 129

Credit Suisse Fund (Lux) Fixed Income Cycle Invest R CHF CHF -1.6 n/a -1.6 n/a n/a 131

Credit Suisse Fund (Lux) Fixed Income Cycle Invest R USD USD -0.4 n/a -1.6 n/a n/a 133

Credit Suisse Fund (Lux) Global Responsible Equities B EUR 1.6 54.7 -5.8 23.3 12.4 135

Credit Suisse Fund (Lux) Global Responsible Equities I EUR 2.8 n/a -4.7 n/a n/a 137

Credit Suisse Fund (Lux) Money Market EUR B EUR 1.0 3.3 -6.4 -17.6 0.2 139

Credit Suisse Fund (Lux) Money Market EUR I EUR 1.0 3.3 -6.4 -17.6 0.2 141

Credit Suisse Fund (Lux) Money Market Sfr B CHF -0.1 0.9 -0.1 0.9 0.2 143

Credit Suisse Fund (Lux) Money Market USD B USD 0.0 1.5 -1.2 -19.3 0.2 145

Credit Suisse Fund (Lux) Relative Return Engineered (Euro) B EUR 8.4 12.5 0.5 -10.3 3.7 147

Credit Suisse Fund (Lux) Relative Return Engineered (Euro) I EUR 9.0 14.2 1.0 -9.0 3.7 149

Credit Suisse Fund (Lux) Relative Return Engineered (Sfr) B CHF 4.8 8.8 4.8 8.8 1.8 151

Credit Suisse Fund (Lux) Relative Return Engineered (US$) B USD 5.9 n/a 4.6 n/a n/a 153

Credit Suisse Fund (Lux) SBI Foreign Corporate CHF B CHF 4.2 n/a 4.2 n/a n/a 155

Credit Suisse Fund (Lux) SBI Foreign Government 1-5 CHF B CHF 2.1 n/a 2.1 n/a n/a 157

Credit Suisse Fund (Lux) SBI Foreign Government 5+ CHF B CHF 7.4 n/a 7.4 n/a n/a 159

Credit Suisse Fund (Lux) Total Return Engineered (Euro) B EUR -4.9 -9.7 -11.8 -28.0 2.9 161

Credit Suisse Fund (Lux) Total Return Global Long/Short Exposure (Euro) B EUR -7.7 -3.4 -14.5 -22.9 6.5 163

Credit Suisse Fund (Lux) Total Return Global Long/Short Exposure (Euro) I EUR -7.0 -1.1 -13.8 -21.1 6.5 165

Credit Suisse MACSCredit Suisse MACS Absolut P EUR -0.5 10.1 -7.8 -12.2 2.4 167

Credit Suisse MACS Classic 20 B EUR 1.8 16.8 -5.6 -6.9 3.9 168

Credit Suisse MACS Classic 40 B EUR 0.5 23.7 -6.8 -1.4 6.2 169

Credit Suisse MACS Classic 60 P EUR 0.9 36.7 -6.5 9.0 8.5 170

Credit Suisse MACS Dynamic B EUR -2.6 26.9 -9.7 1.2 8.4 171

Credit Suisse MACS Funds 20 P EUR 3.1 21.4 -4.4 -3.2 4.4 172

Credit Suisse MACS Funds 40 P EUR 3.1 30.0 -4.4 3.6 6.5 173

Credit Suisse MACS Funds 60 P EUR 3.2 37.2 -4.3 9.4 8.6 174


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Fund NameFund

currency*

Fundcurrency

1 year

Fundcurrency

3 yearsCHF

1 yearCHF

3 years

in fundcurrency %

3 years** Page

Credit Suisse MACS Global Equity P EUR -0.4 60.9 -7.6 28.3 13.4 175

Credit Suisse Portfolio FundCredit Suisse Portfolio Fund (CH) Privilege CHF 0.5 16.4 0.5 16.4 5.4 176

Credit Suisse Portfolio Fund (Lux) Balanced (Euro) B EUR 1.0 39.1 -6.4 10.9 8.1 178

Credit Suisse Portfolio Fund (Lux) Balanced (Sfr) B CHF -3.2 19.1 -3.2 19.1 8.0 180

Credit Suisse Portfolio Fund (Lux) Balanced (US$) B USD -1.9 41.3 -3.1 12.3 11.4 182

Credit Suisse Portfolio Fund (Lux) Growth (Euro) B EUR -1.9 46.1 -9.0 16.5 11.4 184

Credit Suisse Portfolio Fund (Lux) Growth (Sfr) B CHF -3.8 24.1 -3.8 24.1 10.8 186

Credit Suisse Portfolio Fund (Lux) Growth (US$) B USD -4.8 50.4 -6.0 19.6 15.6 188

Credit Suisse Portfolio Fund (Lux) Income (Euro) B EUR 2.8 30.6 -4.7 4.1 5.3 190

Credit Suisse Portfolio Fund (Lux) Income (Sfr) B CHF -2.8 12.6 -2.8 12.6 5.4 192

Credit Suisse Portfolio Fund (Lux) Income (US$) B USD 0.3 31.8 -0.9 4.8 7.3 194

Credit Suisse Portfolio Fund (Lux) Reddito (Euro) B EUR 3.7 19.0 -3.9 -5.1 4.9 196

Credit Suisse PremiumCredit Suisse Premium (CH) Bond (£) GBP 3.5 23.4 1.9 9.4 3.8 198

Credit Suisse Premium (CH) Bond (Euro) EUR 5.2 16.4 -2.5 -7.2 2.3 200

Credit Suisse Premium (CH) Bond (Sfr) CHF 4.6 11.7 4.6 11.7 1.8 202

Credit Suisse Premium (CH) Bond (US$) USD 4.5 14.8 3.3 -8.7 2.7 204

Credit Suisse Premium (CH) Short Maturity (Euro) EUR 0.8 7.3 -6.6 -14.4 1.5 206

Credit Suisse Real Estate FundCredit Suisse 1a Immo PK CHF 6.1 35.0 6.1 35.0 4.3 216

CS PortfolioReal A EUR -3.9 8.9 -10.9 -13.2 5.8 217

Credit Suisse Real Estate Fund Green Property CHF 1.9 n/a 1.9 n/a n/a 218

Credit Suisse Real Estate Fund Hospitality CHF -3.1 n/a -3.1 n/a n/a 219

Credit Suisse Real Estate Fund International CHF -5.1 12.1 -5.1 12.1 6.0 220

Credit Suisse Real Estate Fund Interswiss CHF 7.5 41.5 7.5 41.5 10.1 221

Credit Suisse Real Estate Fund LivingPlus CHF 4.7 18.7 4.7 18.7 8.4 222

Credit Suisse Real Estate Fund PropertyPlus CHF 7.8 37.5 7.8 37.5 6.9 223

Credit Suisse Real Estate Fund Siat CHF 10.9 32.8 10.9 32.8 9.5 224

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Fund NameFund

currency*

Fundcurrency

1 year

Fundcurrency

3 yearsCHF

1 yearCHF

3 years

in fundcurrency %

3 years** Page

Credit Suisse Select FundCredit Suisse Select Fund (CH) Swiss Equities 130/30 B CHF 1.8 43.4 1.8 43.4 13.7 225

Credit Suisse Select Fund (CH) Swiss Real Estate Securities A CHF 6.2 n/a 6.2 n/a n/a 227

Credit Suisse Select Fund (CH) Swiss Real Estate Securities I CHF 6.6 n/a 6.6 n/a n/a 229

Credit Suisse SICAV OneCredit Suisse SICAV One (Lux) CommodityAllocation B USD -16.7 n/a -17.7 n/a n/a 231

Credit Suisse SICAV One (Lux) CommodityAllocation R CHF CHF -17.5 n/a -17.5 n/a n/a 233

Credit Suisse SICAV One (Lux) CommodityAllocation R EUR EUR -17.3 n/a -23.3 n/a n/a 235

Credit Suisse SICAV One (Lux) Equity Asian Dragon B USD -18.4 n/a -19.4 n/a n/a 237

Credit Suisse SICAV One (Lux) Equity Asian Dragon I USD -17.6 n/a -18.6 n/a n/a 239

Credit Suisse SICAV One (Lux) Equity Eurozone B EUR -13.0 31.9 -19.4 5.1 19.0 241

Credit Suisse SICAV One (Lux) Equity Eurozone I EUR -12.0 37.0 -18.4 9.3 19.0 243

Credit Suisse SICAV One (Lux) Equity Global Emerging Market Property B USD -8.5 67.8 -9.6 33.4 25.5 245

Credit Suisse SICAV One (Lux) Equity Global Emerging Market Property I USD -7.6 n/a -8.7 n/a n/a 247

Credit Suisse SICAV One (Lux) Equity Global Emerging Market Property R CHF CHF -10.6 59.5 -10.6 59.5 25.7 249

Credit Suisse SICAV One (Lux) Equity Global Emerging Market Property R EUR EUR -10.3 61.3 -16.9 28.6 25.5 251

Credit Suisse SICAV One (Lux) Equity Global Emerging Markets B USD -15.2 n/a -16.2 n/a n/a 253

Credit Suisse SICAV One (Lux) Equity Global Emerging Markets I USD -14.3 n/a -15.3 n/a n/a 255

Credit Suisse SICAV One (Lux) Equity Japan Value B JPY 4.5 n/a 4.0 n/a n/a 257

Credit Suisse SICAV One (Lux) European Equity Dividend Plus B EUR -1.0 n/a -8.3 n/a n/a 259

Credit Suisse SICAV One (Lux) European Equity Dividend Plus I EUR -0.1 n/a -7.4 n/a n/a 261

Credit Suisse SICAV One (Lux) European Equity Dividend Plus R CHF CHF -2.5 n/a -2.5 n/a n/a 263

Credit Suisse SICAV One (Lux) Global Convertibles B USD -1.8 n/a -3.0 n/a n/a 265

Credit Suisse SICAV One (Lux) Global Convertibles R CHF CHF -2.9 n/a -2.9 n/a n/a 267

Credit Suisse SICAV One (Lux) Global Convertibles R EUR EUR -2.1 n/a -9.2 n/a n/a 269

Credit Suisse SICAV One (Lux) Global Equity Dividend Plus B USD 1.4 n/a 0.2 n/a n/a 271

Credit Suisse SICAV One (Lux) Global Equity Dividend Plus R CHF CHF n/a n/a n/a n/a n/a 273

Credit Suisse SICAV One (Lux) IndexSelection Balanced (Sfr) B CHF -4.8 n/a -4.8 n/a n/a 275

Credit Suisse SICAV One (Lux) IndexSelection Capital Gains Oriented (Sfr) B CHF -5.5 n/a -5.5 n/a n/a 276

Credit Suisse SICAV One (Lux) IndexSelection Income Oriented (Sfr) B CHF -3.3 n/a -3.3 n/a n/a 277


10


Fund NameFund

currency*

Fundcurrency

1 year

Fundcurrency

3 yearsCHF

1 yearCHF

3 years

in fundcurrency %

3 years** Page

Credit Suisse SICAV One (Lux) Small and Mid Cap Alpha Long/Short B EUR 0.8 n/a -6.6 n/a n/a 278

Credit Suisse SICAV One (Lux) Small and Mid Cap Alpha Long/Short I EUR 1.0 n/a -6.4 n/a n/a 280

Credit Suisse SICAV One (Lux) Small and Mid Cap Alpha Long/Short R CHF CHF -0.3 n/a -0.3 n/a n/a 282

Credit Suisse SICAV One (Lux) Small and Mid Cap Alpha Long/Short R USD USD 0.3 n/a -0.9 n/a n/a 284

Credit Suisse SICAV IISICAV II (Lux) Credit Suisse Bond Sfr B CHF 2.6 19.5 2.6 19.5 3.2 286

SICAV II (Lux) Credit Suisse Global Convertibles B USD 0.1 36.1 -1.2 8.2 8.0 288

SICAV II (Lux) Credit Suisse Global Convertibles R CHF CHF -0.7 32.1 -0.7 32.1 7.9 290

SICAV II (Lux) Credit Suisse Global Convertibles R EUR EUR 0.2 35.5 -7.1 8.0 8.0 292

SICAV II (Lux) Credit Suisse Inflation Linked Bonds (Euro) B EUR 3.4 8.5 -4.1 -13.5 3.3 294

SICAV II (Lux) Credit Suisse Money Market Sfr B CHF 0.0 0.8 0.0 0.8 0.2 296

SICAV II (Lux) Credit Suisse TOPS (Euro) B EUR 2.5 19.8 -4.9 -4.5 3.2 298

Credit Suisse SolutionsCredit Suisse Solutions (Lux) Dow Jones Credit Suisse AllHedge Index B USD -4.7 19.2 -5.8 -5.2 7.1 300

Credit Suisse Solutions (Lux) Dow Jones Credit Suisse AllHedge Index I USD -4.0 n/a -5.2 n/a n/a 301

Credit Suisse Solutions (Lux) Dow Jones Credit Suisse AllHedge Index R CHF CHF -6.1 15.7 -6.1 15.7 7.2 302

Credit Suisse Solutions (Lux) Dow Jones Credit Suisse AllHedge Index R EUR EUR -4.4 19.1 -11.3 -5.1 7.1 303

Credit Suisse Solutions (Lux) Megatrends B USD -11.2 n/a -12.3 n/a n/a 304

Credit Suisse Solutions (Lux) Megatrends I USD n/a n/a n/a n/a n/a 306

Credit Suisse Solutions (Lux) Megatrends R CHF CHF -13.5 n/a -13.5 n/a n/a 308

Credit Suisse Solutions (Lux) Megatrends R EUR EUR -12.8 n/a -19.2 n/a n/a 310

Credit Suisse Solutions (Lux) Megatrends R GBP GBP -12.1 n/a -13.4 n/a n/a 312

Credit Suisse Solutions (Lux) Prima Multi-Strategy B EUR EUR -0.3 n/a -7.6 n/a n/a 314

Credit Suisse Solutions (Lux) Prima Multi-Strategy I EUR EUR 0.2 n/a -7.1 n/a n/a 315

Credit Suisse Solutions (Lux) Prima Multi-Strategy R CHF CHF -1.8 n/a -1.8 n/a n/a 316

Credit Suisse Solutions (Lux) Prima Multi-Strategy R GBP GBP n/a n/a n/a n/a n/a 317

Credit Suisse Solutions (Lux) Prima Multi-Strategy R USD USD -0.8 n/a -2.0 n/a n/a 318

Credit Suisse TriamantCredit Suisse Triamant Balanced CHF CHF -3.7 16.5 -3.7 16.5 6.4 319

Credit Suisse Triamant Balanced EUR EUR 0.6 29.3 -6.8 3.1 6.4 320

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11


Fund NameFund

currency*

Fundcurrency

1 year

Fundcurrency

3 yearsCHF

1 yearCHF

3 years

in fundcurrency %

3 years** Page

Credit Suisse Triamant Capital Gains Oriented CHF CHF -5.8 22.8 -5.8 22.8 9.2 321

Credit Suisse Triamant Capital Gains Oriented EUR EUR -0.1 40.3 -7.4 11.8 9.3 322

Credit Suisse Triamant Income Oriented CHF CHF -1.7 12.4 -1.7 12.4 3.6 323

Credit Suisse Triamant Income Oriented EUR EUR 1.7 21.3 -5.7 -3.3 3.9 324

CS ETFCS ETF (CH) on Swiss Bond Index Domestic Government 1-3 CHF 0.9 n/a 0.9 n/a n/a 325

CS ETF (CH) on Swiss Bond Index Domestic Government 3-7 CHF 6.2 9.9 6.2 9.9 2.2 326

CS ETF (CH) on Swiss Bond Index Domestic Government 7-15 CHF 11.3 20.2 11.3 20.2 5.1 327

CS ETF (CH) on SLI® CHF -3.7 47.8 -3.7 47.8 16.1 328

CS ETF (CH) on SMI® CHF 1.2 37.3 1.2 37.3 12.5 329

CS ETF (CH) on SMIM® CHF -12.3 43.7 -12.3 43.7 16.2 330

CS ETF (IE) on Credit Suisse Global Alternative Energy USD -27.0 n/a -27.9 n/a n/a 331

CS ETF (IE) on CSI 300 USD -20.9 n/a -21.8 n/a n/a 332

CS ETF (IE) on Dow Jones Industrial Average USD 9.3 n/a 8.0 n/a n/a 333

CS ETF (IE) on EONIA EUR 0.7 n/a -6.7 n/a n/a 334

CS ETF (IE) on EURO STOXX 50® EUR -11.6 n/a -18.1 n/a n/a 335

CS ETF (IE) on Fed Funds Effective Rate USD -0.1 n/a -1.3 n/a n/a 336

CS ETF (IE) on FTSE 100 GBP 0.8 n/a -0.7 n/a n/a 337

CS ETF (IE) on FTSE MIB EUR -24.2 n/a -29.7 n/a n/a 338

CS ETF (IE) on iBoxx EUR Govt 1-3 EUR 4.1 n/a -3.5 n/a n/a 339

CS ETF (IE) on iBoxx EUR Govt 3-7 EUR 7.8 n/a -0.1 n/a n/a 340

CS ETF (IE) on iBoxx EUR Govt 7-10 EUR 10.1 n/a 2.1 n/a n/a 341

CS ETF (IE) on iBoxx EUR Inflation Linked EUR 3.6 n/a -3.9 n/a n/a 342

CS ETF (IE) on iBoxx USD Govt 1-3 USD 1.2 n/a 0.0 n/a n/a 343



CS ETF (IE) on iBoxx USD Inflation Linked USD 12.1 n/a 10.8 n/a n/a 346

CS ETF (IE) on MSCI Australia USD -7.6 n/a -8.7 n/a n/a 347

CS ETF (IE) on MSCI Brazil USD -13.9 n/a -14.9 n/a n/a 348

CS ETF (IE) on MSCI Canada CAD -11.6 n/a -15.0 n/a n/a 349


12


Fund NameFund

currency*

Fundcurrency

1 year

Fundcurrency

3 yearsCHF

1 yearCHF

3 years

in fundcurrency %

3 years** Page

CS ETF (IE) on MSCI Chile USD 0.7 n/a -0.5 n/a n/a 350

CS ETF (IE) on MSCI EM Asia USD -8.6 n/a -9.7 n/a n/a 351

CS ETF (IE) on MSCI EM EMEA USD -12.9 n/a -14.0 n/a n/a 352

CS ETF (IE) on MSCI EM Latin America USD -9.2 n/a -10.3 n/a n/a 353

CS ETF (IE) on MSCI EMU EUR -10.1 n/a -16.6 n/a n/a 354

CS ETF (IE) on MSCI EMU Small Cap EUR -13.9 n/a -20.1 n/a n/a 355

CS ETF (IE) on MSCI Europe EUR -1.7 n/a -8.9 n/a n/a 356

CS ETF (IE) on MSCI India USD -21.2 n/a -22.2 n/a n/a 357

CS ETF (IE) on MSCI Japan JPY -0.9 n/a -1.4 n/a n/a 358

CS ETF (IE) on MSCI Japan Large Cap JPY -1.4 n/a -1.9 n/a n/a 359

CS ETF (IE) on MSCI Japan Small Cap JPY 3.4 n/a 2.9 n/a n/a 360

CS ETF (IE) on MSCI Korea USD -6.3 n/a -7.4 n/a n/a 361

CS ETF (IE) on MSCI Mexico Capped USD 0.6 n/a -0.6 n/a n/a 362

CS ETF (IE) on MSCI Pacific ex Japan USD -6.0 n/a -7.2 n/a n/a 363

CS ETF (IE) on MSCI Russia USD -18.7 n/a -19.7 n/a n/a 364

CS ETF (IE) on MSCI South Africa USD -3.6 n/a -4.7 n/a n/a 365

CS ETF (IE) on MSCI Taiwan USD -6.0 n/a -7.1 n/a n/a 366

CS ETF (IE) on MSCI UK GBP 1.0 n/a -0.5 n/a n/a 367

CS ETF (IE) on MSCI UK Large Cap GBP 0.3 n/a -1.2 n/a n/a 368

CS ETF (IE) on MSCI UK Small Cap GBP 3.3 n/a 1.7 n/a n/a 369

CS ETF (IE) on MSCI USA USD 7.9 n/a 6.6 n/a n/a 370

CS ETF (IE) on MSCI USA Large Cap USD 8.8 n/a 7.4 n/a n/a 371

CS ETF (IE) on MSCI USA Small Cap USD 1.1 n/a -0.1 n/a n/a 372

CS ETF (IE) on MSCI World USD 0.1 n/a -1.1 n/a n/a 373

CS ETF (IE) on NASDAQ 100 USD 18.4 n/a 16.9 n/a n/a 374

CS ETF (IE) on Nikkei 225 JPY 4.8 n/a 4.3 n/a n/a 375

CS ETF (IE) on S&P 500 USD 8.0 n/a 6.7 n/a n/a 376

CS ETF (Lux) on MSCI Emerging Markets USD -10.0 89.1 -11.1 50.4 24.9 377

CS ETF (Lux) on MSCI EMU Large Cap EUR -9.3 39.8 -15.9 11.4 19.5 378

CS ETF (Lux) on MSCI EMU Mid Cap EUR -13.3 45.1 -19.6 15.7 20.5 379

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Fund NameFund

currency*

Fundcurrency

1 year

Fundcurrency

3 yearsCHF

1 yearCHF

3 years

in fundcurrency %

3 years** Page

CS ETF II (CH) on Gold USD 15.2 n/a 13.8 n/a n/a 380

CS ETF II (CH) on Gold - hedged CHF CHF 12.3 n/a 12.3 n/a n/a 381

CS ETF II (CH) on Gold - hedged EUR EUR 14.6 n/a 6.3 n/a n/a 382


14


Fund NameFund

currency*

Fundcurrency

1 year

Fundcurrency

3 yearsCHF

1 yearCHF

3 years

in fundcurrency %

3 years** Page

Credit Suisse Prime Select TrustCredit Suisse Prime Select Trust (Lux) Global Equities Long/Short B USD -4.0 0.4 -7.0 -22.4 5.7 208

Credit Suisse Prime Select Trust (Lux) Global Equities Long/Short R CHF CHF -5.2 -3.3 -5.2 -3.3 5.8 209

Credit Suisse Prime Select Trust (Lux) Global Equities Long/Short R EUR EUR -4.0 -0.5 -9.8 -18.9 5.6 210

Credit Suisse Prime Select Trust (Lux) Multi Strategy USD -3.7 10.3 -6.6 -14.7 3.8 211

Credit Suisse Prime Select Trust (Lux) Multi Strategy I USD -2.9 12.8 -5.9 -12.8 3.7 212

Credit Suisse Prime Select Trust (Lux) Multi Strategy R CHF CHF -4.9 7.1 -4.9 7.1 3.9 213

Credit Suisse Prime Select Trust (Lux) Multi Strategy R EUR EUR -3.9 9.9 -9.8 -10.5 3.9 214

Credit Suisse Prime Select Trust (Lux) Multi Strategy R GBP GBP -3.7 n/a -8.3 n/a n/a 215

* Source: Lipper Schweiz AG** Annualized average volatility in % over the last 3 years.*** The stated yield calculations are based on net asset values.**** The stated yield calculations are based on stock prices.***** The track record before the launch period refers to the existing product,

wich is managed according to the same investment process and guidelines.

Historical performance indications and financial market scenarios are no guarantee for current or future performance.Performance indications do not consider commissions levied at subscription and/or redemption.

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Fund manager Convertible Bonds TeamFund manager since 01.08.2008Location ZurichFund domicile SwitzerlandFund currency USDClose of financial year 30. SepTotal net assets (in mil.) 85.59Inception date 29.06.1984Management fee in % p.a. 1.20Total expense ratio (ex ante) in % 1.30Benchmark (BM)

UBS Global Convertible Bond Index (RI) (04/03)Swinging single pricing (SSP) 2) YesUnit Class Category A

(distribution)

ISIN CH0019308367

Valor no. 1930836

Last distribution 15.11.2011Distribution value 3.63Redemptions DailyEU taxation In scope - tax

Fund 248

March 30, 2012Switzerland

Credit Suisse Bond Fund (CH) Convert InternationalClass A CHF

Net performance in CHF (rebased to 100) and yearly performance 1)

2007 2008 2009 2010 2011 201240

60

80

100

120

140

160

-60%

-40%

-20%

0%

20%

40%

60%

6.3

-32.1

34.8

0.8

-7.7

5.13.2

-35.8

37.3

0.8

-6.7

5.1

CS BF (CH) Convert International A CHF Yearly or year-to-date performance respectively (Fund)UBS Global Convertible Bond Index (RI) (04/03)

Yearly or year-to-date performance respectively(Benchmark)

Net performance in CHF 1)

1 month 3 months YTD 1 year 3 years 5 yearsFund 0.62 5.09 5.09 -5.62 25.17 -7.93Benchmark 0.53 5.05 5.05 -4.47 24.99 -12.85

Sectors in %Financials 20.61Consumer Goods (non-cyclical) 14.62Technology 12.14Consumer Goods (cyclical) 10.96Communication 9.61Industrials 8.63Energy 8.61Cash/Cash Equivalents 5.30Others 9.51

Currencies in %before hedging after hedging

USD 63.82 61.81EUR 19.28 18.65JPY 6.23 10.37HKD 2.71 2.37CHF 2.17 1.65SGD 2.10 2.10GBP 2.07 1.79CNY 1.00 1.00AUD 0.61 0.26

Credit Ratings in %

AAA 0.71A (Bucket) 21.51BBB (Bucket) 31.19BB (Bucket) 28.17B (Bucket) 17.41CCC (Bucket) 1.01

Top 10 Holdings in %Position Coupon

%Maturity as % of

assetsIntel 2.950 15.12.35 2.38Amgen 0.375 01.02.13 1.19EMC 1.750 01.12.13 1.10KDDI CV 0.000 14.12.15 1.07Hologic 2.000 15.12.37 1.05Transocean Inc 1.500 15.12.37 1.05Cemex SAB 4.875 15.03.15 1.00Orix 1.000 31.03.14 0.97KLOECKNER &CO

1.500 27.07.12 0.94

Aabar Invest 4.000 27.05.16 0.92Total 11.67

Duration and Yield 3)

Delta in % 49.60Gross portfolio yield in % -1.50Average remaining term to maturity in years 4.31Modified duration in years 3.343) Due to the optionalities involved in the structure of convertiblebonds, certain assumptions must be applied in order to calculatethese figures.

Fund statistics3 years 5 years

Annualised volatility in % 11.69 14.56Information ratio 0.03 0.38Tracking Error (Ex post) 1.43 2.89Maximum drawdown in % 4) -21.91 -34.924) Maximum drawdown is the most negative cumulative returnover a given time period.

Investment policyThe fund provides an actively managed exposureto global convertibles as a most efficientmulti-asset class strategy involving equity, creditand volatility on a globally diversified basis, withthe aim of achieving superior risk-adjustedreturns. The risk profile is comparable to that of aclassic balanced fund. The fund invests mainly inconvertible securities issued by public and privateissuers. Traditional bonds, equity and structuredproducts may be held in complement.Investments are made globally with norestrictions as to country or currency.

Fund facts

Unit class currency CHF

Bloomberg ticker CRSCVCI SW

Net asset value (NAV) 165.50

2) «Swinging single pricing» (SSP) is a state-of-the-art methodused to calculate the net asset value of investment funds. SSPenables a fund to have the cash needed to settle the dailytransaction costs relating to subscriptions and redemptions byinvestors buying into and selling out of the fund. Existing investorsno longer have to indirectly cover these transaction costs as SSPintegrates the charges for transaction costs into the net assetvalue calculation, meaning investors buying into/selling out of thefund bear these costs.

Number of holdings

Source: Lipper, a Reuters Company

Average = BB

16

1) Historical performance indications and financial market scenarios are no guarantee for current or future performance. Performance indications do not consider commissions levied at subscription and/orredemption.

The disclaimer mentioned at the end of this document also applies to this page.


Credit Suisse Bond Fund (CH) Convert InternationalClass A CHF

Review previous quarter 5)

Global convertibles had a great start to the yearand returned 8.8% in Q1 2012 (currencyhedged), whereas the investment grade part ofthe universe showed a return of 5.7%. Thispositive performance was mainly attributed tostrong global equity markets and further spreadtightening.

In general, the investment environment improvedand rising investor sentiment gave equity marketsthe needed support for growth. Since themassive interventions by the ECB, financial

system stability has improved and the downsiderisk to the global economy has been reduced. Inthe US, with the unemployment rate remainingstable at 8.3% and unemployment benefit claimsfalling to the lowest level since April 2008,consumer confidence reached thesecond-highest level in four years and retail salesclimbed by most in five months. On the otherhand, inflation rose in February the most in 10months, mainly driven by gasoline prices.

In the BRIC countries (especially China and

India), stimulating monetary policy improved theoutlook for risky assets and equity marketscontinued to rise in light of the momentum builtup in December. With regards to convertiblessector performances, all were in positive territory.The highest contributions came fromTechnology, Industrial Goods and Healthcare,whereas Food & Beverage, Chemicals and Retailwere more or less flat. Convertibles primarymarket activity of USD 8.8bn in March, thehighest since June 2011, brought the totalissuance in the first quarter to USD 15.1bn.

Outlook for the market 5)

The economic climate remains supportive, butoverbought market conditions are impairing thenear-term technical picture. We are proceedingon the assumption that the headwinds(technicals, euro area crisis and geopoliticalrisks) will have only very short-livedconsequences for the markets.

We have a positive medium-term stance on

stocks and would therefore take advantage ofshare price setbacks to increase the exposure insome convertibles. On the regional side, we stillfavor the US due to its defensive characteristicsand its further improving fundamentals, whereasour view on Japan is neutral. We still likeemerging markets in the long-term due to theirpositive fundamentals and growth prospects, butare cautious in the short-term.

In general, global valuations and sentiment haveimproved and we expect a robust earningsseason ahead. We remain neutrally positioned interms of equity sensitivity across all convertibleproducts, looking for alpha generation oncompany selection level.

Portfolio ManagementThe portfolio is managed by a team of experienced investment professionals who are based in Zurich. The fund is managed according to the team's view onsecurity selection, equity sectors, equity sensitivity, credit, and duration. The team includes several portfolio managers who contribute to the co-managementof the fund according to their area of expertise.

Cre

dit S

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e B

ond

Fund

5) If not expressly indicated otherwise, all quantitative data contained in this comment is based on Lipper, Bloomberg or Datastream.

17

Fund manager Convertible Bonds TeamFund manager since 01.08.2008Location ZurichFund domicile SwitzerlandFund currency USDClose of financial year 30. SepTotal net assets (in mil.) 85.59Inception date 29.06.1984Management fee in % p.a. 1.20Total expense ratio (ex ante) in % 1.30Benchmark (BM)

UBS Global Convertible Bond Index (RI) (01/02)Swinging single pricing (SSP) 2) YesUnit Class Category A

(distribution)

ISIN CH0002771514

Valor no. 277151


Fund 248


Credit Suisse Bond Fund (CH) Convert InternationalClass A USD

Net performance in USD (rebased to 100) and yearly performance 1)

2007 2008 2009 2010 2011 201260708090

100110120130140150

-40%-30%-20%-10%

0%10%20%30%40%50%

14.6

-27.8

38.8

11.7

-8.2

8.711.3

-31.7

41.4

11.8

-7.0

8.7

CS BF (CH) Convert International A USD Yearly or year-to-date performance respectively (Fund)UBS Global Convertible Bond Index (RI) (01/02)


Net performance in USD 1)

1 month 3 months YTD 1 year 3 years 5 yearsFund 0.29 8.73 8.73 -4.66 57.13 23.95Benchmark 0.20 8.68 8.68 -3.31 57.24 17.71

Sectors in %Financials 20.61Consumer Goods (non-cyclical) 14.62Technology 12.14Consumer Goods (cyclical) 10.96Communication 9.61Industrials 8.63Energy 8.61Cash/Cash Equivalents 5.30Others 9.51


USD 63.82 61.81EUR 19.28 18.65JPY 6.23 10.37HKD 2.71 2.37CHF 2.17 1.65SGD 2.10 2.10GBP 2.07 1.79CNY 1.00 1.00AUD 0.61 0.26

Credit Ratings in %

AAA 0.71A (Bucket) 21.51BBB (Bucket) 31.19BB (Bucket) 28.17B (Bucket) 17.41CCC (Bucket) 1.01


%Maturity as % of

assetsIntel 2.950 15.12.35 2.38Amgen 0.375 01.02.13 1.19EMC 1.750 01.12.13 1.10KDDI CV 0.000 14.12.15 1.07Hologic 2.000 15.12.37 1.05Transocean Inc 1.500 15.12.37 1.05Cemex SAB 4.875 15.03.15 1.00Orix 1.000 31.03.14 0.97KLOECKNER &CO

1.500 27.07.12 0.94

Aabar Invest 4.000 27.05.16 0.92Total 11.67




Annualised volatility in % 13.37 15.67Information ratio -0.02 0.36Tracking Error (Ex post) 1.46 2.91Maximum drawdown in % 4) -15.94 -34.864) Maximum drawdown is the most negative cumulative returnover a given time period.


Fund facts

Unit class currency USD

Bloomberg ticker CRSCVUI SW



Number of holdings


Average = BB

18




Credit Suisse Bond Fund (CH) Convert InternationalClass A USD













Cre

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uiss

e B

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Fund


19

Fund manager Markus KramerFund manager since 01.02.2012Location ZurichFund domicile SwitzerlandFund currency USDClose of financial year 30. SepTotal net assets (in mil.) 113.75Inception date 16.10.1970Management fee in % p.a. 0.95Total expense ratio (ex ante) in % 1.03Benchmark (BM) JPM GBI Global Traded (01/99)Swinging single pricing (SSP) 2) YesUnit Class Category A

(distribution)

ISIN CH0002771779

Valor no. 277177


Fund 119


Credit Suisse Bond Fund (CH) Dynamic InternationalClass A


2007 2008 2009 2010 2011 201290

100

110

120

130

140

150

-10%

0%

10%

20%

30%

40%

50%

7.6

0.3

9.56.2

3.2 2.0

10.8 12.0

1.96.4 7.2

-0.9

CS BF (CH) Dynamic International Yearly or year-to-date performance respectively (Fund)JPM GBI Global Traded (01/99) Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund -0.33 2.04 2.04 3.91 31.45 30.37Benchmark -1.08 -0.91 -0.91 5.67 20.96 41.31

Maturities in years

0%

5%

10%

15%

20%

25%

30%

0-1 1-3 3-5 5-7 7-10 10-15 >15


USD 32.35 28.72JPY 26.51 29.91EUR 24.26 23.93CAD 5.87 4.60AUD 5.19 0.98GBP 3.75 9.26PLN 1.43 1.43DKK 0.47 0.47CHF 0.17 0.17SEK 0.01 0.54

Asset Allocation in %Government 28.24Financial Bonds 27.10Industrial Bonds 18.85Sovereign/Agencies 17.08Covered/ABS 4.45Utilities 0.11Cash/Cash Equivalents 1.80Others 2.36Total 99.99

Duration and YieldFund

Gross portfolio yield in % 3.02Average remaining term to maturity in years 7.95Modified duration in years 5.85

Credit Ratings in %

AAA 28.74AA+ 6.95AA 2.54AA- 4.53A (Bucket) 24.68BBB (Bucket) 30.45BB (Bucket) 1.47B (Bucket) 0.22D 0.42


%Maturity as % of

assetsEurop. Inv. Bk 1.900 26.01.26 4.29German Public 5.875 31.05.16 2.86Austria 0.000 28.05.16 2.69Germany 4.750 04.07.40 2.61Canada 4.250 01.06.18 2.35Bk NedlGemeenten

1.850 07.11.16 2.27

Deutsche BahnFin.

1.650 01.12.14 2.21

LDW Rentenbank 1.375 25.04.13 2.19Citigroup 1.580 16.09.15 2.15Quebec 1.600 09.05.13 2.07Total 25.69

Investment policyThe aim of the fund is to achieve high and steadyearnings over the long term by investing mainlyin Eurobonds including convertible bonds (max.25% of AUM) across the entire range ofborrower ratings and maturities. Investments aremade globally with no restrictions as to country,currency or sector. Sizeable short-term pricefluctuations cannot be ruled out.

Fund facts


Bloomberg ticker CSBFDIN SW



Number of holdings


Annualised volatility in % 8.02 8.28Information ratio 0.80 -0.44Tracking Error (Ex post) 3.45 3.63Maximum drawdown in % 3) -6.78 -12.933) Maximum drawdown is the most negative cumulative returnover a given time period.


Average = BBB+

20




Credit Suisse Bond Fund (CH) Dynamic InternationalClass A


Despite the return of risk appetite, sovereignbond yields remained surprisingly low in the firstquarter. While US Treasury yields rose by asmuch as 40bps at the long end of the curve,the German Bund curve remained roughlyunchanged over the quarter. Within Europe, Italy,Portugal and Ireland had double digit returnswhile core EU markets ended the quarter inslightly positive territory.

Government bonds returned 0.3% in Q1 in localcurrencies as measured by the JPM GBI GlobalIndex. Best performers were EMU governmentbonds, which returned an overall 3.6%, driven byItaly (+11.4%), Ireland (+10.4%) and Portugal(+10.0%). UK Gilts, on the other hand,performed worst and lost 2.0%, while USTreasuries returned -1.3%.

The increasing risk appetite in Q1 resulted ina negative performance of the USD against allmajor currencies except for the JPY. Among thebest performers were the commodity currencies,with the NZD and the NOK appreciating by6.1% and 5.6% respectively. The EUR gained3.2%, while the JPY lost a hefty 7.2%..


The US economy gathered considerablemomentum in the second half of 2011 asconsumer spending rebounded. The pace islikely to slow somewhat in the short run, butcontinued gains in employment suggest thatgrowth may surprise on the upside in 2012.However, oil prices being back close to their2011 peaks keep us from turning overlyoptimistic as they begin to hurt still very subduedconsumers, while wage gains remain fairlyanemic. Also, corporate investment looks robust,but is unlikely to accelerate. The massive liquidityinjections by the ECB and the Greek debt

restructuring have succeeded in stabilizing banksand government debt.

However, the outlook for consumers andbusinesses remains subdued. Fiscal tighteningis already “biting” in many countries and, afterthe elections, the French government will likelyfollow. After the increase in major benchmarkyields (except German Bunds), we do not expectsignificant interest rate increases in the comingmonths, with current levels broadly in line withactual economic fundamentals and the continuedaccommodation from major central banks likely

to cap large moves. After the sharp tighteningof the past few months, credit spreads in manymarket segments are now close to their historicalaverages. While the ample liquidity provided bycentral banks is likely to remain supportive,potential for strong credit returns has abated, inour view. Additionally, political headlines in theeurozone could continue to drive short-termvolatility, with the market likely to focus ondevelopments in Spain and the Frenchpresidential election, while Greece should movemore to the background.

Portfolio ManagementMarkus Kramer, Vice President, is a senior portfolio manager for Global Fixed Income portfolios. Prior to joining Credit Suisse in

September 2011, he worked at Zurich Cantonal Bank Asset Management for six years. Mr. Kramer holds a Masters Degree from the University of Zurich(specializing in banking and finance) and is a CFA charterholder and a Certified FRM holder. He is a board member of the Swiss Bond Commission.

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Fund manager Michael SchmidFund manager since 01.06.2005Location ZurichFund domicile SwitzerlandFund currency CHFClose of financial year 30. SepTotal net assets (in mil.) 336.93Inception date 29.06.1984Management fee in % p.a. 0.95Total expense ratio (ex ante) in % 1.01Benchmark (BM) SBI Foreign AAA-BBB (RI) (07/07)Swinging single pricing (SSP) 2) YesUnit Class Category A

(distribution)

ISIN CH0002770201

Valor no. 277020


Fund 117


Credit Suisse Bond Fund (CH) Dynamic SfrClass A


2007 2008 2009 2010 2011 201285

90

95

100

105

110

115

120

-15%

-10%

-5%

0%

5%

10%

15%

20%

-2.1

-8.0

16.5

4.9

0.83.4

-1.0

1.1

7.9

3.7 2.7 2.5

CS BF (CH) Dynamic Sfr Yearly or year-to-date performance respectively (Fund)SBI Foreign AAA-BBB (RI) (07/07) Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund 0.49 3.38 3.38 3.83 30.18 13.82Benchmark 0.42 2.45 2.45 5.25 19.93 17.91

Maturities in years

0%5%

10%15%20%25%30%35%40%

0-1 1-3 3-5 5-7 7-10 10-15 >15


CHF 71.06 100.00EUR 23.18 0.01USD 5.76 -0.01

Asset Allocation in %Industrial Bonds 37.08Financial Bonds 29.37Government 12.57Sovereign/Agencies 9.99Utilities 4.47Covered/ABS 4.01Equity 0.57Derivatives -0.12Cash/Cash Equivalents 1.16Others 0.89Total 99.99



Credit Ratings in %

AAA 12.17AA+ 5.55AA 3.25AA- 5.79A (Bucket) 40.42BBB (Bucket) 23.43BB (Bucket) 4.80B (Bucket) 0.68D 0.51Not rated 3.40

Top 10 Holdings in %Position Coupon % Maturity as % of

assetsEurop. Inv. Bk 2.500 08.02.19 2.92KLM 5.750 15.05.50 2.41General Electric 2.500 08.02.18 2.22Weltbank 0.000 26.11.21 2.09Danone 4.125 20.06.16 1.72Swisscom 3.750 19.07.17 1.71Swiss Re America 4.000 29.06.15 1.67HSBC Finance 3.250 14.07.16 1.59JPMorgan Chase 2.500 16.03.15 1.54Hartford Financial 3.250 11.07.12 1.51Total 19.38

Investment policyThe aim of the fund is to achieve appropriateearnings over the long term by investing inCHF-denominated Eurobonds includingconvertible bonds (max. 25% of AUM) acrossthe entire range of borrower ratings andmaturities. Sizeable short-term price fluctuationscannot be ruled out. The Fund may hold fixedincome securities denominated in othercurrencies than the CHF, however, currencyexposure has to be fully hedged in CHF.

Fund facts


Bloomberg ticker CRSDSFI SW



Number of holdings




Average = BBB

22




Credit Suisse Bond Fund (CH) Dynamic SfrClass A


Substantial liquidity injections by the ECB (LTROI and LTRO II) and the restructuring of the Greekgovernment debt helped to stabilize markets inQ1 2012. There are still structural problemsrelated to European borrowers andheterogeneous global growth patterns.Nevertheless, the Swiss economy narrowlyavoided recession thanks to domesticconsumption and high demand for Swisswatches and pharmaceutical products in other

countries. The SNB stuck to its guns andmaintained its expansive monetary policy, onceagain confirming a minimum exchange rate of1.20 francs to the euro.

Interest rates remained very low for all termsin the quarter under review. The 10-year swaprate even dipped below the 1% mark in earlyMarch to 0.99%, setting a new record low. Whileshort-term Confederation bonds of up to three

years still exhibited negative yields at the start ofthe reporting period, the curve has since returnedto normal. At the end of the quarter, the 3-monthCHF LIBOR was 6bps higher at 0.11%, whilethe yield on 2-year Confederation bonds rose to0.02% (+6bps) and 10-year bonds came in at0.85% (+21bps). The performance of the firstquarter was mostly positive thanks to investordemand for high yielding bonds which resulted ina reduction of credit spreads.


While the US economy performed surprisinglywell, production in Japan and Europe stagnated.Switzerland's GDP managed to grow at a rateof 0.1% in Q4 2011 despite the continuousstrength of the Swiss franc. A number of leadingindicators are showing early signs of stabilization,which could suggest that the economy hasbottomed out. The Swiss economy is dependenton global economic trends, and it remains to beseen whether the progress made with regard toovercoming the European sovereign debt crisiswill bring a lasting improvement to the situation.That said, a resurgence of the debt crisis cannot

be ruled out. Other geopolitical tensions couldlead to increased volatility in commodity prices. Inits first assessment of monetary policy in March2012 the SNB maintained its expansive courseand confirmed the minimum exchange rate of1.20 francs to the euro. The target range forthe CHF 3-month LIBOR is still 0-0.25%, andliquidity is still being kept high. On the otherhand, inflation is expected to rise modestly(2013: 0.3% and 2014: 0.6%). Also, theforecast for economic growth has been revisedupwards to 1% for 2012.

For the first time since last year the score ofour interest rate factor model turned negative asthe more friendly fundamental picture suggestshigher yields going forward. The technical inputalso changed to negative due to an overboughtsituation in the short term. The behavioral inputalso neutralized because of the recent strongflattening of the yield curve. We will reduce ourduration in the portfolios towards a shorterposition than the benchmark. We recommendtop quality issues and would increase thediversification in the portfolio as even somefrequent issuers have become expensive.

Portfolio ManagementMichael Schmid, Director, is a senior portfolio manager in the fixed-income Total Return Strategy team. He is a member of CSAM's GlobalCredit Committee. Before he joined the Total Return Strategy team he was head of the Credit Portfolios team and portfolio manager forvarious European high-yield mandates. Prior to joining CSAM in 1998, he worked for three years at Revisuisse PricewaterhouseCoopersas a bank auditor. Michael Schmid graduated from the University of Zurich (specialising in banking and finance) and is a Certified EFFASFinancial Analyst.

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Fund manager Eric SuterFund manager since 28.02.2011Location ZurichFund domicile SwitzerlandFund currency CHFClose of financial year 30. SepTotal net assets (in mil.) 130.46Inception date 28.02.2011Management fee in % p.a. 0.80Total expense ratio (ex ante) in % 0.88Benchmark (BM) SBI Domestic Govt. (RI)Swinging single pricing (SSP) 2) YesUnit Class Category B

(capital growth)

ISIN CH0117770815

Valor no. 11777081

Redemptions DailyEU taxation Out of scope

Fund 62


Credit Suisse Bond Fund (CH) Government Bond CHFClass B


2011 201298

100

102

104

106

108

110

112

-2%

0%

2%

4%

6%

8%

10%

12%

-0.2 -0.6

CS BF (CH) Government Bond CHF B Yearly or year-to-date performance respectively (Fund)SBI Domestic Govt. (RI) Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund -0.73 -0.23 -0.23 8.27 - -Benchmark -0.69 -0.56 -0.56 9.56 - -

Maturities in years

0%

5%

10%

15%

20%

25%

0-1 1-3 3-5 5-7 7-10 10-15 >15


CHF 95.76 99.82EUR 4.24 0.17

Asset Allocation in %Government 64.41Covered/ABS 16.70Financial Bonds 11.33Sovereign/Agencies 6.96Cash/Cash Equivalents 0.60Total 100.00



Credit Ratings in %

AAA 83.23AA+ 16.34AA 0.43


%Maturity as % of

assetsSwiss Government 2.000 25.05.22 5.17Swiss Government 4.000 08.04.28 4.94Swiss Government 2.000 28.04.21 4.72Swiss Government 3.000 12.05.19 4.55Austria 0.000 28.05.16 4.23Swiss Government 4.250 05.06.17 4.22Swiss Government 3.000 08.01.18 3.98Swiss Government 4.000 11.02.23 3.55BasellandschaftlicheKB

3.000 14.12.17 2.61

Swiss Government 3.250 27.06.27 2.53Total 40.50

Investment policyThe investment objective of the fund is to providean appropriate investment in CHF that preservesthe security of the invested capital. The fundinvests primarily in Swiss franc-denominatedbonds, notes, and other fixed or variable-ratedebt instruments of public and public-privateborrowers in Switzerland. For diversificationpurposes, the fund may also invest in borrowersworldwide with a similar borrower quality in allfreely convertible currencies. In doing so, thefund hedges the risk of foreign currenciesagainst the Swiss franc.

Fund facts


Bloomberg ticker CSGOVBB SW



Number of holdings

Fund statistics1 year 3 years

Annualized volatility in % 3.35 -Information ratio -1.48 -Tracking Error (Ex post) 0.81 -Maximum drawdown in % 3) -0.73 -3) Maximum drawdown is the most negative cumulative returnover a given time period.


Average = AA+

24




Credit Suisse Bond Fund (CH) Government Bond CHFClass B









For the first time since last year the score ofour interest rate factor model turned negative asthe more friendly fundamental picture suggestshigher yields going forward. The technical inputalso changed to negative due to an overboughtsituation in the short term. The behavioral inputalso neutralized because of the recent strongflattening of the yield curve. We will reduce ourduration in the portfolios towards a shorterposition than the benchmark. We recommendtop quality issues and would increase thediversification in the portfolio as even some wellregarded names have gotten into trouble.

Portfolio ManagementEric Suter, Director, is a senior portfolio manager. He heads the Swiss Fixed Income Team and is responsible for the Swiss Fixed Incomeinvestment decision process. Eric joined CS Group in 1983 and worked in trading, product development and structuring of fixed incomeproducts. In 1995 he moved to fixed income asset management. He received a Bachelor in Business Administration from the KaderschuleZurich (KSZ), is a Certified International Investment Analyst (CIIA) and a member of the Swiss Bond Commission. Eric Suter, Director,leitet das Schweizer Franken Obligationen Team und ist verantwortlich für den Schweizer Franken Anlageprozess. Er stiess 1983 zur CSGroup und arbeitete im Handel, der Produkteentwicklung sowie in der Strukturierung von Zinsprodukten. 1995 wechselte er insObligationen Portfolio Management. Hr. Suter hat einen Abschluss in Betriebsökonomie der Kaderschule Zürich (KSZ), ist dipl.Finanzanalytiker und Vermögensverwalter (AZEK) sowie Mitglied der Schweizer Obligationenkommission (OKS).

Eric Suter, Director, dirige l'équipe Obligations CHF. Il a rejoint le CS Group en 1983 et a travaillé dans la vente, le développement produits ainsi que lastructuration de produits obligataires. En 1995, il est passé dans le domaine Portfolio Management Obligations. E. Suter dispose de diplômes en économied'entreprise de l'Ecole de cadres de Zurich (KSZ), d'analyste financier et gestionnaire de fortune (CFPI) et est membre de la Commission Suisse desObligations (OKS).

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M891762

Sticky Note

Unmarked set by M891762

Fund 12

Fund manager Gustavo BaltarFund manager since 01.07.2011Location Sao Paulo, BrazilFund domicile LuxembourgFund currency USDClose of financial year 30. SepTotal net assets (in mil.) 141.79Inception date 14.12.2007Management fee in % p.a. 1.20Total expense ratio (ex ante) in % 1.66Benchmark (BM) Brazil CETIP Rate AccumulatedSwinging single pricing (SSP) 2) Yes , current 6%Unit Class Category B

(capital growth)

ISIN LU0334849683

Valor no. 3605447

Redemptions DailyEU taxation In scope - tax


Credit Suisse Bond Fund (Lux) BrazilClass B


2008 2009 2010 2011 201260

80

100

120

140

160

180

-40%

-20%

0%

20%

40%

60%

80%

-17.4

45.3

13.6

-1.2

5.2

-14.2

47.0

15.2

-0.7

4.8

CS BF (Lux) Brazil B Yearly or year-to-date performance respectively (Fund)Brazil CETIP Rate Accumulated Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund -4.79 5.18 5.18 -0.79 64.89 -Benchmark -5.12 4.76 4.76 -0.67 69.12 -

Maturities in years

0%5%

10%15%20%25%30%35%40%45%

0-1 1-3 3-5 5-7 7-10 10-15 >15


BRL 99.67 99.67USD 0.45 0.45JPY -0.12 -0.12

Asset Allocation in %Government 91.39Industrial Bonds 3.18Structured Notes 2.80Financial Bonds 2.19Cash/Cash Equivalents 0.44Total 100.00

Number of holdings



Credit Ratings in %

A- 0.90BBB 94.76BBB- 2.27Not rated 2.07


assetsBrazil 0.000 07.03.15 26.85Brazil 0.000 07.03.17 23.30Brazil 0.000 15.08.16 16.30Brazil 0.000 15.08.12 12.32Brazil 0.000 07.03.13 9.78Brazil 0.000 07.09.17 2.85Banco Votorantim 0.000 16.05.16 2.19Iguatemi Empresa 0.000 01.06.14 2.00Anh-Busch InBev 9.750 17.11.15 0.87Telemar 0.000 01.03.13 0.31Total 96.77

Investment policyThe aim of the Fund is to achieve a high level ofsteady income and an above average yield, whilsttaking into account the security of the capitalinvested. The Fund invests in debt securitiesissued by governments, institutions andcompanies domiciled in Brazil. Investments arepredominantly denominated in Brazilian reals.

Fund facts


Bloomberg ticker CRSBLBB LX


2) The net asset value will be increased by 6% per unit ifnet subscription applications for the subfund (i.e. subscriptionapplications minus redemption applications) exceed USD200,000 on a given valuation day. The increase in net assetvalue covers the tax charges incurred by the subfund on thepurchase of Brazilian securities. In the event of a change in thecurrently applicable tax rate, the Board of Directors will adjust theamount required to be added to the net asset value accordingly.The net asset value will not be adjusted if either net subscriptionapplications do not exceed the aforementioned threshold or elsenet redemption applications are received on any given valuationday. If in future purchases of Brazilian securities no longer incurtax charges, the adjustment of the net asset value will be waivedaltogether.


Annualized volatility in % 26.51 18.15Information ratio -0.01 -0.10Tracking Error (Ex post) 12.13 8.88Maximum drawdown in % 3) -18.17 -18.173) Maximum drawdown is the most negative cumulative returnover a given time period.


Average = BBB-

26




Credit Suisse Bond Fund (Lux) BrazilClass B


The year started out with an expected cut of50bps in Brazil’s Selic (the central bank'sinterest rate). But the minutes of the meeting ofthe Monetary Policy Committee (Copom) were alittle out of the ordinary. The Committee said itfelt there was a high probability of interest ratesreaching the single digits in 2012.

Meanwhile, the Fed extended its bias towardvery low interest rates until the end of 2014.In Europe, the ECB’s three-year repos with theblock’s financial institutions reduced fears ofreduced liquidity and systemic risk. In China themonetary easing process that will likely top the

government’s agenda this year is becomingincreasingly evident. This situation poses greaterrisk to the path of inflation in Brazil. Although theIPCA’s re-weighting should have a downwardeffect on the index, the government hasscheduled stimulus measures to take effect in2012. The main measures are: a 14% increasein the minimum wage, a 2% cut (so far) in theSelic rate, reinforcement of the expansion ofcredit for public-sector banks, and tax breaks.Finally, the government continues to send a clearmessage of protectionism for Brazilianmanufacturers.

In its latest minutes, the central bank pointedout that the steady-state real interest rate haspermanently settled at a lower level. This is theissue that will determine whether we are seeinga new level of interest rates or of inflation. Webelieve that this inclination has created a floor forinflation of 5%, with a greater possibility of hittingthe upper limit of the target range than returningto 4.5%. The main risk to the allocations ofthe fund is a sudden deterioration in Europe.Nevertheless, we still believe in a structuralinflation floor.


Expectations converged to a Selic of 9.5%,which diminishes doubts as to whether or notthe 10% threshold will be broken this quarter.The expectation of an announcement of anacross-the-board budget cut in February/March

and low current inflation corroborate thisscenario. The current outlook is for local interestrates to remain at a historically low levelthroughout the year, even if price pressures ariseas a result of the stimulus measures scheduled

for 2012. The inflation projected in the yield ofsecurities indexed to the IPCA (around 5.50%for the next few years) illustrates this dynamic.

Portfolio ManagementGustavo Baltar - Vice President, Gustavo is one of the portfolio managers responsible for fixed income and hedge funds. He joined CreditSuisse in 2004, in the Economic Research Department, where he was responsible for analyzing the Brazilian Balance of Payments andlocal market strategy, preparing economic reports and making presentations to clients. From 2006 to 2008 he worked in InstitutionalSales, serving corporate clients, third party distribu-tors and pension funds. Gustavo holds a Master’s degree from Instituto Coppead deAdministração da Universidade Federal do Rio de Janeiro (UFRJ) and a degree in Economics from Instituto de Economia of UFRJ.

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Fund 235

Fund manager Thomas FlanneryFund manager since 30.04.2010Location New YorkFund domicile LuxembourgFund currency USDClose of financial year 30. SepTotal net assets (in mil.) 62.98Inception date 13.10.2000Management fee in % p.a. 1.20Total expense ratio (ex ante) in % 1.37Benchmark (BM)

ML US High Yield Master II Constr. (RI) (04/06)Unit Class Category B

(capital growth)

ISIN LU0116737759

Valor no. 1111396



Credit Suisse Bond Fund (Lux) High Yield US$Class B


2007 2008 2009 2010 2011 201260

80

100

120

140

160

180

-40%

-20%

0%

20%

40%

60%

80%

0.5

-29.5

52.9

13.75.1 4.52.6

-26.1

58.1

15.14.4 5.2

CS BF (Lux) High Yield US$ B Yearly or year-to-date performance respectively (Fund)ML US High Yield Master II Constr. (RI) (04/06)



1 month 3 months YTD 1 year 3 years 5 yearsFund 0.10 4.51 4.51 5.20 83.24 31.80Benchmark -0.08 5.16 5.16 5.63 89.22 47.09

Maturities in years

0%5%

10%15%20%25%30%35%40%

0-1 1-3 3-5 5-7 7-10 10-15 >15


USD 100.00 100.00

Asset Allocation in %Industrial Bonds 75.23Financial Bonds 5.93Government 5.01Utilities 3.12Equity 0.03Cash/Cash Equivalents 2.65Others 8.04Total 100.01

Number of holdings



Credit Ratings in %

AA- 4.76BBB- 0.46BB+ 2.04BB 5.51BB- 11.79B (Bucket) 55.81CCC (Bucket) 16.53Cash/CashEquivalents 2.10Not rated 1.02


%Maturity as % of

assetsMcmoranExploration

11.875 15.11.14 1.09

Telesat Canada 11.000 01.11.15 1.06MPT Operating 6.875 01.05.21 0.94WMG Acquisition 9.500 15.06.16 0.94Atlantic Broad Fin. 9.375 15.01.14 0.91CSG Veritas 6.500 01.06.21 0.89Alliant 11.000 01.05.15 0.87Spansion 7.875 15.11.17 0.87Schaeffler 8.500 15.02.19 0.86Schaeffler 7.750 15.02.17 0.85Total 9.28

Investment policyThe aim of the fund is to achieve a high levelof income, although considerable fluctuations inprice cannot be ruled out. The fund invests atleast two-thirds of its assets in US denominatednon-investment grade bonds issued by UScompanies. The Fund may only invest insecurities denominated in USD.

Fund facts


Bloomberg ticker CSBFHYU LX



Annualised volatility in % 9.22 13.96Information ratio -0.54 -0.96Tracking Error (Ex post) 1.97 2.28Maximum drawdown in % 2) -5.09 -35.892) Maximum drawdown is the most negative cumulative returnover a given time period.


Average = B

28




Credit Suisse Bond Fund (Lux) High Yield US$Class B


The high yield market posted slightly negativereturns in March 2012, as prices retreated fromthe highs reached by strong positive momentumin the first two months of the year. The BofAMerrill Lynch High Yield Master II ConstrainedIndex returned -0.1% for the month, down froma 2.3% gain in February, and is up 5.16% for thequarter. High yield spreads finished the periodat +613bps and the yield-to-worst finished themonth at 7.26%.

From a quality point-of view, CCC and CCsegments produced gains for the quarter with

respective returns of 9.26% and 15.40%. Incontrast, the BB and B segments returned4.12% and 4.75%. The top performingindustries in the firrst quarter were Banks,Transportation, Insurance and Real Estate, whileMetals/Mining and Utilities had the lowestreturns for the period.

JPMorgan reported the par-weighted high yieldbond default rate was unchanged at 1.9% forMarch, well below the long term average of4.2%. The US high yield distress ratio, whichmeasures the proportion of bonds trading at

spreads of more than 1,000bps over Treasuries,fell to 12.2% in March versus 17.9% at the endof December, according to BofA.

Retail demand for the high yield asset classremained strong with 17 consecutive weeks ofinflows totaling USD 24.5bn. Year-to-dateinflows into high yield now total USD 18.8bn,surpassing the full-year 2011 total inflow of USD15.6bn. New issue volumes have been robustwith year-to-date primary issuance totaling USD107.7bn, the largest quarterly volume on record.


Portfolio exposures remain defensive, with anemphasis on securities with less interest ratesensitivity. We have maintained exposure toshorter duration bonds while avoiding lowyielding, longer maturity bonds with lowconvexity. In addition, we continue tooverweight B-rated bonds with the bestrisk-return profiles while underweighting themost aggressive CC-rated components of theIndex. In addition, as markets have rallied, wehave begun to rotate out of positions that are

now trading tight on a relative value basis.Sector-wise, we have a positive view on theEnergy, Technology and Media Sectors. Wecontinue to remain cautious with respect toconsumer-driven industries with low assetquality.

The European LTRO facilities and the FOMC’sstatement indicating continued low Fed fundsrates through 2014 have tempered marketvolatility and sentiment leading into 2012. On

a fundamental basis, high yield companies havefocused on deleveraging and extendingmaturities since early 2009. These improvedfundamentals continue to support expectationsfor 2012 and 2013 defaults to be lower thanhistorical averages. Though broader USeconomic trends are showing signs of growthand eurozone concerns have waned, we remaincautious given the potential for renewed headlinerisk.

Portfolio ManagementThomas J. Flannery is a Managing Director of Credit Suisse and Portfolio Manager for Performing Credit Strategies with primaryresponsibility for managing the high yield bond portfolios. Mr. Flannery is also a member of the Credit Investments Group CreditCommittee. Prior to Credit Suisse, Mr. Flannery served as an Associate at First Dominion Capital, LLC, which he joined in 1998. Mr.Flannery began his career with Houlihan Lokey Howard & Zukin, Inc., where he served as an Analyst in the Financial Restructuring Group,working on a variety of debtor and creditor representation assignments. Mr. Flannery graduated with a B.S. in Finance from GeorgetownUniversity.

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Fund 235

Fund manager Thomas FlanneryFund manager since 30.04.2010Location New YorkFund domicile LuxembourgFund currency USDClose of financial year 30. SepTotal net assets (in mil.) 62.98Inception date 06.09.2001Management fee in % p.a. 0.70Total expense ratio (ex ante) in % 0.88Benchmark (BM)

ML US High Yield Master II Constr. (RI) (04/06)Unit Class Category I

(capital growth)

ISIN LU0116737916

Valor no. 1126445

Min. Init. Investm. Amount (in mill.) 3Redemptions DailyEU taxation In scope - tax


Credit Suisse Bond Fund (Lux) High Yield US$Class I


2007 2008 2009 2010 2011 201260

80

100

120

140

160

180

-40%

-20%

0%

20%

40%

60%

80%

1.0

-29.1

53.7

14.35.6 4.62.6

-26.1

58.1

15.14.4 5.2

CS BF (Lux) High Yield US$ I Yearly or year-to-date performance respectively (Fund)ML US High Yield Master II Constr. (RI) (04/06)




Maturities in years

0%5%

10%15%20%25%30%35%40%

0-1 1-3 3-5 5-7 7-10 10-15 >15


USD 100.00 100.00


Number of holdings



Credit Ratings in %



%Maturity as % of


11.875 15.11.14 1.09



Fund facts


Bloomberg ticker CSBFHYI LX

Net asset value (NAV) 2'119.23




Average = B

30




Credit Suisse Bond Fund (Lux) High Yield US$Class I














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Fund 235

Fund manager Thomas FlanneryFund manager since 30.04.2010Location New YorkFund domicile LuxembourgFund currency USDClose of financial year 30. SepTotal net assets (in mil.) 62.98Inception date 31.10.2011Management fee in % p.a. 1.20Benchmark (BM)

ML US High Yield Master II Co. (RI) (Hgd into EUR)Unit Class Category R

(capital growth / hedged)

ISIN LU0697137932

Valor no. 14142509



Credit Suisse Bond Fund (Lux) High Yield US$Class R EUR

Net performance in EUR (rebased to 100) 1)

According to MiFID standards (Markets in Financial Instruments Directive) no performance figuresshall be made available to private investors if the product was launched less than twelve months ago.

Maturities in years

0%5%

10%15%20%25%30%35%40%

0-1 1-3 3-5 5-7 7-10 10-15 >15

Currencies in %USD 100.00In addition to the currency table shown above, for this class,hedging strategies, by means of forward foreign exchangetransactions, are implemented to protect the class currencyagainst currency fluctuations of the fund's reference currency.This may substantially protect investors against a decrease in thevalue of the fund's reference currency relative to the hedgedclass currency, but it may also preclude investors from benefitingfrom an increase in the value of the fund's currency.


Number of holdings



Credit Ratings in %



%Maturity as % of


11.875 15.11.14 1.09



Fund facts

Unit class currency EUR

Bloomberg ticker CSBFHYR LX



Annualized volatility in % - -Information ratio - -Tracking Error (Ex post) - -Maximum drawdown in % 2) - -2) Maximum drawdown is the most negative cumulative returnover a given time period.

Average = B

32




Credit Suisse Bond Fund (Lux) High Yield US$Class R EUR














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Fund 55

Fund manager Alexandre BouchardyFund manager since 01.05.2007Location ZurichFund domicile LuxembourgFund currency EURClose of financial year 30. SepTotal net assets (in mil.) 317.64Inception date 25.09.2003Management fee in % p.a. 1.00Total expense ratio (ex ante) in % 1.18Benchmark (BM)

Barclays Euro Govt. Infl-Linked 1-10Y (RI) (09/07)Unit Class Category A

(distribution)

ISIN LU0175163376

Valor no. 1664152



Credit Suisse Bond Fund (Lux) Inflation Linked (Euro)Class A & B

Net performance in EUR (rebased to 100) and yearly performance 1)

2007 2008 2009 2010 2011 201295

100

105

110

115

120

125

130

-5%

0%

5%

10%

15%

20%

25%

30%

2.2 1.7

6.9

0.3 0.9 2.44.8 5.3

7.0

2.1 1.3

5.6

CS BF (Lux) Inflation Linked (Euro) B Yearly or year-to-date performance respectively (Fund)Barclays Euro Govt. Infl-Linked 1-10Y (RI) (09/07)


Net performance in EUR 1)

1 month 3 months YTD 1 year 3 years 5 yearsFund -0.06 2.36 2.36 3.55 9.04 15.20Benchmark 0.35 5.63 5.63 5.90 14.80 28.30

Maturities in years

0%

5%

10%

15%

20%

25%

30%

0-1 1-3 3-5 5-7 7-10 10-15 >15


EUR 100.00 100.00

Asset Allocation in %Government Bonds / Agency Bonds 69.33Corporate Bonds 14.97Financial Bonds 10.92Cash/Cash Equivalents 0.63Others 4.15Total 100.00

Number of holdings



Credit Ratings in %

AAA 61.70AA+ 1.55AA 4.83AA- 6.83A+ 6.81A 3.00A- 13.55BBB+ 1.74


assetsGermany 2.250 15.04.13 9.49Germany 1.500 15.04.16 6.67Buoni Poliennali 2.350 15.09.35 5.40Finnish Governm. 4.375 04.07.19 5.16Netherlands 4.000 15.07.19 4.26Germany 1.750 15.04.20 4.14Belgium 3.750 28.09.20 3.50Spain 3.000 30.04.15 3.38France OAT 2.500 25.07.13 3.32Finland 3.125 15.09.14 3.22Total 48.54

Investment policyThe aim of the fund is to achieve aninflation-protected steady return in EUR. Thefund invests worldwide at least two-thirds of itsnet assets, in accordance with the principle ofrisk-spreading, in medium to high qualityinflation-linked debt securities, includingsynthetically constructed inflation-linked debtsecurities. The Fund may invest in othercurrencies than the EUR. The part of suchinvestments which is not hedged against theEUR may not exceed 10% of the Fund’s assets.

Fund facts

Category B(capital growth)

Unit class currency EUR EURLU0175163459

Bloomberg ticker CSILEUALX

CSILEUB LX

1664154Net asset value(NAV)

104.41 121.93

--

Daily




Average = A+

34




Credit Suisse Bond Fund (Lux) Inflation Linked (Euro)Class A & B


Inflation-linked bonds’ returns were positive inQ1, the overall index returned 1.2% (hedgedin USD). The quarter was characterized by, yetagain, strong differences across countries.Indeed, the best performing market was Europewith a return of 6.2%, followed by Japan (2.4%)and the US (0.8%). Helped by the positivesentiment impact of the ECB’s 3 year LTROs,Italy alone managed to return an impressive14%, by far erasing the losses of the previousquarter. France profited as well from the positivesentiment and returned 3.7%, while Germanymanaged a still decent 1.2%. The worstperforming markets were Sweden (-1.6%), the

UK (-1.4%) and Canada (-1.4%) which sufferedfrom the recent rates increase, especially at thelong-end of the curve. Compared to nominalbonds, inflation-linked bonds outperformed byalmost 2% as inflation expectations rose on theback of high energy prices and improvedeconomic data.

In absolute terms, the fund returned 2.65%gross of fees (2.36% net). While the decreasein real rates contributed positively, it was partiallyoffset by a negative inflation accrual of -0.4%.Relative to benchmark, the fund underperformedby -2.98% gross of fees (-3.27% net).

Duration/curve management was positive as weheld an overweight at the very long end of thecurve (30y). Market allocation however wasnegative. Indeed, our structural* underweight inFrance and Italy contributed negatively as bothcountries performed strongly.

*France and Italy have weights of respectively47% and 27% in the benchmark. Fordiversification purposes, we will not hold suchan exposure in these countries. Thus, we arerunning a structural underweight.


On the inflation side, headline CPI for Februaryincreased by 2.9% y-o-y in the US and by 2.7%y-o-y in Europe, whereas core indices increasedby 2.2% y-o-y and 1.5% y-o-y respectively.Against the background of reduced politicaltension in the Middle East, oil prices havestabilized and retraced from their peaks reachedearlier in March. Some relief on the headlinemeasure of CPI could therefore be expected inthe coming quarters. Regarding the core

measure of inflation, it is likely to remain subduedin Europe amid tepid growth as well as fiscal andprivate sector deleveraging. In the US, however,rental inflation has been the key component ofthe steady increase in core inflation and is likelyto increase further, albeit at a more moderatepace.

In terms of strategy, we have continued ourdiversification strategy. Indeed, we have profited

from better levels in order to reduce ourallocation to Italy and France while increasingit in Belgium. Furthermore, we increased ourexposure to core corporates, especially in thetelecommunication and insurance sectors.Finally, we have reduced both our real interestrate and inflation duration by selling long-datedGerman nominal bonds. Going forward, we arelooking at pursuing this diversification strategy byreducing our exposure to France especially.

Portfolio ManagementAlexandre Bouchardy, Director, is a senior portfolio manager in the International Fixed Income team. He joined CSAM in 2002. Previouslyhe gained first experience in asset management at two different companies in Geneva and Paris. Mr. Bouchardy graduated from theUniversity of Lausanne specialising in economics and finance.

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Fund 55


Barclays Euro Govt. Infl-Linked 1-10Y (RI) (09/07)Unit Class Category I

(capital growth)

ISIN LU0175163616

Valor no. 1664158



Credit Suisse Bond Fund (Lux) Inflation Linked (Euro)Class I


2007 2008 2009 2010 2011 201295

100

105

110

115

120

125

130

-5%

0%

5%

10%

15%

20%

25%

30%

2.7 2.2

7.4

0.8 1.4 2.54.8 5.3

7.0

2.1 1.3

5.6

CS BF (Lux) Inflation Linked (Euro) I Yearly or year-to-date performance respectively (Fund)Barclays Euro Govt. Infl-Linked 1-10Y (RI) (09/07)




Maturities in years

0%

5%

10%

15%

20%

25%

30%

0-1 1-3 3-5 5-7 7-10 10-15 >15


EUR 100.00 100.00


Number of holdings



Credit Ratings in %

AAA 61.70AA+ 1.55AA 4.83AA- 6.83A+ 6.81A 3.00A- 13.55BBB+ 1.74


assetsGermany 2.250 15.04.13 9.49Germany 1.500 15.04.16 6.67Buoni Poliennali 2.350 15.09.35 5.40Finnish Governm. 4.375 04.07.19 5.16Netherlands 4.000 15.07.19 4.26Germany 1.750 15.04.20 4.14Belgium 3.750 28.09.20 3.50Spain 3.000 30.04.15 3.38France OAT 2.500 25.07.13 3.32Finland 3.125 15.09.14 3.22Total 48.54


Fund facts


Bloomberg ticker CSILEUI LX





Average = A+

36




Credit Suisse Bond Fund (Lux) Inflation Linked (Euro)Class I




In absolute terms, the fund returned 2.65%gross of fees (2.36% net). While the decreasein real rates contributed positively, it was partiallyoffset by a negative inflation accrual of -0.4%.Relative to benchmark, the fund underperformedby -2.98% gross of fees (-3.27% net).

Duration/curve management was positive as weheld an overweight at the very long end of thecurve (30y). Market allocation however wasnegative. Indeed, our structural* underweight inFrance and Italy contributed negatively as bothcountries performed strongly.








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Fund 149

Fund manager Alexandre BouchardyFund manager since 01.05.2007Location ZurichFund domicile LuxembourgFund currency CHFClose of financial year 30. SepTotal net assets (in mil.) 494.53Inception date 25.09.2003Management fee in % p.a. 0.75Total expense ratio (ex ante) in % 0.87Benchmark (BM)

CB CS BF (Lux) Inflation Linked (Sfr)Unit Class Category A

(distribution)

ISIN LU0175163707

Valor no. 1664162



Credit Suisse Bond Fund (Lux) Inflation Linked (Sfr)Class A & B


2007 2008 2009 2010 2011 201290

95

100

105

110

115

120

-10%

-5%

0%

5%

10%

15%

20%

0.5

-2.9

7.9

1.8 2.1 1.71.9 1.5

7.0

2.6 1.8 2.0

CS BF (Lux) Inflation Linked (Sfr) B Yearly or year-to-date performance respectively (Fund)CB CS BF (Lux) Inflation Linked (Sfr) Yearly or year-to-date performance respectively (Benchmark)



Maturities in years

0%5%

10%15%20%25%30%35%40%45%

0-1 1-3 3-5 5-7 7-10 10-15 >15


CHF 98.75 99.24EUR 0.65 0.16USD 0.60 0.60

Asset Allocation in %Government Bonds / Agency Bonds 30.15Financial Bonds 27.69Corporate Bonds 26.52Covered Bonds 3.69Emerging Market Bonds 3.34Covered/ABS 1.71Mortgage Backed Securities 1.24Cash/Cash Equivalents 2.14Others 3.51Total 100.00

Number of holdings

Duration and YieldFund Benchmark

Gross portfolio yield in % 0.99 -Average remaining term tomaturity in years

3.18 -

Modified duration in years 2.97 -

Credit Ratings in %

AAA 27.69AA+ 9.08AA 10.54AA- 10.28A+ 15.47A 13.71A- 8.44BBB+ 3.53BBB 1.25


%Maturity as % of

assetsBMW UK Capital 2.125 29.06.15 1.43Unilever 3.500 17.03.15 1.36BNG 1.500 03.11.17 1.30Corp Andina deFomento

2.625 05.11.15 1.30

EBN BV 0.750 03.10.16 1.27Euromortgage 3.000 23.06.14 1.27Nordea Bank 1.500 29.09.17 1.26Ontario 3.375 01.12.15 1.17Statnett SF 2.625 15.12.17 1.16LDW Rentenbank 2.625 07.07.16 1.15Total 12.68

Investment policyThe aim of the fund is to achieve aninflation-protected steady return in CHF. Thefund invests worldwide at least two-thirds of itsnet assets, in accordance with the principle ofrisk-spreading, in medium to high qualityinflation-linked debt securities, includingsynthetically constructed inflation-linked debtsecurities. The Fund may invest in othercurrencies than the CHF. The part of suchinvestments which is not hedged against theCHF may not exceed 10% of the Fund’s assets.

Fund facts


Unit class currency CHF CHFLU0175163889

Bloomberg ticker CSIFSFALX

CSIFSFB LX


99.96 114.23

--

Daily




Average = A+

38




Credit Suisse Bond Fund (Lux) Inflation Linked (Sfr)Class A & B


Inflation-linked bonds’ returns were positive inQ1, the overall index returned 1.2% (hedgedin USD). The quarter was characterized by, yetagain, strong differences across countries.Indeed, the best performing market was Europewith a return of 6.2%, followed by Japan (2.4%)and the US (0.8%). Helped by the positivesentiment impact of the ECB’s 3 year LTROs,Italy alone managed to return an impressive14%, by far erasing the losses of the previousquarter. France profited as well from the positivesentiment and returned 3.7%, while Germany

managed a still decent 1.2%. The worstperforming markets were Sweden (-1.6%), theUK (-1.4%) and Canada (-1.4%) which sufferedfrom the recent rates increase, especially at thelong-end of the curve. Compared to nominalbonds, inflation-linked bonds outperformed byalmost 2% as inflation expectations rose on theback of high energy prices and improvedeconomic data.

The fund returned 1.90% gross of fees on thequarter (1.66% net). It underperformed the

nominal benchmark by 14bps gross of fees(52bps net). The inflation swaps overlaydelivered a positive performance contribution dueto the strong rise in the USD breakeven inflation(the 5 year USD breakeven increased by 43bpsduring the quarter, whereas the 5 year EURbreakeven declined by 8bps). The defensivecredit exposure of the fund relative to thebenchmark explains most of theunderperformance. The fund maintained a realduration close to benchmark during the quarter.


On the inflation side, headline CPI for Februaryincreased by 2.9% y-o-y in the US and by 2.7%y-o-y in Europe, whereas core indices increasedby 2.2% y-o-y and 1.5% y-o-y respectively.Against the background of reduced politicaltension in the Middle East, oil prices havestabilized and retraced from their peaks reachedearlier in March. Some relief on the headlinemeasure of CPI could therefore be expected in

the coming quarters. Regarding the coremeasure of inflation, it is likely to remain subduedin Europe amid tepid growth as well as fiscal andprivate sector deleveraging. In the US, however,rental inflation has been the key component ofthe steady increase in core inflation and is likelyto increase further, albeit at a more moderatepace.

In terms of strategy, although we believe thatrates won’t revisit the lows seen last year, wethink that the unresolved situation in Europe andthe strong CHF will put a cap on higher rates.Thus, we maintain the real rate duration slightlyshorter than the benchmark and the breakevenduration slightly above 0. We also maintain adefensive credit exposure.


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Fund 39

Fund manager Alexandre BouchardyFund manager since 01.05.2007Location ZurichFund domicile LuxembourgFund currency USDClose of financial year 30. SepTotal net assets (in mil.) 284.37Inception date 25.09.2003Management fee in % p.a. 1.00Total expense ratio (ex ante) in % 1.18Benchmark (BM)

Barclays US Govt. Infl-Linked 1-10Y (RI) (09/07)Unit Class Category A

(distribution)

ISIN LU0175164184

Valor no. 1664179



Credit Suisse Bond Fund (Lux) Inflation Linked (US$)Class A & B


2007 2008 2009 2010 2011 201290

100

110

120

130

140

150

-10%

0%

10%

20%

30%

40%

50%

9.0

-2.6

8.13.6 5.8

0.8

10.6

-1.7

11.15.2

9.0

1.5

CS BF (Lux) Inflation Linked (US$) B Yearly or year-to-date performance respectively (Fund)Barclays US Govt. Infl-Linked 1-10Y (RI) (09/07)



1 month 3 months YTD 1 year 3 years 5 yearsFund -0.41 0.84 0.84 5.13 14.86 24.63Benchmark -0.41 1.46 1.46 8.07 22.99 38.61

Maturities in years

0%

5%

10%

15%

20%

25%

30%

0-1 1-3 3-5 5-7 7-10 10-15 >15


USD 93.83 99.68AUD 6.16 0.31

Asset Allocation in %Government Bonds / Agency Bonds 81.89Financial Bonds 3.53Corporate Bonds 1.30Covered/ABS 1.08Cash/Cash Equivalents 9.28Others 2.93Total 100.00

Number of holdings



Credit Ratings in %

AAA 9.17AA+ 76.48AA 2.25AA- 0.96A+ 9.71A 1.08BBB+ 0.35


assetsUS Treasury 1.250 15.07.20 9.21US Treasury 2.000 15.01.14 8.67US Treasury 2.625 15.07.17 6.65US Treasury 1.875 15.07.15 6.57US Treasury 2.500 15.07.16 5.61US Treasury 1.625 15.01.15 5.55US Treasury 1.625 15.01.18 5.31US Treasury 2.375 15.01.17 5.12US Treasury 2.000 15.07.14 5.10US Treasury 1.875 15.07.13 5.05Total 62.85

Investment policyThe aim of the fund is to achieve aninflation-protected steady return in USD. Thefund invests worldwide at least two-thirds of itsnet assets, in accordance with the principle ofrisk-spreading, in medium to high qualityinflation-linked debt securities, includingsynthetically constructed inflation-linked debtsecurities. The Fund may invest in othercurrencies than the USD. The part of suchinvestments which is not hedged against theUSD may not exceed 10% of the Fund’s assets.

Fund facts


Unit class currency USD USDLU0175164267

Bloomberg ticker CSILUSALX

CSILUSB LX


112.89 134.53

--

Daily




Average = AA

40




Credit Suisse Bond Fund (Lux) Inflation Linked (US$)Class A & B


Inflation-linked bonds’ returns were positive inQ1, the overall index returned 1.2% (hedgedin USD). The quarter was characterized by, yetagain, strong differences across countries.Indeed, the best performing market was Europewith a return of 6.2%, followed by Japan (2.4%)and the US (0.8%). Helped by the positivesentiment impact of the ECB’s 3 year LTROs,Italy alone managed to return an impressive14%, by far erasing the losses of the previousquarter. France profited as well from the positive

sentiment and returned 3.7%, while Germanymanaged a still decent 1.2%. The worstperforming markets were Sweden (-1.6%), theUK (-1.4%) and Canada (-1.4%) which sufferedfrom the recent rates increase, especially at thelong-end of the curve. Compared to nominalbonds, inflation-linked bonds outperformed byalmost 2% as inflation expectations rose on theback of high energy prices and improvedeconomic data.

In absolute terms, the fund returned 1.12%gross of fees (0.84% net). Both the decreasein real rates and the inflation compensationcontributed positively, the former by 1.03%, thelatter by 0.09%. Relative to benchmark, the fundunderperformed by -0.33% gross of fees(-0.62% net). Both market allocation andduration management were negative. Theoverweight in Australia was slightly negative asthe AUD market underperformed, while our shortduration was negative as real rates fell.


On the inflation side, headline CPI for Februaryincreased by 2.9% y-o-y in the US and by 2.7%y-o-y in Europe, whereas core indices increasedby 2.2% y-o-y and 1.5% y-o-y respectively.Against the background of reduced politicaltension in the Middle East, oil prices havestabilized and retraced from their peaks reachedearlier in March. Some relief on the headlinemeasure of CPI could therefore be expected in

the coming quarters. Regarding the coremeasure of inflation, it is likely to remain subduedin Europe amid tepid growth as well as fiscal andprivate sector deleveraging. In the US, however,rental inflation has been the key component ofthe steady increase in core inflation and is likelyto increase further, albeit at a more moderatepace.

In terms of strategy, there were no changes onthe quarter. We maintain a short duration aswe believe expectations of further quantitativeeasing are too aggressively priced in the bondmarkets. On the market side, we are keepingan overweight in Australia for diversificationpurposes.


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Fund 111

Fund manager Eric SuterFund manager since 01.06.2005Location ZurichFund domicile LuxembourgFund currency CHFClose of financial year 30. SepTotal net assets (in mil.) 832.64Inception date 01.11.1991Management fee in % p.a. 0.90Total expense ratio (ex ante) in % 1.08Benchmark (BM) SBI Foreign AAA-BBB (RI) (07/07)Unit Class Category A

(distribution)

ISIN LU0049528473

Valor no. 348875



Credit Suisse Bond Fund (Lux) SfrClass A & B


2007 2008 2009 2010 2011 201285

90

95

100

105

110

115

120

-15%

-10%

-5%

0%

5%

10%

15%

20%

-2.2-5.1

9.8

3.70.2

2.7

-1.0

1.1

7.9

3.7 2.7 2.5

CS BF (Lux) Sfr B Yearly or year-to-date performance respectively (Fund)SBI Foreign AAA-BBB (RI) (07/07) Yearly or year-to-date performance respectively (Benchmark)



Maturities in years

0%

5%

10%

15%

20%

25%

30%

0-1 1-3 3-5 5-7 7-10 10-15 >15


CHF 96.49 99.95EUR 3.51 0.05

Asset Allocation in %Financial Bonds 32.32Government 20.45Covered/ABS 16.87Sovereign/Agencies 14.24Industrial Bonds 12.61Utilities 2.55Cash/Cash Equivalents 0.95Total 99.99

Number of holdings



Credit Ratings in %

AAA 38.37AA+ 15.11AA 12.49AA- 5.52A+ 13.22A 7.55A- 3.11BBB (Bucket) 4.06D 0.57


%Maturity as % of

assetsGeneral Electric 2.500 08.02.18 3.31Vorarlberger LB 2.375 09.08.17 2.72Kommunekredit 2.625 17.10.16 2.52BNG 2.500 21.07.25 2.41Banque Fed CredMut

2.500 29.04.13 1.85

France OAT 3.000 25.07.12 1.85Quebec 2.625 21.06.17 1.82UBS Jersey Branch 2.750 23.10.18 1.81Statnett SF 2.625 15.12.17 1.78Royal Bk of Scotl. 2.860 13.12.21 1.72Total 21.79

Investment policyThe aim of the fund is to achieve a high andsteady income in CHF whilst taking due accountof the security of the capital. The fund investsin high and to a limited extent in medium qualitybonds and other fixed and variable rate securitiesof which at least two-thirds are denominated inCHF. The Fund may invest in other currenciesthan the CHF. The part of such investmentswhich is not hedged against the CHF may notexceed 10% of the Fund’s assets.

Fund facts



Bloomberg ticker CRSSFRALX

CRSSFRB LX


283.53 513.41

--

Daily




Average = A

42




Credit Suisse Bond Fund (Lux) SfrClass A & B












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Fund 113

Fund manager Eric SuterFund manager since 25.02.1997Location ZurichFund domicile LuxembourgFund currency CHFClose of financial year 30. SepTotal net assets (in mil.) 388.81Inception date 08.12.1995Management fee in % p.a. 2) 0.45Total expense ratio (ex ante) in % 0.63Benchmark (BM)

SBI Foreign AAA-BBB 1-3Y (RI) (07/07)Unit Class Category A

(distribution)

ISIN LU0061315221

Valor no. 415448



Credit Suisse Bond Fund (Lux) Short-Term SfrClass A & B


2007 2008 2009 2010 2011 201298

100102104106108110112114116

-2%0%2%4%6%8%

10%12%14%16%

0.82.1

4.5

1.2 0.7 0.72.1

1.2

6.0

2.01.3 1.1

CS BF (Lux) Short-Term Sfr B Yearly or year-to-date performance respectively (Fund)SBI Foreign AAA-BBB 1-3Y (RI) (07/07) Yearly or year-to-date performance respectively (Benchmark)



Maturities in years

0%5%

10%15%20%25%30%35%40%45%50%

0-1 1-3 3-5 5-7 7-10 10-15 >15


CHF 100.00 100.00

Asset Allocation in %Financial Bonds 25.17Industrial Bonds 22.72Covered/ABS 14.20Government 14.04Sovereign/Agencies 10.80Utilities 8.31Cash/Cash Equivalents 4.76Total 100.00

Number of holdings



Credit Ratings in %

AAA 24.79AA+ 13.97AA 11.92AA- 9.47A+ 11.03A 13.42A- 13.84BBB (Bucket) 1.53D 0.03


%Maturity as % of

assetsGECC 2.000 18.02.14 2.64Total 2.375 30.11.12 1.83Oest KB 3.000 23.10.15 1.70Coca-Cola 3.000 13.03.13 1.59ENBW Intl. Finance 3.125 25.02.13 1.58Land Nordrhein-Westfalen

2.875 02.05.12 1.45

Export Dev. CAN 2.625 24.07.17 1.44Brandbrew 4.500 11.06.14 1.43Sanofi-Aventis 3.375 21.12.15 1.43Erste Group Bk. 3.125 13.04.15 1.41Total 16.50

Investment policyThe aim of the Fund is to achieve a high andsteady income in Swiss francs. The Fund investsin top rated short-term bonds and other fixedand variable rate securities of which at leasttwo-thirds are denominated in Swiss francs. TheFund may invest in other currencies than theCHF. The part of such investments which is nothedged against the CHF may not exceed 10%of the Fund’s assets.

Fund facts



Bloomberg ticker CRSSBAILX

CRSSBBI LX


92.90 132.90

--

Daily

2) Please note that following a decision by the Fund'sManagement Company, Credit Suisse Fund Management S.A.,as from 1 May 2010 the Annual Management Charge ("AMC")is being charged at a reduced rate of 0.45%. The ManagementCompany reserves the right to reinstate the full AMC at itsdiscretion: in the event that such a decision is taken, an update tothis footnote will be made in advance indicating the future date ofreinstatement.




Average = A+

44




Credit Suisse Bond Fund (Lux) Short-Term SfrClass A & B


Substantial liquidity injections by the ECB (LTROI and LTRO II) and the restructuring of the Greekgovernment debt helped to stabilize markets inQ1 2012. There are still structural problemsrelated to European borrowers (which are notto be underestimated) and heterogeneous globalgrowth patterns. Nevertheless, the Swisseconomy narrowly avoided recession thanks todomestic consumption and high demand forSwiss watches and pharmaceutical products in

other countries. The SNB stuck to its guns andmaintained its expansive monetary policy, onceagain confirming a minimum exchange rate of1.20 francs to the euro.









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45

Fund 91

Fund manager Maurizio PedriniFund manager since 13.12.2002Location ZurichFund domicile LuxembourgFund currency EURClose of financial year 30. SepTotal net assets (in mil.) 122.49Inception date 13.12.2002Management fee in % p.a. 1.00Total expense ratio (ex ante) in % 1.17Benchmark (BM) LIBOR EUR 3MUnit Class Category A

(distribution)

ISIN LU0155950867

Valor no. 1498937



Credit Suisse Bond Fund (Lux) TOPS (Euro)Class A & B


2007 2008 2009 2010 2011 201285

90

95

100

105

110

115

120

-15%

-10%

-5%

0%

5%

10%

15%

20%

0.9

-8.4

15.7

2.8

-1.4

3.54.3 4.81.3 0.7 1.3 0.3

CS BF (Lux) TOPS (Euro) B Yearly or year-to-date performance respectively (Fund)LIBOR EUR 3M Yearly or year-to-date performance respectively (Benchmark)



Maturities in years

0%5%

10%15%20%25%30%35%40%

0-1 1-3 3-5 5-7 7-10 10-15 >15


EUR 71.92 100.23USD 27.99 -0.33GBP 0.09 0.09

Asset Allocation in %Industrial Bonds 42.88Financial Bonds 30.16Government 13.72Sovereign/Agencies 4.20Utilities 3.95Covered/ABS 1.85Funds 1.54Derivatives -4.43Cash/Cash Equivalents 6.14Total 100.01

Number of holdings



Credit Ratings in %

AAA 10.33AA 1.84AA- 7.28A+ 12.79A 21.98A- 14.34BBB+ 16.56BBB 14.88


%Maturity as % of

assetsVeolia 1.750 17.06.15 3.84Quebec 9.000 01.04.16 2.10Pfizer Inc. 4.750 03.06.16 1.90Compagnie Fin etIndus

5.000 24.05.21 1.89

Toronto Dominion 1.625 14.09.16 1.85America Movil SAB 3.750 28.06.17 1.80Hammerson 4.875 19.06.15 1.79Gaz Capital 5.364 31.10.14 1.77Barclays 4.000 20.01.17 1.74Eur. InvestmentBank

3.125 03.03.17 1.74

Total 20.42

Investment policyThe aim of the fund is to achieve a steadyincome in EUR whilst taking due account of thesecurity of the capital. The fund invests in debtsecurities rated at between high quality and lowerinvestment grade, including bonds, notes andsimilar fixed or variable interest securitiesworldwide. The Fund may invest in othercurrencies than the EUR. The part of suchinvestments which is not hedged against theEUR may not exceed 10% of the Fund’s assets.

Fund facts



Bloomberg ticker CSBTPEALX

CSBTPEB LX


94.65 121.83

--

Daily




Average = A-

46




Credit Suisse Bond Fund (Lux) TOPS (Euro)Class A & B


Substantial liquidity injections by the ECB (LTROI and LTRO II) and the restructuring of the Greekgovernment debt helped to stabilize markets inQ1 2012. Risky assets strongly outperformedgovernments bonds in general and peripheralgovernment bonds of the euro area also surgedin price. Q1 2012 was therefore one of thestrongest in recent history. Credit spreadstightened as measured by the iTraxx EuropeMain Index (5yrs) from 173bps to 125bps andin the US from 120bps to 92bps (CDX IG 5yrs).Interest rates in the US climbed higher on theback of improving economic data. The US yield

curve steepened as the differential between 2yrsand 10yrs maturities increased by 15pbs to179bps.

Unlike in the US, yield changes in the eurozoneresembled the picture of a butterfly as the shortend and the long end gapped higher while themiddle of the curve (6yrs -12 yrs) was lower.Spain got back into the spotlight after thegovernment warned that the budget deficit will behigher than originally forecasted in 2011. Also,demand was lower than expected at one of itsgovernment debt auctions. One of the key issues

in Europe is still that in order to reduce theirbudget deficits, governments need to introduceausterity measures which may cause civil unrestand a negative GDP growth rate. LTRO’s havereduced the liquidity issue for banks. However,many banks in Europe remain weakly capitalized.One of the bright spots are the high growth ratesof emerging market countries. Even as Chinahas declared that it will target a lower growth rateunder its new five-year plan, investors continueto be attracted by the higher interest rates andearnings growth of Asian and Latin Americaneconomies.


The Fed announced that it does not expect torevise its monetary policy anytime soon. Therecovery of the US economy remains protractedbut recently exceeded the expectations of themarket. In particular, the labor market has beenmore dynamic as more jobs were created in Q1and the jobless rate dropped to 8.2%.Manufacturing also suggested that the USeconomy continues to be on a slow butcontinuous growth path. There are virtually noinflationary forces that could lead the Fed toincrease interest rates within a year. Interestrates will likely stay at the current level for some

time in the US which in turn may hurt emergingmarkets because their currencies are likely toappreciate versus the USD. In order to remaincompetitive, countries such as Brazil and otherfast growing economies need to replace moreexpensive labor with capital and encouragedomestic consumption. What does this mean forcredit spreads and interest rates?

For the first time since last year the score ofour interest rate factor model turned negative asthe more friendly fundamental picture suggestshigher yields going forward. The technical input

also changed to negative due to an overboughtsituation in the short term. The behavioral inputalso neutralized because of the recent strongflattening of yield curves in Europe. We willtherefore reduce our duration in the portfoliostowards a shorter position than the benchmark.In corporate bonds we recommend issuers witha good credit profile and would increase thediversification in the portfolio as even somefrequent issuers have become expensive. Aconsolidation period seems likely after the strongrally in the first quarter.

Portfolio ManagementMaurizio Pedrini is a Managing Director of Credit Suisse's Asset Management business, based in Zurich. He is Global Co-Head FixedIncome, focusing on retail funds and institutional products. He joined Credit Suisse in 1998. Prior to this he was Head of Bond Researchand Bond Fund Management at UBS Private Banking. Maurizio has more than 17 years of professional experience in the fixed income andforeign exchange business. Maurizio holds a Master's degree from the University of Zurich (specializing in Finance and Monetary Theory)and is a Certified EFFAS Financial Ana-lyst. He is a visiting lecturer at the University of Zurich for the EFFAS Financial Analyst studycourse and at the University of Applied Sciences Northwestern Switzerland on various fixed income topics. Maurizio is a member of theSwiss Bond Commission.

Cre

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47

Fund 84

Fund manager Maurizio PedriniFund manager since 13.12.2002Location ZurichFund domicile LuxembourgFund currency CHFClose of financial year 30. SepTotal net assets (in mil.) 169.58Inception date 13.12.2002Management fee in % p.a. 0.50Total expense ratio (ex ante) in % 0.66Benchmark (BM) LIBOR CHF 3MUnit Class Category A

(distribution)

ISIN LU0155951675

Valor no. 1498944



Credit Suisse Bond Fund (Lux) TOPS (Sfr)Class A & B


2007 2008 2009 2010 2011 201285

90

95

100

105

110

115

120

-15%

-10%

-5%

0%

5%

10%

15%

20%

-0.4

-11.1

15.3

3.6

-1.4

2.42.6 2.70.4 0.2 0.1 0.0

CS BF (Lux) TOPS (Sfr) B Yearly or year-to-date performance respectively (Fund)LIBOR CHF 3M Yearly or year-to-date performance respectively (Benchmark)



Maturities in years

0%5%

10%15%20%25%30%35%40%45%

0-1 1-3 3-5 5-7 7-10 10-15 >15


CHF 67.51 96.67EUR 28.19 2.90USD 2.20 0.10GBP 2.10 0.32

Asset Allocation in %Industrial Bonds 38.80Financial Bonds 26.48Government 13.65Utilities 10.86Sovereign/Agencies 4.00Covered/ABS 2.32Funds 1.34Derivatives -1.45Cash/Cash Equivalents 3.12Others 0.88Total 100.00

Number of holdings



Credit Ratings in %

AAA 2.39AA+ 2.88AA 0.91AA- 5.97A+ 16.83A 24.78A- 20.95BBB (Bucket) 24.38Not rated 0.91


%Maturity as % of

assetsBG Energy Capital 5.875 13.11.12 1.78PHILIP MORRIS 5.875 04.09.15 1.67Veolia 1.750 17.06.15 1.67IBM 3.625 27.05.15 1.64Comm. Bk ofAustral.

3.000 09.11.17 1.62

Siemens 5.250 14.09.66 1.62Rabobank 6.875 12.11.49 1.61Andina Corp. 5.000 13.08.13 1.59BMW US Capital 3.625 04.03.15 1.59Cargill 3.750 07.11.14 1.59Total 16.38

Investment policyThe aim of the fund is to achieve a steadyincome in CHF whilst taking due account of thesecurity of the capital. The fund invests in debtsecurities rated at between high quality and lowerinvestment grade, including bonds, notes andsimilar fixed or variable interest securitiesworldwide. The Fund may invest in othercurrencies than the CHF. The part of suchinvestments which is not hedged against theCHF may not exceed 10% of the Fund’s assets.

Fund facts



Bloomberg ticker CSBTPSALX

CSBTPSB LX


94.86 109.85

--

Daily




Average = A-

48




Credit Suisse Bond Fund (Lux) TOPS (Sfr)Class A & B












Cre

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Fund


49

Fund 89

Fund manager Maurizio PedriniFund manager since 13.12.2002Location ZurichFund domicile LuxembourgFund currency USDClose of financial year 30. SepTotal net assets (in mil.) 105.87Inception date 13.12.2002Management fee in % p.a. 0.70Total expense ratio (ex ante) in % 0.89Benchmark (BM) LIBOR USD 3MUnit Class Category A

(distribution)

ISIN LU0155953028

Valor no. 1498949



Credit Suisse Bond Fund (Lux) TOPS (US$)Class A & B


2007 2008 2009 2010 2011 201290

95

100

105

110

115

120

-10%

-5%

0%

5%

10%

15%

20%

3.4

-5.3

14.3

3.0

-1.4

3.05.4

3.10.7 0.3 0.3 0.1

CS BF (Lux) TOPS (US$) B Yearly or year-to-date performance respectively (Fund)LIBOR USD 3M Yearly or year-to-date performance respectively (Benchmark)



Maturities in years

0%5%

10%15%20%25%30%35%

0-1 1-3 3-5 5-7 7-10 10-15 >15


USD 66.30 100.14EUR 33.51 -0.33GBP 0.10 0.10CHF 0.09 0.09

Asset Allocation in %Industrial Bonds 47.24Financial Bonds 28.64Government 13.12Sovereign/Agencies 10.91Utilities 2.69Funds 1.54Derivatives -3.95Cash/Cash Equivalents -0.17Total 100.02

Number of holdings



Credit Ratings in %

AAA 10.76AA+ 1.92AA 3.07AA- 6.89A+ 10.82A 19.33A- 16.51BBB (Bucket) 28.40Not rated 2.30


%Maturity as % of

assetsZurich Fin. Services 5.750 02.10.23 2.62Worldbank 9.750 23.01.16 2.52Transneft 5.670 05.03.14 2.51State Bank ofVictoria

0.678 15.10.49 2.36

Bristol Myers 4.375 15.11.16 2.15Petronas Capital 5.250 12.08.19 2.13Hammerson 4.875 19.06.15 2.07LDW Rentenbank 3.125 15.07.15 2.03Italy 6.875 27.09.23 2.00Caisse d'amort 2.875 02.03.15 1.97Total 22.36

Investment policyThe aim of the fund is to achieve a steadyincome in USD whilst taking due account ofthe security of the capital. The fund invests indebt securities rated at between high quality andlower investment grade, including bonds, notesand similar fixed or variable interest securitiesworldwide. The Fund may invest in othercurrencies than the USD. The part of suchinvestments which is not hedged against theUSD may not exceed 10% of the Fund’s assets.

Fund facts



Bloomberg ticker CSBTPUALX

CSBTPUB LX


97.62 128.90

--

Daily




Average = A-

50




Credit Suisse Bond Fund (Lux) TOPS (US$)Class A & B












Cre

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51

Fund manager Maurizio Pedrini, Igor SocchiFund manager since 21.12.2005, 01.04.2009Location Zurich, ZurichFund domicile SwitzerlandFund currency CHFClose of financial year 31. DecemberTotal net assets (in mil.) 36.79Inception date 28.11.2003Management fee in % p.a. 1.40Total expense ratio (ex ante) in % 1.55Benchmark (BM)

CB S&P GSCI (ER) + LIBOR CHF 1MUnit Class Category B

(capital growth)

ISIN CH0016912401

Valor no. 1691240

Minimum initial investment (units) 1


Credit Suisse Commodity Fund Plus (CH) SfrClass B


2007 2008 2009 2010 2011 2012406080

100120140160180200

-60%-40%-20%

0%20%40%60%80%

100%

24.6

-50.1

15.76.1

-3.1

5.3

29.8

-46.1

13.5 9.0

-1.3

6.1

CS Commodity Fund Plus (CH) Sfr B Yearly or year-to-date performance respectively (Fund)CB S&P GSCI (ER) + LIBOR CHF 1M Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund -2.19 5.34 5.34 -8.02 36.51 -25.28Benchmark -2.35 6.06 6.06 -6.17 44.94 -13.24

GSCI subsectors and weighting (%)

Energy 71.14Agriculture 14.37Industrial Metals 6.71Livestock 4.38Precious Metals 3.40


Annualised volatility in % 20.80 27.87Tracking Error (Ex post) 1.38 3.29Beta 0.97 1.02

Investment policyThe objective of the fund is to replicate the S&PGoldman Sachs Commodity Index as closely aspossible by investing in futures. The fund alsoendeavours to achieve enhancement on theCHF-denominated money market instrumentsthat are used as collateral. This means thatcurrency risk - with the exception of thenegligible currency risk on the variation margin -can be avoided. Its low correlation with traditionalasset classes makes the fund an ideal portfoliodiversification instrument. Furthermore, it offersgood protection from inflation risks in the eventof a rise in commodity prices.

Fund facts


Bloomberg ticker CSCOMPS SW



52



Fund manager Maurizio Pedrini, Igor SocchiFund manager since 21.12.2005, 01.04.2009Location Zurich, ZurichFund domicile SwitzerlandFund currency USDClose of financial year 31. DecemberTotal net assets (in mil.) 14.44Inception date 28.11.2003Management fee in % p.a. 1.40Total expense ratio (ex ante) in % 1.69Benchmark (BM) S&P GSCI (RI)Unit Class Category B

(capital growth)

ISIN CH0016912443

Valor no. 1691244

Minimum initial investment (units) 1


Credit Suisse Commodity Fund Plus (CH) US$Class B


2007 2008 2009 2010 2011 201220406080

100120140160180200

-80%-60%-40%-20%

0%20%40%60%80%

100%

30.6

-54.7

16.37.4

-3.6

5.8

32.7

-46.5

13.5 9.0

-1.2

5.9

CS Commodity Fund Plus (CH) US$ B Yearly or year-to-date performance respectively (Fund)S&P GSCI (RI) Yearly or year-to-date performance respectively (Benchmark)







Investment policyThe objective of the fund is to replicate the S&PGoldman Sachs Commodity Index as closely aspossible by investing in futures. The fund alsoendeavours to achieve enhancement on theUSD-denominated money market instrumentsthat are used as collateral. This means thatcurrency risk - with the exception of thenegligible currency risk on the variation margin -can be avoided. Its low correlation with traditionalasset classes makes the fund an ideal portfoliodiversification instrument. Furthermore, it offersgood protection from inflation risks in the eventof a rise in commodity prices.

Fund facts


Bloomberg ticker CSCOMPU SW



Cre

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omm

odity

Fun

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53

Fund manager Maurizio Pedrini, Igor SocchiFund manager since 21.12.2005, 01.04.2009Location Zurich, ZurichFund domicile SwitzerlandFund currency USDClose of financial year 31. DecemberTotal net assets (in mil.) 14.44Inception date 03.01.2006Management fee in % p.a. 0.40Total expense ratio (ex ante) in % 0.67Benchmark (BM) S&P GSCI (RI)Unit Class Category I

(capital growth)

ISIN CH0020663875

Valor no. 2066387

Min. Init. Investm. Amount (in mill.) 3


Credit Suisse Commodity Fund Plus (CH) US$Class I


2007 2008 2009 2010 2011 201220406080

100120140160180200

-80%-60%-40%-20%

0%20%40%60%80%

100%

31.9

-54.2

17.58.6

-2.2

5.8

32.7

-46.5

13.5 9.0

-1.2

5.9

CS Commodity Fund Plus (CH) US$ I Yearly or year-to-date performance respectively (Fund)S&P GSCI (RI) Yearly or year-to-date performance respectively (Benchmark)







Investment policyThe objective of the fund is to replicate the S&PGoldman Sachs Commodity Index as closely aspossible by investing in futures. The fund alsoendeavours to achieve enhancement on theUSD-denominated money market instrumentsthat are used as collateral. This means thatcurrency risk - with the exception of thenegligible currency risk on the variation margin -can be avoided. Its low correlation with traditionalasset classes makes the fund an ideal portfoliodiversification instrument. Furthermore, it offersgood protection from inflation risks in the eventof a rise in commodity prices.

Fund facts


Bloomberg ticker CSCMPUI SW



54



Purchases SalesN-Akt. Oc Oerlikon Corporation Ag, Pfaef

N-Akt. Swiss Prime Site AgN-Akt. Dksh Holding Ag N-Akt. Aryzta AgN-Akt. Tecan Group Ag

N-Akt.-B- Bank Sarasin & Cie AgN-Akt. Sonova Holding Ag N-Akt. Geberit AgN-Akt. Forbo Holding Ag Akt. Austriamicrosystems Ag

Fund manager Benno ArnoldFund manager since 01.09.2006Location ZurichFund domicile SwitzerlandFund currency CHFClose of financial year 30. SepTotal net assets (in mil.) 96.62Inception date 14.01.1994Management fee in % p.a. 1.60Total expense ratio (ex ante) in % 1.68Benchmark (BM) SPI EXTRA (RI) (10/05)Swinging single pricing (SSP) 2) YesUnit Class Category B

(capital growth)

ISIN CH0001632147

Valor no. 163214

Redemptions DailyEU taxation In scope - no tax


Credit Suisse Equity Fund (CH) Small & Mid Cap SwitzerlandClass B


2007 2008 2009 2010 2011 201240

60

80

100

120

140

-60%

-40%

-20%

0%

20%

40%

4.1

-42.9

28.221.4

-22.5

11.08.3

-40.9

29.620.1

-19.1

9.1

CS EF (CH) Small & Mid Cap Switzerland Yearly or year-to-date performance respectively (Fund)SPI EXTRA (RI) (10/05) Yearly or year-to-date performance respectively (Benchmark)



Sectors in %Fund

Industrials 28.63Financials 24.11Materials 13.35Consumer Discretionary 11.51Consumer Staples 8.19Information Technology 6.17Health Care 5.94Utilities 0.93Cash/Cash Equivalents 1.17

Top 10 Holdings in %Geberit 6.59Schindler Holding PC 5.84Clariant 5.12Aryzta 5.01Swatch Group 4.87Sulzer 4.65Sika 4.37Swiss Prime Site AG 4.04Baloise 4.03Partners Group Hld. 3.37Total 47.89

Significant Transactions



Investment policyThe fund’s investment objective is long-termcapital growth through investments in adiversified portfolio of Swiss small and mid-capstocks. Investments are guided by the SPIEXTRA Index (Small & Mid Caps). Preference isgiven to shares indicating above-average valuegrowth. In addition to company valuation, keyassessment criteria include the economicclimate, the company’s market positioning andmanagement quality.

Fund facts


Bloomberg ticker CSEQSMS SW



Source: Lipper, a Reuters Company Cre

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55


Credit Suisse Equity Fund (CH) Small & Mid Cap SwitzerlandClass B


The first quarter was characterized by low tradingvolumes and a low volatility of the Swiss market.The benchmark (SPI Extra Index) posted astrong performance of +9% and performedclearly better than the SPI Index (+7%). Theportfolio outperformed the index by 2.34%. Themacroeconomic news flow improved, especiallyconcerning the US, but Europe as a whole showsvery few signs of an economic recovery so far.Only the European debt problem seems to besolved for the moment. During the first quartermost of the Swiss companies reported solid

results for 2011, but the outlook given for 2012was relatively cautious in some cases.

Positive performance contributions came fromthe overweight in the cyclical cluster and theunderweight in the growth cluster, as well as thebanks. The defensive cluster and insurances, inwhich we are underweight, showed a negativeperformance contribution. The overweightpositions in Clariant, Austriamicrosystems andSulzer, as well as the underweights in Lonza,Valiant and Sonova, had a positive impact on

the portfolio’s performance. However, theunderweight in Kuoni, Swiss Life and GeorgFischer, as well as the overweight in Aryzta andBarry Callebaut, affected the performancenegatively.

We reduced the exposure to banks, defensiveand medium-cyclical companies (i.e. BankSarasin, Aryzta, Geberit). On the other hand weincreased the overweight in cyclical and growthcompanies (i.e. Forbo, Sonova, Tecan).


Our macro scenario of a slowly recovering worldeconomy was corroborated again in March. Inthe US we detect a broadening of the upturn.Alongside the steadily improving employmentmarket, the spotlight has now also turned to thebottom forming in the housing market, whichis very important for the overall economy. This,coupled with a noticeable increase in aggregatewages, has significantly improved the outlook forpersonal consumption. This means that theexport sector is now being joined by a second,strongly supportive pillar. But given the expectedfiscal-policy headwind, it is still questionablewhether the US economy can continue growing

at the current brisk annualized pace of about3-4%. Nevertheless, a firm pedestal ofeconomic activity is in place, and it can continueemitting forceful impulses for the globaleconomy. This also goes for the sustainedimprovement in the economic climate inemerging-market countries.

We are nonetheless proceeding on theassumption that the headwinds described willhave only very short-lived consequences for themarkets. From a valuation standpoint, most ofthe undervaluations have been corrected.However, stocks remain inexpensively valued in

historical comparison, especially relative tobonds. Sentiment has improved, but is still along way from euphoria. Institutional investorswith non-benchmarked portfolios are still holdingtiny equity allocations. We expect the economicupturn to continue, albeit at a moderate pace.The Swiss Market (SPI) trades at a P/E 2012of 12.4x which compares to a P/E 2012 ofthe SPI Extra index of 14.3x. EPS growth for2012 is expected to be 13.3% for the SPI and51.5% for the SPI Extra. Although we expectsmall negative short term earnings revisions theSwiss market is valued attractively.

Portfolio ManagementBenno Arnold, Director, is Senior Portfolio Manager for Swiss small- and mid-cap companies. Benno holds a Master in Economics fromUniversity of St. Gallen. He received the certification as an EFFAS Financial Analyst and is a CFA charter holder. Before joining CreditSuisse, he worked for seven years for UBS and its daughter-company as buy-side Analyst and Portfolio Manager where he wasresponsible for two strategy funds. For four years Benno worked as sell-side Analyst at Bank Vontobel focusing on Swiss small- andmid-cap companies.


56

Purchases SalesN-Akt. Dksh Holding Ag N-Akt. Nestle SaN-Akt. Holcim Ltd N-Akt. Zurich Financial Services AgN-Akt. Swiss Re Ag Gs Roche Holding AgGs Roche Holding Ag N-Akt. Syngenta Ag- N-Akt. Ubs Ag

Fund manager Urs KunzFund manager since 10.04.2007Location ZurichFund domicile SwitzerlandFund currency CHFClose of financial year 30. SepTotal net assets (in mil.) 582.93Inception date 10.05.1949Management fee in % p.a. 1.60Total expense ratio (ex ante) in % 1.65Benchmark (BM) SPI (RI) (07/06)Swinging single pricing (SSP) 2) YesUnit Class Category B

(capital growth)

ISIN CH0002788906

Valor no. 278890



Credit Suisse Equity Fund (CH) Swiss Blue ChipsClass B


2007 2008 2009 2010 2011 20125060708090

100110120130

-50%-40%-30%-20%-10%

0%10%20%30%

-1.7

-35.7

20.0

1.5

-9.7

6.2

-0.1

-34.0

23.2

2.9

-7.7

7.0

CS EF (CH) Swiss Blue Chips Yearly or year-to-date performance respectively (Fund)SPI (RI) (07/06) Yearly or year-to-date performance respectively (Benchmark)



Sectors in %Fund

Health Care 28.55Consumer Staples 20.44Financials 18.94Industrials 13.03Materials 8.31Consumer Discretionary 7.18Energy 1.93Telecommunication Services 0.69Utilities 0.30Cash/Cash Equivalents 0.64

Currencies in %

CHF 100.00

Countries in %

Switzerland 97.79USA 0.89Canada 0.50United Kingdom 0.19Others 0.64




Top 10 Holdings in %Nestlé 18.49Novartis 13.43Roche 12.72ABB 6.74Zurich Fin. Services 5.41UBS 4.56Syngenta 4.43Richemont 3.93Swiss Re 3.22CS Group 2.16Total 75.09

Investment policyLaunched in 1949, the fund gives investorsaccess to the Swiss equity market. The broadlydiversified portfolio is geared to long-term valuegrowth, its performance benchmark being theSPI. Preference is given to big-cap stocks. Stockselection is based on criteria such as companyvaluation, business climate, market positioningand management quality.

Fund facts


Bloomberg ticker CRSASWI SW




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Fun

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57


Credit Suisse Equity Fund (CH) Swiss Blue ChipsClass B


The global macroeconomic picture improvedsignificantly in the first quarter. Business climatesurveys confirm an upward trend reversal andare showing encouraging signs of a worldwidecyclical recovery. This especially goes for the US.At the same time, significant liquidity measuresby Europe’s central banks dramatically reducedthe risk of a renewed escalation of the Europeandebt crisis. The leading central banks aregenerally adopting a very supportive role, whichshould continue to have a positive impact on theglobal economy.

The economic environment described above

proved beneficial for equities, as reflected in theimpressive price gains seen on most stockmarkets over the last three months. But riskareas, primarily Greece, proved repeatedly to bea source of volatility. However, the consensusseems to have moved toward an understandingthat leading politicians and central banks arecapable of intervening, if necessary, to limit spillover effects to other countries or banks.

Many stock markets recovered substantially fromtheir lows from last summer, with the Swissmarket also performing well. Small Caps wereparticularly in favor, with a return of +11.5%,

which was better than Mid Caps (+8.6%). Thewide Swiss Performance Index advanced by+7.0%. On our cluster basis, insurances(+16.2%) were leading, followed bymedium-cyclical (+13.7%) and cyclicalcompanies (+13.6%) and banks (+11.2%).Underperformers were defensive (+2.1%) andgrowth stocks (+6.2%). Transaction wise wereduced our exposure in growth stocks by around1%, while, on the other hand, we added tomedium-cyclicals, cyclicals and insurances, andalso re-invested dividend payments.


Our macro scenario of a slowly recovering worldeconomy was corroborated again in March. Inthe US we detect a broadening of the upturn.Alongside the steadily improving employmentmarket, the spotlight has now also turned to thebottom forming in the housing market, whichis very important for the overall economy. This,coupled with a noticeable increase in aggregatewages, has significantly improved the outlook forpersonal consumption. This means that theexport sector is now being joined by a second,strongly supportive pillar. But given the expectedfiscal-policy headwind, it is still questionable

whether the US economy can continue growingat the current brisk annualized pace of about3-4%. Nevertheless, a firm pedestal ofeconomic activity is in place, and it can continueemitting forceful impulses for the globaleconomy. This also goes for the sustainedimprovement in the economic climate inemerging-market countries.

We are nonetheless proceeding on theassumption that the headwinds described willhave only very short-lived consequences for themarkets. From a valuation standpoint, most of

the undervaluations have been corrected.However, stocks remain inexpensively valued inhistorical comparison, especially relative tobonds. Sentiment has improved, but is still along way from euphoria. Institutional investorswith non-benchmarked portfolios are still holdingtiny equity allocations. We expect the economicupturn to continue, albeit at a moderate pace.The Swiss Equity Market stands at a P/E of 12.4and a risk premium of 7.2%, which still reflectsan undervaluation based on historic contexts.

Portfolio ManagementMr Kunz graduated from the University of St. Gallen with a Masters in Economics. He started his career as a Financial Analyst for NorthAmerican equities and bonds, before joining the research department for Swiss equities at Credit Suisse First Boston. For eight years hewas responsible for various sectors (with particular focus on the transport industry) in Switzerland and Europe, and for two years headedthe capital goods industry research team. Thereafter he transferred to Swiss Re New Markets as a Financial Analyst for alternative risktransfer. In December 1999 he joined CSAM as a Buyside Analyst for Swiss equities. Mr Kunz is a Certified EFFAS Financial Analyst.


58

Purchases SalesGs Roche Holding Ag N-Akt. Credit Suisse Group AgN-Akt. Credit Suisse Group Ag N-Akt. Ubs AgN-Akt. Novartis Ag Gs Roche Holding AgN-Akt. Givaudan Ag N-Akt. Temenos Group AgN-Akt. Dksh Holding Ag N-Akt. Novartis Ag

Fund manager Patrik CarischFund manager since 01.09.1993Location ZurichFund domicile SwitzerlandFund currency CHFClose of financial year 30. SepTotal net assets (in mil.) 292.22Inception date 01.12.1982Management fee in % p.a. 1.60Total expense ratio (ex ante) in % 1.66Benchmark (BM) SPI (RI)Swinging single pricing (SSP) 2) YesUnit Class Category B

(capital growth)

ISIN CH0002793757

Valor no. 279375



Credit Suisse Equity Fund (CH) SwissacClass B


2007 2008 2009 2010 2011 20125060708090

100110120130

-50%-40%-30%-20%-10%

0%10%20%30%

0.2

-35.2

21.9

3.0

-11.0

5.8

-0.1

-34.0

23.2

2.9

-7.7

7.0

CS EF (CH) Swissac B Yearly or year-to-date performance respectively (Fund)SPI (RI) Yearly or year-to-date performance respectively (Benchmark)



Sectors in %Fund

Health Care 27.91Consumer Staples 20.63Financials 17.45Industrials 15.21Materials 9.13Consumer Discretionary 7.50Energy 1.89Utilities 0.32Cash/Cash Equivalents -0.04

Top 10 Holdings in %Nestlé 18.70Roche 12.80Novartis 12.31ABB 7.25Zurich Fin. Services 4.73UBS 4.29Syngenta 4.24Richemont 3.87Swiss Re 3.06CS Group 2.10Total 73.35




Investment policySwissac invests primarily in shares of companiesthat are domiciled in Switzerland. Stock selectionis based on qualitative and quantitative analyses.Investment degree can be increased up to 120%if there is a favorable market outlook.

Fund facts


Bloomberg ticker CRSSWSI SW




dit S

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Fun

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59


Credit Suisse Equity Fund (CH) SwissacClass B


The global macroeconomic picture improvedsignificantly in the first quarter. Business climatesurveys confirm an upward trend reversal andare showing encouraging signs of a worldwidecyclical recovery. This especially goes for the US.At the same time, significant liquidity measuresby Europe’s central banks dramatically reducedthe risk of a renewed escalation of the Europeandebt crisis. The leading central banks aregenerally adopting a very supportive role, whichshould continue to have a positive impact on theglobal economy.

The economic environment described above

proved beneficial for equities, as reflected in theimpressive price gains seen on most stockmarkets over the last three months. But riskareas, primarily Greece, proved repeatedly to bea source of volatility. However, the consensusseems to have moved toward an understandingthat leading politicians and central banks arecapable of intervening, if necessary, to limit spillover effects to other countries or banks.

Many stock markets recovered substantially fromtheir lows from last summer, with the Swissmarket also performing well. Small Caps wereparticularly in favor, with a return of +11.5%,

which was better than Mid Caps (+8.6%). Thewide Swiss Performance Index advanced by+7.0%. On our cluster basis, insurances(+16.2%) were leading, followed bymedium-cyclical (+13.7%) and cyclicalcompanies (+13.6%) and banks (+11.2%).Underperformers were defensive (+2.1%) andgrowth stocks (+6.2%). Transaction wise wereduced our exposure in growth stocks by around1%, while, on the other hand, we added tomedium-cyclicals, cyclicals and insurances, andalso re-invested dividend payments.


Our macro scenario of a slowly recovering worldeconomy was corroborated again in March. Inthe US we detect a broadening of the upturn.Alongside the steadily improving employmentmarket, the spotlight has now also turned to thebottom forming in the housing market, whichis very important for the overall economy. This,coupled with a noticeable increase in aggregatewages, has significantly improved the outlook forpersonal consumption. This means that theexport sector is now being joined by a second,strongly supportive pillar. But given the expectedfiscal-policy headwind, it is still questionable

whether the US economy can continue growingat the current brisk annualized pace of about3-4%. Nevertheless, a firm pedestal ofeconomic activity is in place, and it can continueemitting forceful impulses for the globaleconomy. This also goes for the sustainedimprovement in the economic climate inemerging-market countries.

We are nonetheless proceeding on theassumption that the headwinds described willhave only very short-lived consequences for themarkets. From a valuation standpoint, most of

the undervaluations have been corrected.However, stocks remain inexpensively valued inhistorical comparison, especially relative tobonds. Sentiment has improved, but is still along way from euphoria. Institutional investorswith non-benchmarked portfolios are still holdingtiny equity allocations. We expect the economicupturn to continue, albeit at a moderate pace.The Swiss Equity Market stands at a P/E of 12.4and a risk premium of 7.2%, which still reflectsan undervaluation based on historic contexts.

Portfolio ManagementPatrik Carisch, Managing Director, is Head of Swiss Equities at Credit Suisse Asset Management in Zurich. Mr. Carisch earned a BBAfrom the Business School of Zurich and is an EFFAS (European Federation of Financial Analysts Societies) Financial Analyst. He joinedthe Credit Suisse Group in 1985 as an equity research analyst covering several Swiss sectors, as well as Germany and Scandinavia. InOctober 1993, he transferred to Asset Management. Since 1993, he has managed the CS Equity Fund (CH) Swissac. Mr. Carisch alsomanages the CSA Equity Switzerland.


60

Purchases SalesCEMIG pref DURATEX rts 150312COMPANHIA BRASILEIRA DE DISTRIBUICA pref -CIA PARANAENSE DE ENERGIA pref b -DIAGNOSTICOS DA AMERICA -

Fund manager Andre CaldasFund manager since 01.04.2011Location Sao Paulo, BrazilFund domicile LuxembourgFund currency USDClose of financial year 31. MarchTotal net assets (in mil.) 97.12Inception date 14.12.2007Management fee in % p.a. 1.92Total expense ratio (ex ante) in % 2.11Benchmark (BM) MSCI Brazil 10-40 (NR)Swinging single pricing (SSP) 2) YesUnit Class Category B

(capital growth)

ISIN LU0334950135

Valor no. 3606745



Credit Suisse Equity Fund (Lux) BrazilClass B


2008 2009 2010 2011 2012255075

100125150175200225250

-75%-50%-25%

0%25%50%75%

100%125%150%

-55.8

127.7

4.7

-29.2

12.2

-53.4

131.3

10.3

-19.9

14.9

CS EF (Lux) Brazil B Yearly or year-to-date performance respectively (Fund)MSCI Brazil 10-40 (NR) Yearly or year-to-date performance respectively (Benchmark)



Sectors in %Fund

Financials 25.63Materials 17.18Energy 13.06Consumer Staples 10.37Consumer Discretionary 7.57Utilities 6.38Telecommunication Services 4.83Industrials 4.79Cash/Cash Equivalents 5.69Others 4.50

Currencies in %BRL 95.33JPY 3.74USD 0.93

Countries in %

Brazil 94.31Others 5.69

Top 10 Holdings in %Banco Bradesco 8.05Itau Unibanco 6.04Vale 5.13Petrobras 4.82AmBev-Cia de bebidas 4.47Petrobras 3.55Vale 3.46Cemig 3.25BRF Brasil Foods 3.11BM&F Bovespa 2.88Total 44.76


Investment policyThe Fund's assets are invested in companieswhich are domiciled in Brazil, or which conductthe vast majority of their business activities there,and are characterized by high profitability, a solidfinancial structure, and successful management.

Fund facts


Bloomberg ticker CSBRBUS LX




Annualized volatility in % 35.20 32.12Tracking Error (Ex post) 2.32 3.51Beta 1.02 1.01


dit S

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e Eq

uity

Fun

d



61


Credit Suisse Equity Fund (Lux) BrazilClass B


In December, we projected 2012 as anotheryear of cherry-picking, in which companies withsolid fundamentals should stand out, justifyingvaluation gaps and creating good investment

opportunities. The performance of the Ibovespain January revealed precisely the opposite interms of beta and liquidity. Net assets with highbetas stood out the most, and resilient

companies with solid fundamentals were thebiggest detractors. Justified or not by events inEurope, the United States and Japan receivedlarge capital inflows (LTRO, QE3, etc.).


After a series of measures indicating a strongpost-growth agenda and dovish discourse byBrazil’s central bank, we remain optimistic onBrazil and expect the economy to pick up againin 2012. The main risk related to such measures

would be a possible rise in inflation, but webelieve the debate will be put on the backburneruntil the second quarter of 2012. Overall, weremain optimistic about sectors related to thedomestic economy and try to choose assets with

an asymmetrical risk/reward relationship, even ifin some cases they trade at no discount or at apremium.

Portfolio ManagementAndre is one of the portfolio managers responsible for equity funds. Before joining Credit Suisse in 2008, he already had experience as aRisk Manager/Product Controller, as Fixed Income and Pension Fund Portfolio Manager in. He also worked as a Hedge Fund Manager atBassini Playfair Wright, in NY, USA. Andre holds a degree in Computer Science from UFGRS, and a MBA from MIT Sloan School ofManagement.


62

Purchases SalesCEMIG pref DURATEX rts 150312COMPANHIA BRASILEIRA DE DISTRIBUICA pref -CIA PARANAENSE DE ENERGIA pref b -DIAGNOSTICOS DA AMERICA -

Fund manager Andre CaldasFund manager since 01.04.2011Location Sao Paulo, BrazilFund domicile LuxembourgFund currency USDClose of financial year 31. MarchTotal net assets (in mil.) 97.12Inception date 09.02.2010Management fee in % p.a. 1.00Total expense ratio (ex ante) in % 1.24Benchmark (BM) MSCI Brazil 10-40 (NR)Swinging single pricing (SSP) 2) YesUnit Class Category I

(capital growth)

ISIN LU0334950309

Valor no. 3606754

Min. Init. Investm. Amount (in mill.) 3Redemptions DailyEU taxation In scope - no tax


Credit Suisse Equity Fund (Lux) BrazilClass I


2010 2011 201260

70

80

90

100

110

120

130

-40%

-30%

-20%

-10%

0%

10%

20%

30%

-28.6

12.5

-19.9

14.9

CS EF (Lux) Brazil I Yearly or year-to-date performance respectively (Fund)MSCI Brazil 10-40 (NR) Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund -6.65 12.49 12.49 -18.26 - -Benchmark -5.66 14.92 14.92 -9.95 - -

Sectors in %Fund

Financials 25.63Materials 17.18Energy 13.06Consumer Staples 10.37Consumer Discretionary 7.57Utilities 6.38Telecommunication Services 4.83Industrials 4.79Cash/Cash Equivalents 5.69Others 4.50

Currencies in %BRL 95.33JPY 3.74USD 0.93

Countries in %


Top 10 Holdings in %Banco Bradesco 8.05Itau Unibanco 6.04Vale 5.13Petrobras 4.82AmBev-Cia de bebidas 4.47Petrobras 3.55Vale 3.46Cemig 3.25BRF Brasil Foods 3.11BM&F Bovespa 2.88Total 44.76


Investment policyThe Fund's assets are invested in companieswhich are domiciled in Brazil, or which conductthe vast majority of their business activities there,and are characterized by high profitability, a solidfinancial structure, and successful management.

Fund facts


Bloomberg ticker CSBRIUS LX




Annualized volatility in % 35.21 -Tracking Error (Ex post) 2.29 -Beta 1.02 -


dit S

uiss

e Eq

uity

Fun

d



63


Credit Suisse Equity Fund (Lux) BrazilClass I


In December, we projected 2012 as anotheryear of cherry-picking, in which companies withsolid fundamentals should stand out, justifyingvaluation gaps and creating good investment

opportunities. The performance of the Ibovespain January revealed precisely the opposite interms of beta and liquidity. Net assets with highbetas stood out the most, and resilient

companies with solid fundamentals were thebiggest detractors. Justified or not by events inEurope, the United States and Japan receivedlarge capital inflows (LTRO, QE3, etc.).


After a series of measures indicating a strongpost-growth agenda and dovish discourse byBrazil’s central bank, we remain optimistic onBrazil and expect the economy to pick up againin 2012. The main risk related to such measures

would be a possible rise in inflation, but webelieve the debate will be put on the backburneruntil the second quarter of 2012. Overall, weremain optimistic about sectors related to thedomestic economy and try to choose assets with

an asymmetrical risk/reward relationship, even ifin some cases they trade at no discount or at apremium.

Portfolio ManagementAndre is one of the portfolio managers responsible for equity funds. Before joining Credit Suisse in 2008, he already had experience as aRisk Manager/Product Controller, as Fixed Income and Pension Fund Portfolio Manager in. He also worked as a Hedge Fund Manager atBassini Playfair Wright, in NY, USA. Andre holds a degree in Computer Science from UFGRS, and a MBA from MIT Sloan School ofManagement.


64

Purchases Sales- -- Citycon

Fund manager Frederik De BlockFund manager since 01.10.2010Location ZurichFund domicile LuxembourgFund currency EURClose of financial year 31. MarchTotal net assets (in mil.) 26.48Inception date 06.07.2001Management fee in % p.a. 1.92Total expense ratio (ex ante) in % 2.08Benchmark (BM)

FTSE EPRA/NAREIT Dev. Europe Capped (NR) (01/10)

Unit Class Category B(capital growth)

ISIN LU0129337381

Valor no. 1235387



Credit Suisse Equity Fund (Lux) European PropertyClass B


2007 2008 2009 2010 2011 201220

40

60

80

100

120

140

160

-80%

-60%

-40%

-20%

0%

20%

40%

60%

-35.0-48.3

24.014.5

-14.5

9.8

-31.9

-48.6

36.1

16.3

-10.4

10.0

CS EF (Lux) European Property BYearly or year-to-date performance respectively(Fund)

FTSE EPRA/NAREIT Dev. Europe Capped (NR)(01/10)




Sectors in %Fund

Diversified REITs 41.62Retail REITs 33.27Industrial & Office REITs 19.59Residential REITs 2.52Free Cash 1.97Speciality REITs 1.03

Currencies in %

EUR 42.19GBP 38.12SEK 10.02CHF 8.21NOK 1.46

Countries in %

United Kingdom 38.12France 22.87Sweden 9.90Netherlands 8.59Switzerland 8.20Germany 7.13Norway 1.46Finland 1.01Austria 0.75Others 1.97


Investment policyThe subfund invests throughout Europe in stocksof companies operating in the real estate marketand related industries. This sector consists ofenterprises which provide, produce, develop,finance and/or sell services and products for thereal estate market. There will not be any directinvestments in real estate.

Fund facts


Bloomberg ticker CSEFEPB LX





Cre

dit S

uiss

e Eq

uity

Fun

d



65


Credit Suisse Equity Fund (Lux) European PropertyClass B


After starting strongly in 2012, European realestate equities have performed more or less inline with the general equity indices since thebeginning of February. During Q1 2012, theEPRA Europe Capped Index (all figures in EURterms) gained 10%. As investors were takingmore risks and picked up the stocks thatunderperformed, Italy was the best performingmarket with a gain of more than 30%. But as theproblems in Southern Europe might resurface,we did not invest in these countries as mostcompanies have above average debt levels andwill face higher refinancing costs. The secondbest country was Norway, with a gain of morethan 20%. The fund is overweight and given the

attractive valuation and strong real estate marketin Norway we keep our position there.

France and the Netherlands also benefited fromthe more benign environment and outperformedthe market. During the quarter, the fund turnedthe underweight into an overweight position andprofited from this outperformance. Theoutperformance was partly due to the strong risein Klepierre, after the US REIT Simon PropertyGroup bought a stake of almost 30% in thecompany from BNP Paribas at a decent premiumto the stock price. Subsequently, the marketre-rated the Dutch retail REITs. The fund isoverweight both Klepierre and its Dutch

competitors.

The fund’s performance was negatively impactedby the strong rise in the stock price of theGerman residential REIT Gagfah, after it reachedan agreement with the City of Dresden regardinga EUR 1 billion claim by the city against thecompany. Gagfah gained more than 50%. Butas it has a large part of its debt to be refinancedin the short-term as well as a stretched balancesheet coupled with declining cash flows, we donot invest in this company.


The euro crisis appears to be contained, but stillsmoldering, with possible tests ahead (Spanishbank refinancing, G-20 support, Frenchelections, Irish referendum, etc.). The massiveliquidity injections by the ECB and the Greekdebt restructuring have succeeded in stabilizingbanks and government debt. However, with theexception of a few economies (among themGermany, Sweden and Switzerland) where labormarkets and domestic demand are buoyant, theoutlook of consumers – and businesses –remains subdued.

In tandem with better macro data, earnings and

sales momentum have improved. Valuations areat fair levels, downside risks remain andvulnerability to temporary setbacks hasincreased. But with central banks unlikely toprematurely end their ultra-expansive monetarypolicy, and benchmark bond yields still generallylow (despite the recent move upward), and aliquidity overhang in financial markets, investorsare likely to regard these instances asopportunities to enter stock markets.Strategically, real estate investments shouldbenefit from their relatively high rental yields inthe current near-zero interest rate environment.

Within the fund, the management avoids eitherhighly leveraged companies or those with highexposure to Southern and Central Europe. Themanagement prefers companies with decentbalance sheets and potential for future growth.The management will also keep a close eye onvaluations and will not hesitate to take profits ifequity prices rise above fair values or enlargepositions if valuations become even moreattractive. For the time being the fund isoverweight in Sweden, the UK, Norway andFrance, and underweight in Greece, Italy,Belgium, Switzerland, Austria and Spain.

Portfolio ManagementFrederik De Block is an Vice President and Investment Professional for European real estate securities. Mr. De Block joined the team inFebruary 2008 from Deutsche Bank, where he was an equity fund manager. Previously Mr. De Block was a financial analyst for Europeancompanies. Mr. De Block is a CFA charterholder and holds both a Master‘s Degree in Finance from Ehsal/Brussels and a Master’sDegree in Business Economics from the University of Leuven.


66

Purchases Sales- -- Citycon

Fund manager Frederik De BlockFund manager since 01.10.2010Location ZurichFund domicile LuxembourgFund currency EURClose of financial year 31. MarchTotal net assets (in mil.) 26.48Inception date 06.07.2001Management fee in % p.a. 0.90Total expense ratio (ex ante) in % 1.13Benchmark (BM)

FTSE EPRA/NAREIT Dev. Europe Capped (NR) (01/10)

Unit Class Category I(capital growth)

ISIN LU0129337548

Valor no. 1235389



Credit Suisse Equity Fund (Lux) European PropertyClass I


2007 2008 2009 2010 2011 201220

40

60

80

100

120

140

160

-80%

-60%

-40%

-20%

0%

20%

40%

60%

-34.4-47.8

25.315.7

-13.6

10.1

-31.9

-48.6

36.1

16.3

-10.4

10.0

CS EF (Lux) European Property IYearly or year-to-date performance respectively(Fund)

FTSE EPRA/NAREIT Dev. Europe Capped (NR)(01/10)




Sectors in %Fund

Diversified REITs 41.62Retail REITs 33.27Industrial & Office REITs 19.59Residential REITs 2.52Free Cash 1.97Speciality REITs 1.03

Currencies in %

EUR 42.19GBP 38.12SEK 10.02CHF 8.21NOK 1.46

Countries in %

United Kingdom 38.12France 22.87Sweden 9.90Netherlands 8.59Switzerland 8.20Germany 7.13Norway 1.46Finland 1.01Austria 0.75Others 1.97


Investment policyThe subfund invests throughout Europe in stocksof companies operating in the real estate marketand related industries. This sector consists ofenterprises which provide, produce, develop,finance and/or sell services and products for thereal estate market. There will not be any directinvestments in real estate.

Fund facts


Bloomberg ticker CSEFEPI LX





Cre

dit S

uiss

e Eq

uity

Fun

d



67


Credit Suisse Equity Fund (Lux) European PropertyClass I


After starting strongly in 2012, European realestate equities have performed more or less inline with the general equity indices since thebeginning of February. During Q1 2012, theEPRA Europe Capped Index (all figures in EURterms) gained 10%. As investors were takingmore risks and picked up the stocks thatunderperformed, Italy was the best performingmarket with a gain of more than 30%. But as theproblems in Southern Europe might resurface,we did not invest in these countries as mostcompanies have above average debt levels andwill face higher refinancing costs. The secondbest country was Norway, with a gain of morethan 20%. The fund is overweight and given the

attractive valuation and strong real estate marketin Norway we keep our position there.

France and the Netherlands also benefited fromthe more benign environment and outperformedthe market. During the quarter, the fund turnedthe underweight into an overweight position andprofited from this outperformance. Theoutperformance was partly due to the strong risein Klepierre, after the US REIT Simon PropertyGroup bought a stake of almost 30% in thecompany from BNP Paribas at a decent premiumto the stock price. Subsequently, the marketre-rated the Dutch retail REITs. The fund isoverweight both Klepierre and its Dutch

competitors.

The fund’s performance was negatively impactedby the strong rise in the stock price of theGerman residential REIT Gagfah, after it reachedan agreement with the City of Dresden regardinga EUR 1 billion claim by the city against thecompany. Gagfah gained more than 50%. Butas it has a large part of its debt to be refinancedin the short-term as well as a stretched balancesheet coupled with declining cash flows, we donot invest in this company.


The euro crisis appears to be contained, but stillsmoldering, with possible tests ahead (Spanishbank refinancing, G-20 support, Frenchelections, Irish referendum, etc.). The massiveliquidity injections by the ECB and the Greekdebt restructuring have succeeded in stabilizingbanks and government debt. However, with theexception of a few economies (among themGermany, Sweden and Switzerland) where labormarkets and domestic demand are buoyant, theoutlook of consumers – and businesses –remains subdued.

In tandem with better macro data, earnings and

sales momentum have improved. Valuations areat fair levels, downside risks remain andvulnerability to temporary setbacks hasincreased. But with central banks unlikely toprematurely end their ultra-expansive monetarypolicy, and benchmark bond yields still generallylow (despite the recent move upward), and aliquidity overhang in financial markets, investorsare likely to regard these instances asopportunities to enter stock markets.Strategically, real estate investments shouldbenefit from their relatively high rental yields inthe current near-zero interest rate environment.

Within the fund, the management avoids eitherhighly leveraged companies or those with highexposure to Southern and Central Europe. Themanagement prefers companies with decentbalance sheets and potential for future growth.The management will also keep a close eye onvaluations and will not hesitate to take profits ifequity prices rise above fair values or enlargepositions if valuations become even moreattractive. For the time being the fund isoverweight in Sweden, the UK, Norway andFrance, and underweight in Greece, Italy,Belgium, Switzerland, Austria and Spain.

Portfolio ManagementFrederik De Block is an Vice President and Investment Professional for European real estate securities. Mr. De Block joined the team inFebruary 2008 from Deutsche Bank, where he was an equity fund manager. Previously Mr. De Block was a financial analyst for Europeancompanies. Mr. De Block is a CFA charterholder and holds both a Master‘s Degree in Finance from Ehsal/Brussels and a Master’sDegree in Business Economics from the University of Leuven.


68

Purchases SalesPERNOD-RICARD -SALVATORE FERRAGAMO -THE SWATCH GROUP -CHRISTIAN DIOR -CIE FINANCIERE RICHEMONT a -

Fund manager Patrick Kolb, Marjorie SonigoFund manager since 01.07.2009, 19.06.2006Location Zurich, ParisFund domicile LuxembourgFund currency EURClose of financial year 31. MarchTotal net assets (in mil.) 179.74Inception date 07.07.2006Management fee in % p.a. 1.92Total expense ratio (ex ante) in % 2.10Benchmark (BM) MSCI World (NR) (09/06)Unit Class Category B

(capital growth)

ISIN LU0254360752

Valor no. 2556553



Credit Suisse Equity Fund (Lux) Global PrestigeClass B


2007 2008 2009 2010 2011 201240

60

80

100

120

140

160

-60%

-40%

-20%

0%

20%

40%

60%

-2.3

-41.3

40.349.7

0.4

19.1

-1.7

-37.6

25.919.5

-2.4

8.8

CS EF (Lux) Global Prestige B Yearly or year-to-date performance respectively (Fund)MSCI World (NR) (09/06) Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund 2.06 19.13 19.13 21.42 187.87 38.46Benchmark 1.75 8.75 8.75 7.16 73.31 -3.48

Sectors in %Fund

Consumer Goods 42.95Cosmetics 14.42Watchmakers 14.14Beverages and tobacco 11.75Automobiles 5.96Leisure and Tourism 3.35Retail 2.83Cash/Cash Equivalents 4.59

Currencies in %

EUR 55.24USD 24.16CHF 9.79HKD 6.37GBP 2.97BRL 1.46

Countries in %

France 33.44USA 24.12Italy 11.98Switzerland 9.94Germany 8.19United Kingdom 2.96Hong Kong 2.65Brazil 1.43China 0.61Others 4.69

Top 10 Holdings in %Christian Dior 6.36Remy Cointreau 6.14Estee Lauder 5.83Hermes 5.49Swatch Group 5.46Ralph Lauren 4.97Richemont 4.48SALVATORE FERRAGAMO 4.40LVMH 4.38L'Oréal 4.18Total 51.69


Investment policyThe aim of the Fund is to achieve the highestpossible capital growth by investing worldwidein companies with business activities in theproduction, distribution and sales of luxury goodsand services (e.g. jewellery, watches, fashion,automobile, cosmetics, spirits and hotels).

Fund facts


Bloomberg ticker CSEFGPB LX





dit S

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e Eq

uity

Fun

d



69


Credit Suisse Equity Fund (Lux) Global PrestigeClass B


Since the beginning of the year, monetary policydecisions were greatly favorable for the financialsector and were greeted by the financialmarkets, which globally ended the first quarterwith positive performances. But althoughEuropean markets are still affected by budgetproblems, news flow is positive for the rest of the

world. The US economy remains resilient and theemerging markets benefit from contained highgrowth and rising standards of living.

In this global favorable context, the luxury goodssector outperformed general markets.Publications of figures and forecasts were

particularly good for this sector, even for theEuropean luxury groups, which shouldcompensate weaknesses from their domesticconsumers by “shopping tourism” (most of theChinese purchases are made abroad andChinese tourism is developing very fast).


In 2011, the luxury goods sector has againshown its resilience in a not very favorable worldeconomic environment. The increase in activitycontinued with double-digit growth rates and withresults which again exceeded expectationsthanks to the increase in demand from emergingcountries – from both domestic consumption andincreased tourism. At the same time, marginscontinued to increase supported by rises in pricesmade during the year.

In our opinion, in 2012, the sector’s growthshould stay at high levels, approximately 10%,

thanks to the dynamism of sales in Asia. Themargins could reach new historic highs helpedby the pursuit of rises in prices, development ofdirect sales and currency effects more favorablethan in 2011. Valuations are still attractive andthe sector justifies completely its premiumcompared to the market thanks to strongfundamentals and to its favorable growthperspectives.

During the last quarter, we benefited from stronginflows to continue to reinforce the portfolio’sexposure to more defensive sub sectors and to

increase the weights in consumer goods: inapparels, we reinforced positions initiated lastsummer in Salvatore Ferragamo and Prada andwe also initiated a new position in Limited Brands(lingerie through Victoria’s Secret and La Senzaetc). We continued to reinforce the alcoholic subsector by increasing weightings in Pernod Ricard,which generate more than 30% of global salesin Asia. We also initiated a new position in theChinese jeweler Chow Tai Fook Jewellery, whichshould benefit from the strong forecasted growthof this retail segment in China.

Portfolio ManagementPatrick Kolb is working since June 2005 as a Portfolio Manager at Credit Suisse in Global Equities. After graduation in 2001 in majorfinance at University of Zurich, he was a PhD-Student and a Research Assistant at the Swiss Banking Institute of the University of Zurich.He finished his doctorate in 2005.


70

Purchases SalesPERNOD-RICARD -SALVATORE FERRAGAMO -THE SWATCH GROUP -CHRISTIAN DIOR -CIE FINANCIERE RICHEMONT a -

Fund manager Patrick Kolb, Marjorie SonigoFund manager since 01.07.2009, 19.06.2006Location Zurich, ParisFund domicile LuxembourgFund currency EURClose of financial year 31. MarchTotal net assets (in mil.) 179.74Inception date 29.05.2007Management fee in % p.a. 1.92Total expense ratio (ex ante) in % 2.07Unit Class Category R


ISIN LU0254364663

Valor no. 2556566



Credit Suisse Equity Fund (Lux) Global PrestigeClass R USD


2007 2008 2009 2010 2011 201240

60

80

100

120

140

160

-60%

-40%

-20%

0%

20%

40%

60%

-42.0

41.250.3

0.8

19.2

CS EF (Lux) Global Prestige R USD Yearly or year-to-date performance respectively (Fund)


1 month 3 months YTD 1 year 3 years 5 yearsFund 2.17 19.17 19.17 22.38 192.24 -

Sectors in %Fund

Consumer Goods 42.95Cosmetics 14.42Watchmakers 14.14Beverages and tobacco 11.75Automobiles 5.96Leisure and Tourism 3.35Retail 2.83Cash/Cash Equivalents 4.59

Currencies in %

EUR 55.24USD 24.16CHF 9.79HKD 6.37GBP 2.97BRL 1.46

In addition to the currency table shown above, for this class,hedging strategies, by means of forward foreign exchangetransactions, are implemented to protect the class currencyagainst currency fluctuations of the fund's reference currency.This may substantially protect investors against a decrease in thevalue of the fund's reference currency relative to the hedgedclass currency, but it may also preclude investors from benefitingfrom an increase in the value of the fund's currency.

Countries in %

France 33.44USA 24.12Italy 11.98Switzerland 9.94Germany 8.19United Kingdom 2.96Hong Kong 2.65Brazil 1.43China 0.61Others 4.69

Top 10 Holdings in %Christian Dior 6.36Remy Cointreau 6.14Estee Lauder 5.83Hermes 5.49Swatch Group 5.46Ralph Lauren 4.97Richemont 4.48SALVATORE FERRAGAMO 4.40LVMH 4.38L'Oréal 4.18Total 51.69


Investment policyThe aim of the Fund is to achieve the highestpossible capital growth by investing worldwidein companies with business activities in theproduction, distribution and sales of luxury goodsand services (e.g. jewellery, watches, fashion,automobile, cosmetics, spirits and hotels).

Fund facts


Bloomberg ticker CSEFGRU LX





Cre

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71


Credit Suisse Equity Fund (Lux) Global PrestigeClass R USD


Since the beginning of the year, monetary policydecisions were greatly favorable for the financialsector and were greeted by the financialmarkets, which globally ended the first quarterwith positive performances. But althoughEuropean markets are still affected by budgetproblems, news flow is positive for the rest of the

world. The US economy remains resilient and theemerging markets benefit from contained highgrowth and rising standards of living.

In this global favorable context, the luxury goodssector outperformed general markets.Publications of figures and forecasts were

particularly good for this sector, even for theEuropean luxury groups, which shouldcompensate weaknesses from their domesticconsumers by “shopping tourism” (most of theChinese purchases are made abroad andChinese tourism is developing very fast).


In 2011, the luxury goods sector has againshown its resilience in a not very favorable worldeconomic environment. The increase in activitycontinued with double-digit growth rates and withresults which again exceeded expectationsthanks to the increase in demand from emergingcountries – from both domestic consumption andincreased tourism. At the same time, marginscontinued to increase supported by rises in pricesmade during the year.

In our opinion, in 2012, the sector’s growthshould stay at high levels, approximately 10%,

thanks to the dynamism of sales in Asia. Themargins could reach new historic highs helpedby the pursuit of rises in prices, development ofdirect sales and currency effects more favorablethan in 2011. Valuations are still attractive andthe sector justifies completely its premiumcompared to the market thanks to strongfundamentals and to its favorable growthperspectives.

During the last quarter, we benefited from stronginflows to continue to reinforce the portfolio’sexposure to more defensive sub sectors and to

increase the weights in consumer goods: inapparels, we reinforced positions initiated lastsummer in Salvatore Ferragamo and Prada andwe also initiated a new position in Limited Brands(lingerie through Victoria’s Secret and La Senzaetc). We continued to reinforce the alcoholic subsector by increasing weightings in Pernod Ricard,which generate more than 30% of global salesin Asia. We also initiated a new position in theChinese jeweler Chow Tai Fook Jewellery, whichshould benefit from the strong forecasted growthof this retail segment in China.



72

Purchases SalesEUROFINS SCIENTIFIC -

Fund manager Patrick KolbFund manager since 01.03.2007Location ZurichFund domicile LuxembourgFund currency USDClose of financial year 31. MarchTotal net assets (in mil.) 62.34Inception date 19.10.2006Management fee in % p.a. 1.92Total expense ratio (ex ante) in % 2.14Benchmark (BM) MSCI World (NR)Unit Class Category B

(capital growth)

ISIN LU0269899067

Valor no. 2728058



Credit Suisse Equity Fund (Lux) Global SecurityClass B


2007 2008 2009 2010 2011 201240

60

80

100

120

140

-60%

-40%

-20%

0%

20%

40%

15.8

-31.9

26.6

14.2

-2.9

18.19.0

-40.7

30.0

11.8

-5.5

11.6

CS EF (Lux) Global Security B Yearly or year-to-date performance respectively (Fund)MSCI World (NR) Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund 4.00 18.08 18.08 7.11 85.97 28.49Benchmark 1.29 11.56 11.56 0.56 73.83 -3.44

Sectors in %Fund

IT security 25.50Health care protection 19.20Environmental security 19.10Crime prevention 18.80Transportation safety 14.50Cash/Cash Equivalents 2.90

Currencies in %

USD 73.55EUR 9.79SEK 7.56GBP 5.21CHF 1.63AUD 1.23JPY 1.04

Countries in %

USA 65.05Sweden 7.54Israel 6.36United Kingdom 5.08Germany 4.25Spain 3.03Switzerland 1.56Australia 1.20France 1.06Others 4.86

Top 10 Holdings in %Intertek Group 4.22Axis 3.71Clean Harbors 3.27Tyco Intern 3.18Celgene 3.14Trimble Nav. 3.08Prosegur CIA 3.03OSI Systems 2.98Gilead Sciences 2.97Stericycle Inc. 2.91Total 32.49


Investment policyThe fund assets are invested worldwide inequities of companies that are primarily activein IT, healthcare and industry, and that offerproducts and services relating to health andenvironmental safety, IT security, road safety,and crime prevention.

Fund facts


Bloomberg ticker CSEFGSB LX





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73


Credit Suisse Equity Fund (Lux) Global SecurityClass B


Since the beginning of 2012, monetary policydecisions were greatly favorable for the financialsector and were greeted by financial marketswhich globally ended the first quarter withpositive performances. But although Europeanmarkets are still affected by budget restrictions,the general news flow stays positive. The USeconomy remains resilient and the emergingmarkets benefit from contained high growth andrising standards of living.

The CS EF (Lux) Global Security fund

outperformed the global equities market mostlybecause the expected quarterly earnings werebetter than expected and the business outlookis improving going forward. The best performingsegment was the Crime Prevention segment,where Axis Communications, a producer ofnetwork-based surveillance cameras,outperformed the most. On the other hand, theTransportation Safety segment lagged, mostlydue to Gentex Corp., after the US regulatordelayed the Kids Transportation Safety Act(which requires rear-facing cameras on all

passenger vehicles sold in the US).

The structure of the fund has not changed inthe last quarter and we feel confident with thecurrent holdings. We made only minor changes,reducing our holdings in Illumina Inc. (hostiletakeout approach by Roche Holding AG) andinitiating a new position in Eurofins Scientific toincrease our exposure in the safety and purityanalysis of food, air and soil.


There has been a host of supportive equitymarket developments of late. First, in a recentspeech, Fed Chairman Bernanke made the casefor “continued accommodative policies”. Inaddition, despite the trauma on the peripheryof Europe, recent data shows that Germanyremains in solid shape. Therefore, in the nearterm, global equity markets will remain in thecurrent correction phase, in our view. However,we would look to buy on dips. Our economistsbelieve that a soft landing in China is on thecards, Europe will manage to muddle throughand US real GDP growth in 2012 will amountto a respectable 2.1% growth rate. We believe

profit margins are unlikely to turn sharply lower,the implication is that the corporate earningsuptrend will remain intact. Meanwhile, the spreadbetween equity yields and those of competingasset classes remains very wide. With that inmind and considering extremely accommodativemonetary policy and benign inflation pressure,we do not believe equity valuation multiples willcontract. So therefore, following a period ofconsolidation, we believe the global equitymarket has room to move higher going forward.

In such an environment we believe the securityand safety theme remains attractive for investors

due to its secular structure: Technologicalinnovation and the increasing free movement ofgoods, capital and people are the drivers forproducts within the security and safety topic.Therefore, this explains why this investmenttheme stays attractive in the long run. In theshort term we cannot do much about the cyclicalnature of the market. Therefore, we continueto follow a balanced approach in favoringcompanies which have a strong market position,ability to increase margins as well as to growearnings going forward.



74


Fund manager Patrick KolbFund manager since 01.03.2007Location ZurichFund domicile LuxembourgFund currency USDClose of financial year 31. MarchTotal net assets (in mil.) 62.34Inception date 19.10.2006Management fee in % p.a. 1.92Total expense ratio (ex ante) in % 2.17Unit Class Category R


ISIN LU0269899737

Valor no. 2728102



Credit Suisse Equity Fund (Lux) Global SecurityClass R CHF


2007 2008 2009 2010 2011 201260

70

80

90

100

110

120

130

-40%

-30%

-20%

-10%

0%

10%

20%

30%

11.9

-32.5

24.9

12.5

-4.8

17.8

CS EF (Lux) Global Security R CHF Yearly or year-to-date performance respectively (Fund)


1 month 3 months YTD 1 year 3 years 5 yearsFund 3.99 17.80 17.80 4.81 78.01 17.91

Sectors in %Fund


Currencies in %



Countries in %





Fund facts


Bloomberg ticker CSEFGSR LX





Cre

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75


Credit Suisse Equity Fund (Lux) Global SecurityClass R CHF














76


Fund manager Patrick KolbFund manager since 01.03.2007Location ZurichFund domicile LuxembourgFund currency USDClose of financial year 31. MarchTotal net assets (in mil.) 62.34Inception date 19.10.2006Management fee in % p.a. 1.92Total expense ratio (ex ante) in % 2.17Unit Class Category R


ISIN LU0269899570

Valor no. 2728094



Credit Suisse Equity Fund (Lux) Global SecurityClass R EUR


2007 2008 2009 2010 2011 201260

70

80

90

100

110

120

130

-40%

-30%

-20%

-10%

0%

10%

20%

30%

13.4

-33.1

25.0

13.2

-4.7

18.0

CS EF (Lux) Global Security R EUR Yearly or year-to-date performance respectively (Fund)


1 month 3 months YTD 1 year 3 years 5 yearsFund 3.93 18.04 18.04 5.19 79.23 19.08

Sectors in %Fund


Currencies in %



Countries in %





Fund facts


Bloomberg ticker CSEFGSE LX





Cre

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Fun

d



77


Credit Suisse Equity Fund (Lux) Global SecurityClass R EUR














78

11.6414.47

5.074.545.00

2.02-14.14

-8.54-0.07

-20.00

Purchases SalesHERA JBSA2A BRF - BRAZIL FOODSARNOLDO MONDADORI EDITORE

INTERNATIONAL PAPERMEDIASET CHIYODAMITSUBISHI CHEMICAL HOLDINGS

SBM OFFSHORE

Fund manager Gregor TrachselFund manager since 30.04.2008Location ZurichFund domicile LuxembourgFund currency EURClose of financial year 31. MarchTotal net assets (in mil.) 366.23Inception date 08.06.2001Management fee in % p.a. 1.92Total expense ratio (ex ante) in % 2.04Benchmark (BM) MSCI World (NR)Unit Class Category B

(capital growth)

ISIN LU0129338272

Valor no. 1235254



Credit Suisse Equity Fund (Lux) Global ValueClass B


2008 2009 2010 2011 201240

60

80

100

120

140

160

-60%

-40%

-20%

0%

20%

40%

60%46.3

30.1

-13.1

7.7

25.919.5

-2.4

8.8

CS EF (Lux) Global Value B Yearly or year-to-date performance respectively (Fund)MSCI World (NR) Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund -0.41 7.74 7.74 -3.98 94.62 -Benchmark 1.75 8.75 8.75 7.16 73.31 -

Sectors in %Fund Benchmark Compared with benchmark

Industrials 22.70 11.06Materials 21.62 7.15Consumer Discretionary 15.90 10.83Consumer Staples 15.07 10.53Utilities 8.64 3.64Telecommunication Services 5.94 3.92Financials 4.76 18.90Energy 2.43 10.97Cash/Cash Equivalents -0.07 0.00Others 3.00 23.00

Currencies in %

JPY 40.73EUR 19.27BRL 13.54USD 12.51CHF 4.00AUD 3.05CLP 1.81GBP 1.81SEK 1.37Others 1.92

Countries in %

Japan 40.28Italy 15.63Brazil 14.76USA 8.96Switzerland 3.99Australia 3.05Chile 1.81United Kingdom 1.81France 1.42Others 8.30

Top 10 Holdings in %Sanepar 2.17Tele Norte 1.91Goodman Fielder 1.88Keller Group 1.81Madeco S.A. 1.81Nikkiso 1.62JBS 1.57Telecom Italia risp 1.52Gategroup 1.51Celesc 1.49Total 17.29


Investment policyThe Credit Suisse Equity Fund (Lux) GlobalValue pursues a "deep value" approach based onthe classic Graham & Dodd discipline. To thisend the fund invests in undervalued companieswhich are listed worldwide on regulated andaccessible markets. The investment decisionsare not made on the basis of a benchmark;nevertheless, investors can use the MSCI WorldIndex as a long-term yardstick. The valueapproach can deliver above-average results overa long period because it disciplines investors notto pay too much for an investment.

Repositioning as per April 30, 2008. (Old Fundname: Credit Suisse Equity Fund (Lux) World)

Fund facts


Bloomberg ticker CSEFSIE LX





dit S

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79


Credit Suisse Equity Fund (Lux) Global ValueClass B


Performance: Net asset value (I-shares) rose by7.92% in Q1 2012. Since April 30, 2008, whenthe Fund became responsibility of the ValueTeam, it has compounded at an annual net returnrate of 6.95%.

Transactions: Very little changes were made inthe portfolio during Q1 2012. We established

one new position in an Italian diversified regionalutility. Furthermore we accumulated shares in avariety of existing portfolio holdings. None weresold. The cash balance remains low at less than1% of AuM.

Corporate actions / mergers and acquisitions:There were no major events affecting our

portfolio companies during the reporting period.

Commentary: There were no noteworthy issueswhich may have impacted portfolio strategy orstructure in Q1 2012. For more topics andissues, please consult the separate quarterlycommentary on the global strategy.


The medium- to long-term strategy (5-10 years)followed by the Fund places its emphasis on fourmain investment situations:

First, we select companies in industries whosemargins get temporarily squeezed by rising inputcosts (chemicals, packaging and foodprocessors, among others). With a time lag, theshrewd competitors in this space typically findways to apply stringent cost control and/or adjustpricing to a level that will restore, or at leastapproach, historic margins.

Second, we select companies experiencingcyclical weakness triggered by the

macroeconomic slowdown (e.g., machinery,engineering and commercial services). For theinvestor who is willing to look patiently over thecourse of an entire cycle, as we are, somebusinesses now appear too cheap given theirentrenched market positions and healthy balancesheets.

Third, we select companies in industries facingstructural issues that require a fundamentaltransformation in strategy and execution (e.g.,traditional media, advertising services, basicmaterials, certain utility services). Here, themarket now and then tends to over-discount thevalue of legacy-burdened incumbents while

placing heavy bets on newcomers with a cleanslate. Taking history as a guide, sometimes itturns out that late-movers with deep pocketsmay in the end prevail against an aggressive newentrant.

Last but not least, at these prices we also likeselect owners of land (forestry, agriculture, realestate). These equities have sold off due to theslump in global real estate finance. However,we believe that their long-term benefits asinflation-protected assets far outweigh thoseshorter-term concerns.

Portfolio ManagementGregor P. Trachsel, Director, is in charge of Value Investments within the Global Equity Team in Zurich. He joined Credit Suisse in 2008from M.M. Warburg Bank (Switzerland) Ltd. Zurich, where he was investment manager for value-based equity portfolios. Prior to that, heheld several positions in the Banking industry as investment manager and buy-side analyst. He holds an MBA from the Columbia UniversityGraduate School of Business, New York, in Accounting (Security Analysis) and Finance (Money Management).


80

11.6414.47

5.074.545.00

2.02-14.14

-8.54-0.07

-20.00



SBM OFFSHORE

Fund manager Gregor TrachselFund manager since 30.04.2008Location ZurichFund domicile LuxembourgFund currency EURClose of financial year 31. MarchTotal net assets (in mil.) 366.23Inception date 16.01.2007Management fee in % p.a. 0.90Total expense ratio (ex ante) in % 1.03Benchmark (BM) MSCI World (NR)Unit Class Category I

(capital growth)

ISIN LU0129339833

Valor no. 1235366



Credit Suisse Equity Fund (Lux) Global ValueClass I EUR


2008 2009 2010 2011 201240

60

80

100

120

140

160

-60%

-40%

-20%

0%

20%

40%

60%47.9

31.5

-12.2

7.9

25.919.5

-2.4

8.8

CS EF (Lux) Global Value I Yearly or year-to-date performance respectively (Fund)MSCI World (NR) Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund -0.36 7.92 7.92 -3.04 100.52 -Benchmark 1.75 8.75 8.75 7.16 73.31 -


Industrials 22.70 11.06Materials 21.62 7.15Consumer Discretionary 15.90 10.83Consumer Staples 15.07 10.53Utilities 8.64 3.64Telecommunication Services 5.94 3.92Financials 4.76 18.90Energy 2.43 10.97Cash/Cash Equivalents -0.07 0.00Others 3.00 23.00

Currencies in %


Countries in %






Fund facts


Bloomberg ticker CSEFLEI LX





dit S

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Fun

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81


Credit Suisse Equity Fund (Lux) Global ValueClass I EUR


















82



SBM OFFSHORE

Fund manager Gregor TrachselFund manager since 30.04.2008Location ZurichFund domicile LuxembourgFund currency EURClose of financial year 31. MarchTotal net assets (in mil.) 366.23Inception date 18.10.2006Management fee in % p.a. 1.92Total expense ratio (ex ante) in % 2.02Unit Class Category R


ISIN LU0268334421

Valor no. 2705191



Credit Suisse Equity Fund (Lux) Global ValueClass R CHF


2008 2009 2010 2011 201260

80

100

120

140

160

-40%

-20%

0%

20%

40%

60%45.0

28.7

-14.5

7.4

CS EF (Lux) Global Value R CHF Yearly or year-to-date performance respectively (Fund)


1 month 3 months YTD 1 year 3 years 5 yearsFund -0.40 7.40 7.40 -5.55 88.00 -

Sectors in %Fund

Industrials 22.70Materials 21.62Consumer Discretionary 15.90Consumer Staples 15.07Utilities 8.64Telecommunication Services 5.94Financials 4.76Energy 2.43Cash/Cash Equivalents -0.07Others 3.00

Currencies in %



Countries in %






Fund facts


Bloomberg ticker CSEFWRC LX





Cre

dit S

uiss

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Fun

d



83


Credit Suisse Equity Fund (Lux) Global ValueClass R CHF


















84



SBM OFFSHORE



ISIN LU0458681094

Valor no. 10665619



Credit Suisse Equity Fund (Lux) Global ValueClass R CZK

Net performance in CZK (rebased to 100) and yearly performance 1)

2009 2010 2011 201280

90

100

110

120

130

140

150

-20%

-10%

0%

10%

20%

30%

40%

50%

30.5

-13.6

7.6

CS EF (Lux) Global Value R CZK Yearly or year-to-date performance respectively (Fund)

Net performance in CZK 1)

1 month 3 months YTD 1 year 3 years 5 yearsFund -0.46 7.57 7.57 -4.53 - -

Sectors in %Fund


Currencies in %



Countries in %






Fund facts

Unit class currency CZK

Bloomberg ticker CSEGVRC LX





Cre

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85


Credit Suisse Equity Fund (Lux) Global ValueClass R CZK


















86



SBM OFFSHORE



ISIN LU0268334777

Valor no. 2705196



Credit Suisse Equity Fund (Lux) Global ValueClass R USD


2008 2009 2010 2011 201260

80

100

120

140

160

-40%

-20%

0%

20%

40%

60%45.9

30.2

-13.7

7.6

CS EF (Lux) Global Value R USD Yearly or year-to-date performance respectively (Fund)



Sectors in %Fund


Currencies in %



Countries in %






Fund facts


Bloomberg ticker CSEFWRU LX





Cre

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87


Credit Suisse Equity Fund (Lux) Global ValueClass R USD


















88

Purchases SalesBANCO POPOLARE INTESA SANPAOLOFINMECCANICA ASSICURAZIONI GENERALIUNICREDIT UNICREDITHERA MEDIOBANCA- ENI

Fund manager Stefano AndreaniFund manager since 14.01.2008Location MilanoFund domicile LuxembourgFund currency EURClose of financial year 31. MarchTotal net assets (in mil.) 38.64Inception date 25.09.1992Management fee in % p.a. 1.92Total expense ratio (ex ante) in % 2.13Benchmark (BM) MSCI Italy 10/40 (NR) (07/11)Unit Class Category B

(capital growth)

ISIN LU0055733355

Valor no. 349537



Credit Suisse Equity Fund (Lux) ItalyClass B


2007 2008 2009 2010 2011 201240

60

80

100

120

140

-60%

-40%

-20%

0%

20%

40%

-5.9

-44.6

23.2

-5.2

-22.9

10.0

-4.3

-47.4

22.6

-9.1

-25.4

9.5

CS EF (Lux) Italy B Yearly or year-to-date performance respectively (Fund)MSCI Italy 10/40 (NR) (07/11) Yearly or year-to-date performance respectively (Benchmark)



Sectors in %Fund

Financials 37.67Industrials 18.73Consumer Discretionary 14.35Utilities 12.70Energy 10.62Telecommunication Services 3.38Consumer Staples 1.48Health Care 1.20Materials 0.46Cash/Cash Equivalents -0.60

Top 10 Holdings in %ENI 7.22Intesa Sanpaolo 7.13Assicurazioni Gen. 6.18Luxottica 5.15Unicredit Fin. 5.10Banco Pop. 5.02Atlantia 4.89Prysmian 4.74Enel 4.73Terna 4.68Total 54.84




Investment policyThe aim of the Fund is to achieve the highestpossible capital growth by investing in leadingItalian companies characterised by highprofitability, a sound financial structure andsuccessful management.

Fund facts


Bloomberg ticker CRSITBI LX



dit S

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89


Credit Suisse Equity Fund (Lux) ItalyClass B


The Italian equity market recorded a positive startto the year, with Q1 returns of +5.90% for theFTSEMIB, +7.25% for the FTSE All-Share and13.60% for the FTSE Small Cap. The quarterwas characterized by a very strong start, whichsaw the FTSEMIB rising 13.5% by mid-March. Asimilar (inverted) path was seen in the BTP-Bundspread, which narrowed from 512bps to a lowof 276bps, before close the quarter at around330bps.

At a sector level, the best performers were all inthe higher beta space: Capital Goods (+27.1%)Consumers (+24.5%), Cyclicals (+23.4%) andHoldings & Real Estate (+18.8%). Among thelaggards, were Utilities (-3.9%), Insurance andAsset Management (-2.8%) and Banks (-1.2%).

At a single stock level, the best performer ofthe quarter was Ferragamo (+52.6%), followed

by Banco Popolare (+42.2%), Finmeccanica(+42.1%), Parmalat (+40.8%) Prysmian(+37.3%) and Pirelli (37.1%). Among theweakest stocks, were many utilities: A2A(-17.2%), Enel (-13.7%), Enel Green Power(-11.7%), while Unicredit (-11.1%) were weakeron equity issuance and Mediaset (-3.3%) werelower on weak advertising figures.


After a very good start to the year for Europe,and Italy in particular, some issues of concernare back on the mind of the market participants,impacting stock market performance. Thebiggest worries seem to be that of a possibleglobal economic slowdown, growing political riskin Europe and an increase in country specific riskfor Spain.

On the other hand, there are some positiveelements that cannot be ignored: aggressiveliquidity measures by the ECB, which marks astructural change of strategy and hasre-established the supply/demand balance onthe institutional market, a still sound position forMonti’s government and some encouraging

macroeconomic indicators (such as the Germanleading indicator) which point to a possiblerecovery in the second half of the year. TheEUR/USD back to around 1.30 is another factorthat should support exports, increasing activitylevels and giving a positive contribution to GDP.

Portfolio ManagementStefano Andreani, CFA, joined Credit Suisse Group in January 2008 in MACS Milan as Italian Equities Manager for mutual funds andEuropean Equities Portfolio Manager for Institutional Clients portfolios. From May 2003 to January 2007 he worked at Eurizon Capital(Sanpaolo AM), initially on an internship, but from February 2004 as Assistant Portfolio Manager on balanced portfolios for institutionalclients. In March 2005, he assumed direct responsibility for managing Italian and European equities. Mr. Andreani graduated in Institutionsand Financial Markets (CLEFIN) from the Università Commerciale Luigi Bocconi in April 2003.


90

Purchases SalesBANCO POPOLARE INTESA SANPAOLOFINMECCANICA ASSICURAZIONI GENERALIUNICREDIT UNICREDITHERA MEDIOBANCA- ENI

Fund manager Stefano AndreaniFund manager since 14.01.2008Location MilanoFund domicile LuxembourgFund currency EURClose of financial year 31. MarchTotal net assets (in mil.) 38.64Inception date 19.10.2007Management fee in % p.a. 0.70Total expense ratio (ex ante) in % 0.89Benchmark (BM) MSCI Italy 10/40 (NR) (07/11)Unit Class Category I

(capital growth)

ISIN LU0108801654

Valor no. 1057956



Credit Suisse Equity Fund (Lux) ItalyClass I


2007 2008 2009 2010 2011 201240

60

80

100

120

140

-60%

-40%

-20%

0%

20%

40%

-43.9

24.7

-4.0

-21.9

10.3

-47.4

22.6

-9.1

-25.4

9.5

CS EF (Lux) Italy I Yearly or year-to-date performance respectively (Fund)MSCI Italy 10/40 (NR) (07/11) Yearly or year-to-date performance respectively (Benchmark)



Sectors in %Fund

Financials 37.67Industrials 18.73Consumer Discretionary 14.35Utilities 12.70Energy 10.62Telecommunication Services 3.38Consumer Staples 1.48Health Care 1.20Materials 0.46Cash/Cash Equivalents -0.60

Top 10 Holdings in %ENI 7.22Intesa Sanpaolo 7.13Assicurazioni Gen. 6.18Luxottica 5.15Unicredit Fin. 5.10Banco Pop. 5.02Atlantia 4.89Prysmian 4.74Enel 4.73Terna 4.68Total 54.84




Investment policyThe aim of the Fund is to achieve the highestpossible capital growth by investing in leadingItalian companies characterised by highprofitability, a sound financial structure andsuccessful management.

Fund facts


Bloomberg ticker CRSITLI LX



dit S

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Fun

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91


Credit Suisse Equity Fund (Lux) ItalyClass I


The Italian equity market recorded a positive startto the year, with Q1 returns of +5.90% for theFTSEMIB, +7.25% for the FTSE All-Share and13.60% for the FTSE Small Cap. The quarterwas characterized by a very strong start, whichsaw the FTSEMIB rising 13.5% by mid-March. Asimilar (inverted) path was seen in the BTP-Bundspread, which narrowed from 512bps to a lowof 276bps, before close the quarter at around330bps.

At a sector level, the best performers were all inthe higher beta space: Capital Goods (+27.1%)Consumers (+24.5%), Cyclicals (+23.4%) andHoldings & Real Estate (+18.8%). Among thelaggards, were Utilities (-3.9%), Insurance andAsset Management (-2.8%) and Banks (-1.2%).

At a single stock level, the best performer ofthe quarter was Ferragamo (+52.6%), followed

by Banco Popolare (+42.2%), Finmeccanica(+42.1%), Parmalat (+40.8%) Prysmian(+37.3%) and Pirelli (37.1%). Among theweakest stocks, were many utilities: A2A(-17.2%), Enel (-13.7%), Enel Green Power(-11.7%), while Unicredit (-11.1%) were weakeron equity issuance and Mediaset (-3.3%) werelower on weak advertising figures.


After a very good start to the year for Europe,and Italy in particular, some issues of concernare back on the mind of the market participants,impacting stock market performance. Thebiggest worries seem to be that of a possibleglobal economic slowdown, growing political riskin Europe and an increase in country specific riskfor Spain.

On the other hand, there are some positiveelements that cannot be ignored: aggressiveliquidity measures by the ECB, which marks astructural change of strategy and hasre-established the supply/demand balance onthe institutional market, a still sound position forMonti’s government and some encouraging

macroeconomic indicators (such as the Germanleading indicator) which point to a possiblerecovery in the second half of the year. TheEUR/USD back to around 1.30 is another factorthat should support exports, increasing activitylevels and giving a positive contribution to GDP.

Portfolio ManagementStefano Andreani, CFA, joined Credit Suisse Group in January 2008 in MACS Milan as Italian Equities Manager for mutual funds andEuropean Equities Portfolio Manager for Institutional Clients portfolios. From May 2003 to January 2007 he worked at Eurizon Capital(Sanpaolo AM), initially on an internship, but from February 2004 as Assistant Portfolio Manager on balanced portfolios for institutionalclients. In March 2005, he assumed direct responsibility for managing Italian and European equities. Mr. Andreani graduated in Institutionsand Financial Markets (CLEFIN) from the Università Commerciale Luigi Bocconi in April 2003.


92

25.9817.87

12.8410.64

9.568.77

4.973.35

0.935.08

Purchases SalesNATUREX KEMIRASBM OFFSHORE AKER SOLUTIONSTOPDANMARK POHJOLA BANK aFREENET reg ELECTROMAG GEOSERVICESGEA GROUP ATOS

Fund manager Jan BergFund manager since 21.02.2007Location ZurichFund domicile LuxembourgFund currency EURClose of financial year 31. MarchTotal net assets (in mil.) 85.19Inception date 28.01.1994Management fee in % p.a. 1.92Total expense ratio (ex ante) in % 2.00Benchmark (BM)

MSCI Europe Small Cap (NR) (09/06)Unit Class Category B

(capital growth)

ISIN LU0048365026

Valor no. 140168



Credit Suisse Equity Fund (Lux) Small and Mid Cap EuropeClass B


2007 2008 2009 2010 2011 201220406080

100120140160180

-80%-60%-40%-20%

0%20%40%60%80%

-1.2

-46.5

43.135.6

-18.6

12.8

-7.5

-51.9

59.5

29.9

-17.4

15.7

CS EF (Lux) Small and Mid Cap Europe B Yearly or year-to-date performance respectively (Fund)MSCI Europe Small Cap (NR) (09/06) Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund -1.33 12.82 12.82 -3.82 89.82 -10.45Benchmark 0.08 15.68 15.68 -4.27 102.74 -17.30


Industrials 25.98 -Consumer Discretionary 17.87 -Financials 12.84 -Energy 10.64 -Materials 9.56 -Information Technology 8.77 -Consumer Staples 4.97 -Utilities 3.35 -Cash/Cash Equivalents 0.93 -Others 5.08 0.00

Currencies in %

EUR 43.65GBP 34.68NOK 9.99CHF 5.34SEK 4.42DKK 1.92

Countries in %

United Kingdom 30.88Germany 12.81Norway 11.09France 10.97Switzerland 5.23Netherlands 5.20Austria 4.51Finland 4.08Italy 4.05Others 11.18

Top 10 Holdings in %Ophir Energy 2.88Rubis 2.59Tomra Systems 2.53Acergy 2.35Naturex 2.35Telecity Group 2.35Bunzl 2.32Spectris 2.30PKC Group 2.29Croda Intl. 2.24Total 24.20


Investment policyThe aim of the Fund is to achieve the highestcapital growth possible. The Fund invests at leasttwo-thirds of its assets in small andmedium-sized European companies with amarket capitalization of EUR 5 billion or less. Theinvestment region Europe includes all EU andEFTA countries.

Fund facts


Bloomberg ticker CRSESEI LX





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93


Credit Suisse Equity Fund (Lux) Small and Mid Cap EuropeClass B


Small and mid cap stocks outperformed largecaps as ample liquidity has been supportive forour market segment. The MSCI Europe SmallCap Index rallied nearly 16% ahead with theGerman and Nordic indices contributing verywell. Also, markets like Italy recovered from thedoubts about the high debt burden and the firstmeasures that have started to be put in place by

Italian government.

YTD performance of small and mid caps, whichis now about 400bps above large caps, has beendriven by more defensive sectors like healthcareand telecoms. This supports the view thatinvestors take a look into more defensive names.From a county level, best performing contributors

have been Germany, Austria, Sweden andSwitzerland. German equities had a strong firstquarter 2012. The Midcap market Index was up19.39% outperforming large caps, with the DAXup only 17.78% in the same period. The fundreported a 12.8% increase over the quarter.


We believe European small cap remains the mostinteresting segment in the markets. For the firsttime since 1999 dividend yields in small capequities are higher than bonds yields which initself should support the small cap end of themarket.

Even though economic growth in Germany isexpected to cool down at the beginning of 2012and growth prospects have worsened due to the

European debt crisis, the Northern Europeindustrial sector remains very healthy and theexposure to niche markets supports growth fromemerging countries. Austerity measures arebeing implemented in several countries andtighter credit conditions are expected to subduegrowth particularly in peripheral Europeancountries. Companies that depend on peripheralEuropean countries will have more difficulties tomeet analyst expectations as a consequence.

However Germany’s IFO business climate indexsurprised recently with five upward moves in arow which points to a return to growth in Q22012. Other factors supporting equities are theample liquidity provided by the ECB to banks,governments preventing contagion risk byproviding stability funds, the recapitalization ofweak banks in H1 2012 and the budgetconsolidation in several European countries.

Portfolio ManagementJan Berg, Director, is a portfolio manager within the Equity Team. Jan joined the CS Small&Mid Cap Team in August 2006. Prior to this,he held a position in equity syndication and equity capital markets for four years with Dresdner Kleinwort, where he worked on numeroussmall- and mid-cap IPOs in Germany as well as several major capital market transactions. He continued developing his market expertise atDeutsche Bank Institutional Equities, where he focused on small- and mid-cap company analysis and marketing in Europe. He wasresponsible for the franchise with small cap investors, in particular mutual funds and insurance groups. Jan Berg graduated from theUniversity of Saarbrücken with an MSc in Economics and received CEFA certification in 2001.


94

Purchases SalesGSW IMMOBILIEN AIXTRON SECENTROTHERM BRENNTAG regSKY DEUTSCHLAND reg SALZGITTERDEUTSCHE EUROSHOP reg LEONI regQSC PROSIEBEN SAT.1 MEDIA pref

Fund manager Felix MeierFund manager since 01.01.2003Location ZurichFund domicile LuxembourgFund currency EURClose of financial year 31. MarchTotal net assets (in mil.) 269.85Inception date 26.08.1994Management fee in % p.a. 1.92Total expense ratio (ex ante) in % 2.09Benchmark (BM) Midcap Market Index (RI) (07/08)Unit Class Category B

(capital growth)

ISIN LU0052265898

Valor no. 248590



Credit Suisse Equity Fund (Lux) Small and Mid Cap GermanyClass B


2007 2008 2009 2010 2011 201240

60

80

100

120

140

160

-60%

-40%

-20%

0%

20%

40%

60%

-3.2

-44.4

46.6

29.8

-15.3

19.3

1.6

-47.1

38.826.9

-13.9

19.4

CS EF (Lux) Small and Mid Cap Germany B Yearly or year-to-date performance respectively (Fund)Midcap Market Index (RI) (07/08) Yearly or year-to-date performance respectively (Benchmark)



Sectors in %Fund

Industrials 32.41Consumer Discretionary 22.92Information Technology 13.16Materials 10.81Health Care 9.94Financials 8.10Telecommunication Services 1.36Consumer Staples 1.29Cash/Cash Equivalents 0.01

Currencies in %

EUR 99.99CHF 0.01

Countries in %

Germany 90.26France 9.39Switzerland 0.34Others 0.01

Top 10 Holdings in %EADS 9.39Continental 4.75GEA Group AG 4.49Lanxess 3.70Bilfinger & Berger 3.16MTU Aero Engines 3.15Tipp24 3.02Wire Card 2.78Morphosys 2.56Sky Deutschland AG 2.55Total 39.55


Investment policyThe aim of the Fund is to achieve the highestpossible capital growth. Investment focus is onsmall and mid-sized companies domiciled inGermany. Small and mid sized companies arecompanies not being part of the DAX 30 Index.

Fund facts


Bloomberg ticker CRSESGI LX





dit S

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95


Credit Suisse Equity Fund (Lux) Small and Mid Cap GermanyClass B


German equities had a strong first quarter 2012.The Midcap market Index was up 19.39% in Q1.The combination of austerity measures beingimplemented in several European countries andlots of liquidity provided by the ECB helped tomove the European debt crisis out of the focusof investors. The ECB twice provided unlimitedfunding to banks for a period of three yearsat an interest rate of only one per cent. Thisstep underlined its willingness to provide morethan enough liquidity to the banking system andreduced significantly counterparty andrefinancing risk within the financial sector.Germany’s fundamental economy is still on the

recovery path, highlighted by the IFO Index risingfive times in a row. Cyclical stocks out of theauto, chemical and financial sectors performedwell.

The fund reported an increase of 19.34% inQ1, net of fees for the B-share class. The slightoutperformance on a gross basis was mainly aresult of stock selection. Best attributors in Q1included our overweight in semiconductorproduction equipment supplier Suess Microtec(+91%) and online lottery ticket broker Tipp24(+19%). Suess Microtec’s order situation isexpected to improve quickly in Q1 compared to

a weak Q4 last year when Suess had to reduceits order entry guidance. Tipp24 released betterthan expected results and still benefitted from there-launch of its activities on the German market.New gaming legislation permits the onlinebrokerage of state-run lotteries once more.Worst attributors included our underweights inKabel Deutschland (+18%) and chemicalsproducer Lanxess (+55%). Kabel Deutschlandcould show strong growth in internet & telephonyand premium TV. Lanxess could profit from astrong demand for high performance tires.


Economic growth in Germany is expected to cooldown in the beginning of 2012. Growthprospects have worsened due to the Europeandebt crisis. Austerity measures are beingimplemented in several countries and tightercredit conditions are expected to subdue growth,particularly in peripheral European countries.Companies that depend on peripheral Europeancountries will have more difficulties to meetanalyst expectations as a consequence.

However Germany’s IFO business climate indexsurprised recently with five upward moves in arow which points to a return to growth in Q22012. German companies are very competitive,show better balance sheets and have becomemore flexible at adjusting their cost base.

Factors supporting equities are the ampleliquidity provided by the ECB to banks,governments preventing contagion risk by

providing stability funds, the recapitalization ofweak banks in H1 2012 and the budgetconsolidation in several European countries.Attractive valuations, decreasing credit defaultspreads and a still quite defensive positioning ofinvestors build the basis for a further recovery.The beta of the fund is expected at about 1 -neither aggressive nor defensive.

Portfolio ManagementAfter completing his studies in business management at the University of St. Gallen in June 1998, Felix Meier attended the GraduateTrainee Programme of Zurich Financial Services in Zürich Invest Bank and Group Investments. In October 1999, he joined the EuropeanEquity team, in which he was responsible for active equity mandates. Since 2001 he has specialised in German Small Caps. From June toAugust 2002 he worked for CSAM New York as a Small Cap Analyst. Having qualified as a Chartered Financial Analyst (CFA), Felix Meieris a member of the Association of Investment Management and Research (AIMR) and of the Swiss Society of Investment Professionals(SSIP).


96

Purchases SalesGSW IMMOBILIEN AIXTRON SECENTROTHERM BRENNTAG regSKY DEUTSCHLAND reg SALZGITTERDEUTSCHE EUROSHOP reg LEONI regQSC PROSIEBEN SAT.1 MEDIA pref

Fund manager Felix MeierFund manager since 01.01.2003Location ZurichFund domicile LuxembourgFund currency EURClose of financial year 31. MarchTotal net assets (in mil.) 269.85Inception date 29.08.2005Management fee in % p.a. 0.90Total expense ratio (ex ante) in % 0.86Benchmark (BM) Midcap Market Index (RI) (07/08)Unit Class Category I

(capital growth)

ISIN LU0108803940

Valor no. 1057945



Credit Suisse Equity Fund (Lux) Small and Mid Cap GermanyClass I


2007 2008 2009 2010 2011 201240

60

80

100

120

140

160

-60%

-40%

-20%

0%

20%

40%

60%

-2.2

-43.7

48.0

31.2

-14.5

19.7

1.6

-47.1

38.826.9

-13.9

19.4

CS EF (Lux) Small and Mid Cap Germany I Yearly or year-to-date performance respectively (Fund)Midcap Market Index (RI) (07/08) Yearly or year-to-date performance respectively (Benchmark)



Sectors in %Fund

Industrials 32.41Consumer Discretionary 22.92Information Technology 13.16Materials 10.81Health Care 9.94Financials 8.10Telecommunication Services 1.36Consumer Staples 1.29Cash/Cash Equivalents 0.01

Currencies in %

EUR 99.99CHF 0.01

Countries in %

Germany 90.26France 9.39Switzerland 0.34Others 0.01

Top 10 Holdings in %EADS 9.39Continental 4.75GEA Group AG 4.49Lanxess 3.70Bilfinger & Berger 3.16MTU Aero Engines 3.15Tipp24 3.02Wire Card 2.78Morphosys 2.56Sky Deutschland AG 2.55Total 39.55


Investment policyThe aim of the Fund is to achieve the highestpossible capital growth. Investment focus is onsmall and mid-sized companies domiciled inGermany. Small and mid sized companies arecompanies not being part of the DAX 30 Index.

Fund facts


Bloomberg ticker CSEFSCI LX





dit S

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Fun

d



97


Credit Suisse Equity Fund (Lux) Small and Mid Cap GermanyClass I


German equities had a strong first quarter 2012.The Midcap market Index was up 19.39% in Q1.The combination of austerity measures beingimplemented in several European countries andlots of liquidity provided by the ECB helped tomove the European debt crisis out of the focusof investors. The ECB twice provided unlimitedfunding to banks for a period of three yearsat an interest rate of only one per cent. Thisstep underlined its willingness to provide morethan enough liquidity to the banking system andreduced significantly counterparty andrefinancing risk within the financial sector.Germany’s fundamental economy is still on the

recovery path, highlighted by the IFO Index risingfive times in a row. Cyclical stocks out of theauto, chemical and financial sectors performedwell.

The fund reported an increase of 19.34% inQ1, net of fees for the B-share class. The slightoutperformance on a gross basis was mainly aresult of stock selection. Best attributors in Q1included our overweight in semiconductorproduction equipment supplier Suess Microtec(+91%) and online lottery ticket broker Tipp24(+19%). Suess Microtec’s order situation isexpected to improve quickly in Q1 compared to

a weak Q4 last year when Suess had to reduceits order entry guidance. Tipp24 released betterthan expected results and still benefitted from there-launch of its activities on the German market.New gaming legislation permits the onlinebrokerage of state-run lotteries once more.Worst attributors included our underweights inKabel Deutschland (+18%) and chemicalsproducer Lanxess (+55%). Kabel Deutschlandcould show strong growth in internet & telephonyand premium TV. Lanxess could profit from astrong demand for high performance tires.


Economic growth in Germany is expected to cooldown in the beginning of 2012. Growthprospects have worsened due to the Europeandebt crisis. Austerity measures are beingimplemented in several countries and tightercredit conditions are expected to subdue growth,particularly in peripheral European countries.Companies that depend on peripheral Europeancountries will have more difficulties to meetanalyst expectations as a consequence.

However Germany’s IFO business climate indexsurprised recently with five upward moves in arow which points to a return to growth in Q22012. German companies are very competitive,show better balance sheets and have becomemore flexible at adjusting their cost base.

Factors supporting equities are the ampleliquidity provided by the ECB to banks,governments preventing contagion risk by

providing stability funds, the recapitalization ofweak banks in H1 2012 and the budgetconsolidation in several European countries.Attractive valuations, decreasing credit defaultspreads and a still quite defensive positioning ofinvestors build the basis for a further recovery.The beta of the fund is expected at about 1 -neither aggressive nor defensive.

Portfolio ManagementAfter completing his studies in business management at the University of St. Gallen in June 1998, Felix Meier attended the GraduateTrainee Programme of Zurich Financial Services in Zürich Invest Bank and Group Investments. In October 1999, he joined the EuropeanEquity team, in which he was responsible for active equity mandates. Since 2001 he has specialised in German Small Caps. From June toAugust 2002 he worked for CSAM New York as a Small Cap Analyst. Having qualified as a Chartered Financial Analyst (CFA), Felix Meieris a member of the Association of Investment Management and Research (AIMR) and of the Swiss Society of Investment Professionals(SSIP).


98

Purchases SalesSTARWOOD HOTELS & RESORTS PFIZERCOMCAST a KROGEREXPRESS SCRIPTS INGERSOLL-RANDCUMMINS EXXON MOBILPRECISION CASTPARTS ORACLE

Fund manager Martino PerkmannFund manager since 31.12.2009Location ZurichFund domicile LuxembourgFund currency USDClose of financial year 31. MarchTotal net assets (in mil.) 586.88Inception date 07.06.1991Management fee in % p.a. 1.25Total expense ratio (ex ante) in % 1.51Benchmark (BM) MSCI USA (NR) (01/10)Unit Class Category B

(capital growth)

ISIN LU0055732977

Valor no. 349533



Credit Suisse Equity Fund (Lux) USAClass B


2007 2008 2009 2010 2011 20125060708090

100110120130140

-50%-40%-30%-20%-10%

0%10%20%30%40%

6.5

-37.3

28.0

9.0

-3.4

12.74.9

-37.4

25.6

14.8

1.4

12.7

CS EF (Lux) USA B Yearly or year-to-date performance respectively (Fund)MSCI USA (NR) (01/10) Yearly or year-to-date performance respectively (Benchmark)



Sectors in %Fund

Information Technology 24.70Financials 15.05Health Care 11.70Energy 11.47Consumer Discretionary 10.32Industrials 10.26Consumer Staples 6.92Materials 3.78Cash/Cash Equivalents 0.17Others 5.64

Top 10 Holdings in %Apple 5.35Exxon Mobil Corp. 3.22Qualcomm 2.93Wal-Mart Stores 2.52Chevron 2.42Discover Financial Services 2.35IBM 2.27Wells Fargo & Co. 2.12Google 2.03US Bancorp Inv. 1.97Total 27.18




Investment policyThe aim of the Fund is to achieve the highestpossible capital growth by investing in leadingUS companies characterised by high profitability,a sound financial structure and successfulmanagement.

Fund facts


Bloomberg ticker CRSNABI LX



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99


Credit Suisse Equity Fund (Lux) USAClass B


A good Q4 earnings season and furtherimprovements in macroeconomic data continuedto drive better investor sentiment and the equitymarket in Q1 of this year. The US appears tobe on a path of slow but steady growth. Marketsreacted positively to the unexpected drop in theunemployment rate to 8.2%, and retail sales alsolooked promising in the quarter. Housing marketfundamentals continued to improve with pricesstabilizing and housing activity improving. TheEuropean sovereign debt crisis stabilized duringthe quarter after some tense negotiations. TheECB’s plan to pump liquidity into the bankingsystem also proved a salve to the crisis.

For Q1, the MSCI US returned 12.65%, makingit the best three month performance in US stockssince 2009. The cyclical sectors Financials,Information Technology and ConsumerDiscretionary performed best while moredefensive sectors like Utilities, Telecom Servicesand Consumer Staples lagged. The portfolioperformed in line with its benchmark, returning12.66%. Our overweight in InformationTechnology and Financials and underweight inUtilities and Consumer Staples contributedpositively. Stock selection within Financials,Industrials and Information Technology

contributed most to performance. The mostsignificant detractor to relative performance wasstock selection in Consumer Discretionary.

At the level of individual holdings, DiscoverFinancials increased 39% in the quarter andcontributed most to performance. Continuedimprovements in credit performance, solidorganic growth in each of their lending productsand strong volume growth were key drivers forthe success. In Technology the fund benefitedfrom our overweights in Apple, Qualcomm andEMC.


Following the rally in the recent quarter, webelieve opportunities are rarer than they were justthree months ago. Given current valuation levels,it seems unlikely that there will be many morequarters where the broad equity market will beup more than 10%. The uncertainty that made2011 such a challenging year remains more orless in place also in 2012. The developed worldis still figuring out how to handle its debt issues,growth concerns keep popping up in China andelsewhere and elections across the globe couldhave a big impact on equity market performance.

We believe that US corporate earnings will

continue to rise, albeit at a slower pace thanthey have been. We continue to believe thatthe US housing market, an important piece ofthe US economic recovery, is likely to continueits bottoming-out process in 2012. Furthermore,we believe that in some regions housing pricescould even begin to firm up, starting a long-termupward trend.

Our portfolio is positioned for a modest economicrecovery and our main area of focus with regardto the equity market has not changed. Wecontinue to concentrate on well positioned firmslevered to specific market opportunities that are

capable, in our view, of maintaining their strongcompetitive positions. From a sector perspective,we remain overweight in Information Technologyand prefer companies benefiting from attractivesecular growth and trends like virtualization andcloud computing.

We continue to remain underweight lower betasectors like Utilities, Telecom and ConsumerStaples as we have difficulties in finding goodrisk/reward opportunities and find better growthstories in Information Technology, Financials andIndustrials.

Portfolio ManagementMartino Perkmann is a Director in Credit Suisse’s Asset Management Business, based in Zürich. He is heading the US Equities Team inMACS and responsible for sector specialization in Consumer Discretionary and StaplesMr Perkmann joined Credit Suisse Asset Management in January 2005. Previously he was a portfolio manager in the equity teams atDeka Investment in Frankfurt, Germany. He has over 10 years experience as an equity portfolio manager.Mr Perkmann holds a degree in Business economics from University of Nuremberg. Martino Perkmann is a CFA Charterholder.


100


Fund manager Martino PerkmannFund manager since 31.12.2009Location ZurichFund domicile LuxembourgFund currency USDClose of financial year 31. MarchTotal net assets (in mil.) 586.88Inception date 14.04.2000Management fee in % p.a. 0.65Total expense ratio (ex ante) in % 0.92Benchmark (BM) MSCI USA (NR) (01/10)Unit Class Category I

(capital growth)

ISIN LU0108804591

Valor no. 1057955



Credit Suisse Equity Fund (Lux) USAClass I


2007 2008 2009 2010 2011 201240

60

80

100

120

140

-60%

-40%

-20%

0%

20%

40%

7.1

-37.0

28.8

9.7

-2.8

12.84.9

-37.4

25.6

14.8

1.4

12.7

CS EF (Lux) USA I Yearly or year-to-date performance respectively (Fund)MSCI USA (NR) (01/10) Yearly or year-to-date performance respectively (Benchmark)



Sectors in %Fund







Fund facts


Bloomberg ticker CRSNAII LX



dit S

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Fun

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101


Credit Suisse Equity Fund (Lux) USAClass I















102


Fund manager Martino PerkmannFund manager since 31.12.2009Location ZurichFund domicile LuxembourgFund currency USDClose of financial year 31. MarchTotal net assets (in mil.) 586.88Inception date 31.05.2002Management fee in % p.a. 1.25Total expense ratio (ex ante) in % 1.51Unit Class Category R


ISIN LU0145374574

Valor no. 1402727



Credit Suisse Equity Fund (Lux) USAClass R EUR


2007 2008 2009 2010 2011 20125060708090

100110120130140

-50%-40%-30%-20%-10%

0%10%20%30%40%

4.9

-38.3

25.9

7.5

-5.1

12.6

CS EF (Lux) USA R EUR Yearly or year-to-date performance respectively (Fund)


1 month 3 months YTD 1 year 3 years 5 yearsFund 2.99 12.63 12.63 2.15 60.87 -5.75

Sectors in %Fund







Fund facts


Bloomberg ticker CRSNAHI LX



Cre

dit S

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103


Credit Suisse Equity Fund (Lux) USAClass R EUR















104

Purchases Sales- TYCO INTERNATIONAL reg- JBS- BUNGE- VALMONT INDUSTRIES- INTERNATIONAL PAPER

Fund manager Gregor TrachselFund manager since 30.04.2008Location ZurichFund domicile LuxembourgFund currency USDClose of financial year 31. MarchTotal net assets (in mil.) 145.18Inception date 30.03.2004Management fee in % p.a. 1.92Total expense ratio (ex ante) in % 2.09Benchmark (BM) MSCI USA (NR) (09/11)Unit Class Category B

(capital growth)

ISIN LU0187731129

Valor no. 1806067



Credit Suisse Equity Fund (Lux) USA ValueClass B


2007 2008 2009 2010 2011 201240

60

80

100

120

140

160

180

-60%

-40%

-20%

0%

20%

40%

60%

80%

1.0

-43.5

56.2

15.2

-6.5

12.5

-0.2

-36.8

28.316.9

1.112.7

CS EF (Lux) USA Value B Yearly or year-to-date performance respectively (Fund)MSCI USA (NR) (09/11) Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund 0.07 12.55 12.55 -1.88 121.85 7.58Benchmark 3.15 12.65 12.65 7.02 91.55 6.42

Sectors in %Fund

Industrials 23.56Consumer Discretionary 17.61Materials 15.56Financials 12.95Consumer Staples 12.94Utilities 6.58Information Technology 4.38Energy 3.51Health Care 1.78Cash/Cash Equivalents 1.13

Currencies in %

USD 89.53BRL 4.27GBP 2.42JPY 2.36MXN 1.42

Countries in %

USA 84.84Brazil 4.27United Kingdom 4.10Japan 2.36Italy 1.88Mexico 1.42Others 1.13

Top 10 Holdings in %Federal Signal 2.87The St. Joe Company 2.61Donnelley & Sons 2.55Great Lakes Dredge & Dock 2.48Briggs & Stratton 2.46Keller Group 2.42Oracle corp. Japan 2.36Seneca Foods 2.35Trueblue 2.33JBS 2.26Total 24.69


Investment policyThe Credit Suisse Equity Fund (Lux) USA Valuepursues a "deep value" approach based on theclassic Graham & Dodd discipline. To this endthe fund invests in undervalued companies whichare domiciled or conduct a majority of theirbusiness activities in the USA. The investmentdecisions are not made on the basis of abenchmark; nevertheless, investors can use theMSCI USA (NR) Index as a long-term yardstick.The value approach can deliver above-averageresults over a long period because it disciplinesinvestors not to pay too much for an investment.

Fund facts


Bloomberg ticker CSEUSVB LX





dit S

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105


Credit Suisse Equity Fund (Lux) USA ValueClass B


Performance: Net asset value (I-shares) rose by12.86% in Q1 2012. Since the Fund becameresponsibility of the Value Team on April 30,2008, it has compounded at an annual net returnrate of 4.68%.

Transactions: During Q1 2012 we newly addeda position in a multinational packaging firm to theportfolio. On the other hand, we wholly disposedof our long-time position in Tyco InternationalLtd. The company’s stock price was approachingour conservative estimate of fair value after

management announced a further split-up inthree separate companies as well as the mergerof its flow control business with Pentair Inc.

Corporate actions / mergers and acquisitions: Atthe very beginning of the reporting period ourportfolio company Sunoco Inc. completed thespin-off and separate listing of its metallurgicalcoal business, Suncoke Energy Inc.

Commentary: Perhaps interesting to note is thatthe Fund did quite well during the reporting

period despite being heavily underrepresented inthe sectors and industries that lead the market’smove to the upside, notably banks, high-tech,home builders and retailers.

There were no noteworthy issues which mayhave impacted portfolio strategy or structure inQ1 2012. For more topics and issues, pleaseconsult the separate quarterly commentary onthe global strategy.











106


Fund manager Gregor TrachselFund manager since 30.04.2008Location ZurichFund domicile LuxembourgFund currency USDClose of financial year 31. MarchTotal net assets (in mil.) 145.18Inception date 19.10.2007Management fee in % p.a. 0.90Total expense ratio (ex ante) in % 1.01Benchmark (BM) MSCI USA (NR) (09/11)Unit Class Category I

(capital growth)

ISIN LU0187731806

Valor no. 1806073



Credit Suisse Equity Fund (Lux) USA ValueClass I


2007 2008 2009 2010 2011 201240

60

80

100

120

140

160

180

-60%

-40%

-20%

0%

20%

40%

60%

80%

-42.9

57.9

16.3

-5.5

12.9

-36.8

28.316.9

1.112.7

CS EF (Lux) USA Value I Yearly or year-to-date performance respectively (Fund)MSCI USA (NR) (09/11) Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund 0.19 12.86 12.86 -0.82 128.96 -Benchmark 3.15 12.65 12.65 7.02 91.55 -

Sectors in %Fund


Currencies in %


Countries in %





Fund facts


Bloomberg ticker CSELUVI LX





dit S

uiss

e Eq

uity

Fun

d



107


Credit Suisse Equity Fund (Lux) USA ValueClass I



















108


Fund manager Gregor TrachselFund manager since 30.04.2008Location ZurichFund domicile LuxembourgFund currency USDClose of financial year 31. MarchTotal net assets (in mil.) 145.18Inception date 27.06.2011Management fee in % p.a. 1.92Total expense ratio (ex ante) in % 1.56Unit Class Category R


ISIN LU0187731558

Valor no. 1806069



Credit Suisse Equity Fund (Lux) USA ValueClass R EUR

Net performance in EUR (rebased to 100) 1)


Sectors in %Fund


Currencies in %



Countries in %





Fund facts


Bloomberg ticker CSUSAER LX



Annualized volatility in % - -Tracking Error (Ex post) - -Beta - -

Cre

dit S

uiss

e Eq

uity

Fun

d



109


Credit Suisse Equity Fund (Lux) USA ValueClass R EUR



















110

Fund manager Luc MathysFund manager since 03.08.2011Location ZurichFund domicile LuxembourgFund currency USDClose of financial year 30. SepTotal net assets (in mil.) 80.66Inception date 16.08.2011Management fee in % p.a. 0.45Total expense ratio (ex ante) in % 0.64Benchmark (BM)

CGBI Eurodollar BBB- or Better 3-5Y (08/11)Unit Class Category A

(distribution)

ISIN LU0650597205

Valor no. 13405131


Fund 96


Credit Suisse Fund (Lux) Bond Medium Maturity USDClass A & B


2007 2008 2009 2010 2011 201295

100105110115120125130135140

-5%0%5%

10%15%20%25%30%35%40%

7.3

1.55.5 3.6 3.3 1.8

8.1 7.53.7 5.4 4.1 2.6

CSF (Lux) Bond Medium Maturity USD B Yearly or year-to-date performance respectively (Fund)CGBI Eurodollar BBB- or Better 3-5Y (08/11)


Former Track record of Equis Europe (19.04.2005 - 15.08.2011)



Maturities in years

0%10%20%30%40%50%60%70%80%90%

0-1 1-3 3-5 5-7 7-10 10-15 >15


USD 100.00 -

Asset Allocation in %Fixed Income 100.00Total 100.00





Credit Ratings in %



assetsFannie Mae 5.000 15.03.16 4.31GECC 3.500 29.06.15 2.63ANZ Bank 3.125 10.08.15 2.51JPMorgan Chase 2.600 15.01.16 2.50EIB 1.625 15.06.17 2.49GECC 5.375 20.10.16 2.12Freddie Mac 2.500 27.05.16 1.97Freddie Mac 2.000 25.08.16 1.93DNB Nor BolKred. 2.900 29.03.16 1.92AT&T 2.950 15.05.16 1.80Total 24.18

Investment policyThe investment objective is to achieve anattractive and steady income in USD based onthe performance of the market for USD bondswith short and medium-term maturities. The fundwill invest in broadly diversified USD mediumterm bonds, other fixed income instruments aswell as variable rate instruments from theinvestment grade area, with emphasis on primeborrower quality. The fund may also invest inconvertibles and bonds with options.

Fund facts



Bloomberg ticker CSBMMUALX

CSBMMUB LX


101.18 101.31

--

Daily

Number of holdings


Average = A

Cre

dit S

uiss

e Fu

nd



111


Credit Suisse Fund (Lux) Bond Medium Maturity USDClass A & B


In the first quarter, with global economicindicators remaining surprisingly resilient – mainlyin the US, emerging markets and selectedEuropean countries – and massive interventionsby the ECB, financial system stability hasimproved and the downside risk to the globaleconomy has been substantially reduced.

In the US, with the unemployment ratedecreasing to 8.3% and unemployment benefitclaims falling to the lowest level since April 2008,consumer confidence reached the

second-highest level in four years and retail salescontinued to climb. Additionally, purchasingmanager indices pointed to a continuedexpansion in business activity. On the otherhand, with oil prices back close to their 2011peaks, inflation rose in February the most in 10months, mainly driven by gasoline prices,accounting for roughly 80% of the headlinefigure.

In the first quarter, the improved financial andeconomic picture supported riskier asset classes

and longer-dated Treasury rates correctedsignificantly higher. Despite the negative impactfrom rising government rates, the CitigroupEurodollar 3-5 years index showed a positiveperformance of 2.56%, mainly due to tightercredit spreads. During the same time period,the relevant swap curve steepened slightly with5-year rates up 4bps at 1.27% and 3-year ratesdown by 6bps to 0.76%. Opposite to theprevious quarter, credit spread contraction wasmainly led by lower rated companies andfinancials.


Massive interventions by the ECB, as well as theGreek debt restructuring, have improved financialstability globally and reduced the risk of a majordownturn. However, the sovereign debt risk hasnot been fully removed and could flare up again.Barring major turmoil, the US recovery looksquite robust, and limited upside surprises arestill possible. Private consumption is supportedby stronger labor income and credit growth, buthigher gasoline prices pose a risk.

While we expect in the short-term interest rate

markets to remain supported by monetary policyand systemic risks, we remain negative on thelong end of the interest rate curve, as currentyields do not compensate for future credit andinflation risks. However, with a significant yieldpick-up and protection from continued easymonetary policy, the short and medium termsegment remains attractive. While the corporatesector remains in a healthy state for the timebeing and supply and demand factors – newissues generally remain oversubscribed by amultiple – are supporting credits, the current rally

has reduced the ability to absorb future volatility.

We continue to invest into fundamentally strongcorporate and financial bonds and at the sametime try to remain as liquid as possible in thecurrent market environment. While subordinatedfinancial debt remains supported by exchangeoffers and the general improvement in investorsentiment, downgrades and political risks keepus alert on this sector.

Portfolio ManagementLuc Mathys joined Credit Suisse in December 2007 as head of global rates and credit within MACS Fixed Income. Prior he wasresponsible for the money market and global fixed in-come products within the fixed income group of Clariden Leu and managed severalinvest-ment funds. Previously he spent two years at Bank Hofmann in the fixed income research and fund management department wherehe was responsible for managing bond funds and for research and distribution of structured investment products. Prior he worked invarious roles and locations for UBS, ultimately as fixed income and currency fund manager at UBS Global Asset Management. Luc Mathysstudied economics, focusing on financial market theory and econometrics, at the University of Bern. In 2003 he successfully qualified as aChartered Financial Analyst (CFA), and then as a Financial Risk Manager (FRM).


112

Fund manager Luc MathysFund manager since 18.05.2010Location ZurichFund domicile LuxembourgFund currency EURClose of financial year 30. SepTotal net assets (in mil.) 82.21Inception date 17.05.2010Management fee in % p.a. 2) 0.40Total expense ratio (ex ante) in % 0.59Benchmark (BM) CGBI EuroBIG 1-3YUnit Class Category A

(distribution)

ISIN LU0480842656

Valor no. 10948649


Fund 136


Credit Suisse Fund (Lux) Bond Short Maturity EURClass A & B


2010 2011 201299

100

101

102

103

104

105

-1%

0%

1%

2%

3%

4%

5%

2.01.6

2.62.0

CSF (Lux) Bond Short Maturity EUR B Yearly or year-to-date performance respectively (Fund)CGBI EuroBIG 1-3Y Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund 0.15 1.62 1.62 4.19 - -Benchmark 0.21 2.00 2.00 4.82 - -

Maturities in years

0%10%20%30%40%50%60%70%80%90%

0-1 1-3 3-5 5-7 7-10 10-15 >15


EUR 99.99 99.99

Asset Allocation in %Government 25.82Financial Bonds 24.71Industrial Bonds 23.06Sovereign/Agencies 12.14Covered/ABS 8.32Utilities 3.31Cash/Cash Equivalents 2.65Total 100.01



Credit Ratings in %





%Maturity as % of

assetsEIB 1.625 15.01.15 2.48GE Capital EU 4.625 04.07.14 2.01Zurich Fin.Services

4.500 17.09.14 1.98

CADES 1.875 16.02.15 1.86ICO 2.875 15.11.13 1.84Germany 2.250 11.04.14 1.81Dt. Industriebank 2.125 10.09.12 1.61Nat. Australia Bk 3.500 23.01.15 1.60UBS 2.000 10.04.15 1.56Bk Nederl. Gem. 3.750 16.12.13 1.55Total 18.30

Investment policyThe aim of the Fund is to achieve a steadyincome in euro. The Fund invests in investmentgrade short-term bonds and other fixed andvariable rate securities of which at least twothirds are denominated in euro. The Fund mayinvest in other currencies than the EUR. The partof such investments which is not hedged againstthe EUR may not exceed 10% of the Fund’sassets.

Fund facts



Bloomberg ticker CSFBSEALX

CSFBSEB LX


100.62 103.77

--

Daily

2) Please note that following a decision by the Fund´sManagement Company, Credit Suisse Fund Management S.A.,as from September 1, 2011 the Annual Management Charge("AMC") is being charged at a reduced rate of 0.40%. TheManagement Company reserves the right to reinstate the fullAMC at its discretion: in the event that such a decision is taken,an update to this footnote will be made in advance indicating thefuture date of reinstatement.

Number of holdings


Average = A

Cre

dit S

uiss

e Fu

nd



113


Credit Suisse Fund (Lux) Bond Short Maturity EURClass A & B



In Europe, we saw a relatively successfuloutcome of the debt exchange offer for Greekdebt and the announcement to increase totalfire power of the European Financial StabilityFacility and European Stability Mechanism to atotal of EUR 500bn – excluding already paid-outor announced schemes. Additionally, the ECB

provided another substantial liquidity injection tothe financial system in the euro area. The secondLong Term Refinancing Operation provided atotal of nearly EUR 530bn in fixed rate funding,and the balance sheet of the ECB has beenboosted by more than half a trillion sinceDecember.

However, with the exception of a few countrieslike Germany, the region is still facing majorheadwinds and the unemployment rate increasedto 10.8%, the highest level in almost 14 years.At the same time inflation slowed less thaneconomists forecasted due to higher energyprices.

In the first quarter, the improved financial andeconomic picture supported riskier asset classes.Mainly driven by spread tightening in the creditand sovereign sector, the Citigroup EuroBig 1-3years index showed a positive performance in thefirst quarter of 2%. During the same time period,the relevant swap curve steepened with 3-yearrates down by 15bps to 1.21% and 1-year ratesdown by 39bps to 1.03%. Opposite to theprevious quarter, credit spread contraction wasmainly led by lower rated issuers, financials andselected peripheral sovereigns like Italy orIreland.


While the massive liquidity injections by the ECBand the Greek debt restructuring havesucceeded in stabilizing banks and governmentdebt funding stress, structural financial issuesand economic weakness remain in place. InEurope, fiscal tightening should keep the overalleconomy weak, and divergences within Europeare expected to remain pronounced. Whileimmediate further easing in monetary policyseems to be unlikely at the current stage, weexpect expansionary policy to continue as somekey risks remain in place, like, for example, highoil prices or the continued struggle of European

sovereigns to improve their financial situation.While we expect in the short-term interest ratemarkets to remain supported by monetary policyand systemic risks, we remain negative on thelong end of the interest rate curve, as currentyields do not compensate for future credit andinflation risks.

However, with a significant yield pick-up andprotection from continued easy monetary policy,the short and medium term segment remainsattractive. While the corporate sector remains ina healthy state for the time being and supply and

demand factors – new issues generally remainoversubscribed by a multiple – are supportingcredits, the current rally has reduced the ability toabsorb future volatility.




114

Fund manager Luc MathysFund manager since 18.05.2010Location ZurichFund domicile LuxembourgFund currency USDClose of financial year 30. SepTotal net assets (in mil.) 156.49Inception date 17.05.2010Management fee in % p.a. 2) 0.40Total expense ratio (ex ante) in % 0.56Benchmark (BM)

CGBI Eurodollar BBB- or Better 1-3YUnit Class Category A

(distribution)

ISIN LU0480843209

Valor no. 10949399


Fund 137


Credit Suisse Fund (Lux) Bond Short Maturity USDClass A & B


2010 2011 2012100

101

102

103

104

105

0%

1%

2%

3%

4%

5%

0.9 0.9

1.51.2

CSF (Lux) Bond Short Maturity USD B Yearly or year-to-date performance respectively (Fund)CGBI Eurodollar BBB- or Better 1-3Y Yearly or year-to-date performance respectively (Benchmark)



Maturities in years

0%10%20%30%40%50%60%70%80%90%

0-1 1-3 3-5 5-7 7-10 10-15 >15


USD 100.00 100.00

Asset Allocation in %Financial Bonds 30.35Industrial Bonds 28.75Sovereign/Agencies 23.82Government 8.62Covered/ABS 1.69Utilities 0.38Cash/Cash Equivalents 5.43Others 0.96Total 100.00





Credit Ratings in %

AAA 24.71AA+ 19.10AA 10.03AA- 12.48A+ 7.48A 9.32A- 8.90BBB+ 5.99BBB 0.98Not rated 1.01


%Maturity as % of

assetsFreddie Mac 4.500 15.01.13 2.87Freddie Mac 3.500 29.05.13 2.68GECC 3.750 14.11.14 2.07Fed Home Lbk 5.500 13.08.14 1.44Austria 3.250 25.06.13 1.42Credit Suisse NY 2.200 14.01.14 1.42BNG 3.750 15.07.13 1.36Kommunekredit 1.250 03.09.13 1.36FHLB 3.875 14.06.13 1.35National AustraliaBk

3.750 02.03.15 1.34

Total 17.31

Investment policyThe aim of the Fund is to achieve a steadyincome in US dollars. The Fund invests ininvestment grade short-term bonds and otherfixed and variable rate securities of which at leasttwo-thirds are denominated in US dollars. TheFund may invest in other currencies than theUSD. The part of such investments which is nothedged against the USD may not ex-ceed 10%of the Fund's assets.

Fund facts



Bloomberg ticker CSFBSUALX

CSFBSUB LX


99.59 102.85

--

Daily

2) Please note that following a decision by the Fund´sManagement Company, Credit Suisse Fund Management S.A.,as from September 1, 2011 the Annual Management Charge("AMC") is being charged at a reduced rate of 0.40%. TheManagement Company reserves the right to reinstate the fullAMC at its discretion: in the event that such a decision is taken,an update to this footnote will be made in advance indicating thefuture date of reinstatement."

Number of holdings


Average = A+

Cre

dit S

uiss

e Fu

nd



115


Credit Suisse Fund (Lux) Bond Short Maturity USDClass A & B






and longer-dated Treasury rates correctedsignificantly higher. Despite the negative impactfrom rising government rates, the CitigroupEurodollar 1-3 years index showed a positiveperformance of 1.19%, mainly due to tightercredit spreads. During the same time period, therelevant swap curve steepened with 3-year ratesdown by 6bps to 0.76% and 1-year rates downby 19bps to 0.49%. Opposite to the previousquarter, credit spread contraction was mainly ledby lower rated companies and financials.









116

Fund manager Luc MathysFund manager since 16.08.2011Location ZurichFund domicile LuxembourgFund currency USDClose of financial year 30. SepTotal net assets (in mil.) 166.21Inception date 16.08.2011Management fee in % p.a. 0.50Total expense ratio (ex ante) in % 0.69Benchmark (BM)

CGBI Eurodollar BBB- or Better (08/11)Unit Class Category A

(distribution)

ISIN LU0650589442

Valor no. 13405060


Fund 127


Credit Suisse Fund (Lux) Bond USDClass A & B


2007 2008 2009 2010 2011 201290

100

110

120

130

140

150

-10%

0%

10%

20%

30%

40%

50%

7.3 5.02.1

6.9 6.81.6

8.3 8.73.0

8.7 7.92.0

CSF (Lux) Bond USD B Yearly or year-to-date performance respectively (Fund)CGBI Eurodollar BBB- or Better (08/11) Yearly or year-to-date performance respectively (Benchmark)

Former Track record of Orchis USD Fixed Income (19.04.2005 - 15.08.2011)



Maturities in years

0%

10%

20%

30%

40%

50%

60%

0-1 1-3 3-5 5-7 7-10 >10


USD 100.00 -






Credit Ratings in %



%Maturity as % of

assetsFreddie Mac 5.125 17.11.17 5.78KFW 4.000 27.01.20 2.71Fannie Mae 5.000 11.05.17 2.13Fannie Mae 5.000 15.03.16 2.09IADB 3.875 14.02.20 2.06BNG 5.125 05.10.16 2.04Rabobank 4.750 15.01.20 1.91Shell InternationalFin.

5.200 22.03.17 1.76

GECC 4.625 07.01.21 1.60GECC 4.375 16.09.20 1.58Total 23.66

Investment policyThe investment objective is to achieve anattractive and steady income in USD based onthe performance of the market for USD bondswith medium and long-term maturities. The cellwill invest in broadly diversified USD medium tolong-term bonds, other fixed income instrumentsas well as variable rate instruments from theinvestment grade area, with emphasis placed onprime borrower quality. The cell may also investin convertibles and bonds with options.

Fund facts



Bloomberg ticker CSBUSDALX

CSBUSDB LX


101.17 101.45

--

Daily

Number of holdings


Average = A

Cre

dit S

uiss

e Fu

nd



117


Credit Suisse Fund (Lux) Bond USDClass A & B






and longer-dated Treasury rates correctedsignificantly higher. Despite the negative impactfrom rising government rates, the CitigroupEurodollar index showed a positive performanceof 1.98% due to tighter credit spreads. Duringthe same time period, the relevant swap curvesteepened significantly with 10-year rates up by26bps to 2.28% and 2-year rates down by15bps to 0.58%. Opposite to the previousquarter, credit spread contraction was mainly ledby lower rated companies and financials.









118

Fund manager Christopher Burton, Nelson LouieFund manager since 07.11.2005, 19.08.2010Location New York, New YorkFund domicile LuxembourgFund currency CHFClose of financial year 30. SepTotal net assets (in mil.) 250.89Inception date 07.11.2005Management fee in % p.a. 1.40Total expense ratio (ex ante) in % 1.58Benchmark (BM)

DJ-UBS Commodity Index (RI) (CHF-Hgd Daily)(06/11)


ISIN LU0230917477

Valor no. 2288450


Credit Suisse Fund (Lux) Commodity Index Plus (Sfr)Class B


2007 2008 2009 2010 2011 201240

60

80

100

120

140

160

-60%

-40%

-20%

0%

20%

40%

60%

10.1

-39.4

22.115.0

-13.8

0.6

13.8

-35.2

18.9 14.6

-13.9

0.8

CSF (Lux) Commodity Index Plus (Sfr) B Yearly or year-to-date performance respectively (Fund)DJ-UBS Commodity Index (RI) (CHF-HgdDaily)(06/11)




Commodity Sectors in %

Agriculture 31.54Energy 30.20Industrial Metals 19.44Precious Metals 13.11Livestock 5.72

Countries in %USA 96.87Cash/Cash Equivalents 3.13



Top collateral holdings in %Position Coupon

%Maturity as % of

assetsUS Treasury 1.375 15.01.13 9.09US Treasury 1.375 15.11.12 5.44US Treasury 1.375 15.10.12 5.44US Treasury 1.500 15.07.12 5.43T-NTS United Statesof Am.

0.375 30.09.12 5.41

US Treasury 0.375 31.10.12 5.41US Treasury 0.000 10.05.12 5.40US Treasury 0.000 27.09.12 4.68US Treasury 1.125 15.12.12 4.35FHLB 0.384 20.12.12 4.33Total 54.98

Investment policyThe aim of the fund is to track the Dow Jones- UBS Commodity Index as closely as possibleby investing in various derivatives. The fund alsoendeavors to achieve enhancement throughactively managing the derivatives. Its lowcorrelation with traditional asset classes makesthe fund an ideal portfolio diversificationinstrument. Furthermore, it offers goodprotection from inflation risks in the event of arise in commodity prices.

Fund facts


Bloomberg ticker CSFLBSB LX



Cre

dit S

uiss

e Fu

nd



119


Credit Suisse Fund (Lux) Commodity Index Plus (Sfr)Class B


Commodities were mixed in Q1 2012. Gasolinegained the most. Refinery outages in conjunctionwith strong export demand have contributed todeclining US Gasoline inventories and strongmargins for domestic refiners. Silver increasedin response to the Fed’s announcement that itwould not raise the Fed Funds target rate untilat least late 2014. Soybeans also increased,buoyed by strength in US export demand,downward revisions to South Americanproduction and the USDA’s report of decreasedplanned acreage. Natural Gas experienced thelargest decline following record temperaturesacross the US and concerns over

larger-than-expected inventory builds exceedingstorage systems space. Coffee dropped to itslowest levels since the fall of 2010 due toexpectations for a record Brazilian crop. LiveCattle declined as fears that weak margins forbeef wholesalers may erode demand.

Precious Metals was the strongest sector.However, speculation that astronger-than-expected US economy might alterthe Fed’s policies limited Gold and Silver returnstowards the end of the quarter. Industrial Metalswas also higher. Copper increased due toimproved economic sentiment, and Aluminum

also increased as smelters dealt with increasingenergy costs. Agriculture also ended the quarterhigher. Sugar was up as exports from Brazilslowed in January, and Mexico’s sugarcaneharvest was downgraded due to an ongoingdrought. The Livestock sector posted a loss asweaker than expected domestic demandoutweighed continued strong exports, furtherpressuring Lean Hogs. Energy was the worstperforming sector despite petroleum productsposting gains due to increased political tensionsin the Middle East, further constricting excessproduction capacity.


Commodities were generally supported by animproved macroeconomic environment in the firstquarter. In March, however, the market wasdisappointed by dips in Chinese, European andUS regional preliminary economic indicators.While some commentators suggested that theglobal rebound is running out of steam, recentpositive data – including housing starts, buildingpermits, existing home sales and a decline in USweekly initial jobless claims – have contributed tooptimism in the market.

Commodity markets in particular continue toremain vulnerable to global supply shocks. We

believe that the majority of the increase in theprice of oil over recent months has been drivenby tight fundamentals, with much of the riskpremia related to supply risk (geopolitical risk,etc). Agriculture remains vulnerable to weatherdisruptions; the sector has recently beensupported by reports of dry weather in SouthAmerica and dramatic cooling of temperaturesfor much of Europe in February. In base metals,new mining capacity has proven more difficultand expensive to obtain while labor disputescontinue to threaten existing production. Thismay bode well for component prices asmacroeconomic risk subsides.

While the economy continues to showimprovement, the US central bank may be inno hurry to raise rates and possibly choke offthe budding recovery. With inflation expectationsremaining well anchored, the odds of inflationovershooting expectations remain elevated.Commodities have historically tended tooutperform during periods of higher thanexpected inflation. We believe investors willcontinue to benefit from the inflation protectionand diversification potential of holding diversifiedcommodities exposure within a portfolio oftraditional assets.

Portfolio ManagementChristopher Burton, Director, is a Portfolio Manager and Trader for the Commodities Group within Credit Suisse Asset Management. Inthis role, Mr. Burton is responsible for analyzing and implementing the team's hedging strategies, indexing strategies, and excess returnstrategies. Prior to joining Credit Suisse in 2005, Mr. Burton served as an Analyst and Derivatives Strategist with Putnam Investments,where he developed the team's analytical tools and managed their options-based yield enhancement strategies, as well as exposuremanagement strategies. Mr. Burton earned a B.S. in Economics with concentrations in Finance and Accounting from the University ofPennsylvania's Wharton School of Business. Additionally, Mr. Burton holds the Chartered Financial Analyst designation and has achievedFinancial Risk Manager® Certification through the Global Association of Risk Professionals (GARP).


120

Fund manager Christopher Burton, Nelson LouieFund manager since 07.11.2005, 19.08.2010Location New York, New YorkFund domicile LuxembourgFund currency CHFClose of financial year 30. SepTotal net assets (in mil.) 250.89Inception date 27.01.2006Management fee in % p.a. 0.40Total expense ratio (ex ante) in % 0.58Benchmark (BM)

DJ-UBS Commodity Index (RI) (CHF-Hgd Daily)(06/11)


ISIN LU0230917808

Valor no. 2288455



Credit Suisse Fund (Lux) Commodity Index Plus (Sfr)Class I


2007 2008 2009 2010 2011 201240

60

80

100

120

140

160

-60%

-40%

-20%

0%

20%

40%

60%

11.2

-38.8

23.416.2

-12.9

0.8

13.8

-35.2

18.9 14.6

-13.9

0.8

CSF (Lux) Commodity Index Plus (Sfr) I Yearly or year-to-date performance respectively (Fund)DJ-UBS Commodity Index (RI) (CHF-HgdDaily)(06/11)









Top collateral holdings in %Position Coupon

%Maturity as % of

assetsUS Treasury 1.375 15.01.13 9.09US Treasury 1.375 15.11.12 5.44US Treasury 1.375 15.10.12 5.44US Treasury 1.500 15.07.12 5.43T-NTS United Statesof Am.

0.375 30.09.12 5.41

US Treasury 0.375 31.10.12 5.41US Treasury 0.000 10.05.12 5.40US Treasury 0.000 27.09.12 4.68US Treasury 1.125 15.12.12 4.35FHLB 0.384 20.12.12 4.33Total 54.98


Fund facts


Bloomberg ticker CSFLBSA LX



Cre

dit S

uiss

e Fu

nd



121


Credit Suisse Fund (Lux) Commodity Index Plus (Sfr)Class I













122

Fund manager Christopher Burton, Nelson LouieFund manager since 07.11.2005, 19.08.2010Location New York, New YorkFund domicile LuxembourgFund currency USDClose of financial year 30. SepTotal net assets (in mil.) 365.32Inception date 07.11.2005Management fee in % p.a. 1.40Total expense ratio (ex ante) in % 1.59Benchmark (BM) DJ-UBS Commodity Index (RI)Unit Class Category B

(capital growth)

ISIN LU0230918368

Valor no. 2288457


Credit Suisse Fund (Lux) Commodity Index Plus (US$)Class B


2007 2008 2009 2010 2011 201240

60

80

100

120

140

160

-60%

-40%

-20%

0%

20%

40%

60%

15.0

-40.1

28.016.8

-12.8

0.8

16.2

-35.6

18.9 16.8

-13.3

0.9

CSF (Lux) Commodity Index Plus (US$) B Yearly or year-to-date performance respectively (Fund)DJ-UBS Commodity Index (RI) Yearly or year-to-date performance respectively (Benchmark)








Top collateral holdings in %Position Coupon % Maturity as % of

assetsUS Treasury 1.375 15.01.13 9.67US Treasury 1.375 15.11.12 6.34US Treasury 1.875 15.06.12 5.49US Treasury 1.500 15.07.12 4.95US Treasury 0.000 31.05.12 4.93US Treasury 0.000 27.09.12 4.65Fannie Mae 0.262 23.11.12 4.38US Treasury 1.375 15.10.12 4.13Freddie Mac 0.193 06.05.13 4.11US Treasury 0.375 31.10.12 4.11Total 52.76


Fund facts


Bloomberg ticker CSFLCUB LX



Cre

dit S

uiss

e Fu

nd



123


Credit Suisse Fund (Lux) Commodity Index Plus (US$)Class B













124

Fund manager Christopher Burton, Nelson LouieFund manager since 07.11.2005, 19.08.2010Location New York, New YorkFund domicile LuxembourgFund currency USDClose of financial year 30. SepTotal net assets (in mil.) 365.32Inception date 31.07.2006Management fee in % p.a. 0.40Total expense ratio (ex ante) in % 0.59Benchmark (BM) DJ-UBS Commodity Index (RI)Unit Class Category I

(capital growth)

ISIN LU0230918954

Valor no. 2288461


Credit Suisse Fund (Lux) Commodity Index Plus (US$)Class I


2007 2008 2009 2010 2011 201240

60

80

100

120

140

160

-60%

-40%

-20%

0%

20%

40%

60%

16.1

-39.5

29.318.0

-11.9

1.1

16.2

-35.6

18.9 16.8

-13.3

0.9

CSF (Lux) Commodity Index Plus (US$) I Yearly or year-to-date performance respectively (Fund)DJ-UBS Commodity Index (RI) Yearly or year-to-date performance respectively (Benchmark)









assetsUS Treasury 1.375 15.01.13 9.67US Treasury 1.375 15.11.12 6.34US Treasury 1.875 15.06.12 5.49US Treasury 1.500 15.07.12 4.95US Treasury 0.000 31.05.12 4.93US Treasury 0.000 27.09.12 4.65Fannie Mae 0.262 23.11.12 4.38US Treasury 1.375 15.10.12 4.13Freddie Mac 0.193 06.05.13 4.11US Treasury 0.375 31.10.12 4.11Total 52.76


Fund facts


Bloomberg ticker CSFLCUI LX



Cre

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125


Credit Suisse Fund (Lux) Commodity Index Plus (US$)Class I













126

Fund 116

Fund manager Oliver GasserFund manager since 11.02.2011Location ZurichFund domicile LuxembourgFund currency EURClose of financial year 30. SepTotal net assets (in mil.) 218.55Inception date 11.02.2011Management fee in % p.a. 1.00Total expense ratio (ex ante) in % 1.18Benchmark (BM)

CB CSF (Lux) Fixed Income Cycle InvestUnit Class Category A

(distribution)

ISIN LU0563098960

Valor no. 12052847



Credit Suisse Fund (Lux) Fixed Income Cycle InvestClass A & B


2011 2012949698

100102104106108110

-6%-4%-2%0%2%4%6%8%

10%

5.2

3.3

CSF (Lux) Fixed Income Cycle Invest B Yearly or year-to-date performance respectively (Fund)CB CSF (Lux) Fixed Income Cycle Invest Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund 0.40 5.22 5.22 0.09 - -Benchmark -0.19 3.27 3.27 8.60 - -

Maturities in years

0%5%

10%15%20%25%30%35%40%

0-1 1-3 3-5 5-7 7-10 >10


EUR 64.50 -USD 26.40 -CHF 8.19 -GBP 0.91 -

Asset Allocation in %Fixed Income 96.46Mortgage Backed Securities 3.54Total 100.00

Number of holdings



Credit Ratings in %Fund

AAA 34.36AA+ 5.15AA 1.46AA- 4.22A+ 9.76A 3.84A- 2.33BBB (Bucket) 28.06BB (Bucket) 10.82


%Maturity as % of

assetsGermany 4.250 04.01.14 3.43Germany 4.500 04.01.13 3.07KFW 3.125 25.02.14 2.40Sparbank BoligReg.

5.000 10.09.13 1.93

Nordea Bank 2.500 02.06.14 1.88Netherlands 5.000 15.07.12 1.86US Treasury 0.500 31.05.13 1.72United OverseasBk.

2.250 07.03.17 1.69

EDC 2.250 28.05.15 1.44EIB 2.500 15.07.15 1.43Total 20.85

Used IndicesBarclays Global Aggr. (RI) (Hgd. into EUR) 70.00Barclays World Infl.-Linked (RI) (Hgd. intoEUR)

15.00

Barclays Global EM (RI) (Hgd. into EUR) 10.00Barclays Global High Yield (RI) (Hgd. into EUR) 5.00

Investment policyThe objective is to achieve the highest possiblereturn within defined risk diversification rules byengaging in active fixed income sector rotationthroughout the different fixed income assetclasses (such as government, corporate,inflation-linked, emerging markets,supranationals, high yield, convertible bonds andcollateralized debt obligations) across the qualityspectrum to capture attractive investmentopportunities based on the development of thebusiness cycle and respective development ofthe interest rate and credit spreads while takingdue account of the liquidity of the assets.

Fund facts



Bloomberg ticker CSFCYCALX

CSFCYCB LX


98.28 99.53

--

Daily




Cre

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127


Credit Suisse Fund (Lux) Fixed Income Cycle InvestClass A & B


In the first quarter of 2012, the main driversof performance were the ECB’s two long-termrefinancing operations (LTRO) in December andMarch whereby banks borrowed slightly morethan EUR 1trn. Net of repaying other facilities,the increase in banks’ borrowings from the eurosystem amounted to EUR 523bn. With thenear-term risk of a liquidity event largelyremoved, eurozone bank bonds and stressedeurozone sovereigns rallied and in turn alsoprompted a relief rally in high grade and high yieldcorporate bonds.

Banks in Italy and Spain used a large percentageof the newly obtained funds to buy the bonds oftheir domestic governments. According to ECBdata, banks in those two countries increasedtheir holdings of government bonds by EUR50bn and EUR 41bn in January and February.

The first quarter also saw a near-term resolutionfor the Greek government debt problem with85.8% of bondholders deciding to agree to therestructuring of their bonds. However, an

economic report for the European Commissionhas since found that some debt targets for 2020were based on optimistic assumptions aboutgrowth and will need to be revised upwards.

Towards the end of March, worries over the stateof the Spanish economy resurfaced due to adeterioration in the Spanish government’sfinancing position and Spain’s slowdown ingrowth subsequently causing markets to plungeonce again.


The European periphery will remain in focus forquite some time to come, with Spain and Italythe biggest concerns. While Italy’s fiscal andeconomic outlook is weak, we believe Spain willenter a Troika programme this year in order torecapitalize and restructure its banks. Marketparticipants will closely follow their progress on

meeting deficit targets and further austeritymeasures could well be necessary.

At the same time, we believe the global growthpicture will remain under pressure, thus forcingcentral banks to remain highly accommodative. Inthe short to medium term, we therefore see the

market outlook skewed to the negative side withonly a few potential positive impacts arising fromthe outcome of the French and Greek electionsat the beginning of May and the Irish referendumon its Fiscal Compact at the end of May.

Portfolio ManagementOliver R. Gasser, CFA has global responsibility for structured finance within the Fixed Income team of Credit Suisse Asset Management.Prior to joining Credit Suisse, Oliver Gasser was a Director at UBS from 2002 through 2007, where as a Credit Portfolio Manager he wasresponsible for credit (de-)investments of the loan book of Global WM&BB. Prior to that, Oliver worked n various roles in the fixed incometrading and sales division of CS and CSFB Zurich for over 12 years. Mr. Gasser holds a Degree in BA from the University of AppliedSciences Zurich and qualified as a Chartered Financial Analyst (CFA) in 2006.


128


CB CSF (Lux) Fixed Income Cycle InvestUnit Class Category I

(capital growth)

ISIN LU0563099695

Valor no. 12052870


Fund 116


Credit Suisse Fund (Lux) Fixed Income Cycle InvestClass I


2011 2012949698

100102104106108110

-6%-4%-2%0%2%4%6%8%

10%

5.3

3.3

CSF (Lux) Fixed Income Cycle Invest I Yearly or year-to-date performance respectively (Fund)CB CSF (Lux) Fixed Income Cycle Invest Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund 0.44 5.33 5.33 0.43 - -Benchmark -0.19 3.27 3.27 8.60 - -

Maturities in years

0%5%

10%15%20%25%30%35%40%

0-1 1-3 3-5 5-7 7-10 >10


EUR 64.50 -USD 26.40 -CHF 8.19 -GBP 0.91 -







%Maturity as % of


5.000 10.09.13 1.93


2.250 07.03.17 1.69

EDC 2.250 28.05.15 1.44EIB 2.500 15.07.15 1.43Total 20.85

Used IndicesBarclays Global Aggr. (RI) (Hgd. into EUR) 70.00Barclays World Infl.-Linked (RI) (Hgd. intoEUR)

15.00

Barclays Global EM (RI) (Hgd. into EUR) 10.00Barclays Global High Yield (RI) (Hgd. into EUR) 5.00


Fund facts


Bloomberg ticker CSFICIA LX


Number of holdings




Cre

dit S

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nd



129


Credit Suisse Fund (Lux) Fixed Income Cycle InvestClass I














130


CB CSF (Lux) Fixed Income Cycle Invest CHFUnit Class Category R


ISIN LU0563100022

Valor no. 12052874


Fund 116


Credit Suisse Fund (Lux) Fixed Income Cycle InvestClass R CHF


2011 201292949698

100102104106108

-8%-6%-4%-2%0%2%4%6%8%

5.0

1.8

CSF (Lux) Fixed Income Cycle Invest R CHF Yearly or year-to-date performance respectively (Fund)CB CSF (Lux) Fixed Income Cycle InvestCHF



1 month 3 months YTD 1 year 3 years 5 yearsFund 0.44 5.02 5.02 -1.56 - -Benchmark -0.18 1.77 1.77 7.12 - -

Maturities in years

0%5%

10%15%20%25%30%35%40%

0-1 1-3 3-5 5-7 7-10 >10

Currencies in %EUR 64.50USD 26.40CHF 8.19GBP 0.91In addition to the currency table shown above, for this class,hedging strategies, by means of forward foreign exchangetransactions, are implemented to protect the class currencyagainst currency fluctuations of the fund's reference currency.This may substantially protect investors against a decrease in thevalue of the fund's reference currency relative to the hedgedclass currency, but it may also preclude investors from benefitingfrom an increase in the value of the fund's currency.







%Maturity as % of


5.000 10.09.13 1.93


2.250 07.03.17 1.69

EDC 2.250 28.05.15 1.44EIB 2.500 15.07.15 1.43Total 20.85

Used IndicesBarclays Global Aggr. (RI) (Hgd. into CHF) 70.00Barclays World Infl.-Linked (RI) (Hgd. intoCHF)

15.00

Barclays Global EM (RI) (Hgd. into CHF) 10.00Barclays Global High Yield (RI) (Hgd. into CHF) 5.00


Fund facts


Bloomberg ticker CSFCYRC LX


Number of holdings




Cre

dit S

uiss

e Fu

nd



131


Credit Suisse Fund (Lux) Fixed Income Cycle InvestClass R CHF














132


CB CSF (Lux) Fixed Income Cycle Invest USDUnit Class Category R


ISIN LU0563100378

Valor no. 12052893


Fund 116


Credit Suisse Fund (Lux) Fixed Income Cycle InvestClass R USD


2011 201292949698

100102104106108110

-8%-6%-4%-2%0%2%4%6%8%

10%

5.2

1.9

CSF (Lux) Fixed Income Cycle Invest R USD Yearly or year-to-date performance respectively (Fund)CB CSF (Lux) Fixed Income Cycle InvestUSD



1 month 3 months YTD 1 year 3 years 5 yearsFund 0.53 5.18 5.18 -0.43 - -Benchmark -0.15 1.92 1.92 7.90 - -

Maturities in years

0%5%

10%15%20%25%30%35%40%

0-1 1-3 3-5 5-7 7-10 >10

Currencies in %EUR 64.50USD 26.40CHF 8.19GBP 0.91In addition to the currency table shown above, for this class,hedging strategies, by means of forward foreign exchangetransactions, are implemented to protect the class currencyagainst currency fluctuations of the fund's reference currency.This may substantially protect investors against a decrease in thevalue of the fund's reference currency relative to the hedgedclass currency, but it may also preclude investors from benefitingfrom an increase in the value of the fund's currency.







%Maturity as % of


5.000 10.09.13 1.93


2.250 07.03.17 1.69

EDC 2.250 28.05.15 1.44EIB 2.500 15.07.15 1.43Total 20.85

Used IndicesBarclays Global Aggr. (RI) (Hgd. into USD) 70.00Barclays World Infl.-Linked (RI) (Hgd. intoUSD)

15.00

Barclays Global EM (RI) (Hgd. into USD) 10.00Barclays Global High Yield (RI) (Hgd. into USD) 5.00


Fund facts


Bloomberg ticker CSFCYRU LX


Number of holdings




Cre

dit S

uiss

e Fu

nd



133


Credit Suisse Fund (Lux) Fixed Income Cycle InvestClass R USD














134

Purchases Sales- ABB reg- SVENSKA KULLAGERFABRIKEN b- KEPPEL

Fund manager iMACS Funds TeamFund manager since 01.03.2012Location ZurichFund domicile LuxembourgFund currency EURClose of financial year 30. SepTotal net assets (in mil.) 112.03Inception date 15.01.2009Management fee in % p.a. 1.92Total expense ratio (ex ante) in % 2.16Benchmark (BM) DJ Sustainability World Index (NR)Unit Class Category B

(capital growth)

ISIN LU0395641813

Valor no. 4751729



Credit Suisse Fund (Lux) Global Responsible EquitiesClass B


2009 2010 2011 20128090

100110120130140150160

-20%-10%

0%10%20%30%40%50%60%

12.8

-6.7

6.513.9

-4.8

7.8

CSF (Lux) Global Responsible Equities B Yearly or year-to-date performance respectively (Fund)DJ Sustainability World Index (NR) Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund 0.56 6.49 6.49 1.56 54.66 -Benchmark 0.50 7.75 7.75 3.62 68.06 -

Sectors in %Fund

Financials 16.10Health Care 14.13Information Technology 13.43Industrials 12.32Materials 11.58Consumer Staples 9.69Energy 9.20Consumer Discretionary 7.19Cash/Cash Equivalents 1.37Others 4.98

Currencies in %

USD 38.97EUR 18.32GBP 11.02JPY 7.36CHF 6.92AUD 6.66CAD 2.70DKK 2.23SGD 1.42Others 4.39

Countries in %

USA 34.61United Kingdom 10.95Japan 7.28Switzerland 6.89Australia 6.61Germany 6.36France 4.88Brazil 3.76Canada 2.70Others 15.96




Top 10 Holdings in %Sigma Finance 2.32HSBC Holdings 2.15Nike 1.90Johnson & Johnson 1.74Oracle 1.71Samsung Electronics 1.71Intel 1.70Novo Nordisk 1.65Canon 1.62Agrium 1.60Total 18.10

Investment policyThis fund's objective is to generate the highestpossible return in euros by taking advantage ofthe possibilities for international diversification.The fund invests at least 80% in equities andequity-type securities worldwide. In addition tothis equity portfolio, the fund may hold up to20% of its assets in money market instruments.The selection of investments is geared largelytoward compliance with international norms andstandards in the field of Environment, Social andCorporate Governance (ESG) and the UNPrinciples for Responsible Investments (PRI).

Fund facts


Bloomberg ticker CSFGREB LX



Cre

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135


Credit Suisse Fund (Lux) Global Responsible EquitiesClass B


The first quarter of 2012 was again marked bythe debt situation in the eurozone, albeit this timeon a rather positive note. Government bonds ofItaly and Spain recovered some of their losses,whereas the German, French and some otherbond markets stayed at their low levels. Thegeneral mood could be summarized as “risk on”.

Economic indicators were pointing to a slightacceleration in economic growth, but were stillrather soft. This moved commodity prices up,especially oil. Equity markets also saw an

uptrend in prices. In the currency markets thepeg in EUR/CHF set by the SNB in earlySeptember at 1.20 held. It seems that Japanhas taken a similar course as the SNB and as aconsequence the JPY weakened considerably.

The eurozone showed growth in Q4 2011 of-0.3%, which was in line with expectations andthe unemployment rate increased above 10%.Greece, Italy and Spain entered into recessionduring Q4, so growth rates for the eurozone willbe low in Q1 2012. In the US growth accelerated

to 3% in Q4. House prices stabilized at lowerlevels but new building is still lagging.

Switzerland showed lower GDP growth in Q4 of0.1%, due to the strong Swiss franc dampeningforeign demand. Private consumption is stillrobust, but seems to be losing momentum. Theunemployment rate is stabilizing at low levels.The CPI and PPI are lower than before, with theCPI turning negative y-o-y.


On a global level the growth picture still lookssolid. This includes the intact growth trends inAsia. Accordingly, we believe the risk of globalrecession to be moderate, but existing, though

growth in the mature markets is likely to remainvery low.

We have key overweights in the Emerging

Markets, whereas we may remain underweight inthe US, and neutral in the eurozone and Japan.

Portfolio ManagementThe portfolio is managed by a team of experienced investment professionals who are based in Zurich. The fund is managed according to CS private bankingresearch stock selection and in line with CS Asset Management Investment views. The team includes several portfolio managers who contribute to theco-management of the fund according to their area of expertise.


136

Purchases Sales- ABB reg- SVENSKA KULLAGERFABRIKEN b- KEPPEL

Fund manager iMACS Funds TeamFund manager since 01.03.2012Location ZurichFund domicile LuxembourgFund currency EURClose of financial year 30. SepTotal net assets (in mil.) 112.03Inception date 13.11.2009Management fee in % p.a. 0.75Total expense ratio (ex ante) in % 0.95Benchmark (BM) DJ Sustainability World Index (NR)Unit Class Category I

(capital growth)

ISIN LU0395641904

Valor no. 4751734

Min. Init. Investm. Amount (in mill.) 3Redemptions DailyEU taxation Out of scope


Credit Suisse Fund (Lux) Global Responsible EquitiesClass I


2009 2010 2011 20129095

100105110115120125130135

-10%-5%0%5%

10%15%20%25%30%35%

14.2

-5.6

6.8

13.9

-4.8

7.8

CSF (Lux) Global Responsible Equities I Yearly or year-to-date performance respectively (Fund)DJ Sustainability World Index (NR) Yearly or year-to-date performance respectively (Benchmark)



Sectors in %Fund

Financials 16.10Health Care 14.13Information Technology 13.43Industrials 12.32Materials 11.58Consumer Staples 9.69Energy 9.20Consumer Discretionary 7.19Cash/Cash Equivalents 1.37Others 4.98

Currencies in %

USD 38.97EUR 18.32GBP 11.02JPY 7.36CHF 6.92AUD 6.66CAD 2.70DKK 2.23SGD 1.42Others 4.39

Countries in %

USA 34.61United Kingdom 10.95Japan 7.28Switzerland 6.89Australia 6.61Germany 6.36France 4.88Brazil 3.76Canada 2.70Others 15.96




Top 10 Holdings in %Sigma Finance 2.32HSBC Holdings 2.15Nike 1.90Johnson & Johnson 1.74Oracle 1.71Samsung Electronics 1.71Intel 1.70Novo Nordisk 1.65Canon 1.62Agrium 1.60Total 18.10

Investment policyThis fund's objective is to generate the highestpossible return in euros by taking advantage ofthe possibilities for international diversification.The fund invests at least 80% in equities andequity-type securities worldwide. In addition tothis equity portfolio, the fund may hold up to20% of its assets in money market instruments.The selection of investments is geared largelytoward compliance with international norms andstandards in the field of Environment, Social andCorporate Governance (ESG) and the UNPrinciples for Responsible Investments (PRI).

Fund facts


Bloomberg ticker CSFGREI LX



Cre

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137


Credit Suisse Fund (Lux) Global Responsible EquitiesClass I












Markets, whereas we may remain underweight inthe US, and neutral in the eurozone and Japan.



138

Fund manager Luc MathysFund manager since 16.08.2011Location ZurichFund domicile LuxembourgFund currency EURClose of financial year 30. SepTotal net assets (in mil.) 360.37Inception date 16.08.2011Management fee in % p.a. 0.30Total expense ratio (ex ante) in % 0.39Benchmark (BM) Citigroup EMU EUR 3M Euro Dep.Unit Class Category B

(capital growth)

ISIN LU0650600199

Valor no. 13405155


Fund 108


Credit Suisse Fund (Lux) Money Market EURClass B


2007 2008 2009 2010 2011 2012100

102

104

106

108

110

112

114

0%

2%

4%

6%

8%

10%

12%

14%

3.5 3.6

2.00.8 0.8 0.3

4.24.9

1.40.5

1.20.3

CSF (Lux) Money Market EUR B Yearly or year-to-date performance respectively (Fund)Citigroup EMU EUR 3M Euro Dep. Yearly or year-to-date performance respectively (Benchmark)

Former Track record of Orchis EUR Money Market (19.04.2005 - 15.08.2011)



Maturities in months

0%

5%

10%

15%

20%

25%

30%

0-1 1-2 2-3 3-6 6-9 9-12 >12


EUR 100.00 -



Gross portfolio yield in % 0.65Average remaining term to maturity in days 201Modified duration (days) 194


Annualised volatility in % 0.17 0.38Information ratio 1.07 -1.02Tracking Error (Ex post) 0.18 0.25Maximum drawdown in % 2) - -2) Maximum drawdown is the most negative cumulative returnover a given time period.

Credit Ratings in %

AAA 45.90AA+ 8.97AA 5.02AA- 10.28A+ 20.21A 2.22A- 7.40


assetsFinland 4.250 15.09.12 3.11Dt. Industriebank 2.125 10.09.12 2.79Germany 0.750 14.09.12 2.78EIB 2.500 15.04.12 2.58BNG 4.625 13.09.12 2.54KFW 5.250 04.07.12 2.25Roche 4.625 04.03.13 2.01UBS London 2.375 21.01.13 1.99Unedic 2.125 03.12.12 1.90CADES 2.625 25.04.12 1.89Total 23.84

Investment policyThe investment objective is to achieve anattractive and steady income in EUR based onthe performance of EUR money marketinstruments.The fund will invest in broadly diversified EURmoney market instruments from the investmentgrade area, with emphasis on prime borrowerquality.

Fund facts


Bloomberg ticker CSLMMEB LX


Number of holdings


Cre

dit S

uiss

e Fu

nd



139


Credit Suisse Fund (Lux) Money Market EURClass B






In the first quarter, the improved financial andeconomic picture supported riskier asset classes.The Citigroup EUR 3 month deposit indexshowed a positive performance in the first quarter0.29%. During the same time period, therelevant EUR Libor curve steepened with12-month rates down by 53bps to 1.38% and3-month rates down by 61bps to 0.68%.Opposite to the previous quarter, credit spreadcontraction was mainly led by lower rated issuers,financials and selected peripheral sovereigns likeItaly or Ireland.


While the massive liquidity injections by the ECBand the Greek debt restructuring havesucceeded in stabilizing banks and governmentdebt funding stress, structural financial issuesand economic weakness remain in place. InEurope, fiscal tightening should keep the overalleconomy weak, and divergences within Europeare expected to remain pronounced. Whileimmediate further easing in monetary policyseems to be unlikely at the current stage, weexpect expansionary policy to continue as somekey risks remain in place, like, for example, highoil prices or the continued struggle of Europeansovereigns to improve their financial situation.

While we expect in the short-term interest ratemarkets to remain supported by monetary policyand systemic risks, we remain negative on thelong end of the interest rate curve, as currentyields do not compensate for future credit andinflation risks.

However, within the money market universe, weaim to profit from positive carry in longer-datedmoney market instruments as central bank ratesare not expected to increase within the timehorizon of the average maturity of the fund. Whilethe corporate sector remains in a healthy statefor the time being and supply and demand

factors – new issues generally remainoversubscribed by a multiple – are supportingcredits, the current rally has reduced the ability toabsorb future volatility.




140

Fund manager Luc MathysFund manager since 16.08.2011Location ZurichFund domicile LuxembourgFund currency EURClose of financial year 30. SepTotal net assets (in mil.) 360.37Inception date 16.08.2011Management fee in % p.a. 0.25Total expense ratio (ex ante) in % 0.34Benchmark (BM) Citigroup EMU EUR 3M Euro Dep.Unit Class Category I

(capital growth)

ISIN LU0650600512

Valor no. 13405159


Fund 108


Credit Suisse Fund (Lux) Money Market EURClass I


2007 2008 2009 2010 2011 2012100

102

104

106

108

110

112

114

0%

2%

4%

6%

8%

10%

12%

14%

3.5 3.6

2.00.8 0.8 0.3

4.24.9

1.40.5

1.20.3

CSF (Lux) Money Market EUR I Yearly or year-to-date performance respectively (Fund)Citigroup EMU EUR 3M Euro Dep. Yearly or year-to-date performance respectively (Benchmark)

Former Track record of Orchis EUR Money Market (19.04.2005 - 15.08.2011)




0%

5%

10%

15%

20%

25%

30%

0-1 1-2 2-3 3-6 6-9 9-12 >12


EUR 100.00 -





Annualised volatility in % 0.17 0.38Information ratio 1.10 -1.01Tracking Error (Ex post) 0.17 0.25Maximum drawdown in % 2) - -2) Maximum drawdown is the most negative cumulative returnover a given time period.

Credit Ratings in %

AAA 45.90AA+ 8.97AA 5.02AA- 10.28A+ 20.21A 2.22A- 7.40


assetsFinland 4.250 15.09.12 3.11Dt. Industriebank 2.125 10.09.12 2.79Germany 0.750 14.09.12 2.78EIB 2.500 15.04.12 2.58BNG 4.625 13.09.12 2.54KFW 5.250 04.07.12 2.25Roche 4.625 04.03.13 2.01UBS London 2.375 21.01.13 1.99Unedic 2.125 03.12.12 1.90CADES 2.625 25.04.12 1.89Total 23.84

Investment policyThe investment objective is to achieve anattractive and steady income in EUR based onthe performance of EUR money marketinstruments.The fund will invest in broadly diversified EURmoney market instruments from the investmentgrade area, with emphasis on prime borrowerquality.

Fund facts


Bloomberg ticker CSLMMEI LX


Number of holdings


Cre

dit S

uiss

e Fu

nd



141


Credit Suisse Fund (Lux) Money Market EURClass I






In the first quarter, the improved financial andeconomic picture supported riskier asset classes.The Citigroup EUR 3 month deposit indexshowed a positive performance in the first quarter0.29%. During the same time period, therelevant EUR Libor curve steepened with12-month rates down by 53bps to 1.38% and3-month rates down by 61bps to 0.68%.Opposite to the previous quarter, credit spreadcontraction was mainly led by lower rated issuers,financials and selected peripheral sovereigns likeItaly or Ireland.


While the massive liquidity injections by the ECBand the Greek debt restructuring havesucceeded in stabilizing banks and governmentdebt funding stress, structural financial issuesand economic weakness remain in place. InEurope, fiscal tightening should keep the overalleconomy weak, and divergences within Europeare expected to remain pronounced. Whileimmediate further easing in monetary policyseems to be unlikely at the current stage, weexpect expansionary policy to continue as somekey risks remain in place, like, for example, highoil prices or the continued struggle of Europeansovereigns to improve their financial situation.

While we expect in the short-term interest ratemarkets to remain supported by monetary policyand systemic risks, we remain negative on thelong end of the interest rate curve, as currentyields do not compensate for future credit andinflation risks.

However, within the money market universe, weaim to profit from positive carry in longer-datedmoney market instruments as central bank ratesare not expected to increase within the timehorizon of the average maturity of the fund. Whilethe corporate sector remains in a healthy statefor the time being and supply and demand

factors – new issues generally remainoversubscribed by a multiple – are supportingcredits, the current rally has reduced the ability toabsorb future volatility.




142

Fund manager Eric SuterFund manager since 01.05.1995Location ZurichFund domicile LuxembourgFund currency CHFClose of financial year 30. SepTotal net assets (in mil.) 844.91Inception date 02.08.2010Management fee in % p.a. 0.05Total expense ratio (ex ante) in % 0.11Benchmark (BM) Citigroup CHF 3M Euro Dep.Unit Class Category B

(capital growth)

ISIN LU0507202330

Valor no. 11273207


Fund 71


Credit Suisse Fund (Lux) Money Market SfrClass B


2007 2008 2009 2010 2011 201299

100101102103104105106107

-1%0%1%2%3%4%5%6%7%

1.5 1.20.6 0.3

-0.10.1

2.4 2.7

0.5 0.2 0.2 0.0

CSF (Lux) Money Market Sfr B Yearly or year-to-date performance respectively (Fund)Citigroup CHF 3M Euro Dep. Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund 0.01 0.08 0.08 -0.05 0.93 3.47Benchmark 0.00 0.02 0.02 0.17 0.68 5.62


0%

5%

10%

15%

20%

25%

0-1 1-2 2-3 3-6 6-9 9-12 >12


CHF 100.00 100.00

Asset Allocation in %Commercial Paper 29.81Covered/ABS 22.13Financial Bonds 11.97Government 6.55Industrial Bonds 5.38Certificates of Deposit 4.73Sovereign/Agencies 4.62Utilities 0.23Cash/Cash Equivalents 8.29Others 6.27Total 99.98



Credit Ratings in %

AAA 28.15AA+ 9.50AA 7.35AA- 10.49A-1+ 13.28A-1 24.39Not rated 6.84




%Maturity as % of

assetsBPCE 21.05.12 2.96ECP Abbey Nat. 21.05.12 2.96Lloyds TSB 09.05.12 2.96SOCIETEGENERALE

11.06.12 2.96

Nestlé 1.250 24.04.12 2.88ABN AMRO Bk 05.04.12 2.84Barclays Bank 18.04.12 2.84BGL BNP Paribas 21.06.12 2.84Caisse des Depots 12.09.12 2.84LB Hessen-Thu 05.04.12 2.84Total 28.92

Investment policyThe aim of the fund is to achieve a high andsteady income in Swiss francs whilst taking intoaccount the security and stability of the capital.The fund invests at least two-thirds of its assetsin CHF- denominated money market instrumentsas well as in short-dated fixed interest andvariable rate paper with first class borrowerratings. The Fund may hold fixed incomesecurities denominated in other currencies thanthe CHF, however, currency exposure has to befully hedged in CHF.

CS MMF (Lux) Sfr B merged into CSF (Lux)MMF Sfr B as of 30.7.2010

Fund facts


Bloomberg ticker CSFMMSB LX


Number of holdings


Average = AA

Cre

dit S

uiss

e Fu

nd



143


Credit Suisse Fund (Lux) Money Market SfrClass B


Substantial liquidity injections by the ECB (LTROI and LTRO II) and the restructuring of the Greekgovernment debt helped to stabilize markets inQ1 2012. There are still structural problemsrelated to European borrowers (which are notto be underestimated) and heterogeneous globalgrowth patterns. Nevertheless, the Swisseconomy narrowly avoided recession thanks todomestic consumption and high demand forSwiss watches and pharmaceutical products in

other countries. The SNB stuck to its guns andmaintained its expansive monetary policy, onceagain confirming a minimum exchange rate of1.20 francs to the euro.






For the first time since last year the score ofour interest rate factor model turned negative asthe more friendly fundamental picture suggestshigher yields going forward. The technical inputalso changed to negative due to an overboughtsituation in the short term. The behavioral inputalso neutralized because of the recent strongflattening of the yield curve. We recommend topquality issues and would increase thediversification in the portfolio as even some wellregarded names have gotten into trouble.




144

Fund manager Luc MathysFund manager since 16.08.2011Location ZurichFund domicile LuxembourgFund currency USDClose of financial year 30. SepTotal net assets (in mil.) 400.77Inception date 16.08.2011Management fee in % p.a. 0.15Total expense ratio (ex ante) in % 0.24Benchmark (BM) Citigroup USD 3M Euro Dep.Unit Class Category B

(capital growth)

ISIN LU0650600785

Valor no. 13405161


Fund 97


Credit Suisse Fund (Lux) Money Market USDClass B


2007 2008 2009 2010 2011 201298

100

102

104

106

108

110

112

-2%

0%

2%

4%

6%

8%

10%

12%

4.2

2.31.4

0.5

0.00.1

5.5

3.4

0.90.3 0.3 0.1

CSF (Lux) Money Market USD B Yearly or year-to-date performance respectively (Fund)Citigroup USD 3M Euro Dep. Yearly or year-to-date performance respectively (Benchmark)

Former Track record of Orchis USD Money Market (19.04.2005 - 15.08.2011)




0%

5%

10%

15%

20%

25%

0-1 1-2 2-3 3-6 6-9 9-12 >12


USD 100.00 -

Asset Allocation in %Fixed Income 88.18Money Market 11.82Total 100.00





Credit Ratings in %

AAA 38.56AA+ 26.93AA 7.30AA- 8.97A+ 11.34A 4.90A- 2.00


assetsCouncil of Europe 5.500 15.06.12 1.89Denmark 2.250 14.05.12 1.87NWB 5.375 04.09.12 1.53OEKB 4.750 16.10.12 1.53IADB 4.375 20.09.12 1.52EIB 1.750 14.09.12 1.51ANZ Bank 3.250 02.04.12 1.50Danske Bank 2.500 10.05.12 1.50Leaseplan Corp. 3.000 07.05.12 1.50US Treasury 0.000 05.04.12 1.50Total 15.85

Investment policyThe investment objective is to achieve anattractive and steady income in USD based onthe performance of USD money marketinstruments.The fund will invest in broadly diversified USDmoney market instruments from the investmentgrade area, with emphasis on prime borrowerquality.

Fund facts


Bloomberg ticker CSLMMUB LX


Number of holdings


Average = AA-

Cre

dit S

uiss

e Fu

nd



145


Credit Suisse Fund (Lux) Money Market USDClass B






and longer-dated Treasury rates correctedsignificantly higher. The Citigroup USD 3 MonthDeposit index showed a positive performanceof 0.13%. During the same time period, therelevant USD Libor curve steepened slightly with12-month rates down by 8bps to 1.05% and3-month rates down by 11bps to 0.47%.Opposite to the previous quarter, credit spreadcontraction was mainly led by lower ratedcompanies and financials.




markets to remain supported by monetary policyand systemic risks, we remain negative on thelong end of the interest rate curve, as currentyields do not compensate for future credit andinflation risks. However, within the money marketuniverse, we aim to profit from positive carryin longer-dated money market instruments ascentral bank rates are not expected to increasewithin the time horizon of the average maturity ofthe fund. While the corporate sector remains in ahealthy state for the time being and supply anddemand factors – new issues generally remain

oversubscribed by a multiple – are supportingcredits, the current rally has reduced the ability toabsorb future volatility.




146

Fund manager Daniele PagliaFund manager since 24.03.2006Location ZurichFund domicile LuxembourgFund currency EURClose of financial year 30. SepTotal net assets (in mil.) 447.77Inception date 24.03.2006Management fee in % p.a. 1.00Total expense ratio (ex ante) in % 1.21Benchmark (BM)

JPM GBI EMU Investment Grade Traded (08/10)Unit Class Category B

(capital growth)

ISIN LU0230911603

Valor no. 2288515



Credit Suisse Fund (Lux) Relative Return Engineered (Euro)Class B


2007 2008 2009 2010 2011 201295

100

105

110

115

120

125

130

-5%

0%

5%

10%

15%

20%

25%

30%

0.4

9.4

3.6 2.94.5

2.61.8

9.4

4.31.2

3.7 3.5

CSF (Lux) Relative Return Engineered (Euro) B Yearly or year-to-date performance respectively (Fund)JPM GBI EMU Investment Grade Traded (08/10)





USD 93.60 0.07EUR 4.21 99.93AUD 0.42 -CAD 0.33 -CHF 0.27 -GBP 0.26 -DKK 0.26 -HKD 0.18 -NOK 0.13 -Others 0.34 0.00

Credit Ratings in %AAA 11.76AA+ 5.04AA 21.40A- 11.70BBB+ 47.60BB+ 2.50

Underlying portfolioCash 1.58Hedged equities idx futures 9.52Hedged equities forwards 88.90

Duration and YieldModified duration in years 6.09



Investment policyThe fund's investment objective is to achievea better return than the benchmark on arisk-adjusted basis. The fund syntheticallyreplicates the risk-return dimensions of atraditional bond investment (interest rates, creditand currency) using standard derivatives. Thanksto very liquid markets and low transaction costs,the fund has a high degree of flexibility in theimplementation of its strategy. The investmentstrategy consists of positioning the fund againstthe benchmark along the duration, maturities andcredit dimensions. The risk-return profile of thefund is similar to that of a traditional bond fund.

Fund facts


Bloomberg ticker CRRREEB LX



Cre

dit S

uiss

e Fu

nd



147


Credit Suisse Fund (Lux) Relative Return Engineered (Euro)Class B


On the wake of the second 3-year LTRO, Q1has been very positive for risky assets. It wasthe best quarter for many equity markets since1998, even if the last couple of weeks showedsome weakness. Record mutual fund inflows intoa shrinking market also made Q1 the strongestquarter for European credit in at least a decade.The iTraxx Main CDS index tightened 47bps on

the quarter. Financials outperformed, with theiTraxx Senior Financial index tightening 58bps.

Peripheral government bond markets profitedfrom buying by domestic banks, with BTPsreturning 11.1% on the quarter. With +1.1%,Spain lagged the outperformance of theperiphery markets and is shaping up to become

the next European crisis hotspot. Coregovernment bonds were modestly negative inQ1. Treasuries and Gilts were down 1.3% and1.8%, while Bunds were around flat (+0.2%)on a total return basis. On the currency frontthe USD lost 2.9% against the EUR but gained7.2% against the JPY.


The second 3-year long term refinancingoperation (LTRO) of the ECB acted like anadrenaline shock, tilting the markets back to arisk on modus. But cheap liquidity can onlysubmerge fundamental problems and lift all boatsfor a while, it is no cure for deeper solvency

problems. With central banks on hold for themoment and the effect of past liquidity shotssubsiding rapidly, markets could enter aconsolidation phase in Q2. Upcoming elections inFrance and Greece will add to overall uncertainty.Markets will remain volatile and continue trading

within wide ranges. After the sharp rally in Q1we would take some profits and reduce creditexposure, especially in financials. We are alsoturning more cautious on duration, with a slightlyshorter position than the benchmark.

Portfolio ManagementDaniele Paglia, Director, is a senior portfolio manager in the Fixed Income Total Return Strategy team. He is also responsible for fixedincome Swap products. Prior to joining CSAM in 2002, he spent three years as a quantitative fixed income analyst and portfolio managerat Zürcher Kantonalbank. Before that the worked for six years as a fixed income analyst at UBS in Zurich and London. He graduated fromthe University of Zurich (specialising in finance and operations research).


148

Fund manager Daniele PagliaFund manager since 24.03.2006Location ZurichFund domicile LuxembourgFund currency EURClose of financial year 30. SepTotal net assets (in mil.) 447.77Inception date 16.01.2007Management fee in % p.a. 0.50Total expense ratio (ex ante) in % 0.71Benchmark (BM)

JPM GBI EMU Investment Grade Traded (08/10)Unit Class Category I

(capital growth)

ISIN LU0230912163

Valor no. 2288520

Min. Init. Investm. Amount (in mill.) 3Redemptions DailyEU taxation Out of scope


Credit Suisse Fund (Lux) Relative Return Engineered (Euro)Class I


2007 2008 2009 2010 2011 201295

100

105

110

115

120

125

130

-5%

0%

5%

10%

15%

20%

25%

30%

9.9

4.2 3.45.0

2.7

9.4

4.31.2

3.7 3.5

CSF (Lux) Relative Return Engineered (Euro) I Yearly or year-to-date performance respectively (Fund)JPM GBI EMU Investment Grade Traded (08/10)





USD 93.60 0.07EUR 4.21 99.93AUD 0.42 -CAD 0.33 -CHF 0.27 -GBP 0.26 -DKK 0.26 -HKD 0.18 -NOK 0.13 -Others 0.34 0.00

Credit Ratings in %AAA 11.76AA+ 5.04AA 21.40A- 11.70BBB+ 47.60BB+ 2.50






Fund facts


Bloomberg ticker CRSRREI LX



Cre

dit S

uiss

e Fu

nd



149


Credit Suisse Fund (Lux) Relative Return Engineered (Euro)Class I












150

Fund manager Daniele PagliaFund manager since 04.06.2007Location ZurichFund domicile LuxembourgFund currency CHFClose of financial year 30. SepTotal net assets (in mil.) 193.06Inception date 08.06.2007Management fee in % p.a. 1.00Total expense ratio (ex ante) in % 1.21Benchmark (BM) SBI Foreign AAA-BBB (RI)Unit Class Category B

(capital growth)

ISIN LU0230912676

Valor no. 2288523



Credit Suisse Fund (Lux) Relative Return Engineered (Sfr)Class B


2007 2008 2009 2010 2011 201295

100

105

110

115

120

125

-5%

0%

5%

10%

15%

20%

25%

6.1

3.0 1.9 2.5 1.61.1

7.9

3.7 2.7 2.5

CSF (Lux) Relative Return Engineered (Sfr)B

Yearly or year-to-date performance respectively (Fund)

SBI Foreign AAA-BBB (RI)Yearly or year-to-date performance respectively(Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund -0.40 1.60 1.60 4.83 8.85 -Benchmark 0.42 2.45 2.45 5.25 19.93 -


USD 91.71 -CHF 3.68 100.00EUR 2.75 -AUD 0.41 -CAD 0.31 -DKK 0.26 -GBP 0.24 -HKD 0.18 -NOK 0.13 -Others 0.33 0.00

Credit Ratings in %AA 44.08A 6.22A- 9.32BBB+ 40.38






Fund facts


Bloomberg ticker CRRRESB LX



dit S

uiss

e Fu

nd



151


Credit Suisse Fund (Lux) Relative Return Engineered (Sfr)Class B












152

Fund manager Daniele PagliaFund manager since 16.07.2009Location ZurichFund domicile LuxembourgFund currency USDClose of financial year 30. SepTotal net assets (in mil.) 69.00Inception date 16.07.2009Management fee in % p.a. 1.00Total expense ratio (ex ante) in % 1.22Benchmark (BM) JPM GBI USA TradedUnit Class Category B

(capital growth)

ISIN LU0230913302

Valor no. 2288527


Fund 6


Credit Suisse Fund (Lux) Relative Return Engineered (US$)Class B


2009 2010 2011 201290

95

100

105

110

115

120

-10%

-5%

0%

5%

10%

15%

20%

4.86.2

-0.9

6.1

9.9

-1.3

CSF (Lux) Relative Return Engineered (US$)B


JPM GBI USA TradedYearly or year-to-date performance respectively(Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund -0.91 -0.87 -0.87 5.85 - -Benchmark -1.02 -1.31 -1.31 8.69 - -


USD 100.00 100.00

Credit Ratings in %A+ 100.00

Asset Allocation in %Cash/Cash Equivalents 100.00Total 100.00






Fund facts


Bloomberg ticker CSFRRUB LX


Number of holdings fixed incomeportfolio


dit S

uiss

e Fu

nd



153


Credit Suisse Fund (Lux) Relative Return Engineered (US$)Class B


On On the wake of the second 3-year LTRO,Q1 has been very positive for risky assets. It wasthe best quarter for many equity markets since1998, even if the last couple of weeks showedsome weakness. Record mutual fund inflows intoa shrinking market also made Q1 the strongestquarter for European credit in at least a decade.The iTraxx Main CDS index tightened 47bps on










154

Fund manager Daniele PagliaFund manager since 30.09.2009Location ZurichFund domicile LuxembourgFund currency CHFClose of financial year 30. SepTotal net assets (in mil.) 37.07Inception date 30.09.2009Management fee in % p.a. 0.40Total expense ratio (ex ante) in % 0.57Benchmark (BM) SBI Foreign Corporate AAA-A (RI)Unit Class Category B

(capital growth)

ISIN LU0449424885

Valor no. 10503679


Fund 152


Credit Suisse Fund (Lux) SBI Foreign Corporate CHFClass B


2009 2010 2011 201298

100

102

104

106

108

110

-2%

0%

2%

4%

6%

8%

10%

2.41.9 2.1

3.52.6 2.3

CSF (Lux) SBI Foreign Corporate CHF B Yearly or year-to-date performance respectively (Fund)SBI Foreign Corporate AAA-A (RI) Yearly or year-to-date performance respectively (Benchmark)



Maturities in years

0%5%

10%15%20%25%30%35%

0-1 1-3 3-5 5-7 7-10 10-15 >15


CHF 100.00 100.00

Asset Allocation in %Covered/ABS 29.56Financial Bonds 28.66Industrial Bonds 19.43Utilities 7.47Government 7.27Sovereign/Agencies 6.73Cash/Cash Equivalents 0.87Total 99.99





Credit Ratings in %

AAA 36.18AA+ 9.53AA 15.67AA- 9.37A+ 8.82A 11.51A- 8.42BBB 0.50


%Maturity as % of

assetsABN AMRO Bk NV 2.500 30.12.15 2.03EDF 4.000 27.03.17 1.84Pfandbrief OstLbHyp

2.875 21.07.17 1.80

Total 3.125 28.06.18 1.67Danske Bank 2.750 09.01.15 1.52Rabobank 3.125 15.09.26 1.49Bayr Landesbank 3.000 27.11.15 1.47Swedbank 2.125 26.08.16 1.46Rabobank 3.625 02.07.19 1.40GECC 3.375 19.06.18 1.38Total 16.06

Investment policyThe objective of the fund is to generate a returnthat closely matches the performance of theSBI® Foreign Corporate AAA-A. The index isa subindex of the SBI® Foreign Corporate andcontains all the components of the SBI® ForeignCorporate that have a credit rating of betweenA and AAA. The index is calculated by the SIXSwiss Exchange in CHF.

Fund facts


Bloomberg ticker CSFSFCB LX


Number of holdings


Average = A+

Cre

dit S

uiss

e Fu

nd



155


Credit Suisse Fund (Lux) SBI Foreign Corporate CHFClass B


Substantial injections of liquidity by the ECB andthe restructuring of the Greek government'sdebts helped stabilize markets in Q1 2012.There are still structural problems relating toEuropean borrowers (which are not to beunderestimated) and heterogeneous globalgrowth patterns. Nevertheless, the Swisseconomy narrowly avoided recession thanks todomestic consumption and high demand forSwiss watches and pharmaceutical products inother countries. The SNB stuck to its guns and

maintained its expansive monetary policy, onceagain confirming a minimum exchange rate of1.20 francs to the euro.

Interest rates remained very low for all termsin the quarter under review. The 10-year swaprate even dipped below the 1% mark in earlyMarch to 0.99%, setting a new record low. Whileshort-term Confederation bonds of up to threeyears still exhibited negative yields at the start ofthe reporting period, the curve has since returned

to normal.

At the end of the quarter, the 3-month CHFLIBOR was 6bps higher at 0.11%, while theyield on 2-year Confederation bonds rose to0.02% (+6bps) and 10-year bonds came in at0.85% (+21bps). The performance of the firstquarter was mostly positive thanks to demandof the investors for high yielding bonds whichresulted in a reduction of the credit spreads.


While the US economy performed surprisinglywell, production in Japan and Europe stagnated.Switzerland's GDP managed to grow at a rate of0.1% in Q4 2011 despite the continued strengthof the franc. A number of advance indicatorspointed to the early signs of stabilization in Q12012, which could suggest that the economyhas bottomed out. The Swiss economy remainsdependent on global economic trends, and it

remains to be seen whether the progress madewith regard to overcoming the Europeansovereign debt crisis will bring an improvementof the situation. A resurgence of the debt crisiscannot be ruled out. Other geopolitical tensionscould lead to increased volatility in the prices ofcommodities.

In its first assessment of its monetary policy in

March 2012 the SNB maintained its expansivecourse and confirmed the minimum exchangerate of 1.20 francs to the euro. The target rangefor the CHF 3-month LIBOR is still 0-0.25%,and liquidity is still being kept high. On the otherhand, inflation is expected to rise modestly(2013: 0.3% and 2014: 0.6%). Also theforecast for economic growth has been revisedupwards to 1% for 2012.



156

Fund manager Daniele PagliaFund manager since 30.09.2009Location ZurichFund domicile LuxembourgFund currency CHFClose of financial year 30. SepTotal net assets (in mil.) 27.52Inception date 30.09.2009Management fee in % p.a. 0.40Total expense ratio (ex ante) in % 0.58Benchmark (BM) SBI Foreign Govt. AAA-A 1-5Y (RI)Unit Class Category B

(capital growth)

ISIN LU0449423564

Valor no. 10503425


Fund 79


Credit Suisse Fund (Lux) SBI Foreign Government 1-5 CHFClass B


2009 2010 2011 201299

100

101

102

103

104

105

-1%

0%

1%

2%

3%

4%

5%

1.00.5

1.61.5 1.41.7

CSF (Lux) SBI Foreign Government 1-5 CHFB


SBI Foreign Govt. AAA-A 1-5Y (RI)Yearly or year-to-date performance respectively(Benchmark)



Maturities in years

0%

10%

20%

30%

40%

50%

60%

0-1 1-3 3-5 5-7 7-10 10-15 >15


CHF 100.00 100.00

Asset Allocation in %Government 60.10Sovereign/Agencies 20.12Financial Bonds 19.13Covered/ABS 3.11Cash/Cash Equivalents -2.46Total 100.00





Credit Ratings in %

AAA 36.46AA+ 24.68AA 5.93AA- 11.94A+ 4.24A 4.20A- 12.55


%Maturity as % of

assetsItaly 2.500 02.03.15 5.67Poland 3.000 23.09.14 3.83NWB 2.500 20.04.15 3.74Poland 2.625 12.05.15 3.44Bk NedlGemeenten

2.750 03.07.15 2.77

Poland 2.750 25.02.16 2.45Oest KB 3.000 23.10.15 2.40Statliga Akad Hus 3.250 26.01.15 2.36Austria 2.500 14.07.16 2.10Oest KB 2.750 14.07.14 1.94Total 30.70

Investment policyThe objective of the fund is to generate a returnthat closely matches the performance of theSBI® Foreign Government AAA-A 1-5. Theindex is a subindex of the SBI® ForeignGovernment and contains all the componentsof the SBI® Foreign Government that have acredit rating of between A and AAA and a termto maturity of between one and five years. Theindex is calculated by the SIX Swiss Exchange inCHF.

Fund facts


Bloomberg ticker CSFSFGB LX


Number of holdings


Average = AA-

Cre

dit S

uiss

e Fu

nd



157


Credit Suisse Fund (Lux) SBI Foreign Government 1-5 CHFClass B





to normal.









158

Fund manager Daniele PagliaFund manager since 30.09.2009Location ZurichFund domicile LuxembourgFund currency CHFClose of financial year 30. SepTotal net assets (in mil.) 13.33Inception date 30.09.2009Management fee in % p.a. 0.40Total expense ratio (ex ante) in % 0.60Benchmark (BM) SBI Foreign Govt. AAA-A 5+Y (RI)Unit Class Category B

(capital growth)

ISIN LU0449424299

Valor no. 10503645


Fund 44


Credit Suisse Fund (Lux) SBI Foreign Government 5+ CHFClass B


2009 2010 2011 201298

100102104106108110112114

-2%0%2%4%6%8%

10%12%14%

3.9 3.5 3.2

4.8 4.43.4

CSF (Lux) SBI Foreign Government 5+ CHFB


SBI Foreign Govt. AAA-A 5+Y (RI)Yearly or year-to-date performance respectively(Benchmark)



Maturities in years

0%5%

10%15%20%25%30%35%40%

0-1 1-3 3-5 5-7 7-10 10-15 >15


CHF 100.00 100.00

Asset Allocation in %Government 38.61Financial Bonds 37.36Sovereign/Agencies 18.36Covered/ABS 4.40Industrial Bonds 0.85Cash/Cash Equivalents 0.42Total 100.00





Credit Ratings in %

AAA 52.64AA+ 25.65AA 3.36AA- 5.44A+ 4.81A- 8.08


%Maturity as % of

assetsBk NedlGemeenten

2.500 14.10.19 7.87

Oest KB 2.875 25.02.30 7.23KFW 2.500 25.08.25 6.47BNG 2.250 14.10.20 5.69Dexia Municipal 3.500 28.08.19 4.40Quebec 3.375 19.01.18 3.48Ontario 2.375 07.05.20 3.39Oest KB 2.625 22.11.24 3.28Neder Water.Bk 2.375 27.01.23 3.27Italy 2.500 30.01.18 2.83Total 47.91

Investment policyThe objective of the fund is to generate a returnthat closely matches the performance of theSBI® Foreign Government AAA–A 5+. The indexis a subindex of the SBI® Foreign Governmentand contains all the components of the SBI®Foreign Government that have a credit rating ofbetween A and AAA and a term to maturity ofmore than five years. The index is calculated bythe SIX Swiss Exchange in CHF.

Fund facts


Bloomberg ticker CSFFG5B LX


Number of holdings


Average = AA-

Cre

dit S

uiss

e Fu

nd



159


Credit Suisse Fund (Lux) SBI Foreign Government 5+ CHFClass B





to normal.









160

Fund manager Daniele PagliaFund manager since 20.03.2006Location ZurichFund domicile LuxembourgFund currency EURClose of financial year 30. SepTotal net assets (in mil.) 11.04Inception date 24.03.2006Management fee in % p.a. 1.20Total expense ratio (ex ante) in % 1.41Benchmark (BM) LIBOR EUR 3MUnit Class Category B

(capital growth)

ISIN LU0230914029

Valor no. 2288539



Credit Suisse Fund (Lux) Total Return Engineered (Euro)Class B


2007 2008 2009 2010 2011 201290

95

100

105

110

115

-10%

-5%

0%

5%

10%

15%

3.1

-0.2

1.3

-5.8 -5.0

0.0

4.3 4.8

1.3 0.7 1.30.3

CSF (Lux) Total Return Engineered (Euro) B Yearly or year-to-date performance respectively (Fund)LIBOR EUR 3M Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund -0.15 -0.01 -0.01 -4.88 -9.74 -7.15Benchmark 0.07 0.27 0.27 1.35 3.12 12.31


USD 91.74 -EUR 6.20 100.00AUD 0.40 -CAD 0.32 -CHF 0.25 -DKK 0.25 -GBP 0.23 -HKD 0.17 -NOK 0.12 -Others 0.32 0.00

Credit Ratings in %AA 100.00

Asset Allocation in %Shares (and equity-type securities) 98.63Open-end Funds 1.37Total 100.00





Investment policyThe fund's investment objective is to achievea positive return regardless of marketdevelopments. The fund synthetically replicatesthe risk-return dimensions of a traditional bondinvestment (interest rates, credit and currency)using standard derivatives. Thanks to particularlyliquid markets and low transaction costs, thefund has a high degree of flexibility in theimplementation of the strategy. The investmentstrategy consists of taking long and shortpositions driven by risk allocation across thevarious risk dimensions and strategies.

Fund facts


Bloomberg ticker CSTREEB LX



Cre

dit S

uiss

e Fu

nd



161


Credit Suisse Fund (Lux) Total Return Engineered (Euro)Class B







The second 3-year long term refinancingoperation (LTRO) of the ECB acted like anadrenaline shock, tilting the markets back to arisk on modus. But cheap liquidity can onlysubmerge fundamental problems and lift all boatsfor a while, it is no cure for deeper solvencyproblems. With central banks on hold for themoment and the effect of past liquidity shots

subsiding rapidly, markets could enter aconsolidation phase in Q2. Upcoming elections inFrance and Greece will add to overall uncertainty.Markets will remain volatile and continue tradingwithin wide ranges. After the sharp rally in Q1we would take some profits and reduce creditexposure, especially in financials. We are alsoturning more cautious on duration, with a slightly

shorter position than the benchmark.

From Q2 2012 the fund will invest 100% ofits assets in the portable alpha strategy. Thisstrategy is also used in small proportions (upto 10%) for return enhancement in the RelativeReturn Engineered funds.



162

Fund manager Gabriele GrecchiFund manager since 01.12.2009Location MilanoFund domicile LuxembourgFund currency EURClose of financial year 30. SepTotal net assets (in mil.) 22.21Inception date 30.06.2005Management fee in % p.a. 1.50Total expense ratio (ex ante) in % 1.68Performance fee in % with Highwatermark 10.00Benchmark (BM) LIBOR EUR 3MUnit Class Category B

(capital growth)

ISIN LU0222452368

Valor no. 2187281

EU taxation In scope - tax


Credit Suisse Fund (Lux) Total Return Global Long/ShortExposure (Euro)Class B


2008 2009 2010 2011 2012889092949698

100102104106

-12%-10%-8%-6%-4%-2%0%2%4%6%

4.1

0.4

-10.4

2.71.3 0.7 1.3

0.3

CSF (Lux) Total Return Global Long/Short Exposure(Euro) B

Yearly or year-to-date performance respectively(Fund)

LIBOR EUR 3MYearly or year-to-date performance respectively(Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund -1.08 2.73 2.73 -7.75 -3.36 -Benchmark 0.07 0.27 0.27 1.35 3.12 -

Asset allocation in %Cash/Cash Equivalents Currency Overlay Bonds Equity Total

Europe 82.14 - -3.81 - 78.33UK - 0.79 -3.82 12.38 9.35USA - 6.03 -3.64 - 2.39Japan - -5.56 - - -5.56Switzerland - -0.53 - - -0.53Emerging Markets - - - 16.02 16.02Total 82.14 0.73 -11.27 28.40 100.00

Investment policyThe investment objective of the Fund is toachieve the highest possible return in EUR byinvesting in fixed-income securities (includingmoney market instruments) and equities issuedby companies worldwide that have theirregistered office in an OECD member state. Inaddition, -30% to 30% of the fund's net assetsmay be invested in emerging market issues and-15% to 15% in futures on commodities indices.The return target remains in place irrespectiveof market conditions for traditional asset classes.Each asset class may account for between-100% and 100% of the fund's net assets atany time. For the purposes of achieving thedesired market exposure as well as for improvingefficiency in portfolio management, the fund mayuse derivative instruments on a broad scale,although, in doing so, the fund may not becomeleveraged at any point.

Repositioning on 31.10.2008 (Old name: CSF(Lux) Total Return Global (Euro))

Fund facts


Bloomberg ticker CSTRGEB LX


DurationModified duration in years 0.42

Allocation of bonds in %Fixed Income 83.22Open-end Funds 16.78Total 100.00




%Maturity as % of

assetsItaly 2.500 01.07.12 18.10Italy 2.000 15.12.12 13.58Italy 2.000 01.06.13 13.51BBVA Senior Fin. 0.919 29.06.12 9.01Italy 4.750 01.02.13 6.94Royal Bk of Scotl. 1.584 14.09.16 6.14CS ETF (Lux) onMSCI Em. Markets

5.46

CS ETF (IE) on MSCIRussia

5.26

CS ETF (IE) on MSCIBrazil

5.22

Hungary 1.175 02.11.12 4.38Total 87.60


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163


Credit Suisse Fund (Lux) Total Return Global Long/ShortExposure (Euro)Class B


World stock markets rocketed higher, especiallyin the first two months of the New Year, andare now up 35%–40% on average from their lowpoints hit in August 2011. Despite a short-termslowdown in economic activity, business-cycledata from the core regions reinforce our theorythat the macroeconomic situation is sustainablycontinuing to improve. This, coupled with

subsiding eurozone woes, abatingbanking-system troubles, the continued excellentshape of the corporate sector and thecentral-bank liquidity injections, led by the ECB,creates a substantially improved overall climate.

At the moment, however, the chances of furtherupside surprises have become more difficult.

Moreover, the market has already priced in someof these pleasing developments. Furthermore,the unpredictable situation in the Middle Eastand the substantial increase in the price of oilconstitute risk factors that shouldn’t beunderestimated. Greece remains an issue, asdo Portugal and Spain, even after the debtrestructuring deal.


In anticipation of laterally consolidating ormoderately correcting stock markets, we decideda few weeks ago to take profits temporarily andto position ourselves neutrally as we await abetter entry opportunity. However, the macroand corporate fundamentals coupled with thevaluation component and the mountingperformance pressure on many investors whoare still positioned in cash continue to reinforceour confidence that we will see another up move

in stocks in the months ahead regardless of anynear-term corrections.

From a regional perspective, we believe thatsuperior growth and very sound corporate dataare the reason behind the significantoutperformance posted by the US markets.Hence, in the future we are leaning toward morecyclical and laggard markets such as theemerging economies (cyclicality and structural

advantages) and parts of Europe (catch-uppotential and valuation component).

Our positioning in the fixed-income sectorremains unchanged. In spite of the recent uptick,we consider the current yield levels in thetraditional bond markets unattractive, but we donot see a big risk of a further appreciable upwarddrift in yields given the steady demand.

Portfolio ManagementGabriele Grecchi joined Credit Suisse in December 2004. He works within the Multi Asset Class Solutions (MACS) team in Milan as aportfolio manager for balanced and total return products. Mr. Grecchi is focused on investment strategies and provides benchmarkoriented, Value-at-Risk, total return, and long/short solutions. He has also worked in Dubai supporting the local MACS team in setting upinvestment solutions for institutional clients in the region and promoting the local product specialist platform. Mr. Grecchi holds an MSc inInternational Economics & Finance from the Università degli Studi di Milano (Italy), a Master's Degree in Business Communication, and aBA in Communication Science from the Libera Università di Lingue e Comunicazione IULM (Italy).


164

Fund manager Gabriele GrecchiFund manager since 01.12.2009Location MilanoFund domicile LuxembourgFund currency EURClose of financial year 30. SepTotal net assets (in mil.) 22.21Inception date 22.08.2006Management fee in % p.a. 0.70Total expense ratio (ex ante) in % 0.90Performance fee in % with Highwatermark 10.00Benchmark (BM) LIBOR EUR 3MUnit Class Category I

(capital growth)

ISIN LU0222452954

Valor no. 2187286

Min. Init. Investm. Amount (in mill.) 3EU taxation In scope - tax


Credit Suisse Fund (Lux) Total Return Global Long/ShortExposure (Euro)Class I


2008 2009 2010 2011 201285

90

95

100

105

110

-15%

-10%

-5%

0%

5%

10%

5.0

1.2

-9.8

2.91.3 0.7 1.3

0.3

CSF (Lux) Total Return Global Long/Short Exposure(Euro) I


LIBOR EUR 3MYearly or year-to-date performance respectively(Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund -1.02 2.93 2.93 -7.04 -1.06 -Benchmark 0.07 0.27 0.27 1.35 3.12 -

Asset allocation in %Cash/Cash Equivalents Currency Overlay Bonds Equity Total

Europe 82.14 - -3.81 - 78.33UK - 0.79 -3.82 12.38 9.35USA - 6.03 -3.64 - 2.39Japan - -5.56 - - -5.56Switzerland - -0.53 - - -0.53Emerging Markets - - - 16.02 16.02Total 82.14 0.73 -11.27 28.40 100.00

Investment policyThe investment objective of the Fund is toachieve the highest possible return in EUR byinvesting in fixed-income securities (includingmoney market instruments) and equities issuedby companies worldwide that have theirregistered office in an OECD member state. Inaddition, -30% to 30% of the fund's net assetsmay be invested in emerging market issues and-15% to 15% in futures on commodities indices.The return target remains in place irrespectiveof market conditions for traditional asset classes.Each asset class may account for between-100% and 100% of the fund's net assets atany time. For the purposes of achieving thedesired market exposure as well as for improvingefficiency in portfolio management, the fund mayuse derivative instruments on a broad scale,although, in doing so, the fund may not becomeleveraged at any point.

Repositioning on 31.10.2008 (Old name: CSF(Lux) Total Return Global (Euro))

Fund facts


Bloomberg ticker CSTRGEI LX



Allocation of bonds in %Fixed Income 83.22Open-end Funds 16.78Total 100.00




%Maturity as % of

assetsItaly 2.500 01.07.12 18.10Italy 2.000 15.12.12 13.58Italy 2.000 01.06.13 13.51BBVA Senior Fin. 0.919 29.06.12 9.01Italy 4.750 01.02.13 6.94Royal Bk of Scotl. 1.584 14.09.16 6.14CS ETF (Lux) onMSCI Em. Markets

5.46

CS ETF (IE) on MSCIRussia

5.26

CS ETF (IE) on MSCIBrazil

5.22

Hungary 1.175 02.11.12 4.38Total 87.60


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165


Credit Suisse Fund (Lux) Total Return Global Long/ShortExposure (Euro)Class I


World stock markets rocketed higher, especiallyin the first two months of the New Year, andare now up 35%–40% on average from their lowpoints hit in August 2011. Despite a short-termslowdown in economic activity, business-cycledata from the core regions reinforce our theorythat the macroeconomic situation is sustainablycontinuing to improve. This, coupled with

subsiding eurozone woes, abatingbanking-system troubles, the continued excellentshape of the corporate sector and thecentral-bank liquidity injections, led by the ECB,creates a substantially improved overall climate.

At the moment, however, the chances of furtherupside surprises have become more difficult.



In anticipation of laterally consolidating ormoderately correcting stock markets, we decideda few weeks ago to take profits temporarily andto position ourselves neutrally as we await abetter entry opportunity. However, the macroand corporate fundamentals coupled with thevaluation component and the mountingperformance pressure on many investors whoare still positioned in cash continue to reinforceour confidence that we will see another up move

in stocks in the months ahead regardless of anynear-term corrections.

From a regional perspective, we believe thatsuperior growth and very sound corporate dataare the reason behind the significantoutperformance posted by the US markets.Hence, in the future we are leaning toward morecyclical and laggard markets such as theemerging economies (cyclicality and structural

advantages) and parts of Europe (catch-uppotential and valuation component).

Our positioning in the fixed-income sectorremains unchanged. In spite of the recent uptick,we consider the current yield levels in thetraditional bond markets unattractive, but we donot see a big risk of a further appreciable upwarddrift in yields given the steady demand.



166

Fund manager Fidel KasikciFund manager since 19.05.2010Location FrankfurtFund domicile GermanyFund currency EURClose of financial year 30. SepTotal net assets (in mil.) 28.69Inception date 20.12.2007Management fee in % p.a. 0.45Total expense ratio (ex ante) in % 0.49Benchmark (BM) CB CS MACS AbsolutUnit Class Category P

(capital growth)

ISIN DE000A0M6355

Valor no. 3670090

Min. Investment Amount 10'000EU taxation In scope - tax


Credit Suisse MACS AbsolutClass P


2008 2009 2010 2011 201285

90

95

100

105

110

115

-15%

-10%

-5%

0%

5%

10%

15%

-2.1

6.74.4

-2.3

1.1

-5.5

9.5

5.0

-0.3

3.6

-9.4

9.2

3.4

-2.9

3.4

CS MACS Absolut P Yearly or year-to-date performance respectively (Fund)

CB CS MACS AbsolutYearly or year-to-date performance respectively(Benchmark)

Lipper Global Mixed Asset EUR Cons -Global

Yearly or year-to-date performance respectively (Sector)


1 month 3 months YTD 1 year 3 years 5 yearsFund -0.04 1.10 1.10 -0.52 10.09 -Benchmark 0.11 3.56 3.56 3.86 19.43 -Sector 0.06 3.43 3.43 0.72 14.76 -

Allocation asset classes in %

Bonds 59.56Alternatives 15.37Cash/CashEquivalents 14.46Equity 10.61

Allocation equity in %

Europe 44.30EmergingMarkets 28.09USA 20.26Australia 4.52Japan 2.83

Investment policyThe investment objective of the fund is to achievean appropriate return by taking advantage of thepossibilities for international diversification. Thefund invests worldwide primarily in fixed andvariable rate securities as well as to a limiteddegree in equities and equity-type securities. Inaddition, money market instruments may be heldon an ancillary basis. The fund may also invest inreal estate and commodities.

Fund facts


Bloomberg ticker CSMCABP GR


Used IndicesEquity MSCI World TR net 12.00Equity MSCI Europe TR - Net Dividends 8.00Bond JPM EMU TR 1-10 Y 60.00Money MarketJPM Cash ECU 1M 15.00Others DJUBS TR EUR 5.00



Allocation of bonds in %Government 37.83Covered/ABS 20.08Corporate Bonds 19.27Sovereign/Agencies 16.24Inflation Linked Bonds 4.63Global Bonds 1.95Total 100.00


%Maturity as % of

assetsDB X-TR II Eonia TR 13.99CS EUROREAL 7.69Lyxor Euromts 1-3y 6.77SEB ImmoInvest 3.71Ishares EB. Rexx 3.25DB X-Tr. IBOXX Gl.IL

2.77

ETFLAB MSCI USALC

1.76

Lyxor Etf EuromtsCovered Bd

1.69

Ishares III - ISHS 1.64Ishares MSCI Eu. ExUK

1.20

Total 44.47


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167

Fund manager Frank Schorling, Samuel ManserFund manager since 20.12.2007, 01.01.2012Location Zurich, ZurichFund domicile GermanyFund currency EURClose of financial year 30. SepTotal net assets (in mil.) 623.30Inception date 23.07.2008Management fee in % p.a. 1.75Total expense ratio (ex ante) in % 1.79Benchmark (BM) CB CS MACS Classic 20Unit Class Category B

(capital growth)

ISIN DE000A0M64G8

Valor no. 4443206



Credit Suisse MACS Classic 20Class B


2008 2009 2010 2011 201285

90

95

100

105

110

115

-15%

-10%

-5%

0%

5%

10%

15%

9.9

6.0

-2.7

3.3

9.5

5.0

-0.3

3.6

9.2

3.4

-2.9

3.4

CS MACS Classic 20 B Yearly or year-to-date performance respectively (Fund)

CB CS MACS Classic 20Yearly or year-to-date performance respectively(Benchmark)




1 month 3 months YTD 1 year 3 years 5 yearsFund -0.32 3.28 3.28 1.79 16.81 -Benchmark 0.11 3.56 3.56 3.86 19.43 -Sector 0.06 3.43 3.43 0.72 14.76 -


Bonds 60.90Equity 21.50Alternatives 10.23Cash/CashEquivalents 7.37


Europe 49.30USA/Canada 18.09Asia ex Japan 11.11Japan 7.16Latin America 4.54Australia 2.14Rest ofEmergingMarkets 7.66


Fund facts


Bloomberg ticker CSMCCZB GR





Allocation of bonds in %Euro Bonds 65.69Inflation Linked Bonds 10.85Global Bonds 7.96High Yield Bonds 5.88Emerging Market Bonds 4.96Convertible Bonds 4.66Total 100.00


%Maturity as % of

assetsDB X-Tr. IBOXX Gl.IL

6.61

Ishares EB. Rexx MM 5.02Franklin TempletonInvest.

4.85

Ishares Iboxx Euro 3.09Allianz EmergingMarkets Bond

3.02

Ishares MSCI Eu. ExUK

2.89

CS SICAV One (Lux)Glb.Convert

2.84

CS EUROREAL 2.55RBS Jim Rogers Int.Commodity ETF

2.51

CS ETF (IE) On MSCIUsa

2.42

Total 35.80


168



Fund manager Frank Schorling, Thomas SchanielFund manager since 20.12.2007, 01.01.2012Location Zurich, ZurichFund domicile GermanyFund currency EURClose of financial year 30. SepTotal net assets (in mil.) 400.96Inception date 24.07.2008Management fee in % p.a. 1.85Total expense ratio (ex ante) in % 1.89Benchmark (BM) CB CS MACS Classic 40Unit Class Category B

(capital growth)

ISIN DE000A0M64L8

Valor no. 4443232



Credit Suisse MACS Classic 40Class B


2008 2009 2010 2011 20127580859095

100105110115120

-25%-20%-15%-10%-5%0%5%

10%15%20%

14.7

7.8

-5.6

4.9

12.9

7.3

-1.4

4.6

14.3

6.6

-5.3

4.7

CS MACS Classic 40 B Yearly or year-to-date performance respectively (Fund)CB CS MACS Classic 40 Yearly or year-to-date performance respectively (Benchmark)Lipper Global Mixed Asset EUR Bal - Global Yearly or year-to-date performance respectively (Sector)


1 month 3 months YTD 1 year 3 years 5 yearsFund -0.25 4.95 4.95 0.52 23.72 -Benchmark 0.28 4.58 4.58 3.64 27.83 -Sector 0.18 4.74 4.74 -0.20 24.44 -


Equity 41.57Bonds 36.75Cash/CashEquivalents 11.22Alternatives 10.46



Investment policyThe investment objective of the fund is tooptimize the overall return from regular incomeand price movements, while making use of theinternational diversification opportunities on offer.The Fund invests in global equities, equity-likeinstruments, fixed income and floating-ratesecurities, maintaining equal weightings betweenthe asset classes as a rule. In addition, moneymarket instruments may be held on an ancillarybasis. The fund may also invest in real estate andcommodities.

Fund facts


Bloomberg ticker CSMCCTB GR


Used IndicesEquity MSCI World TR net 24.00Equity MSCI Europe TR - Net Dividens 16.00Bond JPM EMU TR 1-10 Y 40.00Money Market JPM Cash ECU 1M 15.00Others DJUBS TR EUR 5.00



Allocation of bonds in %Euro Bonds 66.28Inflation Linked Bonds 9.96Global Bonds 7.35High Yield Bonds 6.97Emerging Market Bonds 4.87Convertible Bonds 4.57Total 100.00


%Maturity as % of

assetsIshares MSCI Eu. ExUK

7.31

Ishares EB. Rexx MM 6.32CS ETF (IE) On MSCIUsa

4.98

CS ETF (IE) on MSCIUK

4.31

DB X-Tr. IBOXX Gl.IL

3.66

Ishares DAX 3.40CS ETF (Lux) onMSCI Em. Markets

3.35

CS EUROREAL 2.76Franklin TempletonInvest.

2.70

RBS Jim Rogers Int.Commodity ETF

2.41

Total 41.20


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169

Fund manager Frank Schorling, Nedelko BozicFund manager since 14.01.2008, 01.01.2012Location Zurich, ZurichFund domicile GermanyFund currency EURClose of financial year 30. SepTotal net assets (in mil.) 18.45Inception date 14.01.2008Management fee in % p.a. 0.45Total expense ratio (ex ante) in % 0.49Benchmark (BM) CB CS MACS Classic 60Unit Class Category P

(capital growth)

ISIN DE000A0M6397

Valor no. 3670322



Credit Suisse MACS Classic 60Class P


2008 2009 2010 2011 201270

80

90

100

110

120

130

-30%

-20%

-10%

0%

10%

20%

30%

19.9

11.4

-6.8

6.9

16.4

9.6

-2.6

5.6

14.3

6.6

-5.3

4.7

CS MACS Classic 60 P Yearly or year-to-date performance respectively (Fund)CB CS MACS Classic 60 Yearly or year-to-date performance respectively (Benchmark)Lipper Global Mixed Asset EUR Bal - Global Yearly or year-to-date performance respectively (Sector)




Equity 64.19Bonds 20.54Alternatives 14.78Cash/CashEquivalents 0.49



Investment policyThe investment objective of the fund is tooptimize the overall return from regular incomeand price movements, while making use of theinternational diversification opportunities on offer.The fund invests primarily in global equities,equity-like instruments as well as to a limiteddegree in fixed income and floating-ratesecurities. In addition, money market instrumentsmay be held on an ancillary basis. The fund mayalso invest in real estate and commodities.

Fund facts


Bloomberg ticker CSMCCFP GR


Used IndicesEquity MSCI Wordl TR net 36.00Equity MSCI Europe TR - Net Dividends 24.00Bond JPM EMU TR 1-10 Y 20.00Money MarketJPM Cash ECU 1M 15.00Others DJUBS TR EUR 5.00


Annualized volatility in % 10.62 8.52Information ratio -0.72 0.01Tracking Error (Ex post) 3.31 2.89Maximum drawdown in % 2) -11.14 -11.962) Maximum drawdown is the most negative cumulative returnover a given time period.

Allocation of bonds in %Euro Bonds 56.77Inflation Linked Bonds 11.20High Yield Bonds 9.64Global Bonds 9.10Convertible Bonds 7.11Emerging Market Bonds 6.18Total 100.00


%Maturity as % of

assetsIshares MSCI Eu. ExUK

11.25

CS ETF (IE) On MSCIUsa

9.53

CS ETF (IE) on MSCIUK

6.34

CS ETF (Lux) onMSCI Em. Markets

5.26

Ishares DAX 4.74CS EUROREAL 4.39SEB ImmoInvest 3.90CS ETF (IE) on MSCIJapan

3.42

CS ETF (IE) on MSCIEMU

2.79

Amundi Etf MsciNordic

2.64

Total 54.26


170



Fund manager Team MACSFund manager since 14.12.2011Location ZurichFund domicile GermanyFund currency EURClose of financial year 30. SepTotal net assets (in mil.) 420.79Inception date 03.11.2008Management fee in % p.a. 1.85Total expense ratio (ex ante) in % 1.89Benchmark (BM) CB CS MACS DynamicUnit Class Category B

(capital growth)

ISIN DE000A0M64J2

Valor no. 4609704



Credit Suisse MACS DynamicClass B


2008 2009 2010 2011 201270

80

90

100

110

120

130

-30%

-20%

-10%

0%

10%

20%

30%

17.3

8.8

-9.1

6.3

12.97.3

-1.4

4.6

12.9

6.2

-9.1

4.5

CS MACS Dynamic B Yearly or year-to-date performance respectively (Fund)CB CS MACS Dynamic Yearly or year-to-date performance respectively (Benchmark)Lipper Global Mixed Asset EUR Flex - Global Yearly or year-to-date performance respectively (Sector)


1 month 3 months YTD 1 year 3 years 5 yearsFund -0.20 6.27 6.27 -2.59 26.93 -Benchmark 0.28 4.58 4.58 3.64 27.83 -Sector -0.38 4.49 4.49 -3.79 16.63 -




Europe 54.00EmergingMarkets 22.00USA 18.00Japan 6.00

Investment policyDynamic Allocation is a flexible portfolio that hasthe ability to vary its exposure to asset classes.The fund changes its risk and investment focusdepending on market situation and short- tomid-term forecast. The fund can invest in globalequities, fixed income, alternative investmentsand derivatives.

Fund facts


Bloomberg ticker CSMCDYB GR





Allocation of bonds in %Government 25.60Emerging Market Bonds 18.50Corporate Bonds 16.50Collateralised 14.10Inflation Linked Bonds 13.20High Yield Bonds 12.10Total 100.00


%Maturity as % of

assetsDB X-Tr. MSCI USATR

7.40

Ishares EB. Rexx MM 7.35Ishares DJ Euro Stoxx 6.88DB X-Tr. IBOXX EurSov.

6.77

Easy ETF FTSE EpraEurozone

5.08

Julius Baer M.Loc.Emerg. Bond Fund

4.75

Ishares FTSE 100 4.71DBX Tracker MSCI 3.79Ishares EB. Rexx 3.75DB X-Tr. IBOXX Eu.IL

3.54

Total 54.02


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171

Fund manager Andreas HeckerFund manager since 20.12.2007Location ZurichFund domicile GermanyFund currency EURClose of financial year 30. SepTotal net assets (in mil.) 25.47Inception date 20.12.2007Management fee in % p.a. 0.45Total expense ratio (ex ante) in % 0.49Benchmark (BM) CB CS MACS Funds 20Unit Class Category P

(capital growth)

ISIN DE000A0M64A1

Valor no. 3670330



Credit Suisse MACS Funds 20Class P


2008 2009 2010 2011 201285

90

95

100

105

110

115

-15%

-10%

-5%

0%

5%

10%

15%

-8.9

11.7

7.1

-2.9

4.8

-5.5

9.5

5.0

-0.3

3.6

-9.4

9.2

3.4

-2.9

3.4

CS MACS Funds 20 P Yearly or year-to-date performance respectively (Fund)

CB CS MACS Funds 20Yearly or year-to-date performance respectively(Benchmark)




1 month 3 months YTD 1 year 3 years 5 yearsFund 0.01 4.79 4.79 3.08 21.44 -Benchmark 0.11 3.56 3.56 3.86 19.43 -Sector 0.06 3.43 3.43 0.72 14.76 -




Europe 56.00EmergingMarkets 19.00North America 18.00Japan 7.00


Fund facts


Bloomberg ticker CSMCFTP GR





Allocation of bonds in %Euro Bonds 67.00Global Bonds 14.00Inflation Linked Bonds 12.00Emerging Market Bonds 7.00Total 100.00


%Maturity as % of

assetsInvesco EuroCorporate Bd. Fd.

11.66

AXA World 10.84BGF Euro Bd Fd 10.67AXA World 6.73CS EUROREAL 4.19Neuberger Bermanhigh Yield BD Fd.

4.14

Aberdeen Gl Sicav EmMkt Eq Fd

3.91

Schroder Euro Corp. 3.90SEB ImmoInvest 3.79MFS Meridian EMDebt Fd

3.75

Total 63.58


172




(capital growth)

ISIN DE000A0M64B9

Valor no. 3672572





2008 2009 2010 2011 201270

80

90

100

110

120

-30%

-20%

-10%

0%

10%

20%

-16.6

16.5

9.4

-4.4

6.0

-13.4

12.9

7.3

-1.4

4.6

-20.7

14.3

6.6

-5.3

4.7

CS MACS Funds 40 P Yearly or year-to-date performance respectively (Fund)CB CS MACS Funds 40 Yearly or year-to-date performance respectively (Benchmark)Lipper Global Mixed Asset EUR Bal - Global Yearly or year-to-date performance respectively (Sector)







Investment policyThe investment objective of the fund is tooptimize the overall return from regular income,price movements and currency fluctuations, whilemaking use of the international diversificationopportunities on offer. The Fund invests in globalequities, equity-like instruments, fixed incomeand floating-rate securities, maintaining equalweightings between the asset classes as a rule.In addition, money market instruments may beheld on an ancillary basis. The fund may alsoinvest in real estate and commodities.

Fund facts


Bloomberg ticker CSMCFDP GR







%Maturity as % of

assetsInvesco EuroCorporate Bd. Fd.

7.37

AXA World 6.96BGF Euro Bd Fd 6.74BFG Euro Markets 4.64FAST Europe 4.53AXA World 4.39Metzler Eur. Growth 4.32Axa Framlington UKSelect

3.87

Neuberger Bermanhigh Yield BD Fd.

3.86

Henderson HorizonEquity

3.66

Total 50.34


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173


(capital growth)

ISIN DE000A0M64C7

Valor no. 3672558





2008 2009 2010 2011 201270

80

90

100

110

120

130

-30%

-20%

-10%

0%

10%

20%

30%

-23.8

19.0

11.5

-6.2

7.6

-20.8

16.4

9.6

-2.6

5.6

-20.7

14.3

6.6

-5.3

4.7

CS MACS Funds 60 P Yearly or year-to-date performance respectively (Fund)CB CS MACS Funds 60 Yearly or year-to-date performance respectively (Benchmark)Lipper Global Mixed Asset EUR Bal - Global Yearly or year-to-date performance respectively (Sector)




Equity 60.95Alternatives 14.39Cash/CashEquivalents 13.34Bonds 11.32



Investment policyThe investment objective of the fund is tooptimize the overall return from regular income,price movements and currency fluctuations, whilemaking use of the international diversificationopportunities on offer. The fund invests primarilyin global equities, equity-like instruments as wellas to a limited degree in fixed income andfloating-rate securities. In addition, moneymarket instruments may be held on an ancillarybasis. The fund may also invest in real estate andcommodities.

Fund facts


Bloomberg ticker CSMCFFP GR







%Maturity as % of

assetsBFG Euro Markets 7.50Metzler Eur. Growth 7.15FAST Europe 6.19T. Rowe Price JapanEq

5.74

CS EUROREAL 5.46Henderson HorizonEquity

5.44

Alken EuropeanOpportunities

5.40

MFS Europ Eq Fd 4.76Axa Framlington UKSelect

4.29

Pictet US EquitySelection

4.15

Total 56.08


174



Purchases Sales- SSGA Canada Index

Fund manager Alexander HippFund manager since 19.05.2010Location FrankfurtFund domicile GermanyFund currency EURClose of financial year 30. SepTotal net assets (in mil.) 22.86Inception date 19.12.2007Management fee in % p.a. 0.45Total expense ratio (ex ante) in % 0.49Benchmark (BM) MSCI World (NR)Unit Class Category P

(capital growth)

ISIN DE000A0M64E3

Valor no. 3672524

Min. Investment Amount 10'000Redemptions DailyEU taxation In scope - no tax


Credit Suisse MACS Global EquityClass P


2008 2009 2010 2011 20125060708090

100110120130140

-50%-40%-30%-20%-10%

0%10%20%30%40%

-36.2

31.2

16.6

-9.5

8.1

-37.6

25.919.5

-2.4

8.8

CS MACS Global Equity P Yearly or year-to-date performance respectively (Fund)MSCI World (NR) Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund 0.54 8.13 8.13 -0.38 60.88 -Benchmark 1.75 8.75 8.75 7.16 73.31 -

Currencies in %

EUR 65.23USD 23.01GBP 6.24CHF 3.31AUD 1.85JPY 0.23NOK 0.08SEK 0.04CAD 0.02

Countries in %

North America 27.47Europe 23.67EmergingMarkets 12.40Germany 11.36United Kingdom 6.13Japan 5.82Switzerland 3.99Brazil 3.26China 2.26Others 3.64




Top 10 Holdings in %CS ETF (Lux) on MSCI Em. Markets 10.28ETFLAB MSCI USA LC 7.90SSGA US Equity Fund 5.77Ishares-MSCI Japan 5.53Ishares MSCI Eu. Ex UK 3.01Ishares FTSE 100 2.55BASF 2.16DB X-TR MSCI EM Latam Trn Index 2.13Total Fina Elf 2.10Henkel 2.09Total 43.52

Investment policyThe fund invests primarily in global equities andequity-like instruments without geographicallimitations. Fund management is also notrestricted by a benchmark regarding stockselection and sector allocation. Stock selectionwithin the portfolio is being made under a longterm investment perspective.

Fund facts


Bloomberg ticker CSMCGEP GR



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175

Fund manager Christoph ChristenFund manager since 01.12.2009Location ZurichFund domicile SwitzerlandFund currency CHFClose of financial year 30. SepTotal net assets (in mil.) 94.33Inception date 29.11.1999Management fee in % p.a. 1.20Total expense ratio (ex post) in % 1.19Benchmark (BM) CB CS PF (CH) PrivilegeSwinging single pricing (SSP) 2) YesUnit Class Category A

(distribution)

ISIN CH0010211107

Valor no. 1021110

Last distribution 15.11.2011Distribution value 1.20Min. Investment Amount 1EU taxation In scope - tax


Credit Suisse Portfolio Fund (CH) PrivilegeClass A


2007 2008 2009 2010 2011 201280859095

100105110115120

-20%-15%-10%-5%0%5%

10%15%20%

-1.3

-14.9

11.2

1.8

-2.4

2.70.6

-15.2

12.9

2.50.2

3.3

CS PF (CH) Privilege Yearly or year-to-date performance respectively (Fund)CB CS PF (CH) Privilege Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund -0.30 2.68 2.68 0.52 16.41 -5.69Benchmark 0.74 3.31 3.31 3.12 23.58 0.89


Bonds 45.57Equity 43.23Cash/CashEquivalents 8.84Alternativeproducts andsegments 2.36

Allocation currencies in %

CHF 72.87USD 11.81EUR 8.14JPY 2.24GBP 2.22AUD 1.27CAD 1.08HKD 0.22Others 0.15

Asset allocation in %Cash/Cash Equivalents Bonds Equity Alt. Inv. Total

Switzerland 8.68 39.69 21.21 2.36 71.94Europe - 3.28 - - 3.28Others - 2.76 - - 2.76Pacific and Emerging Markets - - 3.02 - 3.02Euroland - - 3.28 - 3.28UK - - 2.64 - 2.64Canada - - 1.00 - 1.00USA - - 9.64 - 9.64Japan - - 2.44 - 2.44Total 8.68 45.73 43.23 2.36 100.00

Investment policyThe Fund invests in equities, bonds, and moneymarket instruments worldwide. In so doing, itadheres to the provisions of the Federal Law onOccupational Old Age, Survivors and DisabilityPension Plans (BVG) and the relevantregulations (BVV2 and BVV3) governinginvestments. The Fund distributes its earnings.

Fund facts


Bloomberg ticker CSPRIVG SW



Maturities in years

0%

5%

10%

15%

20%

25%

30%

0-1 1-3 3-5 5-7 7-10 >10



Duration and YieldAverage remaining term to maturity in years 4.10Modified duration in years 3.40

Allocation of bonds in %Fixed Income 84.82Inflation Linked Bonds 15.18Total 100.00


%Maturity as % of

assetsCS FI GL INF LCapitalisation

6.51

Nestlé 4.21Swiss Government 3.750 10.06.15 3.61CSSP S&M Cap CH 3.48Pfandbriefbank 3.125 10.10.14 3.43Novartis 3.02Swiss Government 4.250 05.06.17 2.60Swiss Government 3.000 08.01.18 2.44Swiss Government 2.000 12.10.16 2.30Rabobank 2.875 13.06.14 2.26Total 33.86


176




Credit Suisse Portfolio Fund (CH) PrivilegeClass A









At a global level the growth picture still lookssolid. This includes the intact growth trends inAsia. Accordingly, we believe the risk of globalrecession to be moderate, but existing, though

growth in the mature markets is likely to remainvery low. We expect to remain underweightedbonds as well as duration and favor some creditexposure. Equities for the time being are held

at a light overweight, with key overweights inemerging markets and the UK.

Portfolio ManagementChristoph Christen, Assistant Vice President, is Senior Portfolio Manager for Multi Asset Class Solutions in Asset Management. Aftercompleting his commercial banking apprenticeship at Credit Suisse in Zurich, he worked for Refco Inc. in foreign exchange trading. Since2007 he has been Co-Portfolio Manager for the CSA Mixta BVG Funds and the Credit Suisse Portfolio Funds Income, Balanced andGrowth. Since 2009 he has also been responsible for the Credit Suisse Portfolio Fund (CH) Privilege. Mr. Christen graduated as aneconomist SEBA. C

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Fund manager Urs HillerFund manager since 01.03.2002Location ZurichFund domicile LuxembourgFund currency EURClose of financial year 31. MarchTotal net assets (in mil.) 312.14Inception date 30.10.1998Management fee in % p.a. 1.50Total expense ratio (ex ante) in % 1.69Benchmark (BM) CB CS PF (Lux) Balanced (Euro)Unit Class Category B

(capital growth)

ISIN LU0091100973

Valor no. 951124



Credit Suisse Portfolio Fund (Lux) Balanced (Euro)Class B


2007 2008 2009 2010 2011 201270

80

90

100

110

120

130

-30%

-20%

-10%

0%

10%

20%

30%

-1.5

-22.0

18.612.7

-5.6

5.91.1

-20.2

16.811.6

-2.9

5.8

CS PF (Lux) Balanced (Euro) B Yearly or year-to-date performance respectively (Fund)CB CS PF (Lux) Balanced (Euro) Yearly or year-to-date performance respectively (Benchmark)






EUR 61.94USD 21.90JPY 3.33GBP 2.34AUD 2.34HKD 1.92CAD 0.95KRW 0.93Others 4.35

Asset allocation in %Cash/Cash Equivalents Currency Overlay Bonds Equity Alt. Inv. Total

Euroland 8.30 3.23 27.42 19.36 3.07 61.38UK - 0.27 0.60 4.91 - 5.78Canada - 1.29 0.21 0.37 - 1.87Switzerland - -0.20 0.12 0.37 - 0.29Asia - -0.59 0.88 1.61 - 1.90USA - -1.63 1.46 13.00 3.88 16.71Japan - -2.36 1.45 1.55 1.81 2.45Others - - 0.70 - 2.60 3.30Emerging Markets - - - 6.32 - 6.32Total 8.30 0.01 32.84 47.49 11.36 100.00

Investment policyThe aim of the fund is to achieve the highestpossible total return in EUR by investingworldwide, in principle with equal allocations inequities, equity-type securities and fixed orvariable rate securities. The proportion of thefund's assets invested in equities and equity-typesecurities may vary between 30% and 60%.In addition, money market instruments may beheld on an ancillary basis. The fund may alsoinvest a maximum of 20% in real estate andcommodities.

Fund facts


Bloomberg ticker CSPLBAL LX


Maturities in years

0%

5%

10%

15%

20%

25%

30%

0-1 1-3 3-5 5-7 7-10 >10



Duration and YieldGross portfolio yield in % 1.90Average remaining term to maturity in years 3.81Modified duration in years 3.29

Allocation of bonds in %Shares (and equity-type securities) 49.26Fixed Income 42.42Open-end Funds 5.62Index Investments 2.69Closed-end Funds 0.01Total 100.00


%Maturity as % of

assetsETFS ETC on Gold 2.59DB X-Trackers 2.26CS SICAV One EuropEq. Div. Plus

1.44

Rabobank 4.250 22.04.14 1.35HSBC Finance 1.382 28.10.13 0.95Bayer 6.000 10.04.12 0.88CSF Comdty Ind. Pl. 0.85Deutsche Telekom 8.125 29.05.12 0.81Germany 1.500 15.04.16 0.80Germany 2.250 15.04.13 0.77Total 12.70


178




Credit Suisse Portfolio Fund (Lux) Balanced (Euro)Class B


Newsflow on the economy in March was mostlygood. The employment report for January wasbetter than expected with a gain of 227,000 innon-farm payrolls (expectation was +210,000).The number for January was revised up to284,000 (was 243,000 before). Theunemployment rate was reported unchanged at8.3%. Consumer confidence gained to 70.8from 61.1 a month earlier. Initial jobless numberscame in at 354,200 and were lower than inFebruary (356,000). Capacity utilization washigher at 78.7% and durable goods orders wereup by 2.2%, after a drop of 4%. The ISMnon-manufacturing report came in higher at 57.3(was 56.8 before). The PPI report showed

inflation at a y-o-y base of +3.3% vs. 4.1%before. The Chicago Purchasing Manager Indexwas lower at 62.2 from 64 a month earlier. Oilprices were higher and traded in a rangebetween USD 120.97 to USD 128.40/barrel.

The ECB held interest rates at 1%. Theeurozone PPI at 3.7% y-o-y was lower (was4.3%). CPI at 2.7% y-o-y was unchanged. TheZEW survey was better at +11 from -8.1 amonth earlier. The unemployment rate in theeurozone was higher at 10.7%.

Equity market performance was mixed in March.The best market was the US (+4.05%), followed

by Japan (+3.70%) and Switzerland (+2.05%).The worst markets were Hong Kong (-5.18%),followed by emerging markets (-3.52%) and theUK (-1.75%).

Bond markets were mixed. The best marketswere the eurozone (+1.90%) and Australia(+0.85%), the worst markets were the UK(-1.40%) and the US (-0.73%). Commoditieswere down by 4.13%. Global real estate was upby 0.77%, while gold lost 1.68%. The JPY wasvery weak against all major currencies.


We are slightly overweight in equities as an assetclass, with key overweights in emerging marketsand the UK. We are underweight the US andJapan and are strongly underweight in

Switzerland. Bonds overall are underweighted.We are slightly short duration in most markets.Global real estate is slightly overweight, while weare also overweight commodities (including gold).

As for currencies, we are practically neutral, withminimal over or underweights.

Portfolio ManagementMr Hiller graduated from the Business School of Zurich with a B.A. in Economics. He is a Certified EFFAS Financial Analyst. He joinedCredit Suisse Group in 1994 as a portfolio manager for Swiss Volksbank's Portfolio Funds. Since 1997 he has been a member of theCredit Suisse Portfolio Fund (Lux) management team.

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Fund manager Urs HillerFund manager since 16.03.2006Location ZurichFund domicile LuxembourgFund currency CHFClose of financial year 31. MarchTotal net assets (in mil.) 1'319.74Inception date 14.05.1993Management fee in % p.a. 1.50Total expense ratio (ex ante) in % 1.69Benchmark (BM) CB CS PF (Lux) Balanced (Sfr)Unit Class Category B

(capital growth)

ISIN LU0078040838

Valor no. 672328



Credit Suisse Portfolio Fund (Lux) Balanced (Sfr)Class B


2007 2008 2009 2010 2011 201260

70

80

90

100

110

120

130

-40%

-30%

-20%

-10%

0%

10%

20%

30%

-0.7

-25.2

16.7

1.1

-6.7

4.50.5

-25.0

17.0

2.2

-4.1

4.8

CS PF (Lux) Balanced (Sfr) B Yearly or year-to-date performance respectively (Fund)CB CS PF (Lux) Balanced (Sfr) Yearly or year-to-date performance respectively (Benchmark)






CHF 43.18USD 25.70EUR 12.07JPY 3.84GBP 3.82AUD 2.65HKD 2.03CAD 1.78Others 4.93


Switzerland 3.70 8.67 24.81 12.66 0.19 50.03Asia - -0.65 1.19 1.47 - 2.01Euroland - -5.24 4.78 4.14 3.47 7.15UK - -0.75 0.64 5.73 - 5.62Canada - 0.49 1.01 0.28 - 1.78USA - -1.53 2.50 14.53 3.69 19.19Japan - -1.00 1.21 2.04 1.98 4.23Others - - 0.62 - 2.75 3.37Emerging Markets - - - 6.62 - 6.62Total 3.70 -0.01 36.76 47.47 12.08 100.00

Investment policyThe aim of the fund is to achieve the highestpossible total return in CHF by investingworldwide, in principle with equal allocations inequities, equity-type securities and fixed orvariable rate securities. The proportion of thefund's assets invested in equities and equity-typesecurities may vary between 30% and 60%.In addition, money market instruments may beheld on an ancillary basis. The fund may alsoinvest a maximum of 20% in real estate andcommodities.

Fund facts


Bloomberg ticker CRSPBSI LX


Maturities in years

0%5%

10%15%20%25%30%35%40%

0-1 1-3 3-5 5-7 7-10 >10






%Maturity as % of

assetsNestlé 2.80ETFS ETC on Gold 2.74DB X-Trackers 2.58Roche 1.79Novartis 1.70CS SICAV One EuropEq. Div. Plus

1.25

Rabobank 0.723 12.03.14 1.14ABB 0.80CSF Comdty Ind. Pl. 0.69GDF Suez 3.500 19.12.12 0.68Total 16.17


180




Credit Suisse Portfolio Fund (Lux) Balanced (Sfr)Class B


Newsflow on the economy in March was mostlygood. The employment report for January wasbetter than expected with a gain of 227,000 innon-farm payrolls (expectation was +210,000).The number for January was revised up to284,000 (was 243,000 before). Theunemployment rate was reported unchanged at8.3%. Consumer confidence gained to 70.8from 61.1 a month earlier. Initial jobless numberscame in at 354,200 and were lower than inFebruary (356,000). Capacity utilization washigher at 78.7% and durable goods orders wereup by 2.2%, after a drop of 4%. The ISMnon-manufacturing report came in higher at 57.3

(was 56.8 before). The PPI report showedinflation at a y-o-y base of +3.3% vs. 4.1%before. The Chicago Purchasing Manager Indexwas lower at 62.2 from 64 a month earlier. Oilprices were higher and traded in a rangebetween USD 120.97 to USD 128.40/barrel.


Equity market performance was mixed in March.The best market was the US (+4.05%), followedby Japan (+3.70%) and Switzerland (+2.05%).The worst markets were Hong Kong (-5.18%),followed by emerging markets (-3.52%) and theUK (-1.75%).






Portfolio ManagementMr Hiller graduated from the Business School of Zurich with a B.A. in Economics. He is a Certified EFFAS Financial Analyst. He joinedCredit Suisse Group in 1994 as a portfolio manager for Swiss Volksbank's Portfolio Funds. Since 1997 he has been a member of theCredit Suisse Portfolio Fund (Lux) management team. C

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Fund manager Urs HillerFund manager since 01.12.2009Location ZurichFund domicile LuxembourgFund currency USDClose of financial year 31. MarchTotal net assets (in mil.) 96.76Inception date 14.05.1993Management fee in % p.a. 1.50Total expense ratio (ex ante) in % 1.69Benchmark (BM) CB CS PF (Lux) Balanced (US$)Unit Class Category B

(capital growth)

ISIN LU0078041133

Valor no. 672327



Credit Suisse Portfolio Fund (Lux) Balanced (US$)Class B


2007 2008 2009 2010 2011 201270

80

90

100

110

120

130

-30%

-20%

-10%

0%

10%

20%

30%

8.1

-23.0

20.2

9.0

-5.4

6.410.3

-21.2

17.4

10.3

-1.8

6.0

CS PF (Lux) Balanced (US$) B Yearly or year-to-date performance respectively (Fund)CB CS PF (Lux) Balanced (US$) Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund -0.74 6.35 6.35 -1.94 41.33 8.04Benchmark -0.40 5.97 5.97 1.82 45.18 14.51




USD 59.42EUR 11.34GBP 6.15JPY 5.93AUD 3.64HKD 2.96CAD 1.76KRW 1.52Others 7.28


USA 4.49 3.81 31.13 12.90 3.70 56.03Japan - -1.63 1.21 4.27 1.84 5.69Switzerland - 0.46 0.08 1.19 - 1.73Asia - -0.86 1.09 3.23 - 3.46Euroland - -2.54 1.19 6.53 3.40 8.58UK - -0.93 0.67 8.53 - 8.27Canada - 1.71 0.58 0.39 - 2.68Others - - 0.56 - 2.87 3.43Emerging Markets - - - 10.13 - 10.13Total 4.49 0.02 36.51 47.17 11.81 100.00

Investment policyThe aim of the fund is to achieve the highestpossible total return in USD by investingworldwide, in principle with equal allocations inequities, equity-type securities and fixed orvariable rate securities. The proportion of thefund's assets invested in equities and equity-typesecurities may vary between 30% and 60%.In addition, money market instruments may beheld on an ancillary basis. The fund may alsoinvest a maximum of 20% in real estate andcommodities.

Fund facts


Bloomberg ticker CRSPBUI LX


Maturities in years

0%5%

10%15%20%25%30%35%

0-1 1-3 3-5 5-7 7-10 >10






%Maturity as % of

assetsETFS ETC on Gold 2.86US Treasury 3.125 31.10.16 2.85Rabobank 3.375 19.02.13 2.63US Treasury 2.625 30.06.14 2.59DB X-Trackers 2.57US Treasury 3.375 15.11.19 1.74US Treasury 1.250 15.02.14 1.32Dexia Municipal 0.800 21.05.12 1.19CS SICAV One EuropEq. Div. Plus

1.16

US Treasury 0.375 31.07.13 1.04Total 19.95


182




Credit Suisse Portfolio Fund (Lux) Balanced (US$)Class B












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Fund manager Urs HillerFund manager since 01.03.2002Location ZurichFund domicile LuxembourgFund currency EURClose of financial year 31. MarchTotal net assets (in mil.) 82.61Inception date 30.10.1998Management fee in % p.a. 1.70Total expense ratio (ex ante) in % 1.89Benchmark (BM) CB CS PF (Lux) Growth (Euro)Unit Class Category B

(capital growth)

ISIN LU0091101195

Valor no. 951292

EU taxation In scope - no tax


Credit Suisse Portfolio Fund (Lux) Growth (Euro)Class B


2007 2008 2009 2010 2011 201260

70

80

90

100

110

120

130

-40%

-30%

-20%

-10%

0%

10%

20%

30%

-1.2

-31.8

23.8

13.4

-9.3

7.51.5

-30.0

22.1

13.3

-5.2

7.4

CS PF (Lux) Growth (Euro) B Yearly or year-to-date performance respectively (Fund)CB CS PF (Lux) Growth (Euro) Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund 0.16 7.46 7.46 -1.86 46.09 -8.72Benchmark 0.31 7.36 7.36 2.30 50.70 -1.56


Equity 71.69Alternatives 12.17Bonds 9.84Cash/CashEquivalents 6.30


EUR 50.43USD 30.23JPY 3.42GBP 2.82AUD 2.82HKD 2.35KRW 1.24BRL 1.22Others 5.47


Euroland 6.30 1.07 6.14 29.25 3.58 46.34UK - 1.02 0.27 7.15 - 8.44Canada - 2.15 0.11 0.37 - 2.63Switzerland - -0.20 0.12 0.47 - 0.39Asia - -0.63 1.17 2.06 - 2.60USA - -0.86 1.51 20.32 3.92 24.89Japan - -2.55 0.13 2.97 1.89 2.44Others - - 0.80 - 2.77 3.57Emerging Markets - - - 8.70 - 8.70Total 6.30 0.00 10.25 71.29 12.16 100.00

Investment policyThe aim of the fund is to achieve the highestpossible total return in EUR by investingworldwide in equities, equity-type securities andfixed or variable rate securities. Investments inequities and equity-type securities will accountfor at least 60% of the fund's net assets atany given time. In addition, money marketinstruments may be held on an ancillary basis.The fund may also invest a maximum of 20% inreal estate and commodities.

Fund facts


Bloomberg ticker CSPLGRO LX


Maturities in years

0%5%

10%15%20%25%30%35%

0-1 1-3 3-5 5-7 7-10 >10






%Maturity as % of

assetsDB X-Trackers 2.78ETFS ETC on Gold 2.76Rabobank 4.250 22.04.14 1.92CS SICAV One EuropEq. Div. Plus

1.82

Apple 0.99CSF Comdty Ind. Pl. 0.98Sanofi-Aventis 0.91Germany 1.500 15.04.16 0.90Total 0.89Germany 2.250 15.04.13 0.88Total 14.83


184




Credit Suisse Portfolio Fund (Lux) Growth (Euro)Class B












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Fund manager Urs HillerFund manager since 16.03.2006Location ZurichFund domicile LuxembourgFund currency CHFClose of financial year 31. MarchTotal net assets (in mil.) 270.43Inception date 11.06.1993Management fee in % p.a. 1.70Total expense ratio (ex ante) in % 1.89Benchmark (BM) CB CS PF (Lux) Growth (Sfr)Unit Class Category B

(capital growth)

ISIN LU0078041992

Valor no. 672378



Credit Suisse Portfolio Fund (Lux) Growth (Sfr)Class B


2007 2008 2009 2010 2011 20125060708090

100110120130

-50%-40%-30%-20%-10%

0%10%20%30%

-0.8

-34.0

21.0

0.3

-8.3

5.90.7

-32.9

21.2

2.0

-5.1

6.1

CS PF (Lux) Growth (Sfr) B Yearly or year-to-date performance respectively (Fund)CB CS PF (Lux) Growth (Sfr) Yearly or year-to-date performance respectively (Benchmark)






USD 34.02CHF 28.07EUR 15.09GBP 4.28JPY 4.12AUD 3.03HKD 2.66CAD 1.86Others 6.87


Switzerland 3.69 6.02 2.54 19.18 - 31.43Asia - -0.53 1.13 2.12 - 2.72Euroland - -4.99 4.72 6.72 4.08 10.53Canada - 1.60 0.55 0.46 - 2.61USA - -0.86 2.53 22.03 4.23 27.93Japan - -1.24 0.10 3.46 2.08 4.40Others - - 0.62 - 2.72 3.34UK - - 0.27 7.39 - 7.66Emerging Markets - - - 9.38 - 9.38Total 3.69 0.00 12.46 70.74 13.11 100.00

Investment policyThe aim of the fund is to achieve the highestpossible total return in CHF by investingworldwide in equities, equity-type securities andfixed or variable rate securities. Investments inequities and equity-type securities will accountfor at least 60% of the fund's net assets atany given time. In addition, money marketinstruments may be held on an ancillary basis.The fund may also invest a maximum of 20% inreal estate and commodities.

Fund facts


Bloomberg ticker CRSPGSI LX


Maturities in years

0%5%

10%15%20%25%30%35%

0-1 1-3 3-5 5-7 7-10 >10






%Maturity as % of

assetsNestlé 4.17DB X-Trackers 3.06Roche 2.80ETFS ETC on Gold 2.71Novartis 2.47ABB 1.39CS SICAV One EuropEq. Div. Plus

1.25

Rabobank 0.723 12.03.14 1.11Zurich Fin. Services 1.04Apple 1.02Total 21.02


186




Credit Suisse Portfolio Fund (Lux) Growth (Sfr)Class B












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Fund manager Urs HillerFund manager since 01.12.2009Location ZurichFund domicile LuxembourgFund currency USDClose of financial year 31. MarchTotal net assets (in mil.) 71.38Inception date 11.06.1993Management fee in % p.a. 1.70Total expense ratio (ex ante) in % 1.89Benchmark (BM) CB CS PF (Lux) Growth (US$)Unit Class Category B

(capital growth)

ISIN LU0078042453

Valor no. 672380



Credit Suisse Portfolio Fund (Lux) Growth (US$)Class B


2007 2008 2009 2010 2011 201260708090

100110120130140

-40%-30%-20%-10%

0%10%20%30%40%

8.3

-33.8

27.1

10.0

-10.1

9.310.6

-31.3

24.9

11.5

-5.6

8.7

CS PF (Lux) Growth (US$) B Yearly or year-to-date performance respectively (Fund)CB CS PF (Lux) Growth (US$) Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund -0.38 9.26 9.26 -4.82 50.43 -2.82Benchmark -0.29 8.67 8.67 -0.49 56.78 5.93




USD 47.63EUR 15.43JPY 7.20GBP 7.10AUD 4.38HKD 3.94CAD 2.25KRW 2.16Others 9.91


USA 7.90 2.99 5.61 19.76 3.24 39.50Japan - -1.79 - 6.84 1.94 6.99Switzerland - 0.49 0.02 1.79 - 2.30Asia - -0.73 1.11 4.37 - 4.75Euroland - -3.72 1.26 10.49 4.26 12.29UK - 0.29 0.33 11.74 - 12.36Canada - 2.46 0.46 1.01 - 3.93Others - - 0.56 - 2.69 3.25Emerging Markets - - - 14.63 - 14.63Total 7.90 -0.01 9.35 70.63 12.13 100.00

Investment policyThe aim of the fund is to achieve the highestpossible total return in USD by investingworldwide in equities, equity-type securities andfixed or variable rate securities. Investments inequities and equity-type securities will accountfor at least 60% of the fund's net assets atany given time. In addition, money marketinstruments may be held on an ancillary basis.The fund may also invest a maximum of 20% inreal estate and commodities.

Fund facts


Bloomberg ticker CRSPGUI LX


Maturities in years

0%5%

10%15%20%25%30%35%

0-1 1-3 3-5 5-7 7-10 >10






%Maturity as % of

assetsDB X-Trackers 3.40ETFS ETC on Gold 2.68Rabobank 3.375 19.02.13 2.13CS SICAV One EuropEq. Div. Plus

1.09

Apple 0.95Rabobank 3.000 18.09.12 0.71Dexia Municipal 5.125 31.05.12 0.70Procter & Gamble 1.375 01.08.12 0.70Exxon Mobil Corp. 0.62CS Sicav One (L)Glob. Convert.

0.57

Total 13.55


188




Credit Suisse Portfolio Fund (Lux) Growth (US$)Class B












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189

Fund manager Urs HillerFund manager since 01.03.2002Location ZurichFund domicile LuxembourgFund currency EURClose of financial year 31. MarchTotal net assets (in mil.) 413.17Inception date 30.10.1998Management fee in % p.a. 1.30Total expense ratio (ex ante) in % 1.49Benchmark (BM) CB CS PF (Lux) Income (Euro)Unit Class Category A

(distribution)

ISIN LU0091100627

Valor no. 951289

Last distribution 17.05.2011Distribution value 1.50EU taxation In scope - tax


Credit Suisse Portfolio Fund (Lux) Income (Euro)Class A & B


2007 2008 2009 2010 2011 201280859095

100105110115120

-20%-15%-10%-5%0%5%

10%15%20%

-1.6

-12.0

13.410.8

-2.6

4.21.1

-9.8

11.48.9

-0.5

4.3

CS PF (Lux) Income (Euro) B Yearly or year-to-date performance respectively (Fund)CB CS PF (Lux) Income (Euro) Yearly or year-to-date performance respectively (Benchmark)






EUR 68.88USD 16.72JPY 4.51AUD 2.08GBP 1.90HKD 1.34CAD 1.05KRW 0.57Others 2.95


Euroland 6.20 7.35 48.81 9.56 3.10 75.02UK - -0.32 0.87 2.58 - 3.13Canada - 0.41 0.48 0.19 - 1.08Switzerland - -0.15 0.09 0.37 - 0.31Asia - -0.66 1.11 0.81 - 1.26USA - -2.86 3.32 6.25 3.48 10.19Japan - -3.76 3.36 0.71 1.79 2.10Others - - 0.50 - 2.66 3.16Emerging Markets - - - 3.75 - 3.75Total 6.20 0.01 58.54 24.22 11.03 100.00

Investment policyThe aim of the fund is to achieve an appropriatereturn in EUR by taking advantage of thepossibilities for international diversification. Thefund invests worldwide in fixed and variable ratesecurities as well as in equities and equity-typesecurities. Fixed and variable rate securitiesaccount for at least 50% of the net assets of thefund at any given time. In addition, money marketinstruments may be held on an ancillary basis.The fund may also invest a maximum of 20% inreal estate and commodities.

Fund facts



Bloomberg ticker CRSIEAI LX CRSIEBI LX951290

Net asset value(NAV)

109.22 145.05

--

Maturities in years

0%

5%

10%

15%

20%

25%

30%

0-1 1-3 3-5 5-7 7-10 >10


Annualised volatility in % 5.32 5.94Information ratio 0.16 -0.41Tracking Error (Ex post) 1.66 1.54Maximum drawdown in % -5.25 -17.04


Allocation of bonds in %Fixed Income 65.83Shares (and equity-type securities) 26.94Open-end Funds 4.51Index Investments 2.71Closed-end Funds 0.01Total 100.00


%Maturity as % of

assetsETFS ETC on Gold 2.66DB X-Trackers 2.23Rabobank 1.850 12.04.17 1.22Rabobank 4.250 22.04.14 1.15Bayr Landesbank 1.400 22.04.13 1.04CS SICAV One EuropEq. Div. Plus

1.03

Roche 4.625 04.03.13 1.00France OAT 4.000 25.04.18 0.92Germany 2.250 04.09.21 0.86Bayer 6.000 10.04.12 0.85Total 12.96


190




Credit Suisse Portfolio Fund (Lux) Income (Euro)Class A & B












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191

Fund manager Urs HillerFund manager since 16.03.2006Location ZurichFund domicile LuxembourgFund currency CHFClose of financial year 31. MarchTotal net assets (in mil.) 1'564.67Inception date 14.05.1993Management fee in % p.a. 1.30Total expense ratio (ex ante) in % 1.49Benchmark (BM) CB CS PF (Lux) Income (Sfr)Unit Class Category A

(distribution)

ISIN LU0078042610

Valor no. 672338



Credit Suisse Portfolio Fund (Lux) Income (Sfr)Class A & B


2007 2008 2009 2010 2011 201280

85

90

95

100

105

110

115

-20%

-15%

-10%

-5%

0%

5%

10%

15%

-1.1

-15.2

11.7

1.3

-5.7

3.30.1

-15.8

12.4

2.2

-2.9

3.5

CS PF (Lux) Income (Sfr) B Yearly or year-to-date performance respectively (Fund)CB CS PF (Lux) Income (Sfr) Yearly or year-to-date performance respectively (Benchmark)






CHF 55.49USD 19.76EUR 9.29JPY 5.09GBP 2.61AUD 2.14CAD 1.40HKD 1.32Others 2.90


Switzerland 4.40 15.22 44.06 5.87 0.17 69.72Asia - -0.70 1.17 0.80 - 1.27Euroland - -5.46 4.71 1.90 2.99 4.14UK - -0.80 1.00 3.16 - 3.36USA - -4.91 5.07 6.78 3.41 10.35Japan - -3.38 3.61 1.03 1.74 3.00Others - - 0.60 - 2.76 3.36Canada - - 0.94 0.15 - 1.09Emerging Markets - - - 3.71 - 3.71Total 4.40 -0.03 61.16 23.40 11.07 100.00

Investment policyThe aim of the fund is to achieve an appropriatereturn in CHF by taking advantage of thepossibilities for international diversification. Thefund invests worldwide in fixed and variable ratesecurities as well as in equities and equity-typesecurities. Fixed and variable rate securitiesaccount for at least 50% of the net assets of thefund at any given time. In addition, money marketinstruments may be held on an ancillary basis.The fund may also invest a maximum of 20% inreal estate and commodities.

Fund facts



Bloomberg ticker CRSISAI LX CRSISBI LX672339


106.59 153.58

--

Maturities in years

0%5%

10%15%20%25%30%35%40%

0-1 1-3 3-5 5-7 7-10 >10


Annualised volatility in % 5.38 6.81Information ratio -1.87 -0.78Tracking Error (Ex post) 1.00 1.11Maximum drawdown in % -9.63 -20.68




%Maturity as % of

assetsETFS ETC on Gold 2.76DB X-Trackers 2.10Rabobank 0.723 12.03.14 1.41Nestlé 1.28CS SICAV One EuropEq. Div. Plus

1.23

Rabobank 1.850 12.04.17 0.88ABN AMRO 1.000 19.04.17 0.85Roche 0.85Italy 4.500 08.06.15 0.78Novartis 0.77Total 12.91


192




Credit Suisse Portfolio Fund (Lux) Income (Sfr)Class A & B












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193

Fund manager Urs HillerFund manager since 01.12.2009Location ZurichFund domicile LuxembourgFund currency USDClose of financial year 31. MarchTotal net assets (in mil.) 245.19Inception date 14.05.1993Management fee in % p.a. 1.30Total expense ratio (ex ante) in % 1.49Benchmark (BM) CB CS PF (Lux) Income (US$)Unit Class Category A

(distribution)

ISIN LU0078046876

Valor no. 672336



Credit Suisse Portfolio Fund (Lux) Income (US$)Class A & B


2007 2008 2009 2010 2011 201280

90

100

110

120

130

-20%

-10%

0%

10%

20%

30%

7.1

-12.7

13.38.2

-1.8

3.9

9.5

-9.5

9.6 9.0

2.0 3.3

CS PF (Lux) Income (US$) B Yearly or year-to-date performance respectively (Fund)CB CS PF (Lux) Income (US$) Yearly or year-to-date performance respectively (Benchmark)






USD 71.08EUR 8.35JPY 5.61GBP 3.58AUD 2.54CAD 2.14HKD 1.85KRW 0.84Others 4.01


USA 6.94 8.15 48.87 6.01 3.34 73.31Japan - -3.57 3.16 1.96 1.83 3.38Switzerland - 0.30 0.14 0.38 - 0.82Asia - -0.66 1.02 1.65 - 2.01UK - -0.75 0.87 4.74 - 4.86Euroland - -3.47 2.02 3.38 3.24 5.17Canada - - 1.36 0.35 - 1.71Others - - 0.40 - 2.78 3.18Emerging Markets - - - 5.56 - 5.56Total 6.94 0.00 57.84 24.03 11.19 100.00

Investment policyThe aim of the fund is to achieve an appropriatereturn in USD by taking advantage of thepossibilities for international diversification. Thefund invests worldwide in fixed and variable ratesecurities as well as in equities and equity-typesecurities. Fixed and variable rate securitiesaccount for at least 50% of the net assets of thefund at any given time. In addition, money marketinstruments may be held on an ancillary basis.The fund may also invest a maximum of 20% inreal estate and commodities.

Fund facts



Bloomberg ticker CRSIUAI LX CRSIUBI LX672337


136.31 233.85

--

Maturities in years

0%5%

10%15%20%25%30%35%40%

0-1 1-3 3-5 5-7 7-10 >10


Annualised volatility in % 7.26 8.67Information ratio -0.23 -0.77Tracking Error (Ex post) 1.56 1.51Maximum drawdown in % -7.00 -21.25




%Maturity as % of

assetsUS Treasury 3.125 31.10.16 4.89US Treasury 2.625 30.06.14 4.45US Treasury 3.375 15.11.19 2.99ETFS ETC on Gold 2.77DB X-Trackers 2.44US Treasury 1.250 15.02.14 2.27Rabobank 3.375 19.02.13 2.07US Treasury 0.375 31.07.13 1.79Bayr Landesbank 1.400 22.04.13 1.47T-NTS United Statesof Am.

1.000 15.01.14 1.35

Total 26.49


194




Credit Suisse Portfolio Fund (Lux) Income (US$)Class A & B












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195

Fund manager Gabriele GrecchiFund manager since 01.05.2009Location MilanoFund domicile LuxembourgFund currency EURClose of financial year 31. MarchTotal net assets (in mil.) 100.52Inception date 22.04.1994Management fee in % p.a. 1.20Total expense ratio (ex ante) in % 1.37Benchmark (BM) CB CS PF (Lux) Reddito (Euro)Unit Class Category A

(distribution)

ISIN LU0078046108

Valor no. 672334



Credit Suisse Portfolio Fund (Lux) Reddito (Euro)Class A & B


2007 2008 2009 2010 2011 201290

95

100

105

110

115

-10%

-5%

0%

5%

10%

15%

0.3

-8.1

9.0

3.5

-1.4

4.7

1.3

-3.0

7.8

3.30.9

3.0

CS PF (Lux) Reddito (Euro) B Yearly or year-to-date performance respectively (Fund)CB CS PF (Lux) Reddito (Euro) Yearly or year-to-date performance respectively (Benchmark)




Bonds 59.80Equity 20.87Cash/CashEquivalents 19.33


EUR 79.15USD 9.34JPY 3.71ITL 2.84GBP 2.52SEK 0.92ISK 0.76CHF 0.48Others 0.28

Asset allocation in %Bonds Equity Total

Euroland 71.11 - 71.11UK 3.41 1.10 4.51USA 4.61 - 4.61Emerging Markets - 0.71 0.71Switzerland - 0.56 0.56Europe - 12.79 12.79North America - 5.12 5.12Pacific and Emerging Markets - 0.35 0.35Asia - 0.24 0.24Total 79.13 20.87 100.00

Investment policyThe aim of the fund is to achieve an appropriatereturn on the capital invested, while takingadvantage of the opportunities provided byinternational diversification. The fund invests ineuro denominated fixed and variable ratesecurities as well as in equities and equity-typesecurities. Fixed and variable rate instrumentswill account for at least 50% of the net assets ofthe fund at any given time. Investment in Italiandomiciled securities will account for a largerproportion of the fund’s assets than othersecurities. In addition, money market instrumentsmay be held on an ancillary basis.

Fund facts



Bloomberg ticker CRSILAI LX CRSILBI LX672335


69.08 111.21

--

Maturities in years

0%5%

10%15%20%25%30%35%

0-1 1-3 3-5 5-7 7-10 >10




Allocation of bonds in %Fixed Income 78.14Shares (and equity-type securities) 20.61Open-end Funds 1.11Mortgage Backed Securities 0.14Total 100.00


assetsItaly 3.000 15.04.15 4.94EIB 4.000 15.10.37 4.27Italy 5.750 25.07.16 4.17Germany 3.250 04.01.20 3.39CDEP 3.000 31.01.13 3.01EIB 3.125 15.10.15 2.97Banco Bilbao 3.250 24.01.16 2.96Italy 4.000 01.09.20 2.83Italy 2.250 01.11.13 2.68Italy 2.150 15.09.14 2.40Total 33.62


196




Credit Suisse Portfolio Fund (Lux) Reddito (Euro)Class A & B


World stock markets rocketed higher especiallyin the first two months of the new year and arenow up 35%–40% on average from their lowpoints hit in August 2011. Despite a short-termslowdown in economic activity, business-cycledata from the core regions reinforce our theorythat the macroeconomic situation is sustainablycontinuing to improve. This, coupled with

subsiding euro-zone woes, abatingbanking-system troubles, the continued excellentshape of the corporate sector and thecentral-bank liquidity injections led by theEuropean Central Bank (ECB), creates asubstantially improved overall climate.At the moment, however, the chances of furtherupside surprises have become more difficult.



In anticipation of laterally consolidating ormoderately correcting stock markets, we decideda few weeks ago to take profits temporarily andto position ourselves neutrally as we await abetter entry opportunity. However, the macroand corporate fundamentals coupled with thevaluation component and the mountingperformance pressure on many investors whoare still positioned in cash continue to reinforce

our confidence that we will see another upmovein stocks in the months ahead regardless of anynear-term corrections.From a regional perspective, we believe thatsuperior growth and very sound corporate dataare the reason behind the significantoutperformance posted by the US markets.Hence, in the future we are leaning toward morecyclical and laggard markets such as the

emerging economies (cyclicality and structuraladvantages) and parts of Europe (catch-uppotential and valuation component).Our positioning in the fixed-income sectorremains unchanged. In spite of the recent uptick,we consider the current yield levels in thetraditional bond markets unattractive, but we donot see a big risk of a further appreciable upwarddrift in yields given the steady demand.


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197

Fund manager Maurizio PedriniFund manager since 26.11.2004Location ZurichFund domicile SwitzerlandFund currency GBPClose of financial year 30. SepTotal net assets (in mil.) 29.27Inception date 26.11.2004Management fee in % p.a. 0.95Total expense ratio (ex ante) in % 1.10Benchmark (BM) CB CS Premium (CH) Bond (£)Swinging single pricing (SSP) 2) YesUnit Class Category A

(distribution)

ISIN CH0019432480

Valor no. 1943248

Last distribution 15.11.2011Distribution value 4.40Redemptions DailyEU taxation In scope - no tax

Fund 51


Credit Suisse Premium (CH) Bond (£)Class A

Net performance in GBP (rebased to 100) and yearly performance 1)

2007 2008 2009 2010 2011 201290

100

110

120

130

140

-10%

0%

10%

20%

30%

40%

2.3

-0.4

10.36.5

1.4 2.97.3

11.5

3.3 4.6 5.60.7

CS Premium (CH) Bond (£) Yearly or year-to-date performance respectively (Fund)CB CS Premium (CH) Bond (£) Yearly or year-to-date performance respectively (Benchmark)

Net performance in GBP 1)


Maturities in years

0%5%

10%15%20%25%30%35%40%

0-1 1-3 3-5 5-7 7-10 10-15 >15


GBP 91.33 99.67EUR 4.72 0.02USD 3.75 0.11CHF 0.19 0.19

Asset Allocation in %Industrial Bonds 33.92Financial Bonds 26.99Sovereign/Agencies 26.79Government 9.14Utilities 0.86Covered/ABS 0.74Derivatives -2.85Cash/Cash Equivalents 4.41Total 100.00



Credit Ratings in %

AAA 24.27AA+ 11.45AA 3.34AA- 7.66A+ 1.91A 19.08A- 18.48BBB+ 5.88BBB 5.71BBB- 2.22


%Maturity as % of

assetsJapan Finance 5.750 09.08.19 4.30Inter-AmericanBank

5.250 07.06.21 4.26

La Poste 5.625 19.12.16 3.66Rolls-Royce Grp.PLC

7.375 14.06.16 3.51

McDonald's 6.375 03.02.20 3.44Natixis 5.875 24.02.20 3.05Linde 6.500 29.01.16 3.02Intl Bk Recon &Dev.

5.375 15.01.14 2.98

Nordic Investment 5.250 26.11.19 2.97Barclays 10.125 21.12.17 2.83Total 34.02

Investment policyThe fund aims to achieve appropriate return inGBP whilst taking into account the security ofcapital.The Fund will predominantly invest its assets ininvestment grade fixed income securities thatearn low coupon interest.The average rating of the fund's investments ismedium to high quality.Short-term price fluctuations cannot be ruled out.The Fund may hold fixed income securitiesdenominated in other currencies than the GBP,however, currency exposure has to be fullyhedged in GBP.

Fund facts

Unit class currency GBP

Bloomberg ticker CSBFPRS SW



Number of holdings




Average = A

198




Credit Suisse Premium (CH) Bond (£)Class A












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199

Fund manager Maurizio PedriniFund manager since 13.02.2004Location ZurichFund domicile SwitzerlandFund currency EURClose of financial year 30. SepTotal net assets (in mil.) 282.76Inception date 13.02.2004Management fee in % p.a. 0.95Total expense ratio (ex ante) in % 1.00Benchmark (BM) CB CS Premium (CH) Bond (Euro)Swinging single pricing (SSP) 2) YesUnit Class Category A

(distribution)

ISIN CH0017630242

Valor no. 1763024

Last distribution 15.11.2011Distribution value 3.40Redemptions DailyEU taxation In scope

Fund 87


Credit Suisse Premium (CH) Bond (Euro)Class A


2007 2008 2009 2010 2011 201295

100105110115120125130135

-5%0%5%

10%15%20%25%30%35%

1.85.1

9.8

4.02.1 2.0

4.9

9.7

3.7 3.0 4.41.6

CS Premium (CH) Bond (Euro) Yearly or year-to-date performance respectively (Fund)CB CS Premium (CH) Bond (Euro) Yearly or year-to-date performance respectively (Benchmark)



Maturities in years

0%5%

10%15%20%25%30%35%

0-1 1-3 3-5 5-7 7-10 10-15 >15


EUR 63.07 99.98USD 21.25 -0.02GBP 12.03 -0.03JPY 3.65 0.06

Asset Allocation in %Financial Bonds 25.26Sovereign/Agencies 22.85Covered/ABS 16.83Government 14.05Industrial Bonds 12.16Utilities 3.08Funds 1.33Derivatives -1.34Cash/Cash Equivalents 5.79Total 100.01



Credit Ratings in %



%Maturity as % of

assetsAsian Dev. Bk 5.593 16.07.18 2.85DE Pfandbriefbank 4.500 15.01.14 2.64General Electric 5.875 18.10.12 2.60AfrikanischeEntwicklungsbank

7.375 06.04.23 2.57

Quebec 7.500 15.09.29 2.55European Union 2.750 03.06.16 2.29Weltbank 7.625 19.01.23 1.92Natixis 5.875 24.02.20 1.89McDonald's 6.250 20.07.12 1.87Res Ferre FR 5.400 26.02.13 1.85Total 23.03

Investment policyThe fund aims to achieve appropriate return inEUR whilst taking into account the security ofcapital.The Fund will predominantly invest its assets ininvestment grade fixed income securities thatearn low coupon interest.The average rating of the fund's investments ismedium to high quality.Short-term price fluctuations cannot be ruled out.The Fund may hold fixed income securitiesdenominated in other currencies than the EUR,however, currency exposure has to be fullyhedged in EUR.

Fund facts


Bloomberg ticker CSBFPRM SW



Number of holdings




Average = A+

200




Credit Suisse Premium (CH) Bond (Euro)Class A




Unlike in the US, yield changes in the eurozoneresembled the picture of a butterfly as the shortend and the long end gapped higher while themiddle of the curve (6yrs -12 yrs) was lower.Spain got back into the spotlight after thegovernment warned that the budget deficit will behigher than originally forecasted in 2011. Also,demand was lower than expected at one of itsgovernment debt auctions. One of the key issuesin Europe is still that in order to reduce their

budget deficits, governments need to introduceausterity measures which may cause civil unrestand a negative GDP growth rate. LTRO’s havereduced the liquidity issue for banks. However,many banks in Europe remain weakly capitalized.One of the bright spots are the high growth ratesof emerging market countries. Even as Chinahas declared that it will target a lower growth rateunder its new five-year plan, investors continueto be attracted by the higher interest rates andearnings growth of Asian and Latin Americaneconomies.







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Fund manager Maurizio PedriniFund manager since 26.11.2004Location ZurichFund domicile SwitzerlandFund currency CHFClose of financial year 30. SepTotal net assets (in mil.) 115.32Inception date 26.11.2004Management fee in % p.a. 0.95Total expense ratio (ex ante) in % 1.02Benchmark (BM) CB CS Premium (CH) Bond (Sfr)Swinging single pricing (SSP) 2) YesUnit Class Category A

(distribution)

ISIN CH0019432498

Valor no. 1943249


Fund 54


Credit Suisse Premium (CH) Bond (Sfr)Class A


2007 2008 2009 2010 2011 201295

100

105

110

115

120

-5%

0%

5%

10%

15%

20%

-1.8

3.25.3

2.3 1.9 1.6

-0.2

3.2

6.6

2.5 1.7 2.4

CS Premium (CH) Bond (Sfr) Yearly or year-to-date performance respectively (Fund)CB CS Premium (CH) Bond (Sfr) Yearly or year-to-date performance respectively (Benchmark)



Maturities in years

0%5%

10%15%20%25%30%35%

0-1 1-3 3-5 5-7 7-10 10-15 >15


CHF 52.91 99.83EUR 40.51 0.10USD 6.58 0.07

Asset Allocation in %Financial Bonds 23.23Sovereign/Agencies 22.41Covered/ABS 21.04Government 10.60Industrial Bonds 8.60Funds 2.62Derivatives 1.25Cash/Cash Equivalents 10.25Total 100.00



Credit Ratings in %

AAA 55.34AA+ 10.02AA 22.11AA- 3.33A+ 2.26A 2.09A- 0.40BBB+ 2.37BBB 0.27BBB- 1.81


%Maturity as % of

assetsRabobank 4.250 14.09.12 7.00Europ. Inv. Bk 3.500 28.01.14 6.90General Electric 4.375 05.12.12 5.41FinancementFoncier

6.125 23.02.15 4.22

Germany 5.250 29.04.13 4.12Credit Agricole 1.000 07.02.14 3.05BAWAG 4.500 16.10.15 2.94Akademiska Hus 1.500 20.04.16 2.72European Union 2.750 03.06.16 2.25Vorarlberger LB 4.000 22.01.13 2.24Total 40.85

Investment policyThe fund aims to achieve appropriate return inCHF whilst taking into account the security ofcapital.The Fund will predominantly invest its assets ininvestment grade fixed income securities thatearn low coupon interest.The average rating of the fund's investments ismedium to high quality.Short-term price fluctuations cannot be ruled out.The Fund may hold fixed income securitiesdenominated in other currencies than the CHF,however, currency exposure has to be fullyhedged in CHF.

Fund facts


Bloomberg ticker CSBFPRW SW



Number of holdings




Average = AA-

202




Credit Suisse Premium (CH) Bond (Sfr)Class A












Cre

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ium


203

Fund manager Maurizio PedriniFund manager since 26.11.2004Location ZurichFund domicile SwitzerlandFund currency USDClose of financial year 30. SepTotal net assets (in mil.) 33.33Inception date 26.11.2004Management fee in % p.a. 0.95Total expense ratio (ex ante) in % 1.06Benchmark (BM) CB CS Premium (CH) Bond (US$)Swinging single pricing (SSP) 2) YesUnit Class Category A

(distribution)

ISIN CH0018120904

Valor no. 1812090


Fund 39


Credit Suisse Premium (CH) Bond (US$)Class A


2007 2008 2009 2010 2011 201295

100105110115120125130135

-5%0%5%

10%15%20%25%30%35%

4.52.0

5.84.1 2.9

1.2

8.310.4

1.04.5 4.9

0.4

CS Premium (CH) Bond (US$) Yearly or year-to-date performance respectively (Fund)CB CS Premium (CH) Bond (US$) Yearly or year-to-date performance respectively (Benchmark)



Maturities in years

0%5%

10%15%20%25%30%35%40%

0-1 1-3 3-5 5-7 7-10 10-15 >15


USD 66.15 100.57GBP 21.74 -0.73EUR 12.10 0.15CHF 0.01 0.01

Asset Allocation in %Sovereign/Agencies 35.92Financial Bonds 19.46Industrial Bonds 16.22Government 14.45Covered/ABS 3.25Derivatives 1.99Utilities 1.64Cash/Cash Equivalents 5.57Others 1.50Total 100.00



Credit Ratings in %

AAA 53.75AA+ 10.66AA 3.56AA- 3.29A+ 2.40A 7.37A- 14.25BBB+ 1.21BBB 1.89Not rated 1.62


%Maturity as % of

assetsAfrikanischeEntwicklungsbank

7.375 06.04.23 6.22

Nedl Waterbk 5.625 17.11.15 5.52AustriaPostsparkasse

6.125 20.10.14 4.82

France Telecom 7.250 10.11.20 4.60Kommunal AS 1.750 05.10.15 4.60Asian Dev. Bk 5.593 16.07.18 3.58General Electric 6.000 06.08.13 3.29Eurofima 6.125 14.10.14 3.28Petroliam Nasio Reg 7.625 15.10.26 3.25BNP Paribas NewYork

6.950 22.07.13 3.15

Total 42.31

Investment policyThe fund aims to achieve appropriate return inUSD whilst taking into account the security ofcapital.The Fund will predominantly invest its assets ininvestment grade fixed income securities thatearn low coupon interest.The average rating of the fund's investments ismedium to high quality.Short-term price fluctuations cannot be ruled out.The Fund may hold fixed income securitiesdenominated in other currencies than the USD,however, currency exposure has to be fullyhedged in USD.

Fund facts


Bloomberg ticker CSBFPRD SW



Number of holdings




Average = A+

204




Credit Suisse Premium (CH) Bond (US$)Class A




Unlike in the US, yield changes in the eurozoneresembled the picture of a butterfly as the shortend and the long end gapped higher while themiddle of the curve (6yrs -12 yrs) was lower.Spain got back into the spotlight after thegovernment warned that the budget deficit will behigher than originally forecasted in 2011. Also,demand was lower than expected at one of itsgovernment debt auctions. One of the key issuesin Europe is still that in order to reduce their

budget deficits, governments need to introduceausterity measures which may cause civil unrestand a negative GDP growth rate. LTRO’s havereduced the liquidity issue for banks. However,many banks in Europe remain weakly capitalized.One of the bright spots are the high growth ratesof emerging market countries. Even as Chinahas declared that it will target a lower growth rateunder its new five-year plan, investors continueto be attracted by the higher interest rates andearnings growth of Asian and Latin Americaneconomies.







Cre

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205

Fund manager Maurizio PedriniFund manager since 13.01.2005Location ZurichFund domicile SwitzerlandFund currency EURClose of financial year 30. SepTotal net assets (in mil.) 40.02Inception date 28.01.2005Management fee in % p.a. 0.72Total expense ratio (ex ante) in % 0.79Benchmark (BM) Citigroup EMU EUR 3M Euro Dep.Unit Class Category A

(distribution)

ISIN CH0019432456

Valor no. 1943245


Fund 35


Credit Suisse Premium (CH) Short Maturity (Euro)Class A


2007 2008 2009 2010 2011 201298

100102104106108110112114

-2%0%2%4%6%8%

10%12%14%

2.5

0.5

4.7

0.9

-0.8

1.9

4.24.9

1.40.5 1.2

0.3

CS Premium (CH) Short Maturity (Euro) Yearly or year-to-date performance respectively (Fund)Citigroup EMU EUR 3M Euro Dep. Yearly or year-to-date performance respectively (Benchmark)



Maturities in years

0%5%

10%15%20%25%30%35%40%

0-1 1-3 3-5 5-7 7-10 10-15 >15


EUR 70.38 100.29GBP 29.35 -0.56CHF 0.27 0.27

Asset Allocation in %Financial Bonds 38.13Sovereign/Agencies 21.94Government 12.07Covered/ABS 11.19Industrial Bonds 8.95Funds 6.27Derivatives -0.51Cash/Cash Equivalents 1.96Total 100.00



Credit Ratings in %

AAA 39.89AA+ 14.13AA 7.27AA- 9.52A+ 1.13A 8.17A- 9.93BBB+ 1.37BBB- 8.59


%Maturity as % of

assetsBk NedlGemeenten

4.500 10.03.14 6.68

Principal Fin Gl Fd 6.000 23.01.14 6.21Generali Finance 4.750 12.05.14 5.48Res Ferre FR 5.400 26.02.13 5.22Nedl Waterbk 5.625 17.11.15 5.18Dexia 5.250 22.02.13 5.17FinancementFoncier

6.125 23.02.15 4.21

General Electric 5.875 18.10.12 3.94CADES 5.250 25.10.12 3.91Caisse Nat. Autort. 5.850 24.03.13 3.90Total 49.90

Investment policyThe Fund aims to achieve appropriate return inEUR whilst taking into account the security ofcapital.The Fund will predominantly invest itsassets in investment grade fixed incomesecurities that earn low coupon interest. Theaverage rating of the fund's investments ismedium to high quality, therefore, short-termprice fluctuations cannot be ruled out. Theaverage duration of the portfolio may not exceed12 months. The Fund may hold fixed incomesecurities denominated in other currencies thanthe EUR, however, currency exposure has to befully hedged in EUR.

Fund facts


Bloomberg ticker CSSMFPE SW


Number of holdings




Average = A

206




Credit Suisse Premium (CH) Short Maturity (Euro)Class A












Cre

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207

Fund managerHechinger Bernard, Wiedemeijer Oliver, Keller Ulrich

Fund manager since01.12.2011, 01.12.2011, 01.12.2011

Location Zurich, Zurich, ZurichFund domicile LuxembourgFund currency USDClose of financial year 31. DecemberTotal net assets (in mil.) 79.65Inception date 31.03.1999Management fee in % p.a. 1.75Subscription MonthlyRedemption MonthlyPerformance fee in % with Highwatermark 10.00Unit Class Category B

(capital growth)

ISIN LU0096382964

Valor no. 603200

Min. Investment Amount 10'000EU taxation Out of scope

Product Contact Rakhee PatelPhone +44 20 7883 9232

Fund 10

February 29, 2012Switzerland

Credit Suisse Prime Select Trust (Lux) Global Equities Long/ShortClass B


2007 2008 2009 2010 2011 20127580859095

100105110115

-25%-20%-15%-10%-5%0%5%

10%15%12.4

-20.0

3.7 2.1

-8.0

3.6

CSPST (Lux) Global Equities Long/Short B Yearly or year-to-date performance respectively (Fund)


1 month 3 months YTD 1 year 3 years 5 yearsFund 1.72 2.93 3.61 -4.01 0.38 -10.73

Historical monthly performance in % 1)

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD2012 1.86 1.72 - - - - - - - - - - 3.612011 -1.33 0.67 0.32 0.40 -1.13 -0.57 -1.63 -3.39 -2.24 2.58 -1.17 -0.65 -7.982010 -1.39 1.18 1.39 -0.79 -2.74 -3.66 1.62 -1.13 3.20 1.65 0.56 2.43 2.112009 0.69 -0.10 -0.38 -0.99 1.04 0.13 0.57 0.60 1.22 -0.63 0.94 0.59 3.722008 -3.64 2.09 -2.92 0.65 1.51 -0.09 -2.47 -1.78 -8.88 -4.23 -1.20 -0.62 -19.972007 1.20 0.57 1.59 1.49 1.33 0.06 0.65 -0.87 1.72 3.19 -0.27 1.18 12.442006 2.43 0.57 1.48 1.02 -2.98 -0.34 0.45 0.99 0.47 1.04 1.13 2.02 8.492005 0.14 1.23 -1.65 -0.50 1.36 2.22 1.24 1.15 1.60 -3.22 2.55 3.79 10.16

Investment policyThe Global Equities Long/Short subfund investswith hedge fund managers who implementdirectional strategies in the worldwide equitiesmarkets by going both long and/or short. Thelevel of systematic market exposure is left tothe discretion of the underlying managers andtherefore can be either positive or negative (longor short) at any given time. The subfund isexpected to have some degree of correlation tothe equity markets. The subfund seeks to limitthe correlation between the underlying managersto dampen its volatility.

Fund facts


Bloomberg ticker CREGELA LX


Contact information

E-Mail [email protected]

Sector weightings in % 0)

Equity Market Oriented Europe Diversified 32.20Equity Market Oriented US Diversified 18.00Equity Market Oriented Health Care 14.40Equity Market Natural Statistical 12.70Equity Market Oriented Technology 8.10Equity Market Neutral Quantitative 6.80Event Driven 0.10Cash/Cash Equivalents 7.70

Portfolio allocation and performance attribution

# ofManagers

StrategyAllocation

Est. Ret.MTD

Est. Ret.YTD

StrategyAttribution

MTD 0)

Equity Market Oriented Europe Diversified - 32.20% 3.09% 7.02% 0.98%Equity Market Oriented US Diversified - 18.00% 1.34% 4.35% 0.24%Equity Market Oriented Health Care - 14.40% -0.44% -0.23% -0.06%Equity Market Natural Statistical - 12.70% 0.85% 2.04% 0.11%Equity Market Oriented Technology - 8.10% 5.02% 8.04% 0.40%Equity Market Neutral Quantitative - 6.80% 3.61% 3.01% 0.24%Event Driven - 0.10% -31.92% -31.92% -0.03%Cash/Cash Equivalents - 7.70% N/A N/A N/ATotal 100.00%

Number of holdings

Top 5 Holdingsas % of

assetsSector Healthcare FD 14.32AlphaGen Octanis FD 13.86Lansdowne UK EF 13.19Two Sigma Spectrum Cayman CLA2

12.64

Amici Fund International 8.96Total 62.97


208





Location Zurich, Zurich, ZurichFund domicile LuxembourgFund currency USDClose of financial year 31. DecemberTotal net assets (in mil.) 79.65Inception date 28.01.2008Management fee in % p.a. 1.75Subscription MonthlyRedemption MonthlyPerformance fee in % with Highwatermark 10.00Unit Class Category R


ISIN LU0173091025

Valor no. 1651595



Fund 10


Credit Suisse Prime Select Trust (Lux) Global Equities Long/ShortClass R CHF


2008 2009 2010 2011 201275

80

85

90

95

100

105

110

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

3.00.9

-9.1

3.4

CSPST (Lux) Global Equities Long/Short R CHF Yearly or year-to-date performance respectively (Fund)


1 month 3 months YTD 1 year 3 years 5 yearsFund 1.62 2.64 3.43 -5.20 -3.28 -


Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD2012 1.78 1.62 - - - - - - - - - - 3.432011 -1.42 0.57 0.29 0.37 -1.19 -0.60 -1.64 -3.56 -2.69 2.46 -1.23 -0.77 -9.142010 -1.44 1.15 1.35 -0.85 -3.19 -3.70 1.41 -1.13 3.03 1.61 0.54 2.33 0.852009 1.07 -0.11 -0.66 -1.05 0.58 0.07 0.51 0.55 1.19 -0.65 0.93 0.58 3.032008 - 1.77 -2.75 0.73 1.37 -0.19 -2.62 -1.87 -9.12 -4.78 -1.06 -1.28 -18.51


Fund facts


Bloomberg ticker CSPG7RC LX


Contact information





# ofManagers

StrategyAllocation

Est. Ret.MTD

Est. Ret.YTD

StrategyAttribution

MTD 0)


Number of holdings



12.64



Cre

dit S

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Sel

ect T

rust



209





ISIN LU0173093401

Valor no. 1651607



Fund 10


Credit Suisse Prime Select Trust (Lux) Global Equities Long/ShortClass R EUR


2007 2008 2009 2010 2011 20127580859095

100105110115

-25%-20%-15%-10%-5%0%5%

10%15%

10.9

-20.3

3.90.9

-7.7

3.6

CSPST (Lux) Global Equities Long/Short R EUR Yearly or year-to-date performance respectively (Fund)


1 month 3 months YTD 1 year 3 years 5 yearsFund 1.65 2.89 3.56 -3.95 -0.45 -12.79


Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD2012 1.88 1.65 - - - - - - - - - - 3.562011 -1.00 0.51 0.31 0.38 -1.03 -0.51 -1.59 -3.32 -2.40 2.56 -1.13 -0.65 -7.712010 -1.44 1.18 1.40 -0.83 -3.22 -3.55 1.32 -1.10 2.75 1.63 0.67 2.36 0.952009 0.72 -0.05 -0.37 -0.99 1.03 0.15 0.57 0.59 1.22 -0.62 0.98 0.61 3.882008 -3.69 2.16 -2.68 0.75 1.61 0.08 -2.40 -1.80 -9.23 -5.08 -1.10 -0.58 -20.342007 1.06 0.47 1.47 1.37 1.20 -0.05 0.56 -0.98 1.55 3.04 -0.32 1.11 10.922006 - - - - - - - - 0.32 1.20 1.26 1.33 4.18


Fund facts


Bloomberg ticker GREGLSH LX


Contact information





# ofManagers

StrategyAllocation

Est. Ret.MTD

Est. Ret.YTD

StrategyAttribution

MTD 0)


Number of holdings



12.64



210





Location Zurich, Zurich, ZurichFund domicile LuxembourgFund currency USDClose of financial year 31. DecemberTotal net assets (in mil.) 245.73Inception date 30.06.2004Management fee in % p.a. 1.75Subscription MonthlyRedemption MonthlyPerformance fee in % with Highwatermark 10.00Unit Class Category B

(capital growth)

ISIN LU0173109256

Valor no. 1649824



Fund 39


Credit Suisse Prime Select Trust (Lux) Multi StrategyClass B


2007 2008 2009 2010 2011 201280

85

90

95

100

105

110

115

-20%

-15%

-10%

-5%

0%

5%

10%

15%

7.5

-13.8

8.4

4.3

-5.0

2.2

CSPST (Lux) Multi Strategy B Yearly or year-to-date performance respectively (Fund)


1 month 3 months YTD 1 year 3 years 5 yearsFund 1.01 1.58 2.23 -3.68 10.25 0.29


Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD2012 1.22 1.01 - - - - - - - - - - 2.232011 0.28 0.57 0.09 0.91 -0.78 -0.86 -0.34 -2.64 -1.97 1.04 -0.69 -0.64 -4.992010 0.29 0.74 1.23 0.60 -2.37 -0.46 0.27 0.03 1.51 0.88 0.03 1.54 4.322009 -0.43 0.08 0.59 0.62 2.23 -0.27 1.60 1.21 1.20 -0.12 0.75 0.68 8.422008 -1.57 2.07 -1.87 -0.34 1.86 -0.75 -2.62 -1.48 -5.15 -3.83 -0.97 0.11 -13.822007 1.16 0.38 1.21 1.33 1.79 0.35 -0.04 -1.83 2.13 2.43 -1.66 0.14 7.542006 2.05 0.20 1.22 0.86 -1.35 -0.33 0.01 0.03 0.04 0.90 1.07 1.44 6.262005 0.23 1.38 -0.36 -0.74 0.44 1.36 1.19 0.64 1.98 -1.46 1.28 1.94 8.10

Investment policyThe Multi Strategy Subfund strives to generateabsolute returns with low volatility irrespectiveof the market situation with a highly diversifiedportfolio of hedge funds. The Subfund allocatesits assets across the following hedge fundstrategies: long/short equity, relative value, eventdriven, global macro and managed futures. Tokeep overall volatility low the fund manager buildsa well diversified product through an appropriatechoice of target funds.

Fund facts


Bloomberg ticker CREMULS LX


Contact information



Equity Market Oriented 24.60Fixed Income 17.40Global Macro 13.80Event Driven 11.90Convertible Arbitrage 8.10Emerging Markets 7.60Multi-Strategy 6.70Managed Futures 3.60Cash/Cash Equivalents 0.00Others 6.40


# ofManagers

StrategyAllocation

Est. Ret.MTD

Est. Ret.YTD

StrategyAttribution

MTD 0)

Equity Market Oriented - 24.60% 1.98% 4.25% 0.49%Fixed Income - 17.40% 0.64% 1.35% 0.11%Global Macro - 13.80% -0.35% -0.78% -0.05%Event Driven - 11.90% 2.68% 5.75% 0.32%Convertible Arbitrage - 8.10% 1.04% 3.53% 0.08%Emerging Markets - 7.60% 1.69% 4.93% 0.13%Multi-Strategy - 6.70% -0.77% -1.02% -0.05%Managed Futures - 3.60% -0.59% 0.12% -0.02%Equity Market Neutral - 3.30% 3.61% 3.01% 0.12%Others - 3.10% 0.84% 0.33% 0.03%Cash/Cash Equivalents - 0.00% N/A N/A N/ATotal 100.10%

Number of holdings

Top 5 Holdingsas % of assets

Exane Archimedes Fd 3.97Sector Healthcare FD 3.82Visium Credit 3.69Bridgewater Pure A. 3.55Lansdowne UK EF 3.47Total 18.50


Cre

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211



Location Zurich, Zurich, ZurichFund domicile LuxembourgFund currency USDClose of financial year 31. DecemberTotal net assets (in mil.) 245.73Inception date 31.12.2004Management fee in % p.a. 1.00Subscription MonthlyRedemption MonthlyPerformance fee in % with Highwatermark 10.00Unit Class Category I

(capital growth)

ISIN LU0173109413

Valor no. 1651701

Min. Init. Investm. Amount (in mill.) 3EU taxation Out of scope


Fund 39


Credit Suisse Prime Select Trust (Lux) Multi StrategyClass I


2007 2008 2009 2010 2011 201285

90

95

100

105

110

115

-15%

-10%

-5%

0%

5%

10%

15%

8.3

-13.2

9.2

5.1

-4.3

2.4

CSPST (Lux) Multi Strategy I Yearly or year-to-date performance respectively (Fund)


1 month 3 months YTD 1 year 3 years 5 yearsFund 1.07 1.77 2.36 -2.89 12.77 4.09


Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD2012 1.28 1.07 - - - - - - - - - - 2.362011 0.34 0.57 0.13 0.87 -0.65 -0.72 -0.25 -2.58 -1.91 1.11 -0.63 -0.58 -4.272010 0.35 0.81 1.30 0.66 -2.31 -0.40 0.33 0.09 1.58 0.95 0.09 1.60 5.112009 -0.36 0.15 0.65 0.68 2.30 -0.20 1.66 1.27 1.26 -0.06 0.82 0.74 9.252008 -1.51 2.12 -1.79 -0.28 1.89 -0.64 -2.56 -1.42 -5.09 -3.77 -0.91 0.18 -13.162007 1.22 0.44 1.27 1.39 1.85 0.43 0.00 -1.78 2.19 2.48 -1.60 0.20 8.292006 2.11 0.26 1.28 0.92 -1.29 -0.28 0.07 0.08 0.09 0.96 1.13 1.49 7.002005 0.29 1.44 -0.34 -0.76 0.53 1.42 1.25 0.70 2.04 -1.40 1.34 1.99 8.76


Fund facts


Bloomberg ticker CSPHUSI LX


Contact information





# ofManagers

StrategyAllocation

Est. Ret.MTD

Est. Ret.YTD

StrategyAttribution

MTD 0)


Number of holdings




212







ISIN LU0173092007

Valor no. 1651692



Fund 39


Credit Suisse Prime Select Trust (Lux) Multi StrategyClass R CHF


2007 2008 2009 2010 2011 201280

85

90

95

100

105

110

-20%

-15%

-10%

-5%

0%

5%

10%

4.3

-15.6

8.0

3.5

-6.3

2.1

CSPST (Lux) Multi Strategy R CHF Yearly or year-to-date performance respectively (Fund)




Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD2012 1.15 0.95 - - - - - - - - - - 2.112011 0.20 0.47 0.03 0.80 -0.86 -0.88 -0.36 -2.76 -2.53 0.99 -0.73 -0.76 -6.252010 0.27 0.71 1.24 0.57 -2.71 -0.30 0.19 -0.01 1.40 0.84 -0.01 1.37 3.552009 -0.09 0.05 0.76 0.53 1.90 -0.46 1.54 1.11 1.18 -0.16 0.77 0.62 8.012008 -1.78 1.97 -1.93 -0.31 1.86 -0.77 -2.75 -1.61 -5.30 -4.19 -0.85 -0.96 -15.622007 0.95 0.01 0.96 1.05 1.57 0.12 -0.28 -2.05 1.80 2.13 -1.85 -0.09 4.312006 1.73 -0.08 0.92 0.56 -1.61 -0.65 -0.36 -0.35 -0.26 0.61 0.75 1.18 2.432005 0.12 1.22 -0.54 -0.92 0.25 1.24 1.00 0.43 1.83 -1.70 1.09 1.67 5.78


Fund facts


Bloomberg ticker CSPHCHF LX


Contact information





# ofManagers

StrategyAllocation

Est. Ret.MTD

Est. Ret.YTD

StrategyAttribution

MTD 0)


Number of holdings




Cre

dit S

uiss

e P

rime

Sel

ect T

rust



213





ISIN LU0173095018

Valor no. 1651696



Fund 39


Credit Suisse Prime Select Trust (Lux) Multi StrategyClass R EUR


2007 2008 2009 2010 2011 201280

85

90

95

100

105

110

115

-20%

-15%

-10%

-5%

0%

5%

10%

15%

5.9

-14.3

9.8

3.7

-5.1

2.2

CSPST (Lux) Multi Strategy R EUR Yearly or year-to-date performance respectively (Fund)




Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD2012 1.21 0.95 - - - - - - - - - - 2.172011 0.24 0.58 0.09 0.90 -0.67 -0.82 -0.27 -2.57 -2.28 1.22 -0.75 -0.87 -5.142010 0.32 0.76 1.23 0.60 -2.71 -0.57 0.27 -0.01 1.36 0.88 0.07 1.49 3.682009 0.28 0.13 1.03 0.64 2.21 -0.23 1.67 1.18 1.22 -0.11 0.77 0.62 9.792008 -1.63 2.12 -1.75 -0.39 1.91 -0.48 -2.54 -1.18 -5.21 -3.70 -0.90 -1.28 -14.262007 1.02 0.24 1.08 1.18 1.69 0.24 -0.15 -1.95 1.89 2.27 -1.70 0.07 5.942006 1.85 -0.01 1.05 0.69 -1.49 -0.57 -0.19 -0.19 -0.14 0.71 0.90 1.29 3.942005 0.25 1.32 -0.41 -0.82 0.36 1.34 1.08 0.50 1.89 -1.60 1.19 1.78 7.05


Fund facts


Bloomberg ticker CSPHEUR LX


Contact information





# ofManagers

StrategyAllocation

Est. Ret.MTD

Est. Ret.YTD

StrategyAttribution

MTD 0)


Number of holdings




214







ISIN LU0173101600

Valor no. 1651698



Fund 39


Credit Suisse Prime Select Trust (Lux) Multi StrategyClass R GBP


2009 2010 2011 201290

95

100

105

110

115

-10%

-5%

0%

5%

10%

15%

3.7

-5.1

2.2

CSPST (Lux) Multi Strategy R GBP Yearly or year-to-date performance respectively (Fund)


1 month 3 months YTD 1 year 3 years 5 yearsFund 1.00 1.58 2.24 -3.71 - -


Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD2012 1.23 1.00 - - - - - - - - - - 2.242011 0.25 0.54 0.05 0.83 -0.71 -0.78 -0.30 -2.68 -2.07 1.07 -0.69 -0.64 -5.072010 0.29 0.66 1.13 0.54 -2.27 -0.49 0.25 0.04 1.35 0.78 0.06 1.39 3.742009 - - - 0.53 1.81 -0.25 1.42 1.13 1.10 -0.12 0.70 0.64 7.16


Fund facts


Bloomberg ticker CSMSRBP LX


Contact information





# ofManagers

StrategyAllocation

Est. Ret.MTD

Est. Ret.YTD

StrategyAttribution

MTD 0)


Number of holdings




Cre

dit S

uiss

e P

rime

Sel

ect T

rust



215

Fund manager Thomas VonaeschFund manager since 01.01.2002Location ZurichFund domicile SwitzerlandFund currency CHFClose of financial year 30. SepTotal net assets (in mil.) 3'048.20Total Assets Real Estate (in mil.) 3'309.80Inception date 29.10.1999Management fee in % p.a. 0.35Benchmark (BM) SXI Real Estate Funds (RI) (07/02)

Return on investment (ROI) in % 6.21Return on equity (ROE) in % 6.14Performance in %Distribution yield in % 3.90Payout ratio in % 96.85Debt financing ratio in % 7.41Rent default rate in % 2.54

Premium / discount in % 15.12* Calculation for the months

01.10.2010 - 30.09.2011Unit Class Category A

(distribution)Unit class currency CHFISIN CH0008443035Valor no. 844303Stock price 1'355.00

Last distribution 09.12.2011Distribution value 53.00Premium / discount (monthly) in % 17.33


Credit Suisse 1a Immo PKClass A


2007 2008 2009 2010 2011 201290

100

110

120

130

140

-10%

0%

10%

20%

30%

40%

1.9

-1.8

13.1 11.7

3.0 4.2

-3.4

0.5

19.6

5.7 6.83.5

CS 1a Immo PK Yearly or year-to-date performance respectively (Fund)SXI Real Estate Funds (RI) (07/02) Yearly or year-to-date performance respectively (Benchmark)



Types of property in % (as per last semi-annual and annual results)

Apartments 31.70Office 31.00Retail 15.75Warehouses 7.35Parking 7.00Hotels, cinemas, restaurants 5.55Others 1.65

Geographical breakdown in % (as per last semi-annual and annual results)

Region Zurich 38.65Region North-west Switzerland 23.10Region Lake Geneva 18.35Region Central Switzerland 6.30Region Eastern Switzerland 4.20Region Southern Switzerland 3.25Region Berne 3.20Region Western Switzerland 2.95


Annualised volatility in % 4.25 5.10Information ratio 0.07 0.01Tracking Error (Ex post) 7.64 7.13

Investment policyThe fund invests in high-quality residentialproperties, mixed residential and commercialproperties and commercial /industrial premisesas well as in projects with earning or valuecreation potential. The portfolio comprisesmodern, recently built proporties and is widelydiversified in terms of location, utilisation andtenant structure. The fund is open to tax-exemptdomestic employee benefits insurance plans andtax-exempt domestic social insurance andcompensation funds. This fund is traded over thecounter. It is exempt from taxes on income andcapital at fund level.

Fund facts

Key figures as per last semi-annual and annualresults *EBIT-margin in % 81.96

5.98

Total Expence Ratio (TERref) in % 0.59



216



Fund manager Stephan BruennerFund manager since 28.12.2006Location FrankfurtFund domicile GermanyFund currency EURClose of financial year 31. DecemberTotal net assets (in mil.) 53.94Inception date 01.01.2007Management fee in % p.a. 1.50Total expense ratio (ex post) in % 2) 2.22Performance Fee 20% of the difference between

the performance of the fund andhurdle rate under the high

watermarkHurdle Rate EURIBOR 1M +100 bps p.a.Benchmark (BM) CB Real Estate BalancedUnit Class Category A

(distribution)

ISIN DE0009751453

Valor no. 2844421



CS PortfolioRealClass A


2007 2008 2009 2010 2011 20127580859095

100105110115120

-25%-20%-15%-10%-5%0%5%

10%15%20%

-11.0

12.0

1.2

-8.3

2.3

-14.7

13.7

6.8

-1.1

4.0

CS PortfolioReal A Yearly or year-to-date performance respectively (Fund)CB Real Estate Balanced Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund 0.34 2.30 2.30 -3.89 8.91 -4.86Benchmark 0.55 3.99 3.99 3.52 31.68 1.27

Allocation Strategy in %

Target products with absolute return character 41.26Equity-oriented products 26.63Cash/Cash Equivalents 25.71Alternative products and segments 6.40

Countries in %Europe 69.41North America 15.45Asia 10.91Additional countries 3.41Africa 0.82

Top 10 Holdings in %Position as % of

assetsDegi Global Business 11.97Degi German Business 9.11Pradera Open-Ended Ret. Fnd 6.20iShares EPRA US 4.74Ishares EB. Rexx 4.24Warburg Henderson Deutschland Fonds 3.96iShares DJ 600 Asia Pacific Real Estate 3.14Easy ETF NMX30 Infrastructure Glb. 2.93iShares DJ 600 Americas Real Estate 2.91SEB Real Estate Equity Global 2.86Total 52.06

Benefits• Good risk spread through broad range of

indirect property investments and countriesand types of use

• Quick reaction to market trends, e.g. byadjustment of the weighting of products orindividual product components

• Participation in opportunities of innovative,future-oriented property topics

Currencies in %

EUR 99.57GBP 0.22USD 0.21

Asset Allocation in %Funds 30.82Open ended Real Estate Funds havingsuspended redemptions

25.53

Open ended Real Estate Funds 10.16Absolute Return 5.56Equity 1.28Structured Notes 0.94Cash/Cash Equivalents 25.71Total 100.00

Risks• Greater Fund unit value fluctuations,

particularly due to equity-related products andcurrencies in the portfolio

• Dependence on the developments in propertyand financial markets

• Limited liquidity of the Fund in certain marketscenarios possible

Investment policyThe CS PortfolioReal invests in a broad rangeof indirect real estate vehicles. To use marketopportunities and avoid market downturns, theportfolio is flexibly composed of three layers withdifferent risk/return profiles. Beside real estateproducts, the fund also invests in otherproperty-related sectors (e.g. real estateservices, infrastructure). The fund thereforeoffers the advantages of traditional propertyinvestments while also making use of current andfuture innovations in the real estate sector.

Fund facts


Bloomberg ticker CSPRFTR GR


2) Calculated according to SFA Directive datedJanuary 25, 2006.




Fund Awards:

€uro Fund Award 2010 €uro Fund Awards 2011

1st place in the categoryfund of funds (mainly real estate)

over 1 year

3rd place in the categoryfund of funds (mainly real estate)

over 1 year

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Fund manager Jean-Claude MaissenFund manager since 12.05.2009Location ZurichFund domicile SwitzerlandFund currency CHFClose of financial year 31. DecemberTotal net assets (in mil.) 614.30Total Assets Real Estate (in mil.) 628.78Inception date 12.05.2009Management fee in % p.a. 0.50Benchmark (BM) SXI Real Estate Funds (RI)

Return on investment (ROI) in % 3.96Return on equity (ROE) in % 3.21Performance in % -2.65Distribution yield in % n/aPayout ratio in % n/aDebt financing ratio in % n/aRent default rate in % 4.57



(distribution)Unit class currency CHFISIN CH0100778445Valor no. 10077844Stock price 110.50



Credit Suisse Real Estate Fund Green PropertyClass A


2010 2011 201290

95

100

105

110

115

120

-10%

-5%

0%

5%

10%

15%

20%

6.6

-5.8

5.35.7 6.8

3.5

CS Real Estate Fund Green Property Yearly or year-to-date performance respectively (Fund)SXI Real Estate Funds (RI) Yearly or year-to-date performance respectively (Benchmark)




Office 48.60Apartments 31.10Retail 9.95Parking 5.00Warehouses 3.45Leisure 1.50Others 0.40


Region Zurich 54.60Region Central Switzerland 33.75Region Eastern Switzerland 11.65


Annualized volatility in % 6.23 -Information ratio -1.01 -Tracking Error (Ex post) 5.24 -

Investment policyThe Credit Suisse Real Estate Fund GreenProperty invests in high-quality new constructionprojects that are located in strong economicregions in Switzerland. In the selection of newbuilding projects the focus is on sustainability.The properties and projects must meet the strictrequirements of greenproperty, the seal of qualityfor sustainable real estate. It assesses fivequantitative and qualitative criteria: - Utilization -Infrastructure - Energy - Materials - Life cycleand not only covers ecology criteria, but alsoincludes economic and social aspects. Inaddition, the real estate fund has the option toinvest up to 10% of the entire fund in thedevelopment of new building projects. This fundis traded over the counter. The Credit SuisseReal Estate Fund Green Property is only open toqualified investors.

Fund facts





218



Fund manager Lucas MeierFund manager since 25.11.2010Location ZurichFund domicile SwitzerlandFund currency CHFClose of financial year 31. DecemberTotal net assets (in mil.) 895.00Total Assets Real Estate (in mil.) 932.31Inception date 25.11.2010Management fee in % p.a. 0.50Benchmark (BM) SXI Real Estate Funds (RI)

Return on investment (ROI) in % 1.24Return on equity (ROE) in % 1.22Performance in % -3.50Distribution yield in % n/aPayout ratio in % n/aDebt financing ratio in % 3.12Rent default rate in % 0.15




Last distribution 12.03.2012Distribution value 0.85Premium / discount (monthly) in % -0.44


Credit Suisse Real Estate Fund HospitalityClass A


2010 2011 201290

95

100

105

110

115

-10%

-5%

0%

5%

10%

15%

-6.3

3.5

6.8

3.5

CS Real Estate Fund Hospitality Yearly or year-to-date performance respectively (Fund)SXI Real Estate Funds (RI) Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund 1.89 3.48 3.48 -3.05 - -Benchmark 0.93 3.52 3.52 7.44 - -


Hotels, cinemas, restaurants 53.60Retail 10.20Apartments 8.20Warehouses 2.00Office 1.70Others 24.30


Region Southern Switzerland 44.80Region Central Switzerland 18.00Region Lake Geneva 14.20Region Western Switzerland 10.95Region North-west Switzerland 8.40Region Eastern Switzerland 3.65



Investment policyThe Credit Suisse Real Estate Fund Hospitality(CS REF Hospitality) invests primarily inhospitality real estate such as conventioncenters, residential properties offering hotel-styleservices, hotels, and residential and limited-timeliving facilities; it also invests in healthcare realestate and housing throughout Switzerland. Bylaw, the fund is prohibited from holding a stakein operating companies. The fund holds the realestate directly. Private holders of unit certificateswho are resident in Switzerland are therefore notsubject to income and wealth tax on the portionof the revenues (or the assets) that comes fromdirect property holdings. Initially, the CS REFHospitality will only be open to qualified investors.

Fund facts





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Fund manager Rainer ScherweyFund manager since 01.07.2008Location ZurichFund domicile SwitzerlandFund currency CHFClose of financial year 31. DecemberTotal net assets (in mil.) 2'081.60Total Assets Real Estate (in mil.) 2'288.79Inception date 01.02.2005Management fee in % p.a. 0.60Benchmark (BM) SXI Real Estate Funds (RI)

Return on investment (ROI) in % 4.60Return on equity (ROE) in % 4.63Performance in % 0.40Distribution yield in % n/aPayout ratio in % n/aDebt financing ratio in % 6.06Rent default rate in % 7.33

Premium / discount in % -0.68* Calculation for the months



Last distribution 27.03.2012Distribution value 37.00Premium / discount (monthly) in % -3.06


Credit Suisse Real Estate Fund InternationalClass A


2007 2008 2009 2010 2011 201280

90

100

110

120

130

140

-20%

-10%

0%

10%

20%

30%

40%

9.2

-7.7-10.5

13.5

0.1-1.3-3.4

0.5

19.6

5.7 6.83.5

CS Real Estate Fund International Yearly or year-to-date performance respectively (Fund)SXI Real Estate Funds (RI) Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund 1.20 -1.31 -1.31 -5.09 12.08 -6.61Benchmark 0.93 3.52 3.52 7.44 32.76 30.21

Currencies in % (after hedging)

CHF 78.11EUR 14.87AUD 1.96CAD 1.68USD 1.67GBP 0.79JPY 0.33CLP 0.30MXN 0.28SGD 0.01


Office 74.50Retail 14.60Parking 7.40Hotels, cinemas, restaurants 2.00Warehouses 1.05Apartments 0.30Others 0.15


Canada 20.11USA 17.31Germany 15.16Australia 13.88Netherlands 13.48UK 8.61Japan 8.36Chile 1.66Mexico 1.43


Annualised volatility in % 5.98 7.81Information ratio -0.61 -0.64Tracking Error (Ex post) 9.25 10.33

Investment policyThe fund invests in good-quality commercialproperties at attractive locations in Europe, Asia,North, Central and South America. Thecurrencies are for the most part hedged, andthe fund is traded over the counter. The fundis limited to institutional investors with aprofessional treasury unit.

Fund facts





220



Fund manager Radhia VolgerFund manager since 01.10.2006Location ZurichFund domicile SwitzerlandFund currency CHFClose of financial year 30. SepTotal net assets (in mil.) 1'235.00Total Assets Real Estate (in mil.) 1'727.86Inception date 27.10.1954Management fee in % p.a. 0.49Benchmark (BM) SXI Real Estate Funds (RI) (07/02)







Credit Suisse Real Estate Fund InterswissClass A


2007 2008 2009 2010 2011 201290

100

110

120

130

140

-10%

0%

10%

20%

30%

40%

-0.8

2.1

23.6

3.16.7

1.6

-3.4

0.5

19.6

5.7 6.83.5

CS Real Estate Fund Interswiss Yearly or year-to-date performance respectively (Fund)SXI Real Estate Funds (RI) (07/02) Yearly or year-to-date performance respectively (Benchmark)




Office 27.75Retail 25.00Apartments 24.20Hotels, cinemas, restaurants 7.25Parking 5.75Warehouses 4.75Others 5.30


Region Zurich 41.25Region North-west Switzerland 28.50Region Lake Geneva 14.40Region Berne 11.95Region Southern Switzerland 2.00Region Central Switzerland 1.90



Investment policyCredit Suisse Real Estate Fund Interswissinvests primarily in properties for commercialutilization, in highly attractive residential realestate and in construction projects. The fundoffers institutional investors and private clientsaccess to a diversified portfolio featuringinteresting properties, preferably located in Swisscities or their agglomerations. This fund is listedon the SIX Swiss Exchange.

Fund facts


4.11




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Fund manager Adrian LehmannFund manager since 05.12.2007Location ZurichFund domicile SwitzerlandFund currency CHFClose of financial year 31. DecemberTotal net assets (in mil.) 1'751.60Total Assets Real Estate (in mil.) 2'164.01Inception date 05.12.2007Management fee in % p.a. 0.49Benchmark (BM) SXI Real Estate Funds (RI)







Credit Suisse Real Estate Fund LivingPlusClass A


2008 2009 2010 2011 201290

100

110

120

130

140

150

-10%

0%

10%

20%

30%

40%

50%

2.9

15.6

0.5 2.26.9

0.5

19.6

5.7 6.83.5

CS Real Estate Fund LivingPlus Yearly or year-to-date performance respectively (Fund)SXI Real Estate Funds (RI) Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund 1.63 6.94 6.94 4.73 18.67 -Benchmark 0.93 3.52 3.52 7.44 32.76 -


Apartments 66.35Office 9.00Hotels, cinemas, restaurants 7.50Parking 5.00Retail 4.45Warehouses 0.85Others 6.85


Region North-west Switzerland 29.90Region Zurich 21.60Region Berne 15.70Region Lake Geneva 10.50Region Central Switzerland 7.90Region Eastern Switzerland 7.20Region Southern Switzerland 4.00Region Western Switzerland 3.20


Annualized volatility in % 6.30 8.36Information ratio -0.64 -0.75Tracking Error (Ex post) 4.00 4.98

Investment policyThis fund invests in real estate for seniors,modern forms of housing that offer integratedservices, as well as in forward-looking residentialconcepts at attractive locations throughoutSwitzerland. It provides institutional and privateinvestors with access to a diversified portfolioof residential properties that offer modern usageand service concepts. The fund is listed on theSIX Swiss Exchange. The fund’s currency is theSwiss franc. The fund takes direct ownershipof the properties; unit holders are therefore notliable for Swiss income or wealth tax on theportion of the fund’s assets that is invested inreal estate.

Fund facts





222



Fund manager Jean-Claude MaissenFund manager since 01.05.2006Location ZurichFund domicile SwitzerlandFund currency CHFClose of financial year 31. DecemberTotal net assets (in mil.) 967.40Total Assets Real Estate (in mil.) 1'173.65Inception date 01.12.2004Management fee in % p.a. 0.49Benchmark (BM) SXI Real Estate Funds (RI)







Credit Suisse Real Estate Fund PropertyPlusClass A


2007 2008 2009 2010 2011 201290

100

110

120

130

140

150

-10%

0%

10%

20%

30%

40%

50%

6.0

-0.9

17.5

7.7 5.4 6.6

-3.4

0.5

19.6

5.7 6.83.5

CS Real Estate Fund PropertyPlus Yearly or year-to-date performance respectively (Fund)SXI Real Estate Funds (RI) Yearly or year-to-date performance respectively (Benchmark)



Types of property in %

Retail 24.15Apartments 22.30Office 19.35Leisure 16.75Parking 7.90Warehouses 4.15Others 5.40


Region Zurich 39.60Region Central Switzerland 19.25Region North-west Switzerland 11.80Region Eastern Switzerland 9.10Region Lake Geneva 7.70Region Western Switzerland 6.75Region Berne 5.80



Investment policyThe Credit Suisse Real Estate FundPropertyPlus invests in properties with acommercial use, mixed-use buildings, andresidential buildings at economically attractivelocations in Switzerland. The fund focuses oncontemporary properties and new constructionprojects. It provides institutional and privateinvestors with access to a diversified portfolioconsisting of high-quality and modern properties.The fund is listed on the SIX Swiss Exchange.The fund takes direct ownership of theproperties; unit holders are therefore not liablefor Swiss income or wealth tax on the portion ofthe fund’s assets that is invested in real estate.

Fund facts





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Fund manager Stephan Auf der MaurFund manager since 01.10.2007Location ZurichFund domicile SwitzerlandFund currency CHFClose of financial year 30. SepTotal net assets (in mil.) 1'626.40Total Assets Real Estate (in mil.) 2'177.70Inception date 10.09.1956Management fee in % p.a. 0.49Benchmark (BM) SXI Real Estate Funds (RI) (07/02)







Credit Suisse Real Estate Fund SiatClass A


2007 2008 2009 2010 2011 201290

100

110

120

130

140

150

-10%

0%

10%

20%

30%

40%

50%

2.4 4.2

21.7

0.3

11.4

2.8

-3.4

0.5

19.6

5.7 6.83.5

CS Real Estate Fund Siat Yearly or year-to-date performance respectively (Fund)SXI Real Estate Funds (RI) (07/02) Yearly or year-to-date performance respectively (Benchmark)




Apartments 62.65Office 15.45Retail 10.90Parking 6.75Hotels, cinemas, restaurants 2.40Warehouses 1.20Others 0.65


Region Zurich 29.25Region North-west Switzerland 25.50Region Lake Geneva 14.55Region Central Switzerland 12.95Region Eastern Switzerland 9.35Region Berne 4.40Region Western Switzerland 3.25Region Southern Switzerland 0.75



Investment policyThis fund invests primarily in multi-familydwellings in large and mid-sized Swiss cities, aswell as their agglomerations. The fund also hasselected commercial properties, which are let toprime tenants on a long-term basis. The fund islisted on the SIX Swiss Exchange.

Fund facts


8.80




224



Purchases SalesN-Akt. Oc Oerlikon Corporation Ag, Pfaef

N-Akt. Baloise-HoldingN-Akt. Dksh Holding Ag

N-Akt. Zurich Financial Services AgN-Akt. Temenos Group Ag N-Akt. Ubs AgN-Akt. Credit Suisse Group Ag

Akt. Cie Financiere Richemont SaAkt. Sika Ag N-Akt. Meyer Burger Technology Ag

Fund manager Marcel SchibliFund manager since 01.09.2009Location ZurichFund domicile SwitzerlandFund currency CHFClose of financial year 31. MayTotal net assets (in mil.) 39.56Inception date 17.12.2004Management fee in % p.a. 1.60Total expense ratio (ex ante) in % 1.75Benchmark (BM) SPI (RI)Unit Class Category B

(capital growth)

ISIN CH0017229615

Valor no. 1722961



Credit Suisse Select Fund (CH) Swiss Equities 130/30Class B


2007 2008 2009 2010 2011 20125060708090

100110120130140

-50%-40%-30%-20%-10%

0%10%20%30%40%

-0.4

-35.6

25.5

2.9

-6.6

8.0

-0.1

-34.0

23.2

2.9

-7.7

7.0

CS Select Fund (CH) Swiss Equities 130/30B


SPI (RI)Yearly or year-to-date performance respectively(Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund 1.94 7.98 7.98 1.80 43.38 -19.90Benchmark 2.35 6.97 6.97 -1.31 38.15 -20.43

Sectors in %Fund

Health Care 24.42Consumer Staples 22.23Industrials 16.91Financials 12.36Materials 11.86Consumer Discretionary 10.46Information Technology 1.98Energy 0.55Telecommunication Services -1.84Cash/Cash Equivalents 1.09

Top 10 Holdings in %Nestlé 20.82Roche 14.69Novartis 11.11ABB 7.96Zurich Fin. Services 5.52Syngenta 4.73UBS 4.16Swatch Group 3.96Swiss Re 3.64Clariant 2.83Total 79.42


Risk ExposureMaximum Portfolio

Long Equity 155.0% 125.7%Short Equity 30.0% 26.8%Investment Degree 125.0% 98.9%Total Exposure 185.0% 152.6%



Investment policyThe fund targets its investments on equities ofcompanies that are domiciled in Switzerland orare included in the SPI. Criteria for stockselection include the valuation of the company,the business climate, the company`s positioningand the quality of its management. The aim isto outperform the SPI over the long term.Fluctuations in the value of the fund units maydiffer substantially from those in the SPI. Thelong exposure can go up to 130% and the shortexposure to -30%. The fund manager can makeuse of a potential leverage of up to 25%.

Fund facts


Bloomberg ticker CSEQSSA SW



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Credit Suisse Select Fund (CH) Swiss Equities 130/30Class B


The Swiss equity market (as measured by theSPI) rebounded by almost 7% during the firstquarter driven by a strong performance by thebanks and insurance companies (i.e. UBS,Credit Suisse, Swiss Re, Zurich Insurance) aswell as the cyclical cluster (i.e. Sulzer, Clariant,Forbo). The Swiss Small+Midcap Index(SPISMC) gained 8.9%. The traded volume andthe volatility of the Swiss stock market was lowduring the quarter. The macroeconomic newsflow improved, especially regarding the US, butEurope as a whole shows very few signs of aneconomic recovery so far. Only the European

debt problem seems to be solved for themoment. During the first quarter most of theSwiss companies reported solid results for 2011,but the outlook given for 2012 was relativelycautious in some cases.

Positive performance contributions came fromthe cyclical cluster and the insurances as wellas from some short positions. A negativecontribution came from the underweight inbanks. The overweight positions in Gategroup,Clariant, Sulzer and Forbo as well as theunderweights in Novartis and Straumann had a

positive impact on the portfolio performance. Theunderweight in Transocean, Holcim and Adeccoas well as the overweight in Logitech affectedthe performance negatively.

We considerably reduced the underweight in thebanks (i.e. Credit Suisse) and also increased theoverweight in cyclical companies (i.e. Forbo, OCOerlikon). On the other hand we slightly reducedthe overweight in insurance and we increased theunderweight in the defensive cluster.


Our macro scenario of a slowly recovering worldeconomy was corroborated again in March. Inthe US, which is already in a moderatelyadvanced stage of the economic cycle, wedetect a broadening of the upturn. Alongsidethe steadily improving employment market, thespotlight has now also turned to the bottomforming in the housing market, which is veryimportant for the overall economy. This, coupledwith a noticeable increase in aggregate wages,has significantly improved the outlook forpersonal consumption. This means that theexport sector is now being joined by a second,

strongly supportive pillar. But given the expectedfiscal-policy headwind, it is still questionablewhether the US economy can continue growingat the current brisk annualized pace of about3-4%. Nevertheless, a firm pedestal ofeconomic activity is in place, and it can continueemitting forceful impulses for the globaleconomy. This also goes for the sustainedimprovement in the economic climate inemerging market countries.

We are nonetheless proceeding on theassumption that the headwinds described will

have only very short-lived consequences for themarkets. From a valuation standpoint, most ofthe undervaluations have been corrected.However, stocks remain inexpensively valued inhistorical comparison, especially relative tobonds. Sentiment has improved, but is still along way from euphoria. Institutional investorswith non-benchmarked portfolios are still holdingtiny equity allocations. We expect the economicupturn to continue, albeit at a moderate pace.The Swiss Equity Market stands at a P/E of 12.4and a risk premium of 7.2%, which still reflectsan undervaluation based on historic contexts.

Portfolio ManagementMr Schibli obtained a bank apprenticeship at Swiss Bank Corporation before working in the securities department (including a traineeshipin London) for six years. In 1983 he joined the Gewerbebank, becoming Head of Trading/Investment advising/emission in 1987. Prior tojoining the Swiss equities sales team at Credit Suisse First Boston, he was Head of the Swiss equities sales team in another major Swissbank. He finally joined the advisory and execution desk at CSAM in 1997. Since April 2000 he has been a Portfolio Manager for Swissequities.


226

-7.607.40

0.20

Fund manager Christoph BieriFund manager since 16.04.2010Location ZurichFund domicile SwitzerlandFund currency CHFClose of financial year 31. MayTotal net assets (in mil.) 130.60Inception date 16.04.2010Management fee in % p.a. 1.00Benchmark (BM) SXI Swiss Real Estate (RI)Swinging single pricing (SSP) 2) YesUnit Class Category A

(distribution)Unit class currency CHFISIN CH0110177414Valor no. 11017741

Last distribution 19.07.2011Distribution value 0.12


Credit Suisse Select Fund (CH) Swiss Real Estate SecuritiesClass A


2010 2011 2012100

105

110

115

120

125

0%

5%

10%

15%

20%

25%

5.93.9

6.8

3.9

CS Select Fund (CH) Swiss Real EstateSecurities A


SXI Swiss Real Estate (RI)Yearly or year-to-date performance respectively(Benchmark)




Office and retail 53.70Residential 36.30Commercial and other use 10.00

Geographical breakdown in %

Region Zurich 42.90Region Central Switzerland 21.60Region Western Switzerland 18.00Region Eastern Switzerland 7.40Region Berne 6.70Region Southern Switzerland 3.10Abroad 0.30


Real estate funds 58.00 65.60Corporations 41.80 34.40Cash/Cash Equivalents 0.20 0.00



Top 5 Holdings in %UBS Swiss Mixed Sima 18.26Swiss Prime Site AG 14.45PSP Swiss Property 11.35CS RE Fd Siat 6.31Allreal Holding AG 6.07Total 56.44

Investment policyThe broadly diversified portfolio (25–30securities) consists of funds and equities fromthe Swiss real estate sector, with the SXI SwissReal Estate® TR Index serving as theperformance benchmark. The real estate fundsare exchange-traded and invest predominantlyin residential properties in Switzerland. The realestate equities are also traded on the stockexchange and invest almost exclusively in officebuildings and retail space in Switzerland.

Fund facts




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Credit Suisse Select Fund (CH) Swiss Real Estate SecuritiesClass A


Strong economic data from the US and asolution for Greece to decrease their debtsupported the recovery of equity markets. Firstsigns of an end of the historical low interestrate environment moved rates mainly for longerdurations almost 30bps higher. At the end of thequarter, the yield on 10 year Swiss government

bonds amounted to 0.9% in comparison to 0.7%at year end.

Swiss real estate investments also had a positivestart into the year. Real estate funds as well asreal estate companies published very convincingannual reports. They could present high

appreciation and lower vacancy rates on their realestate portfolios. In addition, for some companieswe even saw an increase in distributions dueto the strong results. The real estate funds hada performance of 3.5% in the quarter and thereal estate companies were even better with anincrease of 5%.


The Swiss economy grew last year by 1.9%, butwith a decreasing business trend. The definitionof a minimum level for the EUR/CHF 1.20 hadwithout doubt a positive effect for exportcompanies and increased their planningcertainty. The latest development showedalready more optimistic forecasts for 2012. Weexpect that interest rates in Switzerland willremain at a very low level during the next month.The 10 year Swiss government bonds could

increase to a yield of 1.3% to 1.5% during thenext 12 months. This is still a positive scenariofor real estate investments.

Demand for residential property will, in ouropinion, remain extraordinarily high in 2012thanks to robust immigration and the persistenceof low mortgage interest rates. The Swiss officeproperty market has coped well with theeconomic turbulence of the past three years.

Given the modest employment trends in theclassic office sectors, the fact that no meaningfuloversupply developed during 2010/11 can beseen as evidence of sound planning.Nevertheless the well-stocked pipeline of largeprojects could lead to increasing vacancies in theurban centers in the German-speaking part ofSwitzerland. Overall, indirect Swiss real estateremains an attractive investment in the comingmonth.

Portfolio ManagementChristoph Bieri received his master's degree in economics and business administration from the University of Berne in 1990 and holds areal estate agent certificate from the canton of Berne. After his studies he worked for 3 years at the Swiss Federal Bureau for Statistics,managing various projects. From 1994 to 1999 Christoph Bieri spent 5 years at Zurcher Kantonalbank as a financial analyst covering theSwiss banking and property sector as well co-managing the banks structured Swiss equity portfolios. During this time he also received hiscertification as an EFFAS financial analyst. In 1999 he took a job at Banca del Gottardo, where he was responsible for setting up the Swissequity research team. Christoph Bieri joined the CSAM Swiss equity team as portfolio manager in 2002.


228

-7.607.40

0.20

Fund manager Christoph BieriFund manager since 16.04.2010Location ZurichFund domicile SwitzerlandFund currency CHFClose of financial year 31. MayTotal net assets (in mil.) 130.60Inception date 16.04.2010Management fee in % p.a. 0.60Benchmark (BM) SXI Swiss Real Estate (RI)Swinging single pricing (SSP) 2) YesUnit Class Category I

(capital growth)Unit class currency CHFISIN CH0110177422Valor no. 11017742


Credit Suisse Select Fund (CH) Swiss Real Estate SecuritiesClass I


2010 2011 2012100

105

110

115

120

125

0%

5%

10%

15%

20%

25%

6.34.0

6.8

3.9

CS Select Fund (CH) Swiss Real EstateSecurities I


SXI Swiss Real Estate (RI)Yearly or year-to-date performance respectively(Benchmark)




Office and retail 53.70Residential 36.30Commercial and other use 10.00

Geographical breakdown in %

Region Zurich 42.90Region Central Switzerland 21.60Region Western Switzerland 18.00Region Eastern Switzerland 7.40Region Berne 6.70Region Southern Switzerland 3.10Abroad 0.30


Real estate funds 58.00 65.60Corporations 41.80 34.40Cash/Cash Equivalents 0.20 0.00



Top 5 Holdings in %UBS Swiss Mixed Sima 18.26Swiss Prime Site AG 14.45PSP Swiss Property 11.35CS RE Fd Siat 6.31Allreal Holding AG 6.07Total 56.44

Investment policyThe broadly diversified portfolio (25–30securities) consists of funds and equities fromthe Swiss real estate sector, with the SXI SwissReal Estate® TR Index serving as theperformance benchmark. The real estate fundsare exchange-traded and invest predominantlyin residential properties in Switzerland. The realestate equities are also traded on the stockexchange and invest almost exclusively in officebuildings and retail space in Switzerland.

Fund facts

Net asset value (NAV) 1'191.552) «Swinging single pricing» (SSP) is a state-of-the-art methodused to calculate the net asset value of investment funds. SSPenables a fund to have the cash needed to settle the dailytransaction costs relating to subscriptions and redemptions byinvestors buying into and selling out of the fund. Existing investorsno longer have to indirectly cover these transaction costs as SSPintegrates the charges for transaction costs into the net assetvalue calculation, meaning investors buying into/selling out of thefund bear these costs.


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229


Credit Suisse Select Fund (CH) Swiss Real Estate SecuritiesClass I


Strong economic data from the US and asolution for Greece to decrease their debtsupported the recovery of equity markets. Firstsigns of an end of the historical low interestrate environment moved rates mainly for longerdurations almost 30bps higher. At the end of thequarter, the yield on 10 year Swiss government

bonds amounted to 0.9% in comparison to 0.7%at year end.

Swiss real estate investments also had a positivestart into the year. Real estate funds as well asreal estate companies published very convincingannual reports. They could present high

appreciation and lower vacancy rates on their realestate portfolios. In addition, for some companieswe even saw an increase in distributions dueto the strong results. The real estate funds hada performance of 3.5% in the quarter and thereal estate companies were even better with anincrease of 5%.


The Swiss economy grew last year by 1.9%, butwith a decreasing business trend. The definitionof a minimum level for the EUR/CHF 1.20 hadwithout doubt a positive effect for exportcompanies and increased their planningcertainty. The latest development showedalready more optimistic forecasts for 2012. Weexpect that interest rates in Switzerland willremain at a very low level during the next month.The 10 year Swiss government bonds could

increase to a yield of 1.3% to 1.5% during thenext 12 months. This is still a positive scenariofor real estate investments.

Demand for residential property will, in ouropinion, remain extraordinarily high in 2012thanks to robust immigration and the persistenceof low mortgage interest rates. The Swiss officeproperty market has coped well with theeconomic turbulence of the past three years.

Given the modest employment trends in theclassic office sectors, the fact that no meaningfuloversupply developed during 2010/11 can beseen as evidence of sound planning.Nevertheless the well-stocked pipeline of largeprojects could lead to increasing vacancies in theurban centers in the German-speaking part ofSwitzerland. Overall, indirect Swiss real estateremains an attractive investment in the comingmonth.

Portfolio ManagementChristoph Bieri received his master's degree in economics and business administration from the University of Berne in 1990 and holds areal estate agent certificate from the canton of Berne. After his studies he worked for 3 years at the Swiss Federal Bureau for Statistics,managing various projects. From 1994 to 1999 Christoph Bieri spent 5 years at Zurcher Kantonalbank as a financial analyst covering theSwiss banking and property sector as well co-managing the banks structured Swiss equity portfolios. During this time he also received hiscertification as an EFFAS financial analyst. In 1999 he took a job at Banca del Gottardo, where he was responsible for setting up the Swissequity research team. Christoph Bieri joined the CSAM Swiss equity team as portfolio manager in 2002.


230

Fund manager Dietmar Peetz, Daniel SchmittFund manager since 08.04.2010, 08.04.2010Location Zurich, ZurichFund domicile LuxembourgFund currency USDClose of financial year 31. MayTotal net assets (in mil.) 1'072.17Inception date 14.04.2010Management fee in % p.a. 1.92Total expense ratio (ex ante) in % 2.12Benchmark (BM) DJ-UBS Commodity Index (RI)Unit Class Category B

(capital growth)

ISIN LU0496465690

Valor no. 11145804


Credit Suisse SICAV One (Lux) CommodityAllocationClass B


2010 2011 201280

90

100

110

120

130

140

-20%

-10%

0%

10%

20%

30%

40%

-13.0

0.7

-13.3

0.9

CS SICAV One (Lux) CommodityAllocationB


DJ-UBS Commodity Index (RI)Yearly or year-to-date performance respectively(Benchmark)




Energy 30.60Agriculture 29.80Industrial Metals 19.12Precious Metals 13.20Livestock 5.69Cash/CashEquivalents 1.60

Countries in %

USA 92.59Jersey 0.41Netherlands 0.10Others 6.90





Investment policyThe aim of the fund is to generate the highestpossible risk-adjusted return in the long termthrough diversified investments in commodityrelated instruments globally. The Fund investsmainly in investment funds, structured products,derivatives and other securities to gain exposureto commodities markets.

Fund facts


Bloomberg ticker CSCOALB LX



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Credit Suisse SICAV One (Lux) CommodityAllocationClass B


During Q1 2012, the DJ-UBS TR had a mixedperformance. After a good run until end ofFebruary the index had to give up most of itsgains as fear of global economic slowdown cutinto commodity prices. The index finished thequarter +0.89%. In the same period, the dollarindex was down almost 1.5% and the MSCIWorld gained 10.94%. The biggest positivedrivers in the index were DJ-UBS PreciousMetals (+8.49%), DJ-UBS Industrial Metals(+5.75%) and DJ-UBS Agriculture Index(+3.16%). On the negative side stood DJ-UBSLivestock (-5.19%) and DJ-UBS Energy(-6.11%).

The energy sector again showed a verydispersed performance picture: DJ-UBSUnleaded Gasoline finished the quarter up19.43%, making it the best performing sector,clearly outperforming DJ-UBS Heating Oil(+10.83%). DJ-UBS Crude finished the quarterup 3.04%. The most disappointing performancecame again from DJ-UBS NatGas with the indexclosing the quarter -36.96% due to oversupply.

Sector dispersion was also high in industrialmetals. Positive performance was seen inDJ-UBS Tin (+18.52%), Copper (+11.11%),Zinc (+7.73%) and Aluminum (+3.26%). On theother side stood Lead (-0.65%) and Nickel

(-5.22%). In the agriculture space we sawpositive returns for Soybean (+15.37%), Sugar(+9.81%), Cocoa (+4.85%) and Cotton(+0.34%). The other sectors saw price declines:Coffee (-20.44%), Corn (-1.11%), and Wheat(-0.02%).

Within the precious metals sector, all sectorswhere up: Platinum (+17.01%), Silver(+16.15%) and Gold (+6.35%). The onlyexception was Palladium which finished thequarter -0.13%, reversing its strong pricemomentum in the previous quarter.


In line with our commodity research analyst view,we continue to expect sector price dispersionto be a key feature for the remainder of 2012.Commodity-specific fundamentals will dominatethe price action. On the flip side, tail risks such

as an escalation of the Middle East tensionsor a severe China hard landing still exist andcould lead to turmoil in the commodity markets.However, these potential events could alsocreate interesting outperformance opportunities

in individual commodities when market volatilityhas led commodity prices far from theirfundamental values.

Portfolio ManagementDr. Dietmar Peetz is a Senior Portfolio Manager with more than 14 years experience in financial markets covering commodities, fixedincome, equity and derivatives. He joined Credit Suisse Asset Management from FVS AG in Germany, where he was responsible fordeveloping and implementing risk optimized portfolios using absolute return strategies. Prior to FVS Dr. Peetz worked at Commercial Bankof Cologne in Portfolio Management, Treasury and Trading, with a focus on financial engineering and proprietary trading. Dr. Peetzgraduated from the University of Applied Sciences in Cologne, Germany and from the University of Reading, UK, with a Master of Sciencein International Banking. He completed his PhD thesis in 2007 from the University of Kassel, Germany.


232

Fund manager Dietmar Peetz, Daniel SchmittFund manager since 08.04.2010, 08.04.2010Location Zurich, ZurichFund domicile LuxembourgFund currency USDClose of financial year 31. MayTotal net assets (in mil.) 1'072.17Inception date 14.04.2010Management fee in % p.a. 1.92Total expense ratio (ex ante) in % 2.12Benchmark (BM)

DJ-UBS Commodity Index (RI) (Hedged into CHF)Unit Class Category R


ISIN LU0499371648

Valor no. 11183148


Credit Suisse SICAV One (Lux) CommodityAllocationClass R CHF


2010 2011 201280

90

100

110

120

130

-20%

-10%

0%

10%

20%

30%

-13.8

0.5

-16.2

0.7

CS SICAV One (Lux) CommodityAllocation RCHF


DJ-UBS Commodity Index (RI) (Hedged intoCHF)






Countries in %







Fund facts


Bloomberg ticker CSCALCR LX



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Credit Suisse SICAV One (Lux) CommodityAllocationClass R CHF













234

Fund manager Dietmar Peetz, Daniel SchmittFund manager since 08.04.2010, 08.04.2010Location Zurich, ZurichFund domicile LuxembourgFund currency USDClose of financial year 31. MayTotal net assets (in mil.) 1'072.17Inception date 14.04.2010Management fee in % p.a. 1.92Total expense ratio (ex ante) in % 2.11Benchmark (BM)

DJ-UBS Commodity Index (RI) (Hedged into EUR)Unit Class Category R


ISIN LU0499368180

Valor no. 11183143


Credit Suisse SICAV One (Lux) CommodityAllocationClass R EUR


2010 2011 201280

90

100

110

120

130

-20%

-10%

0%

10%

20%

30%

-13.7

0.5

-14.7

0.8

CS SICAV One (Lux) CommodityAllocation REUR


DJ-UBS Commodity Index (RI) (Hedged intoEUR)






Countries in %







Fund facts


Bloomberg ticker CSCALER LX



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Credit Suisse SICAV One (Lux) CommodityAllocationClass R EUR













236

6.07-11.67

2.771.530.720.54

-3.50-2.88

1.725.55

Purchases SalesSAMSUNG TECHWIN

HYUNDAI DEPARTMENT STORECHEUNG KONG HOLDINGS

SUN HUNG KAI PROPERTIESBELLE INTERNATIONAL HOLDINGS

CHINA TELECOM hHYUNDAI HEAVY INDUSTRIES

SIMPLO TECHNOLOGYHSBC GIF INDIAN EQUITY ac

CATCHER TECHNOLOGY

Fund manager Ivan GohFund manager since 01.02.2012Location SingaporeFund domicile LuxembourgFund currency USDClose of financial year 31. MayTotal net assets (in mil.) 30.97Inception date 29.01.2010Management fee in % p.a. 1.92Total expense ratio (ex ante) in % 2.01Benchmark (BM) MSCI AC Asia ex Japan (NR)Unit Class Category B

(capital growth)

ISIN LU0456267094

Valor no. 10627684



Credit Suisse SICAV One (Lux) Equity Asian DragonClass B


2010 2011 201270

80

90

100

110

120

130

140

-30%

-20%

-10%

0%

10%

20%

30%

40%

-25.5

8.6

-17.3

13.7

CS SICAV One (Lux) Equity Asian Dragon B Yearly or year-to-date performance respectively (Fund)MSCI AC Asia ex Japan (NR) Yearly or year-to-date performance respectively (Benchmark)




Information Technology 24.93 18.86Financials 17.97 29.64Consumer Discretionary 12.57 9.80Industrials 11.58 10.05Energy 8.31 7.59Materials 8.19 7.65Telecommunication Services 2.98 6.48Consumer Staples 2.51 5.39Cash/Cash Equivalents 1.72 -Others 9.24 3.69

Currencies in %

HKD 38.24KRW 23.10TWD 15.90USD 10.26SGD 5.36THB 4.18IDR 2.95CHF 0.01

Countries in %

China 27.09South Korea 21.68Taiwan 14.63Hong Kong 12.72India 8.77Singapore 4.83Thailand 4.17Indonesia 2.95Malaysia 1.45Others 1.72

Significant Transactions Top 10 Holdings in %Samsung Electronics 5.17HSBC GIF Indian Eq. 3.19Taiwan Semicon 3.04China Const. Bank 2.98Hon Hai Precision 2.82ICBC 2.82AIA Group Limited 2.37Cnooc LTD 2.24NCsoft Corp 2.15China Shenhua Energy 2.10Total 28.88

Investment policyThe aim of the fund is to achieve the highestpossible risk adjusted return in USD whileinvesting in companies domiciled in Asia exJapan or in companies who carry out the bulk oftheir business activities in this region.

Fund facts


Bloomberg ticker CSEQADB LX





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Credit Suisse SICAV One (Lux) Equity Asian DragonClass B


The MSCI Asia ex-Japan Index surged to astrong 17.2% return year-to-February but pulledback slightly in March to return 13.4% for Q12012. While a rebound was expected, the speedand strength of the up-move was unexpected.Up till mid-February, the most evident factor thathad lifted markets was the USD10-12bn worthof inflows into regional markets, encouraged byan improvement in the European sovereign debtmarkets. This was in turn triggered by thesuccess of the ECB’s LTRO program inNovember 2011 and the strong likelihood thatmarket cash levels were higher than usual atend-2011. Subsequently, positivemacroeconomic data from the US, such as labor

and housing data, as well as from Asia, suchas two months of solid China PMI, catalyzed themarket higher.

The market consolidation that began in Marchwas not unexpected and was triggered by themuted commentary by the Chinese governmentat the end of the National People’s Congressand the potential return of inflationary pressurecaused by higher energy prices. In a sign thatexpectations may well have run ahead of realityin the short-term, the market reacted negativelyto the poor Q4 2011 earnings reports by HongKong listed companies in March, in sharpcontrast to the quickness by which it brushed

aside similar negative reports by Korean andTaiwanese companies in January/February.

On the political front, while the result of theTaiwanese elections in January was withinexpectation, the push by the newly electedgovernment to enact a capital gains tax createdmarket volatility. Additionally, the Bo Xilai(Communist Party Chief of Chongqing Province)scandal in China stoked fears of civil unrests,though the impact fell mostly on the A-sharemarket with only minor spillover effect onH-shares.


The continuation of mixed macroeconomic datais likely to remain in the short-term in our view.Already, the Chinese government hasannounced weaker than expected Q1 2012GDP growth of 8.1% in early April, against aconsensus expectation of 8.4%. While industrialproduction appeared to have accelerated inMarch, fixed asset investment seemed to remainon the downtrend. Meanwhile, India’s growthoutlook continues to be a cause for concern, asare its twin deficits (fiscal and current account).

We believe these mixed signals are likely to be

temporary. A reacceleration of economic growthin H2 2012 remains on the cards. Since latelast year, central banks across the region havebeen in easing mode and it is quite likely that thesimulative effects from these policies will becomeincreasingly perceptible over the next couple ofmonths. We highlight the RRR cuts in China,the interest rate cuts in Indonesia, as well aspotential cuts in India. Industrial activity has alsoremained fairly stable across the region over thequarter.

Seasonality is likely to slowly add to economic

momentum as we progress into spring, from apick-up in construction activity (higher materialdemand), maintenance shut-downs (betterdemand-supply balance), to even theapproaching London Olympics (pick up inadvertising). Longer term, economicfundamentals continue to look constructive.Central banks remain dovish and political risk islow. Considering the rapid and sharp surge inreturns year to date, this pause is healthy in ourview and will allow economic fundamentals tocatch up with the market.

Portfolio ManagementIvan Goh is Vice President and Senior Portfolio Manager. He has over 15 years of experience in the investment industry. Prior to joining CS, he was PortfolioManager for the Japanese market at Legg Mason. Earlier, Ivan was part of a top ranked global technology team and was based in Japan covering thepan-Asian technology sector. At Credit Suisse, Ivan covers the Asian Equity markets with a focus on South Korea and assists in the coverage of other NorthAsian markets. He holds a Bachelor of Business Administration (Hons) and is a Chartered Financial Analyst (CFA Institute).


238

6.07-11.67

2.771.530.720.54

-3.50-2.88

1.725.55

Purchases SalesSAMSUNG TECHWIN

HYUNDAI DEPARTMENT STORECHEUNG KONG HOLDINGS

SUN HUNG KAI PROPERTIESBELLE INTERNATIONAL HOLDINGS

CHINA TELECOM hHYUNDAI HEAVY INDUSTRIES

SIMPLO TECHNOLOGYHSBC GIF INDIAN EQUITY ac

CATCHER TECHNOLOGY

Fund manager Ivan GohFund manager since 01.02.2012Location SingaporeFund domicile LuxembourgFund currency USDClose of financial year 31. MayTotal net assets (in mil.) 30.97Inception date 26.07.2010Management fee in % p.a. 0.90Total expense ratio (ex ante) in % 0.95Benchmark (BM) MSCI AC Asia ex Japan (NR)Unit Class Category I

(capital growth)

ISIN LU0456267250

Valor no. 10627690



Credit Suisse SICAV One (Lux) Equity Asian DragonClass I


2010 2011 201270

80

90

100

110

120

130

-30%

-20%

-10%

0%

10%

20%

30%

-24.7

8.8

-17.3

13.7

CS SICAV One (Lux) Equity Asian Dragon I Yearly or year-to-date performance respectively (Fund)MSCI AC Asia ex Japan (NR) Yearly or year-to-date performance respectively (Benchmark)




Information Technology 24.93 18.86Financials 17.97 29.64Consumer Discretionary 12.57 9.80Industrials 11.58 10.05Energy 8.31 7.59Materials 8.19 7.65Telecommunication Services 2.98 6.48Consumer Staples 2.51 5.39Cash/Cash Equivalents 1.72 -Others 9.24 3.69

Currencies in %

HKD 38.24KRW 23.10TWD 15.90USD 10.26SGD 5.36THB 4.18IDR 2.95CHF 0.01

Countries in %

China 27.09South Korea 21.68Taiwan 14.63Hong Kong 12.72India 8.77Singapore 4.83Thailand 4.17Indonesia 2.95Malaysia 1.45Others 1.72

Significant Transactions Top 10 Holdings in %Samsung Electronics 5.17HSBC GIF Indian Eq. 3.19Taiwan Semicon 3.04China Const. Bank 2.98Hon Hai Precision 2.82ICBC 2.82AIA Group Limited 2.37Cnooc LTD 2.24NCsoft Corp 2.15China Shenhua Energy 2.10Total 28.88

Investment policyThe aim of the fund is to achieve the highestpossible risk adjusted return in USD whileinvesting in companies domiciled in Asia exJapan or in companies who carry out the bulk oftheir business activities in this region.

Fund facts


Bloomberg ticker CSEQADI LX





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239


Credit Suisse SICAV One (Lux) Equity Asian DragonClass I


The MSCI Asia ex-Japan Index surged to astrong 17.2% return year-to-February but pulledback slightly in March to return 13.4% for Q12012. While a rebound was expected, the speedand strength of the up-move was unexpected.Up till mid-February, the most evident factor thathad lifted markets was the USD10-12bn worthof inflows into regional markets, encouraged byan improvement in the European sovereign debtmarkets. This was in turn triggered by thesuccess of the ECB’s LTRO program inNovember 2011 and the strong likelihood thatmarket cash levels were higher than usual atend-2011. Subsequently, positivemacroeconomic data from the US, such as labor

and housing data, as well as from Asia, suchas two months of solid China PMI, catalyzed themarket higher.

The market consolidation that began in Marchwas not unexpected and was triggered by themuted commentary by the Chinese governmentat the end of the National People’s Congressand the potential return of inflationary pressurecaused by higher energy prices. In a sign thatexpectations may well have run ahead of realityin the short-term, the market reacted negativelyto the poor Q4 2011 earnings reports by HongKong listed companies in March, in sharpcontrast to the quickness by which it brushed

aside similar negative reports by Korean andTaiwanese companies in January/February.

On the political front, while the result of theTaiwanese elections in January was withinexpectation, the push by the newly electedgovernment to enact a capital gains tax createdmarket volatility. Additionally, the Bo Xilai(Communist Party Chief of Chongqing Province)scandal in China stoked fears of civil unrests,though the impact fell mostly on the A-sharemarket with only minor spillover effect onH-shares.


The continuation of mixed macroeconomic datais likely to remain in the short-term in our view.Already, the Chinese government hasannounced weaker than expected Q1 2012GDP growth of 8.1% in early April, against aconsensus expectation of 8.4%. While industrialproduction appeared to have accelerated inMarch, fixed asset investment seemed to remainon the downtrend. Meanwhile, India’s growthoutlook continues to be a cause for concern, asare its twin deficits (fiscal and current account).

We believe these mixed signals are likely to be

temporary. A reacceleration of economic growthin H2 2012 remains on the cards. Since latelast year, central banks across the region havebeen in easing mode and it is quite likely that thesimulative effects from these policies will becomeincreasingly perceptible over the next couple ofmonths. We highlight the RRR cuts in China,the interest rate cuts in Indonesia, as well aspotential cuts in India. Industrial activity has alsoremained fairly stable across the region over thequarter.

Seasonality is likely to slowly add to economic

momentum as we progress into spring, from apick-up in construction activity (higher materialdemand), maintenance shut-downs (betterdemand-supply balance), to even theapproaching London Olympics (pick up inadvertising). Longer term, economicfundamentals continue to look constructive.Central banks remain dovish and political risk islow. Considering the rapid and sharp surge inreturns year to date, this pause is healthy in ourview and will allow economic fundamentals tocatch up with the market.

Portfolio ManagementIvan Goh is Vice President and Senior Portfolio Manager. He has over 15 years of experience in the investment industry. Prior to joining CS, he was PortfolioManager for the Japanese market at Legg Mason. Earlier, Ivan was part of a top ranked global technology team and was based in Japan covering thepan-Asian technology sector. At Credit Suisse, Ivan covers the Asian Equity markets with a focus on South Korea and assists in the coverage of other NorthAsian markets. He holds a Bachelor of Business Administration (Hons) and is a Chartered Financial Analyst (CFA Institute).


240

0.20-0.60

-0.83-0.73

1.29-0.37

1.82-0.20-0.24-0.34

Purchases SalesE.ON reg GAS NATURALKBC GROUP ALLIANZ SE reg- SANOFI- SCHNEIDER ELECTRIC- BUREAU VERITAS

Fund manager Patrick FehrFund manager since 16.08.2010Location ZurichFund domicile LuxembourgFund currency EURClose of financial year 31. MayTotal net assets (in mil.) 301.99Inception date 27.06.2011Management fee in % p.a. 1.92Total expense ratio (ex ante) in % 2.12Benchmark (BM) MSCI EMU (NR)Unit Class Category B

(capital growth)

ISIN LU0496466151

Valor no. 11145861



Credit Suisse SICAV One (Lux) Equity EurozoneClass B


2007 2008 2009 2010 2011 201240

60

80

100

120

140

-60%

-40%

-20%

0%

20%

40%

4.6

-44.6

22.8

5.0

-20.1

9.57.8

-44.9

27.3

2.4

-14.9

9.7

CS SICAV One (Lux) Equity Eurozone B Yearly or year-to-date performance respectively (Fund)MSCI EMU (NR) Yearly or year-to-date performance respectively (Benchmark)

simulation based on Equis Europe and F share class Track Record with adjusted Management Fee (06.12.2005-24.06.2011)


1 month 3 months YTD 1 year 3 years 5 yearsFund 0.55 9.52 9.52 -13.03 31.87 -36.63Benchmark -0.10 9.72 9.72 -10.02 40.98 -30.09


Financials 19.77 19.57Industrials 12.23 12.83Consumer Discretionary 11.06 11.89Consumer Staples 10.20 10.93Energy 9.50 8.21Materials 9.37 9.74Health Care 9.26 7.44Utilities 7.03 7.23Cash/Cash Equivalents -0.24 0.00Others 11.83 12.17

Top 10 Holdings in %Sanofi-Aventis 4.67Anh-Busch InBev 3.58Allianz 3.27Deutsche Telekom 2.79Schneider Electric 2.79Danone 2.65E.ON 2.58AKZO Nobel 2.49Henkel 2.49St. Gobain 2.37Total 29.68




Investment policyThe aim of the Fund is to achieve the highestpossible return by investing in Europeancompanies predominantly characterised by highprofitability, a sound financial structure andsuccessful management.

Fund facts


Bloomberg ticker CSEEZAB LX



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Credit Suisse SICAV One (Lux) Equity EurozoneClass B


European stocks rose 9.7% in Q1 2012. TheCS Sicav One Lux Equity Eurozone rose 9.8%over the same period, slightly outpacing theregional benchmark. In Q1, the marketscontinued to recover from the lows of theprevious year. While the economic backdrop didnot materially improve over the period, the mainpositive factor was the announcement of thesecond long-term refinancing operation (LTRO)by the ECB. The European monetary authoritypumped an additional EUR 530bn into thebanking system granting banks 3-year cheaper

funding and easing liquidity needs. Thistranslated into a declining risk aversion andboosted confidence in equity markets. Discountrates for risky assets dropped as a result of theECB intervention.

Financial institutions have been recycling capitalby buying sovereign debt with cheaper funding.For example, the sovereign credit spreads of Italyand Spain relative to those of Germany almosthalved in a matter of three months. However,towards the end of the quarter, risk concerns

re-emerged and sovereign credit spreads beganto edge up.

During the quarter, the best performing sectorswere Information Technology and ConsumerDiscretionary. The worst performing sectorswere Telecom Services and Energy. Stockselection in the Industrials, Telecom Services andConsumer Staples sectors contributed positivelyto the overall outperformance over the quarter.


With the exception of the US, economicindicators around the world have deterioratedover the past months. However, this has beenlargely discounted in share prices and improvingliquidity through ECB intervention has boostedrecent equity performance. Looking ahead, afew signs of reverting risks are emerging. Fiscaltightening in Southern Europe will trim expectedEuropean economic growth in 2012. France willface elections in Q2 and political uncertaintycould be a cause of market volatility in theshort-term. Fiscal weakness and highindebtedness in Southern Europe continue to bea cause of concern for the markets. The ongoing

discussions regarding the need to raise thefirewall to protect European indebted countriesfrom adverse effects of higher debt costs couldtrigger some market jitters. According toconsensus expectations, the Eurozone GDPshould contract 0.4% in 2012 and rebound to1.05% in 2013.

In terms of corporate earnings, deceleratingeconomic activity in Europe and China couldbecome a hurdle to meet earnings expectationsin Q2. However, equity valuations remain withinreasonable ranges. As in the previous months,changes in risk aversion rather than

fundamentals could be the main driver of equityprices in the short-term. Our portfolio is investedin quality stocks and companies with moderatecyclical exposure. These characteristics are likelyto be an asset during a period of below-averagegrowth until a new economic cycle emerges. Wehave currently overweight positions in Healthcareand Energy, two highly cash-generative sectors,and underweight positions in Financials andConsumer Staples. The former faces risksrelated to market volatility, the latter offers lessupside than other defensive sectors on valuationgrounds.

Portfolio ManagementPatrick Fehr is Head of European Equities in MACS. He joined Credit Suisse in February 2001 from Bank Vontobel where he was a seniorportfolio manager for European Equities. Prior to that, Mr Fehr worked already at Credit Suisse in the Private Banking unit. Mr Fehr hasmore than 11 years of investment experience and is a Certified European Financial Analyst.


242

0.20-0.60

-0.83-0.73

1.29-0.37

1.82-0.20-0.24-0.34

Purchases SalesE.ON reg GAS NATURALKBC GROUP ALLIANZ SE reg- SANOFI- SCHNEIDER ELECTRIC- BUREAU VERITAS

Fund manager Patrick FehrFund manager since 16.08.2010Location ZurichFund domicile LuxembourgFund currency EURClose of financial year 31. MayTotal net assets (in mil.) 301.99Inception date 27.06.2011Management fee in % p.a. 0.70Total expense ratio (ex ante) in % 0.96Benchmark (BM) MSCI EMU (NR)Unit Class Category I

(capital growth)

ISIN LU0496466318

Valor no. 11145872



Credit Suisse SICAV One (Lux) Equity EurozoneClass I


2007 2008 2009 2010 2011 201240

60

80

100

120

140

-60%

-40%

-20%

0%

20%

40%

6.0

-43.8

24.4

6.4

-19.0

9.87.8

-44.9

27.3

2.4

-14.9

9.7

CS SICAV One (Lux) Equity Eurozone I Yearly or year-to-date performance respectively (Fund)MSCI EMU (NR) Yearly or year-to-date performance respectively (Benchmark)

simulation based on Equis Europe and F share class Track Record with adjusted Management Fee (06.12.2005-24.06.2011)


1 month 3 months YTD 1 year 3 years 5 yearsFund 0.67 9.78 9.78 -11.96 37.03 -32.45Benchmark -0.10 9.72 9.72 -10.02 40.98 -30.09


Financials 19.77 19.57Industrials 12.23 12.83Consumer Discretionary 11.06 11.89Consumer Staples 10.20 10.93Energy 9.50 8.21Materials 9.37 9.74Health Care 9.26 7.44Utilities 7.03 7.23Cash/Cash Equivalents -0.24 0.00Others 11.83 12.17

Top 10 Holdings in %Sanofi-Aventis 4.67Anh-Busch InBev 3.58Allianz 3.27Deutsche Telekom 2.79Schneider Electric 2.79Danone 2.65E.ON 2.58AKZO Nobel 2.49Henkel 2.49St. Gobain 2.37Total 29.68




Investment policyThe aim of the Fund is to achieve the highestpossible return by investing in Europeancompanies predominantly characterised by highprofitability, a sound financial structure andsuccessful management.

Fund facts


Bloomberg ticker CSEEZAI LX



Cre

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243


Credit Suisse SICAV One (Lux) Equity EurozoneClass I


European stocks rose 9.7% in Q1 2012. TheCS Sicav One Lux Equity Eurozone rose 9.8%over the same period, slightly outpacing theregional benchmark. In Q1, the marketscontinued to recover from the lows of theprevious year. While the economic backdrop didnot materially improve over the period, the mainpositive factor was the announcement of thesecond long-term refinancing operation (LTRO)by the ECB. The European monetary authoritypumped an additional EUR 530bn into thebanking system granting banks 3-year cheaper

funding and easing liquidity needs. Thistranslated into a declining risk aversion andboosted confidence in equity markets. Discountrates for risky assets dropped as a result of theECB intervention.

Financial institutions have been recycling capitalby buying sovereign debt with cheaper funding.For example, the sovereign credit spreads of Italyand Spain relative to those of Germany almosthalved in a matter of three months. However,towards the end of the quarter, risk concerns

re-emerged and sovereign credit spreads beganto edge up.

During the quarter, the best performing sectorswere Information Technology and ConsumerDiscretionary. The worst performing sectorswere Telecom Services and Energy. Stockselection in the Industrials, Telecom Services andConsumer Staples sectors contributed positivelyto the overall outperformance over the quarter.


With the exception of the US, economicindicators around the world have deterioratedover the past months. However, this has beenlargely discounted in share prices and improvingliquidity through ECB intervention has boostedrecent equity performance. Looking ahead, afew signs of reverting risks are emerging. Fiscaltightening in Southern Europe will trim expectedEuropean economic growth in 2012. France willface elections in Q2 and political uncertaintycould be a cause of market volatility in theshort-term. Fiscal weakness and highindebtedness in Southern Europe continue to bea cause of concern for the markets. The ongoing

discussions regarding the need to raise thefirewall to protect European indebted countriesfrom adverse effects of higher debt costs couldtrigger some market jitters. According toconsensus expectations, the Eurozone GDPshould contract 0.4% in 2012 and rebound to1.05% in 2013.

In terms of corporate earnings, deceleratingeconomic activity in Europe and China couldbecome a hurdle to meet earnings expectationsin Q2. However, equity valuations remain withinreasonable ranges. As in the previous months,changes in risk aversion rather than

fundamentals could be the main driver of equityprices in the short-term. Our portfolio is investedin quality stocks and companies with moderatecyclical exposure. These characteristics are likelyto be an asset during a period of below-averagegrowth until a new economic cycle emerges. Wehave currently overweight positions in Healthcareand Energy, two highly cash-generative sectors,and underweight positions in Financials andConsumer Staples. The former faces risksrelated to market volatility, the latter offers lessupside than other defensive sectors on valuationgrounds.

Portfolio ManagementPatrick Fehr is Head of European Equities in MACS. He joined Credit Suisse in February 2001 from Bank Vontobel where he was a seniorportfolio manager for European Equities. Prior to that, Mr Fehr worked already at Credit Suisse in the Private Banking unit. Mr Fehr hasmore than 11 years of investment experience and is a Certified European Financial Analyst.


244

2.00-10.44

-2.420.37

4.835.67

Purchases SalesCOLI PDGChina Resources MRVEvergrande MultiplanImmofinanz EVENGreentown Rossi

Fund manager Werner RichliFund manager since 01.01.2010Location ZurichFund domicile LuxembourgFund currency USDClose of financial year 31. MayTotal net assets (in mil.) 23.05Inception date 30.05.2008Management fee in % p.a. 1.92Total expense ratio (ex ante) in % 2.01Benchmark (BM)

FTSE EPRA/NAREIT Emerging Index (NR) (05/10)Unit Class Category B

(capital growth)

ISIN LU0339603879

Valor no. 3675133



Credit Suisse SICAV One (Lux) Equity Global EmergingMarket PropertyClass B


2008 2009 2010 2011 201220

40

60

80

100

120

140

160

-80%

-60%

-40%

-20%

0%

20%

40%

60%

29.420.1

-27.4

17.7

38.325.0

-29.3

20.5

CS SICAV One (Lux) Equity Global Emerging MarketProperty B


FTSE EPRA/NAREIT Emerging Index (NR) (05/10)Yearly or year-to-date performance respectively(Benchmark)




Diversified real estate 45.08 43.08Homebuilding 39.88 50.32REITs (Real Estate Investment Trusts) 3.83 6.25Building mat. and components 0.37 0.00Cash/Cash Equivalents 4.83 0.00Others 6.01 0.34

Countries in %

Brazil 25.99China 20.72South Africa 12.30Philippines 9.83Indonesia 8.17Thailand 7.04Malaysia 3.46Mexico 1.91India 1.90Others 8.68

Significant Transactions Top 10 Holdings in %BR Malls Participacoes 7.51China Land & Invest. 6.71Growthpoint Prop. 5.01Ayala Land 4.12Redefine Prop. 2.88Evergrande 2.78SM Prime 2.65Cyrela Brazil Realty 2.49PT Ciputra Dev. 2.45EZ Tec 2.36Total 38.96

Investment policyThe aim of the fund is to achieve the highestpossible risk adjusted return in USD by investingworldwide in equities and equity-type securitiesof real estate companies and closed-end RealEstate Investment Trusts (REITs) which aredomiciled in or carry out the bulk of their businessactivities in emerging countries.

Fund facts


Bloomberg ticker CSEQGPB LX





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245


Credit Suisse SICAV One (Lux) Equity Global EmergingMarket PropertyClass B


During Q1 2012, emerging market real estatestocks rallied. The EPRA Emerging Index (allfigures in US terms) ended the period with a gainof +18.7% (Q4 2011 +0.08%), outperformingthe MSCI Emerging Index, which was up 13.9%.In tandem with better PMI data and thecommitment of the European leaders to fightthe euro crisis, investors worldwide started totake more risks and picked up emerging marketstocks again. Furthermore, shrinking CPI figuresenabled central banks to ease their monetarypolicies.

Best performing countries were Turkey (+36%),the Philippines (+35%) and India (+30%); theweakest markets were Poland (+12%), SouthAfrica (+12%), and Malaysia (+9%). As ofMarch 19, the market capitalization of thebenchmark increased by more than 30%, asmainly the Hong Kong listed Chinese companieswhich invest in mainland China, have beentransferred from the Developed Index to theEmerging Index. China now has the secondlargest weight in the index with 24%, behindBrazil with 26% and ahead of South Africa with13%.

The fund underperformed the benchmark by-286bps (previous quarter +137bps) due to theunderweight of Brazilian homebuilders PDG andMRV, as well as of the Chinese heavyweightsCOLI and China Resources. Top contributors tothe fund’s performance were the overweightpositions in the Brazilian homebuilders EZ andHelbor, the Indonesian company Alam Sutera,as well as the underweight positions in SP Setia(Malaysia), DLF (India), Evergrande andSino-Ocean Land (both China).


The long-term trends for emerging propertiesremain favorable. Demographic developmentssuch as increasing working age population, GDPgrowth of generally above 5%, increasingwealth, as well as lower private and public debtcompared to developed markets, are all favorablelong-term drivers for housing and commercialreal estate. In China, the macro data shouldbottom out in Q2. The BoC started to reduce

the reserve requirements for banks to achievea soft landing. In light of the commitment ofthe Chinese authorities to further cooling downthe housing market, the chance for rate cutsis somehow low, especially taking the surge inhousehold mortgages in Q1 into account.

Due to shrinking consumer inflation at thebeginning of the year and mainly the subdued

GDP growth in recent months, we expect furtherinterest rate cuts in Brazil. We forecast likewisefor Mexico, India, the Philippines and Thailand.The fund management has an overweightposition in Asia, at the expense of EMEA,whereby the biggest exposures are in Indonesia,the Philippines and Thailand.

Portfolio ManagementWerner Richli is Portfolio Manager and Senior Investment Professional for real estate securities. Mr. Richli was previously an equity analystat Credit Suisse’s Investment Banking Division (Credit Suisse First Boston) covering European real estate stocks. Prior to this role, heanalyzed building materials, construction and utility stocks and was involved in several Initial Public Offerings. Mr. Richli joined Credit Suissein 1987. Mr. Richli is earned the CIIA designation and received a Master’s Degree in Business Administration from the University of Zurich,Switzerland.


246

2.00-10.44

-2.420.37

4.835.67


Fund manager Werner RichliFund manager since 01.01.2010Location ZurichFund domicile LuxembourgFund currency USDClose of financial year 31. MayTotal net assets (in mil.) 23.05Inception date 06.10.2010Management fee in % p.a. 0.90Total expense ratio (ex ante) in % 1.17Benchmark (BM)

FTSE EPRA/NAREIT Emerging Index (NR)Unit Class Category I

(capital growth)

ISIN LU0339604091

Valor no. 3675139



Credit Suisse SICAV One (Lux) Equity Global EmergingMarket PropertyClass I


2010 2011 201260

70

80

90

100

110

120

130

-40%

-30%

-20%

-10%

0%

10%

20%

30%

-26.7

17.9

-29.3

20.5

CS SICAV One (Lux) Equity Global Emerging MarketProperty I


FTSE EPRA/NAREIT Emerging Index (NR)Yearly or year-to-date performance respectively(Benchmark)




Diversified real estate 45.08 43.08Homebuilding 39.88 50.32REITs (Real Estate Investment Trusts) 3.83 6.25Building mat. and components 0.37 0.00Cash/Cash Equivalents 4.83 0.00Others 6.01 0.34

Countries in %




Fund facts


Bloomberg ticker CSEQGIU LX





Cre

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247


Credit Suisse SICAV One (Lux) Equity Global EmergingMarket PropertyClass I












248


Fund manager Werner RichliFund manager since 01.01.2010Location ZurichFund domicile LuxembourgFund currency USDClose of financial year 31. MayTotal net assets (in mil.) 23.05Inception date 30.05.2008Management fee in % p.a. 1.92Total expense ratio (ex ante) in % 2.05Unit Class Category R


ISIN LU0339604174

Valor no. 3675144



Credit Suisse SICAV One (Lux) Equity Global EmergingMarket PropertyClass R CHF


2008 2009 2010 2011 201240

60

80

100

120

140

-60%

-40%

-20%

0%

20%

40%27.0

18.1

-28.8

17.0

CS SICAV One (Lux) Equity Global Emerging MarketProperty R CHF

Yearly or year-to-date performancerespectively (Fund)



Sectors in %Fund

Diversified real estate 45.08Homebuilding 39.88REITs (Real Estate Investment Trusts) 3.83Building mat. and components 0.37Cash/Cash Equivalents 4.83Others 6.01

Countries in %




Fund facts


Bloomberg ticker CSEQGRC LX





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249


Credit Suisse SICAV One (Lux) Equity Global EmergingMarket PropertyClass R CHF












250


Fund manager Werner RichliFund manager since 01.01.2010Location ZurichFund domicile LuxembourgFund currency USDClose of financial year 31. MayTotal net assets (in mil.) 23.05Inception date 30.05.2008Management fee in % p.a. 1.92Total expense ratio (ex ante) in % 2.09Unit Class Category R


ISIN LU0339604257

Valor no. 3675145



Credit Suisse SICAV One (Lux) Equity Global EmergingMarket PropertyClass R EUR


2008 2009 2010 2011 201220

40

60

80

100

120

140

-80%

-60%

-40%

-20%

0%

20%

40%27.1

18.7

-28.6

17.4

CS SICAV One (Lux) Equity Global Emerging MarketProperty R EUR




Sectors in %Fund

Diversified real estate 45.08Homebuilding 39.88REITs (Real Estate Investment Trusts) 3.83Building mat. and components 0.37Cash/Cash Equivalents 4.83Others 6.01

Countries in %




Fund facts


Bloomberg ticker CSEQGRE LX





Cre

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251


Credit Suisse SICAV One (Lux) Equity Global EmergingMarket PropertyClass R EUR












252

8.343.86

-10.24-0.98

3.730.29

-0.30-5.43-3.14

4.87

Purchases SalesITAU UNIBANCO HOLDING pref

INDUSTRIAL & COMMERCIAL BANK OF CHINA hTURKCELL ILETISIM HIZMET

PING AN INSURANCE hKOC HOLDING CHINA SOUTHERN AIRLINES h- HACI OMER SABANCI HOLDING

Fund manager Jan ViebigFund manager since 16.08.2010Location ZurichFund domicile LuxembourgFund currency USDClose of financial year 31. MayTotal net assets (in mil.) 533.38Inception date 20.01.2010Management fee in % p.a. 1.92Total expense ratio (ex ante) in % 2.15Benchmark (BM) MSCI EM (NR)Unit Class Category B

(capital growth)

ISIN LU0456267680

Valor no. 10627705



Credit Suisse SICAV One (Lux) Equity Global EmergingMarketsClass B


2010 2011 201270

80

90

100

110

120

130

140

-30%

-20%

-10%

0%

10%

20%

30%

40%

-23.9

14.0

-18.4

14.1

CS SICAV One (Lux) Equity Global EmergingMarkets B


MSCI EM (NR)Yearly or year-to-date performance respectively(Benchmark)




Information Technology 22.27 13.93Energy 17.80 13.94Financials 13.55 23.79Materials 11.96 12.94Consumer Discretionary 11.67 7.94Telecommunication Services 8.31 8.02Industrials 6.38 6.68Consumer Staples 2.60 8.03Utilities 0.57 3.71Cash/Cash Equivalents 4.87 0.00

Currencies in %

USD 23.94HKD 17.98KRW 17.06BRL 9.51TWD 9.45ZAR 7.28MXN 5.22THB 3.84IDR 2.10Others 3.62

Countries in %

Brazil 19.67South Korea 16.97China 16.47Taiwan 9.45South Africa 7.19Russia 7.09Mexico 5.21Thailand 3.81India 3.49Others 10.64

Significant Transactions Top 10 Holdings in %Samsung Electronics 7.22Taiwan Semicon 4.93China Mobile 4.16Hon Hai Precision 3.66Baidu Inc. 3.30Petrobras 2.93Infosys Technologie Ltd. 2.64America Movil 2.48Gazprom Oao 2.26Cnooc LTD 2.21Total 35.79

Investment policyThe aim of the Fund is to achieve the highestpossible risk adjusted return in USD whilstinvesting in companies domiciled in EmergingMarkets or in global companies that execute thebulk of their business activities in EmergingMarkets.

Fund facts


Bloomberg ticker CSEMRGB LX





Cre

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253


Credit Suisse SICAV One (Lux) Equity Global EmergingMarketsClass B


The fund outperformed its benchmark in Q12012. The reasons for the outperformance aremostly stock-specific. One of our largestpositions, Samsung Electronics, increasedsubstantially due to higher smartphoneshipments, an improving operating margin and ahigher DRAM profitability. Baidu and TSMC alsocontributed to the positive performance. Not onlyin China and India, but also in Brazil, monetarypolicy was very supportive. The Brazilian centralbank stated that the Selic will stabilize at lower

levels (8.75%). At the end of the quarter we solda few positions.

It is worth noting that the BRICs underperformedthe broader emerging markets universesubstantially in March 2012. Markets inIndonesia and the Philippines gained in March,while China (-6.9%), Brazil( -6.7%) and Russia(-5.8%) were all lower. India also dropped by-5.4% in March.

We are clearly in a consolidation phase.Structurally, emerging markets look much morepromising than developed markets (lower fiscaldebt, higher growth, falling inflation). However,risk premia have decreased substantially in thefirst two months of 2012, and growth in Chinais slowing. Risks in peripheral Europe remainhigh. It is safe to assume that markets couldconsolidate at these higher levels. As a result, wehave decreased directional risks in the fund.


In Q1 2012 emerging markets increasedsubstantially. In USD terms, they increased by13.6%, outperforming developed markets, whichwere 10.9% higher. According to the CreditSuisse Price-to-Book/Return-on-Equity (PB/ROE) model, equities in Russia, China and Brazilstill look attractively valued. In October 2011, theHang Seng China Index dropped to 8,100. Atthis time, many investors assumed that Chinawould experience a "hard landing" and feared

that Chinese property developers and banksmight experience significant financial stress. Infact, the market has increased substantially (theHSCEI currently trades above 10,600).

Risk premia have dropped both in equity andfixed income markets. The Credit Suisse RiskAppetite Index has increased from "panic levels"in October 2011 to euphoria very quickly. Webelieve that the market is in a very late stage of

a risk-on rally. Given the problems in peripheralEurope and slowing growth in China, theprobability has increased that markets willconsolidate at these levels. We have reduced thedirectional systematic risk in the fund accordinglyby selling a few positions. The Chinese centralbank has room to further support credit growth.The Indian central bank has also injected liquidityby lowering the cash reserve ratio to 4.75%.

Portfolio ManagementJan Viebig is Head of Emerging Market Equities Team of Credit Suisse Asset Management. Mr Viebig joined Credit Suisse AssetManagement in August 2010. Prior to that, Mr Viebig worked at DWS Investment GmbH (Deutsche Bank Group) as a Senior PortfolioManager and as a lecturer at the University of Bremen. At DWS, he managed a China fund, a India fund, pan-Asian funds and global long/ short equity funds. For his performance, he received several performance awards, including two European Performance Awards fromHedge Fund Review (HFR). Mr Viebig holds a diploma and a PhD degree from the University of the Armed Forces in Munich, a Master ofInternational Management (Post-MBA) degree from Thunderbird, School of Global Management. He has recently finished his Habilitation.He published several books and articles in peer-reviewed journals and is a Chartered Financial Analyst.


254

8.343.86

-10.24-0.98

3.730.29

-0.30-5.43-3.14

4.87

Purchases SalesITAU UNIBANCO HOLDING pref

INDUSTRIAL & COMMERCIAL BANK OF CHINA hTURKCELL ILETISIM HIZMET

PING AN INSURANCE hKOC HOLDING CHINA SOUTHERN AIRLINES h- HACI OMER SABANCI HOLDING

Fund manager Jan ViebigFund manager since 16.08.2010Location ZurichFund domicile LuxembourgFund currency USDClose of financial year 31. MayTotal net assets (in mil.) 533.38Inception date 01.02.2010Management fee in % p.a. 0.90Total expense ratio (ex ante) in % 1.13Benchmark (BM) MSCI EM (NR)Unit Class Category I

(capital growth)

ISIN LU0456267847

Valor no. 10627709



Credit Suisse SICAV One (Lux) Equity Global EmergingMarketsClass I


2010 2011 201270

80

90

100

110

120

130

140

-30%

-20%

-10%

0%

10%

20%

30%

40%

-23.1

14.3

-18.4

14.1

CS SICAV One (Lux) Equity Global EmergingMarkets I


MSCI EM (NR)Yearly or year-to-date performance respectively(Benchmark)




Information Technology 22.27 13.93Energy 17.80 13.94Financials 13.55 23.79Materials 11.96 12.94Consumer Discretionary 11.67 7.94Telecommunication Services 8.31 8.02Industrials 6.38 6.68Consumer Staples 2.60 8.03Utilities 0.57 3.71Cash/Cash Equivalents 4.87 0.00

Currencies in %

USD 23.94HKD 17.98KRW 17.06BRL 9.51TWD 9.45ZAR 7.28MXN 5.22THB 3.84IDR 2.10Others 3.62

Countries in %

Brazil 19.67South Korea 16.97China 16.47Taiwan 9.45South Africa 7.19Russia 7.09Mexico 5.21Thailand 3.81India 3.49Others 10.64

Significant Transactions Top 10 Holdings in %Samsung Electronics 7.22Taiwan Semicon 4.93China Mobile 4.16Hon Hai Precision 3.66Baidu Inc. 3.30Petrobras 2.93Infosys Technologie Ltd. 2.64America Movil 2.48Gazprom Oao 2.26Cnooc LTD 2.21Total 35.79

Investment policyThe aim of the Fund is to achieve the highestpossible risk adjusted return in USD whilstinvesting in companies domiciled in EmergingMarkets or in global companies that execute thebulk of their business activities in EmergingMarkets.

Fund facts


Bloomberg ticker CSEMRGI LX





Cre

dit S

uiss

e S

ICA

V O

ne



255


Credit Suisse SICAV One (Lux) Equity Global EmergingMarketsClass I


The fund outperformed its benchmark in Q12012. The reasons for the outperformance aremostly stock-specific. One of our largestpositions, Samsung Electronics, increasedsubstantially due to higher smartphoneshipments, an improving operating margin and ahigher DRAM profitability. Baidu and TSMC alsocontributed to the positive performance. Not onlyin China and India, but also in Brazil, monetarypolicy was very supportive. The Brazilian centralbank stated that the Selic will stabilize at lower

levels (8.75%). At the end of the quarter we solda few positions.

It is worth noting that the BRICs underperformedthe broader emerging markets universesubstantially in March 2012. Markets inIndonesia and the Philippines gained in March,while China (-6.9%), Brazil( -6.7%) and Russia(-5.8%) were all lower. India also dropped by-5.4% in March.

We are clearly in a consolidation phase.Structurally, emerging markets look much morepromising than developed markets (lower fiscaldebt, higher growth, falling inflation). However,risk premia have decreased substantially in thefirst two months of 2012, and growth in Chinais slowing. Risks in peripheral Europe remainhigh. It is safe to assume that markets couldconsolidate at these higher levels. As a result, wehave decreased directional risks in the fund.


In Q1 2012 emerging markets increasedsubstantially. In USD terms, they increased by13.6%, outperforming developed markets, whichwere 10.9% higher. According to the CreditSuisse Price-to-Book/Return-on-Equity (PB/ROE) model, equities in Russia, China and Brazilstill look attractively valued. In October 2011, theHang Seng China Index dropped to 8,100. Atthis time, many investors assumed that Chinawould experience a "hard landing" and feared

that Chinese property developers and banksmight experience significant financial stress. Infact, the market has increased substantially (theHSCEI currently trades above 10,600).

Risk premia have dropped both in equity andfixed income markets. The Credit Suisse RiskAppetite Index has increased from "panic levels"in October 2011 to euphoria very quickly. Webelieve that the market is in a very late stage of

a risk-on rally. Given the problems in peripheralEurope and slowing growth in China, theprobability has increased that markets willconsolidate at these levels. We have reduced thedirectional systematic risk in the fund accordinglyby selling a few positions. The Chinese centralbank has room to further support credit growth.The Indian central bank has also injected liquidityby lowering the cash reserve ratio to 4.75%.

Portfolio ManagementJan Viebig is Head of Emerging Market Equities Team of Credit Suisse Asset Management. Mr Viebig joined Credit Suisse AssetManagement in August 2010. Prior to that, Mr Viebig worked at DWS Investment GmbH (Deutsche Bank Group) as a Senior PortfolioManager and as a lecturer at the University of Bremen. At DWS, he managed a China fund, a India fund, pan-Asian funds and global long/ short equity funds. For his performance, he received several performance awards, including two European Performance Awards fromHedge Fund Review (HFR). Mr Viebig holds a diploma and a PhD degree from the University of the Armed Forces in Munich, a Master ofInternational Management (Post-MBA) degree from Thunderbird, School of Global Management. He has recently finished his Habilitation.He published several books and articles in peer-reviewed journals and is a Chartered Financial Analyst.


256

43.9215.95

8.037.897.446.765.95

1.670.202.18

Purchases SalesMITSUBISHI RESEARCH INSTITUTE KAMEI- RAITO KOGYO- TOKYO SANGYO- MEIWA

Fund manager Gregor TrachselFund manager since 14.07.2010Location ZurichFund domicile LuxembourgFund currency JPYClose of financial year 31. MayTotal net assets (in mil.) 13'064.47Inception date 30.03.2011Management fee in % p.a. 1.92Total expense ratio (ex ante) in % 2.17Benchmark (BM) MSCI Japan (NR)Unit Class Category B

(capital growth)

ISIN LU0496466821

Valor no. 11145891



Credit Suisse SICAV One (Lux) Equity Japan ValueClass B

Net performance in JPY (rebased to 100) and yearly performance 1)

2011 201270

80

90

100

110

120

130

-30%

-20%

-10%

0%

10%

20%

30%

17.4 19.0

CS SICAV One (Lux) Equity Japan Value B Yearly or year-to-date performance respectively (Fund)MSCI Japan (NR) Yearly or year-to-date performance respectively (Benchmark)

Net performance in JPY 1)

1 month 3 months YTD 1 year 3 years 5 yearsFund 4.19 17.42 17.42 4.50 - -Benchmark 3.03 19.01 19.01 -0.45 - -


Industrials 43.92 -Consumer Staples 15.95 -Financials 8.03 -Materials 7.89 -Consumer Discretionary 7.44 -Utilities 6.76 -Information Technology 5.95 -Health Care 1.67 -Cash/Cash Equivalents 0.20 -Others 2.18 0.00

Top 10 Holdings in %Meiwa 1.99Shinmaywa Industries 1.75Seika 1.73Mitsui-Soko 1.70Tokyo Sangyo 1.70Shizuokagas 1.69Showa Aircraft Ind. 1.69Daibiru 1.68Nikkiso 1.67Komori Corp 1.65Total 17.25




Investment policyThe Credit Suisse SICAV One (Lux) EquityJapan Value pursues a "deep value" approachbased on the classic Graham & Dodd discipline.To this end the fund invests in undervaluedcompanies which are domiciled or conduct amajority of their business activities in Japan. Theinvestment decisions are not made on the basisof a benchmark; nevertheless, investors can usethe MSCI Japan Index as a long-term yardstick.The value approach can deliver above-averageresults over a long period because it disciplinesinvestors not to pay too much for an investment.

Fund facts

Unit class currency JPY

Bloomberg ticker CSEJPVB LX



Cre

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257


Credit Suisse SICAV One (Lux) Equity Japan ValueClass B


Performance: Net asset value (F-shares) rose by17.78% in Q1 2012. Since the Fund becameresponsibility of the Value Team on July 14,2010, it has generated a total net return of11.21%.

Transactions: Portfolio activity was very lowduring the reporting period. We started to builda new position in an IT services business. Noholdings were sold.

Corporate actions / mergers and acquisitions:There were no major events affecting ourportfolio companies.

Commentary: Perhaps interesting to note is thatthe Fund did quite well during the reportingperiod despite being heavily underrepresented inthe sectors and industries that lead the market’smove to the upside in the face of the weakening

JPY, notably the large exporters in consumerelectronics and automobiles.












258

0.45-0.83

0.57-0.23

-0.53-0.29-0.41

1.590.13

-0.45

Purchases SalesISHARES DJ EURO STOXX 50

ISHARES DJ EURO STOXX 50RECKITT BENCKISER GROUP DIAGEOUNITED BUSINESS MEDIA new

ROYAL DUTCH SHELL aPROSIEBEN SAT.1 MEDIA pref NESTLE regDAIMLER reg BHP BILLITON

Fund manager Felix Maag, Nicola NolèFund manager since 09.09.2009, 01.04.2011Location Zurich, ZurichFund domicile LuxembourgFund currency EURClose of financial year 31. MayTotal net assets (in mil.) 224.88Inception date 09.09.2009Management fee in % p.a. 1.60Total expense ratio (ex ante) in % 1.86Benchmark (BM) MSCI Europe (NR)Unit Class Category A

(distribution)

ISIN LU0439729285

Valor no. 10348225



Credit Suisse SICAV One (Lux) European Equity DividendPlusClass A & B


2009 2010 2011 201280

90

100

110

120

130

140

-20%

-10%

0%

10%

20%

30%

40%

7.8

-6.5

5.611.1

-8.1

7.9

CS SICAV One (Lux) European Equity DividendPlus B


MSCI Europe (NR)Yearly or year-to-date performance respectively(Benchmark)




Financials 19.55 19.10Consumer Staples 13.21 14.04Energy 12.35 11.78Health Care 11.10 11.33Industrials 10.36 10.89Materials 9.56 9.85Consumer Discretionary 8.39 8.80Telecommunication Services 7.99 6.40Cash/Cash Equivalents 0.13 0.00Others 7.36 7.81

Currencies in %

EUR 42.75GBP 33.50CHF 13.91NOK 4.88SEK 4.54CZK 0.34USD 0.08

Countries in %

United Kingdom 33.21Switzerland 13.83France 13.70Germany 11.08Netherlands 10.66Norway 4.87Sweden 4.40Italy 3.58Finland 2.56Others 2.10

Top 10 Holdings in %Nestlé 4.35Royal Dutch Shell 'A' 4.20BHP Billiton 3.47HSBC Holdings 3.06GlaxoSmithKline 2.99Roche 2.92British Am. Tobacco 2.69BASF 2.49Vodafone 2.38Total Fina Elf 2.30Total 30.85


Investment policyThe subfund invests in a broadly diversifiedEuropean equity portfolio that can be expected toyield above-average dividends.

Fund facts



Bloomberg ticker CSEUEQALX

CSEUEQB LX


10.88 11.33

--

Daily




Cre

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259


Credit Suisse SICAV One (Lux) European Equity DividendPlusClass A & B


The past quarter has marked a good start forthe average equity investor into the New Year. Infact, many equity markets have posted the bestfirst quarter in terms of performance since 1998,even though there was a soft patch towards theend of the reporting period. Financial marketshave been supported by the ECB offering anunlimited 3 year long term financing operation(LTRO) for European banks. The offering whichtook place in December 2011 and February2012 helped to reduce the tail risk in the financialsystem. Further, improving macro data in the USindicating stabilization in the labor and housing

markets and additional rescue funds for Greecelifted investors’ mood. However, in March globalmacro data was mixed at best with disappointingChina and euro area PMIs, potentially followedby a mixed US one. Corporate earnings wereroughly in line with expectations in Europe andthe US but disappointed on aggregate in Asia.

In terms of sectors, there was a classical rotationduring the quarter. In fact, the more defensivesectors – which used to be the winners in thelast year – lagged considerably the more cyclicalsectors during this reporting period. Accordingly,

the sectors Consumer Discretionary, IT andFinancials performed best as those sectorsbenefitted the most from the extra liquidityinjections provided by the European and the UScentral banks. On the other hand Energy andHealthcare were the most out-of-favor sectors.

The environment described above as a tendencywas more favorable for low yielding stocks. Infact the quintiles with the lower yielding stocksquite markedly outperformed the benchmark’sperformance.


There has been a host of supportive equitymarket development of late. Nevertheless, wewould not expect the global equity market tomove significantly higher near-term. There is nowsignificantly less room for improvement,suggesting the rally is past the “fast money”stage. Meanwhile, US economic data has comein somewhat soggier relative to expectations oflate. Next, although tail-risks in Europe havedeclined, the region is by no means “out of thewoods”. Further risks are a property-inducedhard landing in China and an oil supply shock.

Therefore, in the near term, we expect global

equity bourses will remain in the currentcorrection phase. However, we would look to buydips. Our economists believe that a soft landingin China is on the cards, Europe will manageto muddle through and US real GDP growth in2012 will amount to a respectable 2.1%. Againstthis backdrop, and considering we believe profitmargins are unlikely to turn sharply lower, theimplication is that the corporate earnings uptrendwill remain intact. Bottom line: Following a periodof consolidation, we believe the global equitymarket has room to move higher on a 6 to 12month view.

We continue to take relatively small sector bets,running overweights in defensive areas such asTelecommunication Services and Utilities, as wellas in Energy. We are neutral in Financials andunderweight the remaining sectors.Given our view that, in the medium term equityreturns, although positive, could be range bound,dividend income will remain in focus as the mostimportant component of total return.Furthermore, we expect a benign environmentfor high dividend yield investing, as dividendyields compare very favorably to corporate bondyields in many sectors.

Portfolio ManagementDr. Felix Maag, Director, is a Senior Portfolio Manager on the MACS Global Equity team. He graduated from the University of St. Gallenwith a master’s degree in business administration and economics in 1995. He subsequently worked as a research assistant at the SwissInstitute of Banking and Finance at the University of St. Gallen. He earned his doctorate in finance from the University of St. Gallen in1999. From 1999 to 2001 Felix Maag worked as a portfolio manager for Swiss Equity Mandates in the Asset Management division ofCredit Suisse. Since August 2001, he has been a portfolio manager for global equities and currently heads the Global Dividend team. FelixMaag worked in the Equity Research department of Credit Suisse Asset Management New York from March to August 2002. He is aChartered Financial Analyst (CFA).


260

0.45-0.83

0.57-0.23

-0.53-0.29-0.41

1.590.13

-0.45




Fund manager Felix Maag, Nicola NolèFund manager since 09.09.2009, 01.04.2011Location Zurich, ZurichFund domicile LuxembourgFund currency EURClose of financial year 31. MayTotal net assets (in mil.) 224.88Inception date 12.10.2009Management fee in % p.a. 0.70Total expense ratio (ex ante) in % 0.96Benchmark (BM) MSCI Europe (NR)Unit Class Category I

(capital growth)

ISIN LU0439729798

Valor no. 10348388



Credit Suisse SICAV One (Lux) European Equity DividendPlusClass I


2009 2010 2011 201280

90

100

110

120

130

140

-20%

-10%

0%

10%

20%

30%

40%

9.1

-5.5

5.911.1

-8.1

7.9

CS SICAV One (Lux) European Equity DividendPlus I


MSCI Europe (NR)Yearly or year-to-date performance respectively(Benchmark)




Financials 19.55 19.10Consumer Staples 13.21 14.04Energy 12.35 11.78Health Care 11.10 11.33Industrials 10.36 10.89Materials 9.56 9.85Consumer Discretionary 8.39 8.80Telecommunication Services 7.99 6.40Cash/Cash Equivalents 0.13 0.00Others 7.36 7.81

Currencies in %


Countries in %





Fund facts


Bloomberg ticker CSEUEQI LX





Cre

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261


Credit Suisse SICAV One (Lux) European Equity DividendPlusClass I














262




Fund manager Felix Maag, Nicola NolèFund manager since 09.09.2009, 01.04.2011Location Zurich, ZurichFund domicile LuxembourgFund currency EURClose of financial year 31. MayTotal net assets (in mil.) 224.88Inception date 17.03.2011Management fee in % p.a. 1.60Total expense ratio (ex ante) in % 1.73Unit Class Category R


ISIN LU0603361998

Valor no. 12634678



Credit Suisse SICAV One (Lux) European Equity DividendPlusClass R CHF


2011 201285

90

95

100

105

110

-15%

-10%

-5%

0%

5%

10%

5.2

CS SICAV One (Lux) European Equity Dividend Plus RCHF




Sectors in %Fund

Financials 19.55Consumer Staples 13.21Energy 12.35Health Care 11.10Industrials 10.36Materials 9.56Consumer Discretionary 8.39Telecommunication Services 7.99Cash/Cash Equivalents 0.13Others 7.36

Currencies in %



Countries in %





Fund facts


Bloomberg ticker CSEEDRC LX



Annualized volatility in % 13.98 -Tracking Error (Ex post) - -Beta - -


Cre

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263


Credit Suisse SICAV One (Lux) European Equity DividendPlusClass R CHF














264

Fund manager Zurich Convertible Bonds TeamFund manager since 19.10.2009Location ZurichFund domicile LuxembourgFund currency USDClose of financial year 31. MayTotal net assets (in mil.) 139.30Inception date 19.10.2009Management fee in % p.a. 1.20Total expense ratio (ex ante) in % 1.44Benchmark (BM)

UBS Global CB Focus (RI) (Hedged into USD)Unit Class Category B

(capital growth)

ISIN LU0426279682

Valor no. 10169270


Fund 140


Credit Suisse SICAV One (Lux) Global ConvertiblesClass B USD


2009 2010 2011 20129095

100105110115120125130

-10%-5%0%5%

10%15%20%25%30%

8.8

-5.0

6.59.4

-4.6

6.8

CS SICAV One (Lux) Global Convertibles B Yearly or year-to-date performance respectively (Fund)UBS Global CB Focus (RI) (Hedged intoUSD)



1 month 3 months YTD 1 year 3 years 5 yearsFund -0.05 6.51 6.51 -1.84 - -Benchmark 0.17 6.77 6.77 -0.93 - -

Sectors in %Consumer Goods (non-cyclical) 18.17Technology 14.85Consumer Goods (cyclical) 11.75Communication 11.73Financials 11.36Energy 8.51Industrials 7.50Cash/Cash Equivalents 3.54Others 12.59

Credit Ratings in %

AAA 4.03AA (Bucket) 0.98A (Bucket) 30.76BBB (Bucket) 30.09BB (Bucket) 22.16B (Bucket) 11.86CCC (Bucket) 0.12


%Maturity as % of

assetsIntel 2.950 15.12.35 2.94KFW 3.250 27.06.13 2.54Gilead Sciences 1.625 01.05.16 2.51KDDI CV 0.000 14.12.15 2.08Orix 1.000 31.03.14 1.76Aabar Invest 4.000 27.05.16 1.70Arcelor Mittal 7.250 01.04.14 1.67Netapp Inc 1.750 01.06.13 1.59BILLIONEXPRESS

0.750 18.10.15 1.55

China Petrol &Chem.

0.000 24.04.14 1.53

Total 19.87






Fund facts


Bloomberg ticker CGBCVBE LX


Number of holdings


Average = BB+C

redi

t Sui

sse

SIC

AV

One



265


Credit Suisse SICAV One (Lux) Global ConvertiblesClass B USD














266


UBS Global CB Focus (RI) (Hedged into CHF)Unit Class Category R


ISIN LU0457025020

Valor no. 10639345


Fund 140


Credit Suisse SICAV One (Lux) Global ConvertiblesClass R CHF


2009 2010 2011 20129095

100105110115120125130

-10%-5%0%5%

10%15%20%25%30%

7.8

-5.8

6.29.0

-4.8

6.7

CS SICAV One (Lux) Global Convertibles RCHF


UBS Global CB Focus (RI) (Hedged into CHF)Yearly or year-to-date performance respectively(Benchmark)




Credit Ratings in %



%Maturity as % of


0.750 18.10.15 1.55

China Petrol &Chem.

0.000 24.04.14 1.53

Total 19.87






Fund facts


Bloomberg ticker CGBCVRC LX


Number of holdings


Average = BB+ Cre

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V O

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267


Credit Suisse SICAV One (Lux) Global ConvertiblesClass R CHF














268


UBS Global CB Focus (RI) (Hedged into EUR)Unit Class Category R


ISIN LU0457025293

Valor no. 10639347


Fund 140


Credit Suisse SICAV One (Lux) Global ConvertiblesClass R EUR


2009 2010 2011 20129095

100105110115120125130

-10%-5%0%5%

10%15%20%25%30%

8.3

-5.3

6.59.2

-4.2

6.8

CS SICAV One (Lux) Global Convertibles REUR


UBS Global CB Focus (RI) (Hedged into EUR)Yearly or year-to-date performance respectively(Benchmark)




Credit Ratings in %



%Maturity as % of


0.750 18.10.15 1.55

China Petrol &Chem.

0.000 24.04.14 1.53

Total 19.87






Fund facts


Bloomberg ticker CGBCVRE LX


Number of holdings


Average = BB+ Cre

dit S

uiss

e S

ICA

V O

ne



269


Credit Suisse SICAV One (Lux) Global ConvertiblesClass R EUR














270

-0.380.010.01

-2.23-0.34

-1.28-0.52

0.151.05

3.53

Purchases SalesSPDR S&P500 TRUST unit 1

SPDR S&P500 TRUST unit 1IGM FINANCIAL DAVID JONESAT&T BASF regINTEL NUCORGENERAL ELECTRIC -

Fund manager Felix Maag, Aude ScheuerFund manager since 09.04.2010, 01.04.2011Location Zurich, ZurichFund domicile LuxembourgFund currency USDClose of financial year 31. MayTotal net assets (in mil.) 29.41Inception date 15.04.2010Management fee in % p.a. 1.60Total expense ratio (ex ante) in % 1.84Benchmark (BM) MSCI World (NR)Unit Class Category A

(distribution)

ISIN LU0439730374

Valor no. 10348395



Credit Suisse SICAV One (Lux) Global Equity Dividend PlusClass A & B


2010 2011 2012859095

100105110115120125

-15%-10%-5%0%5%

10%15%20%25%

-2.7

8.8

-5.5

11.6

CS SICAV One (Lux) Global Equity DividendPlus B


MSCI World (NR)Yearly or year-to-date performance respectively(Benchmark)




Financials 18.52 18.90Industrials 11.07 11.06Energy 10.98 10.97Information Technology 10.73 12.96Consumer Staples 10.19 10.53Consumer Discretionary 9.55 10.83Health Care 9.52 10.04Materials 7.30 7.15Cash/Cash Equivalents 1.05 0.00Others 11.09 7.56

Currencies in %

USD 49.67EUR 14.38GBP 10.56CAD 4.59HKD 3.83JPY 3.53AUD 3.46SGD 2.67NOK 2.67Others 4.64

Countries in %

USA 46.29United Kingdom 10.48Canada 4.56France 3.99Germany 3.96Netherlands 3.96Japan 3.47Hong Kong 3.45Australia 3.09Others 16.74

Top 10 Holdings in %Chevron 2.40Microsoft 2.37Standard & Poor's DRT S1 2.26Pfizer 2.06Merck 1.87Philip Morris Intl. 1.84ConocoPhillips 1.73Intel 1.65Royal Dutch Shell 'A' 1.60Microchip Techn. 1.53Total 19.31


Investment policyThe subfund invests in a broadly diversifiedworldwide equity portfolio that can be expectedto yield above-average dividends.

Fund facts



Bloomberg ticker CSGEDPALX

CGSEDPB LX


10.96 11.27

--

Daily




Cre

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271


Credit Suisse SICAV One (Lux) Global Equity Dividend PlusClass A & B





the sectors Consumer Discretionary, IT andFinancials performed best as those sectorsbenefitted the most from the extra liquidityinjections provided by the European and the UScentral banks. On the other hand,Telecommunication Services and Utilities werethe most out-of-favor sectors.






We continue to take relatively small sector bets,running overweights in defensive areas such asTelecommunication Services and Utilities, as wellas in more cyclical sectors as Energy, Industrialsand Materials.

Given our view that, in the medium term equityreturns, although positive, could be range bound,dividend income will remain in focus as the mostimportant component of total return.Furthermore, dividend yields compare veryfavourably to corporate bond yields in manysectors.



272

Purchases SalesSPDR S&P500 TRUST unit 1

SPDR S&P500 TRUST unit 1IGM FINANCIAL DAVID JONESAT&T BASF regINTEL NUCORGENERAL ELECTRIC -

Fund manager Felix Maag, Aude ScheuerFund manager since 09.04.2010, 01.04.2011Location Zurich, ZurichFund domicile LuxembourgFund currency USDClose of financial year 31. MayTotal net assets (in mil.) 29.41Inception date 15.04.2011Management fee in % p.a. 1.60Total expense ratio (ex ante) in % 1.44Unit Class Category R


ISIN LU0612865351

Valor no. 12784788



Credit Suisse SICAV One (Lux) Global Equity Dividend PlusClass R CHF

Net performance in CHF (rebased to 100) 1)


Sectors in %Fund

Financials 18.52Industrials 11.07Energy 10.98Information Technology 10.73Consumer Staples 10.19Consumer Discretionary 9.55Health Care 9.52Materials 7.30Cash/Cash Equivalents 1.05Others 11.09

Currencies in %

USD 49.67EUR 14.38GBP 10.56CAD 4.59HKD 3.83JPY 3.53AUD 3.46SGD 2.67NOK 2.67Others 4.64


Countries in %

USA 46.29United Kingdom 10.48Canada 4.56France 3.99Germany 3.96Netherlands 3.96Japan 3.47Hong Kong 3.45Australia 3.09Others 16.74

Top 10 Holdings in %Chevron 2.40Microsoft 2.37Standard & Poor's DRT S1 2.26Pfizer 2.06Merck 1.87Philip Morris Intl. 1.84ConocoPhillips 1.73Intel 1.65Royal Dutch Shell 'A' 1.60Microchip Techn. 1.53Total 19.31


Investment policyThe subfund invests in a broadly diversifiedworldwide equity portfolio that can be expectedto yield above-average dividends.

Fund facts


Bloomberg ticker CSGEDRC LX




Cre

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273


Credit Suisse SICAV One (Lux) Global Equity Dividend PlusClass R CHF





the sectors Consumer Discretionary, IT andFinancials performed best as those sectorsbenefitted the most from the extra liquidityinjections provided by the European and the UScentral banks. On the other hand,Telecommunication Services and Utilities werethe most out-of-favor sectors.






We continue to take relatively small sector bets,running overweights in defensive areas such asTelecommunication Services and Utilities, as wellas in more cyclical sectors as Energy, Industrialsand Materials.

Given our view that, in the medium term equityreturns, although positive, could be range bound,dividend income will remain in focus as the mostimportant component of total return.Furthermore, dividend yields compare veryfavourably to corporate bond yields in manysectors.



274

Fund manager Marcel WagnerFund manager since 01.01.2012Location ZurichFund domicile LuxembourgFund currency CHFClose of financial year 31. MayTotal net assets (in mil.) 12.73Inception date 29.09.2009Management fee in % p.a. 1.20Total expense ratio (ex ante) in % 1.40Benchmark (BM)

CB CS SICAV One (Lux) IS Balanced (Sfr)Unit Class Category B

(capital growth)

ISIN LU0439731851

Valor no. 10348440



Credit Suisse SICAV One (Lux) IndexSelection Balanced (Sfr)Class B


2009 2010 2011 20129092949698

100102104106108

-10%-8%-6%-4%-2%0%2%4%6%8%

-0.6

-8.1

4.2

2.2

-2.0

3.9

CS SICAV One (Lux) IndexSelection Balanced(Sfr) B


CB CS SICAV One (Lux) IS Balanced (Sfr)Yearly or year-to-date performance respectively(Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund -0.28 4.23 4.23 -4.76 - -Benchmark 0.29 3.88 3.88 0.97 - -




CHF 47.30EUR 15.60GBP 8.55USD 8.28JPY 4.79Others 15.48


Switzerland 14.95 19.65 9.67 - 44.27Emerging Markets - 2.27 8.07 - 10.34Euroland - 8.13 10.79 - 18.92UK - - 4.64 - 4.64USA - - 9.96 - 9.96Japan - - 2.56 - 2.56Others - - - 9.30 9.30Total 14.95 30.04 45.70 9.30 100.00

Investment policyThe primary investment objective of CS SICAVOne (Lux) IndexSelection Balanced (Sfr) isreal-term capital preservation and long-termcapital enhancement through regular income, aswell as capital and currency gains. The fundinvests in a broadly diversified portfolio ofindex-linked instruments such as exchangetraded funds (ETFs), investment funds,structured products, and derivatives. The fundis invested worldwide in equities, bonds,currencies, commodities, and other alternativeinvestments.

Fund facts


Bloomberg ticker CSOIBSB LX





Allocation of bonds in %Corporate Bonds 41.37Government 30.65High Yield Bonds 11.30Inflation Linked Bonds 9.14Emerging Market Bonds 7.54Total 100.00

Top 10 Holdings in %db x-trackers on SMI 8.42CS FD SBI Foreign Corp. 8.41CS ETF (IE) on MSCI EMU 7.57CS FD SBI Foreign Gov. 1-5 6.98CS ETF (Lux) on MSCI Em. Markets 6.25CS ETF (IE) S&P 500 5.60Vanguard Global Bond Index 4.10Ishares FTSE 100 3.62Ishares Iboxx Euro 3.40ZKB SXI Real Estate Funds Tracker 3.16Total 57.51


Cre

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275


CB CS SICAV One (Lux) IS Capital Gains Or. (Sfr)Unit Class Category B

(capital growth)

ISIN LU0439733121

Valor no. 10348472



Credit Suisse SICAV One (Lux) IndexSelection Capital GainsOriented (Sfr)Class B


2009 2010 2011 201285

90

95

100

105

110

-15%

-10%

-5%

0%

5%

10%

-0.3

-9.9

5.7

2.0

-4.3

5.4

CS SICAV One (Lux) IndexSelection Capital GainsOriented (Sfr) B


CB CS SICAV One (Lux) IS Capital Gains Or. (Sfr)Yearly or year-to-date performance respectively(Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund 0.31 5.70 5.70 -5.46 - -Benchmark 0.59 5.39 5.39 -0.43 - -




CHF 37.54USD 15.61EUR 12.88GBP 10.07JPY 6.36Others 17.53



Investment policyThe investment objective of CS SICAV One (Lux)IndexSelection Capital Gains Oriented (Sfr) is toachieve the highest possible total return in Swissfrancs. The fund invests in a broadly diversifiedportfolio of index-linked instruments such asexchange traded funds (ETFs), investmentfunds, structured products, and derivatives. Thefund is invested worldwide in equities, bonds,currencies, commodities, and other alternativeinvestments.

Fund facts


Bloomberg ticker CSOICSB LX





Allocation of bonds in %Government 29.18Corporate Bonds 28.44High Yield Bonds 18.46Emerging Market Bonds 12.84Inflation Linked Bonds 11.08Total 100.00

Top 10 Holdings in %CS ETF (IE) on MSCI EMU 10.53CS ETF (Lux) on MSCI Em. Markets 9.34db x-trackers on SMI 8.96CS ETF (IE) S&P 500 8.61Comstage ETF SMI 4.25Ishares FTSE 100 4.24ZKB SXI Real Estate Funds Tracker 3.03CS ETF (IE) on Dow Jones Industrial 2.75UBS ETF MSCI Japan 2.75CS ETF (IE) on MSCI USA Small Cap 2.48Total 56.94


276




CB CS SICAV One (Lux) IS Income Oriented (Sfr)Unit Class Category B

(capital growth)

ISIN LU0439734368

Valor no. 10348562



Credit Suisse SICAV One (Lux) IndexSelection IncomeOriented (Sfr)Class B


2009 2010 2011 201292949698

100102104106108

-8%-6%-4%-2%0%2%4%6%8%

-0.3

-6.2

3.32.5

0.3

2.4

CS SICAV One (Lux) IndexSelection IncomeOriented (Sfr) B


CB CS SICAV One (Lux) IS Income Oriented (Sfr)Yearly or year-to-date performance respectively(Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund 0.32 3.33 3.33 -3.32 - -Benchmark 0.00 2.39 2.39 2.31 - -


Bonds 48.91Equity 23.17Cash/CashEquivalents 18.54Alternatives 9.38


CHF 58.22EUR 17.93GBP 5.69USD 3.34JPY 2.34Others 12.48



Investment policyThe investment objective of CS SICAV One (Lux)IndexSelection Income Oriented (Sfr) is toachieve an appropriate return in Swiss francs.The fund invests in a broadly diversified portfolioof index-linked instruments such as exchangetraded funds (ETFs), investment funds,structured products, and derivatives. The fundis invested worldwide in equities, bonds,currencies, commodities, and other alternativeinvestments.

Fund facts


Bloomberg ticker CSOIISB LX





Allocation of bonds in %Corporate Bonds 46.82Government 26.02Inflation Linked Bonds 13.50High Yield Bonds 7.50Emerging Market Bonds 6.16Total 100.00

Top 10 Holdings in %CS FD SBI Foreign Corp. 17.64CS FD SBI Foreign Gov. 1-5 8.91DB X-Trackers 6.60Vanguard Global Bond Index 6.39CS ETF (IE) S&P 500 4.07db x-trackers on SMI 3.70Ishares Iboxx Euro 3.67ZKB SXI Real Estate Funds Tracker 3.28CS ETF (Lux) on MSCI Em. Markets 3.01CS ETF (IE) on MSCI EMU 2.61Total 59.88


Cre

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277

Fund manager Felix MeierFund manager since 26.07.2010Location ZurichFund domicile LuxembourgFund currency EURClose of financial year 31. MayTotal net assets (in mil.) 79.64Inception date 26.07.2010Management fee in % p.a. 2.00Performance fee in % with Highwatermark 20.00Benchmark (BM)DJ CS Blue Chip Index Long/Short Equity (EUR-Hgd)


ISIN LU0525285697

Valor no. 11514102


Credit Suisse SICAV One (Lux) Small and Mid Cap AlphaLong/ShortClass B


2010 2011 201290

95

100

105

110

115

-10%

-5%

0%

5%

10%

15%

-3.8

6.4

-3.5

8.3

CS SICAV One (Lux) Small and Mid Cap AlphaLong/Short B


DJ CS Blue Chip Index Long/Short Equity(EUR-Hgd)



1 month 3 months YTD 1 year 3 years 5 yearsFund -1.41 6.44 6.44 0.80 - -Benchmark 0.33 8.30 8.30 1.69 - -


Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD2012 4.15 3.66 -1.41 - - - - - - - - - 6.442011 2.15 1.20 -1.74 -1.11 -1.92 0.46 -0.64 -3.57 -2.93 2.39 1.34 0.71 -3.812010 - - - - - - - 0.75 2.68 1.60 1.09 2.54 8.96

Investment policyThe CS SICAV One (Lux) Small and Mid CapAlpha Long/ Short aims to generate absolutepositive returns by exploiting the inefficiencies ofthe small and mid-cap markets in Europe witha focus on Germanspeaking countries. Theportfolio managers buy the equities they thinkwill perform best, while at the same time sellingstocks in companies that, in their views, willunderperform the market. The objective is tocreate a portfolio that has lower volatility, lesscorrelation with the equity markets and a betterriskadjusted performance than a long-only fund.

Fund facts


Bloomberg ticker CSSMLSB LX


Fund ExposuresTotal gross exposure 171.67Long exposure 90.49Short exposure -81.19Net exposure 9.30Number of long positions 74.00Number of short positions 24.00


Annualized volatility in % 8.58 -


278



Net Exposure Countries

-6% -4% -2% 0% 2% 4% 6% 8% 10% 12%

United KingdomAustriaFrance

GibraltarDenmark

ItalyBelgium

GermanySpain

JerseyLuxembourgSwitzerland

SwedenFinland

Netherlands

9.96%

3.26%

1.88%

1.16%

0.93%

0.59%

0.31%

0.13%

0.00%

0.00%

-0.40%

-0.76%

-0.89%

-1.57%

-5.29%

Allocation by Country in %Long Short Net

Austria 3.26 0.00 3.26Belgium 1.41 -1.10 0.31Denmark 0.93 0.00 0.93Finland 0.00 -1.57 -1.57France 1.88 0.00 1.88Germany 66.27 -66.14 0.13Gibraltar 1.16 - 1.16Italy 1.64 -1.05 0.59Jersey 0.00 0.00 0.00Luxembourg - -0.40 -0.40Netherlands 3.22 -8.51 -5.29Spain 0.00 0.00 0.00Sweden 0.74 -1.62 -0.89Switzerland 0.03 -0.79 -0.76United Kingdom 9.96 - 9.96

Allocation by Sector in %Long Short Net

Consumer Discretionary 28.45 -18.49 9.95Consumer Staples 2.39 -2.64 -0.25Energy 0.88 -0.32 0.56Financials 11.60 -8.55 3.05Health Care 4.28 -7.02 -2.73Industrials 22.05 -27.32 -5.27Information Technology 9.27 -3.56 5.70Materials 10.51 -11.56 -1.05Telecommunication Services 1.06 -1.00 0.07Utilities 0.00 -0.72 -0.72

Net Exposure Sectors

-6% -4% -2% 0% 2% 4% 6% 8% 10% 12%

Consumer Discretionary

Information Technology

Financials

Energy

Telecommunication Services

Consumer Staples

Utilities

Materials

Health Care

Industrials

9.95%

5.70%

3.05%

0.56%

0.07%

-0.25%

-0.72%

-1.05%

-2.73%

-5.27%

Cre

dit S

uiss

e S

ICA

V O

ne



279

Fund manager Felix MeierFund manager since 26.07.2010Location ZurichFund domicile LuxembourgFund currency EURClose of financial year 31. MayTotal net assets (in mil.) 79.64Inception date 26.07.2010Management fee in % p.a. 1.80Performance fee in % with Highwatermark 20.00Benchmark (BM)DJ CS Blue Chip Index Long/Short Equity (EUR-Hgd)


ISIN LU0525285937

Valor no. 11514128



Credit Suisse SICAV One (Lux) Small and Mid Cap AlphaLong/ShortClass I


2010 2011 201295

100

105

110

115

-5%

0%

5%

10%

15%

-3.6

6.5

-3.5

8.3

CS SICAV One (Lux) Small and Mid Cap AlphaLong/Short I


DJ CS Blue Chip Index Long/Short Equity(EUR-Hgd)



1 month 3 months YTD 1 year 3 years 5 yearsFund -1.40 6.48 6.48 0.98 - -Benchmark 0.33 8.30 8.30 1.69 - -




Fund facts


Bloomberg ticker CSSMLSI LX






280




-6% -4% -2% 0% 2% 4% 6% 8% 10% 12%


GibraltarDenmark

ItalyBelgium

GermanySpain


SwedenFinland

Netherlands

9.96%

3.26%

1.88%

1.16%

0.93%

0.59%

0.31%

0.13%

0.00%

0.00%

-0.40%

-0.76%

-0.89%

-1.57%

-5.29%






-6% -4% -2% 0% 2% 4% 6% 8% 10% 12%



Financials

Energy


Consumer Staples

Utilities

Materials

Health Care

Industrials

9.95%

5.70%

3.05%

0.56%

0.07%

-0.25%

-0.72%

-1.05%

-2.73%

-5.27%

Cre

dit S

uiss

e S

ICA

V O

ne



281

Fund manager Felix MeierFund manager since 26.07.2010Location ZurichFund domicile LuxembourgFund currency EURClose of financial year 31. MayTotal net assets (in mil.) 79.64Inception date 26.07.2010Management fee in % p.a. 2.00Performance fee in % with Highwatermark 20.00Unit Class Category R


ISIN LU0526492425

Valor no. 11514130


Credit Suisse SICAV One (Lux) Small and Mid Cap AlphaLong/ShortClass R CHF


2010 2011 201290

95

100

105

110

115

-10%

-5%

0%

5%

10%

15%

-4.7

6.2

CS SICAV One (Lux) Small and Mid Cap Alpha Long/Short R CHF







Fund facts


Bloomberg ticker CSSMLRC LX






282




-6% -4% -2% 0% 2% 4% 6% 8% 10% 12%


GibraltarDenmark

ItalyBelgium

GermanySpain


SwedenFinland

Netherlands

9.96%

3.26%

1.88%

1.16%

0.93%

0.59%

0.31%

0.13%

0.00%

0.00%

-0.40%

-0.76%

-0.89%

-1.57%

-5.29%






-6% -4% -2% 0% 2% 4% 6% 8% 10% 12%



Financials

Energy


Consumer Staples

Utilities

Materials

Health Care

Industrials

9.95%

5.70%

3.05%

0.56%

0.07%

-0.25%

-0.72%

-1.05%

-2.73%

-5.27%

Cre

dit S

uiss

e S

ICA

V O

ne



283

Fund manager Felix MeierFund manager since 26.07.2010Location ZurichFund domicile LuxembourgFund currency EURClose of financial year 31. MayTotal net assets (in mil.) 79.64Inception date 26.07.2010Management fee in % p.a. 2.00Performance fee in % with Highwatermark 20.00Unit Class Category R


ISIN LU0526495444

Valor no. 11514152


Credit Suisse SICAV One (Lux) Small and Mid Cap AlphaLong/ShortClass R USD


2010 2011 201290

95

100

105

110

115

-10%

-5%

0%

5%

10%

15%

-4.2

6.5

CS SICAV One (Lux) Small and Mid Cap Alpha Long/Short R USD



1 month 3 months YTD 1 year 3 years 5 yearsFund -1.24 6.46 6.46 0.27 - -




Fund facts


Bloomberg ticker CSSMLRU LX






284




-6% -4% -2% 0% 2% 4% 6% 8% 10% 12%


GibraltarDenmark

ItalyBelgium

GermanySpain


SwedenFinland

Netherlands

9.96%

3.26%

1.88%

1.16%

0.93%

0.59%

0.31%

0.13%

0.00%

0.00%

-0.40%

-0.76%

-0.89%

-1.57%

-5.29%






-6% -4% -2% 0% 2% 4% 6% 8% 10% 12%



Financials

Energy


Consumer Staples

Utilities

Materials

Health Care

Industrials

9.95%

5.70%

3.05%

0.56%

0.07%

-0.25%

-0.72%

-1.05%

-2.73%

-5.27%

Cre

dit S

uiss

e S

ICA

V O

ne



285

Fund manager Eric SuterFund manager since 03.05.2005Location ZurichFund domicile LuxembourgFund currency CHFClose of financial year 30. SepTotal net assets (in mil.) 163.55Inception date 03.05.2005Management fee in % p.a. 0.90Total expense ratio (ex ante) in % 1.03Benchmark (BM) SBI Foreign AAA-BBB (RI) (07/07)Unit Class Category A

(distribution)

ISIN LU0217715621

Valor no. 2127587

Last distribution 15.11.2011Distribution value 1.50Redemptions DailyEU taxation Out of scope

Fund 63


SICAV II (Lux) Credit Suisse Bond SfrClass A & B


2007 2008 2009 2010 2011 201290

95

100

105

110

115

120

-10%

-5%

0%

5%

10%

15%

20%

-2.9 -3.0

8.8

3.6

-0.2

2.6

-1.0

1.1

7.9

3.7 2.7 2.5

SICAV II (Lux) Credit Suisse Bond Sfr B Yearly or year-to-date performance respectively (Fund)SBI Foreign AAA-BBB (RI) (07/07) Yearly or year-to-date performance respectively (Benchmark)



Maturities in years

0%

5%

10%

15%

20%

25%

30%

0-1 1-3 3-5 5-7 7-10 10-15 >15


CHF 100.00 100.00

Asset Allocation in %Financial Bonds 33.78Government 20.32Covered/ABS 15.65Sovereign/Agencies 14.26Industrial Bonds 14.24Utilities 1.92Cash/Cash Equivalents -0.18Total 99.99





Credit Ratings in %

AAA 39.70AA+ 13.89AA 10.81AA- 8.29A+ 11.69A 9.16A- 2.89BBB+ 2.62BBB 0.88D 0.07


%Maturity as % of

assetsGeneral Electric 2.500 08.02.18 5.23ErstePfandbf.&Komm.Bk.

2.750 07.02.20 3.38

Kommunekredit 2.625 17.10.16 3.38NWB 2.250 03.09.19 3.34Oest KB 2.625 22.11.24 3.34Bayr Landesbank 4.000 23.04.13 3.28Bk Nedl Gemeenten 2.250 23.02.21 3.28Europ. Inv. Bk 2.125 22.01.20 3.27Rabobank 2.875 13.06.14 3.26PHILIP MORRIS 4.000 18.09.12 3.17Total 34.93

Investment policyThe aim of the fund is to achieve a high andsteady income in CHF whilst taking due accountof the security of the capital. The fund investsin high and to a limited extent in medium qualitybonds and other fixed and variable rate securitiesof which at least two-thirds are denominated inCHF. The Fund may invest in other currenciesthan the CHF. The part of such investmentswhich is not hedged against the CHF may notexceed 10% of the Fund’s assets.

Fund facts



Bloomberg ticker CSBNDSALX

CSBNDSB LX


96.59 106.95

--

Daily

Number of holdings


Average = A+

286




SICAV II (Lux) Credit Suisse Bond SfrClass A & B





to normal.








Cre

dit S

uiss

e S

ICA

V II


287

Fund manager Convertible Bonds TeamFund manager since 01.08.2008Location ZurichFund domicile LuxembourgFund currency USDClose of financial year 30. SepTotal net assets (in mil.) 81.57Inception date 12.10.2007Management fee in % p.a. 1.20Total expense ratio (ex ante) in % 1.36Benchmark (BM)UBS Global CB Focus Inv.Gr. (RI) (USD-Hgd) (12/09)Unit Class Category B

(capital growth)

ISIN LU0315566785

Valor no. 3323024


Fund 48


SICAV II (Lux) Credit Suisse Global ConvertiblesClass B USD


2007 2008 2009 2010 2011 20125060708090

100110120130

-50%-40%-30%-20%-10%

0%10%20%30%

-26.4

20.5

4.6

-3.4

5.3

-33.8

24.5

5.1

-2.1

5.7

SICAV II (Lux) Credit Suisse Global ConvertiblesB


UBS Global CB Focus Inv.Gr. (RI) (USD-Hgd)(12/09)



1 month 3 months YTD 1 year 3 years 5 yearsFund -0.15 5.32 5.32 0.05 36.08 -Benchmark 0.11 5.73 5.73 1.68 37.70 -

Sectors in %Consumer Goods (non-cyclical) 21.86Technology 14.59Financials 14.42Consumer Goods (cyclical) 9.03Basic Materials 8.55Industrials 6.84Communication 6.69Cash/Cash Equivalents 4.01Others 14.00

Credit Ratings in %

AAA 5.38AA (Bucket) 3.50A (Bucket) 50.17BBB (Bucket) 39.93BB (Bucket) 1.02


assetsOrix 1.000 31.03.14 5.64Amgen 0.375 01.02.13 5.46Medtronic 1.625 15.04.13 4.42Lukoil Intl. Fin. 2.625 16.06.15 4.16Arcelor Mittal 7.250 01.04.14 3.91Intel 2.950 15.12.35 3.88Aeon 0.300 22.11.13 3.69Microsoft 0.000 15.06.13 3.40Gilead Sciences 1.000 01.05.14 3.37KFW 3.250 27.06.13 3.30Total 41.23





Investment policyThe fund provides an actively managed defensiveexposure to global convertibles as a mostefficient multi-asset class strategy involvingequity, credit and volatility on a globally diversifiedbasis, with the aim of achieving superiorrisk-adjusted returns. The risk profile iscomparable to that of a corporate bond fund.The fund invests mainly in convertible securitiesissued by public and private issuers. Traditionalbonds, equity and structured products may beheld in complement. Investments are madeglobally with no restrictions as to country orcurrency.

Fund facts


Bloomberg ticker CS2GLCB LX


Number of holdings


Average = BBB

288




SICAV II (Lux) Credit Suisse Global ConvertiblesClass B USD













Cre

dit S

uiss

e S

ICA

V II


289

Fund manager Convertible Bonds TeamFund manager since 01.08.2008Location ZurichFund domicile LuxembourgFund currency USDClose of financial year 30. SepTotal net assets (in mil.) 81.57Inception date 12.10.2007Management fee in % p.a. 1.20Total expense ratio (ex ante) in % 1.35Benchmark (BM)UBS Global CB Focus Inv.Gr. (RI) (CHF-Hgd) (12/09)Unit Class Category R


ISIN LU0315567320

Valor no. 3323045


Fund 48


SICAV II (Lux) Credit Suisse Global ConvertiblesClass R CHF


2007 2008 2009 2010 2011 201260

70

80

90

100

110

120

130

-40%

-30%

-20%

-10%

0%

10%

20%

30%

-27.0

18.6

3.5

-4.1

5.2

SICAV II (Lux) Credit Suisse Global Convertibles RCHF



1 month 3 months YTD 1 year 3 years 5 yearsFund -0.20 5.16 5.16 -0.73 32.14 -Benchmark 0.08 5.64 5.64 1.42 - -


Credit Ratings in %







Annualized volatility in % 7.14 7.95Information ratio -4.81 -Tracking Error (Ex post) 0.45 -Maximum drawdown in % 3) -7.48 -7.763) Maximum drawdown is the most negative cumulative returnover a given time period.


Fund facts


Bloomberg ticker CS2GLRC LX


Number of holdings


Average = BBB

290




SICAV II (Lux) Credit Suisse Global ConvertiblesClass R CHF













Cre

dit S

uiss

e S

ICA

V II


291

Fund manager Convertible Bonds TeamFund manager since 01.08.2008Location ZurichFund domicile LuxembourgFund currency USDClose of financial year 30. SepTotal net assets (in mil.) 81.57Inception date 12.10.2007Management fee in % p.a. 1.20Total expense ratio (ex ante) in % 1.36Benchmark (BM)UBS Global CB Focus Inv.Gr. (RI) (EUR-Hgd) (12/09)

Unit Class Category R(capital growth / hedged)

ISIN LU0315567247

Valor no. 3323039


Fund 48


SICAV II (Lux) Credit Suisse Global ConvertiblesClass R EUR


2007 2008 2009 2010 2011 201260

70

80

90

100

110

120

130

-40%

-30%

-20%

-10%

0%

10%

20%

30%

-26.7

20.1

4.4

-3.3

5.3

SICAV II (Lux) Credit Suisse Global Convertibles REUR



1 month 3 months YTD 1 year 3 years 5 yearsFund -0.25 5.32 5.32 0.18 35.50 -Benchmark 0.11 5.75 5.75 2.10 - -


Credit Ratings in %







Annualized volatility in % 7.21 7.98Information ratio -3.49 -Tracking Error (Ex post) 0.54 -Maximum drawdown in % 3) -7.10 -7.283) Maximum drawdown is the most negative cumulative returnover a given time period.


Fund facts


Bloomberg ticker CS2GLRE LX


Number of holdings


Average = BBB

292




SICAV II (Lux) Credit Suisse Global ConvertiblesClass R EUR













Cre

dit S

uiss

e S

ICA

V II


293


Barclays Euro Govt. Infl-Linked 1-10Y (RI) (09/07)Unit Class Category A

(distribution)

ISIN LU0217709491

Valor no. 2127616


Fund 57


SICAV II (Lux) Credit Suisse Inflation Linked Bonds (Euro)Class A & B


2007 2008 2009 2010 2011 201295

100

105

110

115

120

125

130

-5%

0%

5%

10%

15%

20%

25%

30%

2.04.0

7.0

0.2 0.72.4

4.8 5.37.0

2.1 1.3

5.6

SICAV II (Lux) Credit Suisse Inflation Linked Bonds(Euro) B


Barclays Euro Govt. Infl-Linked 1-10Y (RI) (09/07)Yearly or year-to-date performance respectively(Benchmark)



Maturities in years

0%

5%

10%

15%

20%

25%

30%

0-1 1-3 3-5 5-7 7-10 10-15 >15


EUR 99.99 99.99USD 0.01 0.01






Credit Ratings in %

AAA 60.17AA+ 2.36AA 3.49AA- 6.23A+ 7.25A 2.53A- 15.03BBB+ 2.42BBB- 0.53


assetsGermany 2.250 15.04.13 9.52Germany 1.500 15.04.16 8.95Finnish Governm. 4.375 04.07.19 4.87Buoni Poliennali 2.350 15.09.35 4.38Netherlands 4.000 15.07.19 4.16Spain 3.000 30.04.15 4.16Italy 2.100 15.09.21 4.15Belgium 3.750 28.09.20 3.22Finland 3.125 15.09.14 2.75France OAT 2.500 25.07.13 2.55Total 48.71


Fund facts



Bloomberg ticker CSILBEALX

CSILBEB LX


104.26 116.95

--

Daily

Number of holdings


Average = A+

294




SICAV II (Lux) Credit Suisse Inflation Linked Bonds (Euro)Class A & B




In absolute terms, the fund returned 2.72%gross of fees (2.43% net). While the decreasein real rates contributed positively, it was partiallyoffset by a negative inflation accrual of -0.4%.Relative to benchmark, the fund underperformedby -2.92% gross of fees (-3.2% net). Duration/

curve management was positive as we held anoverweight at the very long end of the curve(30y). Market allocation however was negative.Indeed, our structural* underweight in France andItaly contributed negatively as both countriesperformed strongly.








Cre

dit S

uiss

e S

ICA

V II


295

Fund manager Eric SuterFund manager since 02.05.2005Location ZurichFund domicile LuxembourgFund currency CHFClose of financial year 30. SepTotal net assets (in mil.) 411.00Inception date 02.05.2005Management fee in % p.a. 0.05Total expense ratio (ex ante) in % 0.11Benchmark (BM) Citigroup CHF 3M Euro Dep.Unit Class Category B

(capital growth)

ISIN LU0217718484

Valor no. 2127903


Fund 63


SICAV II (Lux) Credit Suisse Money Market SfrClass B


2007 2008 2009 2010 2011 201299

100101102103104105106107

-1%0%1%2%3%4%5%6%7%

1.6 1.30.7

0.10.0

0.1

2.4 2.7

0.5 0.2 0.2 0.0

SICAV II (Lux) Credit Suisse Money Market SfrB


Citigroup CHF 3M Euro Dep.Yearly or year-to-date performance respectively(Benchmark)




0%2%4%6%8%

10%12%14%16%18%20%

0-1 1-2 2-3 3-6 6-9 9-12 >12


CHF 100.00 100.00

Asset Allocation in %Commercial Paper 28.94Covered/ABS 17.55Financial Bonds 13.85Government 6.80Sovereign/Agencies 6.75Industrial Bonds 5.81Certificates of Deposit 4.62Utilities 0.74Cash/Cash Equivalents 8.36Others 6.57Total 99.99



Credit Ratings in %

AAA 27.35AA+ 10.68AA 7.74AA- 10.44A-1+ 12.73A-1 23.89Not rated 7.17




%Maturity as % of

assetsABN AMRO Bk NV 29.05.12 2.92BPCE 21.05.12 2.92ECP Abbey Nat. 21.05.12 2.92LB Hessen-Thu 05.04.12 2.92Lloyds TSB 09.05.12 2.92SOCIETEGENERALE

11.06.12 2.92

Nestlé 1.250 24.04.12 2.68Pohjola BK. 14.06.12 2.68Banque et C.Eparg.

16.07.12 2.67

BGL BNP Paribas 21.06.12 2.67Total 28.22

Investment policyThe aim of the fund is to achieve a high andsteady income in Swiss francs whilst taking intoaccount the security and stability of the capital.The fund invests at least two-thirds of its assetsin Swiss franc denominated money marketinstruments as well as in short-dated fixedinterest and variable rate paper with first classborrower ratings. The Fund may hold fixedincome securities denominated in othercurrencies than the CHF, however, currencyexposure has to be fully hedged in CHF.

Fund facts


Bloomberg ticker CSMMSFB LX


Number of holdings


Average = AA

296




SICAV II (Lux) Credit Suisse Money Market SfrClass B





to normal.








Cre

dit S

uiss

e S

ICA

V II


297

Fund manager Maurizio PedriniFund manager since 15.06.2005Location ZurichFund domicile LuxembourgFund currency EURClose of financial year 30. SepTotal net assets (in mil.) 45.59Inception date 24.06.2005Management fee in % p.a. 1.00Total expense ratio (ex ante) in % 1.16Benchmark (BM) LIBOR EUR 3MUnit Class Category A

(distribution)

ISIN LU0217710663

Valor no. 2127971


Fund 56


SICAV II (Lux) Credit Suisse TOPS (Euro)Class A & B


2007 2008 2009 2010 2011 201290

95

100

105

110

115

120

-10%

-5%

0%

5%

10%

15%

20%

1.3

-3.9

13.0

3.2

-0.8

2.94.3 4.8

1.3 0.7 1.3 0.3

SICAV II (Lux) Credit Suisse TOPS (Euro) B Yearly or year-to-date performance respectively (Fund)LIBOR EUR 3M Yearly or year-to-date performance respectively (Benchmark)



Maturities in years

0%5%

10%15%20%25%30%35%40%45%50%

0-1 1-3 3-5 5-7 7-10 10-15 >15


EUR 92.46 99.89USD 7.54 0.11

Asset Allocation in %Industrial Bonds 46.30Financial Bonds 32.74Utilities 4.20Government 3.68Covered/ABS 1.94Sovereign/Agencies 1.10Derivatives -0.18Cash/Cash Equivalents 10.22Total 100.00



Credit Ratings in %

AAA 3.37AA 6.63AA- 14.13A+ 15.73A 19.70A- 14.11BBB+ 17.25BBB 9.08




%Maturity as % of

assetsVeolia 1.750 17.06.15 2.58Novartis 4.250 15.06.16 2.53Deutsche BahnFin.

4.250 08.07.15 2.47

John Deere Capital 7.500 24.01.14 2.463M 5.000 14.07.14 2.45ENBW Intl.Finance

4.250 19.10.16 2.45

Procter & Gamble 4.500 12.05.14 2.44ABB Intl Fin 4.625 06.06.13 2.36Bayer 4.500 23.05.13 2.36Deutsche Telekom 4.500 25.10.13 2.34Total 24.44

Investment policyThe aim of the fund is to achieve a steadyincome in EUR whilst taking due account of thesecurity of the capital. The fund invests in debtsecurities rated at between high quality and lowerinvestment grade, including bonds, notes andsimilar fixed or variable interest securitiesworldwide. The Fund may invest in othercurrencies than the EUR. The part of suchinvestments which is not hedged against theEUR may not exceed 10% of the Fund’s assets.

Fund facts



Bloomberg ticker CSTOPEALX

CSTOPEB LX


98.95 117.88

--

Daily

Number of holdings


Average = A-

298




SICAV II (Lux) Credit Suisse TOPS (Euro)Class A & B












Cre

dit S

uiss

e S

ICA

V II


299

Fund 81

Fund manager Brian PetersonFund manager since 19.03.2008Location New YorkFund domicile LuxembourgFund currency USDClose of financial year 30. NovTotal net assets (in mil.) 302.21Inception date 19.03.2008Management fee in % p.a. 1.00Subscription WeeklyRedemption WeeklyBenchmark (BM) DJ CS AllHedge Index (weekly)Swinging single pricing (SSP) 2) YesUnit Class Category B

(capital growth)

ISIN LU0337322282

Valor no. 3670366



Credit Suisse Solutions (Lux) Dow Jones Credit SuisseAllHedge IndexClass B


2008 2009 2010 2011 201260

70

80

90

100

110

120

130

-40%

-30%

-20%

-10%

0%

10%

20%

30%22.5

9.6

-10.3

7.612.4 11.9

-5.8

4.3

CS Solutions (Lux) Dow Jones Credit SuisseAllHedge Index B


DJ CS AllHedge Index (weekly)Yearly or year-to-date performance respectively(Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund 3.91 7.60 7.60 -4.68 19.25 -Benchmark 0.41 4.34 4.34 -3.27 26.49 -

Sectors in %

Event Driven 24.31Long/ShortEquity 21.80Global Macro 19.33Multi-Strategy 12.36EmergingMarkets 7.41Fixed IncomeArbitrage 5.87ManagedFutures 5.13Equity MarketNeutral 2.12ConvertibleArbitrage 1.52Dedicated ShortBias 0.13

These figures represent the sector weightings of the underlyingDow Jones Credit Suisse AllHedge Index. The Fund invests intothe index via a swap and, on an ancillary basis, certificates. Thefund may hold cash and liquid assets of up to 5%.

Benefits– One of the first hedge fund index tracker funds ina regulated UCITS structure– It provides cost efficient and broadly diversifiedexposure to the hedge fund market, with betterliquidity than hedge funds in general– The Index has delivered competitive risk adjustedreturns when compared to active portfolios– A broadly diversified tracker fund minimises therisks associated with investing in individualmanagers/strategies or multi strategy products– Transparency with regards to constituent fundsand selection criteria– No performance feeRisks– Because hedge funds often use derivatives,short-selling and leverage, individual hedge fundscan be highly volatile and expose investors to a highrisk of loss, including the loss of some or all of theinvestor´s investment– The fund invests in derivatives in order toreplicate the performance of the underlying index.Given the nature of derivatives and the costs thatmay be involved in their utilisation, their value maynot exactly track the level of the underlying index– Large net redemptions may result in a deferral ofredemption orders– For further information on risks please refer tothe sales prospectus

Number of holdings



Investment StyleThe Fund is managed passively and investsmainly in derivatives and, on an ancillary basis,certificates in order to replicate the performanceof the index as closely as possible; the Fundwill hold a cash position of up to 5% to handlecurrency hedging.

Investment policyThe aim of the fund is to provide investors witha return linked to the performance of theunderlying Dow Jones Credit Suisse AllHedgeIndex. The Dow Jones Credit Suisse AllHedgeIndex is a diversified investable hedge fund index.It includes the ten sector indices weightedaccording to the broad index weights of the DowJones Credit Suisse AllHedge Index, a widelyrecognized asset-weighted hedge fund index.

Fund facts


Bloomberg ticker CSALLBU LX




300



Fund 81

Fund manager Brian PetersonFund manager since 19.03.2008Location New YorkFund domicile LuxembourgFund currency USDClose of financial year 30. NovTotal net assets (in mil.) 302.21Inception date 15.03.2010Management fee in % p.a. 0.33Subscription WeeklyRedemption WeeklyBenchmark (BM) DJ CS AllHedge Index (weekly)Swinging single pricing (SSP) 2) YesUnit Class Category I

(capital growth)

ISIN LU0337322449

Valor no. 3670377

Min. Init. Investm. Amount (in mill.) 3EU taxation In scope - no tax


Credit Suisse Solutions (Lux) Dow Jones Credit SuisseAllHedge IndexClass I


2010 2011 201285

90

95

100

105

110

115

-15%

-10%

-5%

0%

5%

10%

15%

-9.7

7.8

-5.8

4.3

CS Solutions (Lux) Dow Jones Credit SuisseAllHedge Index I


DJ CS AllHedge Index (weekly)Yearly or year-to-date performance respectively(Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund 3.97 7.80 7.80 -4.02 - -Benchmark 0.41 4.34 4.34 -3.27 - -

Sectors in %




Number of holdings





Fund facts


Bloomberg ticker CSALLID LX




Cre

dit S

uiss

e S

olut

ions



301

Fund 81

Fund manager Brian PetersonFund manager since 19.03.2008Location New YorkFund domicile LuxembourgFund currency USDClose of financial year 30. NovTotal net assets (in mil.) 302.21Inception date 19.03.2008Management fee in % p.a. 1.00Subscription WeeklyRedemption WeeklySwinging single pricing (SSP) 2) YesUnit Class Category R


ISIN LU0337322522

Valor no. 3670378



Credit Suisse Solutions (Lux) Dow Jones Credit SuisseAllHedge IndexClass R CHF


2008 2009 2010 2011 201260

70

80

90

100

110

120

130

-40%

-30%

-20%

-10%

0%

10%

20%

30%21.7

8.7

-11.7

7.5

CS Solutions (Lux) Dow Jones Credit Suisse AllHedgeIndex R CHF



1 month 3 months YTD 1 year 3 years 5 yearsFund 3.86 7.51 7.51 -6.09 15.70 -

Sectors in %




Number of holdings





Fund facts


Bloomberg ticker CSALLRC LX




302



Fund 81

Fund manager Brian PetersonFund manager since 19.03.2008Location New YorkFund domicile LuxembourgFund currency USDClose of financial year 30. NovTotal net assets (in mil.) 302.21Inception date 19.03.2008Management fee in % p.a. 1.00Subscription WeeklyRedemption WeeklySwinging single pricing (SSP) 2) YesUnit Class Category R


ISIN LU0337322878

Valor no. 3670380



Credit Suisse Solutions (Lux) Dow Jones Credit SuisseAllHedge IndexClass R EUR


2008 2009 2010 2011 201260

70

80

90

100

110

120

130

-40%

-30%

-20%

-10%

0%

10%

20%

30%22.8

9.0

-10.3

7.8

CS Solutions (Lux) Dow Jones Credit Suisse AllHedgeIndex R EUR



1 month 3 months YTD 1 year 3 years 5 yearsFund 3.78 7.81 7.81 -4.37 19.08 -

Sectors in %




Number of holdings





Fund facts


Bloomberg ticker CSALLRE LX




Cre

dit S

uiss

e S

olut

ions



303

9.220.51

3.93-7.42

-2.12-1.77

-5.30-3.80

1.095.66

Purchases Sales- DONALDSON

Fund manager iMACS Funds TeamFund manager since 01.03.2012Location ZurichFund domicile LuxembourgFund currency USDClose of financial year 30. NovTotal net assets (in mil.) 227.19Inception date 30.09.2010Management fee in % p.a. 1.92Total expense ratio (ex ante) in % 2.06Benchmark (BM) MSCI AC World (NR)Unit Class Category B

(capital growth)

ISIN LU0522191245

Valor no. 11480304



Credit Suisse Solutions (Lux) MegatrendsClass B


2010 2011 20127580859095

100105110115120

-25%-20%-15%-10%-5%0%5%

10%15%20%

-17.8

11.8

-7.3

11.9

CS Solutions (Lux) Megatrends B Yearly or year-to-date performance respectively (Fund)MSCI AC World (NR) Yearly or year-to-date performance respectively (Benchmark)




Industrials 19.74 10.52Information Technology 13.67 13.16Health Care 12.84 8.91Financials 12.07 19.49Energy 9.25 11.37Consumer Staples 8.41 10.18Consumer Discretionary 5.16 10.46Materials 4.07 7.87Cash/Cash Equivalents 1.09 -Others 13.71 8.05

Currencies in %

USD 47.77EUR 16.47JPY 7.38SGD 6.41CHF 5.56GBP 5.48HKD 3.17IDR 3.06THB 2.85Others 1.87

Countries in %

USA 30.26Japan 7.32Germany 6.85Singapore 6.38United Kingdom 5.47Switzerland 5.47Brazil 3.69Russia 3.29France 3.16Others 28.11

Top 10 Holdings in %Ishares MSCI Korea 3.23Apple 3.20Allianz China Fund 3.19Siam Comm. Bank 2.85Pictet Funds SICAV 2.39Deere & Comp 2.36Merck 2.35Sabmiller 2.26Fanuc 2.15Vale 2.11Total 26.09


Investment policyThe fund’s objective is to generate the highestpossible return in USD. The fund invests primarilyin global equities (approx. 60 stocks) and holds inaddition active and passive collective investmentvehicles. The investments are focusing on theCS Megatrends (Multipolar World,Demographics and Sustainability). A Megatrendrepresents a major and lasting alteration ofsociety, or a progressive change lasting severaldecades or centuries that often can be rootedin a major technological breakthrough, ageopolitical rebalancing or an environmental shiftsuch as change in climate.

Fund facts


Bloomberg ticker CSSMEBU LX





304




Credit Suisse Solutions (Lux) MegatrendsClass B












Markets, whereas we may remain underweight inthe US, and neutral in the eurozone and Japan .


Cre

dit S

uiss

e S

olut

ions


305

9.220.51

3.93-7.42

-2.12-1.77

-5.30-3.80

1.095.66


Fund manager iMACS Funds TeamFund manager since 01.03.2012Location ZurichFund domicile LuxembourgFund currency USDClose of financial year 30. NovTotal net assets (in mil.) 227.19Inception date 16.06.2011Management fee in % p.a. 0.70Total expense ratio (ex ante) in % 0.80Benchmark (BM) MSCI AC World (NR)Unit Class Category I

(capital growth)

ISIN LU0522191757

Valor no. 11480355



Credit Suisse Solutions (Lux) MegatrendsClass I

Net performance in USD (rebased to 100) 1)



Industrials 19.74 10.52Information Technology 13.67 13.16Health Care 12.84 8.91Financials 12.07 19.49Energy 9.25 11.37Consumer Staples 8.41 10.18Consumer Discretionary 5.16 10.46Materials 4.07 7.87Cash/Cash Equivalents 1.09 -Others 13.71 8.05

Currencies in %


Countries in %





Fund facts


Bloomberg ticker CSSMTRI LX




306




Credit Suisse Solutions (Lux) MegatrendsClass I














Cre

dit S

uiss

e S

olut

ions


307


Fund manager iMACS Funds TeamFund manager since 01.03.2012Location ZurichFund domicile LuxembourgFund currency USDClose of financial year 30. NovTotal net assets (in mil.) 227.19Inception date 30.09.2010Management fee in % p.a. 1.92Total expense ratio (ex ante) in % 2.07Unit Class Category R


ISIN LU0522192300

Valor no. 11480369



Credit Suisse Solutions (Lux) MegatrendsClass R CHF


2010 2011 20127580859095

100105110115

-25%-20%-15%-10%-5%0%5%

10%15%

-19.8

11.4

CS Solutions (Lux) Megatrends R CHF Yearly or year-to-date performance respectively (Fund)



Sectors in %Fund

Industrials 19.74Information Technology 13.67Health Care 12.84Financials 12.07Energy 9.25Consumer Staples 8.41Consumer Discretionary 5.16Materials 4.07Cash/Cash Equivalents 1.09Others 13.71

Currencies in %



Countries in %





Fund facts


Bloomberg ticker CSSMERS LX





308




Credit Suisse Solutions (Lux) MegatrendsClass R CHF














Cre

dit S

uiss

e S

olut

ions


309




ISIN LU0522192136

Valor no. 11480366



Credit Suisse Solutions (Lux) MegatrendsClass R EUR


2010 2011 20127580859095

100105110115

-25%-20%-15%-10%-5%0%5%

10%15%

-19.3

11.7

CS Solutions (Lux) Megatrends R EUR Yearly or year-to-date performance respectively (Fund)



Sectors in %Fund


Currencies in %



Countries in %





Fund facts


Bloomberg ticker CSSMERE LX





310




Credit Suisse Solutions (Lux) MegatrendsClass R EUR














Cre

dit S

uiss

e S

olut

ions


311




ISIN LU0554857044

Valor no. 11949965



Credit Suisse Solutions (Lux) MegatrendsClass R GBP


2011 20127580859095

100105110115

-25%-20%-15%-10%-5%0%5%

10%15%

11.8

CS Solutions (Lux) Megatrends R GBP Yearly or year-to-date performance respectively (Fund)



Sectors in %Fund


Currencies in %



Countries in %





Fund facts


Bloomberg ticker CSSMTRS LX





312




Credit Suisse Solutions (Lux) MegatrendsClass R GBP














Cre

dit S

uiss

e S

olut

ions


313

Fund manager Credit Suisse AGFund manager since since inceptionLocation ZurichFund domicile LuxembourgFund currency EURClose of financial year 30. NovTotal net assets (in mil.) 395.05Inception date 21.07.2010Management fee in % p.a. 1.50Subscription WeeklyRedemption WeeklyPerformance fee in % with Highwatermark 10.00Unit Class Category B

(capital growth)

ISIN LU0522193027

Valor no. 11480397


Fund 18


Credit Suisse Solutions (Lux) Prima Multi-StrategyClass B EUR


2010 2011 201296979899

100101102103104

-4%-3%-2%-1%0%1%2%3%4%

-2.8

2.7

CS Solutions (Lux) Prima Multi-Strategy B EUR Yearly or year-to-date performance respectively (Fund)




Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD2012 0.61 1.66 0.40 - - - - - - - - - 2.682011 -0.09 0.70 -0.49 0.81 -0.61 -0.87 0.81 -1.92 -0.67 0.08 -0.44 -0.11 -2.802010 - - - - - - - 0.29 0.88 0.55 -0.61 0.70 -

Investment policyCredit Suisse Solutions (Lux) PrimaMulti-Strategy (CS Prima Multi-Strategy) is aUCITS III compliant multi-strategy fund of funds.The CS Prima Multi-Strategy fund allocatesassets across multiple strategies in the liquidUCITS compliant universe. It targets attractiverisk-adjusted returns through active portfoliomanagement, and may invest in variousalternative investment strategies, includingequities, event driven, convertibles, macro,credit, managed futures, fixed income, emergingmarkets’ equities and rates. The fund isdomiciled in Luxembourg and will be passportedinto other countries. The fund is open to bothinstitutional and retail investors and offers weeklyliquidity.

Fund facts


Bloomberg ticker CSPMSBE LX


Strategies in %

Long/Short Equity 31.09Event Driven 18.43Fixed Income Arbitrage 13.68Global Macro 11.73Convertible Arbitrage 8.63Equity Market Neutral 6.70Managed Futures 5.43Emerging Markets 3.50Cash/Cash Equivalents 0.81

Number of holdings

Top HoldingsFundlogic Alternatives 8.32Brevan Howard Macro FX Fund 7.53Jupiter Absolute Return 6.92World Invest SICAV Abs. Ret. 6.65MLIS York Event-Driven UCITS Fund 6.38Total 35.80


314



Fund manager Credit Suisse AGFund manager since since inceptionLocation ZurichFund domicile LuxembourgFund currency EURClose of financial year 30. NovTotal net assets (in mil.) 395.05Inception date 21.07.2010Management fee in % p.a. 1.00Subscription WeeklyRedemption WeeklyPerformance fee in % with Highwatermark 5.00Unit Class Category I

(capital growth)

ISIN LU0522193613

Valor no. 11480406


Fund 18


Credit Suisse Solutions (Lux) Prima Multi-StrategyClass I EUR


2010 2011 201297

98

99

100

101

102

103

104

-3%

-2%

-1%

0%

1%

2%

3%

4%

-2.3

2.8

CS Solutions (Lux) Prima Multi-Strategy I EUR Yearly or year-to-date performance respectively (Fund)


1 month 3 months YTD 1 year 3 years 5 yearsFund 0.43 2.80 2.80 0.18 - -




Fund facts


Bloomberg ticker CSPMSIE LX


Strategies in %


Number of holdings



Cre

dit S

uiss

e S

olut

ions



315

Fund manager Credit Suisse AGFund manager since since inceptionLocation ZurichFund domicile LuxembourgFund currency EURClose of financial year 30. NovTotal net assets (in mil.) 395.05Inception date 21.07.2010Management fee in % p.a. 1.50Subscription WeeklyRedemption WeeklyPerformance fee in % with Highwatermark 10.00Unit Class Category R


ISIN LU0522194009

Valor no. 11480412


Fund 18


Credit Suisse Solutions (Lux) Prima Multi-StrategyClass R CHF


2010 2011 20129596979899

100101102103104

-5%-4%-3%-2%-1%0%1%2%3%4%

-4.3

2.5

CS Solutions (Lux) Prima Multi-Strategy R CHF Yearly or year-to-date performance respectively (Fund)




Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD2012 0.56 1.60 0.36 - - - - - - - - - 2.552011 -0.13 0.60 -0.57 0.73 -0.77 -0.99 0.57 -2.21 -0.78 -0.05 -0.51 -0.23 -4.292010 - - - - - - - 0.21 0.89 0.72 -0.66 0.64 -


Fund facts


Bloomberg ticker CSPMSRC LX


Strategies in %


Number of holdings



316





ISIN LU0627515090

Valor no. 12983829


Fund 18


Credit Suisse Solutions (Lux) Prima Multi-StrategyClass R GBP

Net performance in GBP (rebased to 100) 1)



Fund facts


Bloomberg ticker CSPMSRS LX


Strategies in %


Number of holdings


Cre

dit S

uiss

e S

olut

ions



317



ISIN LU0522193704

Valor no. 11480410


Fund 18


Credit Suisse Solutions (Lux) Prima Multi-StrategyClass R USD


2010 2011 201296979899

100101102103104

-4%-3%-2%-1%0%1%2%3%4%

-3.4

2.7

CS Solutions (Lux) Prima Multi-Strategy R USD Yearly or year-to-date performance respectively (Fund)






Fund facts


Bloomberg ticker CSPMSRU LX


Strategies in %


Number of holdings



318



Fund manager Team MACSFund manager since 02.05.2005Location ZurichFund domicile SwitzerlandFund currency CHFClose of financial year 31. DecemberTotal net assets (in mil.) 365.98Inception date 02.05.2005Management fee in % p.a. 1.50Benchmark (BM) CB CS Triamant Balanced CHFUnit Class Category A

(distribution)

ISIN CH0020876055

Valor no. 2087605

Last distribution 08.03.2011Distribution value 6.00EU taxation In scope - no tax


Credit Suisse Triamant Balanced CHFClass A


2007 2008 2009 2010 2011 201260

70

80

90

100

110

120

-40%

-30%

-20%

-10%

0%

10%

20%

0.7

-27.8

13.0

3.4

-7.4

4.11.2

-20.2

14.2

2.8

-2.6

4.5

CS Triamant Balanced CHF Yearly or year-to-date performance respectively (Fund)CB CS Triamant Balanced CHF Yearly or year-to-date performance respectively (Benchmark)








Switzerland 8.73 24.26 10.02 - 43.01North America 2.81 - 8.14 - 10.95Europe - 3.73 11.20 - 14.93Pacific and Emerging Markets - - 12.01 - 12.01Global - - - 19.10 19.10Total 11.54 27.99 41.37 19.10 100.00

Investment policyThe investment objective of the Credit SuisseTriamant Balanced (CHF) is primarily real-termcapital preservation and long-term capital growthusing current income and through capital andcurrency gains. The fund is managed as anumbrella fund (fund of funds) and invests withinthe different asset categories in differentmarkets, sectors and currencies wordwide. Theequity quota of the fund's net asset value canvary between 30% und 60%. Besides thetraditional investment instruments alsoAlternative Investments are considered by theimplementation of the strategy. Theseinvestment vehicles are usually reserved forselected investors only.

Fund facts


Bloomberg ticker CSTRAUC SW


Used IndicesEquity MSCI Emerging Markets (NR)Equity MSCI UK (NR)Equity MSCI Japan (NR)Equity MSCI US (NR)Equity MSCI EMU (NR)Equity MSCI Switzerland (NR)Bond CS CHF Customized Bond IndexMoneyMarket

Citigroup CHF 1M Euro Deposit

Gold London pm Gold fixingCommodity DJ UBS Commodities Index (TR)HedgeFunds

HFRX Global Hedge Fund Index, hedgedin CHF

RealEstate

SIX Real Estate Funds (TR)

Allocation of bonds in %Traditional Bonds 55.44High Yield Bonds 12.90Asset Backed Securities 12.15Inflation Linked Bonds 11.97Emerging Market Debt 7.54Total 100.00



Top 10 Holdings in %Position Maturity as % of

assetsAberdeen Gl Sicav Em Mkt EqFd

9.11

CS HFRX Tracker CHF 8.28Sicav II CS Bond CHF 6.58Axa Framlington UK Select 5.07CS Rel. Ret. Engineered EUR 3.74Neuberger Berman High YieldCHF

3.62

CS SIF Global ABS CHF 3.41CS SIF Gl. Infl. linked CHF 3.36Robeco US Premium Equities 3.28ETFS ETC on Physical Gold 3.22Total 49.67


Cre

dit S

uiss

e Tr

iam

ant



319

Fund manager Team MACSFund manager since 02.05.2005Location ZurichFund domicile SwitzerlandFund currency EURClose of financial year 31. DecemberTotal net assets (in mil.) 120.57Inception date 02.05.2005Management fee in % p.a. 1.50Benchmark (BM) CB CS Triamant Balanced EURUnit Class Category A

(distribution)

ISIN CH0020876071

Valor no. 2087607



Credit Suisse Triamant Balanced EURClass A


2007 2008 2009 2010 2011 201270

80

90

100

110

120

-30%

-20%

-10%

0%

10%

20%

1.3

-24.9

13.811.2

-6.3

5.73.0

-17.6

14.8

8.1

-2.4

5.5

CS Triamant Balanced EUR Yearly or year-to-date performance respectively (Fund)CB CS Triamant Balanced EUR Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund 0.21 5.65 5.65 0.56 29.30 -5.99Benchmark 0.21 5.48 5.48 3.14 31.10 7.00




EUR 62.70USD 12.60GBP 4.60JPY 2.50Others 17.60


North America 3.81 - 8.76 - 12.57Europe 4.00 31.31 21.47 - 56.78Pacific and Emerging Markets - - 11.31 - 11.31Global - - - 19.34 19.34Total 7.81 31.31 41.54 19.34 100.00

Investment policyThe investment objective of the Credit SuisseTriamant Balanced (EUR) is primarily real-termcapital preservation and long-term capital growthusing current income and through capital andcurrency gains. The fund is managed as anumbrella fund (fund of funds) and invests withinthe different asset categories in differentmarkets, sectors and currencies wordwide. Theequity quota of the fund's net asset value canvary between 30% und 60%. Besides thetraditional investment instruments alsoAlternative Investments are considered by theimplementation of the strategy. Theseinvestment vehicles are usually reserved forselected investors only.

Fund facts


Bloomberg ticker CSTRAUE SW


Used IndicesEquity MSCI Switzerland (NR)Equity MSCI EMU (NR)Equity MSCI US (NR)Equity MSCI Japan (NR)Equity MSCI UK (NR)Equity MSCI Emerging Markets (NR)Bond CS EUR Customized Bond IndexMoneyMarket

Citigroup EUR 1M Euro Deposit

RealEstate

BAIF UCITS OEF Real Estate Index (EUR)

HedgeFunds

HFRX Global Hedge Fund Index, hedgedin EUR

Commodity DJ UBS Commodities Index (TR)Gold London pm Gold fixing

Allocation of bonds in %Traditional Bonds 52.83Asset Backed Securities 13.99High Yield Bonds 12.52Emerging Market Debt 10.41Inflation Linked Bonds 10.25Total 100.00





8.80

CS HFRX Tracker EUR 8.29CS Rel. Ret. Engineered EUR 6.07Easy ETF FTSE Epra Eurozone 5.64BNP Paribas USA Growth Eq 4.72Axa Framlington UK Select 4.63CS SIF Global ABS EUR 4.39CS SIF Global EM Bonds EUR 3.28CS SIF Gl. Infl. linked EUR 3.21ETFS ETC on Physical Gold 3.05Total 52.08


320



Fund manager Team MACSFund manager since 02.05.2005Location ZurichFund domicile SwitzerlandFund currency CHFClose of financial year 31. DecemberTotal net assets (in mil.) 96.44Inception date 02.05.2005Management fee in % p.a. 1.70Benchmark (BM)

CB CS Triamant Capital Gains Oriented CHFUnit Class Category A

(distribution)

ISIN CH0020876113

Valor no. 2087611



Credit Suisse Triamant Capital Gains Oriented CHFClass A


2007 2008 2009 2010 2011 201260

70

80

90

100

110

120

130

-40%

-30%

-20%

-10%

0%

10%

20%

30%

1.0

-33.1

18.9

4.9

-10.8

5.91.2

-27.2

17.4

2.5

-4.6

5.7

CS Triamant Capital Gains Oriented CHF Yearly or year-to-date performance respectively (Fund)CB CS Triamant Capital Gains Oriented CHF Yearly or year-to-date performance respectively (Benchmark)




Equity 61.99Alternatives 19.11Cash/CashEquivalents 12.14Bonds 6.76




Switzerland 9.97 6.76 16.27 - 33.00North America 2.17 - 15.31 - 17.48Europe - - 14.45 - 14.45Pacific and Emerging Markets - - 15.96 - 15.96Global - - - 19.11 19.11Total 12.14 6.76 61.99 19.11 100.00

Investment policyThe investment objective of the Credit SuisseTriamant Capital Gains Oriented (CHF) isprimarily long-term capital growth through astronger focus on capital and currency gains.The fund is managed as an umbrella fund (fundof funds) and invests within the different assetcategories in different markets, sectors andcurrencies worldwide. The equity quota is at least45% of the fund's net asset value. Besides thetraditional investment instruments alsoAlternative Investments are considered by theimplementation of the strategy. Theseinvestment vehicles are usually reserved forselected investors only.

Fund facts


Bloomberg ticker CSTRKAC SW


Used IndicesEquity MSCI Switzerland (NR)Equity MSCI EMU (NR)Equity MSCI US (NR)Equity MSCI Japan (NR)Equity MSCI UK (NR)Equity MSCI Emerging Markets (NR)Bond CS CHF Customized Bond IndexMoneyMarket


RealEstate


HedgeFunds



Allocation of bonds in %High Yield Bonds 34.31Asset Backed Securities 26.04Inflation Linked Bonds 24.41Emerging Market Debt 15.24Total 100.00





11.92

CS HFRX Tracker CHF 8.22Clariden Leu Money MarketCHF

6.34

Axa Framlington UK Select 5.64Robeco US Premium Equities 4.97BNP Paribas USA Growth Eq 4.73DWS (CH) Swiss Equity Plus 3.79DWS Aktien Schweiz 3.66Cert. on Rhomis Index CHF 30.11.12 3.34Nomura Japan Strategic Value 3.31Total 55.92


Cre

dit S

uiss

e Tr

iam

ant



321

Fund manager Team MACSFund manager since 02.05.2005Location ZurichFund domicile SwitzerlandFund currency EURClose of financial year 31. DecemberTotal net assets (in mil.) 29.56Inception date 02.05.2005Management fee in % p.a. 1.70Benchmark (BM)

CB CS Triamant Capital Gains Oriented EURUnit Class Category A

(distribution)

ISIN CH0020876139

Valor no. 2087613



Credit Suisse Triamant Capital Gains Oriented EURClass A


2007 2008 2009 2010 2011 201260

70

80

90

100

110

120

130

-40%

-30%

-20%

-10%

0%

10%

20%

30%

1.0

-32.3

19.414.6

-9.0

7.53.3

-25.6

18.7

10.2

-4.7

6.7

CS Triamant Capital Gains Oriented EUR Yearly or year-to-date performance respectively (Fund)CB CS Triamant Capital Gains Oriented EUR Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund 0.70 7.50 7.50 -0.12 40.28 -9.82Benchmark 0.27 6.69 6.69 1.76 40.03 0.76




EUR 52.00USD 18.30GBP 6.80JPY 3.50CHF 0.10Others 19.30


Switzerland 0.11 - - - 0.11Europe 4.44 9.36 31.98 - 45.78North America 3.77 - 14.29 - 18.06Pacific and Emerging Markets - - 15.57 - 15.57Global - - - 20.48 20.48Total 8.32 9.36 61.84 20.48 100.00

Investment policyThe investment objective of the Credit SuisseTriamant Capital Gains Oriented (EUR) isprimarily long-term capital growth through astronger focus on capital and currency gains.The fund is managed as an umbrella fund (fundof funds) and invests within the different assetcategories in different markets, sectors andcurrencies worldwide. The equity quota is at least45% of the fund's net asset value. Besides thetraditional investment instruments alsoAlternative Investments are considered by theimplementation of the strategy. Theseinvestment vehicles are usually reserved forselected investors only.

Fund facts


Bloomberg ticker CSTRKAE SW




RealEstate


HedgeFunds



Allocation of bonds in %High Yield Bonds 25.33Traditional Bonds 22.86Asset Backed Securities 19.12Emerging Market Debt 16.45Inflation Linked Bonds 16.24Total 100.00





12.12

CS HFRX Tracker EUR 9.61Axa Framlington UK Select 6.75BNP Paribas USA Growth Eq 5.56Easy ETF FTSE Epra Eurozone 5.49Reyl European Equities 4.38Ignis Arg. European Alpha 3.97Neptune European Opps 3.72Robeco US Premium Equities 3.71FAST Europe 3.57Total 58.88


322



Fund manager Team MACSFund manager since 02.05.2005Location ZurichFund domicile SwitzerlandFund currency CHFClose of financial year 31. DecemberTotal net assets (in mil.) 385.92Inception date 02.05.2005Management fee in % p.a. 1.30Benchmark (BM)

CB CS Triamant Income Oriented CHFUnit Class Category A

(distribution)

ISIN CH0020876022

Valor no. 2087602



Credit Suisse Triamant Income Oriented CHFClass A


2007 2008 2009 2010 2011 2012707580859095

100105110115

-30%-25%-20%-15%-10%-5%0%5%

10%15%

0.0

-23.6

8.2

3.3

-4.8

2.71.0

-11.4

10.6

3.2

-0.6

3.4

CS Triamant Income Oriented CHF Yearly or year-to-date performance respectively (Fund)CB CS Triamant Income Oriented CHF Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund -0.33 2.72 2.72 -1.66 12.37 -17.33Benchmark 0.27 3.38 3.38 2.11 19.14 4.24




CHF 73.50USD 5.10GBP 3.70EUR 2.60JPY 1.40Others 13.70


Switzerland 4.02 47.72 4.87 - 56.61North America 1.66 - 3.47 - 5.13Europe - 5.25 6.25 - 11.50Pacific and Emerging Markets - - 6.19 - 6.19Global - - - 20.57 20.57Total 5.68 52.97 20.78 20.57 100.00

Investment policyThe investment objective of the Credit SuisseTriamant Income Oriented (CHF) is primarilyreal-term capital preservation and generation ofprofit using current income. The fund is managedas an umbrella fund (fund of funds) and investswithin the different asset categories in differentmarkets, sectors and currencies worldwide. Thebond or money market quota accounts for atleast 50% of the net asset value (NAV) of thefund. Besides the traditional investmentinstruments also Alternative Investments areconsidered by the implementation of thestrategy. These investment vehicles are usuallyreserved for selected investors only.

Fund facts


Bloomberg ticker CSTREIC SW


Used IndicesEquity MSCI Switzerland (NR)Equity MSCI EMU (NR)Equity MSCI US (NR)Equity MSCI Japan (NR)Equity MSCI UK (NR)Equity MSCI Emerging Markets (NR)Bond CS CHF Customized Bond IndexMoneyMarket


RealEstate


HedgeFunds



Allocation of bonds in %Traditional Bonds 63.61Inflation Linked Bonds 12.89High Yield Bonds 6.97Asset Backed Securities 6.65Emerging Market Debt 5.42Convertible Bonds 4.46Total 100.00




assetsSicav II CS Bond CHF 10.25CS Rel. Ret. Engineered CHF 9.71CS HFRX Tracker CHF 8.27CS SIF Gl. Infl. linked CHF 6.84Swisscanto Sicav II Bond CHF 5.41Aberdeen Gl Sicav Em Mkt EqFd

4.77

Cert. on Rhomis Index CHF 30.11.12 4.08CS Rel. Ret. Engineered EUR 3.94Neuberger Berman High YieldCHF

3.70

Axa Framlington UK Select 3.65Total 60.62


Cre

dit S

uiss

e Tr

iam

ant



323

Fund manager Team MACSFund manager since 02.05.2005Location ZurichFund domicile SwitzerlandFund currency EURClose of financial year 31. DecemberTotal net assets (in mil.) 182.51Inception date 02.05.2005Management fee in % p.a. 1.30Benchmark (BM)

CB CS Triamant Income Oriented EURUnit Class Category A

(distribution)

ISIN CH0020876030

Valor no. 2087603



Credit Suisse Triamant Income Oriented EURClass A


2007 2008 2009 2010 2011 20127580859095

100105110115120

-25%-20%-15%-10%-5%0%5%

10%15%20%

1.1

-18.6

10.0 8.2

-3.4

3.92.6

-7.7

10.7

5.9

-0.3

4.3

CS Triamant Income Oriented EUR Yearly or year-to-date performance respectively (Fund)CB CS Triamant Income Oriented EUR Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund 0.01 3.93 3.93 1.67 21.27 -2.69Benchmark 0.14 4.28 4.28 4.44 22.13 14.54




EUR 76.50USD 4.50GBP 2.90JPY 1.50CHF 0.10Others 14.50


Switzerland 0.11 - - - 0.11Europe 3.74 54.45 10.99 - 69.18North America 1.23 - 3.30 - 4.53Pacific and Emerging Markets - - 6.43 - 6.43Global - - - 19.75 19.75Total 5.08 54.45 20.72 19.75 100.00

Investment policyThe investment objective of the Credit SuisseTriamant Income Oriented (EUR) is primarilyreal-term capital preservation and generation ofprofit using current income. The fund is managedas an umbrella fund (fund of funds) and investswithin the different asset categories in differentmarkets, sectors and currencies worldwide. Thebond or money market quota accounts for atleast 50% of the net asset value (NAV) of thefund. Besides the traditional investmentinstruments also Alternative Investments areconsidered by the implementation of thestrategy. These investment vehicles are usuallyreserved for selected investors only.

Fund facts


Bloomberg ticker CSTREIE SW




RealEstate


HedgeFunds



Allocation of bonds in %Traditional Bonds 62.63Inflation Linked Bonds 12.07Asset Backed Securities 7.70High Yield Bonds 6.81Emerging Market Debt 6.80Convertible Bonds 3.99Total 100.00




assetsCS Rel. Ret. Engineered EUR 12.45Sicav II Aberdeen Bond EUR 9.18CS HFRX Tracker EUR 8.28CS SIF Gl. Infl. linked EUR 6.58Easy ETF FTSE Epra Eurozone 5.68Aberdeen Gl Sicav Em Mkt EqFd

4.97

Swisscanto Sicav II Bond EUR 4.31CS SIF Global ABS EUR 4.19BNY Mellon Euroland Bond Fd 4.17Invesco Euro Corporate Bd. Fd. 4.09Total 63.90


324



Fund managerCredit Suisse AG, Index Solutions Team

Location ZurichFund domicile SwitzerlandFund currency CHFUcits III-Compliant NoClose of financial year 31. MayTotal net assets (in mil.) 242.34Inception date 02.07.2009Management fee in % p.a. 0.15Total expense ratio (ex ante) in % 0.20Reference Index SBI Domestic Govt. 1-3Y (RI) (Mid)Reference Index Bloomberg Ticker SBGM1TUnit Class Category A

(distribution)

ISIN CH0102530786

Valor no. 10253078

Income treatment distributionLast distribution 17.01.2012Distribution value 1.68EU taxation In scope - tax

Fund 2


CS ETF (CH) on SBI Domestic Government 1-3Class A


2009 2010 2011 201299

100

101

102

103

-1%

0%

1%

2%

3%

0.4

1.0

-0.4

0.7

1.3

-0.4

CS ETF (CH) on SBI Domestic Government1-3


SBI Domestic Govt. 1-3Y (RI) (Mid)Yearly or year-to-date performance respectively(Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund -0.11 -0.39 -0.39 0.95 - -Reference Index -0.09 -0.36 -0.36 1.18 - -

Maturities in years

0%10%20%30%40%50%60%70%80%

0-1 1-2 2-3 3-4 4-5 5-7 7-10 -20 -30 >30

Asset Allocation in %Fixed Income 99.82Cash/Cash Equivalents 0.18Total 100.00




Credit Ratings in %

AAA 100.00


assetsSwiss Government 4.250 06.01.14 71.27Swiss Government 2.000 09.11.14 28.73Total 100.00

Investment policyThe Swiss Bond Index Domestic Government1-3 is a sub-index of the SWX Bond IndexSBI®. The index consists of Swiss governmentbonds with remaining maturities between oneand three years. The index is calculated by SIXSwiss Exchange in CHF.

Fund facts


Bloomberg ticker CSBGC3 SW


Number of holdings

Listing and Trading InformationExchange Listing Date Trading

CurrencyTrading Hours(Local Time)

Bloomberg Ticker Reuters RIC

SIX Swiss Exchange 03.07.2009 CHF 09:00 - 17:30 CSBGC3 SW CSBGC3.S


CS

ETF



325


Location ZurichFund domicile SwitzerlandFund currency CHFUcits III-Compliant NoClose of financial year 31. MayTotal net assets (in mil.) 599.75Inception date 18.11.2003Management fee in % p.a. 0.15Total expense ratio (ex ante) in % 0.19Reference Index

SBI Domestic Govt. 3-7Y (RI) (Mid) (01/05)Reference Index Bloomberg Ticker SBGM3TUnit Class Category A

(distribution)

ISIN CH0016999846

Valor no. 1699984


Fund 5




2007 2008 2009 2010 2011 201295

100

105

110

115

120

125

-5%

0%

5%

10%

15%

20%

25%

1.1

8.1

3.42.1

5.4

-0.2

1.2

8.4

3.72.4

5.7

-0.2



SBI Domestic Govt. 3-7Y (RI) (Mid) (01/05)Yearly or year-to-date performance respectively(Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund -0.30 -0.20 -0.20 6.23 9.89 21.11Reference Index -0.29 -0.16 -0.16 6.48 10.75 22.52

Maturities in years

0%

10%

20%

30%

40%

50%

60%

0-1 1-2 2-3 3-4 4-5 5-7 7-10 -20 -30 >30





Credit Ratings in %

AAA 100.00


assetsSwiss Government 3.000 08.01.18 26.92Swiss Government 2.500 12.03.16 24.95Swiss Government 4.250 05.06.17 23.60Swiss Government 3.750 10.06.15 13.85Swiss Government 2.000 12.10.16 10.69Total 100.00

Investment policyThe Swiss Bond Index Domestic Government3-7 is a sub-index of the SWX Bond IndexSBI®. It comprises Swiss government bondswith a term to maturity of three to seven years.The index is calculated in CHF by SIX SwissExchange.

Fund facts




Number of holdings






326





SBI Domestic Govt. 7-15Y (RI) (Mid) (01/05)Reference Index Bloomberg Ticker SBGM7TUnit Class Category A

(distribution)

ISIN CH0016999861

Valor no. 1699986


Fund 5




2007 2008 2009 2010 2011 201290

100

110

120

130

140

-10%

0%

10%

20%

30%

40%

-3.9

12.4

4.5 5.610.1

-0.5-3.7

12.7

4.9 5.910.5

-0.4



SBI Domestic Govt. 7-15Y (RI) (Mid) (01/05)Yearly or year-to-date performance respectively(Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund -1.05 -0.47 -0.47 11.25 20.16 33.24Reference Index -1.04 -0.42 -0.42 11.56 21.32 35.18

Maturities in years

0%10%20%30%40%50%60%70%

0-1 1-2 2-3 3-4 4-5 5-7 7-10 -20 -30 >30





Credit Ratings in %

AAA 100.00


assetsSwiss Government 3.000 12.05.19 29.14Swiss Government 4.000 11.02.23 24.62Swiss Government 2.250 06.07.20 18.86Swiss Government 2.000 28.04.21 15.73Swiss Government 2.000 25.05.22 11.66Total 100.00

Investment policyThe Swiss Bond Index Domestic Government7-15 is a sub-index of the SWX Bond IndexSBI®. It comprises Swiss government bondswith a term to maturity of more than seven years.The index is calculated in CHF by SIX SwissExchange.

Fund facts




Number of holdings






CS

ETF



327


Location ZurichFund domicile SwitzerlandFund currency CHFUcits III-Compliant NoClose of financial year 31. MayTotal net assets (in mil.) 493.03Inception date 29.06.2007Management fee in % p.a. 0.35Total expense ratio (ex ante) in % 0.39Reference Index SLI Swiss Leader Index (RI)Reference Index Bloomberg Ticker SLICUnit Class Category A

(distribution)

ISIN CH0031768937

Valor no. 3176893

Income treatment distributionLast distribution 08.03.2012Distribution value 0.32EU taxation In scope - no tax

Fund 30


CS ETF (CH) on SLI®Class A


2007 2008 2009 2010 2011 201240

60

80

100

120

140

-60%

-40%

-20%

0%

20%

40%

-37.4

29.7

3.6

-11.7

9.8

-37.3

30.3

4.0

-11.3

9.9

CS ETF (CH) on SLI® Yearly or year-to-date performance respectively (Fund)SLI Swiss Leader Index (RI) Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund 2.50 9.78 9.78 -3.69 47.77 -Reference Index 2.56 9.90 9.90 -3.30 49.56 -

Sectors in %

Financials 26.90Health Care 24.46Industrials 17.53Consumer Goods 16.80Basic Materials 7.43Oil & Gas 4.41Telecommunications 2.15Technology 0.31Free Cash 0.00

Investment policyThe Swiss Leader Index (SLI)® comprises the30 largest, most liquid stocks on the Swissequity market. In contrast with acapitalization-weighted index, the indexweighting of individual stocks is limited in the SLI:The index weighting of the four stocks with thehighest stock market capitalization is limited to9%, and that of all other stocks to 4.5%. Theindex is calculated on a real-time basis in CHF.

Fund facts


Bloomberg ticker CSSLI SW


Number of holdings



Top 10 Holdings in %UBS 9.07Nestlé 8.95Novartis 8.91Roche 8.85Swiss Re 4.72CS Group 4.70Syngenta 4.68Zurich Fin. Services 4.68Richemont 4.46ABB 4.45Total 63.49




SIX Swiss Exchange 02.07.2007 CHF 09:00 - 17:30 CSSLI SW CSSLI.S


328




Location ZurichFund domicile SwitzerlandFund currency CHFUcits III-Compliant NoClose of financial year 31. MayTotal net assets (in mil.) 3'359.76Inception date 06.10.1999Management fee in % p.a. 0.35Total expense ratio (ex ante) in % 0.39Reference Index SMI (RI)Reference Index Bloomberg Ticker SMICUnit Class Category A

(distribution)

ISIN CH0008899764

Valor no. 889976


Fund 20


CS ETF (CH) on SMI®Class A


2007 2008 2009 2010 2011 20125060708090

100110120130

-50%-40%-30%-20%-10%

0%10%20%30%

-1.8

-33.0

21.6

0.8

-5.0

6.5

-1.4

-32.8

22.1

1.2

-4.6

6.7

CS ETF (CH) on SMI® Yearly or year-to-date performance respectively (Fund)SMI (RI) Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund 2.73 6.53 6.53 1.24 37.33 -20.45Reference Index 2.78 6.66 6.66 1.64 38.97 -18.92

Sectors in %

Health Care 33.85Consumer Goods 30.21Financials 18.14Industrials 9.56Basic Materials 4.80Oil & Gas 2.36Telecommunications 1.07Free Cash 0.00

Investment policyThe Swiss Market Index® is weighted inaccordance with the free-float value of Swissequities with a high market capitalization. Itcomprises the 20 largest, most liquid stocks onthe Swiss equity market, and represents around85% of the total market capitalization. The indexis calculated on a real-time basis in CHF.

Fund facts


Bloomberg ticker CSSMI SW


Number of holdings



Top 10 Holdings in %Nestlé 24.64Novartis 17.13Roche 14.51UBS 5.96ABB 5.64Zurich Fin. Services 4.70CS Group 3.89Richemont 3.88Syngenta 3.85Swiss Re 2.59Total 86.79




SIX Swiss Exchange 15.03.2001 CHF 09:00 - 17:30 CSSMI SW CSSMI.SDeutsche Boerse 04.04.2003 EUR 09:00 - 17:30 XMT GY XMT.DE


CS

ETF



329


Location ZurichFund domicile SwitzerlandFund currency CHFUcits III-Compliant NoClose of financial year 31. MayTotal net assets (in mil.) 1'022.33Inception date 08.12.2004Management fee in % p.a. 0.45Total expense ratio (ex ante) in % 0.49Reference Index SMI MID (RI)Reference Index Bloomberg Ticker SMIMCUnit Class Category A

(distribution)

ISIN CH0019852802

Valor no. 1985280


Fund 30


CS ETF (CH) on SMIM®Class A


2007 2008 2009 2010 2011 20125060708090

100110120130140

-50%-40%-30%-20%-10%

0%10%20%30%40%

1.4

-41.1

30.6

16.5

-20.4

8.61.6

-40.8

31.2

17.0

-19.9

8.7

CS ETF (CH) on SMIM® Yearly or year-to-date performance respectively (Fund)SMI MID (RI) Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund 1.05 8.59 8.59 -12.26 43.69 -26.30Reference Index 1.09 8.70 8.70 -11.74 45.79 -24.73

Sectors in %

Industrials 33.11Financials 27.23Consumer Goods 16.27Health Care 11.12Consumer Services 6.02Basic Materials 3.54Technology 2.70Oil & Gas 0.02Free Cash 0.00

Investment policyThe Swiss Market Index Mid (SMIM®) isweighted in accordance with the free-float valueof Swiss equities with an average marketcapitalization. It comprises the 30 largest, mostliquid stocks on the Swiss equity market that arenot listed on the SMI®. The index is calculatedon a real-time basis in CHF.

Fund facts


Bloomberg ticker CSSMIM SW


Number of holdings



Top 10 Holdings in %Geberit 8.51Kühne & Nagel 7.75Schindler Holding PC 5.97Sonova Holding AG 5.57Sika 4.75Aryzta 4.63Swiss Prime Site AG 4.61Swatch Group 4.39Lindt & Sprüngli AG 4.21Baloise 4.11Total 54.50




SIX Swiss Exchange 09.12.2004 CHF 09:00 - 17:30 CSSMIM SW CSSMIM.S


330




Location ZurichFund domicile IrelandFund currency USDUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 25.15Inception date 01.02.2011Management fee in % p.a. 0.57Total expense ratio (TER) in % 0.65Reference Index

CS Global Alternative Energy Index (NR)Reference Index Bloomberg Ticker CSAETRUSUnit Class Category B

(capital growth)

ISIN IE00B3YKW880

Valor no. 12057883

Income treatment AccumulationEU taxation In scope - no tax

Fund 30


CS ETF (IE) on CS Global Alternative EnergyClass B


2011 2012707580859095

100105110

-30%-25%-20%-15%-10%-5%0%5%

10%4.8 4.8

CS ETF (IE) on CS Global Alternative Energy Yearly or year-to-date performance respectively (Fund)CS Global Alternative Energy Index (NR) Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund -4.50 4.83 4.83 -27.03 - -Reference Index -4.49 4.85 4.85 -27.21 - -

Sectors in %

Natural gas 21.12Geothermal energy / hydropower / fuel cells / batteries 20.46Bioenergy / biofuels 20.15Solar energy 20.01Wind energy 18.24Cash/Cash Equivalents 0.00

Countries in %

USA 36.50South Korea 13.64Spain 9.86Singapore 7.42United Kingdom 6.88Russia 4.42Portugal 4.22Denmark 2.84Chile 2.80Others 11.43

Investment policyThe investment objective of the Fund is to deliverthe net total return performance of the ReferenceIndex (being the Credit Suisse Global AlternativeEnergy Total Return), less the fees and expensesof the Fund. The Reference Index is a globalequity index denominated in USD and offersexposure to companies active in the alternativeenergy sector.

Fund facts

Yes


Bloomberg ticker CSAE SW


Number of holdings



Top 10 Holdings in %Applied Materials 9.79LG Chemicals 8.59Iberdrola 8.15WILMAR Intern. 7.44BG 6.90Archer-Daniels Midl. 6.31NEXTERA Energy 6.12EDP-Energias de Protugal 4.23Anadarko Petroleum 3.44Apache Corp 3.39Total 64.35




SIX Swiss Exchange 10.02.2011 USD 09:00 - 17:30 CSAE SW CSAE.SDeutsche Boerse 15.02.2011 EUR 09:00 - 17:30 CEBP GY CEBP.DEBorsa Italiana 22.02.2011 EUR 09:00 - 17:25 CSAE IM CSAE.MILondon Stock Exchange 24.02.2011 USD,

GBx08:00 - 16:30 CSAE LN,

CAE1 LNCSAE.L,CAE1.L

Euronext 10.03.2011 EUR CSAE FP CSAE.PA


CS

ETF



331


Fund domicile IrelandFund currency USDUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 88.97Inception date 20.08.2010Management fee in % p.a. 0.32Total expense ratio (TER) in % 0.50Swap spread 1.22Reference Index

CSI 300, customised by conversion into USD andre-investment of net dividends

ISIN IE00B5VG7J94

Valor no. 11476342


No. of Reference Index Constituents 300


CS ETF (IE) on CSI 300SWAP-BASED


2010 2011 201270

80

90

100

110

120

-30%

-20%

-10%

0%

10%

20%

-21.3

4.1

-20.7

4.6

CS ETF (IE) on CSI 300Yearly or year-to-date performance respectively(Fund)

CSI 300, customised by conversion into USD andre-investment of net dividends

Yearly or year-to-date performance respectively(Reference Index)



Sector Weightings of the Reference Index (%)

Financials 36.06Industrials 15.83Materials 13.48Energy 8.43Consumer Discretionary 8.23Consumer Staples 7.85Health Care 4.29Utilities 2.53Information Technology 2.39Telecommunication Services 0.93

Country Weightings of theReference Index (%)

China 100.00

Reference Index DescriptionThe investment objective of the Fund is to deliverthe performance of the Reference Index (beingthe CSI 300), less the fees and expenses ofthe Fund. The Reference Index is a freefloat-adjusted market capitalisation-weightedindex intended to reflect the performance of"A-Shares" (which are securities issued bycompanies incorporated in the People's Republicof China excluding Hong Kong (the "PRC"), thatare traded on the Shanghai and Shenzhen stockexchanges and quoted in Chinese Yuan ("CNY"),by targeting, broadly, the 300 stocks with thelargest market capitalisation and greatest liquiditywithin all A-Shares traded on these exchanges.

Fund facts

Yes

Bloomberg ticker CSCSI3 SW

Net asset value (NAV) per share 91.24

Reference Index Facts



Top 10 Reference IndexConstituentsChina Merchants Bank 3.10China Minsheng Banking 2.99Ping an Insurance 2.59Bank of Communications Co. Ltd. 2.27Industrial Bank Co. Ltd. 2.12Shanghai Pudong Dev.Bank Co. Ltd. 2.11China Shenhua Energy 1.78Kweichow Moutai Co. Ltd. 1.73China Vanke 1.69Citic Securities 1.68Total 22.06




SIX Swiss Exchange 26.08.2010 USD 09:00 - 17:30 CSCSI3 SW CSCSI3.SDeutsche Boerse 09.09.2010 EUR 09:00 - 17:30 CEBH GY CEBH.DEBorsa Italiana 15.09.2010 EUR 09:00 - 17:25 CSCSI3 IM CSCSI3.MILondon Stock Exchange 15.09.2010 USD,

GBx08:00 - 16:30 CCSI LN,

CCS1 LNCCSI.L,CCS1.L

Euronext 18.01.2011 EUR CCSI FP -


332




Location ZurichFund domicile IrelandFund currency USDUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 96.29Inception date 26.01.2010Management fee in % p.a. 0.22Total expense ratio (TER) in % 0.33Reference Index DJ Industrials (NR)Reference Index Bloomberg Ticker DJINRUnit Class Category B

(capital growth)

ISIN IE00B53L4350

Valor no. 10737611


Fund 30


CS ETF (IE) on Dow Jones Industrial AverageSMClass B


2010 2011 201295

100105110115120125130135140

-5%0%5%

10%15%20%25%30%35%40%

7.6 8.67.5 8.6

CS ETF (IE) on Dow Jones IndustrialAverageSM


DJ Industrials (NR)Yearly or year-to-date performance respectively(Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund 2.10 8.63 8.63 9.35 - -Reference Index 2.11 8.63 8.63 9.29 - -

Sectors in %

Industrials 21.35Technology 17.97Consumer Services 14.50Oil & Gas 11.10Consumer Goods 10.26Financials 9.88Health Care 7.27Telecommunications 3.98Basic Materials 3.60Free Cash 0.09

Investment policyThe investment objective of the Fund is to deliverthe net total return performance of the ReferenceIndex (being the Dow Jones IndustrialAverageSM), less the fees and expenses of theFund. The Reference Index is an equity indexof securities comprising large and well-knowncompanies incorporated in the US. The indexcovers all industries but transportation andutilities, and the components are selected at thediscretion of the Wall Street Journal editors. TheReference Index is price-weighted andrepresents US companies that are available toinvestors world wide and provides arepresentation of 15 sectors with 30 constituentsas of 03 September 2009.

Fund facts

Yes


Bloomberg ticker CSINDU SW


Number of holdings



Top 10 Holdings in %IBM 11.95Chevron Corp. 6.14Caterpillar Intl. Finance 6.10McDonald's 5.623M 5.11Exxon Mobil Corp. 4.97United Technologies 4.75Boeing 4.26Coca-Cola 4.24Procter & Gamble 3.85Total 56.99




SIX Swiss Exchange 27.01.2010 USD 09:00 - 17:30 CSINDU SW CSINDU.SDeutsche Boerse 10.03.2010 EUR 09:00 - 17:30 SXRU GY SXRU.DEBorsa Italiana 10.03.2010 EUR 09:00 - 17:25 CSINDU IM CSINDU.MILondon Stock Exchange 15.09.2010 USD,

GBx08:00 - 16:30 CIND LN,

CID1 LNCIND.L,CID1.L

Euronext 18.01.2011 EUR CIND FP CIND.PA


CS

ETF



333


Location ZurichFund domicile IrelandFund currency EURUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 41.24Inception date 24.01.2011Management fee in % p.a. 0.04Total expense ratio (TER) in % 0.14Swap spread 0.00Reference Index CS EONIA Index (RI)Reference Index Bloomberg Ticker CSMMEUTRISIN IE00B42SXC22

Valor no. 12057885



CS ETF (IE) on EONIASWAP-BASED


2011 2012100

101

0%

1%

0.1 0.1

CS ETF (IE) on EONIA Yearly or year-to-date performance respectively (Fund)CS EONIA Index (RI) Yearly or year-to-date performance respectively (Benchmark)



Replication MethodThe fund seeks to achieve its investment objective by investing into swaps. Investors should notethat while the use of swaps is an efficient way for the fund to achieve its investment objective, theuse of these derivatives also involves risks for investors, including the risk that the swap counterpartydefaults. However investors should note that this counterparty exposure will be managed in accordancewith the UCITS III investment restrictions. The swaps will be reset each business day, and the swapcounterparty is expected to be Credit Suisse Securities (Europe) Limited. Swaps are expected tobe backed by high-quality, liquid blue chip European equities (“Substitute Basket”) with full detailspublished daily on the CS ETF website: www.csetf.com. In the unlikely event of a default of the swapcounterparty, investors will only be exposed to the assets in the Substitute Basket.Further risks relating to the Funds are set out in the Fund Profile and under the heading “Risk Factors”in the Funds’ prospectus, available from www.csetf.com.



Reference Index DescriptionThe investment objective of the Fund is to deliverthe net total return performance of the ReferenceIndex (being the Credit Suisse EONIA TotalReturn), less the fees and expenses of the Fund.The Reference Index is a money market indexdenominated in EUR.

Fund facts

Yes

Bloomberg ticker CSEO SW





SIX Swiss Exchange 10.02.2011 EUR 09:00 - 17:30 CSEO SW CSEO.SDeutsche Boerse 15.02.2011 EUR 09:00 - 17:30 CEBR GY CEBR.DEBorsa Italiana 22.02.2011 EUR 09:00 - 17:25 CSEO IM CSEO.MILondon Stock Exchange 24.02.2011 EUR,

GBx08:00 - 16:30 CSEO LN,

CEO1 LNCSEO.L,CEO1.L

Euronext 10.03.2011 EUR CSEO FP CSEO.PA


334




Location ZurichFund domicile IrelandFund currency EURUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 155.84Inception date 26.01.2010Management fee in % p.a. 0.06Total expense ratio (TER) in % 0.20Reference Index EURO STOXX 50 (NR)Reference Index Bloomberg Ticker SX5TUnit Class Category B

(capital growth)

ISIN IE00B53L3W79

Valor no. 10737573


Fund 50


CS ETF (IE) on EURO STOXX 50®Class B


2010 2011 201280

85

90

95

100

105

110

115

-20%

-15%

-10%

-5%

0%

5%

10%

15%

-14.0

7.3

-14.1

7.4

CS ETF (IE) on EURO STOXX 50® Yearly or year-to-date performance respectively (Fund)EURO STOXX 50 (NR) Yearly or year-to-date performance respectively (Benchmark)



Sectors in %

Financials 24.35Consumer Goods 18.31Oil & Gas 10.11Basic Materials 10.10Industrials 9.60Utilities 7.80Telecommunications 7.38Health Care 4.97Technology 4.42Others 2.98

Countries in %

France 35.57Germany 33.41Spain 12.20Italy 8.74Netherlands 5.40Belgium 2.82Finland 1.06Ireland 0.77Others 0.03

Investment policyThe investment objective of the Fund is to deliverthe net total return performance of the ReferenceIndex (being the EURO STOXX 50®), less thefees and expenses of the Fund. The ReferenceIndex is an equity index of securities with a largemarket capitalisation generally incorporated inthe Eurozone. Securities listed on Europeanexchanges are eligible for inclusion.

Fund facts

Yes


Bloomberg ticker CSSX5E SW


Number of holdings



Top 10 Holdings in %Total 5.89Sanofi-Aventis 4.97Siemens 4.52BASF 4.18Banco Santander 3.63Telefonica 3.40SAP 3.36ENI 3.24Bayer 3.03Anheuser 2.82Total 39.03




SIX Swiss Exchange 27.01.2010 EUR 09:00 - 17:30 CSSX5E SW CSSX5E.SDeutsche Boerse 10.03.2010 EUR 09:00 - 17:30 SXRT GY SXRT.DEBorsa Italiana 10.03.2010 EUR 09:00 - 17:25 CSSX5E IM CSSX5E.MILondon Stock Exchange 15.09.2010 EUR,

GBx08:00 - 16:30 CSX5 LN,

CS51 LNCSX5.L,CS51.L

Euronext 18.01.2011 EUR CSX5 FP CSX5.PA


CS

ETF



335


Location ZurichFund domicile IrelandFund currency USDUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 5.60Inception date 31.01.2011Management fee in % p.a. 0.04Total expense ratio (TER) in % 0.14Swap spread 0.22Reference Index CS Fed Funds Index (RI)Reference Index Bloomberg Ticker CSMMUSTRISIN IE00B3XDJG53

Valor no. 12057884



CS ETF (IE) on Fed Funds Effective RateSWAP-BASED


2011 201299

100

101

-1%

0%

1%

-0.1

0.0

CS ETF (IE) on Fed Funds Effective Rate Yearly or year-to-date performance respectively (Fund)CS Fed Funds Index (RI) Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund -0.02 -0.06 -0.06 -0.14 - -Reference Index 0.01 0.03 0.03 0.09 - -

Replication MethodThe fund seeks to achieve its investment objective by investing into swaps. Investors should notethat while the use of swaps is an efficient way for the fund to achieve its investment objective, theuse of these derivatives also involves risks for investors, including the risk that the swap counterpartydefaults. However investors should note that this counterparty exposure will be managed in accordancewith the UCITS III investment restrictions. The swaps will be reset each business day, and the swapcounterparty is expected to be Credit Suisse Securities (Europe) Limited. Swaps are expected tobe backed by high-quality, liquid blue chip European equities (“Substitute Basket”) with full detailspublished daily on the CS ETF website: www.csetf.com. In the unlikely event of a default of the swapcounterparty, investors will only be exposed to the assets in the Substitute Basket.Further risks relating to the Funds are set out in the Fund Profile and under the heading “Risk Factors”in the Funds’ prospectus, available from www.csetf.com.



Reference Index DescriptionThe investment objective of the Fund is to deliverthe net total return performance of the ReferenceIndex (being the Credit Suisse Fed FundsEffective Rate Total Return), less the fees andexpenses of the Fund. The Reference Index is amoney market index denominated in USD.

Fund facts

Yes

Bloomberg ticker CSFF SW





SIX Swiss Exchange 10.02.2011 USD 09:00 - 17:30 CSFF SW CSFF.SDeutsche Boerse 15.02.2011 EUR 09:00 - 17:30 CEBQ GY CEBQ.DEBorsa Italiana 22.02.2011 EUR 09:00 - 17:25 CSFF IM CSFF.MILondon Stock Exchange 24.02.2011 USD,

GBx08:00 - 16:30 CSFF LN,

CFF1 LNCSFF.L,CFF1.L

Euronext 10.03.2011 EUR CSFF FP CSFF.PA


336




Location ZurichFund domicile IrelandFund currency GBPUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 59.74Inception date 26.01.2010Management fee in % p.a. 0.22Total expense ratio (TER) in % 0.33Reference Index FTSE 100 (RI)Reference Index Bloomberg Ticker TUKXGUnit Class Category B

(capital growth)

ISIN IE00B53HP851

Valor no. 10737489


Fund 102


CS ETF (IE) on FTSE 100Class B


2010 2011 201295

100

105

110

115

120

125

-5%

0%

5%

10%

15%

20%

25%

-2.5

4.5

-2.2

4.6

CS ETF (IE) on FTSE 100 Yearly or year-to-date performance respectively (Fund)FTSE 100 (RI) Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund -1.36 4.51 4.51 0.83 - -Reference Index -1.32 4.64 4.64 1.24 - -

Sectors in %

Oil & Gas 19.82Financials 18.16Consumer Goods 15.05Basic Materials 12.03Consumer Services 8.33Health Care 8.25Telecommunications 6.91Industrials 6.20Utilities 4.33Others 0.93

Investment policyThe investment objective of the Fund is to deliverthe net total return performance of the ReferenceIndex (being the FTSE 100), less the fees andexpenses of the Fund. The Reference Index isan equity index of securities with a large marketcapitalisation generally incorporated in UK.Securities listed on the London Stock Exchangeare eligible for inclusion.

Fund facts

Yes


Bloomberg ticker CSUKX SW


Number of holdingsFund statistics

1 year 3 yearsAnnualized volatility in % 13.59 -Tracking Error (Ex post) 0.05 -Beta 1.00 -

Top 10 Holdings in %HSBC Holdings 6.61BP 5.83Vodafone 5.75Royal Dutch Shell 'A' 5.32GlaxoSmithKline 4.75British Am. Tobacco 4.15Royal Dutch Shell 'B' 3.96BG 3.27Rio Tinto 3.27BHP Billiton 2.70Total 45.61




SIX Swiss Exchange 27.01.2010 GBP 09:00 - 17:30 CSUKX SW CSUKX.SDeutsche Boerse 10.03.2010 EUR 09:00 - 17:30 SXRW GY SXRW.DEBorsa Italiana 10.03.2010 EUR 09:00 - 17:25 CSUKX IM CSUKX.MILondon Stock Exchange 15.09.2010 GBx 08:00 - 16:30 CUKX LN CUKX.LEuronext 18.01.2011 EUR CUKX FP CUKX.PA


CS

ETF



337


Location ZurichFund domicile IrelandFund currency EURUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 24.76Inception date 26.01.2010Management fee in % p.a. 0.20Total expense ratio (TER) in % 0.33Reference Index FTSE MIB (RI)Reference Index Bloomberg Ticker TFTMIBEUnit Class Category B

(capital growth)

ISIN IE00B53L4X51

Valor no. 10737596


Fund 40


CS ETF (IE) on FTSE MIBClass B


2010 2011 2012707580859095

100105110

-30%-25%-20%-15%-10%-5%0%5%

10%

-22.6

5.4

-22.0

5.9

CS ETF (IE) on FTSE MIB Yearly or year-to-date performance respectively (Fund)FTSE MIB (RI) Yearly or year-to-date performance respectively (Benchmark)



Sectors in %

Financials 33.38Oil & Gas 20.56Utilities 16.94Industrials 8.67Consumer Goods 7.30Telecommunications 5.21Basic Materials 3.77Technology 2.20Consumer Services 1.57Others 0.41

Investment policyThe investment objective of the Fund is to deliverthe net total return performance of the ReferenceIndex (being the FTSE MIB), less the fees andexpenses of the Fund. The Reference Index is anequity index of securities comprising the 40 mostliquid and largest capitalised stocks listed on theBorsa Italiana selected by the FTSE Italia JointExecutive Group.

Fund facts

Yes


Bloomberg ticker CSMIB SW




Top 10 Holdings in %ENI 15.15Enel 9.90Unicredit Spa 9.44Assicurazioni Gen. 8.11Intesa Sanpaolo 7.69Saipem Spa 5.44Telecom Italia 5.22Tenaris 3.77FIAT Ind. 3.26Snam Rete Gas 3.24Total 71.23




SIX Swiss Exchange 27.01.2010 EUR 09:00 - 17:30 CSMIB SW CSMIB.SDeutsche Boerse 10.03.2010 EUR 09:00 - 17:30 SXRY GY SXRY.DEBorsa Italiana 10.03.2010 EUR 09:00 - 17:25 CSMIB IM CSMIB.MILondon Stock Exchange 15.09.2010 EUR,

GBx08:00 - 16:30 CMIB LN,

CMB1 LNCMIB.L,CMB1.L

Euronext 18.01.2011 EUR CMIB FP CMIB.PA


338



Fund 37


Location ZurichFund domicile IrelandFund currency EURUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 170.56Inception date 02.06.2009Management fee in % p.a. 0.12Total expense ratio (TER) in % 0.23Reference Index

Markit iBoxx EUR Sov. 1-3Y (RI) (Mid) (06/10)Reference Index Bloomberg Ticker IBOXXMJNUnit Class Category B

(capital growth)

ISIN IE00B3VTMJ91

Valor no. 10200506

Income treatment AccumulationEU taxation In scope - tax


CS ETF (IE) on iBoxx EUR Govt 1-3Class B


2009 2010 2011 2012100

101

102

103

104

105

106

107

0%

1%

2%

3%

4%

5%

6%

7%

0.1

2.21.7

0.9

2.5

1.7

CS ETF (IE) on iBoxx EUR Govt 1-3 Yearly or year-to-date performance respectively (Fund)Markit iBoxx EUR Sov. 1-3Y (RI) (Mid) (06/10)




Maturities in years

0%

10%

20%

30%

40%

50%

60%

0-1 1-2 2-3 3-4 4-5 5-7 7-10 -20 -30 >30


Number of holdings




Credit Ratings in %

AAA 32.92AA+ 24.83AA 5.51A 11.85A- 1.05BBB+ 23.85


assetsGermany 4.250 04.01.14 5.15Netherlands Gov. 1.000 15.01.14 4.82Germany 4.250 04.07.14 4.52Kingdom of Spain 4.750 30.07.14 4.50Germany 3.750 04.07.13 4.43Germany 3.750 04.01.15 4.39France OAT 4.000 25.04.13 4.28France 3.000 12.07.14 4.18Italy 4.250 01.08.14 4.16France 4.000 25.10.14 3.93Total 44.34

Investment policyThe investment objective of the Fund is toreplicate the performance of the Reference Index(being the Markit iBoxx EUR Sovereigns 1-3Index (less fees and expenses)). The ReferenceIndex is a bond index including sovereign bondsissued by governments in the Eurozone with aremaining maturity of between one and threeyears.

Fund facts

Yes


Bloomberg ticker CSBGE3 SW


Countries in %Germany 25.37Italy 23.22France 21.25Spain 11.84Netherlands 6.23Belgium 5.51Austria 3.57Ireland 1.68Finland 1.33




SIX Swiss Exchange 03.07.2009 EUR 09:00 - 17:30 CSBGE3 SW CSBGE3.SDeutsche Boerse 25.11.2009 EUR 09:00 - 17:30 SXRN GY SXRN.DEBorsa Italiana 16.10.2009 EUR 09:00 - 17:25 CSBGE3 IM CSBGE3.MILondon Stock Exchange 15.09.2010 EUR,

GBx08:00 - 16:30 CBE3 LN,

CE31 LNCBE3.L,CE31.L

Euronext 18.01.2011 EUR CBE3 FP CBE3.PA


CS

ETF



339

Fund 36



Markit iBoxx EUR Sov. 3-7Y (RI) (Mid) (06/10)Reference Index Bloomberg Ticker IBOXXMJPUnit Class Category B

(capital growth)

ISIN IE00B3VTML14

Valor no. 10200620





2009 2010 2011 2012100

102

104

106

108

110

112

0%

2%

4%

6%

8%

10%

12%

0.9

3.1 3.2

1.5

3.3 3.3





Maturities in years

0%5%

10%15%20%25%30%35%40%

0-1 1-2 2-3 3-4 4-5 5-7 7-10 -20 -30 >30


Number of holdings




Credit Ratings in %

AAA 31.28AA+ 29.59AA 7.29A 9.36BBB+ 22.48


assetsFrance 3.000 25.10.15 6.06Italy 3.750 01.08.15 5.75Germany 3.250 04.07.15 4.99Germany 4.000 04.01.18 4.38France GOVT 5.000 25.10.16 4.29France GOVT 3.250 25.04.16 4.19Germany 4.000 04.07.16 4.13Germany 4.250 04.07.17 4.11Spain 3.150 31.01.16 3.86Italy 3.750 01.08.16 3.78Total 45.54

Investment policyThe investment objective of the Fund is toreplicate the performance of the Reference Index(being the Markit iBoxx EUR Sovereigns 3-7Index (less fees and expenses)). The ReferenceIndex is a bond index including sovereign bondsissued by governments in the Eurozone with aremaining maturity of between three and sevenyears.

Fund facts

Yes




Countries in %France 25.24Germany 23.32Italy 20.92Spain 9.36Belgium 7.29Netherlands 6.11Austria 4.35Finland 1.85Ireland 1.56




SIX Swiss Exchange 03.07.2009 EUR 09:00 - 17:30 CSBGE7 SW CSBGE7.SDeutsche Boerse 25.11.2009 EUR 09:00 - 17:30 SXRP GY SXRP.DEBorsa Italiana 16.10.2009 EUR 09:00 - 17:25 CSBGE7 IM CSBGE7.MILondon Stock Exchange 15.09.2010 EUR,

GBx08:00 - 16:30 CBE7 LN,




340



Fund 38



Markit iBoxx EUR Sov. 7-10Y (RI) (Mid) (06/10)Reference Index Bloomberg Ticker IBOXXMJOUnit Class Category B

(capital growth)

ISIN IE00B3VTN290

Valor no. 10200633





2009 2010 2011 201298

100102104106108110112114

-2%0%2%4%6%8%

10%12%14%

-0.3

3.84.9

0.0

4.24.9





Maturities in years

0%10%20%30%40%50%60%70%80%90%

100%

0-1 1-2 2-3 3-4 4-5 5-7 7-10 -20 -30 >30


Number of holdings




Credit Ratings in %

AAA 28.46AA+ 28.53AA 5.26A 12.10BBB+ 25.65


assetsFrance 3.500 25.04.20 5.27Germany 3.250 04.07.21 4.86Belgium 3.750 28.09.20 4.62Germany 3.250 04.01.20 4.35Italy 3.750 01.08.21 4.19France OAT 2.500 25.10.20 4.14France OAT 4.250 25.04.19 3.76Kingdom of Spain 5.500 30.04.21 3.47Italy 3.750 01.03.21 3.46Germany 2.500 04.01.21 3.36Total 41.47

Investment policyThe investment objective of the Fund is toreplicate the performance of the Reference Index(being the Markit iBoxx EUR Sovereigns 7-10Index (less fees and expenses)). The ReferenceIndex is a bond index including sovereign bondsissued by governments in the Eurozone with aremaining maturity of between seven and tenyears.

Fund facts

Yes




Countries in %France 23.56Italy 21.88Germany 20.04Spain 12.10Netherlands 5.94Belgium 5.26Austria 4.97Ireland 3.77Finland 2.48




SIX Swiss Exchange 03.07.2009 EUR 09:00 - 17:30 CSBGE0 SW CSBGE0.SDeutsche Boerse 25.11.2009 EUR 09:00 - 17:30 SXRQ GY SXRQ.DEBorsa Italiana 16.10.2009 EUR 09:00 - 17:25 CSBGE0 IM CSBGE0.MILondon Stock Exchange 15.09.2010 EUR,

GBx08:00 - 16:30 CBE0 LN,




CS

ETF



341

Fund 25



Markit iBoxx Sov. Euro IL Nom. (RI) (Mid) (09/10)Reference Index Bloomberg Ticker IBOXPHA4Unit Class Category B

(capital growth)

ISIN IE00B3VTQ640

Valor no. 10200715



CS ETF (IE) on iBoxx EUR Inflation LinkedClass B


2009 2010 2011 201296

98

100

102

104

106

108

110

-4%

-2%

0%

2%

4%

6%

8%

10%

-0.2-1.2

5.9

-1.1 -0.7

6.0

CS ETF (IE) on iBoxx EUR Inflation Linked Yearly or year-to-date performance respectively (Fund)Markit iBoxx Sov. Euro IL Nom. (RI) (Mid) (09/10)




Maturities in years

0%

5%

10%

15%

20%

25%

0-1 1-2 2-3 3-4 4-5 5-7 7-10 -20 -30 >30


Number of holdings




Credit Ratings in %

AAA 17.14AA+ 52.52BBB+ 30.34


assetsFrance GOVT 2.250 25.07.20 8.43France OAT 1.000 25.07.17 7.58France OAT 2.500 25.07.13 6.26Germany 1.500 15.04.16 6.14Germany 1.750 15.04.20 5.85Italy 2.150 15.09.14 5.53France OAT 1.600 25.07.15 5.51France OAT 3.150 25.07.32 4.52Buoni Poliennali 2.350 15.09.19 4.37Buoni Poliennali 2.600 15.09.23 4.34Total 58.52

Investment policyThe investment objective of the Fund is toreplicate the performance of the Reference Index(being the Markit iBoxx Euro SovereignsInflation-Linked Index (less fees and expenses)).The Reference Index reflects the performanceof the sovereign inflation-linked bond markets inthe Eurozone with a minimum outstanding paramount of 2bn Euros. Countries must have aninvestment grade domestic sovereign debt ratingin order to be included in the Reference Index.

Fund facts

Yes


Bloomberg ticker CSBILE SW


Countries in %France 52.52Italy 30.34Germany 17.14




SIX Swiss Exchange 03.07.2009 EUR 09:00 - 17:30 CSBILE SW CSBILE.SDeutsche Boerse 25.11.2009 EUR 09:00 - 17:30 SXRS GY SXRS.DEBorsa Italiana 16.10.2009 EUR 09:00 - 17:25 CSBILE IM CSBILE.MILondon Stock Exchange 15.09.2010 EUR,

GBx08:00 - 16:30 CBIE LN,

CIE1 LNCBIE.L,CIE1.L

Euronext 18.01.2011 EUR CBIE FP CBIE.PA


342



Fund 30



Markit iBoxx USD Treas. 1-3Y (RI) (Mid) (09/10)Reference Index Bloomberg Ticker IBOXPHA6Unit Class Category B

(capital growth)

ISIN IE00B3VWN179

Valor no. 10200789



CS ETF (IE) on iBoxx USD Govt 1-3Class B


2009 2010 2011 201299

100

101

102

103

104

105

-1%

0%

1%

2%

3%

4%

5%

2.1

1.3

-0.1

2.2

1.6

-0.1

CS ETF (IE) on iBoxx USD Govt 1-3 Yearly or year-to-date performance respectively (Fund)Markit iBoxx USD Treas. 1-3Y (RI) (Mid) (09/10)




Maturities in years

0%

10%

20%

30%

40%

50%

60%

0-1 1-2 2-3 3-4 4-5 5-7 7-10 -20 -30 >30


Number of holdings




Credit Ratings in %

AA+ 100.00


%Maturity as % of

assetsUS Treasury 2.375 30.09.14 7.10US Treasury 2.375 31.08.14 5.74US Treasury 1.000 15.07.13 4.70US Treasury 2.375 28.02.15 4.45US Treasury 2.625 31.07.14 4.18US Treasury 2.625 31.12.14 4.08T-NTS United Statesof Am.

1.375 15.05.13 4.01

US Treasury 1.875 30.04.14 3.87US Treasury 0.250 15.12.14 3.81T-NTS United Statesof Am.

1.000 15.01.14 3.81

Total 45.74

Investment policyThe investment objective of the Fund is toreplicate the performance of the Reference Index(being the Markit iBoxx US Treasuries 1-3 Index(less fees and expenses)). The Reference Indexis a bond index including US government bondswith a remaining maturity between one and threeyears.

Fund facts

Yes


Bloomberg ticker CSBGU3 SW





SIX Swiss Exchange 03.07.2009 USD 09:00 - 17:30 CSBGU3 SW CSBGU3.SDeutsche Boerse 25.11.2009 USD 09:00 - 17:30 SXRK GY SXRK.DEBorsa Italiana 16.10.2009 EUR 09:00 - 17:25 CSBGU3 IM CSBGU3.MILondon Stock Exchange 15.09.2010 USD,

GBx08:00 - 16:30 CBU3 LN,

CU31 LNCBU3.L,CU31.L

Euronext 18.01.2011 EUR CBU3 FP CBU3.PA


CS

ETF



343

Fund 30




(capital growth)

ISIN IE00B3VWN393

Valor no. 10200795





2009 2010 2011 201295

100

105

110

115

120

-5%

0%

5%

10%

15%

20%

6.18.0

-0.6

6.58.4

-0.5





Maturities in years

0%5%

10%15%20%25%30%35%40%45%50%

0-1 1-2 2-3 3-4 4-5 5-7 7-10 -20 -30 >30


Number of holdings




Credit Ratings in %

AA+ 100.00



Investment policyThe investment objective of the Fund is toreplicate the performance of the Reference Index(being the Markit iBoxx US Treasuries 3-7 Index(less fees and expenses)). The Reference Indexis a bond index including US government bondswith a remaining maturity between three andseven years.

Fund facts

Yes







SIX Swiss Exchange 03.07.2009 USD 09:00 - 17:30 CSBGU7 SW CSBGU7.SDeutsche Boerse 25.11.2009 USD 09:00 - 17:30 SXRL GY SXRL.DEBorsa Italiana 16.10.2009 EUR 09:00 - 17:25 CSBGU7 IM CSBGU7.MILondon Stock Exchange 15.09.2010 USD,

GBx08:00 - 16:30 CBU7 LN,




344



Fund 15




(capital growth)

ISIN IE00B3VWN518

Valor no. 10200800





2009 2010 2011 20129095

100105110115120125130

-10%-5%0%5%

10%15%20%25%30%

9.2

14.8

-1.6

8.8

15.3

-1.5





Maturities in years

0%10%20%30%40%50%60%70%80%90%

100%110%

0-1 1-2 2-3 3-4 4-5 5-7 7-10 -20 -30 >30


Number of holdings




Credit Ratings in %

AA+ 100.00


%Maturity as % of

assetsUS Treasury 3.625 15.02.20 8.93US Treasury 3.375 15.11.19 8.40United States ofAmerica

3.125 15.05.21 8.31

US Treasury 3.500 15.05.20 7.91US Treasury 3.125 15.05.19 7.89US Treasury 2.125 15.08.21 7.88US Treasury 3.625 15.08.19 7.71US Treasury 2.625 15.11.20 7.58US Treasury 2.625 15.08.20 7.36US Treasury 3.625 15.02.21 6.68Total 78.64

Investment policyThe investment objective of the Fund is toreplicate the performance of the Reference Index(being the Markit iBoxx US Treasuries 7-10Index (less fees and expenses)). The ReferenceIndex is a bond index including US governmentbonds with a remaining maturity between sevenand ten years.

Fund facts

Yes







SIX Swiss Exchange 03.07.2009 USD 09:00 - 17:30 CSBGU0 SW CSBGU0.SDeutsche Boerse 25.11.2009 USD 09:00 - 17:30 SXRM GY SXRM.DEBorsa Italiana 16.10.2009 EUR 09:00 - 17:25 CSBGU0 IM CSBGU0.MILondon Stock Exchange 15.09.2010 USD,

GBx08:00 - 16:30 CBU0 LN,




CS

ETF



345

Fund 33



Markit iBoxx TIPS IL Nom. (RI) (Mid) (09/10)Reference Index Bloomberg Ticker IBOXPHA5Unit Class Category B

(capital growth)

ISIN IE00B3VTPS97

Valor no. 10200702



CS ETF (IE) on iBoxx USD Inflation LinkedClass B


2009 2010 2011 2012100

105

110

115

120

125

130

135

0%

5%

10%

15%

20%

25%

30%

35%

6.1

13.5

0.7

6.3

14.3

0.7

CS ETF (IE) on iBoxx USD Inflation Linked Yearly or year-to-date performance respectively (Fund)Markit iBoxx TIPS IL Nom. (RI) (Mid) (09/10)




Maturities in years

0%

5%

10%

15%

20%

25%

30%

0-1 1-2 2-3 3-4 4-5 5-7 7-10 -20 -30 >30


Number of holdings




Credit Ratings in %

AA+ 100.00



Investment policyThe investment objective of the Fund is toreplicate the performance of the Reference Index(being the Markit iBoxx Tips Inflation-LinkedIndex (less fees and expenses)). The ReferenceIndex reflects the performance of the sovereigninflation-linked bond market in the United Stateswith a minimum outstanding par amount of 2bnUS Dollars.

Fund facts

Yes


Bloomberg ticker CSBILU SW





SIX Swiss Exchange 03.07.2009 USD 09:00 - 17:30 CSBILU SW CSBILU.SDeutsche Boerse 25.11.2009 USD 09:00 - 17:30 SXRR GY SXRR.DEBorsa Italiana 16.10.2009 EUR 09:00 - 17:25 CSBILU IM CSBILU.MILondon Stock Exchange 15.09.2010 USD,

GBx08:00 - 16:30 CBIU LN,

CIU1 LNCBIU.L,CIU1.L

Euronext 18.01.2011 EUR CBIU FP CBIU.PA


346




Location ZurichFund domicile IrelandFund currency USDUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 44.97Inception date 24.08.2010Management fee in % p.a. 0.34Total expense ratio (TER) in % 0.50Reference Index MSCI Australia (NR)Reference Index Bloomberg Ticker NDDUASUnit Class Category B

(capital growth)

ISIN IE00B5V70487

Valor no. 11476347


Fund 67


CS ETF (IE) on MSCI AustraliaClass B


2010 2011 201280

90

100

110

120

130

140

-20%

-10%

0%

10%

20%

30%

40%

-11.4

8.7

-11.0

8.9

CS ETF (IE) on MSCI Australia Yearly or year-to-date performance respectively (Fund)MSCI Australia (NR) Yearly or year-to-date performance respectively (Benchmark)



Sectors in %

Financials 45.11Materials 25.59Consumer Staples 8.49Energy 6.80Industrials 5.16Health Care 3.46Consumer Discretionary 1.72Telecommunication Services 1.70Liquid Assets 0.18Others 1.79

Countries in %

Australia 99.81USA 0.01Others 0.18

Investment policyThe investment objective of the Fund is to deliverthe performance of the Reference Index (beingthe MSCI Australia Index Net USD), less thefees and expenses of the Fund. The ReferenceIndex is a free float-adjusted marketcapitalisation-weighted index intended to reflectthe performance of the Australian equity marketby targeting all companies with a marketcapitalization broadly within the top 85% of theAustralian investable equity universe, subject to aglobal minimum size requirement.

Fund facts

Yes


Bloomberg ticker CSAU SW


Number of holdings



Top 10 Holdings in %BHP Billiton 13.06Comm. Bk of Austral. 9.28Westpac 7.80ANZ Bank 7.20Nat. Australia Bk 6.37Woolworths 3.74Wesfarmers Ltd. 3.55Rio Tinto 3.35Newcrest Mining Ltd 2.67Woodside Petroleum 2.64Total 59.66




SIX Swiss Exchange 26.08.2010 USD 09:00 - 17:30 CSAU SW CSAU.SDeutsche Boerse 09.09.2010 EUR 09:00 - 17:30 CEBM GY CEBM.DEBorsa Italiana 15.09.2010 EUR 09:00 - 17:25 CSAU IM CSAU.MILondon Stock Exchange 15.09.2010 USD,

GBx08:00 - 16:30 CSAU LN,

CAU1 LNCSAU.L,CAU1.L

Euronext 18.01.2011 EUR CSAU FP -


CS

ETF



347


Location ZurichFund domicile IrelandFund currency USDUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 97.01Inception date 25.08.2010Management fee in % p.a. 0.52Total expense ratio (TER) in % 0.65Reference Index MSCI Brazil (NR)Reference Index Bloomberg Ticker NDUEBRAFUnit Class Category B

(capital growth)

ISIN IE00B59L7C92

Valor no. 11476338


Fund 82


CS ETF (IE) on MSCI BrazilClass B


2010 2011 201270

80

90

100

110

120

-30%

-20%

-10%

0%

10%

20%

-22.3

13.5

-21.8

13.7

CS ETF (IE) on MSCI Brazil Yearly or year-to-date performance respectively (Fund)MSCI Brazil (NR) Yearly or year-to-date performance respectively (Benchmark)



Sectors in %

Financials 24.17Energy 20.58Materials 20.49Consumer Staples 12.35Utilities 6.80Consumer Discretionary 4.02Telecommunication Services 3.73Industrials 3.62Liquid Assets 0.33Others 3.92

Countries in %


Investment policyThe investment objective of the Fund is to deliverthe performance of the Reference Index (beingthe MSCI Brazil Index Net USD), less the feesand expenses of the Fund. The Reference Indexis a free float-adjusted marketcapitalisation-weighted index intended to reflectthe performance of the Brazilian equity marketby targeting all companies with a marketcapitalization broadly within the top 85% of theBrazilian investable equity universe, subject to aglobal minimum size requirement.

Fund facts

Yes


Bloomberg ticker CSBR SW


Number of holdings



Top 10 Holdings in %Petrobras PN 9.79Vale do Rio Doce PNA 8.29Itau Unibanco 7.95Petrobras 7.22Banco Bradesco 6.09CIA DE BEBIDAS DAS 5.67Vale do Rio Doce ON 5.58Itau Investimentos 2.60BRF Brasil Foods 2.35BM&F Bovespa 2.18Total 57.71




SIX Swiss Exchange 26.08.2010 USD 09:00 - 17:30 CSBR SW CSBR.SDeutsche Boerse 09.09.2010 EUR 09:00 - 17:30 CEBE GY CEBE.DEBorsa Italiana 15.09.2010 EUR 09:00 - 17:25 CSBR IM CSBR.MILondon Stock Exchange 15.09.2010 USD,

GBx08:00 - 16:30 CSBR LN,

CBR1 LNCSBR.L,CBR1.L

Euronext 18.01.2011 EUR CSBR FP -


348




Location ZurichFund domicile IrelandFund currency CADUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 171.92Inception date 12.01.2010Management fee in % p.a. 0.36Total expense ratio (TER) in % 0.48Reference Index MSCI Canada (NR)Reference Index Bloomberg Ticker NDDLCAUnit Class Category B

(capital growth)

ISIN IE00B52SF786

Valor no. 10737503


Fund 103


CS ETF (IE) on MSCI CanadaClass B

Net performance in CAD (rebased to 100) and yearly performance 1)

2010 2011 2012859095

100105110115120125130

-15%-10%-5%0%5%

10%15%20%25%30%

-10.8

4.4

-10.6

4.4

CS ETF (IE) on MSCI Canada Yearly or year-to-date performance respectively (Fund)MSCI Canada (NR) Yearly or year-to-date performance respectively (Benchmark)

Net performance in CAD 1)


Sectors in %

Financials 34.27Energy 26.59Materials 19.57Industrials 5.63Consumer Discretionary 3.68Telecommunication Services 3.25Consumer Staples 3.17Utilities 1.26Liquid Assets 0.11Others 2.47

Investment policyThe investment objective of the Fund is to deliverthe net total return performance of the ReferenceIndex (being the MSCI Canada), less the feesand expenses of the Fund. The Reference Indexis a broad-based equity index of securitiesgenerally incorporated in Canada. Securitieslisted on the Toronto Stock Exchange are eligiblefor inclusion.

Fund facts

Yes

Unit class currency CAD

Bloomberg ticker CSCA SW




Top 10 Holdings in %Royal Bank of Canada 6.70Toronto Dominion 6.18Bk of Nova Scotia 4.92Suncor Energy 4.14Barrick Gold 3.50Potash Corp. 3.15Bank of Montreal 3.05Goldcorp 2.95Canadian Natural R. 2.93Canadian Railway 2.85Total 40.37




SIX Swiss Exchange 13.01.2010 CAD 09:00 - 17:30 CSCA SW CSCA.SDeutsche Boerse 10.03.2010 EUR 09:00 - 17:30 SXR2 GY SXR2.DEBorsa Italiana 10.03.2010 EUR 09:00 - 17:25 CSCA IM CSCA.MILondon Stock Exchange 15.09.2010 GBx 08:00 - 16:30 CSCA LN CSCA.LEuronext 18.01.2011 EUR CSCA FP CSCA.PA


CS

ETF



349


Fund domicile IrelandFund currency USDUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 51.97Inception date 25.08.2010Management fee in % p.a. 0.52Total expense ratio (TER) in % 0.65Swap spread 1.12Reference Index MSCI Chile (NR)Reference Index Bloomberg Ticker NDEUSCHISIN IE00B5NLL897

Valor no. 11476340




CS ETF (IE) on MSCI ChileSWAP-BASED


2010 2011 2012708090

100110120130140150

-30%-20%-10%

0%10%20%30%40%50%

-21.1

17.2

-20.4

17.7

CS ETF (IE) on MSCI Chile Yearly or year-to-date performance respectively (Fund)MSCI Chile (NR) Yearly or year-to-date performance respectively (Reference Index)




Utilities 23.80Materials 20.07Financials 17.55Industrials 17.08Consumer Staples 13.20Consumer Discretionary 5.14Telecommunication Services 3.17


Chile 100.00

Reference Index DescriptionThe investment objective of the Fund is to deliverthe performance of the Reference Index (beingthe MSCI Chile Index Net USD), less the feesand expenses of the Fund. The Reference Indexis a free float-adjusted marketcapitalisation-weighted index intended to reflectthe performance of the Chilean equity marketby targeting all companies with a marketcapitalization broadly within the top 85% of theChilean investable equity universe, subject to aglobal minimum size requirement.

Fund facts

Yes

Bloomberg ticker CSCL SW





Top 10 Reference IndexConstituentsEMPRESAS COPEC 11.19CENCOSUD 8.84EMP NAC ELECTRICID 8.71QUIMICA Y MINERA 8.35Banco Santander 8.17ENERSIS 7.81CMPC (EMPRESAS) 7.03LAN AIRLINES 5.89S A C I FALABELLA 5.14CAP 4.69Total 75.81




SIX Swiss Exchange 26.08.2010 USD 09:00 - 17:30 CSCL SW CSCL.SDeutsche Boerse 09.09.2010 EUR 09:00 - 17:30 CEBF GY CEBF.DEBorsa Italiana 15.09.2010 EUR 09:00 - 17:25 CSCL IM CSCL.MILondon Stock Exchange 15.09.2010 USD,

GBx08:00 - 16:30 CSCL LN,

CCL1 LNCSCL.L,CCL1.L

Euronext 18.01.2011 EUR CSCL FP -


350




Fund domicile IrelandFund currency USDUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 76.60Inception date 06.08.2010Management fee in % p.a. 0.52Total expense ratio (TER) in % 0.65Swap spread 0.42Reference Index MSCI EM Asia (NR)Reference Index Bloomberg Ticker NDUEEGFAISIN IE00B5L8K969

Valor no. 11476346




CS ETF (IE) on MSCI EM AsiaSWAP-BASED


2010 2011 201270

80

90

100

110

120

130

-30%

-20%

-10%

0%

10%

20%

30%

-18.0

13.0

-17.4

13.3

CS ETF (IE) on MSCI EM Asia Yearly or year-to-date performance respectively (Fund)MSCI EM Asia (NR) Yearly or year-to-date performance respectively (Reference Index)




Financials 24.16Information Technology 22.89Materials 9.37Consumer Discretionary 9.32Energy 9.29Industrials 8.53Telecommunication Services 6.88Consumer Staples 5.94Utilities 2.59Health Care 1.05


China 29.32South Korea 25.69Taiwan 18.76India 11.02Malaysia 5.74Indonesia 4.64Thailand 3.51Philippines 1.32

Reference Index DescriptionThe investment objective of the Fund is to deliverthe performance of the Reference Index (beingthe MSCI EM Asia Index Net USD), less thefees and expenses of the Fund. The ReferenceIndex is a free float-adjusted marketcapitalisation-weighted index intended to reflectthe performance of the equity markets in certainemerging market countries in Asia (China, India,Indonesia, Korea, Malaysia, Philippines, Taiwan,and Thailand) by targeting all companies with amarket capitalization broadly within the top 85%of their investable equity universe, subject to aglobal minimum size requirement.

Fund facts

Yes

Bloomberg ticker CSEMAS SW





Top 10 Reference IndexConstituentsSamsung Electronics 5.74Taiwan Semicon 3.27China Mobile 3.06China Const. Bank 2.14ICBC 1.81Cnooc LTD 1.70Hon Hai Precision 1.63Hyundai Motor 1.46Petrochina 1.38Tencent Hldg Ltd 1.30Total 23.49




SIX Swiss Exchange 26.08.2010 USD 09:00 - 17:30 CSEMAS SW CSEMAS.SDeutsche Boerse 09.09.2010 EUR 09:00 - 17:30 CEBL GY CEBL.DEBorsa Italiana 15.09.2010 EUR 09:00 - 17:25 CSEMAS IM CSEMAS.MILondon Stock Exchange 15.09.2010 USD,

GBx08:00 - 16:30 CEMA LN,

CEA1 LNCEMA.L,CEA1.L

Euronext 18.01.2011 EUR CEMA FP -


CS

ETF



351


Fund domicile IrelandFund currency USDUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 12.82Inception date 24.08.2010Management fee in % p.a. 0.52Total expense ratio (TER) in % 0.65Swap spread 0.62Reference Index MSCI EM EMEA (NR)Reference Index Bloomberg Ticker NDDUEMEAISIN IE00B5W0VQ55

Valor no. 11476333




CS ETF (IE) on MSCI EM EMEASWAP-BASED


2010 2011 201270

80

90

100

110

120

130

140

-30%

-20%

-10%

0%

10%

20%

30%

40%

-21.0

15.6

-20.4

16.0

CS ETF (IE) on MSCI EM EMEA Yearly or year-to-date performance respectively (Fund)MSCI EM EMEA (NR) Yearly or year-to-date performance respectively (Reference Index)




Energy 27.67Financials 25.88Materials 14.36Telecommunication Services 11.21Consumer Discretionary 6.83Consumer Staples 5.22Utilities 3.70Industrials 3.37Health Care 1.61Information Technology 0.16


South Africa 41.84Russia 36.51Poland 7.72Turkey 7.67Egypt 1.97Czech Republic 1.84Hungary 1.68Morocco 0.78

Reference Index DescriptionThe investment objective of the Fund is to deliverthe performance of the Reference Index (beingthe MSCI EM EMEA Index Net USD), less thefees and expenses of the Fund. The ReferenceIndex is a free float-adjusted marketcapitalisation-weighted index intended to reflectthe performance of the equity markets of certainemerging market countries in Europe, MiddleEast and Africa (Czech Republic, Hungary,Poland, Russia, Turkey, Egypt, Morocco, andSouth Africa) by targeting all companies with amarket capitalization broadly within the top 85%of their investable equity universe, subject to aglobal minimum size requirement.

Fund facts

Yes

Bloomberg ticker CSEMEM SW





Top 10 Reference IndexConstituentsGazprom 9.81Lukoil 4.62MTN Group Limited 4.46Sberbank of Russia 4.16Sasol 3.95Naspers Ltd. 3.25Stanbank 2.58Anglogold 2.10Novatek 1.85OJSC OC Rosneft 1.70Total 38.46




SIX Swiss Exchange 26.08.2010 USD 09:00 - 17:30 CSEMEM SW CSEMEM.SDeutsche Boerse 09.09.2010 EUR 09:00 - 17:30 CEBA GY CEBA.DEBorsa Italiana 15.09.2010 EUR 09:00 - 17:25 CSEMEM IM CSEMEM.MILondon Stock Exchange 15.09.2010 USD,

GBx08:00 - 16:30 CEME LN,

CME1 LNCEME.L,CME1.L

Euronext 18.01.2011 EUR CEME FP -


352




Fund domicile IrelandFund currency USDUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 22.53Inception date 25.08.2010Management fee in % p.a. 0.52Total expense ratio (TER) in % 0.65Swap spread 0.58Reference Index MSCI EM Latin America (NR)Reference Index Bloomberg Ticker NDUEEGFLISIN IE00B5KMFT47

Valor no. 11476337




CS ETF (IE) on MSCI EM Latin AmericaSWAP-BASED


2010 2011 201270

80

90

100

110

120

-30%

-20%

-10%

0%

10%

20%

-20.0

14.3

-19.4

14.6

CS ETF (IE) on MSCI EM Latin America Yearly or year-to-date performance respectively (Fund)MSCI EM Latin America (NR) Yearly or year-to-date performance respectively (Reference Index)




Financials 21.22Materials 20.89Consumer Staples 15.52Energy 14.97Telecommunication Services 8.42Utilities 6.54Consumer Discretionary 5.33Industrials 4.59Information Technology 1.98Health Care 0.54


Brazil 64.04Mexico 20.50Chile 7.94Colombia 4.69Peru 2.83

Reference Index DescriptionThe investment objective of the Fund is to deliverthe performance of the Reference Index (beingthe MSCI EM Latin America Index Net USD),less the fees and expenses of the Fund. TheReference Index is a free float-adjusted marketcapitalisation-weighted index intended to reflectthe performance of the equity markets of certainemerging market countries in Latin America(Brazil, Chile, Colombia, Mexico, and Peru) bytargeting all companies with a marketcapitalization broadly within the top 85% of theirinvestable equity universe, subject to a globalminimum size requirement.

Fund facts

Yes

Bloomberg ticker CSEMLA SW





Top 10 Reference IndexConstituentsPetrobras PN 6.29America Movil 5.77Vale do Rio Doce PNA 5.33Itau Unibanco 5.11Petrobras 4.64Banco Bradesco 3.91CIA DE BEBIDAS DAS 3.64Vale do Rio Doce ON 3.58Wal-Mart de Mexico 2.44Fomento Eco Mexicano 1.87Total 42.59




SIX Swiss Exchange 26.08.2010 USD 09:00 - 17:30 CSEMLA SW CSEMLA.SDeutsche Boerse 09.09.2010 EUR 09:00 - 17:30 CEBD GY CEBD.DEBorsa Italiana 15.09.2010 EUR 09:00 - 17:25 CSEMLA IM CSEMLA.MILondon Stock Exchange 15.09.2010 USD,

GBx08:00 - 16:30 CEML LN,

CML1 LNCEML.L,CML1.L

Euronext 18.01.2011 EUR CEML FP -


CS

ETF



353


Location ZurichFund domicile IrelandFund currency EURUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 668.38Inception date 12.01.2010Management fee in % p.a. 0.20Total expense ratio (TER) in % 0.33Reference Index MSCI EMU (NR)Reference Index Bloomberg Ticker NDDLEMUUnit Class Category B

(capital growth)

ISIN IE00B53QG562

Valor no. 10737587


Fund 252


CS ETF (IE) on MSCI EMUClass B


2010 2011 201280859095

100105110115120

-20%-15%-10%-5%0%5%

10%15%20%

-14.9

9.6

-14.9

9.7

CS ETF (IE) on MSCI EMU Yearly or year-to-date performance respectively (Fund)MSCI EMU (NR) Yearly or year-to-date performance respectively (Benchmark)



Sectors in %

Financials 19.60Industrials 12.81Consumer Discretionary 11.87Consumer Staples 10.92Materials 9.73Energy 8.22Health Care 7.44Utilities 7.23Liquid Assets 0.02Others 12.17

Countries in %

France 32.74Germany 30.33Spain 10.24Netherlands 8.80Italy 8.21Belgium 3.63Finland 3.10Ireland 1.00Austria 0.90Others 1.04

Investment policyThe investment objective of the Fund is to deliverthe net total return performance of the ReferenceIndex (being the MSCI EMU), less the fees andexpenses of the Fund. The Reference Index is abroad-based equity index of securities generallyincorporated in the Eurozone.

Fund facts

Yes


Bloomberg ticker CSEMU SW


Number of holdings



Top 10 Holdings in %Total 3.66Sanofi-Aventis 2.99Siemens 2.80BASF 2.72Telefonica 2.28Banco Santander 2.23SAP 2.17Anheuser 1.98Bayer 1.97ENI 1.91Total 24.71




SIX Swiss Exchange 13.01.2010 EUR 09:00 - 17:30 CSEMU SW CSEMU.SDeutsche Boerse 10.03.2010 EUR 09:00 - 17:30 SXR7 GY SXR7.DEBorsa Italiana 10.03.2010 EUR 09:00 - 17:25 CSEMU IM CSEMU.MILondon Stock Exchange 15.09.2010 EUR,

GBx08:00 - 16:30 CEU LN,

CEU1 LNCEU0.L,CEU1.L

Euronext 18.01.2011 EUR CEMU FP CEMU.PA


354




Location ZurichFund domicile IrelandFund currency EURUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 126.15Inception date 01.07.2009Management fee in % p.a. 0.42Total expense ratio (TER) in % 0.58Reference Index MSCI EMU Small Cap (NR)Reference Index Bloomberg Ticker NCLDEMUUnit Class Category B

(capital growth)

ISIN IE00B3VWMM18

Valor no. 10192176


Fund 427


CS ETF (IE) on MSCI EMU Small CapClass B


2009 2010 2011 2012708090

100110120130140150160

-30%-20%-10%

0%10%20%30%40%50%60%

17.8

-22.5

14.518.7

-23.2

14.7

CS ETF (IE) on MSCI EMU Small Cap Yearly or year-to-date performance respectively (Fund)MSCI EMU Small Cap (NR) Yearly or year-to-date performance respectively (Benchmark)



Sectors in %

Industrials 27.14Financials 18.12Consumer Discretionary 14.48Information Technology 10.10Materials 9.44Health Care 7.24Consumer Staples 6.84Energy 2.51Liquid Assets 0.13Others 4.00

Countries in %

Germany 24.35France 19.64Italy 11.45Netherlands 9.60Finland 7.11Spain 6.46Belgium 6.43Austria 5.35Ireland 5.30Others 4.32

Investment policyThe investment objective of the Fund is toreplicate the performance of the Reference Index(being the MSCI EMU Small Cap (less fees andexpenses of the Fund)). The Reference Index isan equity index of securities with a small marketcapitalisation generally incorporated in theEurozone.

Fund facts

Yes


Bloomberg ticker CSEMUS SW


Number of holdings



Top 10 Holdings in %Gemalto 1.66Zodiac 1.29Bilfinger & Berger 1.29Bank of Ireland 1.29MTU Aero Engines 1.26Valeo 1.26Andritz 1.22Symrise 1.03Paddy Power 0.87Rhoen Klinikum 0.81Total 11.98




SIX Swiss Exchange 03.07.2009 EUR 09:00 - 17:30 CSEMUS SW CSEMUS.SDeutsche Boerse 16.10.2009 EUR 09:00 - 17:30 SXRJ GY SXRJ.DEBorsa Italiana 25.11.2009 EUR 09:00 - 17:25 CSEMUS IM CSEMUS.MILondon Stock Exchange 15.09.2010 EUR,

GBx08:00 - 16:30 CEUS LN,

CES1 LNCEUS.L,CES1.L

Euronext 18.01.2011 EUR CESL FP CESL.PA


CS

ETF



355


Location ZurichFund domicile IrelandFund currency EURUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 45.80Inception date 12.01.2010Management fee in % p.a. 0.20Total expense ratio (TER) in % 0.33Reference Index MSCI Europe (NR)Reference Index Bloomberg Ticker MSDEE15NUnit Class Category B

(capital growth)

ISIN IE00B53QFR17

Valor no. 10737567


Fund 451


CS ETF (IE) on MSCI EuropeClass B


2010 2011 201285

90

95

100

105

110

115

120

-15%

-10%

-5%

0%

5%

10%

15%

20%

-8.3

7.7

-8.1

7.9

CS ETF (IE) on MSCI Europe Yearly or year-to-date performance respectively (Fund)MSCI Europe (NR) Yearly or year-to-date performance respectively (Benchmark)



Sectors in %

Financials 19.15Consumer Staples 13.98Energy 11.76Health Care 11.33Industrials 10.91Materials 9.83Consumer Discretionary 8.79Telecommunication Services 6.40Liquid Assets 0.11Others 7.76

Countries in %

United Kingdom 34.65France 14.35Switzerland 13.32Germany 13.25Sweden 4.88Spain 4.54Netherlands 3.87Italy 3.62Denmark 1.73Others 5.80

Investment policyThe investment objective of the Fund is to deliverthe net total return performance of the ReferenceIndex (being the MSCI Europe), less fees andexpenses of the Fund. The Reference Index is abroad-based equity index of securities generallyincorporated in Europe.

Fund facts

Yes


Bloomberg ticker CSEU SW


Number of holdings



Top 10 Holdings in %Nestlé 3.07HSBC Holdings 2.36Vodafone 2.09BP 2.08Novartis 1.93Royal Dutch Shell 'A' 1.89Roche 1.80GlaxoSmithKline 1.66Total 1.61British Am. Tobacco 1.48Total 19.96




SIX Swiss Exchange 13.01.2010 EUR 09:00 - 17:30 CSEU SW CSEU.SDeutsche Boerse 10.03.2010 EUR 09:00 - 17:30 SXR6 GY SXR6.DEBorsa Italiana 10.03.2010 EUR 09:00 - 17:25 CSEU IM CSEU.MILondon Stock Exchange 15.09.2010 EUR,

GBx08:00 - 16:30 CSEU LN,

CSE1 LNCSEU.L,CSE1.L

Euronext 18.01.2011 EUR CSEU FP CSEU.PA


356




Fund domicile IrelandFund currency USDUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 45.24Inception date 24.08.2010Management fee in % p.a. 0.65Total expense ratio (TER) in % 0.75Swap spread 0.32Reference Index MSCI India (NR)Reference Index Bloomberg Ticker NDEUSIAISIN IE00B564MX78

Valor no. 11476343




CS ETF (IE) on MSCI IndiaSWAP-BASED


2010 2011 20125060708090

100110120130

-50%-40%-30%-20%-10%

0%10%20%30%

-37.7

19.7

-37.2

20.1

CS ETF (IE) on MSCI India Yearly or year-to-date performance respectively (Fund)MSCI India (NR) Yearly or year-to-date performance respectively (Reference Index)




Financials 26.33Information Technology 17.14Energy 11.67Materials 9.66Consumer Discretionary 8.67Consumer Staples 7.91Industrials 5.98Health Care 5.13Utilities 5.04Telecommunication Services 2.47


India 100.00

Reference Index DescriptionThe investment objective of the Fund is to deliverthe performance of the Reference Index (beingthe MSCI India Index Net USD), less the feesand expenses of the Fund. The Reference Indexis a free float-adjusted marketcapitalisation-weighted index intended to reflectthe performance of the Indian equity market bytargeting all companies with a marketcapitalization broadly within the top 85% of theIndian investable equity universe, subject to aglobal minimum size requirement.

Fund facts

Yes

Bloomberg ticker CSIN SW





Top 10 Reference IndexConstituentsInfosys Technologie Ltd. 10.14Reliance Ind. 8.06HDFC Bank 6.50Housing Dev. Fin. 6.02TATA CONSULTANCY 4.51ITC 4.21TATA Motors 3.42Icici Bank 3.11Hindustan Unilever 2.91Larsen & Toubro 2.23Total 51.11




SIX Swiss Exchange 26.08.2010 USD 09:00 - 17:30 CSIN SW CSIN.SDeutsche Boerse 09.09.2010 EUR 09:00 - 17:30 CEBI GY CEBI.DEBorsa Italiana 15.09.2010 EUR 09:00 - 17:25 CSIN IM CSIN.MILondon Stock Exchange 15.09.2010 USD,

GBx08:00 - 16:30 CSIN LN,

CIN1 LNCSIN.L,CIN1.L

Euronext 18.01.2011 EUR CSIN FP -


CS

ETF



357


Location ZurichFund domicile IrelandFund currency JPYUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 49'826.56Inception date 11.01.2010Management fee in % p.a. 0.36Total expense ratio (TER) in % 0.48Reference Index MSCI Japan (NR)Reference Index Bloomberg Ticker NDDLJNUnit Class Category B

(capital growth)

ISIN IE00B53QDK08

Valor no. 10737498


Fund 315


CS ETF (IE) on MSCI JapanClass B


2010 2011 201270

80

90

100

110

120

130

-30%

-20%

-10%

0%

10%

20%

30%

-19.1

18.9

-18.7

19.0

CS ETF (IE) on MSCI Japan Yearly or year-to-date performance respectively (Fund)MSCI Japan (NR) Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund 3.01 18.87 18.87 -0.91 - -Reference Index 3.03 19.01 19.01 -0.45 - -

Sectors in %

Industrials 20.51Consumer Discretionary 20.47Financials 17.74Information Technology 12.60Materials 7.21Health Care 6.10Consumer Staples 5.99Telecommunication Services 4.11Liquid Assets 0.08Others 5.21

Investment policyThe investment objective of the Fund is to deliverthe net total return performance of the ReferenceIndex (being the MSCI Japan), less the fees andexpenses of the Fund. The Reference Index is abroad-based equity index of securities generallyincorporated in Japan. Securities listed on theTokyo Stock Exchange, Osaka Stock Exchange,JASDAQ, or the Nagoya Stock Exchange areeligible for inclusion.

Fund facts

Yes


Bloomberg ticker CSJP SW


Number of holdings



Top 10 Holdings in %Toyota Motor 5.30Mitsubishi UFJ Fin. Grp. 2.82Honda Motor 2.76Canon 2.38Sumitomo Mitsui Fin. 1.97Mizuho Financial 1.66Takeda Chemical Ind. 1.55Fanuc 1.51Mitsubishi 1.45Hitachi 1.29Total 22.70




SIX Swiss Exchange 13.01.2010 JPY 09:00 - 17:30 CSJP SW CSJP.SDeutsche Boerse 10.03.2010 EUR 09:00 - 17:30 SXR5 GY SXR5.DEBorsa Italiana 10.03.2010 EUR 09:00 - 17:25 CSJP IM CSJP.MILondon Stock Exchange 15.09.2010 GBx 08:00 - 16:30 CSJP LN CSJP.LEuronext 18.01.2011 EUR CSJP FP CSJP.PA


358




Location ZurichFund domicile IrelandFund currency JPYUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 3'886.12Inception date 02.06.2009Management fee in % p.a. 0.36Total expense ratio (TER) in % 0.48Reference Index MSCI Japan Large Cap (NR)Reference Index Bloomberg Ticker MLCLJPNNUnit Class Category B

(capital growth)

ISIN IE00B3VWM213

Valor no. 10191879


Fund 141


CS ETF (IE) on MSCI Japan Large CapClass B


2009 2010 2011 201270

80

90

100

110

120

130

-30%

-20%

-10%

0%

10%

20%

30%

-0.5

-20.4

19.7

0.0

-20.0

19.9

CS ETF (IE) on MSCI Japan Large Cap Yearly or year-to-date performance respectively (Fund)MSCI Japan Large Cap (NR) Yearly or year-to-date performance respectively (Benchmark)


1 month 3 months YTD 1 year 3 years 5 yearsFund 2.78 19.72 19.72 -1.44 - -Reference Index 2.81 19.89 19.89 -0.95 - -

Sectors in %

Consumer Discretionary 20.55Industrials 19.66Financials 18.31Information Technology 12.77Health Care 6.36Consumer Staples 5.97Materials 5.77Telecommunication Services 4.95Liquid Assets 0.20Others 5.46

Investment policyThe investment objective of the Fund is toreplicate the performance of the Reference Index(being the MSCI Japan Large Cap (less fees andexpenses of the Fund)). The Reference Index isan equity index of securities with a large marketcapitalisation generally incorporated in Japan.Securities listed on the Tokyo Stock Exchange,Osaka Stock Exchange, JASDAQ or the NagoyaStock Exchange are eligible for inclusion.

Fund facts

Yes


Bloomberg ticker CSJPL SW


Number of holdings



Top 10 Holdings in %Toyota Motor 6.54Mitsubishi UFJ Fin. Grp. 3.48Honda Motor 3.41Canon 2.94Sumitomo Mitsui Fin. 2.42Mizuho Financial 2.04Takeda Chemical Ind. 1.91Fanuc 1.87Mitsubishi 1.79Hitachi 1.59Total 27.99




SIX Swiss Exchange 03.07.2009 JPY 09:00 - 17:30 CSJPL SW CSJPL.SDeutsche Boerse 25.11.2009 EUR 09:00 - 17:30 SXRH GY SXRH.DEBorsa Italiana 16.10.2009 EUR 09:00 - 17:25 CSJPL IM CSJPL.MILondon Stock Exchange 15.09.2010 GBx 08:00 - 16:30 CJPL LN CJPL.LEuronext 18.01.2011 EUR CJPL FP CJPL.PA


CS

ETF



359


Location ZurichFund domicile IrelandFund currency JPYUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 4'332.54Inception date 01.07.2009Management fee in % p.a. 0.42Total expense ratio (TER) in % 0.58Reference Index MSCI Japan Small Cap (NR)Reference Index Bloomberg Ticker NCLAJNUnit Class Category B

(capital growth)

ISIN IE00B3VWMK93

Valor no. 10191873


Fund 556


CS ETF (IE) on MSCI Japan Small CapClass B


2009 2010 2011 201285

90

95

100

105

110

115

120

-15%

-10%

-5%

0%

5%

10%

15%

20%

3.7

-10.1

15.3

4.5

-8.8

15.6

CS ETF (IE) on MSCI Japan Small Cap Yearly or year-to-date performance respectively (Fund)MSCI Japan Small Cap (NR) Yearly or year-to-date performance respectively (Benchmark)



Sectors in %

Industrials 22.69Consumer Discretionary 20.60Financials 18.89Materials 11.87Information Technology 10.89Consumer Staples 9.15Health Care 4.43Energy 0.92Liquid Assets 0.22Others 0.34

Investment policyThe investment objective of the Fund is toreplicate the performance of the Reference Index(being the MSCI Japan Small Cap (less fees andexpenses of the Fund)). The Reference Index isan equity index of securities with a small marketcapitalisation generally incorporated in Japan.Securities listed on the Tokyo Stock Exchange,Osaka Stock Exchange, JASDAQ or the NagoyaStock Exchange are eligible for inclusion.

Fund facts

Yes


Bloomberg ticker CSJPS SW


Number of holdings



Top 10 Holdings in %UNITED URBAN 0.57Taiheiyo Cement 0.56Advance Residence Investment Corp. 0.49Dainippon Screen 0.49Misumi 0.48Nishi-Nippon Railroad 0.43UNY 0.42Yokohama Rubber 0.42Sawai Pharma 0.41Osaka Sec. Exchange 0.41Total 4.66




SIX Swiss Exchange 03.07.2009 JPY 09:00 - 17:30 CSJPS SW CSJPS.SDeutsche Boerse 25.11.2009 EUR 09:00 - 17:30 SXRI GY SXRI.DEBorsa Italiana 16.10.2009 EUR 09:00 - 17:25 CSJPS IM CSJPS.MILondon Stock Exchange 15.09.2010 GBx 08:00 - 16:30 CJPS LN CJPS.LEuronext 18.01.2011 EUR CJPS FP CJPS.PA


360




Fund domicile IrelandFund currency USDUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 20.14Inception date 24.08.2010Management fee in % p.a. 0.52Total expense ratio (TER) in % 0.65Swap spread 0.43Reference Index MSCI Korea (NR)Reference Index Bloomberg Ticker NDEUSKOISIN IE00B5W4TY14

Valor no. 11476344




CS ETF (IE) on MSCI KoreaSWAP-BASED


2010 2011 201280

90

100

110

120

130

140

150

-20%

-10%

0%

10%

20%

30%

40%

50%

-12.6

14.9

-12.0

15.2

CS ETF (IE) on MSCI Korea Yearly or year-to-date performance respectively (Fund)MSCI Korea (NR) Yearly or year-to-date performance respectively (Reference Index)




Information Technology 32.83Consumer Discretionary 16.80Industrials 14.45Financials 13.91Materials 11.82Consumer Staples 4.78Energy 2.90Utilities 1.07Telecommunication Services 0.87Health Care 0.57


South Korea 100.00

Reference Index DescriptionThe investment objective of the Fund is to deliverthe performance of the Reference Index (beingthe MSCI Korea Index Net USD), less the feesand expenses of the Fund. The Reference Indexis a free float-adjusted marketcapitalisation-weighted index intended to reflectthe performance of the Korean equity marketby targeting all companies with a marketcapitalization broadly within the top 85% of theKorean investable equity universe, subject to aglobal minimum size requirement.

Fund facts

Yes

Bloomberg ticker CSKR SW





Top 10 Reference IndexConstituentsSamsung Electronics 22.34Hyundai Motor 5.70Posco 3.94Hyundai Mobis 3.10Shinhan Financial 2.96KIA Motors 2.82LG Chemicals 2.72Samsung Electronics 2.59Hynix Semiconductor 2.41KBFinancialGrp 2.41Total 50.98




SIX Swiss Exchange 26.08.2010 USD 09:00 - 17:30 CSKR SW CSKR.SDeutsche Boerse 09.09.2010 EUR 09:00 - 17:30 CEBJ GY CEBJ.DEBorsa Italiana 15.09.2010 EUR 09:00 - 17:25 CSKR IM CSKR.MILondon Stock Exchange 15.09.2010 USD,

GBx08:00 - 16:30 CSKR LN,

CKR1 LNCSKR.L,CKR1.L

Euronext 18.01.2011 EUR CSKR FP -


CS

ETF



361


Location ZurichFund domicile IrelandFund currency USDUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 70.80Inception date 25.08.2010Management fee in % p.a. 0.52Total expense ratio (TER) in % 0.65Reference Index MSCI Mexico Capped (NR)Reference Index Bloomberg Ticker MSCTMCUNUnit Class Category B

(capital growth)

ISIN IE00B5WHFQ43

Valor no. 11476341


Fund 23


CS ETF (IE) on MSCI Mexico CappedClass B


2010 2011 201280

90

100

110

120

130

140

-20%

-10%

0%

10%

20%

30%

40%

-12.5

15.4

-11.9

15.6

CS ETF (IE) on MSCI Mexico Capped Yearly or year-to-date performance respectively (Fund)MSCI Mexico Capped (NR) Yearly or year-to-date performance respectively (Benchmark)



Sectors in %

Consumer Staples 30.22Telecommunication Services 28.11Materials 18.62Consumer Discretionary 11.37Financials 7.16Industrials 4.44Liquid Assets 0.08

Countries in %

Mexico 99.92Others 0.08

Investment policyThe investment objective of the Fund is to deliverthe performance of the Reference Index (beingthe MSCI Mexico Capped Index Net USD), lessthe fees and expenses of the Fund. TheReference Index is based on the MSCI MexicoIndex Net USD ("Parent Index"), which is a freefloat-adjusted market capitalisation-weightedindex intended to reflect the performance of theMexican equity market by targeting all companieswith a market capitalization broadly within the top85% of the Mexican investable equity universe,subject to a global minimum size requirement.Capping factor see page 2.

Fund facts

Yes


Bloomberg ticker CSMXCP SW


Number of holdings



Top 10 Holdings in %America Movil 28.13Wal-Mart de Mexico 11.90Fomento Eco Mexicano 9.13Group Mexico 6.88Grupo Televisa 6.19Cemex SAB 4.66Grupo Fin Banorte 4.14Grupo Elektras 3.90Industrias Penoles 3.85Grupo Modelo 2.52Total 81.30




SIX Swiss Exchange 26.08.2010 USD 09:00 - 17:30 CSMXCP SW CSMXCP.SDeutsche Boerse 09.09.2010 EUR 09:00 - 17:30 CEBG GY CEBG.DEBorsa Italiana 15.09.2010 EUR 09:00 - 17:25 CSMXCP IM CSMXCP.MILondon Stock Exchange 15.09.2010 USD,

GBx08:00 - 16:30 CMXC LN,

CMX1 LNCMXC0.L,CMX1.L

Euronext 18.01.2011 EUR CMEX FP -


362




Location ZurichFund domicile IrelandFund currency USDUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 46.34Inception date 11.01.2010Management fee in % p.a. 0.35Total expense ratio (TER) in % 0.48Reference Index MSCI Pacific ex Japan (NR)Reference Index Bloomberg Ticker NDDUPXJUnit Class Category B

(capital growth)

ISIN IE00B52MJY50

Valor no. 10737120


Fund 146


CS ETF (IE) on MSCI Pacific ex JapanClass B


2010 2011 201280

90

100

110

120

130

140

-20%

-10%

0%

10%

20%

30%

40%

-13.2

11.1

-12.8

11.3

CS ETF (IE) on MSCI Pacific ex Japan Yearly or year-to-date performance respectively (Fund)MSCI Pacific ex Japan (NR) Yearly or year-to-date performance respectively (Benchmark)



Sectors in %

Financials 47.88Materials 16.55Industrials 9.37Consumer Staples 6.47Consumer Discretionary 5.53Energy 4.27Utilities 3.93Telecommunication Services 3.07Liquid Assets 0.11Others 2.82

Countries in %

Australia 63.34Hong Kong 21.42Singapore 14.21New Zealand 0.91USA 0.00Others 0.11

Investment policyThe investment objective of the Fund is to deliverthe net total return performance of the ReferenceIndex (being the MSCI Pacific ex Japan), less thefees and expenses of the Fund. The ReferenceIndex is a broad-based equity index of securitiesgenerally incorporated in the Pacific Regionexcluding Japan. Securities listed on theAustralian Stock Exchange, the Stock Exchangeof Hong Kong, the New Zealand StockExchange, the New Zealand AlternativeExchange, and the Singapore Exchange areeligible for inclusion.

Fund facts

Yes


Bloomberg ticker CSPXJ SW


Number of holdings



Top 10 Holdings in %BHP Billiton 8.35Comm. Bk of Austral. 5.87Westpac 4.98ANZ Bank 4.59Nat. Australia Bk 4.07Woolworths 2.38Wesfarmers Ltd. 2.27AIA Group Limited 2.24Rio Tinto 2.14Newcrest Mining Ltd 1.71Total 38.60




SIX Swiss Exchange 13.01.2010 USD 09:00 - 17:30 CSPXJ SW CSPXJ.SDeutsche Boerse 10.03.2010 EUR 09:00 - 17:30 SXR1 GY SXR1.DEBorsa Italiana 10.03.2010 EUR 09:00 - 17:25 CSPXJ IM CSPXJ.MILondon Stock Exchange 15.09.2010 USD,

GBx08:00 - 16:30 CPXJ LN,

CPJ1 LNCPXJ.L,CPJ1.L

Euronext 18.01.2011 EUR CPXJ FP CPXJ.PA


CS

ETF



363


Fund domicile IrelandFund currency USDUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 210.35Inception date 25.08.2010Management fee in % p.a. 0.52Total expense ratio (TER) in % 0.65Swap spread 0.63Reference Index MSCI Russia (NR)Reference Index Bloomberg Ticker NDEUSRUISIN IE00B5V87390

Valor no. 11476335




CS ETF (IE) on MSCI RussiaSWAP-BASED


2010 2011 2012708090

100110120130140150

-30%-20%-10%

0%10%20%30%40%50%

-20.2

18.2

-19.6

18.6

CS ETF (IE) on MSCI Russia Yearly or year-to-date performance respectively (Fund)MSCI Russia (NR) Yearly or year-to-date performance respectively (Reference Index)




Energy 59.48Financials 15.34Materials 10.08Telecommunication Services 7.50Utilities 4.46Consumer Staples 3.14


Russia 100.00

Reference Index DescriptionThe investment objective of the Fund is to deliverthe performance of the Reference Index (beingthe MSCI Russia Index Net USD), less the feesand expenses of the Fund. The Reference Indexis a free float-adjusted marketcapitalisation-weighted index intended to reflectthe performance of the Russian equity marketby targeting all companies with a marketcapitalization broadly within the top 85% of theRussian investable equity universe, subject to aglobal minimum size requirement.

Fund facts

Yes

Bloomberg ticker CSRU SW





Top 10 Reference IndexConstituentsGazprom 26.85Lukoil 12.64Sberbank of Russia 11.39Novatek 5.05OJSC OC Rosneft 4.65Uralkali 4.31Mobile Telesystems 3.88Tatneft 3.87Norilsk Nickel 3.58Magnit 3.14Total 79.35




SIX Swiss Exchange 26.08.2010 USD 09:00 - 17:30 CSRU SW CSRU.SDeutsche Boerse 09.09.2010 EUR 09:00 - 17:30 CEBB GY CEBB.DEBorsa Italiana 15.09.2010 EUR 09:00 - 17:25 CSRU IM CSRU.MILondon Stock Exchange 15.09.2010 USD,

GBx08:00 - 16:30 CSRU LN,

CRU1 LNCSRU.L,CRU1.L

Euronext 18.01.2011 EUR CSRU FP -


364




Location ZurichFund domicile IrelandFund currency USDUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 67.01Inception date 22.07.2010Management fee in % p.a. 0.52Total expense ratio (TER) in % 0.65Reference Index MSCI South Africa (NR)Reference Index Bloomberg Ticker NDEUSSAUnit Class Category B

(capital growth)

ISIN IE00B4ZTP716

Valor no. 11476336


Fund 49


CS ETF (IE) on MSCI South AfricaClass B


2010 2011 201280

90

100

110

120

130

140

-20%

-10%

0%

10%

20%

30%

40%

-14.9

11.1

-14.4

11.2

CS ETF (IE) on MSCI South Africa Yearly or year-to-date performance respectively (Fund)MSCI South Africa (NR) Yearly or year-to-date performance respectively (Benchmark)



Sectors in %

Financials 26.21Materials 21.55Consumer Discretionary 14.91Telecommunication Services 12.75Energy 9.39Consumer Staples 6.78Industrials 4.79Health Care 2.97Liquid Assets 0.65

Countries in %

South Africa 99.35Others 0.65

Investment policyThe investment objective of the Fund is to deliverthe performance of the Reference Index (beingthe MSCI South Africa Index Net USD), less thefees and expenses of the Fund. The ReferenceIndex is a free float-adjusted marketcapitalisation-weighted index intended to reflectthe performance of the South African equitymarket by targeting all companies with a marketcapitalization broadly within the top 85% of theSouth African investable equity universe, subjectto a global minimum size requirement.

Fund facts

Yes


Bloomberg ticker CSZA SW


Number of holdings



Top 10 Holdings in %MTN Group Limited 10.67Sasol 9.45Naspers Ltd. 7.77Stanbank 6.18Anglogold 5.03IMPLATS 3.56Gold Fields 3.55FirstRand Ltd. 3.12Sanlam Ltd. 2.76Remgro 2.70Total 54.78




SIX Swiss Exchange 26.08.2010 USD 09:00 - 17:30 CSZA SW CSZA.SDeutsche Boerse 09.09.2010 EUR 09:00 - 17:30 CEBC GY CEBC.DEBorsa Italiana 15.09.2010 EUR 09:00 - 17:25 CSZA IM CSZA.MILondon Stock Exchange 15.09.2010 USD,

GBx08:00 - 16:30 CSZA LN,

CZA1 LNCSZA.L,CZA1.L

Euronext 18.01.2011 EUR CSZA FP -


CS

ETF



365


Fund domicile IrelandFund currency USDUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 24.82Inception date 24.08.2010Management fee in % p.a. 0.52Total expense ratio (TER) in % 0.65Swap spread -0.18Reference Index MSCI Taiwan (NR)Reference Index Bloomberg Ticker NDEUSTWISIN IE00B5VL1928

Valor no. 11476345




CS ETF (IE) on MSCI TaiwanSWAP-BASED


2010 2011 201270

80

90

100

110

120

130

140

-30%

-20%

-10%

0%

10%

20%

30%

40%

-21.4

14.4

-20.9

14.5

CS ETF (IE) on MSCI Taiwan Yearly or year-to-date performance respectively (Fund)MSCI Taiwan (NR) Yearly or year-to-date performance respectively (Reference Index)




Information Technology 56.54Financials 14.25Materials 13.88Telecommunication Services 4.94Consumer Discretionary 3.91Industrials 3.34Consumer Staples 2.27Energy 0.88


Taiwan 100.00

Reference Index DescriptionThe investment objective of the Fund is to deliverthe performance of the Reference Index (beingthe MSCI Taiwan Index Net USD), less the feesand expenses of the Fund. The Reference Indexis a free float-adjusted marketcapitalisation-weighted index intended to reflectthe performance of the Taiwanese equity marketby targeting all companies with a marketcapitalization broadly within the top 85% of theTaiwanese investable equity universe, subject toa global minimum size requirement.

Fund facts

Yes

Bloomberg ticker CSTW SW





Top 10 Reference IndexConstituentsTaiwan Semicon 17.43Hon Hai Precision 8.67HTC 3.65Formosa Plastics 2.88Chunghwa Telecm. 2.88China Steel 2.84Nan Ya Plastic 2.62Mediatek 2.43Formosa Chemical Fibers 2.05Cathay Financial 1.89Total 47.33




SIX Swiss Exchange 26.08.2010 USD 09:00 - 17:30 CSTW SW CSTW.SDeutsche Boerse 09.09.2010 EUR 09:00 - 17:30 CEBK GY CEBK.DEBorsa Italiana 15.09.2010 EUR 09:00 - 17:25 CSTW IM CSTW.MILondon Stock Exchange 15.09.2010 USD,

GBx08:00 - 16:30 CSTW LN,

CTW1 LNCSTW.L,CTW1.L

Euronext 18.01.2011 EUR CSTW FP -


366




Location ZurichFund domicile IrelandFund currency GBPUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 243.10Inception date 12.01.2010Management fee in % p.a. 0.21Total expense ratio (TER) in % 0.33Reference Index MSCI UK (NR)Reference Index Bloomberg Ticker NDDLUKUnit Class Category B

(capital growth)

ISIN IE00B539F030

Valor no. 10737561


Fund 104


CS ETF (IE) on MSCI UKClass B


2010 2011 201295

100

105

110

115

120

125

-5%

0%

5%

10%

15%

20%

25%

-2.2

4.6

-1.8

4.7

CS ETF (IE) on MSCI UK Yearly or year-to-date performance respectively (Fund)MSCI UK (NR) Yearly or year-to-date performance respectively (Benchmark)



Sectors in %

Energy 20.21Financials 18.47Consumer Staples 16.52Materials 11.84Health Care 8.42Telecommunication Services 7.23Consumer Discretionary 6.15Industrials 5.82Liquid Assets 0.12Others 5.24

Investment policyThe investment objective of the Fund is to deliverthe net total return performance of the ReferenceIndex (being the MSCI UK), less the fees andexpenses of the Fund. The Reference Index is abroad-based equity index of securities generallyincorporated in the United Kingdom. Securitieslisted on the London Stock Exchange are eligiblefor inclusion.

Fund facts

Yes


Bloomberg ticker CSUK SW








SIX Swiss Exchange 13.01.2010 GBP 09:00 - 17:30 CSUK SW CSUK.SDeutsche Boerse 10.03.2010 EUR 09:00 - 17:30 SXR3 GY SXR3.DEBorsa Italiana 10.03.2010 EUR 09:00 - 17:25 CSUK IM CSUK.MILondon Stock Exchange 15.09.2010 GBx 08:00 - 16:30 CSUK LN CSUK.LEuronext 18.01.2011 EUR CSUK FP CSUK.PA


CS

ETF



367


Location ZurichFund domicile IrelandFund currency GBPUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 53.57Inception date 02.06.2009Management fee in % p.a. 0.36Total expense ratio (TER) in % 0.48Reference Index MSCI UK Large Cap (NR)Reference Index Bloomberg Ticker MLCLUKGNUnit Class Category B

(capital growth)

ISIN IE00B3VWKZ07

Valor no. 10191349


Fund 45


CS ETF (IE) on MSCI UK Large CapClass B


2009 2010 2011 201290

100

110

120

130

140

150

-10%

0%

10%

20%

30%

40%

50%

10.5

-1.8

3.3

11.0

-1.3

3.5

CS ETF (IE) on MSCI UK Large Cap Yearly or year-to-date performance respectively (Fund)MSCI UK Large Cap (NR) Yearly or year-to-date performance respectively (Benchmark)



Sectors in %

Energy 23.27Consumer Staples 19.23Financials 17.03Materials 12.51Health Care 9.51Telecommunication Services 8.40Utilities 4.62Consumer Discretionary 3.29Liquid Assets 0.09Others 2.06

Investment policyThe investment objective of the Fund is toreplicate the Reference Index (being the MSCIUK Large Cap (less fees and expenses of theFund)).The Reference Index is an equity indexof securities with a large market capitalisationgenerally incorporated in the United Kingdom.Securities listed on the London Stock Exchangeare eligible for inclusion.

Fund facts

Yes


Bloomberg ticker CSUKL SW








SIX Swiss Exchange 03.07.2009 GBP 09:00 - 17:30 CSUKL SW CSUKL.SDeutsche Boerse 25.11.2009 EUR 09:00 - 17:30 SXRC GY SXRC00.DEBorsa Italiana 16.10.2009 EUR 09:00 - 17:25 CSUKL IM CSUKL.MILondon Stock Exchange 15.09.2010 GBx 08:00 - 16:30 CUKL LN CUKL.LEuronext 18.01.2011 EUR CUKL FP CUKL.PA


368




Location ZurichFund domicile IrelandFund currency GBPUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 22.66Inception date 01.07.2009Management fee in % p.a. 0.42Total expense ratio (TER) in % 0.58Reference Index MSCI UK Small Cap (NR)Reference Index Bloomberg Ticker NCLDUKUnit Class Category B

(capital growth)

ISIN IE00B3VWLG82

Valor no. 10191675


Fund 218


CS ETF (IE) on MSCI UK Small CapClass B


2009 2010 2011 20128090

100110120130140150160

-20%-10%

0%10%20%30%40%50%60%

30.9

-12.4

16.9

30.9

-11.8

17.5

CS ETF (IE) on MSCI UK Small Cap Yearly or year-to-date performance respectively (Fund)MSCI UK Small Cap (NR) Yearly or year-to-date performance respectively (Benchmark)



Sectors in %

Industrials 22.18Consumer Discretionary 21.02Financials 17.20Energy 10.33Information Technology 10.29Materials 9.73Consumer Staples 2.83Health Care 2.29Liquid Assets 0.11Others 4.01

Investment policyThe investment objective of the Fund is toreplicate the performance of the Reference Index(being the MSCI UK Small Cap (less fees andexpenses of the Fund)).The Reference Index isan equity index of securities with a small marketcapitalisation generally incorporated in the UnitedKingdom. Securities listed on the London StockExchange are eligible for inclusion.

Fund facts

Yes


Bloomberg ticker CSUKS SW




Top 10 Holdings in %IMI 1.64Croda Intl. 1.44Wood Grp. 1.38Travis Perkins 1.26Pennon Groupe 1.17Informa 1.15Spectris 1.10Premier Oil 1.09Aberdeen 1.09Gulf Keystone Petroleu 1.09Total 12.42




SIX Swiss Exchange 03.07.2009 GBP 09:00 - 17:30 CSUKS SW CSUKS.SDeutsche Boerse 25.11.2009 EUR 09:00 - 17:30 SXRD GY SXRD.DEBorsa Italiana 16.10.2009 EUR 09:00 - 17:25 CSUKS IM CSUKS.MILondon Stock Exchange 15.09.2010 GBx 08:00 - 16:30 CUKS LN CUKS.LEuronext 18.01.2011 EUR CUKS FP CUKS.PA


CS

ETF



369


Location ZurichFund domicile IrelandFund currency USDUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 314.18Inception date 12.01.2010Management fee in % p.a. 0.22Total expense ratio (TER) in % 0.33Reference Index MSCI USA (NR)Reference Index Bloomberg Ticker NDDUUSUnit Class Category B

(capital growth)

ISIN IE00B52SFT06

Valor no. 10737015


Fund 586


CS ETF (IE) on MSCI USAClass B


2010 2011 201295

100105110115120125130135140

-5%0%5%

10%15%20%25%30%35%40%

1.4

12.6

1.4

12.7

CS ETF (IE) on MSCI USA Yearly or year-to-date performance respectively (Fund)MSCI USA (NR) Yearly or year-to-date performance respectively (Benchmark)



Sectors in %

Information Technology 20.48Financials 14.45Consumer Discretionary 11.52Health Care 11.45Energy 11.43Consumer Staples 10.65Industrials 10.30Materials 3.59Liquid Assets 0.06Others 6.09

Investment policyThe investment objective of the Fund is to deliverthe net total return performance of the ReferenceIndex (being the MSCI USA), less the fees andexpenses of the Fund. The Reference Index is abroad-based equity index of securities generallyincorporated in the United States of America.Securities listed on the New York StockExchange, NASDAQ, or the American StockExchange are eligible for inclusion.

Fund facts

Yes


Bloomberg ticker CSUS SW


Number of holdings



Top 10 Holdings in %Apple 4.22Exxon Mobil Corp. 3.15IBM 1.86Microsoft 1.85Chevron Corp. 1.62General Electric 1.60AT & T 1.40Procter & Gamble 1.40Johnson & Johnson 1.37JPMorgan Chase 1.32Total 19.79




SIX Swiss Exchange 13.01.2010 USD 09:00 - 17:30 CSUS SW CSUS.SDeutsche Boerse 10.03.2010 EUR 09:00 - 17:30 SXR4 GY SXR4.DEBorsa Italiana 10.03.2010 EUR 09:00 - 17:25 CSUS IM CSUS.MILondon Stock Exchange 15.09.2010 USD,

GBx08:00 - 16:30 CSUS LN,

CU1 LNCSUS.L,CSU1.L

Euronext 18.01.2011 EUR CSUS FP CSUS.PA


370




Location ZurichFund domicile IrelandFund currency USDUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 72.25Inception date 02.06.2009Management fee in % p.a. 0.22Total expense ratio (TER) in % 0.33Reference Index MSCI USA Large Cap (NR)Reference Index Bloomberg Ticker MLCLUSANUnit Class Category B

(capital growth)

ISIN IE00B3VWLJ14

Valor no. 10191861


Fund 278


CS ETF (IE) on MSCI USA Large CapClass B


2009 2010 2011 2012100

110

120

130

140

150

160

0%

10%

20%

30%

40%

50%

60%

12.7

1.9

12.612.8

1.9

12.6

CS ETF (IE) on MSCI USA Large Cap Yearly or year-to-date performance respectively (Fund)MSCI USA Large Cap (NR) Yearly or year-to-date performance respectively (Benchmark)



Sectors in %

Information Technology 21.55Financials 14.35Energy 12.10Health Care 11.89Consumer Staples 11.17Consumer Discretionary 10.25Industrials 9.62Materials 3.07Liquid Assets 0.11Others 5.89

Investment policyThe investment objective of the Fund is toreplicate the performance of the Reference Index(being the MSCI USA Large Cap (less fees andexpenses of the Fund)). The Reference Index isan equity index of securities with a large marketcapitalisation generally incorporated in the UnitedStates of America. Securities listed on the NewYork Stock Exchange, NASDAQ or theAmerican Stock Exchange are eligible forinclusion.

Fund facts

Yes


Bloomberg ticker CSUSL SW


Number of holdings



Top 10 Holdings in %Apple 5.04Exxon Mobil Corp. 3.75IBM 2.23Microsoft 2.21Chevron Corp. 1.92General Electric 1.91AT & T 1.67Procter & Gamble 1.67Johnson & Johnson 1.63JPMorgan Chase 1.58Total 23.61




SIX Swiss Exchange 03.07.2009 USD 09:00 - 17:30 CSUSL SW CSUSL.SDeutsche Boerse 25.11.2009 EUR 09:00 - 17:30 SXRF GY SXRF.DEBorsa Italiana 16.10.2009 EUR 09:00 - 17:25 CSUSL IM CSUSL.MILondon Stock Exchange 15.09.2010 USD,

GBx08:00 - 16:30 CUSL LN,

CUL1 LNCUSL.L,CUL1.L

Euronext 18.01.2011 EUR CUSL FP CUSL.PA


CS

ETF



371


Location ZurichFund domicile IrelandFund currency USDUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 149.77Inception date 01.07.2009Management fee in % p.a. 0.30Total expense ratio (TER) in % 0.43Reference Index MSCI USA Small Cap (NR)Reference Index Bloomberg Ticker NCLDUSUnit Class Category B

(capital growth)

ISIN IE00B3VWM098

Valor no. 10191868


Fund 1'002


CS ETF (IE) on MSCI USA Small CapClass B


2009 2010 2011 201290

100110120130140150160170

-10%0%

10%20%30%40%50%60%70%

27.7

-3.4

13.4

27.5

-3.4

13.4

CS ETF (IE) on MSCI USA Small Cap Yearly or year-to-date performance respectively (Fund)MSCI USA Small Cap (NR) Yearly or year-to-date performance respectively (Benchmark)



Sectors in %

Financials 21.71Information Technology 16.99Industrials 15.76Consumer Discretionary 15.32Health Care 11.84Materials 6.02Energy 5.34Utilities 3.98Liquid Assets 0.10Others 2.94

Investment policyThe investment objective of the Fund is toreplicate the performance of the Reference Index(being the MSCI USA Small Cap (less fees andexpenses of the Fund)). The Reference Index isan equity index of securities with a small marketcapitalisation generally incorporated in the UnitedStates of America. Securities listed on the NewYork Stock Exchange, NASDAQ or theAmerican Stock Exchange are eligible forinclusion.

Fund facts

Yes


Bloomberg ticker CSUSS SW


Number of holdings



Top 10 Holdings in %Regeneron Pharma. 0.42American Cap. 0.37Wyndham Worldwide Corp 0.35Equinix 0.34Trimble Nav. 0.31Tractor Supply 0.31Rackspace Hosting Inc. 0.30SL Green RLTY 0.29Ansys Inc. 0.28Core Laboratoires 0.28Total 3.25




SIX Swiss Exchange 03.07.2009 USD 09:00 - 17:30 CSUSS SW CSUSS.SDeutsche Boerse 25.11.2009 EUR 09:00 - 17:30 SXRG GY SXRG.DEBorsa Italiana 16.10.2009 EUR 09:00 - 17:25 CSUSS IM CSUSS.MILondon Stock Exchange 15.09.2010 USD,

GBx08:00 - 16:30 CUSS LN,

CUS1 LNCUSS.L,CUS1.L

Euronext 18.01.2011 EUR CUSS FP CUSS.PA


372




Fund domicile IrelandFund currency USDUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 28.73Inception date 28.01.2011Management fee in % p.a. 0.21Total expense ratio (TER) in % 0.40Swap spread 0.02Reference Index MSCI World (NR)Reference Index Bloomberg Ticker NDDUWIISIN IE00B3NBFN86

Valor no. 12057882


No. of Reference Index Constituents 1'611


CS ETF (IE) on MSCI WorldSWAP-BASED


2011 201285

90

95

100

105

110

115

-15%

-10%

-5%

0%

5%

10%

15%11.5 11.6

CS ETF (IE) on MSCI World Yearly or year-to-date performance respectively (Fund)MSCI World (NR) Yearly or year-to-date performance respectively (Reference Index)




Financials 18.89Information Technology 12.96Industrials 11.06Energy 10.97Consumer Discretionary 10.83Consumer Staples 10.53Health Care 10.04Materials 7.15Telecommunication Services 3.92Utilities 3.64


USA 53.04United Kingdom 9.42Japan 9.08Canada 4.98France 3.88Germany 3.61Switzerland 3.59Australia 3.54Sweden 1.34Others 7.52

Reference Index DescriptionThe investment objective of the Fund is to deliverthe net total return performance of the ReferenceIndex (being the MSCI World in USD), less thefees and expenses of the Fund. The ReferenceIndex is a broad global equity index and isdenominated in USD.

Fund facts

Yes

Bloomberg ticker CSWD SW





Top 10 Reference IndexConstituentsApple 2.24Exxon Mobil Corp. 1.67IBM 0.99Microsoft 0.98Chevron Corp. 0.86General Electric 0.85Nestlé 0.83AT & T 0.74Procter & Gamble 0.74Johnson & Johnson 0.72Total 10.63




SIX Swiss Exchange 10.02.2011 USD 09:00 - 17:30 CSWD SW CSWD.SDeutsche Boerse 15.02.2011 EUR 09:00 - 17:30 CEBN GY CEBN.DEBorsa Italiana 22.02.2011 EUR 09:00 - 17:25 CSWD IM CSWD.MILondon Stock Exchange 24.02.2011 USD,

GBx08:00 - 16:30 CSWD LN,

CWD1 LNCSWD.L,CWD1.L

Euronext 10.03.2011 EUR CSWD FP CSWD.PA


CS

ETF



373


Location ZurichFund domicile IrelandFund currency USDUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 208.50Inception date 26.01.2010Management fee in % p.a. 0.17Total expense ratio (TER) in % 0.33Reference Index NASDAQ 100 (PI)Reference Index Bloomberg Ticker NDXUnit Class Category B

(capital growth)

ISIN IE00B53SZB19

Valor no. 10737617


Fund 100


CS ETF (IE) on NASDAQ 100Class B


2010 2011 201290

100

110

120

130

140

150

160

-10%

0%

10%

20%

30%

40%

50%

60%

3.1

21.1

2.7

21.0

CS ETF (IE) on NASDAQ 100 Yearly or year-to-date performance respectively (Fund)NASDAQ 100 (PI) Yearly or year-to-date performance respectively (Benchmark)



Sectors in %

Information Technology 68.60Consumer Discretionary 15.12Health Care 10.55Consumer Staples 2.42Industrials 2.00Telecommunication Services 0.81Materials 0.46Liquid Assets 0.04

Investment policyThe investment objective of the Fund is to deliverthe net total return performance of the ReferenceIndex (being the NASDAQ 100), less the feesand expenses of the Fund. The Reference Indexis an equity index of securities comprising thelargest US and international companies in termsof market capitalisation listed on the NASDAQStock Market. The Reference Index reflectscompanies across major industry groupsincluding computer hardware and software,telecommunications, retail/wholesale trade andbiotechnology. It does not contain securities offinancial companies including investmentcompanies.

Fund facts

Yes


Bloomberg ticker CSNDX SW


Number of holdings



Top 10 Holdings in %Apple 18.57Microsoft 8.99Google 5.50Oracle 4.87Intel 4.68Qualcomm 3.82Cisco Systems 3.79Amazon.Com 3.06Comcast Corp. 2.09Amgen 1.79Total 57.15




SIX Swiss Exchange 27.01.2010 USD 09:00 - 17:30 CSNDX SW CSNDX.SDeutsche Boerse 10.03.2010 EUR 09:00 - 17:30 SXRV GY SXRV.DEBorsa Italiana 10.03.2010 EUR 09:00 - 17:25 CSNDX IM CSNDX.MILondon Stock Exchange 15.09.2010 USD,

GBx08:00 - 16:30 CNDX LN,

CNX1 LNCNDX.L,CNX1.L

Euronext 18.01.2011 EUR CNDX FP CNDX.PA


374




Location ZurichFund domicile IrelandFund currency JPYUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 4'589.03Inception date 25.01.2010Management fee in % p.a. 0.38Total expense ratio (TER) in % 0.48Reference Index Nikkei 225 Stock Average (PI)Reference Index Bloomberg Ticker NKYUnit Class Category B

(capital growth)

ISIN IE00B52MJD48

Valor no. 10737065


Fund 225


CS ETF (IE) on Nikkei 225Class B


2010 2011 201270

80

90

100

110

120

130

-30%

-20%

-10%

0%

10%

20%

30%

-16.2

20.1

-17.3

19.3

CS ETF (IE) on Nikkei 225 Yearly or year-to-date performance respectively (Fund)Nikkei 225 Stock Average (PI) Yearly or year-to-date performance respectively (Benchmark)



Sectors in %

Industrials 24.96Consumer Discretionary 20.79Information Technology 17.77Health Care 8.59Consumer Staples 7.60Materials 7.30Financials 6.45Telecommunication Services 5.32Liquid Assets 0.19Others 1.05

Investment policyThe investment objective of the Fund is to deliverthe net total return performance of the ReferenceIndex (being the Nikkei 225), less the fees andexpenses of the Fund. The Reference Index is anequity index of securities comprising 225 highlyliquid stocks traded on the first section of theTokyo Stock Exchange. Its constituents aregiven an equal weighting based on a par value of50 Japanese Yen per share, whereby the pricesof stocks with other par values are adjusted toalso reflect a par value of 50 Japanese Yen pershare.

Fund facts

Yes


Bloomberg ticker CSNKY SW


Number of holdings



Top 10 Holdings in %Fast Retailing 7.44Fanuc 5.76Kyocera 3.07Softbank Corp 2.95Honda Motor 2.46Canon 2.31KDDI Corp 2.17Shin-Etsu Chemical 1.87Tokyo Electron 1.85Tdk 1.83Total 31.71




SIX Swiss Exchange 27.01.2010 JPY 09:00 - 17:30 CSNKY SW CSNKY.SDeutsche Boerse 10.03.2010 EUR 09:00 - 17:30 SXRZ GY SXRZ.DEBorsa Italiana 10.03.2010 EUR 09:00 - 17:25 CSNKY IM CSNKY.MILondon Stock Exchange 15.09.2010 GBx 08:00 - 16:30 CNKY LN CNKY.LEuronext 18.01.2011 EUR CNKY FP CNKY.PA


CS

ETF



375


Location ZurichFund domicile IrelandFund currency USDUcits III-CompliantClose of financial year 31. JulyTotal net assets (in mil.) 746.63Inception date 18.05.2010Management fee in % p.a. 0.09Total expense ratio (TER) in % 0.20Reference Index S&P 500 Composite (NR)Reference Index Bloomberg Ticker SPTR500NUnit Class Category B

(capital growth)

ISIN IE00B5BMR087

Valor no. 10737041


Fund 500


CS ETF (IE) on S&P 500Class B


2010 2011 20129095

100105110115120125130135

-10%-5%0%5%

10%15%20%25%30%35%

1.6

12.4

1.5

12.4

CS ETF (IE) on S&P 500 Yearly or year-to-date performance respectively (Fund)S&P 500 Composite (NR) Yearly or year-to-date performance respectively (Benchmark)



Sectors in %

Information Technology 20.53Financials 14.92Health Care 11.43Energy 11.23Consumer Discretionary 10.96Consumer Staples 10.76Industrials 10.52Materials 3.45Liquid Assets 0.07Others 6.12

Investment policyThe investment objective of the Fund is to deliverthe net total return performance of the ReferenceIndex (being the S&P 500), less the fees andexpenses of the Fund. The Reference Index isan equity index of securities which focuses onthe large cap segment of the US market, andincludes stocks which are generally incorporatedin the United States of America. Securities listedon national stock exchanges in the US areeligible for inclusion.

Fund facts

Yes


Bloomberg ticker CSSPX SW


Number of holdings



Top 10 Holdings in %Apple 4.39Exxon Mobil Corp. 3.22IBM 1.90Microsoft 1.89Chevron Corp. 1.67General Electric 1.67AT & T 1.46Procter & Gamble 1.45Johnson & Johnson 1.42Wells Fargo & Co. 1.41Total 20.49




SIX Swiss Exchange 19.05.2010 USD 09:00 - 17:30 CSSPX SW CSSPX.SDeutsche Boerse 26.05.2010 EUR 09:00 - 17:30 SXR8 GY SXR8.DEBorsa Italiana 26.05.2010 EUR 09:00 - 17:25 CSSPX IM CSSPX.IMLondon Stock Exchange 15.09.2010 USD,

GBx08:00 - 16:30 CSPX LN,

CSP1 LNCSPX.L,CSP1.L

Euronext 18.01.2011 EUR CSPX FP CSPX.PA


376




Location ZurichFund domicile LuxembourgFund currency USDUcits III-CompliantClose of financial year 31. MayTotal net assets (in mil.) 1'502.21Inception date 28.06.2006Management fee in % p.a. 0.45Total expense ratio (ex ante) in % 0.68Reference Index MSCI EM (NR)Reference Index Bloomberg Ticker NDUEEGFUnit Class Category A

(capital growth)

ISIN LU0254097446

Valor no. 2553407


Fund 259


CS ETF (Lux) on MSCI Emerging MarketsClass A


2007 2008 2009 2010 2011 201220406080

100120140160180200

-80%-60%-40%-20%

0%20%40%60%80%

100%

35.4

-51.1

75.4

19.0

-19.4

13.8

39.4

-53.3

78.5

18.9

-18.4

14.1

CS ETF (Lux) on MSCI EmergingMarkets


MSCI EM (NR)Yearly or year-to-date performance respectively (ReferenceIndex)


1 month 3 months YTD 1 year 3 years 5 yearsFund -3.10 13.85 13.85 -10.00 89.14 23.38Reference Index -3.34 14.07 14.07 -8.81 95.61 25.62

Sectors in %

Financials 22.68Information Technology 14.84Energy 14.49Materials 12.13Telecommunication Services 9.05Consumer Discretionary 9.04Industrials 7.43Consumer Staples 6.52Liquid Assets 0.03Others 3.80

Countries in %

China 16.96Brazil 14.94South Korea 14.86Taiwan 10.93South Africa 7.64Russia 6.67India 6.37Mexico 4.67Malaysia 3.17Others 13.78

Investment policyThe investment objective of the fund is to deliverthe total net return of the reference index (theMSCI Emerging Markets), minus the fees andcosts of the fund. The reference index is a shareindex comprised of the shares of companiesfrom particular emerging markets from aroundthe world. The reference index is denominated inUSD.

Fund facts

Yes


Bloomberg ticker CSEM SW


Number of holdings



Top 10 Holdings in %Samsung Electronics 3.49Gazprom 2.02China Mobile 1.99Taiwan Semicon 1.93Itau Unibanco 1.58Vale do Rio Doce PNA 1.53America Movil 1.50Petrobras PN 1.46Hon Hai Precision 1.20China Const. Bank 1.20Total 17.90




SIX Swiss Exchange 30.06.2006 USD 09:00 - 17:30 CSEM SW CSEM.SDeutsche Boerse 25.11.2009 EUR 09:00 - 17:30 XMHB GY XMHB.DEBorsa Italiana 16.10.2009 EUR 09:00 - 17:25 CSEM IM CSEM.MILondon Stock Exchange 15.09.2010 USD,

GBx08:00 - 16:30 CSEM LN,

CM1 LNCSEM.L,CM1.L

Euronext 18.01.2011 EUR CSEM FP -


CS

ETF



377


Location ZurichFund domicile LuxembourgFund currency EURUcits III-CompliantClose of financial year 31. MayTotal net assets (in mil.) 338.46Inception date 23.10.2002Management fee in % p.a. 0.40Total expense ratio (ex ante) in % 0.49Reference Index MSCI EMU Large Cap (NR) (10/07)Reference Index Bloomberg Ticker MLCLEMUNUnit Class Category A

(capital growth)

ISIN LU0154139132

Valor no. 1480005


Fund 119


CS ETF (Lux) on MSCI EMU Large CapClass A


2007 2008 2009 2010 2011 201240

60

80

100

120

140

-60%

-40%

-20%

0%

20%

40%

9.7

-44.0

26.9

0.5

-13.6

8.910.0

-44.1

26.9

0.7

-13.7

9.1

CS ETF (Lux) on MSCI EMU LargeCap


MSCI EMU Large Cap (NR) (10/07)Yearly or year-to-date performance respectively (ReferenceIndex)


1 month 3 months YTD 1 year 3 years 5 yearsFund -0.41 8.92 8.92 -9.31 39.77 -28.45Reference Index -0.34 9.06 9.06 -9.35 39.98 -28.29

Sectors in %

Financials 20.63Consumer Staples 11.63Industrials 10.93Consumer Discretionary 10.88Materials 9.30Energy 8.79Health Care 8.02Utilities 7.82Liquid Assets 0.03Others 11.98

Countries in %

Germany 33.82France 32.80Spain 10.20Italy 8.34Netherlands 8.27Belgium 2.99Finland 2.09Ireland 0.60Austria 0.50Others 0.40

Investment policyThe investment objective of the fund is to deliverthe total net return of the reference index (theMSCI EMU Large Cap), minus the fees andcosts of the fund. The reference index is a shareindex comprised of the shares of companies withlarge market capitalization whose registeredoffice is in the euro zone. The reference index isdenominated in EUR.

Fund facts

Yes


Bloomberg ticker CSEMUL SW


Number of holdings



Top 10 Holdings in %Total 4.38Sanofi-Aventis 3.58Siemens 3.36BASF 3.25Telefonica 2.72Banco Santander 2.67SAP 2.60Anheuser 2.37Bayer 2.35ENI 2.28Total 29.56




SIX Swiss Exchange 24.10.2002 EUR 09:00 - 17:30 CSEMUL SW CSEMUL.SDeutsche Boerse 11.09.2003 EUR 09:00 - 17:30 XMHA GY XMHA.DEBorsa Italiana 16.10.2009 EUR 09:00 - 17:25 CSEMUL IM CSEMUL.MILondon Stock Exchange 15.09.2010 EUR,

GBx08:00 - 16:30 CEUL LN,

CEL1 LNCEUL.L,CEL1.L

Euronext 18.01.2011 EUR CEUL FP -


378




Location ZurichFund domicile LuxembourgFund currency EURUcits III-CompliantClose of financial year 31. MayTotal net assets (in mil.) 123.29Inception date 17.09.2007Management fee in % p.a. 0.40Total expense ratio (ex ante) in % 0.50Reference Index MSCI EMU Mid Cap (NR)Reference Index Bloomberg Ticker MMDLEMUNUnit Class Category A

(capital growth)

ISIN LU0312694234

Valor no. 3280326


Fund 133


CS ETF (Lux) on MSCI EMU Mid CapClass A


2007 2008 2009 2010 2011 201240

60

80

100

120

140

-60%

-40%

-20%

0%

20%

40%

-48.9

30.3

10.8

-20.5

13.1

-49.2

30.5

11.3

-20.3

13.2

CS ETF (Lux) on MSCI EMU Mid Cap Yearly or year-to-date performance respectively (Fund)MSCI EMU Mid Cap (NR) Yearly or year-to-date performance respectively (Reference Index)


1 month 3 months YTD 1 year 3 years 5 yearsFund 1.08 13.08 13.08 -13.29 45.09 -Reference Index 1.14 13.22 13.22 -13.03 46.46 -

Sectors in %

Industrials 22.31Consumer Discretionary 16.78Financials 14.39Materials 11.83Information Technology 9.78Consumer Staples 7.32Energy 5.38Health Care 4.50Liquid Assets 0.07Others 7.64

Countries in %

France 32.48Germany 12.51Netherlands 11.49Spain 10.45Finland 8.22Italy 7.54Belgium 6.90Ireland 3.06Austria 2.98Others 4.37

Investment policyThe investment objective of the fund is to deliverthe total net return of the reference index (theMSCI EMU Mid Cap), minus the fees and costsof the fund. The reference index is a share indexcomprised of the shares of companies withmedium market capitalization whose registeredoffice is in the euro zone. The reference index isdenominated in EUR.

Fund facts

Yes


Bloomberg ticker CSEMUM SW


Number of holdings



Top 10 Holdings in %Technip 2.41Infineon 2.30Koninklijke Dsm 1.84Reed Elsevier 1.81Legrand 1.70Publicis 1.65Sodexo 1.60SES 1.53Elan 1.51Vallourec 1.48Total 17.83




SIX Swiss Exchange 18.09.2007 EUR 09:00 - 17:30 CSEMUM SW CSEMUM.SDeutsche Boerse 18.08.2010 EUR 09:00 - 17:30 XMHC GY XMHC.DELondon Stock Exchange 15.09.2010 EUR,

GBx08:00 - 16:30 CEUM LN,

CEM1 LNCEUM.L,CEM1.L

Euronext 18.01.2011 EUR CEUM FP -


CS

ETF



379


Location ZurichFund domicile SwitzerlandFund currency USDUcits III-Compliant NoClose of financial year 31. MayTotal net assets (in mil.) 1'349.98Inception date 05.10.2009Management fee in % p.a. 0.30Total expense ratio (ex ante) in % 0.33Reference Index London Gold Fixing PMReference Index Bloomberg Ticker GOLDLNPMUnderlying approx. 1/10 ounceUnit Class Category A

(distribution)

ISIN CH0104136236

Valor no. 10413623

Income treatment distributionLast distribution 20.07.2010Distribution value 0.00

Gold bars with a standard weight of around 400 oz. and a purity of 995/1'000 or higher: 2'032


CS ETF II (CH) on GoldClass A


2009 2010 2011 2012100110120130140150160170180

0%10%20%30%40%50%60%70%80%

28.8

8.6 8.5

29.2

8.9 8.6

CS ETF II (CH) on Gold Yearly or year-to-date performance respectively (Fund)London Gold Fixing PM Yearly or year-to-date performance respectively (Benchmark)



Investment policyThe Fund invests in physical gold without makinguse of commodity derivatives. The Fund´sinvestment objective is to replicate the return ofthe gold spot price less the fees and expenses ofthe Fund.

Fund facts


Bloomberg ticker CSGOLD SW


Stock of gold bars






SIX Swiss Exchange 06.10.2009 USD 09:00 - 17:30 CSGOLD SW CSGOLD.S


380





London Gold Fixing PM (Hedged into CHF)Reference Index Bloomberg Ticker GLDLNCHFUnderlying approx. 1/10 ounce

(without considering the currency hedge)Unit Class Category A

(distribution)

ISIN CH0104136285

Valor no. 10413628


Gold bars with a standard weight of around 400 oz. and a purity of 995/1'000 or higher: 965


CS ETF II (CH) on Gold - hedged CHFClass A


2009 2010 2011 2012100110120130140150160170180

0%10%20%30%40%50%60%70%80%

27.0

6.1 8.1

28.1

8.0 8.2

CS ETF II (CH) on Gold - hedged CHF Yearly or year-to-date performance respectively (Fund)London Gold Fixing PM (Hedged into CHF) Yearly or year-to-date performance respectively (Benchmark)



Investment policyThe Fund invests in physical gold without makinguse of commodity derivatives. The Fund´sinvestment objective is to replicate the return ofthe gold spot price less the fees and expensesof the Fund. The US Dollar exposure of Gold ishedged into CHF.

Fund facts


Bloomberg ticker CSGLDC SW


Stock of gold bars






SIX Swiss Exchange 06.10.2009 CHF 09:00 - 17:30 CSGLDC SW CSGLDC.S


CS

ETF



381


Location ZurichFund domicile SwitzerlandFund currency EURUcits III-Compliant NoClose of financial year 31. MayTotal net assets (in mil.) 214.43Inception date 05.10.2009Management fee in % p.a. 0.35Total expense ratio (ex ante) in % 0.40Reference Index

London Gold Fixing PM (Hedged into EUR)Reference Index Bloomberg Ticker GLDLNEURUnderlying approx. 1/10 ounce

(without considering the currency hedge)Unit Class Category A

(distribution)

ISIN CH0104136319

Valor no. 10413631


Gold bars with a standard weight of around 400 oz. and a purity of 995/1'000 or higher: 429


CS ETF II (CH) on Gold - hedged EURClass A


2009 2010 2011 2012100110120130140150160170180

0%10%20%30%40%50%60%70%80%

28.3

8.4 8.2

28.8

8.7 8.3

CS ETF II (CH) on Gold - hedged EUR Yearly or year-to-date performance respectively (Fund)London Gold Fixing PM (Hedged into EUR) Yearly or year-to-date performance respectively (Benchmark)



Investment policyThe Fund invests in physical gold without makinguse of commodity derivatives. The Fund´sinvestment objective is to replicate the return ofthe gold spot price less the fees and expensesof the Fund. The US Dollar exposure of Gold ishedged into EUR.

Fund facts


Bloomberg ticker CSGLDE SW


Stock of gold bars






SIX Swiss Exchange 06.10.2009 EUR 09:00 - 17:30 CSGLDE SW CSGLDE.S


382



383

Average remaining termThe average remaining term until maturity of the investmentscomprising a bond fund.

Annualized volatilityAnnualized volatility measures the risk of a fund. It describesthe range of returns most likely to be achieved. The biggerthe volatility, the greater the uncertainty regarding a fund'slikely return, and the riskier it is. Annualized volatility may becalculated by using the lognormal annualized standard deviationof a fund's return distribution.

BenchmarkIndex that serves as a basis of comparison when measuring afund’s performance. Benchmarks enable investors to comparethe performance of fund managers and to make a balanced,objective judgement.

BetaBeta is a factor describing the sensitivity of a fund's return to itsmarket index. Values below 1 indicate a defensive fund, whichmoves less in either direction than the expected return of theindex. Values greater than 1 indicate aggressive positioning anda beta value of 1 means that the fund is expected to move inline with market returns.

EU taxationOn July 1, 2005, the EU Savings Tax Directive came intoforce. It is applicable to cross-border interest payments toEU-domiciled natural persons (and associated products with aninterest component) – regardless of the country of domicileof the issuer of the interest-bearing securities (exception: theissuer's country of domicile is Switzerland).

The tax rates are staggered as follows:01.07.2005 – 30.06.2008: 15%07-01-2008 – 06-30-2011: 20%From 07-01-2011: 35%

A specialized identification system introduced by Credit Suissereveals the degree to which products are affected. A distinctionis drawn between the following designations:

Current tax classification with regard to EU taxation

In scope – tax: EU taxation applies to the product

In scope – no tax: No EU taxation, as the productmeets one of the exemption rules(e.g. grandfathered bonds, fundswith low taxable interest income)

In scope – tax exempt: No EU taxation, as the distributionsare also subject to Swisswithholding tax in the case offoreigners

Out of scope: No EU taxation

DistributionA “dividend” paid to unit holders, usually on a yearly basis, whichmay be made up of income derived from both the investmentfund and from realised capital gains. The amount of thedistribution is determined by the fund management.

Duration (modified duration)The duration shows the weighted-average term to maturity ofa bond’s cash flows (i.e. interest payments and repayments ofcapital). Duration is also a risk yardstick for bonds. When thelevel of interest payable changes by 1%, the expected pricechange of the bond corresponds approximately to the duration,expressed as a percentage.

Fund domicileThe place where the investment fund is domiciled. The funddomicile defines the law by which the fund is regulated and isespecially important for tax reasons.

Gross portfolio yieldThe Gross Portfolio Yield is the total yield of a portfolio beforethe deduction of fees. It is equal to the investment yield of thesecurities held in the portfolio.

Information ratioA fund’s outperformance can be attributed to the skill of theportfolio management or market moves. The higher theinformation ratio, the higher the contribution of manager skill.To determine the information ratio, the difference between theaverage annualized return of a fund and the average annualizedreturn of its benchmark is calculated and then divided by thetracking error of the two components.

Glossary

384

ISIN number (International Securities IdentificationNumber)Fund identification: International equivalent to the Swiss securitynumber.

Issuing commissionA commission charged to investors when they purchase units inthe fund.

Management feeRemuneration paid to the fund management company formanaging the fund. The management fee is expressed on anannual basis as a percentage of the fund’s assets and deductedfrom the fund’s assets on a proportionate daily basis.

Maximum drawdownThe maximum drawdown is the biggest downside pricemovement for the observed period of time.

Net asset valueThe NAV of a fund unit is the current market value of the fundon a particular reference date, less any liabilities, and divided bythe number of outstanding units. The NAV is usually calculatedand published on a daily basis (except for real estate funds).

Net portfolio returnWeighted average of returns upon maturity of all securitiescomprising a fund, after deduction of the fund managementfee.

Retail sales registrationThe fund is registered and can be sold in the retail markets ofthe listed countries.

Total returnTotal increase in value of an investment fund over a certainperiod of time, expressed as a percentage, and comprisingboth distributions and price gains. The cumulative return is thetotal return on the investment achieved over several years. Theaverage increase in value over 3 and 5 years is the averageannual performance over the last 36 and 60 months.

Tracking errorThe tracking error shows (in %) the deviation of the return of afund compared to the return of a benchmark over a fixed periodof time. A small tracking error indicates a passively managedportfolio.

Total expense ratio (TER)The TER shows the total costs of a fund in relation to the fundstotal assets and is expressed as a percentage. These costsinclude management fees, trading fees, legal fees, auditor feesand other operational expenses.

Info

rmat

ion

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Factsheet Explained

Basic InformationCredit Suisse logo

Fund name and unit classFull legal name of Fund which has been detailed on the Factsheet.

Factsheet month and distribution channelDate for which the Factsheet has been issued followed by the distributionchannel.

Investment policyA short description of the Fund’s investment aim, primary asset class andkey markets in which it invests.

Fund factsCore information about a Fund. Where appropriate, details are separatedout into share class specific information.

Performance graphThe Performance graph plots the monthly movement for a Fund andBenchmark, rebased to 100, and displays the Annual Return for each ofthe last five calendar years, in the Fund base currency.

Performance tableTable displaying the net Total Return of a Fund and Benchmark, overvarious time horizons, ranging from one month through to five years andsince inception, to Factsheet month end, in the Fund base currency.

Disclaimer/footnotesLegal text relevant for each Jurisdiction responsible for distributing therespective Factsheets.

Breakdowns (Fixed Income Funds)Maturities in %Bar chart depicting the percentage breakdown of Maturities in a Fund’sportfolio, in terms of designated time bands, as at the last trading pointrelevant to the Factsheet month end.

Credit ratings in %Pie Chart depicting the shares of each rating category in a fixed incomeportfolio.

Currencies in %Table depicting the percentage breakdown of a Fund’s currency splitbefore versus after currency hedging.

Number of holdingsTable lists the number of holdings in a Fund’s and it's Benchmark'sportfolio.

Asset allocation in %Table depicting the percentage breakdown of a Fund’s portfolio holdingsby asset class, as at the last trading point relevant to the Factsheet monthend.

Duration and yieldTable depicting key statistics with respect to fixed income characteristics inthe Fund’s portfolio.

Fund statisticsThis section covers major statistics, to describe a fund’s behaviour withrespect to its Market Index.

Top 10 holdings in %Table listing the largest Holdings, by percentage value in the portfolio of aFund as at the last trading point relevant to the Factsheet month end. Tableincludes information on Coupons and Maturities.

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Breakdowns (Equity Funds)Sectors in %Table depicting the sector breakdown, by percentage holding in theportfolio of a Fund and it’s Benchmark as at the last trading point relevantto the Factsheet month end.

Currencies in %Pie chart listing currency split within portfolio.

Countries in %Pie chart listing the countries breakdown, by percentage holding in theportfolio of a Fund as at the last trading point relevant to the Factsheetmonth end.

Significant transactionsTable depicting the largest transactions within the Fund’s portfolio sincelast month’s end.


Top 10 holdings in %Table listing the largest Holdings, by percentage value in the portfolio of aFund as at the last trading point relevant to the Factsheet month end.

Breakdowns (Portfolio Funds)Allocation asset classes in %Pie chart depicting the percentage breakdown of a Fund’s portfolioholdings by asset class, as at the last trading point relevant to the Factsheetmonth end.

Allocation currencies in %Pie chart listing currency split within portfolio.

Asset allocation in %Matrix of Asset Classes and Currency Breakdowns as at the last tradingpoint relevant to the Factsheet month end.

Maturities in %Bar chart depicting the percentage breakdown of Maturities in a Fund’sportfolio, in terms of designated time bands, as at the last trading pointrelevant to the Factsheet month end.


Duration and yieldTable depicting key statistics with respect to fixed income characteristics inthe Fund’s portfolio.

Allocation of bonds in %Table depicting the percentage breakdown of a Fund’s Fixed Incomeholdings by asset class, as at the last trading point relevant to the Factsheetmonth end.

Top 10 holdings in %Table listing the largest Holdings, by percentage value in the portfolio of aFund as at the last trading point relevant to the Factsheet month end. Tableincludes information on Coupons and Maturities.

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Internet www.credit-suisse.com/ch daily

Reuters CSFUNDS00Please ask for our detailed publication “FundCodes”, where youcan find the respective tickers for Reuters.

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Bloomberg CREDIT SUISSEPlease ask for our detailed publication “FundCodes”, where youcan find the respective tickers for Bloomberg.

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Teletext on SF2 Pages 667/668/669 daily

Teletext on TSR2 Pages 667/668/669 daily

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Newspapers (Switzerland) Neue Zürcher ZeitungTages AnzeigerFinanz und WirtschaftBasler ZeitungBerner ZeitungNeue Luzerner ZeitungSt. Galler TagblattL’AgéfiLe TempsCorriere del Ticino

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in every publicationSaturday

WednesdaySaturday

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Newspapers (International) Frankfurter AllgemeineHandelsblattBörsenzeitungDie WeltDer StandardIl Sole 24 OreMilano FinanzaInternational Herald TribuneFinancial TimesLiechtensteiner Vaterland

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Where to find the current prices of our funds

388

This document was produced by Credit Suisse AG and/or itsaffiliates (hereafter "CS") with the greatest of care and to thebest of its knowledge and belief. However, CS provides noguarantee with regard to its content and completeness anddoes not accept any liability for losses which might arise frommaking use of this information. The opinions expressed in thisdocument are those of CS at the time of writing and are subjectto change at any time without notice. If nothing is indicatedto the contrary, all figures are unaudited. This document isprovided for information purposes only and is for the exclusiveuse of the recipient. It does not constitute an offer or arecommendation to buy or sell financial instruments or bankingservices and does not release the recipient from exercising his/her own judgment. The recipient is in particular recommendedto check that the information provided is in line with his/herown circumstances with regard to any legal, regulatory, tax orother consequences, if necessary with the help of a professionaladvisor. This document may not be reproduced either in part orin full without the written permission of CS. It is expressly notintended for persons who, due to their nationality or place ofresidence, are not permitted access to such information underlocal law. Neither this document nor any copy thereof may besent, taken into or distributed in the United States or to anyU. S. person. Every investment involves risk, especially withregard to fluctuations in value and return. Investments in foreigncurrencies involve the additional risk that the foreign currencymight lose value against the investor's reference currency.Historical performance indications and financial marketscenarios are no guarantee for current or future performance.Performance indications do not consider commissions levied atsubscription and/or redemption. Furthermore, no guarantee canbe given that the performance of the benchmark will be reachedor outperformed.

Some of the investment products include investments inEmerging Markets. Emerging Markets are located in countriesthat possess one or more of the following characteristics: Acertain degree of political instability, relatively unpredictablefinancial markets and economic growth patterns, a financialmarket that is still at the development stage or a weakeconomy. Emerging markets investments usually result inhigher risks such as political risks, economical risks, creditrisks, exchange rate risks, market liquidity risks, legal risks,settlement risks, market risks, shareholder risk and creditorrisk. Some of the investment products include Commodityinvestments. Commodity investmets are subject to greaterfluctuations in value than normal investments and may lead to

additional investment risks. Some of the investment productsinclude alternative investments. Alternative investments (e.g.Hedge Funds or Private Equity) are complex instruments andmay carry a very high degree of risk. Such risks can arisefrom extensive use of short sales, derivatives and debt capital.Furthermore, the minimum investment periods can be long.Hedge Funds are intended only for investors who understandand accept the associated risks.

1a Immo PK was issued in Switzerland. The target group ofinvestors is restricted to tax-exempt domestic occupationalbenefit institutions and tax-exempt domestic social insuranceinstitutions and compensation funds.Credit Suisse Real Estate Fund International was launchedin Switzerland under the type "other funds for traditionalinvestments." The target group of investors is restricted toqualified investors as defined in art. 10, para. 3 of the SwissFederal Act on Collective Investment Schemes (CISA).CS PortfolioReal and the CS MACS Funds are a GemischtesSondervermögen (mixed fund) pursuant to the GermanInvestment Act (InvG).Credit Suisse Prime Select Trust (hereinafter "the Company")is an investment company with variable capital established inLuxembourg pursuant to Part II of the Luxembourg law onundertakings for collective investment of December 20, 2002,and approved for sale in Switzerland as a foreign collectiveinvestment scheme with special risks.The subfunds of theCompany invest as funds of funds in hedge funds that engagein alternative investments and employ investment techniquesinvolving risks that are not comparable to those of securitiesfunds. Investors are expressly made aware of the risks outlinedin the prospectus and must in particular be willing to acceptsubstantial price losses. The Company and the managementcompany endeavor, however, to minimize these risks througha strict selection of the funds purchased (target funds) andadequate risk diversification. However, a total loss for individualtarget funds cannot be ruled out.

The CS ETFs family includes Exchange Traded Funds (ETF)under Swiss law, Luxembourg law and Irish law. The Collectiveinvestment schemes with domicile in Luxembourg were issuedpursuant to Part I and Part II of the Luxembourg law ofDecember 20, 2002, on undertakings for collective investment.

Fund management company of the Funds under Swiss lawas well as representative of the foreign funds registered forpublic sale in Switzerland is Credit Suisse Funds AG, Zurich.

Important Information

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Custodian Bank of the funds under Swiss law as well as PayingAgent of the foreign funds registered for public sale inSwitzerland is Credit Suisse AG, Zurich. Subscriptions are onlyvalid on the basis of the current sales prospectus and the mostrecent annual report (or half-yearly report, if this is more recent).The prospectus, the simplified prospectus, the managementregulations respectively the articles of incorporation and theannual and half-yearly reports may be obtained free of chargefrom Credit Suisse Funds AG, Zurich and from any bank in theCredit Suisse AG in Switzerland.

Index-DisclaimerThe product is not sponsored, endorsed, sold or promoted bySIX Swiss Exchange Ltd and SIX Swiss Exchange Ltd makesno representation regarding the advisability of investing in theproduct. SMI®, SMIM®, SLI®, SBI® and the relevant indicesare registered trademarks of SIX Swiss Exchange Ltd and maybe used only under license from the owner.The MSCI indices are exclusively owned by MSCI. MSCI as wellas names of MSCI indices are registered traded marks of MSCIand/or its affiliates and have been licensed to use in predefinedmanner by Credit Suisse Fund Management S.A. and CreditSuisse Fund Management Company (Ireland) Limited. Allsubfunds of CS ETF (LUX) as well as of CS ETF (IE) which arebased on MSCI indices are not issued, signed, confirmed, soldor marketed by MSCI. MSCI neither provides any guaranteenor assumes any liability for CS ETF funds. Furthermore, MSCIdoes not take responsibility for selling CS ETF fund shares andis not involved in the management of CS ETF funds."Dow Jones" and "Dow Jones Industrial AverageSM” aretrademarks of Dow Jones & Company, Inc. and have beenlicensed for use for certain purposes by Credit Suisse FundManagement Company (Ireland) Limited. Credit Suisse FundManagement Company (Ireland) Limited's CS ETF (IE) on theDow Jones Industrial AverageSM is not sponsored, endorsed,sold or promoted by Dow Jones, and Dow Jones makes norepresentation regarding the advisability of trading in suchproduct(s).The Nikkei 225 is a copyrighted material calculated in amethodology independently developed and created by NikkeiInc., and Nikkei Inc., is the sole exclusive owner of the copyrightand other intellectual property rights in the Nikkei 225 itselfand the methodology to calculate the Nikkei 225. Nikkei DigitalMedia Inc. as authorized by Nikkei Inc. granted a license tothe Licensee to use the Nikkei 225 as basis for the Fund.The intellectual property and any other rights in the marks toindicate Nikkei and the Nikkei 225 shall be vested in Nikkei

Inc. Nikkei Inc. and/or Nikkei Digital Media, Inc. does notsponsor, support, sell or market the Fund. Nikkei Inc. and/orNikkei Digital Media, Inc. has - besides granting the licenseto the Licensee to use certain trademarks and to use theNikkei 225 for the Fund – no connection with the Fund. Thelicense agreement between Nikkei Digital Media, Inc. and theLicensee does not provide any rights to any third parties. TheFund is managed exclusively at the risk of the Licensee andNikkei Inc. and/or Nikkei Digital Media, Inc. shall assume noobligation or responsibility for its management and transactionsof the Fund. Nikkei Inc. and/or Nikkei Digital Media, Inc. isnot responsible for the accuracy and the calculation of theFund or the data contained therein. Nikkei Inc. and/or NikkeiDigital Media, Inc. shall not have the obligation to continuouslyannounce the Nikkei 225 and shall not be liable for any error,delay, interruption, suspension or cessation of announcementthereof; and Nikkei Inc. and Nikkei Digital Media, Inc. shall havethe right to change the description of the stocks included in theNikkei 225, the calculation methodology of the Nikkei 225 orany other details of the Nikkei 225 and shall have the right tosuspend or cease the announcement of the Nikkei 225 withoutowning any liability to the Licensor or any other third party.The EURO STOXX 50® is the intellectual property (includingregistered trademarks) of STOXX Limited, Zurich, Switzerlandand/or its licensors (“Licensors”), which is used under license.The Fund based on the Index is in no way sponsored, endorsed,sold or promoted by STOXX and its Licensors and neither ofthe Licensors shall have any liability with respect thereto.“FTSE®”, "FT-SE®", "Footsie®", “FTSE4Good®” and“techMARK” are trade marks jointly owned by the London StockExchange Plc and The Financial Times Limited and are usedby FTSE International Limited (“FTSE”) under licence.“All-World®”, “All-Share®” and “All-Small®” are trade marks ofFTSE. The FTSE 100 is calculated by FTSE. FTSE does notsponsor, endorse or promote this product and is not in any wayconnected to it and does not accept any liability in relation to itsissue, operation and trading. All copyright and database rightsin the index values and constituent list vest in FTSE.“FTSE®” is a trade mark of the London Stock Exchange plcand the Financial Times Limited, “MIB®” is a trade mark ofBorsa Italiana SpA (“Borsa Italiana”) and both are used byFTSE International Limited (“FTSE”) under licence. The FTSEMIB Index is calculated by FTSE with the assistance of BorsaItaliana. Neither FTSE nor its licensors nor Borsa Italianasponsor, endorse or promote this product and are not in anyway connected to it and do not accept any liability in relationto its issue, operation and trading. All copyright in the index

390

values and constituent list vest in FTSE. Credit Suisse FundManagement Company (Ireland) Limited has obtained fulllicence from FTSE to use such copyright in the creation of thisproduct.Standard & Poor’s® and S&P® are registered trademarks ofStandard & Poor’s Financial Services LLC (“S&P”) and havebeen licensed for use by the Manager. The Fund is notsponsored, endorsed, sold or promoted by S&P or its Affiliates,and S&P and its Affiliates make no representation, warranty orcondition regarding the advisability of buying, selling or holdingshares in the Fund.CSI Indices are compiled and calculated by China SecuritiesIndex Co. Ltd. CSI will apply all necessary means to ensurethe accuracy of the CSI Indices. However, neither CSI nor theShanghai Stock Exchange nor the Shenzhen Stock Exchangeshall be liable (whether in negligence or otherwise) to any

person for any error in the CSI Indices and neither CSI nor theShanghai Stock Exchange nor the Shenzhen Stock Exchangeshall be under any obligation to advise any person of any errortherein. All copyright in the index values and constituent listvests in CSI.Standard & Poor’s® and S&P® are registered trademarks ofStandard & Poor’s Financial Services LLC (“S&P”) and havebeen licensed for use by the Manager. The Fund is notsponsored, endorsed, sold or promoted by S&P or its Affiliates,and S&P and its Affiliates make no representation, warranty orcondition regarding the advisability of buying, selling or holdingshares in the Fund.

Copyright © 2012 Credit Suisse Group AG and/or its affiliates.All rights reserved.

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Individuals

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International Standard Serial Number: ISSN 1663-1463

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