Credit Suisse MultiFund (Lux)

Transcription

1 Credit Suisse MultiFund (Lux) Unaudited Semi-Annual Report at Investment fund under Luxembourg law

2 Table of Contents Page 2 Management and Administration 3 Consolidated Report 4 Report by Subfund Credit Suisse MultiFund (Lux) Balanced Global 8 Credit Suisse MultiFund (Lux) Constellation Global 12 Credit Suisse MultiFund (Lux) Equity Europe 16 Credit Suisse MultiFund (Lux) Moderation 20

3 Management and Administration Page 3 Management Company Credit Suisse Fund Management S.A. 5, rue Jean Monnet, L-2180 Luxembourg R.C.S. Luxembourg B Board of Directors Lawrence D. Haber, Chairman of the Board Managing Director, Chief Operating Officer, Asset Management, Credit Suisse, Zurich Raymond Melchers, Vice-Chairman of the Board Credit Suisse Asset Management Fund Service (Luxembourg) S.A., Luxembourg Luca Diener, Member of the Board Managing Director, Credit Suisse, Zurich Germain Trichies, Member of the Board (since ) Director, Credit Suisse Asset Management Fund Service (Luxembourg) S.A., Luxembourg Guy Reiter, Member of the Board (since ) Director, Credit Suisse Asset Management Fund Service (Luxembourg) S.A., Luxembourg Custodian Bank Credit Suisse (Luxembourg) S.A. 56, Grand-Rue, L-1660 Luxembourg Réviseur d Entreprises KPMG Audit S.à r.l. 9, Allée Scheffer, L-2520 Luxembourg Representative in Switzerland Credit Suisse Asset Management Funds Giesshübelstrasse 30, CH-8070 Zurich Paying Agent in Switzerland Credit Suisse Paradeplatz 8, CH-8001 Zurich Distribution Agents Credit Suisse Paradeplatz 8, CH-8001 Zurich Credit Suisse Asset Management Fund Service (Luxembourg) S.A. 5, rue Jean Monnet, L-2180 Luxembourg Investment Adviser Credit Suisse Asset Management Ltd. One Cabot Square, GB-London E14 4QJ Central Administration No subscription may be accepted on the basis of the financial reports. Subscriptions are accepted only on the basis of the current sales prospectus accompanied by the simplified prospectus, the latest annual report and the latest semi-annual report. The issue and redemption prices are published in Luxembourg at the registered office of the Management Company. The net asset value is also published daily on the Internet at and in different newspapers. Unitholders may obtain the sales prospectus, the simplified prospectus, the latest annual and semi-annual reports, the changes in the composition of the securities portfolio during the reporting period and copies of the Management Regulations free of charge from the registered office of the Management Company or the local representatives in the countries where the Fund is registered. Credit Suisse Asset Management Fund Service (Luxembourg) S.A. 5, rue Jean Monnet, L-2180 Luxembourg

4 Consolidated Report Page 4 Statement of Net Assets in Assets Investments in securities at market value 143,692, Cash at banks 11,203, Receivable for securities sold 100, Subscriptions receivable 71, Income receivable 130, Formation expenses 23, ,221, Liabilities Payable for securities purchased 1,000, Redemptions payable 1,211, Provisions for accrued expenses 227, ,438, Net assets 152,782,952.89

5 Consolidated Report Page 5 Statement of Operations in For the period from to Income Interest on investments in securities (net) 17, Dividends (net) 451, Bank Interest 83, Other Income 272, , Expenses Management fee 1,236, Custodian and safe custody fees 42, Administration expenses 158, Printing and publication expenses 13, Audit, control, legal, representative bank and other expenses 95, "Taxe d'abonnement" 36, Amortisation of formation expenses 5, ,588, Net income (loss) -763, Realised gain (loss) Net realised gain (loss) on sales of investments -229, Net realised gain (loss) on forward foreign exchange contracts -579, , Net realised gain (loss) -1,572, Change in net unrealised appreciation (depreciation) Change in net unrealised appreciation (depreciation) on investments -39,078, ,078, Net increase (decrease) in net assets as a result of operations -40,650, Subscriptions / Redemptions Subscriptions 17,071, Redemptions -95,586, ,514,571.42

6 Consolidated Report Page 6 Notes General Credit Suisse MultiFund (Lux) ("the Fund") is a Luxembourg mutual investment Fund with subfunds ("umbrella fund") which has been launched as at The fund is registered in Luxembourg as an undertaking for collective investment in transferable securities under Part I of the law of As of , the fund had 4 subfunds. As of , the valuation day corresponds to the date on which the net asset values, too, were calculated. Summary of significant accounting policies a) The total Net Asset Value of the Fund is calculated in. b) Computation of the net asset value of each subfund The net asset value of each subfund is determined each day on the basis of income/expenses accrued up to the same day, transactions in the investment portfolio accruing up to and including the preceding day and the valuation of net assets on basis of the last known stock exchange prices and foreign exchange rates. As of , the net asset value for each subfund is calculated on the basis of the last prices quoted instead of the previous day s quotes. The financial statements reflect the net asset values as calculated on based on the last net asset values of target funds. c) Valuation of investment securities of each subfund Securities which are listed on a stock exchange or which are regularly traded on such are valued at the last known purchase price. If such a price is not available for a particular exchange session, but a closing mid-price (the mean between the listed closing bid and asked prices) or a closing bid price is available, then the closing mid-price, or alternatively the closing bid price, may be taken as a basis for the valuation. If the security is traded on more than one exchange, valuation is made primarily by reference to the exchange on which this security was purchased, or on which it is primarily traded. In the case of securities for which trading on a stock exchange is not significant, but which are bought and sold on a secondary market with regulated trading among security dealers with the effect that the price is set on a market basis, the Management Company may decide to base the valuation on this secondary market. Securities traded on a regulated market are valued in the same way as securities listed on a stock exchange. Securities that are not listed on a stock exchange and are not traded on a regulated market are valued at their latest available market price; if no such price is available, the Management Company shall carry out valuation of these securities in accordance with other criteria to be established by the Management Company and on the basis of the selling prices the value of which shall be estimated with due care and good faith. If a valuation in accordance with the above rules is rendered impossible or incorrect owing to special or changed circumstances, the Management Company is entitled to use other generally accepted valuation principles in order to value the fund's assets. In exceptional circumstances further valuations may be made on the same day; such valuations are valid for any application for purchase and/or redemption subsequently received. d) Net realised gain/loss on sales of investments of each subfund The realised gains or losses on the sales of securities are determined on basis of the average acquisition cost. e) Foreign exchange conversion The financial statements of each subfund and the consolidated financial statements are kept in reference currency. Cash at banks, other net assets and the value of portfolio securities in currencies other than reference currency of each subfund are converted into the reference currency at the foreign exchange rate prevailing on the date of valuation. Income and expenses in currencies other than reference currency of each subfund are converted into the reference currency at the foreign exchange rate applicable at the date they accrue to the subfund. Realised gains or losses on foreign currencies are accounted for in the statement of operations. The acquisition cost of securities in currencies other than the reference currency of each subfund is converted into the reference currency at the foreign exchange rate valid at the date of acquisition. f) Transactions on investments in securities of each subfund The transactions on investments in securities are booked on a trade date basis. g) Formation expenses of each subfund The costs are written off over a period of five years. Management fee (see detail at subfund level) As remuneration for its services and reimbursement of its expenses, the Management Company is entitled to a monthly management fee of max. 1.35% per annum, payable at the end of each month and calculated on basis of the average of the daily net asset value of each subfund during the relevant month, from which are deducted fees paid by the subfund for investment advice. Besides the expenses incurred by the Management Company in managing the Subfunds, a management fee is deducted indirectly from the assets of each Subfund in respect of the Target Funds contained therein. The cumulated management fee amounts to maximum 4%. Where a Target Fund is managed by the Management Company itself or by another company with which the Management Company is linked through a significant direct or indirect shareholding, the Management Company shall not deduct any issuing commissions, redemption discounts or management fees from the respective Subfund. This restriction is also applicable in cases where a Subfund purchases Units in an investment company with which it is associated according to the definition in the preceding sentence. With regard to the management fee, this may be achieved by the Management Company in each case reducing its management fee for that portion relating to units in such associated Target Funds by the management fee calculated by the Target Funds that have been acquired; in some cases this will cancel out the total amount of the fee. Performance-related fees and charges for investment advisory services are also to be construed as management fees and must therefore be taken into account. "Taxe d'abonnement" In the Grand Duchy of Luxembourg, the assets of the Fund are subject to a taxe d abonnement of 0.05% per annum, payable at the end of each quarter. This tax does not apply for those assets of the Fund which are invested in other undertakings for collective investment under Luxembourg law. Total Expense Ratio (TER) (see detail at subfund level) This TER corresponds to the sum of: The prorated TER of the individual target funds including a performance related remuneration, weighted according to the share they represent in the overall assets of the fund of funds as of the closing date and the TER of the fund of funds minus the retroceded commissions received from the target funds during the reporting period. Portfolio Turnover Rate (PTR) (see detail at fund level) The PTR is used as the indicator for the fund s trading activities (excluding purchases and sales resulting from subscriptions and buybacks) and is expressed as a percentage of the average net assets of the fund during the preceding twelve-month period. The PTR is calculated following the SFA guideline. Changes in the composition of the securities portfolio Changes in the composition of the securities portfolio during the reporting period are available to unitholders free of charge at the registered office of the Management Company or the local representatives in the countries where the Fund is registered. Fund performance (see detail at subfund level) The performance of the year Y is based on the net asset values as calculated on the first business day of the year Y respectively Y+1. Those net asset values reflect the market prices of the investments as of the last business day of the year Y-1 respectively Y.

7 Consolidated Report Page 7 Notes Historical performance is no indicator of current or future performance. The performance data given does not take into account commissions and costs incurred in the purchase or redemption of fund units. The YTD (year-to-date) Performance includes the period from until Management fee of target funds ISIN Fund description Management fee in %(per year) IE00B05ML181 COLLINS STEWART-CONTINENTAL OPE FOCUS FUND -A LU CREDIT SUISSE BOND FUND (LUX) TARGET RETURN () -I IE EDINBURGH PARTNERS OPEAN OPPORTUNITIES FUND -I IE00B18TKN80 FINDLAY PARK FUNDS - LATIN AMERICAN FUND 1.25 IE FINDLAY PARK FUNDS - U.S. SMALLER COMPANIES FUND 1.00 FRANKLIN TEMPLETON INVESTMENT FUNDS - TEMPLETON ASIAN BOND LU FUND -I FRANKLIN TEMPLETON INVESTMENT FUNDS - TEMPLETON GLOBAL TOTAL LU RETURN 0.55 GB HISCOX FUNDS OEIC - INSURANCE PORTFOLIO FUND (accum. shares) -B LU INVESCO FUNDS SICAV - INVESCO O CORPORATE BOND FUND -A IE INVESCO FUNDS SERIES 6 - INVESCO STERLING BOND FUND -A GB INVESTEC GLOBAL STRATEGY FUND LIMITED - JAPAN EQUITY FUND -A IE00B0NLLM80 IVI UMBRELLA FUND PLC - IVI OPEAN FUND 1.50 IE JO HAMBRO CAPITAL MANAGEMENT UMBRELLA FUND - OPEAN SELECT VALUES FUND 0.75 JO HAMBRO CAPITAL MANAGEMENT UMBRELLA FUND - CONTINENTAL IE OPEAN FUND (INSTIT.) 0.75 JO HAMBRO CAPITAL MANAGEMENT UMBRELLA FUND - UK GROWTH IE (INSTIT.) 0.75 JO HAMBRO CAPITAL MANAGEMENT UMBRELLA FUND PLC - JAPAN FUND IE IE JO HAMBRO CAPITAL MANAGEMENT UMBRELLA FUND- JOHCM JAPAN FUND JP MORGAN INVESTMENT FUNDS - HIGHBRIDGE INCOME OPPORTUNITY LU FUND -C LU JP MORGAN FUNDS SICAV - EMERGING MARKETS ALPHA PLUS FUND -A LU JULIUS BAER MULTIBOND SICAV - ABSOLUTE RETURN BOND FUND -A LU JUPITER EMERGING OPE SELECT cap -l GB JUPITER EMERGING OPEAN OPPORT FD acc 1.50 LU JUPITER GLOBAL FINANCIALS FUND 1.50 GB M&G INVESTMENT FUNDS - UK SELECT FUND -A LU MAINFIRST SICAV - AVANT-GARDE STOCK FUND -C GB MARTIN CURRIE INVESTMENT FUNDS - NORTH AMERICA (accum. shares) -B MELCHIOR INVESTMENT FUNDS - GREATER ASIAN OPPORTUNITIES FUND GB00B06ZV271 (accum. shares) -B GB00B036VS90 MELCHIOR INVESTMENT FUNDS - NORTH AMERICAN OPPORTUNITIES -B GB00B138PZ70 MELCHIOR INVESTMENT FUNDS - UK OPPORTUNITIES -B LU MELCHIOR SELECTED TRUST - JAPAN ADVANTAGE FUND -B IE MELLON GLOBAL - CONTINENTAL OPEAN EQUITY FUND -A IE MELLON GLOBAL - OLAND BOND FUND -A LU MFS FUNDS SICAV - MERIDIAN OPEAN EQUITY FUND (reg. shares) -A LU MPC FUNDS - GLOBAL CONVERTIBLES FUND -B GB00B1294H67 NEWTON GLOBAL DYNAMIC BOND FUND - INSTITUTIONAL INCOME 0.75 GB OLD MUTUAL FUND MANAGERS - UK SELECT SMALLER 1.50 PRINCIPAL GLOBAL INVESTORS FUNDS - STRATEGIC FIXED INTEREST IE00B15WGF43 FUND -I GB00B18VGJ26 RENSBURG UK MANAGERS FOCUS TRUST 1.50 RESOLUTION ASSET MANAGEMENT - ARGONAUT OPEAN ALPHA FUND GB00B0LCH704 -I RESOLUTION INTERNATIONAL FUNDS - GLOBAL EMERGING MARKET FUND IE00B1DS0309 -I GB SARACEN GROWTH BETA ACCUMULATING FUND 1.00 SCHRODER INTERNATIONAL SELECTION FUND SICAV-OPEAN SPECIAL LU SITUATIONS- -A THREADNEEDLE PAN OPEAN ACCELERANDO FUND () (accum. GB00B01HLJ59 shares) C IE00B040HG05 TRADITIONAL FUNDS - THAMES RIVER O GLOBAL BOND 1.00 IE TRADITIONAL FUNDS - THAMES RIVER HIGH INCOME FUND -D IE00B0BYXQ73 TRADITIONAL FUNDS - THAMES RIVER HIGH INCOME FUND (New Euro Distributing) 1.50 IE00B02ZFR42 VERITAS FUNDS - ASIAN FUND -A- 1.00

8 Credit Suisse MultiFund (Lux) Balanced Global Page 8 Technical Data and Notes Technical Data Valoren ISIN Management Fee Total Expense Ratio LU % 2.16% The Portfolio Turnover Rate was 42.52% for the period from to Fund Performance YTD Since Inception % / -2.30% 3.40% 19.38%

9 Credit Suisse MultiFund (Lux) Balanced Global Page 9 Statement of Net Assets in and Fund Evolution Assets Investments in securities at market value 11,263, Cash at banks 1,243, Income receivable 17, ,525, Liabilities Redemptions payable 19, Provisions for accrued expenses 15, , Net assets 12,490, Fund Evolution Total net assets 12,490, ,638, ,778, Net asset value per unit Number of units outstanding at the end of the period at the beginning of the period Number of units issued Number of units redeemed 943, ,524, , ,

10 Credit Suisse MultiFund (Lux) Balanced Global Page 10 Statement of Operations / Changes in Net Assets in For the period from to Net assets at the beginning of the period 23,638, Income Dividends (net) 145, Bank interest 8, Other income 33, , Expenses Management fee 95, Custodian and safe custody fees 3, Administration expenses 14, Printing and publication expenses 1, Audit, control, legal, representative bank and other expenses 8, "Taxe d'abonnement" 3, , Net income (loss) 60, Realised gain (loss) Net realised gain (loss) on sales of investments -653, Net realised gain (loss) on forward foreign exchange contracts -66, , Net realised gain (loss) -659, Change in net unrealised appreciation (depreciation) Change in net unrealised appreciation (depreciation) on investments -2,101, ,101, Net increase (decrease) in net assets as a result of operations -2,761, Subscriptions / Redemptions Subscriptions 1,736, Redemptions -10,123, ,386, Net assets at the end of the period 12,490,282.15

11 Credit Suisse MultiFund (Lux) Balanced Global Page 11 Breakdown by Country and Economic Sector of the Investments in Securities Statement of Investments in Securities and Other Net Assets Breakdown by Country Ireland Luxembourg United Kingdom Germany Guernsey Total Breakdown by Economic Sector Investment trusts/funds Total Statement of Investments in Securities and Other Net Assets Description Quantity / Nominal Valuation (in ) Securities listed on a stock exchange or other org. markets: Investment funds % of net assets Fund units (Open-End) GBP ALLIANZ DRESDNER INTERNATIONAL 150, , INVESTMENT FUND - RCM TOTAL RETURN ASIAN EQUITY FUND CLASS -A- ARTEMIS INTERNATIONAL - PAN OPEAN 5, , EQUITY FUND -I- CAZENOVE INTERNATIONAL FUND - 313, , OPEAN EQUITY (ex UK) -X- GBP CF MORANT WRIGHT JAPAN FUND (acc. shares) 251, , B- GBP CF NEPTUNE INVESTMENT FUNDS - 65, , OPEAN OPPORTUNITIES C. -B- USD FINDLAY PARK FUNDS - U.S. SMALLER 35, , COMPANIES FUND FRANKLIN TEMPLETON INVESTMENT FUNDS - 64, , TEMPLETON ASIAN BOND FUND -I- FRANKLIN TEMPLETON INVESTMENT FUNDS - 105, , TEMPLETON GLOBAL TOTAL RETURN USD INVESTEC GLOBAL STRATEGY FUND LIMITED - 29, , JAPAN EQUITY FUND -A- JULIUS BAER MULTIBOND SICAV - ABSOLUTE 7, , RETURN BOND FUND -A- MAINFIRST SICAV - AVANT-GARDE STOCK 9, , FUND -C- GBP MARTIN CURRIE INVESTMENT FUNDS - NORTH 354, , AMERICA (accum. shares) -B- GBP M&G INVESTMENT FUNDS - UK SELECT FUND 29, , A- GBP RENSBURG UK MANAGERS FOCUS TRUST 605, , GBP RESOLUTION ASSET MANAGEMENT - 141, , ARGONAUT OPEAN ALPHA FUND -I- THE JUPITER GLOBAL FUND - JUPITER 51, , GLOBAL FINANCIALS TRADITIONAL FUNDS - THAMES RIVER O 96,906 1,041, GLOBAL BOND TRADITIONAL FUNDS - THAMES RIVER HIGH 31, , INCOME FUND -D- TRADITIONAL FUNDS - THAMES RIVER HIGH INCOME FUND (New Euro Distributing) 50, , Fund units (Open-End) 11,263, Securities listed on a stock exchange or other org. markets: Investment funds 11,263, Total of Portfolio 11,263, Cash at banks 1,243, Other Net Assets -17, Total net assets 12,490, Any differences in the percentage of Net Assets are the result of roundings.

12 Credit Suisse MultiFund (Lux) Constellation Global Page 12 Technical Data and Notes Technical Data Valoren ISIN Management Fee Total Expense Ratio LU % 2.83% I - Capitalisation LU % 2.14% The Portfolio Turnover Rate was 73.57% for the period from to Fund Performance YTD Since Inception % / -1.54% 8.31% 29.93% I - Capitalisation % / -0.83% 9.07% 30.87%

13 Credit Suisse MultiFund (Lux) Constellation Global Page 13 Statement of Net Assets in and Fund Evolution Assets Investments in securities at market value 81,161, Cash at banks 6,471, Subscriptions receivable 54, Income receivable 46, ,734, Liabilities Redemptions payable 1,063, Provisions for accrued expenses 113, ,176, Net assets 86,557, Fund Evolution Total net assets 86,557, ,214, ,506, Net asset value per unit I - Capitalisation 1, , , Number of units outstanding at the end of the period at the beginning of the period Number of units issued Number of units redeemed 3,862, ,577, , ,104, I - Capitalisation 20, , ,

14 Credit Suisse MultiFund (Lux) Constellation Global Page 14 Statement of Operations / Changes in Net Assets in For the period from to Net assets at the beginning of the period 147,214, Income Dividends (net) -43, Bank interest 46, Other income 126, , Expenses Management fee 684, Custodian and safe custody fees 23, Administration expenses 88, Printing and publication expenses 7, Audit, control, legal, representative bank and other expenses 53, "Taxe d'abonnement" 21, , Net income (loss) -749, Realised gain (loss) Net realised gain (loss) on sales of investments 2,106, Net realised gain (loss) on forward foreign exchange contracts -297, ,809, Net realised gain (loss) 1,059, Change in net unrealised appreciation (depreciation) Change in net unrealised appreciation (depreciation) on investments -26,271, ,271, Net increase (decrease) in net assets as a result of operations -25,211, Subscriptions / Redemptions Subscriptions 7,460, Redemptions -42,905, ,445, Net assets at the end of the period 86,557,965.21

15 Credit Suisse MultiFund (Lux) Constellation Global Page 15 Breakdown by Country and Economic Sector of the Investments in Securities Statement of Investments in Securities and Other Net Assets Breakdown by Country United Kingdom Ireland Luxembourg Total Breakdown by Economic Sector Investment trusts/funds Total Statement of Investments in Securities and Other Net Assets Description Quantity / Nominal Valuation (in ) Securities listed on a stock exchange or other org. markets: Investment funds % of net assets Fund units (Open-End) GBP ARTEMIS - OPEAN GROWTH FUND (accum. 1,341,018 3,637, shares) GBP CF NEPTUNE INVESTMENT FUNDS - 668,256 2,738, OPEAN OPPORTUNITIES C. -B- GBP CF NEPTUNE INVESTMENT FUNDS - RUSSIA & 965,606 3,889, GREATER RUSSIA FUND -B- GBP CF WALKER CRIPS UK HIGH ALPHA FUND 2,971,031 3,437, JPY CLOSE FINSBURY GLOBAL INVESTMENT PLC - 2,531,242 3,514, JAPANESE EQUITY FUND USD FINDLAY PARK FUNDS - LATIN AMERICAN 397,997 3,107, FUND USD FINDLAY PARK FUNDS - U.S. SMALLER 217,815 5,307, COMPANIES FUND GBP J O HAMBRO CAPITAL MANAGEMENT 1,803,146 5,020, UMBRELLA FUND - CONTINENTAL OPEAN FUND (INSTIT.) JO HAMBRO CAPITAL MANAGEMENT 3,922,007 3,710, UMBRELLA FUND PLC - JAPAN FUND USD JP MORGAN FUNDS SICAV - EMERGING 449,207 3,974, MARKETS ALPHA PLUS FUND -A- MAINFIRST SICAV - AVANT-GARDE STOCK 106,778 5,200, FUND -C- GBP MARTIN CURRIE INVESTMENT FUNDS - NORTH 3,284,419 6,208, AMERICA (accum. shares) -B- MELCHIOR INVESTMENT FUNDS - GREATER 2,278,104 4,896, ASIAN OPPORTUNITIES FUND (accum. shares) - B- GBP MELCHIOR INVESTMENT FUNDS - NORTH 3,303,993 5,145, AMERICAN OPPORTUNITIES -B- MELCHIOR SELECTED TRUST - JAPAN 44,739 3,652, ADVANTAGE FUND -B1- GBP RESOLUTION ASSET MANAGEMENT - 2,702,419 4,705, ARGONAUT OPEAN ALPHA FUND -I- RESOLUTION INTERNATIONAL FUNDS - 2,103,427 2,289, GLOBAL EMERGING MARKETS FUND -I- GBP SARACEN GROWTH BETA ACCUMULATING 765,297 3,500, FUND THE JUPITER GLOBAL FUND - JUPITER 250,277 1,937, GLOBAL FINANCIALS VERITAS FUNDS - ASIAN FUND -A- 31,277 5,287, Fund units (Open-End) 81,161, Securities listed on a stock exchange or other org. markets: Investment funds 81,161, Total of Portfolio 81,161, Cash at banks 6,471, Other Net Assets -1,075, Total net assets 86,557, Any differences in the percentage of Net Assets are the result of roundings.

16 Credit Suisse MultiFund (Lux) Equity Europe Page 16 Technical Data and Notes Technical Data Valoren ISIN Management Fee Total Expense Ratio LU % 2.70% The Portfolio Turnover Rate was 23.19% for the period from to Fund Performance YTD Since Inception % / -0.78% 21.38% 27.79%

17 Credit Suisse MultiFund (Lux) Equity Europe Page 17 Statement of Net Assets in and Fund Evolution Assets Investments in securities at market value 35,069, Cash at banks 1,582, Receivable for securities sold 100, Subscriptions receivable 16, Income receivable 14, ,783, Liabilities Redemptions payable 104, Provisions for accrued expenses 54, , Net assets 36,624, Fund Evolution Total net assets 36,624, ,164, ,702, Net asset value per unit Number of units outstanding at the end of the period at the beginning of the period Number of units issued Number of units redeemed 1,905, ,061, , ,451,

18 Credit Suisse MultiFund (Lux) Equity Europe Page 18 Statement of Operations / Changes in Net Assets in For the period from to Net assets at the beginning of the period 73,164, Income Dividends (net) 73, Bank interest 24, Other income 84, , Expenses Management fee 355, Custodian and safe custody fees 10, Administration expenses 39, Printing and publication expenses 3, Audit, control, legal, representative bank and other expenses 23, "Taxe d'abonnement" 8, , Net income (loss) -258, Realised gain (loss) Net realised gain (loss) on sales of investments -260, Net realised gain (loss) on forward foreign exchange contracts -129, , Net realised gain (loss) -647, Change in net unrealised appreciation (depreciation) Change in net unrealised appreciation (depreciation) on investments -9,699, ,699, Net increase (decrease) in net assets as a result of operations -10,347, Subscriptions / Redemptions Subscriptions 6,841, Redemptions -33,033, ,192, Net assets at the end of the period 36,624,799.11

19 Credit Suisse MultiFund (Lux) Equity Europe Page 19 Breakdown by Country and Economic Sector of the Investments in Securities Statement of Investments in Securities and Other Net Assets Breakdown by Country United Kingdom Ireland Luxembourg Total Breakdown by Economic Sector Investment trusts/funds Total Statement of Investments in Securities and Other Net Assets Description Quantity / Nominal Valuation (in ) Securities listed on a stock exchange or other org. markets: Investment funds Fund units (Open-End) GBP ARTEMIS - OPEAN GROWTH FUND (accum. shares) CAZENOVE INTERNATIONAL FUND - OPEAN EQUITY (ex UK) -X- GBP CF NEPTUNE INVESTMENT FUNDS - OPEAN OPPORTUNITIES C. -B- GBP CF NEPTUNE INVESTMENT FUNDS - RUSSIA & GREATER RUSSIA FUND -B- GBP J O HAMBRO CAPITAL MANAGEMENT UMBRELLA FUND - CONTINENTAL OPEAN FUND (INSTIT.) J O HAMBRO CAPITAL MANAGEMENT UMBRELLA FUND - OPEAN SELECT VALUES FUND JUPITER EMERGING OPE SELECT (CAPITALISATION) -L- MAINFIRST SICAV - AVANT-GARDE STOCK FUND -C- MELCHIOR INVESTMENT FUNDS - UK OPPORTUNITIES -B- GBP M&G INVESTMENT FUNDS - UK SELECT FUND -A- GBP OLD MUTUAL FUND MANAGERS - UK SELECT SMALLER GBP RESOLUTION ASSET MANAGEMENT - ARGONAUT OPEAN ALPHA FUND -I- GBP SARACEN GROWTH BETA ACCUMULATING FUND SCHRODER INTERNATIONAL SELECTION FUND SICAV-OPEAN SPECIAL SITUATIONS- -A- % of net assets 1,276,965 3,463, ,470,795 3,515, ,266 3,615, ,527 1,488, ,068 2,623, ,219 1,777, ,872 1,364, ,378 3,573, ,198,805 1,515, ,000 2,198, ,766 1,202, ,786,269 3,110, ,494 2,005, ,243 3,614, Fund units (Open-End) 35,069, Securities listed on a stock exchange or other org. markets: Investment funds 35,069, Total of Portfolio 35,069, Cash at banks 1,582, Other Net Assets -27, Total net assets 36,624, Any differences in the percentage of Net Assets are the result of roundings.

20 Credit Suisse MultiFund (Lux) Moderation Page 20 Technical Data and Notes Technical Data Valoren ISIN Management Fee Total Expense Ratio LU % 2.18% The Portfolio Turnover Rate was 80.30% for the period from to Fund Performance YTD Since Inception % -4.30% -2.81% 2.59% 2006

21 Credit Suisse MultiFund (Lux) Moderation Page 21 Statement of Net Assets in and Fund Evolution Assets Investments in securities at market value 16,197, Cash at banks 1,905, Income receivable 50, Formation expenses 23, ,178, Liabilities Payable for securities purchased 1,000, Redemptions payable 23, Provisions for accrued expenses 44, ,068, Net assets 17,109, Fund Evolution Total net assets 17,109, ,931, ,145, Net asset value per unit Number of units outstanding at the end of the period at the beginning of the period Number of units issued Number of units redeemed 1,787, ,606, , ,

22 Credit Suisse MultiFund (Lux) Moderation Page 22 Statement of Operations / Changes in Net Assets in For the period from to Net assets at the beginning of the period 27,931, Income Interest on investments in securities (net) 17, Dividends (net) 276, Bank interest 4, Other income 27, , Expenses Management fee 100, Custodian and safe custody fees 4, Administration expenses 16, Printing and publication expenses 1, Audit, control, legal, representative bank and other expenses 10, "Taxe d'abonnement" 3, Amortisation of formation expenses 5, , Net income (loss) 183, Realised gain (loss) Net realised gain (loss) on sales of investments -1,422, Net realised gain (loss) on forward foreign exchange contracts -85, ,508, Net realised gain (loss) -1,324, Change in net unrealised appreciation (depreciation) Change in net unrealised appreciation (depreciation) on investments -1,006, ,006, Net increase (decrease) in net assets as a result of operations -2,331, Subscriptions / Redemptions Subscriptions 1,034, Redemptions -9,524, ,490, Net assets at the end of the period 17,109,906.42

23 Credit Suisse MultiFund (Lux) Moderation Page 23 Breakdown by Country and Economic Sector of the Investments in Securities Statement of Investments in Securities and Other Net Assets Breakdown by Country Luxembourg Ireland United Kingdom Germany Total Breakdown by Economic Sector Investment trusts/funds Total Statement of Investments in Securities and Other Net Assets Description Quantity / Nominal Valuation (in ) Securities listed on a stock exchange or other org. markets: Investment funds % of net assets Fund units (Open-End) GBP AEGON GLOBAL INCOME FUND -B GBP ALLIANZ DRESDNER INTERNATIONAL 59, , INVESTMENT FUND - RCM TOTAL RETURN ASIAN EQUITY FUND CLASS -A- ARTEMIS INTERNATIONAL - PAN OPEAN 3, , EQUITY FUND -I- CAZENOVE INTERNATIONAL FUND - 236, , OPEAN EQUITY (ex UK) -X- GBP CF NEPTUNE INVESTMENT FUNDS - 90, , OPEAN OPPORTUNITIES C. -B- USD FINDLAY PARK FUNDS - U.S. SMALLER 38, , COMPANIES FUND FRANKLIN TEMPLETON INVESTMENT FUNDS - 188,468 1,522, TEMPLETON ASIAN BOND FUND -I- FRANKLIN TEMPLETON INVESTMENT FUNDS - 186,605 1,614, TEMPLETON GLOBAL TOTAL RETURN INVESCO FUNDS SICAV - INVESCO O 69, , CORPORATE BOND FUND -A- GBP JO HAMBRO CAPITAL MANAGEMENT 446, , UMBRELLA FUND- JOHCM JAPAN FUND- JP MORGAN INVESTMENT FUNDS - 13,033 1,305, HIGHBRIDGE INCOME OPPORTUNITY FUND -C- JULIUS BAER MULTIBOND SICAV - ABSOLUTE 13,314 1,376, RETURN BOND FUND -A- MAINFIRST SICAV - AVANT-GARDE STOCK 11, , FUND -C- MELLON GLOBAL - OLAND BOND FUND - 763, , A- MPC FUNDS - GLOBAL CONVERTIBLES FUND , B- GBP RENSBURG UK MANAGERS FOCUS TRUST 473, , GBP RESOLUTION ASSET MANAGEMENT - 240, , ARGONAUT OPEAN ALPHA FUND -I- THE JUPITER GLOBAL FUND - JUPITER 58, , GLOBAL FINANCIALS TRADITIONAL FUNDS - THAMES RIVER O 135,687 1,458, GLOBAL BOND TRADITIONAL FUNDS - THAMES RIVER HIGH 12, , INCOME FUND -D- TRADITIONAL FUNDS - THAMES RIVER HIGH INCOME FUND (New Euro Distributing) 136,684 1,334, Fund units (Open-End) 16,197, Securities listed on a stock exchange or other org. markets: Investment funds 16,197, Total of Portfolio 16,197, Cash at banks 1,905, Other Net Assets -993, Total net assets 17,109, Any differences in the percentage of Net Assets are the result of roundings.

24 CREDIT SUISSE FUND MANAGEMENT S.A. 5, rue Jean Monnet L-2180 Luxembourg