Credit Suisse Nova (Lux)

Transcription

1 Credit Suisse Nova (Lux) Audited Annual Report at Investment Company with Variable Capital under Luxembourg law - R.C.S. Luxembour B

2 Table of Contents Page 2 Independent Auditor's Report 3 Management and Administration 4 Consolidated Report 5 Manager's Report 10 Report by Subfund Credit Suisse Nova (Lux) Commodity Plus USD 14 Credit Suisse Nova (Lux) Diversified Growth ( ) 19 Credit Suisse Nova (Lux) Enhanced Fixed Income (CHF) 20 Credit Suisse Nova (Lux) Enhanced Fixed Income (EUR) 24 Credit Suisse Nova (Lux) Enhanced Fixed Income (USD) 28 Credit Suisse Nova (Lux) FoF Equity Emerging Markets 32 Credit Suisse Nova (Lux) FoF Equity Europe 36 Credit Suisse Nova (Lux) FoF Equity Japan 40 Credit Suisse Nova (Lux) FoF Equity Switzerland 44 Credit Suisse Nova (Lux) FoF Equity UK 48 Credit Suisse Nova (Lux) FoF Equity USA 52 Credit Suisse Nova (Lux) Mixed Portfolio Premium I 56

3 Independent Auditor's Report Page 3 PricewaterhouseCoopers Société à responsabilité limitée Réviseur d'entreprises 400, route d Esch B.P L-1014 Luxembourg Telephone Facsimile info@lu.pwc.com To the Shareholders of Credit Suisse Nova (Lux) We have audited the accompanying financial statements of Credit Suisse Nova (Lux) and of each of its Subfunds, which comprise the statement of net assets and the statement of investments in securities and other net assets as at and the statement of operations and changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements. Board of Directors of the SICAV s responsibility for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Opinion In our opinion, these financial statements give a true and fair view of the financial position of Credit Suisse Nova (Lux) and of each of its Subfunds as of , and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. Other matters Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole. PricewaterhouseCoopers S.à r.l. Luxembourg, February 16, 2010 Réviseur d entreprises Represented by Auditor s responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted by the Institut des Réviseurs d Entreprises. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. Jean-Robert Lentz An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the Auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

4 Management and Administration Page 4 The Company Credit Suisse Nova (Lux) 5, rue Jean Monnet, L-2180 Luxembourg R.C.S. Luxembourg B Board of Directors Raymond Melchers Credit Suisse Asset Management Fund Service (Luxembourg) S.A., Luxembourg Luca Diener Managing Director, Credit Suisse, Zurich Germain Trichies Director, Credit Suisse Asset Management Fund Service (Luxembourg) S.A., Luxembourg Guy Reiter Director, Credit Suisse Asset Management Fund Service (Luxembourg) S.A., Luxembourg Management Company Credit Suisse Fund Management S.A. 5, rue Jean Monnet, L-2180 Luxembourg R.C.S. Luxembourg B Investment Advisers Credit Suisse Paradeplatz, 8, CH-8001 Zurich - Credit Suisse Nova (Lux) Enhanced Fixed Income (CHF) - Credit Suisse Nova (Lux) Enhanced Fixed Income (EUR) - Credit Suisse Nova (Lux) Enhanced Fixed Income (USD) - Credit Suisse Nova (Lux) FoF Equity Switzerland - Credit Suisse Nova (Lux) FoF Equity Europe - Credit Suisse Nova (Lux) FoF Equity UK - Credit Suisse Nova (Lux) FoF Equity USA - Credit Suisse Nova (Lux) FoF Equity Japan - Credit Suisse Nova (Lux) FoF Equity Emerging Markets - Credit Suisse Nova (Lux) Mixed Portfolio Premium I Credit Suisse Asset Management LLC Madison Avenue 11, New York, NY , USA - Credit Suisse Nova (Lux) Commodity Plus USD Central Administration Credit Suisse Asset Management Fund Service (Luxembourg) S.A. 5, rue Jean Monnet, L-2180 Luxembourg Board of Directors of the Management Company Raymond Melchers Credit Suisse Asset Management Fund Service (Luxembourg) S.A., Luxembourg Luca Diener Managing Director, Credit Suisse, Zurich Germain Trichies Director, Credit Suisse Asset Management Fund Service (Luxembourg) S.A. Luxembourg Guy Reiter Director, Credit Suisse Asset Management Fund Service (Luxembourg) S.A. Luxembourg Mark Wallace (since ) Managing Director, Credit Suisse, Zurich Independent Auditor PricewaterhouseCoopers S.à r.l. Réviseur d entreprises 400, route d Esch, L-1471 Luxembourg Custodian Bank Credit Suisse (Luxembourg) S.A. 56, Grand-Rue, L-1660 Luxembourg Selling Agent Credit Suisse Asset Management Fund Service (Luxembourg) S.A., 5, rue Jean Monnet, L-2180 Luxembourg 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 latest annual report and the latest semi-annual report. The issue and redemption prices are published in Luxembourg at the registered office of the Company. The net asset value is also published on the Internet at Shareholders may obtain the Sales Prospectus, the latest annual and semiannual reports and copies of the Articles of Incorporation free of charge from the registered office of the Management Company and the Representative.

5 Consolidated Report Page 5 Statement of Net Assets in CHF Assets Investments in securities at market value 1,736,232, Cash at banks 20,571, Income receivable 320, Formation expenses 246, Other assets 7,358, ,764,728, Liabilities Due to banks 310, Provisions for accrued expenses 1,428, Other liabilities 129, ,868, Net assets 1,762,860,286.18

6 Consolidated Report Page 6 Statement of Operations in CHF For the period from to Income Interest on investments in securities (net) 891, Dividends (net) 2,898, Bank interest 403, Other income 6,143, ,336, Expenses Management fee 16,303, Custodian and safe custody fees 714, Administration expenses 163, Printing and publication expenses 9, Interest and bank charges 6, Audit, control, legal, representative bank and other expenses 157, "Taxe d'abonnement" 163, Amortisation of formation expenses 82, ,600, Net income (loss) -7,264, Realised gain (loss) Net realised gain (loss) on sales of investments -22,204, Net realised gain (loss) on financial futures contracts -25,428, Net realised gain (loss) on forward foreign exchange contracts -21,883, Net realised gain (loss) on foreign exchange 2,363, ,153, Net realised gain (loss) -74,417, Income equalisation -35,840, Change in net unrealised appreciation (depreciation) Change in net unrealised appreciation (depreciation) on investments 386,042, Change in net unrealised appreciation (depreciation) on financial futures contracts 28,895, Change in net unrealised appreciation (depreciation) on forward foreign exchange contracts 12,840, ,777, Net increase (decrease) in net assets as a result of operations 317,520, Subscriptions / Redemptions Subscriptions 970,458, Redemptions -1,070,655, Income equalisation 35,840, ,357,478.33

7 Consolidated Report Page 7 Notes General Crédit Suisse Nova (Lux) (the "Company") is a Luxembourg investment company with variable capital (SICAV), established on The Company has an umbrella structure and has been registered in Luxembourg as an undertaking for collective investment under Part II of the law of As of the Company had 11 Subfunds. Changes: - Credit Suisse Nova (Lux) FoF Equity Japan -B-: The first NAV has been calculated on Credit Suisse Nova (Lux) FoF Equity Emerging Markets -B-: The first NAV has been calculated on Credit Suisse Nova (Lux) FoF Equity Europe -B-: The first NAV has been calculated on Credit Suisse Nova (Lux) FoF Equity UK -B-: The first NAV has been calculated on Credit Suisse Nova (Lux) FoF Equity USA -B-: The first NAV has been calculated on Credit Suisse Nova (Lux) FoF Equity Switzerland -B-: The first NAV has been calculated on Credit Suisse Nova (Lux) Diversified Growth ( ): The last NAV has been calculated on Credit Suisse Nova (Lux) Commodity Plus ( ) -Q-: The last NAV has been calculated on On , the currency of the Credit Suisse Nova (Lux) Commodity Plus ( ) has been changed from GBP to USD on On , Credit Suisse Nova (Lux) Commodity Plus ( ) -D- has been renamed into Credit Suisse Nova (Lux) Commodity Plus USD -S- GBP. - Credit Suisse Nova (Lux) Commodity Plus USD -I-: The first NAV has been calculated on Summary of significant accounting policies a) Presentation of financial statements The financial statements are presented in accordance with the requirements of the Luxembourg supervisory authorities. b) Computation of the net asset value of each Subfund The net asset value per share in each Subfund shall be calculated in the reference currency of the respective Subfund and shall be determined by the Company in Luxembourg on each day on which banks are normally open for business in Luxembourg (each such day being referred to as a Valuation Day ), except Credit Suisse Nova (Lux) Mixed Portfolio Premium I for which the net asset value is determined once a month by using the closing prices of the last business day of the month. c) Valuation of investment securities of each Subfund Securities which are listed on a stock exchange or which are regularly traded on such shall be valued at the last available purchase price. If such a price is not available for a particular trading day, but a closing mid-price (the mean of the closing bid and ask prices) or a closing bid price is available, the closing midprice, or alternatively the closing bid price, may be taken as a basis for the valuation. If a security is traded on several stock exchanges, the valuation shall be made by reference to the exchange on which it is chiefly traded. In the case of securities for which trading on a stock exchange is not significant although a secondary market with regulated trading among securities dealers does exist (with the effect that the price is set on a market basis), the valuation may be based on this secondary market. Securities traded on a regulated market shall be 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 shall be valued at their last available market price. If no such price is available, the Company shall value these securities in accordance with other criteria to be established by the Board of Directors and on the basis of the probable sales price, the value of which shall be estimated with due care and in good faith. Shares and units in UCITs and/or UCIs shall be valued on the basis of their most recently calculated Net Asset Value, where necessary taking due account of the redemption fee. Where no Net Asset Value and only buy and sell prices are available, the shares or units in such UCITs and/or UCIs may be valued at the mean of such buy and sell prices." The valuation price of a money-market investment, based on the net acquisition price, shall be progressively adjusted to the redemption price whilst keeping the resulting investment return constant. In the event of a significant change in market conditions, the basis for the valuation of different investments shall be brought into line with the new market yields. d) Net realised gain/loss on sales of investments of each Subfund The realised gains or losses on the sales of securities are calculated on the basis of the average acquisition cost. e) Foreign exchange conversion The financial statements are kept in reference currency of each Subfund and the consolidated financial statements are kept in CHF. 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 Formation expenses are amortised on a straight-line basis over a period of five years. h) Valuation of financial futures contracts of each Subfund Unmatured financial futures contracts are valued at valuation date at market rates prevailing at this date and resulting unrealised gains or losses are posted to the statement of operations. i) Valuation of forward foreign exchange contracts of each Subfund Unmatured forward foreign exchange contracts are valued at valuation date at forward exchange rates prevailing at this date and resulting unrealised gains or losses are posted to the statement of operations. j) Valuation of swap contracts of each Subfund On each valuation day, swap agreements are valued at the net present value of the future cash flows, using the relevant interest rate yield curve on valuation day. Asset swaps and the securities linked to the asset swaps are not revalued as the security and the asset swap are considered for the purpose of the valuation as a single instrument. k) Allocation of expenses Expenses which can be allocated directly to a Subfund are charged to this Subfund. Expenses which cannot be allocated directly are divided among the Subfunds in proportion to the net assets of each Subfund. Management fee (see detail at fund level) As remuneration for its services and reimbursement of its expenses, the Management Company is entitled to a monthly management fee, 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. "Taxe d'abonnement" Under the prevailing laws and regulations, the Company is subject in Luxembourg, on the basis of its investments, to a "Taxe d'abonnement" at the annual rate of maximum 0.05%, payable quarterly and calculated on the basis of the net assets of each Subfund at the end of each quarter. In the case of Class D Shares, this tax is only 0.01% p.a. This tax does not apply for those assets of the Fund which are invested in other undertakings for collective investment under Luxembourg law.

8 Consolidated Report Page 8 Notes Total Expense Ratio (TER) (see detail at fund level) The TER expresses the sum of all costs and commissions charged on an ongoing basis to the Company s assets, taken retrospectively as a percentage of these assets. The TER expresses the sum of all costs and commissions charged on an ongoing basis to the Company s assets, taken retrospectively as a percentage of these assets. For Credit Suisse Nova (Lux) Enhanced Fixed Income (CHF), Credit Suisse Nova (Lux) Enhanced Fixed Income (EUR) and Credit Suisse Nova (Lux) Enhanced Fixed Income (USD), Credit Suisse Nova (Lux) FoF Equity Europe, Credit Suisse Nova (Lux) FoF Equity Japan, Credit Suisse Nova (Lux) FoF Equity UK, Credit Suisse Nova (Lux) FoF Equity USA, Credit Suisse Nova (Lux) FoF Equity Switzerland, Credit Suisse Nova (Lux) FoF Equity Emerging Markets, the 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. When no TER is available for an individual target fund, an extrapolation is done based upon the TER of comparable funds in the portfolio on that portion of assets. 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 redemptions) and is expressed as a percentage of the average net assets of the Company during the preceding twelve-months 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/year are available to Shareholders free of charge at the registered office of the Company or the local representatives in the countries where the Company is registered. Exchange Rates The consolidated financial statements are kept in CHF. For this purpose, the financial statements of the Subfunds are converted into CHF at the foreign exchange rates as of : - 1 EUR = CHF - 1 GBP = CHF - 1 USD = CHF - 1 JPY = CHF Fund performance (see detail at fund level) The performance is calculated based on the market prices of the investments as of the last business day of the respective periods. 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 units. Management fee of target funds ISIN Fund description Management fee in %(per year) LU ABERDEEN - EMERGING MARKET BOND FUND a LU ABERDEEN EMERGING MARKETS EQUITY FUND a LU ALKEN FUND SICAV - EUROPEAN OPPORTUNIT r 1.50 LU AXA FIIS US b cap 0.75 LU AXA FIIS US b cap 0.75 GB AXA FRAMLINGTON MONTHLY INCOME FUND 1.50 LU AXA WORLD FRAMLINGTON EMERGING MARKETS a 2.50 LU AXA WORLD SICAV- GLOBAL INFLATION BOND a 0.60 LU AXA WORLD SICAV- GLOBAL INFLATION BOND a 0.60 LU AXA WORLD SICAV- GLOBAL INFLATION BOND a 0.60 LU AXA WORLD SICAV- SWISS EQUITIES a 1.50 ISIN Fund description Management fee in %(per year) IE BARING GLOBAL EMERGING MARKETS FUND 1.50 LU BLACKROCK GLOBAL FD - EURO MARKETS FD a LU BLACKROCK GLOBAL FD - SWISS OPP. FUND a LU BLACKROCK LATIN AMERICAN FUND a IE BNY MELLON US DYNAMIC VALUE FUND a 2.00 LU BRGF WORLD ENERGY FUND a US81369Y4070 CONSUMER DISCRETIONARY SEL SEC SPDR FUND 0.05 CH CREDIT SUISSE EQUITY FD (CH) SWISS a 1.60 LU CS EQUITY FUND GLOBAL SECURITY -b- USD 1.92 LU CS FIXED INCOME GL. ASS. BACK. SEC. b 0.42 LU CS FIXED INCOME GL. INFL. LINKED Rc 0.32 LU CS FIXED INCOME GL. INFL. LINKED Rch 0.32 LU CS FIXED INCOME GL. MULTI CREDIT STR rc 0.62 LU CS FIXED INCOME GL. MULTI CREDIT STR rch 0.62 LU CS FIXED INCOME GL. MULTI CREDIT STRAT b 0.62 LU CS FIXED INCOME GLOBAL INFL. LINKED b 0.32 LU CS MONEY MARKET FUND CHF -b LU CS MONEY MARKET FUND US$ b 0.72 LU CS SICAV 1 EQ. MIDDLE EAST & NORTH AFR b 0.00 LU CS SICAV II (LUX) HIGH YIELD BD Rch 1.20 LU CS SICAV II MONEY MARKET -b- SFR 0.60 LU DB X-TRACKER - DJ STOXX 600 BASIC RES 1c 0.30 LU DB X-TRACKER - MSCI JAPAN TRN INDEX ETF 0.50 LU DB X-TRACKER - MSCI TAIWAN TRN INDEX ETF 0.65 LU DB X-TRACKER - MSCI USA TRN INDEX ETF 1c 0.20 LU DIGITAL FUNDS STARS EUROPE EX-UK acc 0.00 CH DWS (CH) SWISS EQUITY PLUS b 0.00 CH DWS (CH) US EQUITIES FUND 1.25 DE000DWS0D27 DWS AKTIEN SCHWEIZ 1.50 LU DWS INVEST CHINESE EQUITIES a LU DWS INVEST SICAV BRIC PLUS a IE EATON VANCE EMERALD FD - U.S. VALUE FUND 1.65 LU FIDELITY FUNDS - EMERGING EMEA a 1.50 LU FIDELITY US HIGH YIELD FUND a 0.75 LU FLEMING FUND EMERGING MARKETS a 1.50 IE00B29YZZ63 GLG INVESTMENT - UK SELECT EQUITY FUND s 1.50 IE HAMON ASIA FUNDS - ASIAN MARKET LEADERS 1.25 LU HENDERSON HORIZON AMERICAN EQUITY FD a LU HSBC GL. INV. FD - BRIC FREESTYLE m IE INVESCO JAPANESE EQUITY CORE FUND a 1.50 IE INVESCO KOREAN EQUITY FUND a 2.00 IE INVESCO s 3 GLOBAL HEALTHCARE FUND a 2.00 LU INVESCO US STRUCTURED EQUITY FUND a 0.60 US I-SHARES - MSCI BRAZIL INDEX FUND s i 0.74 DE I-SHARES DJ EURO STOXX US I-SHARES DJ SELECT DIVIDEND INDEX FUND 0.40 IE I-SHARES FTSE US I-SHARES MSCI CANADA INDEX FUND 0.59 US ISHS MSCI EMG INDX 0.75 US I-SHARES S&P MIDCAP 400 GROWTH INDEX FD 0.00 US ISHARES S&P SMALLCAP 600 GROWTH INDEX FD 0.00 IE J O HAMBRO CAPITAL-UK GROWTH ins 0.75 IE00B11Y3754 JO HAMBRO - US OPPORTUNITIES FUND 1.25 IE JO HAMBRO FUND - CONTINENTAL EUROPEAN 0.75 LU JP MORGAN - JAPAN FOCUS FUND a 1.50 LU JULIUS BAER SAM SUSTAINABLE WATER FUND b 1.50 LU JULIUS BAER SICAV II GLOB. HIGH YIELD BD 1.50 LU JUPITER GLOBAL FD - EUROPEAN GROWTH i 0.75 LI LGT BOND FD GLOB. INFLATION LINKED CHF b 0.90 LI LGT BOND FD GLOB. INFLATION LINKED EUR b 0.90 FR LYXOR ETF DJ STOXX 600 BANKS 0.30 GB00B1RXYR32 M&G 1 AMERICAN FUND a 1.50 GB M&G 3 RECOVERY FUND c 0.50 LU MIRABAUD FUND - SWISS CAPS a 1.25 LU MORGAN STANLEY JAP VALUE EQUITY FUND a 1.40 GB00B60T5P82 NEPTUNE EUROPEAN OPPORTUNITIES FD a EUR 1.75 LU NORDEA 1 SICAV-EUROPEAN HIGH YIELD BD FD 0.85 LU NORDEA MULT EUROPEAN HIGH YIELD BD FD bp 0.85 LU OYSTER FUNDS - JAPAN OPPORTUNITIES 1.75 LU PICTET FD - BIOTECH p cap 1.60 LU PICTET FD - PREMIUM BRANDS p 1.60 LU PICTET FD LUX - GLOBAL EMERGING DEBT hp 1.10 LU PICTET FD LUX - GLOBAL EMERGING DEBT hp 1.10 LU PICTET FUND LUX - GLOBAL EMERGING DEBT p 1.10 LU PICTET FUNDS (LUX) US EQUITY SELECTION p 1.20 LU PIONEER NORTH AMERICAN BASIC VALUE a 1.50 IE00B23LNQ02 POWERSHARES DYNAMIC UK FUND 0.75 IE00B23D8X81 POWERSHARES FTSE RAFI EUROPE ETF 0.50 IE00B23LNN70 POWERSHARES FTSE RAFI UK 100 ETF 0.50 US73935A1043 POWERSHARES QQQ TRUST SERIES I 0.06 LU SCHRODER - EMERGING MKTS DEBT ABSOLUTE a 1.50 LU SCHRODER - EMERGING MKTS DEBT ABSOLUTE a 1.50 US81369Y5069 SECTOR SPDR TRUST 0.00 US SEMICONDUCTOR HOLDRS TRUST 0.00 LU SGAM INDEX FUND SICAV EQ JAP CORE ALP. a 2.00 LU SISF - EMERGING ASIA a 1.50 LU SISF - US SMALL & MID CAP EQUITY a 1.50 US78463V1070 SPDR GOLD TRUST 0.00 US78462F1030 SPDR TRUST unit FR SSGA US ALPHA EQUITY FUND 1.60 LU THREADNEEDLE UK MID 250 FUND acc 1.00 GB THREADNEEDLE - ASIA FUND JP TOPIX EXCHANGE TRADED FUND 0.11 IE00B1FGDG68 TRADITIONAL FD - GLOBAL EMERGING MARKETS 1.75 LU UNI-GLOBAL SICAV-MINI VARIANCE JAPAN b LU VITRUVIUS SWISS EQUITY b 1.85 CH VONTOBEL SWISSEQUITIES 1.00 CH XMTCH (CH) ON SMI(r) 0.35 IE00B3VWLG82 Xmtch (IE) on MSCI UK SMALL CAP ETF 0.42 LU XMTCH (Lux) on MSCI EMU LARGE CAP 0.40 LU Xmtch (Lux) on MSCI EMU MID CAP 0.40 IE00B3VWKZ07 Xmtch on MSCI UK LARGE CAP 0.36 IE00B3VWLJ14 Xmtch on MSCI USA LARGE CAP 0.22 CH Xmtch on SLI(r) 0.00

9 Consolidated Report Page 9 Notes Income equalisation An equalisation account is operated in connection with the issue and redemption of shares. The equalisation element of the subscription and redemption price of the Company is shown separately in the Statement of operations. Other income The Trailer commissions received during the period/year are accounted under Other income. Subsequent events On , the first NAV has been calculated for: Credit Suisse Nova (Lux) CS GAINSSM Commodity Plus -B- Credit Suisse Nova (Lux) CS GAINSSM Commodity Plus -I- Credit Suisse Nova (Lux) CS GAINSSM Commodity Plus -R- EUR Credit Suisse Nova (Lux) CS GAINSSM Commodity Plus -S- EUR On , the last NAV has been calculated for: Credit Suisse Nova (Lux) FoF Equity Europe Credit Suisse Nova (Lux) FoF Equity Switzerland Credit Suisse Nova (Lux) FoF Equity UK Credit Suisse Nova (Lux) FoF Equity USA

10 Credit Suisse Nova (Lux) Audited Annual Report as at Manager's Report Page 10 Credit Suisse Nova (Lux) Commodity Plus USD The Subfund was repositioned on in order to better realign the subfund s strategy of conservative cash management with appropriate benchmarks. During the fiscal year ending , overall economic conditions improved with most asset classes posting gains as a result of global government stimulus plans finally coming into effect in conjunction with lower interest rates and stabilizing investor confidence. The commodities market began its upward trend in March and has demonstrated steady performance since. Commodities posted slight gains for the twelve month period ending This was slightly below the gains in equity and bond markets. Industrial Metals was the top performing commodity group, gaining 59.91%, due to a surge in performance in recent months. This momentum in industrial metals was a result of a combination of items: a relatively weaker dollar, low interest rates, and stockpiling by countries such as China. In fact, Copper was the strongest commodity for the twelve month period, returning % on a total return basis. Zinc, Nickel, and Aluminium also produced positive results up 68.83%, 42.75%, and 15.65%, respectively. Precious Metals maintained its positive performance from last year and was the second strongest sector for the period, gaining 23.41% as gold and silver continued to lure risk averse investors. Agriculture was up slightly, gaining 5.21% for the period mostly a result of Sugar s strong performance, but overall commodities within the sector were dispersed. Sugar was up 57.63% due to less than expected supplies from Brazil and increased imports to India, while Wheat was down 29.87% as a result of increased planting and better than expected weather conditions. Energy and Livestock were the worst performing commodity groups of the twelve month period. Energy fell 5.07% due to poor returns of Natural Gas alone, down 51.85%. All other commodities within the sector posted positive results: Crude Oil up 6.11%, Heating Oil 18.49%, and Gasoline up a tremendous 71.73%. Natural Gas suffered losses because of unexpected surpluses and lower than expected industrial demand, whereas Gasoline rebounded as prices increased due to larger than expected reductions in stored gasoline. Livestock fell 14.97%, with declines by both Lean Hogs and Live Cattle. Lean Hogs most recent price decline can be explained by investor fears of the swine flu. Additionally, the recent increase in feed prices such as wheat and corn, has also affected prices of hogs and cattle. In the fixed income portion of the portfolio, holdings maintained a bias towards high quality short term assets, especially bonds issued by U.S. Government- Sponsored Enterprises (GSE s) and U.S Treasury issued debt. In the current credit environment, we remain confident in our high quality fixed income positions, which has performed well during the past twelve months. Outlook and Strategy: Diversification and Potential Upside Historically, commodity index returns have tended to exhibit long-term positive returns with low correlations to other asset classes, creating potential risk/return benefits within a diversified portfolio. In the past twelve months, we saw the pace of decline slow over the first half in conjunction with increased global efforts to stimulate the economy. The latter part of the period resulted in positive gains. This favorable move was based on a more optimistic theme in the global economic outlook, and emerging views that inflation may be on the horizon. Clearly there is market uncertainty in valuing essential economic indicators, and we think that current low inflation expectations may also be understated, especially if demand for raw materials continues to follow increased investor confidence. And as official inflation projections continue to remain low, potential unexpected inflation should be all the more worrisome to investors seeking real return. Within this type of scenario, commodities have the potential for large gains. In addition, as markets have now begun to digest the global stimulus, and financial institutions move back towards some degree of normalcy, an increased flow of credit will allow for the ongoing reflation of economies and commodities will benefit directly from this move. Thus far in 2009, the daily correlation between commodities and equities has been higher than in recent years. However, we believe that as recent production cuts are absorbed by the market, the correlation between commodities and equities may decrease and there may be more dispersion between individual commodity index constituents. We think that this will be particularly true in the industrial metals market, where reduced supplies combined with Chinese demand have resulted in year to date performance which has been generally positive. We continue to believe that current commodities prices may represent a strong value for investors. Credit Suisse Nova (Lux) Enhanced Fixed Income (CHF) The last two months of 2008 and the beginning of 2009 were again driven by illiquidity and flight to quality, which had a negative impact on the underlying funds. The market is still focusing on liquidity and to a lesser degree on fundamentals. It is hard to judge, when the market will normalize, but the opportunities in the market are big and especially the good quality companies have been dragged down and offer excellent value now. During December we increased the allocation in Emerging Market Debt and ABS by a transfer of the remaining positions of the Credit Suisse Sicav II (Lux) Emerging Markets Bond Aberdeen and of the Julius Baer SICAV II ABS from the client accounts into the fund. This has given us much more flexibility and we had not to sell any position in a very illiquid market. In February and March the Inflation Linked allocation was increased by a purchase of the AXA Global Inflation Linked Fund and the LGT Global Inflation Linked Bond Fund. At the end of March, we transferred the underlying ABS paper into a new inhouse product, as we were not satisfied with the management from Julius Baer. The ABS part is now managed internally by a dedicated team and the ABS portfolio will restructured over time. Since end of April and in May economic figures indicating some easing in the recessionary intensity, however we kept the defensive positioning of the fund. In this environment, riskier asset classes started to recover strongly and safe-haven investments like government bonds lost ground. At the end of May and in June we increased the Emerging Market Debt allocation with a purchase of the Pictet Global Emerging Market Debt Fund. During July we sold completely the Credit Suisse Sicav II (Lux) Emerging Markets Bond Aberdeen and bought on the other side the Aberdeen Global Emerging Market Bond Fund. In August we increased further the allocation in High Yield and Emerging Market Debt with a purchase of the Fidelity US High Yield and the Pictet Global Emerging Market Debt Fund. Finally we bought with the Schroders Emerging Market Debt Absolute Return Fund, a very defensive product, which should deliver decent returns also in a difficult environment. During the reporting year, the fund achieved a performance of 1.53%, year to date a nice return of 6.95% Credit Suisse Nova (Lux) Enhanced Fixed Income (EUR) The last two months of 2008 and the beginning of 2009 were again driven by illiquidity and flight to quality, which had a negative impact on the underlying funds. The market is still focusing on liquidity and to a lesser degree on fundamentals. It is hard to judge, when the market will normalize, but the opportunities in the market are big and especially the good quality companies have been dragged down and offer excellent value now. During December we increased the allocation in Emerging Market Debt and ABS by a transfer of the remaining positions of the Credit Suisse Sicav II (Lux) Emerging Markets Bond Aberdeen and of the Julius Baer SICAV II ABS from the client accounts into the fund. This has given us much more flexibility and we had not to sell any position in a very illiquid market. In February and March the Inflation Linked allocation was increased by a purchase of the AXA Global Inflation Linked Fund and the LGT Global Inflation Linked Bond Fund. At the end of March, we transferred the underlying ABS paper into a new inhouse product, as we were not satisfied with the management from Julius Baer. The ABS part is now managed internally by a dedicated team and the ABS portfolio will restructured over time. Since end of April and in May economic figures indicating some easing in the recessionary intensity, however we kept the defensive positioning of the fund. In this environment, riskier asset classes started to recover strongly and safe-haven investments like government bonds lost ground. At the end of May and in June we increased the Emerging Market Debt allocation with a purchase of the Pictet Global Emerging Market Debt Fund. During July we sold completely the Credit Suisse Sicav II (Lux) Emerging Markets Bond Aberdeen and bought on the other side the Aberdeen Global Emerging Market Bond Fund. In August we increased further the allocation in Emerging Market Debt with a purchase of the Pictet Global Emerging Market Debt Fund. Finally we bought with the Schroders Emerging Market Debt Absolute Return Fund, a very defensive product, which should deliver decent returns also in a difficult environment. During the reporting year, the fund achieved a performance of 9.07%, year to date a nice return of 14.12%.

11 Credit Suisse Nova (Lux) Audited Annual Report as at Manager's Report Page 11 Credit Suisse Nova (Lux) Enhanced Fixed Income (USD) The last two months of 2008 and the beginning of 2009 were again driven by illiquidity and flight to quality, which had a small negative impact on the underlying funds. The market is still focusing on liquidity and to a lesser degree on fundamentals. It is hard to judge, when the market will normalize, but the opportunities in the market are big and especially the good quality companies have been dragged down and offer excellent value now. During December we increased the allocation in Emerging Market Debt and ABS by a transfer of the remaining positions of the Credit Suisse Sicav II (Lux) Emerging Markets Bond Aberdeen from the client accounts into the fund. This has given us much more flexibility and we had not to sell any position in a very illiquid market. In February the Inflation Linked allocation was increased by a purchase of the AXA Global Inflation Linked Fund. Since end of April and in May economic figures indicating some easing in the recessionary intensity, however we kept the defensive positioning of the fund. In this environment, riskier asset classes started to recover strongly and safe-haven investments like government bonds lost ground. At the end of May and in June we increased the Emerging Market Debt allocation with a purchase of the Pictet Global Emerging Market Debt Fund. During July we sold completely the Credit Suisse Sicav II (Lux) Emerging Markets Bond Aberdeen and bought on the other side the Aberdeen Global Emerging Market Bond Fund. In August we increased further the allocation in High Yield and Emerging Market Debt with a purchase of the Fidelity US High Yield and the Pictet Global Emerging Market Debt Fund. Finally we bought with the Schroders Emerging Market Debt Absolute Return Fund, a very defensive product, which should deliver decent returns also in a difficult environment. During the reporting year, the fund achieved a performance of 12.34%, year to date a nice return of 11.32%. Credit Suisse Nova (Lux) FoF Equity Emerging Markets Market Review In January, after a strong start into the new year, markets again lost ground. In order to further strengthen the banking system and national economies, central banks and lawmakers around the globe increased the money supply, purchased distressed assets from banks, and made fiscal stimulus packages in order to revive personal consumption. However, the deterioration in global economic conditions continued during February, causing the downward pressure on equity markets continuing. Governments and central banks worldwide announced further stimulation plans as well interest rate cuts to mitigate the declining economic growth. Financial sectors in Europe and the US also added to increased levels of risk aversion as some of globally operating banking groups received further capital injections by their government. After a weak start in March, stock markets strongly recovered in the second week. The recovery was due to further support of US banks by the government as well better than expected economy data. Investors felt for the first time that the economy has the worst behind itself. However, the majority of active fund managers were not able to timely shift their defensive portfolio to a benchmark-close positioning and thus lagged in performance terms for several weeks and months. The rally in the equity markets continued and investors were forced to neutralize their short positions and to build up long positions. The markets benefitted from further better than expected economy figures and were also able to digest any bad economy news in between. Especially basic resources, financials and bad quality companies with weak balance sheets skyrocketed, causing that the majority of active fund manager underperformed due to a conservative positioning and due to a mistrust in the sustainability of the rally. From time to time, markets experienced short-term losses, on the basis of fears on consumption and forecasts predicting a slow recovery than expected. But the weakness periods were always short lived. Furthermore, more and more investors were convinced that the downturn in business activity and finance has ended irrespective of bad news in the meantime. This was confirmed by the companies earnings, where the majority of the releases consisted of positive surprises and followed by increased M&A activities, which further supported the market mood. Fund Review At the launch date of the fund ( ) we constructed a balanced portfolio with a defensive tilt. At the beginning we bought mainly global emerging market equity funds from Aberdeen, AXA Framlington, Baring, DWS, JP Morgan and Vontobel. At the beginning of December, the fund had a very big inflow of around USD 190 mio, which had a negative impact on the performance. Due to the defensive tilt of the underlying fund managers, the fund didn't participate fully in the December's market rebound. In January 2009, Credit Suisse Nova (Lux) FoF Equity Emerging Markets had another big inflow, we used that opportunity to diversify further the FoF by the purchase of the DB X-Tracker on MSCI Emerging Markets, Invesco Korean EQ, Fidelity Asia Special Sit and Mellon Asian Equity. In January and February the fund was able to outperform, mainly due to the focus on the defensive positioned funds. After a weak start in March, stock markets strongly recovered in the second week. However, the majority of active fund managers were not able to timely shift their defensive portfolio to a benchmark-close positioning and thus lagged in performance terms for several weeks and months. In April the fund had an additional big inflow. The money was mainly invested in two ETF's on the MSCI Emerging market, as the goal was to move closer towards benchmark in order to avoid any underperformance. At the end of April the FoF reduced the defensive positioned funds in the portfolio (Vontobel & Aberdeen) and invested the proceeds in DWS Invest Chinese Equity and JPM Russia Fund. During May we increased the Asian equity exposure with a purchase of the Threadneedle Asia Fund. After a good month of performance in June, July was a difficult month for the underlying fund managers, as most funds were still defensively positioned during the strong market rebound in the second half of July. In July we bought a new "benchmark aware" fund, that is the Thames River Global Emerging Market Fund, which has a favor of large liquid companies. In August we increased the beta in the portfolio with a purchase of the HSBC BRIC Freestyle. At the beginning of September half of the fund size had been redeemed, as the mandate clients took profit. In September and October we further increased the beta in the portfolio with an additional purchase of the HSBC Bric Freestyle and a purchase of the Hamon Asian Market Leader. During the reporting period the fund generated a performance of 80.05% versus the benchmark (MSCI EM) of 86.33% and versus the peergroup of 75.22%. Main reason of the underperformance was the defensive positioning for the target funds and the fact that the underlying funds hold between 5% and 10% in cash during 2nd quarter of Since end of July 2009 the fund has been able to beat the benchmark with a performance of 10.43% versus the benchmark with 8.88% and versus the peergroup with 9.41%. Credit Suisse Nova (Lux) FoF Equity Europe After a strong start into the new year 2009, markets again lost ground. In order to further strengthen the banking system and the national economies, central banks and lawmakers around the globe increased the money supply, purchased distressed assets from banks. Furthermore, fiscal stimulus packages were made in order to revive personal consumption. However, the deterioration in global economic conditions continued during February, causing the downward pressure on equity markets continuing. Governments and central banks worldwide announced further stimulation plans as well interest rate cuts to mitigate the declining economic growth. Financial sectors in Europe and the US also added to increased levels of risk aversion as some of globally operating banking groups received further capital injections by their government. Active fund managers started the year with a higher than usual cash quota and with an underweight in financials and materials. This helped for an outperformance until the end of the first week of March. Unfortunately, the majority of active fund managers missed to reshift their portfolio for the recovery. This had also a negative impact for the Credit Suisse Nova (Lux) FoF Equity Europe. In the second week of March, stock markets strongly recovered due to further support of US banks by their government and better than expected economy data. Investors felt for the first time that the economy may have found a bottom. However, after missing the entry point for the recovery, during spring the majority of active fund managers were even not able to bring their defensive portfolio to a more benchmark-close positioning and thus quite lagged in performance terms for several weeks and months. The rally in the equity markets continued and speculators were forced to neutralize their short positions and started to build up long positions. This further increased the upward pressure for the markets. Especially basic resources, financials and "bad quality companies" (with weak balance sheets) skyrocketed, causing that active fund managers again underperformed due to their conservative sector positioning, due to their high cash quote and due to their mistrust in the sustainability of the ongoing rally. In order to catch up with the benchmark, Credit Suisse Nova (Lux) FoF Equity Europe was repositioned more towards benchmark-close positioning by adding new offensive funds or by increasing existing offensive funds. Furthermore, sector or style ETF's were included in order to achieve the benchmark weighting of some crucial sectors. From this moment onward, the performance experienced a more benchmark-close behavior. The repositioning came too late, however, it was anyway questionable if it would have been possible to avoid an underperformance with the disposable active funds in the peer, but rather possible to mitigate the underperformance.

12 Credit Suisse Nova (Lux) Audited Annual Report as at Manager's Report Page 12 In the summer, the markets continued to benefit from further better than expected economy figures. From time to time, markets experienced short-term losses, on the basis of fears of consumption and forecasts predicting a slower recovery than expected or based on worse than expected economic indicators. However, the weakness periods were always short lived. During the months July and August, active fund managers capitulated their negative market stance and started to believe in the rally due to their conviction that the downturn in business activity and finance has ended, irrespective of bad news in the meantime. This was confirmed by several published company earnings, where the majority of the releases consisted of positive surprises. The market mood definitively improved as increased M&A activities took place. Credit Suisse Nova (Lux) FoF Equity Japan Market Review In January, after a strong start into the new year, markets again lost ground. In order to further strengthen the banking system and national economies, central banks and lawmakers around the globe increased the money supply, purchased distressed assets from banks, and made fiscal stimulus packages in order to revive personal consumption. However, the deterioration in global economic conditions continued during February, causing the downward pressure on equity markets continuing. Governments and central banks worldwide announced further stimulation plans as well interest rate cuts to mitigate the declining economic growth. Financial sectors in Europe and the US also added to increased levels of risk aversion as some of globally operating banking groups received further capital injections by their government. After a weak start in March, stock markets strongly recovered in the second week. The recovery was due to further support of US banks by the government as well better than expected economy data. Investors felt for the first time that the economy has the worst behind itself. However, the majority of active fund managers was not able to timely shift their defensive portfolio to a benchmark-close positioning and thus lagged in performance terms for several weeks and months. The rally in the equity markets continued and investors were forced to neutralize their short positions and to build up long positions. The markets benefitted from further better than expected economy figures and were also able to digest any bad economy news in between. Especially basic resources, financials and bad quality companies with weak balance sheets skyrocketed, causing that the majority of active fund manager underperformed due to a conservative positioning and due to a mistrust in the sustainability of the rally. From time to time, markets experienced short-term losses, on the basis of fears on consumption and forecasts predicting a slow recovery than expected. But the weakness periods were always short lived. Furthermore, more and more investors were convinced that the downturn in business activity and finance has ended irrespective of bad news in the meantime. This was confirmed by the companies earnings, where the majority of the releases consisted of positive surprises and followed by increased M&A activities, which further supported the market mood. Fund Review At the launch date of the fund ( ) we constructed a balanced portfolio with a defensive tilt towards the value style. At the beginning, we bought the Fidelity Japan Advantage Fund, a concentrated value product; the Morgan Stanley Japanese Value Fund, a product which is managed by a very successful experienced manager and team since years; the Swisscanto Small and Mid Cap Japan which is managed by Sparx Asset Management in Tokyo; the Goldman Sachs Japan Portfolio which is a benchmark close product with a blend style as well managed by the team in Tokyo; the SGAM Equities Japan Core Alpha, a classic contrarian product, which buys stocks out of favour and sells stocks which are in favour of the market; the Uni-Global Minimum Variance Japan, a quant product with a small and mid cap tilt and an exchange traded product from UBS on the MSCI Japan. In December, we implemented the JPM Japan Focus Fund, which is a quant driven strategy with a high beta and tracking error. Owing to the value tilt in the portfolio and skill of the managers, we were able to outperform the MSCI Japan since launch until the end of March with almost 400 bps. In March, we increased the Japanese small and mid cap exposure with the introduction of the Oyster Japan Opportunities fund, which is managed by Morant Wright London, a pure Japanese equity manager. On the same time, we reduced the Fidelity Japan Advantage and Goldman Sachs Japan Portfolio products due to decreasing relative strength versus benchmark. In June, we completely sold the Fidelity Japan Advantage and the Goldman Sachs Japan Portfolio funds in favour of the exchange traded fund. During the reporting period the fund generated a performance of 12.57% versus the benchmark (MSCI Japan) of 9.02%. The main reasons for the outperformance were the value tilt and the the right timing of beta increase in March Credit Suisse Nova (Lux) FoF Equity Switzerland Market Review In January, after a strong start into the new year, markets again lost ground. In order to further strengthen the banking system and national economies, central banks and lawmakers around the globe increased the money supply, purchased distressed assets from banks, and made fiscal stimulus packages in order to revive personal consumption. However, the deterioration in global economic conditions continued during February, causing the downward pressure on equity markets continuing. Governments and central banks worldwide announced further stimulation plans as well interest rate cuts to mitigate the declining economic growth. Financial sectors in Europe and the US also added to increased levels of risk aversion as some of globally operating banking groups received further capital injections by their government. After a weak start in March, stock markets strongly recovered in the second week. The recovery was due to further support of US banks by the government as well better than expected economy data. Investors felt for the first time that the economy has the worst behind itself. However, the majority of active fund managers were not able to timely shift their defensive portfolio to a benchmark-close positioning and thus lagged in performance terms for several weeks and months. The rally in the equity markets continued and investors were forced to neutralize their short positions and to build up long positions. The markets benefitted from further better than expected economy figures and were also able to digest any bad economy news in between. Especially basic resources, financials and bad quality companies with weak balance sheets skyrocketed, causing that the majority of active fund manager underperformed due to a conservative positioning and due to a mistrust in the sustainability of the rally. From time to time, markets experienced short-term losses, on the basis of fears on consumption and forecasts predicting a slow recovery than expected. But the weakness periods were always short lived. Furthermore, more and more investors were convinced that the downturn in business activity and finance has ended irrespective of bad news in the meantime. This was confirmed by the companies earnings, where the majority of the releases consisted of positive surprises and followed by increased M&A activities, which further supported the market mood. Fund Review At the launch date of the fund ( ) we constructed a balanced portfolio with a tilt towards small and mid caps. At the beginning, we bought the DWS Swiss Equity Plus Fund, a satellite strategy with a low correlation to the market and a flexible investment style; the Mirabaud Fund Swiss Caps, which is as well a low correlated product versus the benchmark and to all other funds within the portfolio; the Credit Suisse Equity Fund Swissac, a benchmark close product with a limited tracking error versus benchmark; the Conning Swiss Equity Fund, a product which has a tilt towards small and mid caps due to the structural underweight of large caps; the DWS Aktien Schweiz Fund, as well a fund with a small and mid cap bias, the Blackrock Swiss Opportunitiy Fund, a pure small and mid cap fund and the XMTCH on SMI exchange traded fund. In March and April, we bought Nestlé and Roche shares directly into the fund due to a strong underweight positioning of our target funds in order to reduce our stock specific risk. At the beginning of June, we had to increase our banking sector exposure because of our very low aggregated weighting by purchasing shares of Credit Suisse in order to reduce the tracking error. In July, we reduced our small and mid cap exposure in favour of index close products. In addition, we have initiated the AXA WF Swiss Equities A Cap Fund, which has shown very strong risk adjusted performance and momentum. In October, we have bought the Vitruvius Swiss Equities Fund, a product which is managed by a boutique manager in Switzerland. Since launch, the Nova Switzerland fund returned 22.43% versus the benchmark MSCI Switzerland 20.38% mainly due to the tilt towards small and mid caps rebound.