Credit Suisse MultiFund (Lux)

Credit Suisse MultiFund (Lux) Audited Annual Report at 30.09.2008 Investment fund under Luxembourg law Credit Suisse MultiFund (Lux) • Audited Annual Report as at 30.09.2008 Table of Contents Page 2 Report of the "Réviseur d'Entreprises" Management and Administration Consolidated Report Manager's Report Report by Subfund 3 5 6 10 Credit Suisse MultiFund (Lux) Balanced Global Credit Suisse MultiFund (Lux) Constellation Global Credit Suisse MultiFund (Lux) Equity Europe Credit Suisse MultiFund (Lux) Moderation 12 16 20 24 Credit Suisse MultiFund (Lux) • Audited Annual Report as at 30.09.2008 Report of the "Réviseur d'Entreprises" Page 3 An die Anteilinhaber des Credit Suisse MultiFund (Lux) 5, rue Jean Monnet, L-2180 Luxemburg Wir haben den beigefügten Jahresabschluss des Credit Suisse MultiFund (Lux) und seiner jeweiligen Subfonds geprüft, der die Nettovermögensaufstellung, die Aufstellung des Wertpapierbestands und der sonstigen Nettovermögenswerte sowie die Fondsentwicklung zum 30. September 2008, die Ertrags- und Aufwandsrechnung und die Veränderungen des Nettovermögens für das an diesem Datum abgelaufene Geschäftsjahr sowie eine Zusammenfassung der wesentlichen Rechnungslegungsgrundsätze und –methoden und die sonstigen Erläuterungen zu den Aufstellungen enthält. Verantwortung des Verwaltungsrats der Verwaltungsgesellschaft für den Jahresabschluss Die Erstellung und die den tatsächlichen Verhältnissen entsprechende Darstellung dieses Jahresabschlusses gemäss den in Luxemburg geltenden gesetzlichen Bestimmungen und Verordnungen zur Erstellung und Darstellung des Jahresabschlusses liegen in der Verantwortung des Verwaltungsrats der Verwaltungsgesellschaft. Diese Verantwortung umfasst die Entwicklung, Umsetzung und Aufrechterhaltung des internen Kontrollsystems hinsichtlich der Erstellung und der den tatsächlichen Verhältnissen entsprechende Darstellung des Jahresabschlusses, so dass dieser frei von wesentlichen unzutreffenden Angaben ist, unabhängig davon, ob diese aus Unrichtigkeiten oder Verstössen resultieren, sowie die Auswahl und Anwendung von angemessenen Rechnungslegungsgrundsätzen und -methoden und die Festlegung angemessener rechnungslegungsrelevanter Schätzungen. Verantwortung des Réviseur d’Entreprises In unserer Verantwortung liegt es, auf der Grundlage unserer Abschlussprüfung diesem Jahresabschluss ein Testat zu erteilen. Wir führten unsere Abschlussprüfung nach den vom Institut des Réviseurs d’Entreprises umgesetzten internationalen Prüfungsgrundsätzen (International Standards on Auditing) durch. Diese Grundsätze verlangen, dass wir die Berufspflichten und – grundsätze einhalten und die Prüfung dahingehend planen und durchführen, dass mit hinreichender Sicherheit erkannt werden kann, ob der Jahresabschluss frei von wesentlichen unzutreffenden Angaben ist. Eine Abschlussprüfung beinhaltet die Durchführung von Prüfungshandlungen zum Erhalt von Prüfungsnachweisen für die im Jahresabschluss enthaltenen Wertansätze und Informationen. Die Auswahl der Prüfungshandlungen obliegt der Beurteilung des Réviseur d’Entreprises ebenso wie die Bewertung des Risikos, dass der Jahresabschluss wesentliche unzutreffende Angaben aufgrund von Unrichtigkeiten oder Verstössen enthält. Im Rahmen dieser Risikoeinschätzung berücksichtigt der Réviseur d’Entreprises das für die Erstellung und die den tatsächlichen Verhältnissen entsprechende Darstellung des Jahresabschlusses eingerichtete interne Kontrollsystem, um die unter diesen Umständen angemessenen Prüfungshandlungen festzulegen, nicht jedoch, um ein Testat über die Wirksamkeit des internen Kontrollsystems abzugeben. Eine Abschlussprüfung beinhaltet ebenfalls die Beurteilung der Angemessenheit der angewandten Rechnungslegungsgrundsätze und -methoden und der Angemessenheit der vom Verwaltungsrat der Verwaltungsgesellschaft vorgenommenen Schätzungen sowie die Beurteilung der Gesamtdarstellung des Jahresabschlusses. Nach unserer Auffassung sind die erlangten Prüfungsnachweise als Grundlage für die Erteilung unseres Testats ausreichend und angemessen. Testat Nach unserer Auffassung vermittelt der beigefügte Jahresabschluss in Übereinstimmung mit den in Luxemburg geltenden gesetzlichen Bestimmungen und Verordnungen betreffend die Erstellung und Darstellung des Jahresabschlusses ein den tatsächlichen Verhältnissen entsprechendes Bild der Vermögens- und Finanzlage des Credit Suisse MultiFund (Lux) und seiner jeweiligen Subfonds zum 30. September 2008 sowie der Ertragslage und der Entwicklung des Nettovermögens für das an diesem Datum abgelaufene Geschäftsjahr. Sonstiges Die im Jahresbericht enthaltenen ergänzenden Angaben wurden von uns im Rahmen unseres Auftrages durchgesehen, waren aber nicht Gegenstand besonderer Prüfungshandlungen nach den oben beschriebenen Grundsätzen. Unser Testat bezieht sich daher nicht auf diese Angaben. Im Rahmen der Gesamtdarstellung des Jahresabschlusses haben uns diese Angaben keinen Anlass zu Anmerkungen gegeben. Luxemburg, den 19. Januar 2008 KPMG Audit S.à r.l. Réviseurs d’Entreprises Petra Schreiner Die deutsche Version des Jahresberichts war Bestandteil der Prüfung durch den "Réviseur d'Entreprises". Daher bezieht sich auch der Bericht des "Réviseur d'Entreprises" nur auf die deutsche Version. Sämtliche anderssprachigen Versionen wurden unter Verantwortung des Verwaltungsrates der Verwaltungsgesellschaft des FCP erstellt. Credit Suisse MultiFund (Lux) • Audited Annual Report as at 30.09.2008 Report of the "Réviseur d'Entreprises" Page 4 To the Unitholders of Credit Suisse MultiFund (Lux) 5, rue Jean Monnet, L-2180 Luxembourg We have audited the accompanying financial statements of Credit Suisse MultiFund (Lux) and each of its subfunds, which comprise the statement of net assets, the statement of investments in securities and other net assets as at September 30, 2008, the income statement and the statement of changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory notes. Responsibility of the Management Company’s Board of Directors for the Financial Statements The board of directors of the management company 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 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 error or fraud; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Responsibility of the Réviseur d’Entreprises Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the International Standards on Auditing as adopted by the Institut des Réviseurs d’Entreprises. Those standards require that we comply with professional requirements and principles, and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgment of the réviseur d’entreprises, including the assessment of the risks of material misstatement of the financial statements, whether due to error or fraud. In making those risk assessments, the réviseur d’entreprises considers internal control relevant to the 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 internal control system. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the management company’s board of directors, 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. Opinion In our opinion, the accompanying financial statements give a true and fair view of the financial position of Credit Suisse MultiFund (Lux) and each of its subfunds as of September 30, 2008, and of the results of its operations and changes in its net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. Other matter 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. We do not, therefore, express any 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. Luxembourg, January 19, 2009 KPMG Audit S.à r.l. Réviseurs d’Entreprises The German version of the Annual Report has been reviewed by the auditors. Consequently, the auditor’s report only refers to the German version of the report; other versions result from a translation made under the responsibility of the Board of Directors of the Management Company of the FCP (fonds commun de placement). Petra Schreiner Credit Suisse MultiFund (Lux) • Audited Annual Report as at 30.09.2008 Management and Administration Page 5 Management Company Credit Suisse Fund Management S.A. 5, rue Jean Monnet, L-2180 Luxembourg R.C.S. Luxembourg B 72 925 Board of Directors Lawrence D. Haber, Chairman of the Board (until 13.05.2008) 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 14.12.2007) Director, Credit Suisse Asset Management Fund Service (Luxembourg) S.A., Luxembourg Guy Reiter, Member of the Board (since 14.12.2007) 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 AG Sihlcity – Kalandergasse 4, CH-8045 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 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 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 www.creditsuisse.com 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 MultiFund (Lux) • Audited Annual Report as at 30.09.2008 Consolidated Report Statement of Net Assets in EUR Page 6 30.09.2008 Assets Investments in securities at market value Cash at banks Receivable for securities sold Subscriptions receivable Income receivable Formation expenses 112,744,496.41 10,195,025.43 200,000.00 7,933,054.22 188,997.34 18,471.39 131,280,044.79 Liabilities Payable for securities purchased Redemptions payable Provisions for accrued expenses Other liabilities 100,000.00 268,668.94 186,595.07 58,823.05 614,087.06 Net assets 130,665,957.73 The notes are an integral part of the financial statements. Credit Suisse MultiFund (Lux) • Audited Annual Report as at 30.09.2008 Consolidated Report Statement of Operations in EUR Page 7 For the period from 01.10.2007 to 30.09.2008 Income Dividends (net) Bank interest Other income 901,665.97 297,741.25 498,145.77 1,697,552.99 Expenses Management fee Custodian and safe custody fees Administration expenses Printing and publication expenses Audit, control, legal, representative bank and other expenses "Taxe d'abonnement" Amortisation of formation expenses 2,064,745.04 71,088.63 266,487.43 41,427.44 134,330.06 62,050.97 10,686.74 2,650,816.31 Net income (loss) Realised gain (loss) -953,263.32 Net realised gain (loss) on sales of investments Net realised gain (loss) on forward foreign exchange contracts -6,726,497.41 -548,625.51 -7,275,122.92 Net realised gain (loss) Change in net unrealised appreciation (depreciation) -8,228,386.24 Change in net unrealised appreciation (depreciation) on investments Change in net unrealised appreciation (depreciation) on forward foreign exchange contracts -48,420,151.61 -57,743.55 -48,477,895.16 Net increase (decrease) in net assets as a result of operations Subscriptions / Redemptions -56,706,281.40 Subscriptions Redemptions 37,817,372.43 -122,393,647.70 -84,576,275.27 The notes are an integral part of the financial statements. Credit Suisse MultiFund (Lux) • Audited Annual Report as at 30.09.2008 Consolidated Report Notes Page 8 General Credit Suisse MultiFund (Lux) ("the Fund") is a Luxembourg mutual investment Fund with subfunds ("umbrella fund") which has been launched as at 10.02.2003. The fund is registered in Luxembourg as an undertaking for collective investment in transferable securities under Part I of the law of 20.12.2002. As of 30.09.2008, the fund had 4 subfunds. Changes: - CS Multifund (Lux) Constellation Global –R- CZK: the first NAV has been calculated on 03.06.2008. As of 04.02.2008, 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 EUR. 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 04.02.2008, 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 30.09.2008 based on the last net asset values of target funds. If the fund had valued all the target funds at the market price of September 30, 2008, this would have had no significant impact on the calculation. 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. Credit Suisse MultiFund (Lux) • Audited Annual Report as at 30.09.2008 Consolidated Report Notes Page 9 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. 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 01.01.2008 until 30.09.2008. Management fee of target funds ISIN Fund description SCHRODER INTERNATIONAL SELECTION FUND SICAV-EUROPEAN SPECIAL SITUATIONS- -ATRADITIONAL FUNDS - THAMES RIVER EURO GLOBAL BOND TRADITIONAL FUNDS - THAMES RIVER HIGH INCOME FUND -DTRADITIONAL FUNDS - THAMES RIVER HIGH INCOME FUND (New Euro Distributing) TRADITIONAL FUNDS - EMERGING ASIA FUND BVERITAS FUNDS - ASIAN FUND -A- Management fee in % (per year) 1.50 1.00 1.50 1.50 1.75 1.00 LU0246035637 IE00B040HG05 IE0008009874 IE00B0BYXQ73 IE00B23Y5K77 IE00B02ZFR42 ISIN Fund description ARTEMIS - EUROPEAN GROWTH FUND (accum. shares) BLUEBAY FUND SICAV - BLUEBAY INVESTMENT GRADE BOND FUND-IBBNY MELLON GLOBAL - EUROLAND BOND FUND a CAZENOVE INTERNATIONAL FUND EUROPEAN EQUITY (ex UK) -XCF NEPTUNE INVESTMENT FUNDS EUROPEAN OPPORTUNITIES C. -BCF NEPTUNE INVESTMENT FUNDS - RUSSIA & GREATER RUSSIA FUND -BCF ODEY INVESTMENT FUNDS - ODEY CONTINENTAL EUROPEAN TRUST FUND CF WALKER CRIPS UK HIGH ALPHA FUND CLOSE FINSBURY GLOBAL INVESTMENT PLC JAPANESE EQUITY FUND -AFINDLAY PARK FUNDS - LATIN AMERICAN FUND FINDLAY PARK FUNDS - U.S. SMALLER COMPANIES FUND FRANKLIN TEMPLETON INVESTMENT FUNDS TEMPLETON ASIAN BOND FUND -IFRANKLIN TEMPLETON INVESTMENT FUNDS TEMPLETON GLOBAL TOTAL RETURN -IINVESCO FUNDS SICAV - INVESCO EURO CORPORATE BOND FUND -AJ O HAMBRO CAPITAL MANAGEMENT UMBRELLA FUND - EUROPEAN SELECT VALUES FUND J O HAMBRO CAPITAL MANAGEMENT UMBRELLA FUND - CONTINENTAL EUROPEAN FUND (INSTIT.) JANUS CAPITAL FUNDS - US TWENTY FUND -IJO HAMBRO - JAPAN FUND € JO HAMBRO CAPITAL MANAGEMENT UMBRELLA FUND PLC - JAPAN FUND € JP MORGAN - HIGHBRIDGE INCOME OPPORT. c JULIUS BAER MULTIBOND SICAV - ABSOLUTE RETURN BOND FUND -AJUPITER EMERGING EUROPE SELECT (CAPITALISATION) -LTHE JUPITER GLOBAL FUND - JUPITER GLOBAL FINANCIALS -LM&G INVESTMENT FUNDS - UK SELECT FUND -AMAINFIRST SICAV - AVANT-GARDE STOCK FUND -CMARTIN CURRIE INVESTMENT FUNDS - NORTH AMERICA (accum. shares) -BMARTIN CURRIE INVESTMENT FUNDS - NORTH AMERICAN ALPHA FUND -BMELCHIOR - NORTH AMERICAN OPPORT b MELCHIOR SELECTED TRUST - JAPAN ADVANTAGE FUND -B1RWC FUNDS - GLOBAL CONVERTIBLES FUND BRENSBURG UK MANAGERS FOCUS TRUST RESOLUTION ASSET MANAGEMENT ARGONAUT EUROPEAN ALPHA FUND -IRESOLUTION INTERNATIONAL FUNDS GLOBAL EMERGING MARKETS FUND -ISARACEN GROWTH BETA ACCUMULATING FUND Management fee in % (per year) 1.50 0.50 1.00 0.75 1.10 1.25 1.50 1.50 1.50 1.25 1.00 0.55 0.55 1.00 0.75 0.75 1.25 0.75 0.75 0.55 1.00 0.10 0.10 1.50 0.80 0.75 0.75 1.65 1.65 0.80 1.50 1.75 0.75 1.00 GB0006600844 LU0225310266 IE0032722260 IE00B0189Z03 GB0032310012 GB00B04H0X98 GB0031831570 GB00B19RV503 IE0004384180 IE00B18TKN80 IE0002458671 LU0260863534 LU0260865075 LU0243957825 IE0032904330 IE0033009121 IE00B2B35Y04 IE0034388805 IE0034388797 LU0289472085 LU0186677893 LU0262305609 LU0262307480 GB0031285561 LU0187937684 GB0031560856 GB00B28SV510 GB00B036VS90 LU0258103174 LU0273643493 GB00B18VGJ26 GB00B0LCH704 IE00B1DS0309 GB0005711196 Credit Suisse MultiFund (Lux) • Audited Annual Report as at 30.09.2008 Manager's Report Page 10 Credit Suisse MultiFund (Lux) Balanced Global It has been a difficult year for equity investors and much has occurred over the past 12 months. Back in March the failure, and Fed-organized rescue, of Bear Stearns by JPMorgan led to a market recovery as investors thought the authorities had started to gain control over the situation, thus allowing the banking crisis to bottom out. As we approach the end of September two more investment banks have gone the same way, with Lehman Brothers filing for Chapter 11 protection (in effect bankruptcy) and Merrill Lynch being forced into the arms of Bank of America at a greatly reduced value. Add to this the continuing writedowns of banks’ bad debts and the effective nationalization of the American mortgage market via Fannie Mae and Freddie Mac and it is clear that investors and the markets have been plunged into a deep crisis. As the credit crunch claims further victims, the question arises as to whether a phoenix will arise from these flames. All eyes will be looking to see if the final quarter of 2008 can finish on a more positive note than the previous one. In these volatile market conditions it has been important to engage in active fund selection, asset allocation and portfolio construction to ensure an appropriate risk-adjusted return. While overall asset allocation remained broadly unchanged there was significant movement at the underlying fund level. UK exposure was reduced through the sale of Rensburg UK Managers Focus, and within Europe the Barings European Fund was sold in favor of Resolution Argonaut European. In Japan we concentrated our exposure on a new fund, the Melchior Select Japan Advantage, selling both Morant Wright Japan and Investec Japan. In the US we also added a new fund – Janus US Twenty – and acquired a short-term tactical position through Martin Currie North America. Across fixed-interest we moved toward a more absolute style with the inclusion of Julius Baer Absolute Return Fund, while also expanding diversification through the Franklin Templeton Asian Bond, BlueBay Investment Grade Bond and RWC Global Convertibles funds. To finance these investments we sold Newton Global dynamic, Schroder Strategic, Aegon Global, and Principal Strategic Bond. Credit Suisse MultiFund (Lux) Equity Europe It has been a difficult year for equity investors and much has occurred over the past 12 months. Back in March the failure, and Fed-organized rescue, of Bear Stearns by JPMorgan led to a market recovery as investors thought the authorities had started to gain control over the situation, thus allowing the banking crisis to bottom out. As we approach the end of September two more investment banks have gone the same way, with Lehman Brothers filing for Chapter 11 protection (in effect bankruptcy) and Merrill Lynch being forced into the arms of Bank of America at a greatly reduced value. Add to this the continuing writedowns of banks’ bad debts and the effective nationalization of the American mortgage market via Fannie Mae and Freddie Mac and it is clear that investors and the markets have been plunged into a deep crisis. As the credit crunch claims further victims, the question arises as to whether a phoenix will arise from these flames. All eyes will be looking to see if the final quarter of 2008 can finish on a more positive note than the previous one. In these volatile market conditions it has been important to engage in active fund selection, asset allocation and portfolio construction to ensure an appropriate risk-adjusted return. During the 12 months to the end of September 2008, we have significantly reduced the fund’s weighting to UK equities to reflect our more cautious stance on the UK economy and market. From a top down perspective this has been a beneficial move, particularly when considering the decline in the GBP versus the euro. We have made 4 total disposals in the UK space, namely JOHCM UK Capital UK Growth, Melchior UK Opportunities, Neptune Income, and Old Mutual UK Smaller Companies. The latter disposal reflects a conscious decision to shift away from small caps toward large cap companies within Credit Suisse MultiFund (Lux) Equity Europe. Of the pan-European funds, we sold Threadneedle European Accelerando on the news of the fund manager’s departure. This was replaced by JOHCM European Select Values. Within the European funds that exclude UK, we reduced the number of funds that we held by selling Baring Europe, Edinburgh European Opportunities, Collins Stewart Continental European, and Mellon Continental European. We increased our weightings to our higher conviction positions, namely Neptune European Opportunities, Resolution Argonaut European, Cazenove European, and JOHCM Continental European. We also introduced the defensively oriented Odey Continental European. In the emerging markets arena, we switched a position in Jupiter Emerging Europe into the Neptune Russia fund. This had been a timely switch until the Russian markets experienced some extreme turbulence in the 3rd quarter of 2008. While the cash position has oscillated over the period under review, it is currently the same as 12 months ago at 6%. Credit Suisse MultiFund (Lux) Constellation Global It has been a difficult year for equity investors and much has occurred over the past 12 months. Back in March the failure, and Fed-organized rescue, of Bear Stearns by JPMorgan led to a market recovery as investors thought the authorities had started to gain control over the situation, thus allowing the banking crisis to bottom out. As we approach the end of September two more investment banks have gone the same way, with Lehman Brothers filing for Chapter 11 protection (in effect bankruptcy) and Merrill Lynch being forced into the arms of Bank of America at a greatly reduced value. Add to this the continuing writedowns of banks’ bad debts and the effective nationalization of the American mortgage market via Fannie Mae and Freddie Mac and it is clear that investors and the markets have been plunged into a deep crisis. As the credit crunch claims further victims, the question arises as to whether a phoenix will arise from these flames. All eyes will be looking to see if the final quarter of 2008 can finish on a more positive note than the previous one. In these volatile market conditions it has been important to engage in active fund selection, asset allocation and portfolio construction to ensure an appropriate risk-adjusted return. Over the period under review we reduced exposure to both the UK and Europe, in the process selling off Rensburg UK Managers Focus, JOHCM UK Growth and Artemis European. In Japan we added a new position in Melchior Japan Advantage and increased our weighting in JOHCM Japan as we started to feel more comfortable with the outlook for Japanese equities and given the valuation. In Asia we switched from Melchior Asian Opportunity to a larger cap-oriented fund. Asia and Japan now account for 30% of the fund. In emerging markets we retained an overweight approach, and – given the market correction and the relatively fundamental strength in the underlying economies – increased the beta of our underlying holding. The conservative JPM Emerging Market Alpha Fund was sold. Our US exposure proved very rewarding late in the period as the dollar rally took off in earnest. Over the period we have included the Janus US Twenty Fund along with Martin Currie North American Alpha. Both funds have extremely focused portfolios. Overall we have increased our US weighting, which now stands over 30%. Credit Suisse MultiFund (Lux) Moderation It has been a difficult year for equity investors and much has occurred over the past 12 months. Back in March the failure, and Fed-organized rescue, of Bear Stearns by JPMorgan led to a market recovery as investors thought the authorities had started to gain control over the situation, thus allowing the banking crisis to bottom out. As we approach the end of September two more investment banks have gone the same way, with Lehman Brothers filing for Chapter 11 protection (in effect bankruptcy) and Merrill Lynch being forced into the arms of Bank of America at a greatly reduced value. Add to this the continuing writedowns of banks’ bad debts and the effective nationalization of the American mortgage market via Fannie Mae and Freddie Mac and it is clear that investors and the markets have been plunged into a deep crisis. As the credit crunch claims further victims, the question arises as to whether a phoenix will arise from these flames. All eyes will be looking to see if the final quarter of 2008 can finish on a more positive note than the previous one. In these volatile market conditions it has been important to engage in active fund selection, asset allocation and portfolio construction to ensure an appropriate risk-adjusted return. Credit Suisse MultiFund (Lux) • Audited Annual Report as at 30.09.2008 Manager's Report Page 11 While overall asset allocation remained broadly unchanged there was significant movement at the underlying fund level. European exposure was reduced and at the Barings European Fund sold in favor of Resolution Argonaut European. Japanese exposure was retained through JOHambros Japan although Allianz Total Return Asia was sold. In the US we also added a short-term tactical position through Martin Currie North America and exited our holding in Jupiter Global Financials. Across fixed-interest we moved toward a more absolute style within the inclusion of Julius Baer Absolute Return Fund, while also expanding diversification through Franklin Templeton Asian Bond and BlueBay Investment Grade Bond. To finance these investments we sold Newton Global Dynamic, Credit Suisse Target Return, Schroder Strategic, Aegon Global, and Principal Strategic Bond. The information stated relates to the period under review and is not indicative of future returns. Credit Suisse MultiFund (Lux) • Audited Annual Report as at 30.09.2008 Credit Suisse MultiFund (Lux) Balanced Global Technical Data and Notes Page 12 Technical Data Valoren ISIN Management Fee Total Expense Ratio B - Capitalisation EUR 1548409 LU0161913024 1.05% 2.36% The Portfolio Turnover Rate was 96.48% for the period from 01.10.2007 to 30.09.2008. The TER-calculation with performance fee: 2.73%. Fund Performance YTD Since Inception 2007 2006 2005 B - Capitalisation EUR -17.62% / -2.30% 3.40% 19.38% Credit Suisse MultiFund (Lux) • Audited Annual Report as at 30.09.2008 Credit Suisse MultiFund (Lux) Balanced Global Statement of Net Assets in EUR and Fund Evolution Page 13 30.09.2008 Assets Investments in securities at market value Cash at banks Receivable for securities sold Income receivable 7,386,978.50 211,937.48 100,000.00 5,863.87 7,704,779.85 Liabilities Payable for securities purchased Redemptions payable Provisions for accrued expenses 50,000.00 41,213.96 9,446.07 100,660.03 Net assets 7,604,119.82 Fund Evolution 30.09.2008 30.09.2007 30.09.2006 Total net assets Net asset value per unit B - Capitalisation EUR 7,604,119.82 23,638,396.10 22,778,186.70 EUR 12.25 15.51 14.78 Number of units outstanding at the end of the year at the beginning of the year Number of units issued Number of units redeemed B - Capitalisation EUR 620,913.044 1,524,144.790 179,045.763 1,082,277.509 The notes are an integral part of the financial statements. Credit Suisse MultiFund (Lux) • Audited Annual Report as at 30.09.2008 Credit Suisse MultiFund (Lux) Balanced Global Statement of Operations / Changes in Net Assets in EUR Page 14 For the period from 01.10.2007 to 30.09.2008 Net assets at the beginning of the year Income 23,638,396.10 Dividends (net) Bank interest Other income 206,778.20 18,101.55 48,151.94 273,031.69 Expenses Management fee Custodian and safe custody fees Administration expenses Printing and publication expenses Audit, control, legal, representative bank and other expenses "Taxe d'abonnement" 147,744.56 5,769.75 21,630.45 2,993.71 11,285.26 4,308.01 193,731.74 Net income (loss) Realised gain (loss) 79,299.95 Net realised gain (loss) on sales of investments Net realised gain (loss) on forward foreign exchange contracts -1,605,093.37 -76,152.82 -1,681,246.19 Net realised gain (loss) Change in net unrealised appreciation (depreciation) -1,601,946.24 Change in net unrealised appreciation (depreciation) on investments -1,721,377.18 -1,721,377.18 Net increase (decrease) in net assets as a result of operations Subscriptions / Redemptions -3,323,323.42 Subscriptions Redemptions 2,616,183.73 -15,327,136.59 -12,710,952.86 Net assets at the end of the year 7,604,119.82 The notes are an integral part of the financial statements. Credit Suisse MultiFund (Lux) • Audited Annual Report as at 30.09.2008 Credit Suisse MultiFund (Lux) Balanced Global Breakdown by Country and Economic Sector of the Investments in Securities Statement of Investments in Securities and Other Net Assets Breakdown by Country Statement of Investments in Securities and Other Net Assets Page 15 Luxembourg Ireland United Kingdom Total 46.22 28.70 22.22 97.14 Description Quantity / Nominal Valuation (in EUR) % of net assets Securities listed on a stock exchange or other org. markets: Investment funds Fund units (Open-End) EUR EUR GBP Breakdown by Economic Sector GBP Investment trusts/funds Total 97.14 97.14 USD EUR EUR USD EUR EUR GBP GBP EUR GBP GBP EUR EUR EUR EUR EUR EUR BLUEBAY FUND SICAV - BLUEBAY INVESTMENT GRADE BOND FUND CAZENOVE INTERNATIONAL FUND EUROPEAN EQUITY (ex UK) -XCF NEPTUNE INVESTMENT FUNDS EUROPEAN OPPORTUNITIES C. -BCF NEPTUNE INVESTMENT FUNDS - RUSSIA & GREATER RUSSIA FUND -BFINDLAY PARK FUNDS - U.S. SMALLER COMPANIES FUND FRANKLIN TEMPLETON INVESTMENT FUNDS TEMPLETON ASIAN BOND FUND -IFRANKLIN TEMPLETON INVESTMENT FUNDS TEMPLETON GLOBAL TOTAL RETURN JANUS CAPITAL FUNDS - US TWENTY FUND -IJULIUS BAER MULTIBOND SICAV - ABSOLUTE RETURN BOND FUND -AMAINFIRST SICAV - AVANT-GARDE STOCK FUND -CMARTIN CURRIE INVESTMENT FUNDS - NORTH AMERICA (accum. shares) -BMARTIN CURRIE INVESTMENT FUNDS - NORTH AMERICAN ALPHA FUND -BMELCHIOR SELECTED TRUST - JAPAN ADVANTAGE FUND -B1M&G INVESTMENT FUNDS - UK SELECT FUND -ARESOLUTION ASSET MANAGEMENT ARGONAUT EUROPEAN ALPHA FUND -IRWC FUNDS - GLOBAL CONVERTIBLES FUND BTHE JUPITER GLOBAL FUND - JUPITER GLOBAL FINANCIALS TRADITIONAL FUNDS - EMERGING ASIA FUND BTRADITIONAL FUNDS - THAMES RIVER EURO GLOBAL BOND TRADITIONAL FUNDS - THAMES RIVER HIGH INCOME FUND -DTRADITIONAL FUNDS - THAMES RIVER HIGH INCOME FUND (New Euro Distributing) 4,774 189,564 89,825 50,002 13,805 64,782 36,404 68,444 4,879 7,681 88,024 315,815 6,283 27,126 167,808 600 51,298 8,143 37,239 32,572 17,369 487,950.54 406,937.12 328,979.73 138,520.65 344,086.15 511,130.75 301,785.59 399,072.71 509,877.13 314,077.81 156,276.68 360,301.51 478,890.33 469,604.77 235,208.59 553,851.76 357,544.21 47,801.30 413,725.93 411,389.72 159,965.52 7,386,978.50 7,386,978.50 7,386,978.50 6.42 5.35 4.33 1.82 4.52 6.72 3.97 5.25 6.71 4.13 2.06 4.74 6.30 6.18 3.09 7.27 4.70 0.63 5.44 5.41 2.10 97.14 97.14 97.14% Fund units (Open-End) Securities listed on a stock exchange or other org. markets: Investment funds Total of Portfolio Cash at banks Other net assets Total net assets 211,937.48 5,203.84 7,604,119.82 2.79% 0.07% 100.00 The notes are an integral part of the financial statements. Any differences in the percentage of Net Assets are the result of roundings. Credit Suisse MultiFund (Lux) • Audited Annual Report as at 30.09.2008 Credit Suisse MultiFund (Lux) Constellation Global Technical Data and Notes Page 16 Technical Data Valoren ISIN Management Fee Total Expense Ratio B - Capitalisation I - Capitalisation R - Capitalisation EUR EUR CZK 1548395 1548400 4265893 LU0161911085 LU0161911754 LU0366682614 1.35% 0.65% 1.35% 2.64% 1.93% 2.66% The Portfolio Turnover Rate was 79.48% for the period from 01.10.2007 to 30.09.2008. The TER-calculation with performance fee for B - Capitalisation EUR:2.80%. The TER-calculation with performance fee for I - Capitalisation EUR: 2.09%. The TER-calculation with performance fee for R - Capitalisation CZK: 2.82%. CS Multifund (Lux) Constellation Global -R- CZK: the 1st NAV has been calculated on 03.06.2008. Fund Performance YTD Since Inception 2007 2006 2005 B - Capitalisation I - Capitalisation R - Capitalisation EUR EUR CZK -27.35% -27.00% -19.47% / / / -1.54% -0.83% / 8.31% 9.07% / 29.93% 30.87% / Notes Forward foreign exchange contracts Purchases Sales Maturity Valuation (in EUR) CZK CZK EUR CZK CZK CZK 98,737,795 2,191,022 203,445 4,176,301 4,000,000 3,020,376 EUR EUR CZK EUR EUR EUR -4,091,910 -91,500 -4,903,025 -173,714 -166,174 -123,695 17.12.2008 17.12.2008 17.12.2008 17.12.2008 17.12.2008 17.12.2008 -53,154.91 -1,879.14 2,885.32 -2,886.85 -2,558.31 -149.66 -57,743.55 Unrealised loss on forward foreign exchange contracts Credit Suisse MultiFund (Lux) • Audited Annual Report as at 30.09.2008 Credit Suisse MultiFund (Lux) Constellation Global Statement of Net Assets in EUR and Fund Evolution Page 17 30.09.2008 Assets Investments in securities at market value Cash at banks Subscriptions receivable Income receivable 68,526,755.93 8,106,296.67 7,932,874.59 157,972.96 84,723,900.15 Liabilities Redemptions payable Provisions for accrued expenses Other liabilities 93,466.95 99,676.42 57,922.76 251,066.13 Net assets 84,472,834.02 Fund Evolution 30.09.2008 30.09.2007 30.09.2006 Total net assets Net asset value per unit B - Capitalisation EUR 84,472,834.02 147,214,349.58 186,506,523.65 EUR EUR CZK 13.89 1,087.89 805.33 20.07 1,561.26 / 18.32 1,415.15 / I - Capitalisation R - Capitalisation Number of units outstanding at the end of the year at the beginning of the year Number of units issued Number of units redeemed B - Capitalisation I - Capitalisation R - Capitalisation EUR EUR CZK 3,494,855.827 28,985.145 134,187.954 5,577,660.297 22,592.783 0.000 578,255.120 9,353.374 136,778.518 2,661,059.590 2,961.012 2,590.564 The notes are an integral part of the financial statements. Credit Suisse MultiFund (Lux) • Audited Annual Report as at 30.09.2008 Credit Suisse MultiFund (Lux) Constellation Global Statement of Operations / Changes in Net Assets in EUR Page 18 For the period from 01.10.2007 to 30.09.2008 Net assets at the beginning of the year Income 147,214,349.58 Dividends (net) Bank interest Other income 145,906.05 215,949.39 277,896.33 639,751.77 Expenses Management fee Custodian and safe custody fees Administration expenses Printing and publication expenses Audit, control, legal, representative bank and other expenses "Taxe d'abonnement" 1,178,808.71 40,984.32 153,635.40 24,993.85 77,275.20 39,211.03 1,514,908.51 Net income (loss) Realised gain (loss) -875,156.74 Net realised gain (loss) on sales of investments Net realised gain (loss) on forward foreign exchange contracts -549,309.37 -232,668.80 -781,978.17 Net realised gain (loss) Change in net unrealised appreciation (depreciation) -1,657,134.91 Change in net unrealised appreciation (depreciation) on investments Change in net unrealised appreciation (depreciation) on forward foreign exchange contracts -33,871,415.95 -57,743.55 -33,929,159.50 Net increase (decrease) in net assets as a result of operations Subscriptions / Redemptions -35,586,294.41 Subscriptions Redemptions 25,940,066.48 -53,095,287.63 -27,155,221.15 Net assets at the end of the year 84,472,834.02 The notes are an integral part of the financial statements. Credit Suisse MultiFund (Lux) • Audited Annual Report as at 30.09.2008 Credit Suisse MultiFund (Lux) Constellation Global Breakdown by Country and Economic Sector of the Investments in Securities Statement of Investments in Securities and Other Net Assets Breakdown by Country Statement of Investments in Securities and Other Net Assets Page 19 Ireland United Kingdom Luxembourg Total 38.79 31.24 11.09 81.12 Description Quantity / Nominal Valuation (in EUR) % of net assets Securities listed on a stock exchange or other org. markets: Investment funds Fund units (Open-End) GBP GBP Breakdown by Economic Sector GBP JPY Investment trusts/funds Total 81.12 81.12 USD USD GBP USD EUR EUR GBP GBP GBP EUR GBP EUR GBP EUR EUR EUR CF NEPTUNE INVESTMENT FUNDS EUROPEAN OPPORTUNITIES C. -BCF NEPTUNE INVESTMENT FUNDS - RUSSIA & GREATER RUSSIA FUND -BCF WALKER CRIPS UK HIGH ALPHA FUND CLOSE FINSBURY GLOBAL INVESTMENT PLC JAPANESE EQUITY FUND FINDLAY PARK FUNDS - LATIN AMERICAN FUND FINDLAY PARK FUNDS - U.S. SMALLER COMPANIES FUND J O HAMBRO CAPITAL MANAGEMENT UMBRELLA FUND - CONTINENTAL EUROPEAN FUND (INSTIT.) JANUS CAPITAL FUNDS - US TWENTY FUND -IJO HAMBRO CAPITAL MANAGEMENT UMBRELLA FUND PLC - JAPAN FUND € MAINFIRST SICAV - AVANT-GARDE STOCK FUND -CMARTIN CURRIE INVESTMENT FUNDS - NORTH AMERICA (accum. shares) -BMARTIN CURRIE INVESTMENT FUNDS - NORTH AMERICAN ALPHA FUND -BMELCHIOR INVESTMENT FUNDS - NORTH AMERICAN OPPORTUNITIES -BMELCHIOR SELECTED TRUST - JAPAN ADVANTAGE FUND -B1RESOLUTION ASSET MANAGEMENT ARGONAUT EUROPEAN ALPHA FUND -IRESOLUTION INTERNATIONAL FUNDS GLOBAL EMERGING MARKETS FUND -ISARACEN GROWTH BETA ACCUMULATING FUND THE JUPITER GLOBAL FUND - JUPITER GLOBAL FINANCIALS TRADITIONAL FUNDS - EMERGING ASIA FUND BVERITAS FUNDS - ASIAN FUND -A- 787,508 1,137,507 2,971,031 2,531,242 348,796 217,815 1,233,837 719,668 3,691,641 89,400 1,222,492 4,335,505 3,063,628 51,990 2,150,574 4,134,152 582,846 250,277 606,505 31,277 2,884,198.11 3,151,240.05 3,158,794.26 3,322,300.20 2,108,193.85 5,428,893.19 2,946,804.10 4,196,118.66 3,263,410.21 3,655,557.99 2,170,389.43 4,946,216.60 4,797,999.62 3,962,484.44 3,014,351.37 3,534,699.94 2,262,595.48 1,744,427.27 3,560,186.78 4,417,894.38 68,526,755.93 68,526,755.93 68,526,755.93 3.41 3.73 3.74 3.93 2.50 6.42 3.49 4.97 3.86 4.33 2.57 5.86 5.68 4.69 3.57 4.18 2.68 2.07 4.21 5.23 81.12 81.12 81.12% Fund units (Open-End) Securities listed on a stock exchange or other org. markets: Investment funds Total of Portfolio Cash at banks Other net assets Total net assets 8,106,296.67 7,839,781.42 84,472,834.02 9.60% 9.28% 100.00 The notes are an integral part of the financial statements. Any differences in the percentage of Net Assets are the result of roundings. Credit Suisse MultiFund (Lux) • Audited Annual Report as at 30.09.2008 Credit Suisse MultiFund (Lux) Equity Europe Technical Data and Notes Page 20 Technical Data Valoren ISIN Management Fee Total Expense Ratio B - Capitalisation EUR 1548401 LU0161912059 1.35% 2.76% The Portfolio Turnover Rate was 51.54% for the period from 01.10.2007 to 30.09.2008. The TER-calculation with performance fee: 3.41%. Fund Performance YTD Since Inception 2007 2006 2005 B - Capitalisation EUR -29.66% / -0.78% 21.38% 27.79% Credit Suisse MultiFund (Lux) • Audited Annual Report as at 30.09.2008 Credit Suisse MultiFund (Lux) Equity Europe Statement of Net Assets in EUR and Fund Evolution Page 21 30.09.2008 Assets Investments in securities at market value Cash at banks Subscriptions receivable Income receivable 23,680,404.69 1,585,398.70 179.63 18,427.66 25,284,410.68 Liabilities Redemptions payable Provisions for accrued expenses Other liabilities 44,708.03 37,569.23 900.29 83,177.55 Net assets 25,201,233.13 Fund Evolution 30.09.2008 30.09.2007 30.09.2006 Total net assets Net asset value per unit B - Capitalisation EUR 25,201,233.13 73,164,372.07 21,702,632.30 EUR 16.13 23.90 21.23 Number of units outstanding at the end of the year at the beginning of the year Number of units issued Number of units redeemed B - Capitalisation EUR 1,562,759.896 3,061,291.749 359,090.419 1,857,622.272 The notes are an integral part of the financial statements. Credit Suisse MultiFund (Lux) • Audited Annual Report as at 30.09.2008 Credit Suisse MultiFund (Lux) Equity Europe Statement of Operations / Changes in Net Assets in EUR Page 22 For the period from 01.10.2007 to 30.09.2008 Net assets at the beginning of the year Income 73,164,372.07 Dividends (net) Bank interest Other income 146,760.21 52,748.38 131,026.05 330,534.64 Expenses Management fee Custodian and safe custody fees Administration expenses Printing and publication expenses Audit, control, legal, representative bank and other expenses "Taxe d'abonnement" 565,402.74 16,752.66 62,790.94 9,097.29 31,544.93 13,547.55 699,136.11 Net income (loss) Realised gain (loss) -368,601.47 Net realised gain (loss) on sales of investments Net realised gain (loss) on forward foreign exchange contracts -2,482,711.23 -152,504.94 -2,635,216.17 Net realised gain (loss) Change in net unrealised appreciation (depreciation) -3,003,817.64 Change in net unrealised appreciation (depreciation) on investments -12,026,791.39 -12,026,791.39 Net increase (decrease) in net assets as a result of operations Subscriptions / Redemptions -15,030,609.03 Subscriptions Redemptions 8,046,936.64 -40,979,466.55 -32,932,529.91 Net assets at the end of the year 25,201,233.13 The notes are an integral part of the financial statements. Credit Suisse MultiFund (Lux) • Audited Annual Report as at 30.09.2008 Credit Suisse MultiFund (Lux) Equity Europe Breakdown by Country and Economic Sector of the Investments in Securities Statement of Investments in Securities and Other Net Assets Breakdown by Country Statement of Investments in Securities and Other Net Assets Page 23 United Kingdom Ireland Luxembourg Total 49.78 22.45 21.74 93.97 Description Quantity / Nominal Valuation (in EUR) % of net assets Securities listed on a stock exchange or other org. markets: Investment funds Fund units (Open-End) GBP EUR GBP Breakdown by Economic Sector GBP Investment trusts/funds Total 93.97 93.97 GBP GBP GBP EUR EUR EUR GBP GBP GBP GBP EUR ARTEMIS - EUROPEAN GROWTH FUND (accum. shares) CAZENOVE INTERNATIONAL FUND EUROPEAN EQUITY (ex UK) -XCF NEPTUNE INVESTMENT FUNDS EUROPEAN OPPORTUNITIES C. -BCF NEPTUNE INVESTMENT FUNDS - RUSSIA & GREATER RUSSIA FUND -BCF ODEY INVESTMENT FUNDS - ODEY CONTINENTAL EUROPEAN TRUST FUND CF WALKER CRIPS UK HIGH ALPHA FUND J O HAMBRO CAPITAL MANAGEMENT UMBRELLA FUND - CONTINENTAL EUROPEAN FUND (INSTIT.) J O HAMBRO CAPITAL MANAGEMENT UMBRELLA FUND - EUROPEAN SELECT VALUES FUND JUPITER EMERGING EUROPE SELECT (CAPITALISATION) -LMAINFIRST SICAV - AVANT-GARDE STOCK FUND -CM&G INVESTMENT FUNDS - UK SELECT FUND -ARENSBURG UK MANAGERS FOCUS TRUST RESOLUTION ASSET MANAGEMENT ARGONAUT EUROPEAN ALPHA FUND -ISARACEN GROWTH BETA ACCUMULATING FUND SCHRODER INTERNATIONAL SELECTION FUND SICAV-EUROPEAN SPECIAL SITUATIONS- -A- 1,037,658 1,103,248 626,084 232,857 275,151 853,402 791,832 910,219 128,872 55,539 64,680 241,481 1,461,398 398,010 27,238 2,139,973.01 2,368,342.63 2,292,992.59 645,084.66 1,590,710.65 907,335.29 1,891,151.31 1,397,186.59 985,058.61 2,270,972.21 1,119,722.39 254,995.38 2,048,368.71 1,545,068.64 2,223,442.02 23,680,404.69 23,680,404.69 23,680,404.69 8.49 9.41 9.11 2.56 6.31 3.60 7.50 5.54 3.91 9.01 4.44 1.01 8.13 6.13 8.82 93.97 93.97 93.97% Fund units (Open-End) Securities listed on a stock exchange or other org. markets: Investment funds Total of Portfolio Cash at banks Other liabilities Total net assets 1,585,398.70 -64,570.26 25,201,233.13 6.29% -0.26% 100.00 The notes are an integral part of the financial statements. Any differences in the percentage of Net Assets are the result of roundings. Credit Suisse MultiFund (Lux) • Audited Annual Report as at 30.09.2008 Credit Suisse MultiFund (Lux) Moderation Technical Data and Notes Page 24 Technical Data Valoren ISIN Management Fee Total Expense Ratio B - Capitalisation EUR 2131870 LU0218133899 0.95% 2.27% The Portfolio Turnover Rate was 85.83% for the period from 01.10.2007 to 30.09.2008. The TER-calculation with performance fee: 2.42%. Fund Performance YTD Since Inception 2007 2006 B - Capitalisation EUR -10.78% -7.30% -2.81% 2.59% Credit Suisse MultiFund (Lux) • Audited Annual Report as at 30.09.2008 Credit Suisse MultiFund (Lux) Moderation Statement of Net Assets in EUR and Fund Evolution Page 25 30.09.2008 Assets Investments in securities at market value Cash at banks Receivable for securities sold Income receivable Formation expenses 13,150,357.29 291,392.58 100,000.00 6,732.85 18,471.39 13,566,954.11 Liabilities Payable for securities purchased Redemptions payable Provisions for accrued expenses 50,000.00 89,280.00 39,903.35 179,183.35 Net assets 13,387,770.76 Fund Evolution 30.09.2008 30.09.2007 30.09.2006 Total net assets Net asset value per unit B - Capitalisation EUR 13,387,770.76 27,931,396.65 9,145,378.39 EUR 9.27 10.72 10.51 Number of units outstanding at the end of the year at the beginning of the year Number of units issued Number of units redeemed B - Capitalisation EUR 1,443,511.213 2,606,176.167 117,591.267 1,280,256.221 The notes are an integral part of the financial statements. Credit Suisse MultiFund (Lux) • Audited Annual Report as at 30.09.2008 Credit Suisse MultiFund (Lux) Moderation Statement of Operations / Changes in Net Assets in EUR Page 26 For the period from 01.10.2007 to 30.09.2008 Net assets at the beginning of the year Income 27,931,396.65 Dividends (net) Bank interest Other income 402,221.51 10,941.93 41,071.45 454,234.89 Expenses Management fee Custodian and safe custody fees Administration expenses Printing and publication expenses Audit, control, legal, representative bank and other expenses "Taxe d'abonnement" Amortisation of formation expenses 172,789.03 7,581.90 28,430.64 4,342.59 14,224.67 4,984.38 10,686.74 243,039.95 Net income (loss) Realised gain (loss) 211,194.94 Net realised gain (loss) on sales of investments Net realised gain (loss) on forward foreign exchange contracts -2,089,383.44 -87,298.95 -2,176,682.39 Net realised gain (loss) Change in net unrealised appreciation (depreciation) -1,965,487.45 Change in net unrealised appreciation (depreciation) on investments -800,567.09 -800,567.09 Net increase (decrease) in net assets as a result of operations Subscriptions / Redemptions -2,766,054.54 Subscriptions Redemptions 1,214,185.58 -12,991,756.93 -11,777,571.35 Net assets at the end of the year 13,387,770.76 The notes are an integral part of the financial statements. Credit Suisse MultiFund (Lux) • Audited Annual Report as at 30.09.2008 Credit Suisse MultiFund (Lux) Moderation Breakdown by Country and Economic Sector of the Investments in Securities Statement of Investments in Securities and Other Net Assets Breakdown by Country Statement of Investments in Securities and Other Net Assets Page 27 Luxembourg Ireland United Kingdom Total 55.02 35.09 8.12 98.23 Description Quantity / Nominal Valuation (in EUR) % of net assets Securities listed on a stock exchange or other org. markets: Investment funds Fund units (Open-End) EUR EUR EUR Breakdown by Economic Sector GBP Investment trusts/funds Total 98.23 98.23 USD EUR EUR EUR GBP EUR EUR EUR GBP GBP GBP EUR EUR EUR EUR EUR BLUEBAY FUND SICAV - BLUEBAY INVESTMENT GRADE BOND FUND BNY MELLON GLOBAL - EUROLAND BOND FUND -ACAZENOVE INTERNATIONAL FUND EUROPEAN EQUITY (ex UK) -XCF NEPTUNE INVESTMENT FUNDS EUROPEAN OPPORTUNITIES C. -BFINDLAY PARK FUNDS - U.S. SMALLER COMPANIES FUND FRANKLIN TEMPLETON INVESTMENT FUNDS TEMPLETON ASIAN BOND FUND -IFRANKLIN TEMPLETON INVESTMENT FUNDS TEMPLETON GLOBAL TOTAL RETURN INVESCO FUNDS SICAV - INVESCO EURO CORPORATE BOND FUND -AJO HAMBRO CAPITAL MANAGEMENT UMBRELLA FUND- JOHCM JAPAN FUNDJP MORGAN INVESTMENT FUNDS HIGHBRIDGE INCOME OPPORTUNITY FUND -CJULIUS BAER MULTIBOND SICAV - ABSOLUTE RETURN BOND FUND -AMAINFIRST SICAV - AVANT-GARDE STOCK FUND -CMARTIN CURRIE INVESTMENT FUNDS - NORTH AMERICA (accum. shares) -BRENSBURG UK MANAGERS FOCUS TRUST RESOLUTION ASSET MANAGEMENT ARGONAUT EUROPEAN ALPHA FUND -IRWC FUNDS - GLOBAL CONVERTIBLES FUND BTRADITIONAL FUNDS - EMERGING ASIA FUND BTRADITIONAL FUNDS - THAMES RIVER EURO GLOBAL BOND TRADITIONAL FUNDS - THAMES RIVER HIGH INCOME FUND -DTRADITIONAL FUNDS - THAMES RIVER HIGH INCOME FUND (New Euro Distributing) 4,774 590,454 197,383 90,651 32,236 143,808 150,864 69,384 268,251 10,259 12,371 9,318 129,362 353,307 108,228 1,162 8,143 116,929 12,903 99,267 487,969.04 688,173.97 423,722.45 332,002.32 803,449.78 1,134,648.84 1,250,666.37 698,001.73 358,803.05 1,048,449.05 1,292,760.62 381,016.54 229,666.27 373,079.34 151,697.73 1,072,150.86 47,801.30 1,299,083.29 162,962.09 914,252.65 13,150,357.29 13,150,357.29 13,150,357.29 3.64 5.14 3.16 2.48 6.00 8.48 9.34 5.21 2.68 7.83 9.66 2.85 1.72 2.79 1.13 8.01 0.36 9.70 1.22 6.83 98.23 98.23 98.23% Fund units (Open-End) Securities listed on a stock exchange or other org. markets: Investment funds Total of Portfolio Cash at banks Other liabilities Total net assets 291,392.58 -53,979.11 13,387,770.76 2.18% -0.41% 100.00 The notes are an integral part of the financial statements. Any differences in the percentage of Net Assets are the result of roundings. CREDIT SUISSE FUND MANAGEMENT S.A. 5, rue Jean Monnet L-2180 Luxembourg www.credit-suisse.com