Audited Annual Report as at December 31, 2012

Transcription

1 Credit Suisse Funds AG Credit Suisse Commodity Fund Plus (CH) Umbrella Fund under Swiss Law of the Other Funds for Traditional Investments Type Audited Annual Report as at December 31, 2012

2 Credit Suisse Commodity Fund Plus (CH) Audited Annual Report as at December 31, 2012 Notes Management and statutory bodies 3 Credit Suisse Commodity Fund Plus (CH) US$ 4 Credit Suisse Commodity Fund Plus (CH) Sfr 11 Notes 20 Report of the audit company 22 2

3 Credit Suisse Commodity Fund Plus (CH) Audited Annual Report as at December 31, 2012 Management and Statutory Bodies Management Company Credit Suisse Funds AG, Zurich Board of Directors Heinz Hofmann, Chairman Luca Diener, Vice President, Managing Director, Credit Suisse AG, Zurich Paul H. Arni, Member (as of January 25, 2012), Managing Director, Credit Suisse AG, Zurich Lars Kalbreier, Member, Managing Director, Credit Suisse AG, Zurich Maurizio Pedrini, Member, Managing Director, Credit Suisse AG, Zurich Jürg Roth, Member (as of March 28, 2012), Managing Director, Credit Suisse AG, Zurich Christian Schärer, Member, Managing Director, Credit Suisse AG, Zurich Dr. Thomas Schmuckli, Member, Managing Director, Credit Suisse AG, Zurich Mario Seris, Member, Managing Director Senior Advisor, Credit Suisse AG, Zurich Executive Board Thomas Schärer, Chief Executive Officer Petra Reinhard, Deputy CEO Michael Bünzli, Member, Legal Counsel Thomas Federer, Member, Performance & Risk Management Patrick Tschumper, Member, COO Thomas Vonaesch, Member, Real Estate Fund Management Gabriele Wyss, Member, Compliance Custodian Bank Credit Suisse AG, Zurich Audit Company KPMG AG, Zurich Information on third parties Delegation of investment decisions Investment decisions regarding the subfunds have been delegated to Credit Suisse AG, Zurich. Delegation of other specific duties The Fund Management Company has delegated certain fund administration duties to Credit Suisse AG, Zurich. These duties include providing legal and tax advice, managing the Fund Management Company s finances, real estate portfolio management and administration, facility management, human resources, the Management Information System (MIS), project and user support for fund accounting, risk management, and monitoring of the investment guidelines. Further specific duties may be delegated to Credit Suisse AG, Zurich. Precise details of how its remit is to be fulfilled are laid down in an agreement between the Fund Management Company and Credit Suisse AG, Zurich. The fund management company has delegated certain fund administration duties to Credit Suisse (Poland) Sp.z.o.o, Wroclaw. These duties include the areas of product master data, price publications, factsheet production, KIID production, and report preparation. Further specific duties may be delegated to Credit Suisse (Poland) Sp.z.o.o, Wroclaw. Precise details of how its remit is to be fulfilled are laid down in an agreement between the fund management company and Credit Suisse (Poland) Sp.z.o.o, Wroclaw. 3

4 Credit Suisse Commodity Fund Plus (CH) US$ Audited Annual Report as at December 31, 2012 Unaudited Report on Activities from 1 January 2012 to 31 December 2012* The S&P GSCI increased slightly in 2012 despite disappointing growth momentum. Agriculture was the best performing sector. Soybeans were buoyed by US export demand strength and downward revisions to South American production. The precious metals sector also ended the year higher as both gold and silver gained on central bank pledges for further stimulus and market support efforts. Livestock was the worst performing sector as lean hog weights continued to be reported below last year s levels, a reflection of lower quality corn being used as feed and pigs being brought to slaughter sooner due to the higher costs of feed. Although markets were largely focused on the looming US fiscal cliff towards the end of the year, the US managed to avert economic calamity with lawmakers approving a deal on January 1, Over the year ahead, the rate of global growth will likely once again be the key to commodity performance. Recent developments suggest that 2013 may be a better year for the asset class. While significant challenges remain, the resilience of markets to the most recent round of risk events suggests that the acute phase of the crisis may be coming to an end. Commodities could benefit from a rebound in global growth along with continued low interest rates. We believe investors will continue to tap into the long-term diversification benefits that commodities provide. The Fund uses futures to gain exposure to the Standard & Poor s Goldman Sachs Commodity Index (S&P GSCI), creating an exposure to each of the index s components. As of December 31, 2012, this index was composed of five sectors with the following weightings: energy 68.97%, agriculture 15.56%, industrial metals 6.93%, livestock 4.96%, and precious metals 3.58%. Total fund assets came to around USD million as at December 31, * The information stated relates to the period under review and is not indicative of future returns. 4

5 Credit Suisse Commodity Fund Plus (CH) US$ Audited Annual Report as at December 31, 2012 Highlights Key figures Consolidation Total net assets in millions USD Unit class B* Review period from to Total net assets in millions USD Units in circulation Net asset value per unit in USD Distribution per unit in USD Delivery withholding tax per unit in USD** * until : Unit class A Unit class I Review period from to Total net assets in millions USD Units in circulation Net asset value per unit in USD Distribution per unit in USD Delivery withholding tax per unit in USD** ** Investors domiciled in Switzerland may reclaim the withholding tax through their tax declaration. Investors domiciled abroad may settle the withholding tax through the custodian bank. Depositaries Credit Suisse AG, Zurich Brown Brothers Harriman, New York Euroclear Breakdown by country of domicile and exchange rate % of total assets Australia 4.94 United States (USA) Total % of total assets Exchange rate as at Swiss franc

6 Credit Suisse Commodity Fund Plus (CH) US$ Audited Annual Report as at December 31, 2012 Assets as at December 31, 2012 Consolidation USD USD Assets Bank deposits, including fiduciary investments with third-party banks, divided into: Sight deposits Securities, including securities loaned and pledged, divided into: Bonds, convertible bonds, warrant bonds and other debt instruments and rights Other assets Total fund assets minus: Other liabilities Net assets Number of units in circulation Consolidation USD USD Changes in net assets Net assets at beginning of review period Delivery withholding tax Issue of units Redemption of units Other items from unit transactions Total income Net assets at end of review period Changes in units in circulation Number at beginning of the review period Number of units issued Number of units redeemed Number at the end of the review period Net asset value per unit Off-balance-sheet business Equivalent As a % of Equivalent As a % of underlying value net fund underlying value net fund in fund currency assets in fund currency assets Exposure-increasing derivative positions: Market risk (risk of change in share price) Total exposure-increasing positions

7 Credit Suisse Commodity Fund Plus (CH) US$ Audited Annual Report as at December 31, 2012 Unit class B Unit class I USD USD USD USD (USD) (USD) (USD) (USD)

8 Credit Suisse Commodity Fund Plus (CH) US$ Audited Annual Report as at December 31, 2012 Statement of income from January 1, 2012 to December 31, 2012 Consolidation USD USD Income Income from bank balances Securities income, divided into: Bonds, convertible bonds, warrant bonds and other debt instruments and rights Current net income paid in upon the issue of units Total income minus Interest due Audit costs Statutory remuneration to: Management Company Custodian Bank Partial transfer of expenditure on realized capital losses Other expenses Current net income paid out upon the redemption of units Net income Realized capital gains Realized capital losses Partial transfer of expenditure on realized capital losses Realized income Unrealized capital gains/losses Total income Application of results Net income of financial year Netting of loss against aggregate capital gains/losses Net income available for distribution Distribution/delivery withholding tax (35%) For reinvestment of retained earnings (65%)

9 Credit Suisse Commodity Fund Plus (CH) US$ Audited Annual Report as at December 31, 2012 Unit class B Unit class I USD USD USD USD

10 Credit Suisse Commodity Fund Plus (CH) US$ Audited Annual Report as at December 31, 2012 Composition of portfolio, and changes in holdings Description Purchases 1 Disposals Market value % of number/ number/ USD total assets nominal value nominal value Securities traded on an exchange Bonds Australia National Australia Bank Ltd 09/ Germany Deutsche Bank AG 04/ Netherlands 1.24 Royal Bank of Scottland NV 05/ Siemens Finance NV 06/ United States (USA) General Electric Capital Corp 05/ Hewlett-Packard Comp 07/ US Treasury Notes 09/ US Treasury Notes 10/ US Treasury Notes 10/ US Treasury Notes 10/ US Treasury Notes 10/ US Treasury Notes 10/ US Treasury Notes 10/ US Treasury Notes 10/ US Treasury Notes 10/ US Treasury Notes 10/ US Treasury Notes 10/ US Treasury Notes 10/ US Treasury Notes 10/ US Treasury Notes 10/ US Treasury Notes 10/ US Treasury Notes 10/ US Treasury Notes 10/ US Treasury Notes 10/ US Treasury Notes 10/ US Treasury Notes 10/ US Treasury Notes 11/ Total bonds Total securities traded on an exchange Other investments Financial Futures S&P GSCI COMMODITY IND. S&P GSCI Fälligkeit S&P GSCI COMMODITY IND. S&P GSCI Fälligkeit S&P GSCI COMMODITY IND. S&P GSCI Fälligkeit S&P GSCI COMMODITY IND. S&P GSCI Fälligkeit S&P GSCI COMMODITY IND. S&P GSCI Fälligkeit S&P GSCI COMMODITY IND. S&P GSCI Fälligkeit S&P GSCI COMMODITY IND. S&P GSCI Fälligkeit S&P GSCI COMMODITY IND. S&P GSCI Fälligkeit S&P GSCI COMMODITY IND. S&P GSCI Fälligkeit Total Financial Futures Total other investments Total investments Cash at banks Other assets Total assets Other liabilities Net assets Inclusive of purchases/sales and corporate actions List of sight and time deposits as at December 31, 2012 Account management Account type Currency Interest rate Maturity Change Credit Suisse AG, Zurich Current account USD 0.15 daily Credit Suisse AG, Zurich Current account USD 0.15 daily Credit Suisse AG, Zurich Margin account USD 0.15 daily Credit Suisse AG, Zurich Margin account USD 0.15 daily

11 Credit Suisse Commodity Fund Plus (CH) Sfr Audited Annual Report as at December 31, 2012 Unaudited Report on Activities from 1 January 2012 to 31 December 2012* The S&P GSCI increased slightly in 2012 despite disappointing growth momentum. Agriculture was the best performing sector. Soybeans were buoyed by US export demand strength and downward revisions to South American production. The precious metals sector also ended the year higher as both gold and silver gained on central bank pledges for further stimulus and market support efforts. Livestock was the worst performing sector as lean hog weights continued to be reported below last year s levels, a reflection of lower quality corn being used as feed and pigs being brought to slaughter sooner due to the higher costs of feed. Although markets were largely focused on the looming US fiscal cliff towards the end of the year, the US managed to avert economic calamity with lawmakers approving a deal on January 1, Over the year ahead, the rate of global growth will likely once again be the key to commodity performance. Recent developments suggest that 2013 may be a better year for the asset class. While significant challenges remain, the resilience of markets to the most recent round of risk events suggests that the acute phase of the crisis may be coming to an end. Commodities could benefit from a rebound in global growth along with continued low interest rates. We believe investors will continue to tap into the long-term diversification benefits that commodities provide. The Fund uses futures to gain exposure to the Standard & Poor s Goldman Sachs Commodity Index (S&P GSCI), creating an exposure to each of the index s components. As of December 31, 2012, this index was composed of five sectors with the following weightings: energy 68.97%, agriculture 15.56%, industrial metals 6.93%, livestock 4.96%, and precious metals 3.58%. Total fund assets came to around CHF 28.5 million as at December 31, * The information stated relates to the period under review and is not indicative of future returns. 11

12 Credit Suisse Commodity Fund Plus (CH) Sfr Audited Annual Report as at December 31, 2012 Highlights Key figures Consolidation Total net assets in millions CHF Unit class B* Review period from to Total net assets in millions CHF Units in circulation Net asset value per unit in CHF Distribution per unit in CHF Delivery withholding tax per unit in CHF** * until : Unit class A Unit class D Review period from to Total net assets in millions CHF Units in circulation Net asset value per unit in CHF Distribution per unit in CHF Delivery withholding tax per unit in CHF** ** Investors domiciled in Switzerland may reclaim the withholding tax through their tax declaration. Investors domiciled abroad may settle the withholding tax through the custodian bank. Unit class I Review period from to Total net assets in millions CHF Units in circulation Net asset value per unit in CHF Distribution per unit in CHF Delivery withholding tax per unit in CHF Depositaries Credit Suisse AG, Zurich Euroclear Credit Suisse AG, Europe 12

13 Credit Suisse Commodity Fund Plus (CH) Sfr Audited Annual Report as at December 31, 2012 Breakdown by country of domicile and exchange rate % of total assets Australia 1.76 Germany Denmark 3.50 Finland 1.82 France 4.80 United Kingdom Japan 2.67 Cayman Islands 1.09 Netherlands Norway 2.18 Poland 2.50 Sweden 3.51 United States (USA) 3.50 Austria Total % of total assets Exchange rate as at US dollar

14 Credit Suisse Commodity Fund Plus (CH) Sfr Audited Annual Report as at December 31, 2012 Assets as at December 31, 2012 Consolidation CHF CHF Assets Bank deposits, including fiduciary investments with third-party banks, divided into: Sight deposits Money market instruments Securities, including securities loaned and pledged, divided into: Bonds, convertible bonds, warrant bonds and other debt instruments and rights Other assets Total fund assets minus: Other liabilities Net assets Number of units in circulation Consolidation CHF CHF Changes in net assets Net assets at beginning of review period Delivery withholding tax Issue of units Redemption of units Other items from unit transactions Total income Net assets at end of review period Changes in units in circulation Number at beginning of the review period Number of units issued Number of units redeemed Number at the end of the review period Net asset value per unit Off-balance-sheet business Equivalent As a % of Equivalent As a % of underlying value net fund underlying value net fund in fund currency assets in fund currency assets Exposure-increasing derivative positions: Market risk (risk of change in share price) Total exposure-increasing positions

15 Credit Suisse Commodity Fund Plus (CH) Sfr Audited Annual Report as at December 31, 2012 Unit class B Unit class D CHF CHF CHF CHF (CHF) (CHF) (CHF) (CHF)

16 Credit Suisse Commodity Fund Plus (CH) Sfr Audited Annual Report as at December 31, 2012 Statement of income from January 1, 2012 to December 31, 2012 Consolidation CHF CHF Income Income from bank balances Income from money market instruments Securities income, divided into: Bonds, convertible bonds, warrant bonds and other debt instruments and rights Current net income paid in upon the issue of units Total income minus Interest due Audit costs Statutory remuneration to: Management Company Custodian Bank Partial transfer of expenditure on realized capital losses Other expenses Current net income paid out upon the redemption of units Net income Realized capital gains Realized capital losses Partial transfer of expenditure on realized capital losses Realized income Unrealized capital gains/losses Total income Application of results Net income of financial year Netting of loss against aggregate capital gains/losses Net income available for distribution Distribution/delivery withholding tax (35%) For reinvestment of retained earnings (65%)

17 Credit Suisse Commodity Fund Plus (CH) Sfr Audited Annual Report as at December 31, 2012 Unit class B Unit class D CHF CHF CHF CHF

18 Credit Suisse Commodity Fund Plus (CH) Sfr Audited Annual Report as at December 31, 2012 Composition of portfolio, and changes in holdings 18 Description Purchases 1 Disposals Market value % of number/ number/ CHF total assets nominal value nominal value Securities traded on an exchange Bonds Australia 2.25 Commonwealth Bank Australia 09/ Germany Bayerische Landesbank 07/ Deutsche Bank AG 07/ Deutsche Pfandbriefbank AG 05/ FMS Wertmanagement 12/ HSH Nordbank AG 11/ LBK Hessen-Thüringen 05/ Landesbank Baden-Wuerttemberg 11/ NRW.Bank 10/ Norddeutsche Landesbank Girozentrale 10/ Denmark 1.26 Nykredit Bank A/S 11/ Finland Municipality Finance Plc 11/ Nordea Bank Finland Plc 11/ France BFCM 10/ BNP Paribas SA 10/ BPCE SA 10/ Carrefour SA 09/ Fin Foncier 10/ France Telecom SA 09/ GDF Suez 08/ SNCF 05/ Societe Generale 10/ Total Capital 05/ Total Capital 08/ United Kingdom BNZ Intl Funding Ltd 12/ BP Capital Markets Plc 08/ Barclays Bank Plc 12/ Credit Agricole 11/ Credit Suisse London 10/ HSBC Bank Plc 11/ Lloyds TSB Bank Plc 11/ Westpac Securities NZ Ltd 10/ Japan JASME 06/ Nippon Telegraph & Telephone 06/ Cayman Islands Principal Financial Global Funding LLC 06/ Canada Royal Bank of Canada 07/ Luxembourg 2.75 Erste Eur Pfandbf- und Komm Bk 08/ Nestle Finance Intl Ltd 09/ Swiss Re Finance Luxembourg 10/ Netherlands ABN Amro Bank NV 11/ E.ON Intl Finance BV 08/ ENBW Intl Finance BV 08/ FMO-Nederlandse Financierings Maat 12/ ING Bank 11/ Rabobank Nederland NV 10/ Rabobank Nederland NV 12/ The Royal Bank Of Scotland NV 06/ Norway Kommunalbanken AS 05/ Statnett SF 08/ Poland Poland 12/ Sweden SBAB Bank AB 11/ Swedbank Mortgage AB 11/ United States (USA) General Electric Capital Corp 10/ McDonald s Corp 07/ Roche Holdings Inc 09/ Toyota Motor Credit Corp 06/

19 Credit Suisse Commodity Fund Plus (CH) Sfr Audited Annual Report as at December 31, 2012 Description Purchases 1 Disposals Market value % of number/ number/ CHF total assets nominal value nominal value Austria Erste Group Bank AG 10/ Erste Group Bank AG 11/ Hypo Tirol Bank AG 02/ Oest. Kontrollbank AG 12/ Oest. Kontrollbank AG 12/ Unicredit Bank Austria AG 10/ Vorarlberger LHYBK 11/ Vorarlberger LHYBK 11/ Österreich 02/ Österreichische Landes-Hypobanken 04/ Total bonds Total securities traded on an exchange Other investments Financial Futures United States (USA) S&P GSCI COMMODITY IND. S&P GSCI SPOT S&P GSCI COMMODITY IND. S&P GSCI SPOT S&P GSCI COMMODITY IND. S&P GSCI SPOT S&P GSCI COMMODITY IND. S&P GSCI SPOT S&P GSCI COMMODITY IND. S&P GSCI SPOT Total Financial Futures Money market instruments Germany LBK Hessen-Thuering 11/ Landesbank Hessen Thuering 12/ France Banque Federative Du Credit Mutuel 12/ Caisse Depots Et Consignations 11/ Caisse Depots Et Consignations 12/ United Kingdom Abbey National Treasury Serv.Plc 12/ Barclays Bank Plc 12/ UBS AG, London Branch 12/ Luxembourg BGL BNP Paribas SA 11/ BGL BNP Paribas SA 12/ Banque et Caisse D Epargne de L Etat DZ Privatbank SA 11/ DZ Privatbank SA 12/ Netherlands ABN Amro Bank NV 11/ ABN Amro Bank NV 12/ ABN Amro Bank NV 12/ Total money market instruments Total other investments Total investments Cash at banks Other assets Total assets Other liabilities Net assets Inclusive of purchases/sales and corporate actions List of sight and time deposits as at December 31, 2012 Account management Account type Currency Interest rate Maturity Change Credit Suisse AG, Zurich Current account CHF 0.05 daily Credit Suisse AG, Zurich Current account CHF 0.05 daily Credit Suisse AG, Zurich Current account USD 0.15 daily Credit Suisse AG, Zurich Margin account USD 0.15 daily Credit Suisse AG, Zurich Margin account USD 0.15 daily

20 Credit Suisse Commodity Fund Plus (CH) Audited Annual Report as at December 31, 2012 Notes to the Annual Report as at December 31, 2012 Note 1: Sales restrictions USA Under US law, units of the subfunds may be neither offered nor sold in, nor delivered to, the United States of America. Investors who are United States citizens or are subject to US income tax are therefore advised to consult a tax advisor before purchasing units of the subfunds. Under US tax laws, such purchases may have adverse consequences for these investors. The fund management company does not provide investors with Qualified Electing Fund election information as per section 1293 of the US Internal Revenue Code. Note 2: Key figures and technical data Fund Unit Swiss Cur- Custodian Manage- Total Portfolio class securities rency bank ment com- Expense Turnover number fee mission 1 Ratio (TER) 2 Rate (PTR) 3 Credit Suisse Commodity Fund Plus (CH) US$ B USD 0.05% 1.40% 1.64% 93.14% Credit Suisse Commodity Fund Plus (CH) US$ I USD 0.03% 0.40% 0.61% 93.14% Credit Suisse Commodity Fund Plus (CH) Sfr B CHF 0.05% 1.40% 1.53% 73.03% Credit Suisse Commodity Fund Plus (CH) Sfr D CHF 0.03% 0.05% 0.17% 73.03% 1 Information regarding the SFA guideline on transparent management fees: From the sales-related component of the management fee, the fund management is able to offer refunds to the following institutional investors which, in a business sense, hold fund units for third parties: Life insurance companies, Pension funds and other retirement benefits institutions, Investment foundations, Swiss fund management companies, Foreign fund management companies, Investment companies. The fund management may also draw on the sales-related component of the management fee to pay commission on fund unit holdings to the following fund distributors/distribution partners: authorized distributors, fund management companies, banks, brokers, Swiss Post, and insurance companies, distribution partners that place fund units exclusively with institutional investors that have a professional treasury, asset managers. The fund manager has not concluded any fee-sharing agreements or agreements with regard to retrocessions in the form of soft commissions. 2 TER (Total Expense Ratio) describes the sum of all periodic costs and commissions that are charged to the fund s assets. It is expressed retroactively as a percentage of average fund assets. Any reimbursements/commissions for client unit holdings from target funds have been credited to the fund and thus reduce the TER. 3 The PTR (Portfolio Turnover Rate) is an indicator of the relevance of ancillary costs incurred by the Fund in the purchase and sale of investments, and denotes the portfolio turnover rate of the fund portfolio. The PTR shows how many transactions have been carried out on the assets of an investment fund or a security portfolio mostly on the basis of an annual calculation. Note 3: Fund performance Fund/Benchmark Unit Inception Swiss Cur class date securities rency number Credit Suisse Commodity Fund Plus (CH) US$ B USD 1.5% 3.6% 7.4% 16.3% S&P GSCI Commodity Index USD 0.1% 1.2% 9.0% 13.5% Credit Suisse Commodity Fund Plus (CH) US$ I USD 0.6% 2.6% 8.6% 17.5% S&P GSCI Commodity Index USD 0.1% 1.2% 9.0% 13.5% Credit Suisse Commodity Fund Plus (CH) Sfr B CHF 1.6% 3.1% 6.1% 15.7% S&P GSCI Commodity Index CHF 0.1% 1.3% 9.0% 13.5% Credit Suisse Commodity Fund Plus (CH) Sfr D CHF 0.8% 1.7% 7.6% 17.3% S&P GSCI Commodity Index CHF 0.1% 1.3% 9.0% 13.5% Source: Lipper, a Thomson Reuters company 1 Fund performance is based on officially published net asset values which in turn are based on stock exchange closing prices at the end of the month in question. 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. Note 4: Valuation of the Fund s Assets and the Units 1. The net asset value of each subfund and the share of assets attributable to the individual classes are calculated in the accounting currency of the subfund concerned at the market value as of the end of the financial year and for each day on which units are issued or redeemed. The assets of a subfund will not be calculated on days when the stock exchanges / markets in the main investment countries of the subfund concerned are closed (e.g. bank and stock exchange holidays). 2. Securities traded on a stock exchange or another regulated market open to the public shall be valued at the current prices paid on the main market. Other investments or investments for which no current market value is available shall be valued at the price which would probably be obtained in a diligent sale at the time of the valuation. In such cases, the fund management company shall use appropriate and recognized valuation models and principles to determine the market value. 3. Open-ended collective investment schemes are valued at their redemption price / net asset value. If they are regularly traded on an exchange or another regulated market open to the public, the fund management company may calculate their value in accordance with prov

21 Credit Suisse Commodity Fund Plus (CH) Audited Annual Report as at December 31, The value of money market instruments that are not traded on a stock exchange or another regulated market open to the public is determined as follows: The valuation price of such investments, based on the net acquisition price, shall be progressively adjusted to the redemption price whilst keeping the resulting investment return constant. If there are significant changes in market conditions, the valuation principles for the individual investments will be adjusted in line with the new market returns. If there is no current market price in such instances, the calculations are as a rule based on the valuation of money market instruments with the same characteristics (quality and domicile of the issuer, issuing currency, term to maturity). 5. Bank deposits are valued on the basis of the amount due plus accrued interest. If there are significant changes in the market conditions or the credit rating, the valuation principles for time deposits will be adjusted in line with the new circumstances. 6. The net asset value of a unit of a given class of a subfund is determined by the proportion of this subfund s assets as valued at the market value attributable to the given unit class, minus any of this subfund s liabilities that are attributed to the given unit class, divided by the number of units of the given class in circulation. In each case it is rounded up or down to the next smallest unit of the accounting currency. 7. The share of the market value of the net assets of a subfund (the subfund s assets minus liabilities) attributable to the respective unit classes is determined for the first time at the initial issue of more than one class of units (if this occurs simultaneously) or the initial issue of a further unit class. The calculation is made on the basis of the assets accruing to the subfund concerned for each unit class. The share is recalculated when one of the following events occurs: a) when units are issued and redeemed; b) on the pertinent date for distributions and reinvestments, provided that (i) such distributions and reinvestments are only made for individual unit classes (distribution classes) or provided that (ii) the distributions and reinvestments of the various unit classes differ when expressed as a percentage of the respective net asset values, or provided that (iii) different commission or costs are charged on the distributions and reinvestments of the various unit classes when expressed as a percentage of the distribution or reinvestments; c) when the net asset value is calculated, as part of the allocation of liabilities (including due or accrued costs and commissions) to the various unit classes, provided that the liabilities of the various unit classes are different when expressed as a percentage of the respective net asset value, especially if (i) different commission rates are applied for the various unit classes or if (ii) class-specific costs are charged; d) when the net asset value is calculated, as part of the allocation of income or capital gains to the various unit classes, provided the income or capital gains stem from transactions made solely in the interests of one unit class or in the interests of several unit classes but disproportionately to their share of the net assets of a subfund. 21

22 Credit Suisse Commodity Fund Plus (CH) Audited Annual Report as at December 31, 2012 Report of the audit company As collective investment scheme regulatory auditors, we have audited the financial statements of the investment fund Credit Suisse Commodity Fund Plus (CH), umbrella fund with the subfunds Credit Suisse Commodity Fund Plus (CH) US$ Credit Suisse Commodity Fund Plus (CH) Sfr which comprise the statement of net assets and the income statement, the statement of the appropriation of available earnings and the disclosure of the total costs as well as the supplemental disclosures in accordance with article 89 paragraph 1 lit. b h of the Swiss Collective Investment Schemes Act (CISA) for the year ended December 31, Responsibility of the Fund Management Company s Board of Directors The Board of Directors of the Fund Management Company is responsible for the preparation of the financial statements in accordance with the requirements of the Swiss Collective Investment Schemes Act, the related ordinances as well as the investment fund agreement and the prospectus with integrated fund contract. This responsibility includes designing, implementing and maintaining an internal control system relevant to the preparation of financial statements that are free from material misstatement, whether due to fraud or error. The Board of Directors of the Fund Management Company is further responsible for selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances. in the financial statements. The procedures selected depend on the auditor s judgement, 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 the internal control system relevant to the entity s preparation 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 existence and effectiveness of the entity s internal control system. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made, 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 financial statements for the year ended December 31, 2012 comply with the Swiss Collective Investment Schemes Act, the related ordinances as well as the investment fund agreement and the prospectus with integrated fund contract. Report on other legal requirements We confirm that we meet the legal requirements on licensing according to the Auditor Oversight Act (AOA) and article 127 CISA as well as on independence (article 11 AOA) and that there are no circumstances incompatible with our independence. Responsibility of the audit company for collective investment schemes Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Swiss law and Swiss Auditing Standards. Those standards require that we 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 KPMG AG Markus Schunk Licensed Audit Expert Auditor in Charge Zurich, April 12, 2013 Adrian Walder Licensed Audit Expert This report is an English translation of the original German version. In case of discrepancies the original version takes precedence. 22

23

24 Credit Suisse Funds AG Sihlcity Kalandergasse 4 CH-8070 Zurich Published in German and English