Asset Management
Contact Inform ation
800-577-2321
www.credit-suisse.com/us/funds
Credit Suisse
Multialternative Strategy Fund
QUARTERLY PERFORMANCE REPORT | JUNE 30, 2015
Investment Objective
The fund seeks to achieve total return consistent with the return and risk
patterns of a diversified universe of hedge funds.
Fund Statistics
Net Assets ($ Millions)
13.8
Dividends Paid
Quarterly
Investment Approach
Fund Net Exposure by Asset Class and Instrument Type
The fund invests in liquid instruments that provide exposure to the underlying
drivers of hedge fund returns. Liquid instruments may include, but are not
limited to, futures, commodities, exchange-traded funds (ETFs), options,
currencies and others. The Fund does not invest in hedge funds.
Commodities
Index Swaps
All investments involve some level of risk. Simply defined, risk is the possibility
that you will lose money or not make money. Principal risk factors for the fund
are discussed on the next page. Before you invest, please make sure you
understand the risks that apply to the fund. As with any mutual fund, you
could lose money over any period of time.
Investments in the fund are not bank deposits and are not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.
Quarterly Commentary
Currencies
Currency Futures
FX Forwards
-2.34%
-2.34%
-15.61%
-5.92%
-9.69%
Rates
Bond Futures
-1.76%
-1.76%
Volatility
Listed Equity Index
Options
-7.58%
Credit
ETF
Index Swaps
Equity
34.64%
ETF
21.43%
Index Futures
3.98%
Index Swaps
-3.22%
US Common Stock
8.68%
Non-US Common Stock
3.00%
Equity Rights
0.00%
REITs
0.78%
-7.58%
Fund Exposure by Asset Class
Hedge funds, as represented by the Credit Suisse Hedge Fund Index,
generated negative performance overall in the second quarter, though seven
out of ten strategies posted positive returns. Long/Short Equity managers
performed positively overall, particularly those with long exposure to Asia and
short exposure to Europe at the start of the quarter and short exposure to
both at the end of the period; European equities experienced selling pressure
triggered by uncertainty in the region over the referendum outcome in Greece.
Event Driven funds generally posted gains, helped by corporate catalyst
situations early in the quarter, while broad market volatility hampered
performance later in the quarter. This particularly affected distressed and
special situation-focused strategies. With a number of trends reversing, the
second quarter of 2015 turned out to be a difficult period for trend following
strategies.
Overall, the Fund returned -1.62% (I shares) during the second quarter. Fund
performance over the past three months was down primarily due to the long
exposure to the Managed Futures strategy as several trends reversed. Short
Euro exposure and long S&P 500, Currency Carry and iBoxx High Yield Index
exposure also detracted from performance. Positive contribution mainly came
from long Nasdaq 100 and Merger Arbitrage strategy positions. The Fund has
returned 3.13% (I shares) annualized since inception.
38.33%
32.73%
5.60%
Commodities
Credit
Currencies
Rates
Volatility
Equities
The portfolio exposures presented are intended to illustrate the asset class
exposure present in the fund. The portfolio exposure percentage represents the
notional contract value divided by the Fund’s total assets. Given the nature of
the Fund’s investments, the sum of the percentages may not equal 100% and
the notional contract values may not equal the net assets of the fund.
Source: Credit Suisse Asset Management, LLC, Bloomberg. Past performance is not a guarantee or indicator of future results.
The fund’s investment objectives, risks, charges and expenses (which should be considered carefully before investing), and more complete
information about the fund, are provided in the Prospectus, which should be read carefully before investing. You may obtain copies by calling
800-577-2321. For up-to-date performance, please visit our website at www.credit-suisse.com/us/funds.
Asset Management
Credit Suisse Multialternative Strategy Fund
Perform ance
Inception
Total Annual
Fund Operating
Expenses
Net
Expense
Ratio1
Performance as of 6/30/2015
Average Annual Total Returns
Since
1 Month 3 Month
YTD
Inception 1 Year 3 Year 5 Year 10 Year
Return Return Returns
of Fund
Class I
03/30/12
4.32%
1.64%
-2.08% -1.62%
0.98%
3.13% 1.93%
3.82%
N/A
N/A
Class A (without sales charge)
03/30/12
4.57%
1.89%
-2.09% -1.62%
0.88%
2.89% 1.69%
3.59%
N/A
N/A
Class A (with max. sales charge)
03/30/12
4.57%
1.89%
-7.21% -6.79% -4.45%
1.21% -3.69%
1.74%
N/A
N/A
Class C (without sales charge)
03/30/12
5.32%
2.64%
-2.12% -1.84%
0.49%
2.11% 0.93%
2.81%
N/A
N/A
Class C (with max. sales charge)
03/30/12
5.32%
2.64%
-3.10% -2.82% -0.51%
2.11% -0.06%
2.81%
N/A
N/A
Credit Suisse Liquid Alternative Beta Index
12/31/09
N/A
N/A
-2.05% -1.60%
0.97%
3.95% 2.33%
4.71% 4.64%
N/A
Credit Suisse Hedge Fund Index
11/01/99
N/A
N/A
-1.31% -0.48%
1.99%
5.94% 3.28%
7.08% 6.17% 5.89%
The performance data quoted represents past performance. Past performance is no guarantee of future results. The current performance of the fund may be
lower or higher than the figures shown. The fund’s yield, returns and share price will fluctuate, and redemption value may be more or less than original cost.
Performance information current to the most recent month-end is available at http://www.credit-suisse.com/us.
Share Class Inform ation
Ticker Symbol
CUSIP
NAV on 3/31/2015
52 Week High
52 Week Low
Maximum Sales Charge
Class I 2
CSQIX
22540S778
10.34
10.60 (04/13/2015)
10.10 (10/15/2014)
None
Class A
CSQAX
22540S794
10.30
10.56 (04/13/2015)
10.05 (10/15/2014)
Up to 5.25%
Class C
CSQCX
22540S786
10.16
10.44 (04/13/2015)
9.89 (10/15/2014)
Deferred 1% if shares sold w/in first year
Source: Credit Suisse Asset Management, LLC, Bloomberg. Past performance is not a guarantee or indicator of future results.
1 Credit Suisse Opportunity Funds (the “Trust”) and Credit Suisse Asset Management, LLC (“Credit Suisse”) have entered into a written contract limiting operating
expenses (excluding certain expenses as described under More About the Funds – The Management Firms) to 1.55% of the fund’s average daily net assets for Class
A shares, 2.30% of the fund’s average daily net assets for Class C shares and 1.30% of the fund’s average daily net assets for Class I shares at least through
February 28, 2016. The Trust is authorized to reimburse Credit Suisse for management fees previously limited and/or for expenses previously paid by Credit Suisse,
provided, however, that any reimbursements must be paid at a date not more than three years after the end of the fiscal year during which such fees were limited or
expenses were paid by Credit Suisse and the reimbursements do not cause a class to exceed the applicable expense limitation in the contract at the time the fees
were limited or expenses were paid. This contract may not be terminated before February 28, 2016.
2 Eligibility requirements apply. Please see the Prospectus for additional information.
Risk Considerations
All investments involve some level of risk. Simply defined, risk is the possibility that you will lose money or not make money. Before you invest, please make sure you understand
the risks that apply to the fund. As with any mutual fund, you could lose money over any period of time. Investments in the fund are not bank deposits and are not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Principal risk factors for the fund include:
ARBITRAGE OR FUNDAMENTAL RISK: Employing arbitrage and alternative strategies has the risk that anticipated opportunities do not play out as planned, resulting in
potentially reduced returns or losses to the fund as it unwinds failed trades.
BELOW INVESTMENT GRADE SECURITIES RISK: Below investment grade securities are regarded as being predominantly speculative as to the issuer’s ability to make
payments of principal and interest.
COMMODITY EXPOSURE RISKS: Exposure to the commodities markets may subject the fund to greater volatility than investments in traditional securities.
CONCENTRATION RISK: If the Index is or becomes concentrated in a particular industry or group of industries, the fund may invest 25% or more of the value of its total assets
in that industry or group of industries to the extent that it is necessary to gain exposure to that industry or group of industries for purposes of tracking the Index.
CREDIT RISK: The issuer of a security or the counterparty to a contract, including derivatives contracts, may default or otherwise become unable to honor a financial obligation.
DERIVATIVES RISK: The fund's use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and
other traditional investments. Derivatives are subject to a number of risks such as commodity exposure risks, interest rate risk, market risk and credit risk.
Asset Management
Credit Suisse Multialternative Strategy Fund
EXCHANGE-TRADED NOTES RISK: ETNs are a type of unsecured, unsubordinated debt security that have characteristics and risks similar to those of fixed income securities
and trade on a major exchange similar to shares of exchange-traded funds (“ETFs”).
FIXED INCOME RISK: The market value of fixed income investments, and financial instruments related to those fixed income investments, will change in response to interest
rate changes and other factors, such as changes in the effective maturities and credit ratings of fixed income investments.
FOREIGN SECURITIES RISK: A fund that has exposure to investments outside the U.S. carries additional risks that include Currency Risk, Information Risk and
Political Risk.
FORWARDS RISK: Forwards are not exchange-traded and therefore no clearinghouse or exchange stands ready to meet the obligations of the contracts.
FUTURES CONTRACTS RISK: The price volatility of futures contracts historically has been greater than that for traditional securities such as stocks and bonds.
INTEREST RATE RISK: Changes in interest rates may cause a decline in the market value of an investment.
LEVERAGING RISK: The Fund may invest in certain derivatives that provide leveraged exposure.
MARKET RISK: The market value of a security may fluctuate, sometimes rapidly and unpredictably.
NON-DIVERSIFIED STATUS: The fund is considered a non-diversified investment company under the 1940 Act and is permitted to invest a greater proportion of its assets in
the securities of a smaller number of issuers.
PORTFOLIO TURNOVER RISK: The fund expects to engage in frequent trading of derivatives.
RISKS OF INVESTING IN OTHER FUNDS: Other mutual funds and ETFs are subject to investment advisory and other expenses.
SMALL- AND MID-CAP STOCK RISK: The fund may invest in small- and mid-cap stocks. Stocks of small-cap companies, and to a lesser extent, mid-cap companies, may be
more volatile than, and not as readily marketable as, those of larger companies.
SPECULATIVE EXPOSURE RISK: Gains or losses from speculative positions in a derivative may be much greater than the derivative's original cost. For example, potential
losses from commodity-linked swap agreements and from writing uncovered call options are unlimited.
SUBSIDIARY RISK: By investing in the Subsidiary, the fund is indirectly exposed to the risks associated with the Subsidiary’s investments.
SWAP AGREEMENTS RISK: Swap agreements involve the risk that the party with whom the fund has entered into the swap will default on its obligation to pay the fund and the
risk that the fund will not be able to meet its obligations to pay the other party to the agreement.
TAX RISK: In order to qualify as a Regulated Investment Company (a "RIC") under the Internal Revenue Code of 1986, the fund must meet certain requirements regarding the
source of its income, the diversification of its assets and the distribution of its income.
Important Legal Information
From time to time, the fund’s investment adviser and co-administrators may waive some fees and/or reimburse some expenses at any time, without which performance would be
lower. Credit Suisse Opportunity Funds and Credit Suisse Asset Management, LLC have entered into a written contract limiting operating expenses (excluding certain expenses
as described under “More About the Funds – The Management Firms” section in the fund’s prospectus) to 1.55% of the fund’s average daily net assets for Class A
shares, 2.30% of the fund’s average daily net assets for Class C shares and 1.30% of the fund’s average daily net assets for Class I shares at least through February 28, 2016.
Waivers and/or reimbursements are subject to change. Returns represent past performance and include change in share price and reinvestment of dividends and capital gains.
Past performance is no guarantee of future results. The current performance of the fund may be lower or higher than the figures shown. The fund’s yield, returns and share
price will fluctuate, and redemption value may be more or less than original cost. Performance information current to the most recent month-end is available at http://www.creditsuisse.com/us/funds.
Fund shares are not deposits or other obligations of Credit Suisse Asset Management, LLC or any affiliate, are not insured by the Federal Deposit Insurance Corporation and are
not guaranteed by Credit Suisse Asset Management, LLC or any affiliate. Fund investments are subject to investment risks, including loss of your investment.
The fund’s investment objectives, risks, charges and expenses (which should be considered carefully before investing), and more complete
information about the fund, are provided in the Prospectus, which should be read carefully before investing. You may obtain copies by calling
800-577-2321. For up-to-date performance, please visit our website at http://www.credit-suisse.com/us/funds.
CREDIT SUISSE SECURITIES (USA), LLC, DISTRIBUTOR. Copyright 2015 CREDIT SUISSE GROUP AG and/or its affiliates. All rights reserved.
MASF-FS