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
Notes Management and statutory bodies 3 Credit Suisse Commodity Fund Plus (CH) US$ 4 Credit Suisse Commodity Fund Plus (CH) Sfr 11 Notes 20
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 Com-pany’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 Man-agement 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.
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 revi-sions 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. Live-stock 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 loom-ing US fiscal cliff towards the end of the year, the US managed to avert economic calamity with lawmak-ers approving a deal on January 1, 2013. 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 inves-tors will continue to tap into the long-term diversifi-cation benefits that commodities provide.
The Fund uses futures to gain exposure to the Stan-dard & 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 10.13 million as at December 31, 2012.
* The information stated relates to the period under review and is not indica-tive of future returns.
Credit Suisse Commodity Fund Plus (CH) US$ • Audited Annual Report as at December 31, 2012
Highlights Key figures 31.12.2012 31.12.2011 31.12.2010 31.12.2009
Consolidation
Total net assets in millions USD 10.1 13.3 15.3 16.9
Unit class B*
Review period from 01.01.2012 01.01.2011 01.01.2010 01.01.2009
to 31.12.2012 31.12.2011 31.12.2010 31.12.2009
Total net assets
in millions USD 8.4 11.5 13.5 15.2
Units in circulation 1 116 690.547 1 515 041.472 1 708 662.848 2 047 216.907
Net asset value per unit in USD 7.49 7.60 7.88 7.41
Distribution per unit in USD 0.00 0.00 0.00 0.00
Delivery withholding tax per unit
in USD** 0.000 0.000 0.077 0.000
* until 29.9.2010: Unit class A Unit class I
Review period from 01.01.2012 01.01.2011 01.01.2010 01.01.2009
to 31.12.2012 31.12.2011 31.12.2010 31.12.2009
Total net assets
in millions USD 1.8 1.8 1.8 1.7
Units in circulation 3 420.166 3 420.166 3 420.166 3 420.166
Net asset value per unit in USD 514.17 516.42 531.27 494.60
Distribution per unit in USD 0.00 0.00 0.00 4.06
Delivery withholding tax per unit
in USD** 0.438 1.124 1.017 0.000
** 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 31.12.2012 Australia 4.94
United States (USA) 83.89
Total % of total assets 88.83
Exchange rate as at 31.12.2012
Assets as at December 31, 2012 Consolidation 31.12.2012 31.12.2011 USD USD Assets
Bank deposits, including fiduciary investments with third-party banks, divided into:
– Sight deposits 1 107 671.55 2 493 618.18
Securities, including securities loaned and pledged, divided into: – Bonds, convertible bonds, warrant bonds and other debt
instruments and rights 9 033 877.46 10 812 875.00
Other assets 27 842.13 17 748.00
Total fund assets minus: 10 169 391.14 13 324 241.18
Other liabilities 41 432.50 45 738.48
Net assets 10 127 958.64 13 278 502.70
Number of units in circulation 1 120 110.713 1 518 461.638
Consolidation Unit class B Unit class I
01.01.2012– 01.01.2011– 01.01.2012– 01.01.2011– 01.01.2012– 01.01.2011–
31.12.2012 31.12.2011 31.12.2012 31.12.2011 31.12.2012 31.12.2011
USD USD USD USD USD USD
Changes in net assets
Net assets at beginning of review period 13 278 502.70 15 281 409.51 11 512 265.17 13 464 382.43 1 766 237.53 1 817 027.08
Delivery withholding tax –1 497.54 –3 844.83 0.00 0.00 –1 497.54 –3 844.83
Issue of units 1 832 893.48 1 563 504.03 1 832 893.48 1 563 504.03 0.00 0.00
Redemption of units –4 836 758.99 –3 135 288.23 –4 836 758.99 –3 135 288.23 0.00 0.00
Other items from unit transactions –24 271.18 45 856.80 –24 271.18 45 856.80 0.00 0.00
Total income –120 909.83 –473 134.58 –114 706.92 –426 189.86 –6 202.91 –46 944.72
Net assets at end of review period 10 127 958.64 13 278 502.70 8 369 421.56 11 512 265.17 1 758 537.08 1 766 237.53
Changes in units in circulation
Number at beginning of the review period 1 518 461.638 1 712 083.014 1 515 041.472 1 708 662.848 3 420.166 3 420.166
Number of units issued 237 026.623 189 100.111 237 026.623 189 100.111 0.000 0.000
Number of units redeemed –635 377.548 –382 721.487 –635 377.548 –382 721.487 0.000 0.000
Number at the end of the review period 1 120 110.713 1 518 461.638 1 116 690.547 1 515 041.472 3 420.166 3 420.166
(USD) (USD) (USD) (USD)
Net asset value per unit 7.49 7.60 514.17 516.42
Off-balance-sheet business
31.12.2012 31.12.2011 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) 10 047 875.00 99.21 13 263 500.00 99.89
Credit Suisse Commodity Fund Plus (CH) US$ • Audited Annual Report as at December 31, 2012
Consolidation 31.12.2012 31.12.2011 USD USD Assets
Bank deposits, including fiduciary investments with third-party banks, divided into:
– Sight deposits 1 107 671.55 2 493 618.18
Securities, including securities loaned and pledged, divided into: – Bonds, convertible bonds, warrant bonds and other debt
instruments and rights 9 033 877.46 10 812 875.00
Other assets 27 842.13 17 748.00
Total fund assets minus: 10 169 391.14 13 324 241.18
Other liabilities 41 432.50 45 738.48
Net assets 10 127 958.64 13 278 502.70
Number of units in circulation 1 120 110.713 1 518 461.638
Consolidation Unit class B Unit class I
01.01.2012– 01.01.2011– 01.01.2012– 01.01.2011– 01.01.2012– 01.01.2011–
31.12.2012 31.12.2011 31.12.2012 31.12.2011 31.12.2012 31.12.2011
USD USD USD USD USD USD
Changes in net assets
Net assets at beginning of review period 13 278 502.70 15 281 409.51 11 512 265.17 13 464 382.43 1 766 237.53 1 817 027.08
Delivery withholding tax –1 497.54 –3 844.83 0.00 0.00 –1 497.54 –3 844.83
Issue of units 1 832 893.48 1 563 504.03 1 832 893.48 1 563 504.03 0.00 0.00
Redemption of units –4 836 758.99 –3 135 288.23 –4 836 758.99 –3 135 288.23 0.00 0.00
Other items from unit transactions –24 271.18 45 856.80 –24 271.18 45 856.80 0.00 0.00
Total income –120 909.83 –473 134.58 –114 706.92 –426 189.86 –6 202.91 –46 944.72
Net assets at end of review period 10 127 958.64 13 278 502.70 8 369 421.56 11 512 265.17 1 758 537.08 1 766 237.53
Changes in units in circulation
Number at beginning of the review period 1 518 461.638 1 712 083.014 1 515 041.472 1 708 662.848 3 420.166 3 420.166
Number of units issued 237 026.623 189 100.111 237 026.623 189 100.111 0.000 0.000
Number of units redeemed –635 377.548 –382 721.487 –635 377.548 –382 721.487 0.000 0.000
Number at the end of the review period 1 120 110.713 1 518 461.638 1 116 690.547 1 515 041.472 3 420.166 3 420.166
(USD) (USD) (USD) (USD)
Net asset value per unit 7.49 7.60 514.17 516.42
Off-balance-sheet business
31.12.2012 31.12.2011 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) 10 047 875.00 99.21 13 263 500.00 99.89
Statement of income from January 1, 2012 to Decem-ber 31, 2012
Consolidation Unit class B Unit class I
01.01.2012– 01.01.2011– 01.01.2012– 01.01.2011– 01.01.2012– 01.01.2011–
31.12.2012 31.12.2011 31.12.2012 31.12.2011 31.12.2012 31.12.2011
USD USD USD USD USD USD
Income
Income from bank balances 2 261.16 3 377.76 1 952.53 2 955.77 308.63 421.99
Securities income, divided into:
– Bonds, convertible bonds, warrant bonds and other debt
instruments and rights 108 462.51 185 063.14 93 594.52 162 182.59 14 867.99 22 880.55
Current net income paid in upon the issue of units –4 041.73 –561.13 –4 041.73 –561.13 0.00 0.00
Total income minus 106 681.94 187 879.77 91 505.32 164 577.23 15 176.62 23 302.54
Interest due 65.73 222.80 56.77 194.58 8.96 28.22
Audit costs 23 500.89 28 861.24 20 503.83 25 252.06 2 997.06 3 609.18
Statutory remuneration to:
– Management Company 165 639.03 189 102.73 158 522.48 181 681.65 7 116.55 7 421.08
– Custodian Bank 6 195.20 7 045.32 5 661.57 6 488.74 533.63 556.58
Partial transfer of expenditure on realized capital losses –17 661.44 –24 488.74 –17 661.44 –24 488.74 0.00 0.00
Other expenses 1 820.19 5 613.92 1 578.46 4 911.67 241.73 702.25
Current net income paid out upon the redemption of units –26 960.37 –1 631.93 –26 960.37 –1 631.93 0.00 0.00
Net income –45 917.29 –16 845.57 –50 195.98 –27 830.80 4 278.69 10 985.23
Realized capital gains 3 314 942.66 3 985 786.70 2 876 113.60 3 503 105.54 438 829.06 482 681.16
Realized capital losses –3 514 072.69 –4 355 361.82 –3 040 245.24 –3 823 019.03 –473 827.45 –532 342.79
Partial transfer of expenditure on realized capital losses –17 661.44 –24 488.74 –17 661.44 –24 488.74 0.00 0.00
Realized income –262 708.76 –410 909.43 –231 989.06 –372 233.03 –30 719.70 –38 676.40
Unrealized capital gains/losses 141 798.93 –62 225.15 117 282.14 –53 956.83 24 516.79 –8 268.32
Total income –120 909.83 –473 134.58 –114 706.92 –426 189.86 –6 202.91 –46 944.72
Application of results
Net income of financial year –45 917.29 –16 845.57 –50 195.98 –27 830.80 4 278.69 10 985.23
Netting of loss against aggregate capital gains/losses 50 195.98 27 830.80 50 195.98 27 830.80 0.00 0.00
Net income available for distribution 4 278.69 10 985.23 0.00 0.00 4 278.69 10 985.23
Distribution/delivery withholding tax (35%) 1 497.54 3 844.83 0.00 0.00 1 497.54 3 844.83
Credit Suisse Commodity Fund Plus (CH) US$ • Audited Annual Report as at December 31, 2012
Consolidation Unit class B Unit class I
01.01.2012– 01.01.2011– 01.01.2012– 01.01.2011– 01.01.2012– 01.01.2011–
31.12.2012 31.12.2011 31.12.2012 31.12.2011 31.12.2012 31.12.2011
USD USD USD USD USD USD
Income
Income from bank balances 2 261.16 3 377.76 1 952.53 2 955.77 308.63 421.99
Securities income, divided into:
– Bonds, convertible bonds, warrant bonds and other debt
instruments and rights 108 462.51 185 063.14 93 594.52 162 182.59 14 867.99 22 880.55
Current net income paid in upon the issue of units –4 041.73 –561.13 –4 041.73 –561.13 0.00 0.00
Total income minus 106 681.94 187 879.77 91 505.32 164 577.23 15 176.62 23 302.54
Interest due 65.73 222.80 56.77 194.58 8.96 28.22
Audit costs 23 500.89 28 861.24 20 503.83 25 252.06 2 997.06 3 609.18
Statutory remuneration to:
– Management Company 165 639.03 189 102.73 158 522.48 181 681.65 7 116.55 7 421.08
– Custodian Bank 6 195.20 7 045.32 5 661.57 6 488.74 533.63 556.58
Partial transfer of expenditure on realized capital losses –17 661.44 –24 488.74 –17 661.44 –24 488.74 0.00 0.00
Other expenses 1 820.19 5 613.92 1 578.46 4 911.67 241.73 702.25
Current net income paid out upon the redemption of units –26 960.37 –1 631.93 –26 960.37 –1 631.93 0.00 0.00
Net income –45 917.29 –16 845.57 –50 195.98 –27 830.80 4 278.69 10 985.23
Realized capital gains 3 314 942.66 3 985 786.70 2 876 113.60 3 503 105.54 438 829.06 482 681.16
Realized capital losses –3 514 072.69 –4 355 361.82 –3 040 245.24 –3 823 019.03 –473 827.45 –532 342.79
Partial transfer of expenditure on realized capital losses –17 661.44 –24 488.74 –17 661.44 –24 488.74 0.00 0.00
Realized income –262 708.76 –410 909.43 –231 989.06 –372 233.03 –30 719.70 –38 676.40
Unrealized capital gains/losses 141 798.93 –62 225.15 117 282.14 –53 956.83 24 516.79 –8 268.32
Total income –120 909.83 –473 134.58 –114 706.92 –426 189.86 –6 202.91 –46 944.72
Application of results
Net income of financial year –45 917.29 –16 845.57 –50 195.98 –27 830.80 4 278.69 10 985.23
Netting of loss against aggregate capital gains/losses 50 195.98 27 830.80 50 195.98 27 830.80 0.00 0.00
Net income available for distribution 4 278.69 10 985.23 0.00 0.00 4 278.69 10 985.23
Distribution/delivery withholding tax (35%) 1 497.54 3 844.83 0.00 0.00 1 497.54 3 844.83
Description 31.12.2011 Purchases 1 Disposals 1 31.12.2012 Market value % of
number/ number/ USD total assets nominal value nominal value
Securities traded on an exchange Bonds
Australia
0.89111 National Australia Bank Ltd 09/14 500 000 500 000 502 725.00 4.94
502 725.00 4.94 Germany
1.2951 Deutsche Bank AG 04/15 500 000 500 000
0.00 0.00
Netherlands
1.24 Royal Bank of Scottland NV 05/15 500 000 500 000 0.70505 Siemens Finance NV 06/12 800 000 800 000
0.00 0.00
United States (USA)
0.7266 General Electric Capital Corp 05/12 400 000 400 000 0.63694 Hewlett-Packard Comp 07/12 500 000 500 000 1.375 US Treasury Notes 09/12 1 000 000 1 000 000 0.625 US Treasury Notes 10/12 1 000 000 1 000 000 0.375 US Treasury Notes 10/12 800 000 200 000 1 000 000 0.375 US Treasury Notes 10/12 1 000 000 1 000 000 0.625 US Treasury Notes 10/12 800 000 800 000 0.375 US Treasury Notes 10/12 1 000 000 1 000 000 0.875 US Treasury Notes 10/12 1 000 000 1 000 000 0.875 US Treasury Notes 10/12 500 000 500 000 0.75 US Treasury Notes 10/12 1 000 000 1 000 000 1 US Treasury Notes 10/12 700 000 700 000 0.625 US Treasury Notes 10/12 1 000 000 1 000 000 1 US Treasury Notes 10/12 1 000 000 1 000 000 1.375 US Treasury Notes 10/13 1 000 000 1 000 000 1 002 656.30 9.86 1.125 US Treasury Notes 10/13 1 000 000 1 000 000 1 004 531.30 9.88 1.375 US Treasury Notes 10/13 1 400 000 400 000 1 000 000 1 004 687.50 9.88 1.375 US Treasury Notes 10/13 1 000 000 1 000 000 1 001 601.60 9.85 0.75 US Treasury Notes 10/13 1 000 000 1 000 000 1 004 179.70 9.87 1.75 US Treasury Notes 10/13 1 000 000 1 000 000 1 004 765.60 9.88 0.75 US Treasury Notes 10/13 1 000 000 1 000 000 1 003 789.06 9.87 1 US Treasury Notes 10/13 1 000 000 1 000 000 1 004 687.50 9.88 0.625 US Treasury Notes 11/13 1 000 000 500 000 500 000 500 253.90 4.92 Total bonds 9 033 877.46 88.83 Total securities traded on an exchange 9 033 877.46 88.83 Other investments
Financial Futures
S&P GSCI COMMODITY IND. S&P GSCI
Fälligkeit 18.01.12 82 82
S&P GSCI COMMODITY IND. S&P GSCI
Fälligkeit 15.02.12 90 90
S&P GSCI COMMODITY IND. S&P GSCI
Fälligkeit 15.03.12 88 88
S&P GSCI COMMODITY IND. S&P GSCI
Fälligkeit 17.04.12 83 83
S&P GSCI COMMODITY IND. S&P GSCI
Fälligkeit 15.05.12 82 82
S&P GSCI COMMODITY IND. S&P GSCI
Fälligkeit 15.06.12 82 82
S&P GSCI COMMODITY IND. S&P GSCI
Fälligkeit 17.07.12 80 80
S&P GSCI COMMODITY IND. S&P GSCI
Fälligkeit 15.08.12 83 83
S&P GSCI COMMODITY IND. S&P GSCI
Fälligkeit 16.01.13 65 3 62
0.00 0.00
Total Financial Futures 0.00 0.00 Total other investments 0.00 0.00 Total investments 9 033 877.46 88.83 Cash at banks 1 107 671.55 10.89 Other assets 27 842.13 0.27 Total assets 10 169 391.14 100.00 Other liabilities –41 432.50 –0.41 Net assets 10 127 958.64 99.59
1 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 31.12.2012 31.12.2011 Change
Credit Suisse AG, Zurich Current account USD 0.15 daily 333 500.91 107 569.52 225 931.39 Credit Suisse AG, Zurich Current account USD 0.15 daily 545 158.96 1 144 353.15 –599 194.19 Credit Suisse AG, Zurich Margin account USD 0.15 daily 0.00 1 241 695.51 –1 241 695.51 Credit Suisse AG, Zurich Margin account USD 0.15 daily 229 011.68 0.00 229 011.68 Composition
of portfolio, and changes in holdings
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 revi-sions 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. Live-stock 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 loom-ing US fiscal cliff towards the end of the year, the US managed to avert economic calamity with lawmak-ers approving a deal on January 1, 2013. 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 inves-tors will continue to tap into the long-term diversifi-cation benefits that commodities provide.
The Fund uses futures to gain exposure to the Stan-dard & 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, 2012.
* The information stated relates to the period under review and is not indica-tive of future returns.
Highlights Key figures 31.12.2012 31.12.2011 31.12.2010 31.12.2009 Consolidation
Total net assets in millions CHF 28.5 36.3 43.7 41.4
Unit class B*
Review period from 01.01.2012 01.01.2011 01.01.2010 01.01.2009
to 31.12.2012 31.12.2011 31.12.2010 31.12.2009
Total net assets
in millions CHF 25.0 31.0 37.2 35.2
Units in circulation 3 159 391.562 3 847 233.602 4 467 067.353 4 434 406.145
Net asset value per unit in CHF 7.93 8.06 8.32 7.93
Distribution per unit in CHF 0.00 0.00 0.00 0.08
Delivery withholding tax per unit
in CHF** 0.000 0.000 0.006 0.000
* until 29.09.2010: Unit class A Unit class D
Review period from 01.01.2012 01.01.2011 01.01.2010 01.01.2009
to 31.12.2012 31.12.2011 31.12.2010 31.12.2009
Total net assets
in millions CHF 3.5 5.2 6.6 6.2
Units in circulation 6 042.446 9 090.190 11 168.476 11 304.938
Net asset value per unit in CHF 572.25 575.74 587.28 550.28
Distribution per unit in CHF 0.00 0.00 0.00 3.22
Delivery withholding tax per unit
in CHF** 1.477 1.445 1.052 0.000
** 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 01.01.2012 01.01.2011 01.01.2010 01.01.2009
to 31.12.2012 31.12.2011 31.12.2010 31.12.2009
Total net assets
in millions CHF 0.0 0.0 0.0 0.0
Units in circulation 0.000 0.000 0.000 10.000
Net asset value per unit in CHF 0.00 0.00 0.00 562.57
Distribution per unit in CHF 0.00 0.00 0.00 23.50
Delivery withholding tax per unit
in CHF 0.00 0.000 0.000 0.000
Depositaries
Credit Suisse AG, Zurich Euroclear
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 31.12.2012 Australia 1.76 Germany 12.76 Denmark 3.50 Finland 1.82 France 4.80 United Kingdom 18.62 Japan 2.67 Cayman Islands 1.09 Netherlands 15.79 Norway 2.18 Poland 2.50 Sweden 3.51
United States (USA) 3.50
Austria 11.73
Total % of total assets 86.23
Exchange rate as at 31.12.2012
Assets as at December 31, 2012 Consolidation 31.12.2012 31.12.2011 CHF CHF Assets
Bank deposits, including fiduciary investments with third-party banks, divided into:
– Sight deposits 3 796 302.79 4 454 643.67
Money market instruments 1 000 000.00 4 997 873.09
Securities, including securities loaned and pledged, divided into: – Bonds, convertible bonds, warrant bonds and other debt
instruments and rights 23 622 920.50 26 707 732.00
Other assets 136 660.12 166 472.45
Total fund assets minus: 28 555 883.41 36 326 721.21
Other liabilities 54 882.80 68 399.41
Net assets 28 501 000.61 36 258 321.80
Number of units in circulation 3 165 434.008 3 856 323.792
Consolidation Unit class B Unit class D
01.01.2012– 01.01.2011– 01.01.2012– 01.01.2011– 01.01.2012– 01.01.2011–
31.12.2012 31.12.2011 31.12.2012 31.12.2011 31.12.2012 31.12.2011
CHF CHF CHF CHF CHF CHF
Changes in net assets
Net assets at beginning of review period 36 258 321.80 43 719 473.03 31 024 738.23 37 160 494.09 5 233 583.57 6 558 978.94
Delivery withholding tax –8 922.28 –13 136.81 0.00 0.00 –8 922.28 –13 136.81
Issue of units 1 512 189.55 2 025 476.60 478 191.75 1 574 092.55 1 033 997.80 451 384.05
Redemption of units –8 724 631.55 –8 593 603.80 –5 951 209.25 –6 868 047.00 –2 773 422.30 –1 725 556.80
Other items from unit transactions –94 787.94 187 629.28 –68 701.32 139 336.25 –26 086.62 48 293.03
Total income –441 168.97 –1 067 516.50 –439 820.30 –981 137.66 –1 348.67 –86 378.84
Net assets at end of review period 28 501 000.61 36 258 321.80 25 043 199.11 31 024 738.23 3 457 801.50 5 233 583.57
Changes in units in circulation
Number at beginning of the review period 3 856 323.792 4 478 235.829 3 847 233.602 4 467 067.353 9 090.190 11 168.476
Number of units issued 60 912.860 183 213.281 59 056.082 182 484.792 1 856.778 728.489
Number of units redeemed –751 802.644 –805 125.318 –746 898.122 –802 318.543 –4 904.522 –2 806.775
Number at the end of the review period 3 165 434.008 3 856 323.792 3 159 391.562 3 847 233.602 6 042.446 9 090.190
(CHF) (CHF) (CHF) (CHF)
Net asset value per unit 7.93 8.06 572.25 575.74
Off-balance-sheet business
31.12.2012 31.12.2011 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) 28 333 686.69 99.41 35 846 824.73 98.87
Credit Suisse Commodity Fund Plus (CH) Sfr • Audited Annual Report as at December 31, 2012
Consolidation 31.12.2012 31.12.2011 CHF CHF Assets
Bank deposits, including fiduciary investments with third-party banks, divided into:
– Sight deposits 3 796 302.79 4 454 643.67
Money market instruments 1 000 000.00 4 997 873.09
Securities, including securities loaned and pledged, divided into: – Bonds, convertible bonds, warrant bonds and other debt
instruments and rights 23 622 920.50 26 707 732.00
Other assets 136 660.12 166 472.45
Total fund assets minus: 28 555 883.41 36 326 721.21
Other liabilities 54 882.80 68 399.41
Net assets 28 501 000.61 36 258 321.80
Number of units in circulation 3 165 434.008 3 856 323.792
Consolidation Unit class B Unit class D
01.01.2012– 01.01.2011– 01.01.2012– 01.01.2011– 01.01.2012– 01.01.2011–
31.12.2012 31.12.2011 31.12.2012 31.12.2011 31.12.2012 31.12.2011
CHF CHF CHF CHF CHF CHF
Changes in net assets
Net assets at beginning of review period 36 258 321.80 43 719 473.03 31 024 738.23 37 160 494.09 5 233 583.57 6 558 978.94
Delivery withholding tax –8 922.28 –13 136.81 0.00 0.00 –8 922.28 –13 136.81
Issue of units 1 512 189.55 2 025 476.60 478 191.75 1 574 092.55 1 033 997.80 451 384.05
Redemption of units –8 724 631.55 –8 593 603.80 –5 951 209.25 –6 868 047.00 –2 773 422.30 –1 725 556.80
Other items from unit transactions –94 787.94 187 629.28 –68 701.32 139 336.25 –26 086.62 48 293.03
Total income –441 168.97 –1 067 516.50 –439 820.30 –981 137.66 –1 348.67 –86 378.84
Net assets at end of review period 28 501 000.61 36 258 321.80 25 043 199.11 31 024 738.23 3 457 801.50 5 233 583.57
Changes in units in circulation
Number at beginning of the review period 3 856 323.792 4 478 235.829 3 847 233.602 4 467 067.353 9 090.190 11 168.476
Number of units issued 60 912.860 183 213.281 59 056.082 182 484.792 1 856.778 728.489
Number of units redeemed –751 802.644 –805 125.318 –746 898.122 –802 318.543 –4 904.522 –2 806.775
Number at the end of the review period 3 165 434.008 3 856 323.792 3 159 391.562 3 847 233.602 6 042.446 9 090.190
(CHF) (CHF) (CHF) (CHF)
Net asset value per unit 7.93 8.06 572.25 575.74
Off-balance-sheet business
31.12.2012 31.12.2011 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) 28 333 686.69 99.41 35 846 824.73 98.87
Statement of income from January 1, 2012 to Decem-ber 31, 2012
Consolidation Unit class B Unit class D
01.01.2012– 01.01.2011– 01.01.2012– 01.01.2011– 01.01.2012– 01.01.2011–
31.12.2012 31.12.2011 31.12.2012 31.12.2011 31.12.2012 31.12.2011
CHF CHF CHF CHF CHF CHF
Income
Income from bank balances 5 147.64 8 588.96 4 300.39 7 330.86 847.25 1 258.10
Income from money market instruments 5 392.46 12 419.47 4 552.25 10 585.19 840.21 1 834.28
Securities income, divided into:
– Bonds, convertible bonds, warrant bonds and other debt
instruments and rights 286 779.18 329 009.90 238 441.47 280 395.00 48 337.71 48 614.90
Current net income paid in upon the issue of units 820.38 –2 389.15 –1 321.68 –3 888.79 2 142.06 1 499.64
Total income minus 298 139.66 347 629.18 245 972.43 294 422.26 52 167.23 53 206.92
Interest due 5.44 73.38 4.85 63.01 0.59 10.37
Audit costs 17 090.97 26 324.31 13 662.15 22 454.13 3 428.82 3 870.18
Statutory remuneration to:
– Management Company 397 433.98 481 506.34 394 624.29 478 553.06 2 809.69 2 953.28
– Custodian Bank 15 779.46 18 863.25 14 093.79 17 091.27 1 685.67 1 771.98
Partial transfer of expenditure on realized capital losses –10 093.41 –18 091.27 –10 093.41 –18 091.27 0.00 0.00
Other expenses 11 464.42 14 866.41 9 541.32 12 658.32 1 923.10 2 208.09
Current net income paid out upon the redemption of units –3 987.64 –9 212.24 –20 813.88 –14 071.51 16 826.24 4 859.27
Net income –129 553.56 –166 701.00 –155 046.68 –204 234.75 25 493.12 37 533.75
Realized capital gains 8 660 003.54 11 043 234.51 7 159 705.50 9 382 440.83 1 500 298.04 1 660 793.68
Realized capital losses –9 200 717.04 –11 800 979.57 –7 644 690.60 –10 034 320.58 –1 556 026.44 –1 766 658.99
Partial transfer of expenditure on realized capital losses –10 093.41 –18 091.27 –10 093.41 –18 091.27 0.00 0.00
Realized income –680 360.47 –942 537.33 –650 125.19 –874 205.77 –30 235.28 –68 331.56
Unrealized capital gains/losses 239 191.50 –124 979.17 210 304.89 –106 931.89 28 886.61 –18 047.28
Total income –441 168.97 –1 067 516.50 –439 820.30 –981 137.66 –1 348.67 –86 378.84
Application of results
Net income of financial year –129 553.56 –166 701.00 –155 046.68 –204 234.75 25 493.12 37 533.75
Netting of loss against aggregate capital gains/losses 155 046.68 204 234.75 155 046.68 204 234.75 0.00 0.00
Net income available for distribution 25 493.12 37 533.75 0.00 0.00 25 493.12 37 533.75
Distribution/delivery withholding tax (35%) 8 922.59 13 136.81 0.00 0.00 8 922.59 13 136.81
Credit Suisse Commodity Fund Plus (CH) Sfr • Audited Annual Report as at December 31, 2012
Consolidation Unit class B Unit class D
01.01.2012– 01.01.2011– 01.01.2012– 01.01.2011– 01.01.2012– 01.01.2011–
31.12.2012 31.12.2011 31.12.2012 31.12.2011 31.12.2012 31.12.2011
CHF CHF CHF CHF CHF CHF
Income
Income from bank balances 5 147.64 8 588.96 4 300.39 7 330.86 847.25 1 258.10
Income from money market instruments 5 392.46 12 419.47 4 552.25 10 585.19 840.21 1 834.28
Securities income, divided into:
– Bonds, convertible bonds, warrant bonds and other debt
instruments and rights 286 779.18 329 009.90 238 441.47 280 395.00 48 337.71 48 614.90
Current net income paid in upon the issue of units 820.38 –2 389.15 –1 321.68 –3 888.79 2 142.06 1 499.64
Total income minus 298 139.66 347 629.18 245 972.43 294 422.26 52 167.23 53 206.92
Interest due 5.44 73.38 4.85 63.01 0.59 10.37
Audit costs 17 090.97 26 324.31 13 662.15 22 454.13 3 428.82 3 870.18
Statutory remuneration to:
– Management Company 397 433.98 481 506.34 394 624.29 478 553.06 2 809.69 2 953.28
– Custodian Bank 15 779.46 18 863.25 14 093.79 17 091.27 1 685.67 1 771.98
Partial transfer of expenditure on realized capital losses –10 093.41 –18 091.27 –10 093.41 –18 091.27 0.00 0.00
Other expenses 11 464.42 14 866.41 9 541.32 12 658.32 1 923.10 2 208.09
Current net income paid out upon the redemption of units –3 987.64 –9 212.24 –20 813.88 –14 071.51 16 826.24 4 859.27
Net income –129 553.56 –166 701.00 –155 046.68 –204 234.75 25 493.12 37 533.75
Realized capital gains 8 660 003.54 11 043 234.51 7 159 705.50 9 382 440.83 1 500 298.04 1 660 793.68
Realized capital losses –9 200 717.04 –11 800 979.57 –7 644 690.60 –10 034 320.58 –1 556 026.44 –1 766 658.99
Partial transfer of expenditure on realized capital losses –10 093.41 –18 091.27 –10 093.41 –18 091.27 0.00 0.00
Realized income –680 360.47 –942 537.33 –650 125.19 –874 205.77 –30 235.28 –68 331.56
Unrealized capital gains/losses 239 191.50 –124 979.17 210 304.89 –106 931.89 28 886.61 –18 047.28
Total income –441 168.97 –1 067 516.50 –439 820.30 –981 137.66 –1 348.67 –86 378.84
Application of results
Net income of financial year –129 553.56 –166 701.00 –155 046.68 –204 234.75 25 493.12 37 533.75
Netting of loss against aggregate capital gains/losses 155 046.68 204 234.75 155 046.68 204 234.75 0.00 0.00
Net income available for distribution 25 493.12 37 533.75 0.00 0.00 25 493.12 37 533.75
Distribution/delivery withholding tax (35%) 8 922.59 13 136.81 0.00 0.00 8 922.59 13 136.81
Description 31.12.2011 Purchases 1 Disposals 1 31.12.2012 Market value % of
number/ number/ CHF total assets nominal value nominal value
Securities traded on an exchange Bonds
Australia
2.25 Commonwealth Bank Australia 09/13 500 000 500 000 503 600.00 1.76
503 600.00 1.76 Germany 2.625 Bayerische Landesbank 07/13 1 000 000 1 000 000 1 006 080.00 3.52 3.25 Deutsche Bank AG 07/12 750 000 750 000 2 Deutsche Pfandbriefbank AG 05/12 1 000 000 1 000 000 0.36167 FMS Wertmanagement 12/14 1 000 000 1 000 000 999 800.00 3.50 0.35167 HSH Nordbank AG 11/13 500 000 500 000 499 540.00 1.75 2.375 LBK Hessen-Thüringen 05/13 140 000 140 000 140 854.00 0.49 0.342 Landesbank Baden-Wuerttemberg 11/13 1 000 000 1 000 000 996 800.00 3.49 0.11167 NRW.Bank 10/12 1 000 000 1 000 000
0.34167 Norddeutsche Landesbank Girozentrale
10/12 1 000 000 1 000 000
3 643 074.00 12.76 Denmark
1.26 Nykredit Bank A/S 11/13 1 000 000 1 000 000 999 300.00 3.50
999 300.00 3.50 Finland
0.12167 Municipality Finance Plc 11/13 1 000 000 1 000 000
0.39167 Nordea Bank Finland Plc 11/14 520 000 520 000 520 728.00 1.82
520 728.00 1.82 France 0.18333 BFCM 10/12 400 000 400 000 0.48667 BNP Paribas SA 10/12 500 000 500 000 0.30667 BPCE SA 10/12 1 000 000 1 000 000 2.625 Carrefour SA 09/12 500 000 500 000 0.11167 Fin Foncier 10/12 625 000 625 000 3.375 France Telecom SA 09/13 500 000 500 000 510 450.00 1.79 3.5 GDF Suez 08/12 1 000 000 1 000 000 1.75 SNCF 05/12 920 000 920 000 0.38167 Societe Generale 10/12 1 000 000 1 000 000 2.125 Total Capital 05/12 1 000 000 1 000 000 3.125 Total Capital 08/13 850 000 850 000 858 925.00 3.01 1 369 375.00 4.80 United Kingdom 1.20583 BNZ Intl Funding Ltd 12/15 500 000 500 000 505 750.00 1.77 2.75 BP Capital Markets Plc 08/13 750 000 750 000 753 825.00 2.64 0.81167 Barclays Bank Plc 12/15 800 000 800 000 804 928.00 2.82 0.447 Credit Agricole 11/13 750 000 750 000 749 550.00 2.62 0.37417 Credit Suisse London 10/12 400 000 400 000
0.374 HSBC Bank Plc 11/14 500 000 500 000 501 750.00 1.76 1.175 Lloyds TSB Bank Plc 11/12 500 000 500 000 0.34333 Westpac Securities NZ Ltd 10/13 1 000 000 1 000 000 1 000 100.00 3.50 4 315 903.00 15.11 Japan 2.125 JASME 06/12 500 000 500 000
2.25 Nippon Telegraph & Telephone 06/13 760 000 760 000 763 192.00 2.67
763 192.00 2.67 Cayman Islands
2.375 Principal Financial Global Funding LLC 06/13 310 000 310 000 310 341.00 1.09
310 341.00 1.09 Canada
0.31167 Royal Bank of Canada 07/12 1 000 000 1 000 000
0.00 0.00
Luxembourg
2.75 Erste Eur Pfandbf- und Komm Bk 08/12 860 000 860 000 1.25 Nestle Finance Intl Ltd 09/12 1 000 000 1 000 000 0.50167 Swiss Re Finance Luxembourg 10/12 325 000 325 000
0.00 0.00
Netherlands
0.977667 ABN Amro Bank NV 11/14 500 000 500 000 501 500.00 1.76 3.625 E.ON Intl Finance BV 08/13 400 000 400 000 404 720.00 1.42 3.125 ENBW Intl Finance BV 08/13 1 000 000 500 000 500 000 502 150.00 1.76 0.318 FMO-Nederlandse Financierings Maat 12/16 1 000 000 1 000 000 999 000.00 3.50 0.91167 ING Bank 11/14 500 000 600 000 1 100 000 1 100 330.00 3.85 0.07167 Rabobank Nederland NV 10/12 1 000 000 1 000 000
0.72333 Rabobank Nederland NV 12/14 1 000 000 1 000 000 999 900.00 3.50 2.75 The Royal Bank Of Scotland NV 06/12 700 000 700 000
4 507 600.00 15.79 Norway 2.125 Kommunalbanken AS 05/13 620 000 620 000 622 170.00 2.18 2.625 Statnett SF 08/12 1 000 000 1 000 000 622 170.00 2.18 Poland 1.36167 Poland 12/15 700 000 700 000 714 350.00 2.50 714 350.00 2.50 Sweden 0.546 SBAB Bank AB 11/13 500 000 500 000 500 000.00 1.75 0.357 Swedbank Mortgage AB 11/14 500 000 500 000 502 200.00 1.76 Composition
of portfolio, and changes in holdings
Credit Suisse Commodity Fund Plus (CH) Sfr • Audited Annual Report as at December 31, 2012
Austria
0.31167 Erste Group Bank AG 10/12 500 000 500 000
0.37 Erste Group Bank AG 11/14 850 000 850 000 850 467.50 2.98 3 Hypo Tirol Bank AG 02/12 440 000 440 000
0.43417 Oest. Kontrollbank AG 12/14 1 000 000 1 000 000
0.46167 Oest. Kontrollbank AG 12/14 1 000 000 1 000 000 1 003 250.00 3.51 0.34 Unicredit Bank Austria AG 10/13 500 000 500 000 498 265.00 1.74 0.202 Vorarlberger LHYBK 11/13 500 000 500 000 499 590.00 1.75 0.295 Vorarlberger LHYBK 11/13 500 000 500 000 499 015.00 1.75 3.375 Österreich 02/12 1 000 000 1 000 000 2.25 Österreichische Landes-Hypobanken 04/12 200 000 200 000 3 350 587.50 11.73 Total bonds 23 622 920.50 82.73 Total securities traded on an exchange 23 622 920.50 82.73 Other investments
Financial Futures United States (USA)
S&P GSCI COMMODITY IND. S&P GSCI SPOT 19 237 237 S&P GSCI COMMODITY IND. S&P GSCI SPOT 19 237 216 453
S&P GSCI COMMODITY IND. S&P GSCI SPOT 16 1 586 1 586 S&P GSCI COMMODITY IND. S&P GSCI SPOT 18 913 913
S&P GSCI COMMODITY IND. S&P GSCI SPOT 17 209 18 191
0.00 0.00
Total Financial Futures 0.00 0.00 Money market instruments
Germany
LBK Hessen-Thuering 11/12 1 000 000 1 000 000 Landesbank Hessen Thuering 12/12 1 000 000 1 000 000
0.00 0.00
France
Banque Federative Du Credit Mutuel 12/12 1 000 000 1 000 000 Caisse Depots Et Consignations 11/12 1 000 000 1 000 000 Caisse Depots Et Consignations 12/12 1 000 000 1 000 000
0.00 0.00
United Kingdom
Abbey National Treasury Serv.Plc 12/12 1 000 000 1 000 000 0.11 Barclays Bank Plc 12/12 1 000 000 1 000 000
UBS AG, London Branch 12/13 1 000 000 1 000 000 1 000 000.00 3.50
1 000 000.00 3.50 Luxembourg
BGL BNP Paribas SA 11/12 1 000 000 1 000 000 BGL BNP Paribas SA 12/12 1 000 000 1 000 000 Banque et Caisse D’Epargne de L’Etat 12 1 000 000 1 000 000 DZ Privatbank SA 11/12 1 000 000 1 000 000 DZ Privatbank SA 12/12 1 000 000 1 000 000
0.00 0.00
Netherlands
ABN Amro Bank NV 11/12 1 000 000 1 000 000 ABN Amro Bank NV 12/12 1 000 000 1 000 000 ABN Amro Bank NV 12/12 1 000 000 1 000 000
0.00 0.00
Total money market instruments 1 000 000.00 3.50 Total other investments 1 000 000.00 3.50 Total investments 24 622 920.50 86.23 Cash at banks 3 796 302.79 13.29 Other assets 136 660.12 0.48 Total assets 28 555 883.41 100.00 Other liabilities –54 882.80 –0.19 Net assets 28 501 000.61 99.81
1 Inclusive of purchases/sales and corporate actions
List of sight and time deposits as at December 31, 2012
Description 31.12.2011 Purchases 1 Disposals 1 31.12.2012 Market value % of
number/ number/ CHF total assets nominal value nominal value
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 mission1 Ratio (TER)2 Rate (PTR)3
Credit Suisse Commodity Fund Plus (CH) US$ B 1 691 244 USD 0.05% 1.40% 1.64% 93.14%
Credit Suisse Commodity Fund Plus (CH) US$ I 2 066 387 USD 0.03% 0.40% 0.61% 93.14%
Credit Suisse Commodity Fund Plus (CH) Sfr B 1 691 240 CHF 0.05% 1.40% 1.53% 73.03%
Credit Suisse Commodity Fund Plus (CH) Sfr D 3 613 318 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 insur-ance 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 retro-actively 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- 01.01.2012– 20111 20101 20091
class date securities rency 31.12.20121
number
Credit Suisse Commodity Fund Plus (CH) US$ B 28.11.2003 1 691 244 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 03.01.2006 2 066 387 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 28.11.2003 1 691 240 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 27.12.2007 3 613 318 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. 2.
Notes to the Annual Report as at Decem-ber 31, 2012
Credit Suisse Commodity Fund Plus (CH) • Audited Annual Report as at December 31, 2012
4. 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 in-vestment 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 ad-justed 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 liabili-ties that are attributed to the given unit class, divided by the number of units of the given class in circula-tion. 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) at-tributable 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 reinvest-ments 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 reinvest-ments;
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.
Report of the audit company
As collective investment scheme regulatory auditors, we have audited the financial statements of the in-vestment 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 appropria-tion 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, 2012. 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 require-ments 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 state-ments that are free from material misstatement, whether due to fraud or error. The Board of Direc-tors of the Fund Management Company is further responsible for selecting and applying appropriate accounting policies and making accounting esti-mates that are reasonable in the circumstances. 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 con-ducted our audit in accordance with Swiss law and Swiss Auditing Standards. Those standards require that we plan and perform the audit to obtain reason-able 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 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 audi-tor considers the internal control system relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropri-ate in the circumstances, but not for the purpose of expressing an opinion on the existence and effec-tiveness 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 or-dinances 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 indepen-dence (article 11 AOA) and that there are no cir-cumstances incompatible with our independence.
KPMG AG
Markus Schunk Adrian Walder Licensed Audit Expert Licensed Audit Expert Auditor in Charge
Zurich, April 12, 2013
This report is an English translation of the original German version. In case of discrepancies the original version takes precedence.
