485BPOS 2012-09-18 0000946110 2012-09-18 CREDIT SUISSE OPPORTUNITY FUNDS false 2012-09-12 2012-09-18 <tt>The fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover may<br />indicate higher transaction costs. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the fund's performance.<br />The fund's annual rate of portfolio turnover for its first year of operations is<br />anticipated to be approximately 100%, but may be lower or higher.</tt> <div style="display:none">~ http://www.credit-suisse.com/role/ExpenseExample_S000038293Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The fund seeks total return.</tt> <tt>This example may help you compare the cost of investing in the fund with the<br />cost of investing in other mutual funds.<br /> <br />Assume you invest $10,000, the fund returns 5% annually, expense ratios remain<br />the same and you close your account at the end of each of the time periods<br />shown. Based on these assumptions, your cost would be:</tt> <tt>The fund pursues its investment objective of total return by investing in a<br />broad range of debt instruments. "Strategic" in the fund's name means that <br />the fund seeks both current income and capital appreciation as elements of <br />total return. The debt instruments in which the fund may invest include:<br /> <br />o bonds and other debt instruments issued by domestic and foreign companies <br />&#xA0;&#xA0;of any size (including below investment grade debt securities (commonly known <br />&#xA0;&#xA0;as "junk bonds"));<br /> <br />o senior secured floating rate loans ("Senior Loans");<br /> <br />o mortgage-backed securities, asset-backed securities and collateralized loan<br />&#xA0;&#xA0;obligations (CLOs);<br /> <br />o convertible debt securities;<br /> <br />o obligations issued by foreign governments; and<br /> <br />o obligations issued by the U.S. government and its agencies or instrumentalities <br />&#xA0;&#xA0;(such as U.S. Treasury securities or Treasury inflation protected securities).<br /> <br />In seeking to achieve its investment objective, the fund adjusts its portfolio's<br />exposure amongst the various types of debt instruments based on market conditions <br />and outlook. At any given time, the fund may have a substantial weighting in any <br />one asset class. Accordingly, the fund will, at times, be invested in debt <br />instruments of various credit qualities and maturities, while at other times, the <br />fund may emphasize one particular credit quality or maturity.<br /> <br />The fund's investment adviser and sub-adviser emphasize bottom-up fundamental<br />credit analysis and top-down macroeconomic analysis, combined with a focused<br />relative value approach, and are not constrained by any particular duration or<br />credit quality targets. The fund's allocation among various debt instruments<br />will be made on the basis of the portfolio managers' assessment of opportunities<br />for total return relative to the risk of each type of investment. The fund may<br />also take temporary defensive positions in cash and short-term bonds from time<br />to time.<br /> <br />The fund may invest significantly in below investment grade debt securities and<br />is authorized to invest without limit in these securities. Below investment<br />grade debt securities are rated in the lower rating categories of the established <br />rating services (Ba or lower by Moody's Investor Service, Inc. ("Moody's") and BB <br />or lower by Standard &amp; Poor's, a division of The McGraw Hill Companies ("S&amp;P")), <br />or, if unrated, are deemed by the fund's investment adviser or sub-adviser to be <br />of comparable quality.<br /> <br />The fund may invest in non-U.S. dollar denominated debt instruments. The fund<br />may utilize foreign currency transactions, including currency options and<br />forward foreign currency contracts, to hedge non-U.S. dollar investments or to<br />establish or adjust exposure to particular foreign securities, markets or<br />currencies, but it is not required to do so.&#xA0;&#xA0;<br /><br />The fund may take short positions in securities or indices and generally will do<br />so by using swaps or futures. For example, the fund may enter into a futures<br />contract pursuant to which it agrees to sell an asset (that it does not currently <br />own) at a specified price at a specified point in the future. This gives the fund <br />a short position with respect to that asset. The fund will benefit to the extent <br />the asset decreases in value (and will be harmed to the extent the asset increases <br />in value) between the time it enters into the futures contract and the agreed date <br />of sale.</tt> CREDIT SUISSE STRATEGIC INCOME FUND You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Credit Suisse Funds. EXAMPLE "Other expenses" have been estimated for the fund's first year of operations. Because the fund is new, no performance information is available as of the date of this Prospectus. INVESTMENT OBJECTIVE Simply defined, risk is the possibility that you will lose money or not make money. PRINCIPAL RISKS OF INVESTING IN THE FUND Shareholder fees (paid directly from your investment) 1.00 PERFORMANCE SUMMARY 50000 877-870-2874 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) PORTFOLIO TURNOVER <tt>A WORD ABOUT RISK<br /> <br />All investments involve some level of risk. Simply defined, risk is the<br />possibility that you will lose money or not make money.<br /> <br />Principal risk factors for the fund are discussed below. Before you invest,<br />please make sure you understand the risks that apply to the fund. As with <br />any mutual fund, you could lose money over any period of time.<br /> <br />Investments in the fund are not bank deposits and are not insured or guaranteed<br />by the Federal Deposit Insurance Corporation or any other government agency.<br /> <br />BELOW INVESTMENT GRADE SECURITIES RISK<br /> <br />Below investment grade securities are regarded as being predominantly speculative <br />as to the issuer's ability to make payments of principal and interest. Investment <br />in such securities involves substantial risk. Issuers of below investment grade <br />securities may be highly leveraged and may not have available to them more <br />traditional methods of financing. Therefore, the risks associated with acquiring <br />the securities of such issuers generally are greater than is the case with <br />higher-rated securities.<br /> <br />COLLATERALIZED LOAN OBLIGATIONS RISK<br /> <br />CLOs are subject to the risk of substantial losses due to actual defaults,<br />decrease of market value due to collateral defaults and disappearance of<br />subordinate tranches, market anticipation of defaults, and investor aversion to<br />CLO securities as a class. The risks of CLOs depend largely on the type of the<br />underlying loans and the tranche of CLOs in which the fund invests. In addition,<br />CLOs carry risks including interest rate risk and credit risk.<br /> <br />CONFLICT OF INTEREST RISK<br /> <br />Affiliates of Credit Suisse may act as underwriter, lead agent or administrative<br />agent for loans and participate in the secondary market for loans. Because of<br />limitations imposed by applicable law, the presence of Credit Suisse's affiliates <br />in the primary and secondary markets for loans may restrict the fund's ability to <br />acquire some loans or affect the timing or price of such acquisitions.<br /> <br />CONVERTIBLE SECURITIES RISK<br /> <br />The market value of a convertible security performs like that of a regular debt<br />security; that is, if market interest rates rise, the value of a convertible<br />security usually falls. In addition, convertible securities are subject to the<br />risk that the issuer will not be able to pay interest or dividends when due, and<br />their market value may change based on changes in the issuer's credit rating or<br />the market's perception of the issuer's creditworthiness. Since it derives a<br />portion of its value from the common stock into which it may be converted, a<br />convertible security is also subject to the same types of market and issuer<br />risks that apply to the underlying common stock.<br />&#xA0;&#xA0;<br />CREDIT RISK<br /> <br />The issuer of a security, the borrower of a loan or the counterparty to a<br />contract, including derivatives contracts, may default or otherwise become<br />unable to honor a financial obligation. Changes in an issuer's credit rating or<br />the market's perception of an issuer's creditworthiness also may affect the<br />value of the fund's investment in that issuer.<br /> <br />DERIVATIVES RISK<br /> <br />Derivatives are financial contracts whose value depends on, or is derived from,<br />the value of an underlying asset, instrument or index. The fund may use<br />derivatives as part of a strategy designed to reduce exposure to certain risks,<br />such as currency risk. Derivatives are subject to a number of risks described<br />elsewhere in this Prospectus, such as interest rate risk, market risk and credit<br />risk. Also, suitable derivative transactions may not be available in all<br />circumstances and there can be no assurance that the fund will engage in these<br />transactions to reduce exposure to other risks when that would be beneficial.<br /> <br />EXTENSION RISK<br /> <br />An unexpected rise in interest rates may extend the life of a mortgage-backed<br />security beyond the expected prepayment time, typically reducing the security's<br />value.<br /> <br />FOREIGN SECURITIES RISK<br /> <br />A fund that invests outside the U.S. carries additional risks that include:<br /> <br />o Currency Risk Fluctuations in exchange rates between the U.S. dollar and<br />&#xA0;&#xA0;foreign currencies may negatively affect an investment. Adverse changes in<br />&#xA0;&#xA0;exchange rates may erode or reverse any gains produced by<br />&#xA0;&#xA0;foreign-currency-denominated investments and may widen any losses. The fund may,<br />&#xA0;&#xA0;but is not required to, seek to reduce currency risk by hedging part or all of<br />&#xA0;&#xA0;its exposure to various foreign currencies.<br /> <br />o Information Risk Key information about an issuer, security or market may be<br />&#xA0;&#xA0;inaccurate or unavailable.<br /> <br />o Political Risk Foreign governments may expropriate assets, impose capital or<br />&#xA0;&#xA0;currency controls, impose punitive taxes, or nationalize a company or industry.<br />&#xA0;&#xA0;Any of these actions could have a severe effect on security prices and impair<br />&#xA0;&#xA0;the fund's ability to bring its capital or income back to the U.S. Other<br />&#xA0;&#xA0;political risks include economic policy changes, social and political instability, <br />&#xA0;&#xA0;military action and war.<br /> <br />FUTURES CONTRACTS RISK<br /> <br />The risks associated with the fund's use of futures contracts include the risk<br />that: (i) changes in the price of a futures contract may not always track the<br />changes in market value of the underlying reference asset; (ii) trading <br />restrictions or limitations may be imposed by an exchange, and government<br />regulations may restrict trading in futures contracts; and (iii) if the fund has<br />insufficient cash to meet margin requirements, the fund may need to sell other<br />investments, including at disadvantageous times.<br /> <br />INTEREST RATE RISK<br /> <br />Changes in interest rates may cause a decline in the market value of an<br />investment. With bonds and other debt instruments, a rise in interest rates<br />typically causes a fall in values, while a fall in interest rates typically<br />causes a rise in values. Generally, the longer the maturity or duration of a<br />debt instrument, the greater the impact of a change in interest rates on the<br />instrument's value.<br /> <br />LIQUIDITY RISK<br /> <br />Certain portfolio holdings may be difficult or impossible to sell at the time<br />and the price that the fund would like. The fund may have to lower the price,<br />sell other holdings instead or forgo an investment opportunity. Any of these<br />could have a negative effect on portfolio management or performance.<br /> <br />MARKET RISK<br /> <br />The market value of an instrument may fluctuate, sometimes rapidly and<br />unpredictably. These fluctuations, which are often referred to as "volatility,"<br />may cause an instrument to be worth less than it was worth at an earlier time.<br />Market risk may affect a single issuer, industry, sector of the economy, or the<br />market as a whole. Market risk is common to most investments - including stocks,<br />bonds and fixed income instruments, and the mutual funds that invest in them.<br /> <br />MORTGAGE- AND ASSET-BACKED SECURITIES RISKS<br /> <br />The value of the fund's mortgage-backed securities can fall if the owners of the<br />underlying mortgages pay off their mortgages sooner than expected, which could<br />happen when interest rates fall, or later than expected, which could happen when<br />interest rates rise. If the underlying mortgages are paid off sooner than<br />expected, the fund may have to reinvest this money in mortgage-backed or other<br />securities that have lower yields.<br /> <br />Payment of interest and repayment of principal may be impacted by the cash flows<br />generated by the assets backing asset-backed securities. The value of the fund's<br />asset-backed securities may also be affected by changes in interest rates, the<br />availability of information concerning the interests in and structure of the<br />pools of purchase contracts, financing leases or sales agreements that are<br />represented by these securities, the creditworthiness of the servicing agent for<br />the pool, the originator of the loans or receivables, or the entities that<br />provide any supporting letters of credit, surety bonds, or other credit<br />enhancements.<br />&#xA0;&#xA0;<br />PREPAYMENT RISK<br /> <br />In a declining interest rate environment, prepayment of loans and other fixed<br />income instruments with high stated interest rates may increase. In such<br />circumstances, the fund may have to reinvest the prepayment proceeds at lower<br />yields.<br /> <br />SENIOR LOANS RISKS<br /> <br />Senior Loans are subject to the risk that a court could subordinate a Senior<br />Loan, which typically holds the most senior position in the issuer's capital<br />structure, to presently existing or future indebtedness or take other action<br />detrimental to the holders of Senior Loans. Senior Loans are also subject to<br />heightened prepayment risk, as they usually have mandatory and optional<br />prepayment provisions. Senior Loans are subject to the risk that the value of<br />the collateral, if any, securing a loan may decline, be insufficient to meet <br />the obligations of the borrower, or be difficult to liquidate.<br /> <br />SHORT POSITION RISK<br /> <br />The fund may enter into a short position through a futures contract or swap<br />agreement. Taking short positions involves leverage of the fund's assets and<br />presents various risks. If the price of the asset, instrument or market on which<br />the fund has taken a short position increases, then the fund will incur a loss<br />equal to the increase in price from the time that the short position was entered<br />into plus any premiums and interest paid to a third party. Therefore, taking<br />short positions involves the risk that losses may be exaggerated, potentially<br />losing more money than the actual cost of the investment. The fund's loss on a<br />short sale could theoretically be unlimited in a case where the fund is unable,<br />for whatever reason, to close out its short position.<br /> <br />VALUATION RISK<br /> <br />The lack of an active trading market may make it difficult to obtain an accurate<br />price for an instrument held by the fund. Many derivative instruments are not<br />actively traded.</tt> FEES AND FUND EXPENSES PRINCIPAL INVESTMENT STRATEGIES www.credit-suisse.com/us/funds <tt>Because the fund is new, no performance information is available as of the date<br />of this Prospectus.<br /> <br />The fund makes updated performance information available at the fund's website<br />(www.credit-suisse.com/us/funds) or by calling Credit Suisse Funds at<br />877-870-2874.</tt> <tt>The accompanying tables describe the fees and expenses that you may pay if you<br />buy and hold shares of the fund.<br /> <br />You may qualify for sales charge discounts if you and your family invest, or<br />agree to invest in the future, at least $50,000 in Credit Suisse Funds. More<br />information about these and other discounts is available from your financial<br />representative and in this Prospectus on page 48 under the heading "Other<br />Shareholder Information - Class A and C Shares and Sales Charges" and in the<br />fund's Statement of Additional Information ("SAI") on page 39 under the heading<br />"Additional Purchase and Redemption Information."</tt> <div style="display:none">~ http://www.credit-suisse.com/role/OperatingExpensesData_S000038293Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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. <div style="display:none">~ http://www.credit-suisse.com/role/ExpenseExampleNoRedemption_S000038293Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.credit-suisse.com/role/ShareholderFeesData_S000038293Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> CSOIX 0.0000 101 101 511 -0.0092 -0.0200 0.0116 0.0075 511 0.00 0.0000 0.0099 0.0191 0.0000 CSOCX 0.0000 302 202 814 -0.0092 -0.0200 0.0116 0.0075 814 0.00 0.0100 0.0199 0.0291 0.0100 CSOAX 0.0475 595 595 1034 -0.0092 -0.0200 0.0116 0.0075 1034 0.00 0.0025 0.0124 0.0216 0.0000 0000946110 ck0000946110:SummaryS000038293Memberck0000946110:S000038293Memberck0000946110:C000118186Member 2012-09-18 2012-09-18 0000946110 ck0000946110:SummaryS000038293Memberck0000946110:S000038293Memberck0000946110:C000120097Member 2012-09-18 2012-09-18 0000946110 ck0000946110:SummaryS000038293Memberck0000946110:S000038293Memberck0000946110:C000120098Member 2012-09-18 2012-09-18 0000946110 ck0000946110:SummaryS000038293Memberck0000946110:S000038293Member 2012-09-18 2012-09-18 0000946110 2012-09-18 2012-09-18 pure iso4217:USD Purchases of shares of $1,000,000 or more may be subject to a 0.50% deferred sales charge on redemptions within 12 months of purchase. 1% during the first year. "Other expenses" have been estimated for the fund's first year of operations. Credit Suisse Opportunity Funds (the "Trust") and Credit Suisse Asset Management, LLC ("Credit Suisse") have entered into a written contract limiting operating expenses to 1.24% of the fund's average daily net assets for Class A shares, 1.99% of the fund's average daily net assets for Class C shares and 0.99% of the fund's average daily net assets for Class I shares at least through the fund's first year of operations (the fund has not yet begun operations). 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 fund's first year of operations 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 are paid. This contract may not be terminated before the end of the fund's first year of operations.