485BPOS 2012-09-20 0000946110 2012-09-25 CREDIT SUISSE OPPORTUNITY FUNDS false 2012-09-20 2012-09-25 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. As a result, the fund may be subject to greater volatility with respect to its portfolio securities than a fund that is diversified. <tt>The fund's portfolio turnover rate is expected to be low for regulatory purposes<br />because the computation excludes trades of derivatives and instruments with a<br />maturity of one year or less. However, the fund expects to engage in frequent<br />trading of derivatives, which could have tax consequences that impact shareholders, <br />such as the realization of taxable short-term capital gains. In addition, the fund <br />could incur transaction costs, such as commissions, when it buys and sells securities <br />and other instruments. Transaction costs, which are not reflected in annual fund <br />operating expenses or in the example, affect the fund's performance.</tt> <div style="display:none">~ http://www.credit-suisse.com/role/ExpenseExample_S000038355Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The fund seeks to achieve investment results that correspond generally to the<br />performance, before fees and expenses, of the Credit Suisse Managed Futures<br />Liquid Index.</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 seeks to achieve investment results that correspond generally to the<br />performance, before fees and expenses, of the Credit Suisse Managed Futures<br />Liquid Index (the "Index"). The Index, which was developed and is maintained by<br />Credit Suisse, is designed to provide exposure to both up and down price trends<br />in four broad asset classes: equities, fixed income, commodities and currencies.<br />The Index is currently composed of 14 futures contracts and 4 commodity indices<br />which provide exposure to the asset classes. The Index uses a proprietary<br />quantitative methodology to seek to identify price trends in each of the asset<br />classes over a variety of time horizons. Components of the Index, which may<br />change from time to time, are positioned either long or short based on the price<br />trends within the asset classes determined using the Index's quantitative<br />methodology.<br /> <br />The fund seeks to achieve its investment objective by investing directly and/or<br />indirectly through the Subsidiary (as described below) in a combination of<br />securities and derivative instruments that, as a whole, are intended to produce<br />returns, before fees and expenses, that generally track the returns of the Index. <br />The fund's investments may include, but are not limited to, equity index futures, <br />swaps on equity index futures, equity swaps, fixed income futures, swaps on fixed <br />income futures, commodity and commodity index-linked futures, swaps on commodity <br />and commodity index-linked futures, currency futures, swaps on currency futures, <br />currency forwards and equity-, fixed income-, commodity- and currency-linked <br />structured notes and exchange-traded notes ("ETNs"). There are no geographic <br />limits on the fund's holdings and the fund will have exposure to U.S. and <br />non-U.S. securities and currencies. In addition, the fund may have exposure <br />to issuers of any size or credit quality. The fund also invests a significant <br />portion of its assets in investment grade money market instruments, which may <br />include, but are not limited to, U.S. government securities, U.S. government <br />agency securities, short-term fixed income securities, repurchase agreements, <br />money market mutual fund shares, and cash and cash equivalents with one year <br />or less to maturity. The fund's money market instrument holdings serve as <br />collateral for the fund's derivative positions and also earn income for the<br />fund. The fund's return is expected to be derived principally from changes in<br />the value of securities and its portfolio is expected to consist principally of<br />securities.<br /> <br />The fund's use of futures, forwards, swaps and certain other financial<br />instruments will have the economic effect of financial leverage. Financial<br />leverage magnifies the exposure to the swings in prices of an asset class<br />underlying a financial instrument and results in increased volatility, which<br />means that the fund will have the potential for greater gains, as well as <br />the potential for greater losses, than if the fund does not use financial<br />instruments that have a leveraging effect. Leveraging tends to magnify,<br />sometimes significantly, the effect of any increase or decrease in the fund's <br />exposure to an asset class and may cause the fund's net asset value ("NAV") <br />to be volatile. A decline in the fund's assets due to losses magnified by the <br />financial instruments providing leveraged exposure may require the fund to <br />liquidate portfolio positions to satisfy its obligations, to meet redemption <br />requests or to meet asset segregation requirements under the Investment Company <br />Act of 1940, as amended (the "1940 Act"), when it may not be advantageous to <br />do so.<br /> <br />The fund will enter into short positions in seeking to track the Index, and may<br />use futures and swaps to do so. For example, the fund may enter into a futures<br />contract pursuant to which it agrees to sell an asset (that it does not<br />currently own) at a specified price at a specified point in the future. This<br />gives the fund a short position with respect to the asset. At times, the fund<br />may have significant short positions as a result of the composition of the<br />Index.<br /> <br />The fund intends to make investments through the Credit Suisse Cayman Liquid<br />Managed Futures Strategy Fund, Ltd, a wholly-owned subsidiary of the fund<br />organized under the laws of the Cayman Islands (the "Subsidiary"), and may<br />invest up to 25% of its total assets in the Subsidiary. The fund will invest <br />in the Subsidiary primarily to gain exposure to the commodities markets within <br />the limitations of the federal tax laws, rules and regulations that apply to<br />registered investment companies. Generally, the Subsidiary will invest in (long<br />and short) commodity-linked futures and swaps, but it may also invest in other<br />types of futures, swaps and options, as well as certain money market instruments, <br />including U.S. government securities, money market fund shares, repurchase <br />agreements and other high-quality, short-term fixed income instruments. The <br />primary purpose of the money market instruments held by the Subsidiary will be <br />to serve as collateral for the Subsidiary's derivative positions; however, these <br />instruments may also earn income for the Subsidiary.<br /> <br />The Index is rebalanced on a daily basis. Upon rebalancing, the Index may reposition <br />a component from long to short, or vice versa, based on the prevailing trends of the <br />component's market price identified by the Index's quantitative methodology. The <br />fund generally repositions its portfolio holdings on a daily basis in accordance with <br />the rebalancing of the Index. The percentage of the fund's portfolio exposed to each <br />asset class will vary from time to time as the Index component positions change. In <br />addition, for purposes of efficient portfolio management or to avoid unnecessary <br />costs, the portfolio managers may choose to not include one or more Index components <br />in the fund's portfolio in certain limited circumstances.<br /> <br />The fund is "non-diversified," meaning that a relatively high percentage of its<br />assets may be invested in a limited number of issuers of securities.</tt> CREDIT SUISSE LIQUID MANAGED FUTURES STRATEGY 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 and the Subsidiary'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) 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 possibility <br />that you will lose money or not make money.<br /> <br />Principal risk factors for the fund are discussed below. Before you invest, please <br />make sure you understand the risks that apply to the fund. As with any mutual fund, <br />you could lose money over any period of time.<br /> <br />The fund is not a complete investment program and should only form a part of a<br />diversified portfolio. Investors in the fund should be willing to assume the<br />risks of potentially significant short-term share price fluctuations.<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 />CFTC REGULATION<br /> <br />Due to recent Commodity Futures Trading Commission ("CFTC") rule amendments, the <br />disclosures and operations of the fund will need to comply with applicable<br />regulations governing commodity pools, which will increase the fund's regulatory<br />compliance costs. Other potentially adverse regulatory initiatives could<br />develop.<br /> <br />COMMODITY EXPOSURE RISKS<br /> <br />Exposure to the commodities markets may subject the fund to greater volatility<br />than investments in traditional securities. The value of commodity futures and<br />swaps may be affected by changes in overall market movements, commodity index<br />volatility, changes in interest rates, or sectors affecting a particular<br />industry or commodity, such as drought, floods, weather, livestock disease,<br />embargoes, tariffs and international economic, political and regulatory<br />developments.<br /> <br />CONCENTRATION RISK<br /> <br />If the Index is or becomes concentrated in a particular industry or group of<br />industries, the fund may invest 25% or more of the value of its total assets in<br />that industry or group of industries to the extent that it is necessary to gain<br />exposure to that industry or group of industries for purposes of tracking the<br />Index. Concentration of investments in a particular industry or group of<br />industries could subject the fund to greater risk of loss and could be<br />considerably more volatile than a broad-based market index or other mutual <br />funds that are diversified across a greater number of industries.<br /> <br />CREDIT RISK<br /> <br />The issuer of a debt instrument, the borrower of a loan or the counterparty to a<br />contract, including derivatives contracts, may default or otherwise become unable <br />to honor a financial obligation. Changes in an issuer's credit rating or the market's <br />perception of an issuer's creditworthiness also may affect the value of the fund's <br />investment in that issuer.<br /> <br />CURRENCY RISK<br /> <br />Currency risk is the risk that changes in currency exchange rates will<br />negatively affect securities or instruments denominated in, and/or payments<br />received in, foreign currencies. Adverse changes in currency exchange rates<br />(relative to the U.S. dollar) may erode or reverse any potential gains from <br />the fund's investments in financial instruments with underlying securities or<br />instruments denominated in a foreign currency or may widen existing losses.<br /> <br />DERIVATIVES RISK<br /> <br />Derivatives are financial contracts whose values depend on, or are derived <br />from, the value of an underlying asset, instrument or index. The fund's use of<br />derivative instruments involves risks different from, or possibly greater than,<br />the risks associated with investing directly in securities and other traditional<br />investments. Derivatives are subject to a number of risks described elsewhere in<br />this Prospectus, such as commodity exposure risks, currency risk, equity risk,<br />fixed income risk, interest rate risk, market risk and credit risk. Also,<br />suitable derivative transactions may not be available in all circumstances.<br /> <br />EQUITY RISK<br /> <br />Equity security prices have historically risen and fallen in periodic cycles.<br />U.S. and foreign equity markets have experienced periods of substantial price<br />volatility in the past and may do so again in the future.<br /> <br />EXCHANGE-TRADED NOTES RISK<br /> <br />ETNs are a type of unsecured, unsubordinated debt security that have<br />characteristics and risks similar to those of fixed income securities and <br />trade on a major exchange similar to shares of exchange-traded funds ("ETFs").<br />However, this type of debt security differs from other types of bonds and notes<br />because ETN returns are based upon the performance of a market index minus<br />applicable fees, no periodic coupon payments are distributed, and no principal<br />protections exist. The purpose of ETNs is to create a type of security that<br />combines the aspects of both bonds and ETFs. The value of an ETN may be<br />influenced by time to maturity, level of supply and demand for the ETN,<br />volatility and lack of liquidity in underlying commodities or securities<br />markets, changes in the applicable interest rates, changes in the issuer's<br />credit rating and economic, legal, political or geographic events that affect<br />the referenced commodity or security.<br /><br />FIXED INCOME RISK<br /> <br />The market value of fixed income investments, and financial instruments related<br />to those fixed income investments, will change in response to interest rate<br />changes and other factors, such as changes in the effective maturities and<br />credit ratings of fixed income investments. During periods of falling interest<br />rates, the values of outstanding fixed income securities and related financial<br />instruments generally rise. Conversely, during periods of rising interest rates,<br />the values of such securities and related financial instruments generally<br />decline. Fixed income investments are also subject to credit risk.<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 See "Currency Risk" above.<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<br />&#xA0;&#xA0;instability, military action and war.<br /> <br />FORWARDS RISK<br /> <br />Forwards are not exchange-traded and therefore no clearinghouse or exchange<br />stands ready to meet the obligations of the contracts. Thus, the fund faces <br />the risk that its counterparties may not perform their obligations. Forward<br />contracts are not regulated by the CFTC and therefore, the fund will not <br />receive any benefit of CFTC regulation when trading forwards.<br /> <br />FUTURES CONTRACTS RISK<br /> <br />The risks associated with the fund's use of futures contracts and swaps and<br />structured notes that reference the price of futures contracts include the <br />risk that: (i) changes in the price of a futures contract may not always track <br />the 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 <br />has insufficient cash to meet margin requirements, the fund may need to sell <br />other investments, including at disadvantageous times.<br /> <br />INDEX/TRACKING ERROR RISK<br /> <br />Although the fund attempts to track the investment performance of the Index, the<br />fund may not be able to duplicate its exact return. In addition, unlike the fund, <br />the returns of the Index are not reduced by investment and other operating expenses.<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 />LEVERAGING RISK<br /> <br />The fund may invest in certain derivatives that provide leveraged exposure. The<br />fund's investment in these instruments generally requires a small investment<br />relative to the amount of investment exposure assumed. As a result, such<br />investments may cause the fund to lose more than the amount it invested in <br />those instruments. The net asset value of the fund when employing leverage <br />will be more volatile and sensitive to market movements. Leverage may involve <br />the creation of a liability that requires the portfolio to pay interest.<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 commodities, and the mutual funds that invest in them.<br /> <br />MODEL AND STYLE RISK<br /> <br />The fund bears the risk that the Index's proprietary quantitative methodology<br />will not be successful in identifying price trends in each of the asset classes<br />to which the Index provides exposure. Further, the Index's proprietary<br />quantitative methodology may incorrectly identify price trends and these<br />misidentified opportunities may lead to substantial losses. In addition, there<br />may be periods when investing based on price trends is out of favor, and during<br />which the investment performance of a fund or index using a trend strategy may<br />underperform funds or indices using other investment approaches.<br /> <br />MONEY MARKET FUNDS RISK<br /> <br />Investing in money market funds subjects the fund to a pro rata portion of the<br />money market fund's fees and expenses.<br /> <br />NON-DIVERSIFIED STATUS<br /> <br />The fund is considered a non-diversified investment company under the 1940 Act,<br />and is permitted to invest a greater proportion of its assets in the securities<br />of a smaller number of issuers. As a result, the fund may be subject to greater<br />volatility with respect to its portfolio securities than a fund that is<br />diversified.<br /> <br />PORTFOLIO TURNOVER RISK<br /> <br />The fund expects to engage in frequent trading of derivatives. Active and<br />frequent trading may lead to the realization and distribution to shareholders <br />of higher short-term capital gains, which would increase their tax liability.<br />Frequent trading also increases transaction costs, which could detract from the<br />fund's performance.<br /> <br />REPURCHASE AGREEMENTS RISK<br /> <br />Repurchase agreements could involve certain risks in the event of default or<br />insolvency of the seller, including losses and possible delays or restrictions<br />upon the fund's ability to dispose of the underlying securities. To the extent<br />that, in the meantime, the value of the securities that the fund has purchased<br />has decreased, the fund could experience a loss. The fund will be exposed to the<br />credit of the counterparties to repurchase agreements and their ability to<br />satisfy the terms of the agreements, which exposes the fund to the risk that the<br />counterparties may default on their obligations to perform under the agreements.<br /> <br />SHORT POSITION RISK<br /> <br />The fund or the Subsidiary may enter into a short position through a futures<br />contract or swap agreement. Taking short positions involves leverage of the<br />fund's or the Subsidiary's assets and presents various risks. If the price of<br />the asset, instrument or market on which the fund or the Subsidiary has taken <br />a short position increases, then the fund or the Subsidiary 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 or the<br />Subsidiary's loss on a short sale could theoretically be unlimited in a case<br />where the fund or the Subsidiary, as the case may be, is unable, for whatever<br />reason, to close out its short position. The fund's risk of loss with respect <br />to short sales may be significant, as the fund may have a substantial amount <br />of short positions in its portfolio.<br /> <br />SPECULATIVE EXPOSURE RISK<br /> <br />Gains or losses from speculative positions in a derivative may be much greater<br />than the derivative's original cost. For example, potential losses from swaps <br />and speculative short sales are unlimited.<br /> <br />STRUCTURED NOTE RISK<br /> <br />The value of a structured note will be influenced by time to maturity, level <br />of supply and demand for the type of note, interest rate and market volatility,<br />changes in the issuer's credit rating, and economic, legal, political, or<br />geographic events that affect the reference asset. In addition, there may be <br />a lag between a change in the value of the underlying reference asset and the<br />value of the structured note.<br /> <br />SUBSIDIARY RISK<br /> <br />By investing in the Subsidiary, the fund is indirectly exposed to the risks<br />associated with the Subsidiary's investments. The derivatives and other<br />investments held by the Subsidiary are generally similar to those that are<br />permitted to be held by the fund and are subject to the same risks that apply <br />to similar investments if held directly by the fund. These risks are described<br />elsewhere in this Prospectus. There can be no assurance that the investment<br />objective of the Subsidiary will be achieved.<br /> <br />The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted<br />in this Prospectus, is not subject to all the investor protections of the 1940<br />Act. However, the fund wholly owns and controls the Subsidiary, and the fund <br />and the Subsidiary are both managed by Credit Suisse, making it unlikely that <br />the Subsidiary will take action contrary to the interests of the fund and its<br />shareholders. The fund's Board of Trustees has oversight responsibility for the<br />investment activities of the fund, including its investment in the Subsidiary,<br />and the fund's role as sole shareholder of the Subsidiary. The Subsidiary will<br />be subject to the same investment restrictions and limitations, and follow the<br />same compliance policies and procedures as the fund.<br /> <br />Changes in the laws of the United States and/or the Cayman Islands could result<br />in the inability of the fund and/or the Subsidiary to continue to operate as it<br />does currently and could adversely affect the fund.<br /> <br />SWAP AGREEMENTS RISK<br /> <br />Swap agreements involve the risk that the party with whom the fund has entered<br />into the swap will default on its obligation to pay the fund and the risk that<br />the fund will not be able to meet its obligations to pay the other party to the<br />agreement.<br /> <br />TAX RISK<br /> <br />In order to qualify as a Regulated Investment Company (a "RIC") under the Internal <br />Revenue Code of 1986, as amended (the "Code"), the fund must meet certain requirements <br />regarding the source of its income, the diversification of its assets and the <br />distribution of its income. The Internal Revenue Service ("IRS") has issued a ruling <br />that income realized from certain types of commodity-linked derivatives would not be <br />qualifying income. As a result, the fund's ability to realize income from investments <br />in such commodity-linked derivatives as part of its investment strategy would be <br />limited to a maximum of 10% of its gross income. If the fund fails to qualify as a <br />RIC, the fund will be subject to federal income tax on its net income at regular <br />corporate rates (without reduction for distributions to shareholders). When <br />distributed, that income also would be taxable to shareholders as an ordinary <br />dividend to the extent attributable to the fund's earnings and profits. If the fund <br />were to fail to qualify as a RIC and became subject to federal income tax, <br />shareholders of the fund would be subject to diminished returns.<br /> <br />The IRS has issued private letter rulings to registered investment companies<br />concluding that income derived from their investment in a wholly-owned subsidiary <br />would constitute qualifying income to the fund. The IRS has indicated that the <br />granting of these types of private letter rulings is currently suspended, pending <br />further internal discussion. As a result, the fund has not received and there can <br />be no assurance that the IRS will grant, such a private letter ruling to the fund. <br />If the fund does not request and receive such a private letter ruling, there is a <br />risk that the IRS could assert that the income derived from the fund's investment <br />in the Subsidiary will not be considered qualifying income for purposes of the fund <br />remaining qualified as a RIC for U.S. federal income tax purposes.<br /> <br />U.S. GOVERNMENT SECURITIES RISK<br /> <br />Obligations of U.S. government agencies and authorities are supported by varying<br />degrees of credit but generally are not backed by the full faith and credit of<br />the U.S. government. No assurance can be given that the U.S. government will<br />provide financial support to its agencies and authorities if it is not obligated<br />by law to do so.<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 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 56 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 36 under the heading<br />"Additional Purchase and Redemption Information."</tt> <div style="display:none">~ http://www.credit-suisse.com/role/OperatingExpensesData_S000038355Member 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_S000038355Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.credit-suisse.com/role/ShareholderFeesData_S000038355Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> CSAIX 0.0000 0.0091 173 173 621 -0.0041 -0.0200 0.0115 621 0.0005 0.00 0.0000 0.0170 0.0211 0.0000 CSACX 0.0000 0.0091 373 273 921 -0.0041 -0.0200 0.0115 921 0.0005 0.00 0.0100 0.0270 0.0311 0.0100 CSAAX 0.0525 0.0091 713 713 1186 -0.0041 -0.0200 0.0115 1186 0.0005 0.00 0.0025 0.0195 0.0236 0.0000 0000946110 ck0000946110:SummaryS000038355Memberck0000946110:S000038355Memberck0000946110:C000118321Member 2012-09-25 2012-09-25 0000946110 ck0000946110:SummaryS000038355Memberck0000946110:S000038355Memberck0000946110:C000120617Member 2012-09-25 2012-09-25 0000946110 ck0000946110:SummaryS000038355Memberck0000946110:S000038355Memberck0000946110:C000120618Member 2012-09-25 2012-09-25 0000946110 ck0000946110:SummaryS000038355Memberck0000946110:S000038355Member 2012-09-25 2012-09-25 0000946110 2012-09-25 2012-09-25 iso4217:USD pure Purchases of shares of $1,000,000 or more may be subject to a 1% deferred sales charge on redemptions within 12 months of purchase. 1% during the first year. The fund invests in Credit Suisse Cayman Liquid Managed Futures Strategy Fund, Ltd, a wholly-owned subsidiary of the fund organized under the laws of the Cayman Islands (the "Subsidiary"). "Other expenses" have been estimated for the fund's and the Subsidiary'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 1.95% of the fund's average daily net assets for Class A shares, 2.70% of the fund's average daily net assets for Class C shares and 1.70% 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.