Credit Suisse Equity Fund (Lux) Unaudited Semi-Annual Report at 30.09.2008 Investment fund under Luxembourg law Credit Suisse Equity Fund (Lux) • Unaudited Semi-Annual Report at 30.09.2008 Table of Contents Page 2 Management and Administration 3 Consolidated Report 5 Report by Subfund Credit Suisse Equity Fund (Lux) Asian Property 9 Credit Suisse Equity Fund (Lux) Asian Tigers 13 Credit Suisse Equity Fund (Lux) Brazil 18 Credit Suisse Equity Fund (Lux) Convergence Europe 22 Credit Suisse Equity Fund (Lux) Dividend Europe 26 Credit Suisse Equity Fund (Lux) Eastern Europe 30 Credit Suisse Equity Fund (Lux) Emerging Markets 34 Credit Suisse Equity Fund (Lux) European AlphaMax 40 Credit Suisse Equity Fund (Lux) European Blue Chips 41 Credit Suisse Equity Fund (Lux) European Property 46 Credit Suisse Equity Fund (Lux) Future Energy 50 Credit Suisse Equity Fund (Lux) Germany 55 Credit Suisse Equity Fund (Lux) Global Biotech 56 Credit Suisse Equity Fund (Lux) Global Communications 60 Credit Suisse Equity Fund (Lux) Global Financials 64 Credit Suisse Equity Fund (Lux) Global InfoTech 65 Credit Suisse Equity Fund (Lux) Global Prestige 70 Credit Suisse Equity Fund (Lux) Global Resources 74 Credit Suisse Equity Fund (Lux) Global Security 78 Credit Suisse Equity Fund (Lux) Greater China 82 Credit Suisse Equity Fund (Lux) Infrastructure 86 Credit Suisse Equity Fund (Lux) Italy 91 Credit Suisse Equity Fund (Lux) Japan Megatrend 95 Credit Suisse Equity Fund (Lux) Latin America 99 Credit Suisse Equity Fund (Lux) Leading Brands 104 Credit Suisse Equity Fund (Lux) Russia Explorer 108 Credit Suisse Equity Fund (Lux) Small and Mid Cap Germany 113 Credit Suisse Equity Fund (Lux) Small Cap Europe 118 Credit Suisse Equity Fund (Lux) Small Cap Japan 123 Credit Suisse Equity Fund (Lux) Small Cap USA 128 Credit Suisse Equity Fund (Lux) Style Invest Europe 140 Credit Suisse Equity Fund (Lux) USA 146 Credit Suisse Equity Fund (Lux) USA Value 153 Credit Suisse Equity Fund (Lux) World 157 Credit Suisse Equity Fund (Lux) • Unaudited Semi-Annual Report at 30.09.2008 Management and Administration Page 3 Management Company Distribution Agents Credit Suisse Equity Fund Management Company Credit Suisse 5, rue Jean Monnet, L-2180 Luxembourg Paradeplatz 8, CH-8001 Zurich R.C.S. Luxembourg B 44 867 Credit Suisse Asset Management Fund Service (Luxembourg) S.A. 5, rue Jean Monnet, L-2180 Luxembourg Board of Directors Credit Suisse (Deutschland) AG Lawrence D. Haber, Chairman of the Board (until 13.05.2008) Junghofstrasse 16, D-60311 Frankfurt/Main Managing Director, Chief Operating Officer, Asset Management, Credit Suisse, Zurich Credit Suisse Asset Management (France) S.A. 25, avenue Kléber, F-75784 Paris Cedex 16 Raymond Melchers, Vice-Chairman of the Board Credit Suisse Asset Management Fund Service (Luxembourg) S.A., Luxembourg Investment Advisers Luca Diener, Member of the Board Managing Director, Credit Suisse, Zurich Credit Suisse Paradeplatz 8, CH-8001 Zurich Germain Trichies, Member of the Board Credit Suisse Asset Management Fund Service (Luxembourg) S.A., Luxembourg - Credit Suisse Equity Fund (Lux) European Property - Credit Suisse Equity Fund (Lux) Global InfoTech Guy Reiter, Member of the Board - Credit Suisse Equity Fund (Lux) Global Security Credit Suisse Asset Management Fund Service (Luxembourg) S.A., Luxembourg - Credit Suisse Equity Fund (Lux) Small Cap Europe - Credit Suisse Equity Fund (Lux) Small and Mid Cap Germany - Credit Suisse Equity Fund (Lux) Small Cap USA Custodian Bank - Credit Suisse Equity Fund (Lux) USA - Credit Suisse Equity Fund (Lux) USA Value Credit Suisse (Luxembourg) S.A. - Credit Suisse Equity Fund (Lux) World 56, Grand-Rue, L-1660 Luxembourg Credit Suisse Asset Management LLC "Réviseur d'Entreprises" 11 Madison Avenue, New York, NY 10010, USA KPMG Audit S.à r.l. - Credit Suisse Equity Fund (Lux) Latin America 9, Allée Scheffer, L-2520 Luxembourg - Credit Suisse Equity Fund (Lux) Emerging Markets Credit Suisse Asset Management Ltd. Representative in Switzerland One Cabot Square, GB-London E14 4QJ Credit Suisse Asset Management Funds AG - Credit Suisse Equity Fund (Lux) Convergence Europe Sihlcity – Kalandergasse 4, CH-8045 Zurich - Credit Suisse Equity Fund (Lux) Dividend Europe - Credit Suisse Equity Fund (Lux) Eastern Europe Paying Agent in Switzerland - Credit Suisse Equity Fund (Lux) European Blue Chips - Credit Suisse Equity Fund (Lux) Future Energy Credit Suisse - Credit Suisse Equity Fund (Lux) Global Biotech Paradeplatz 8, CH-8001 Zurich - Credit Suisse Equity Fund (Lux) Global Communications - Credit Suisse Equity Fund (Lux) Global Resources - Credit Suisse Equity Fund (Lux) Infrastructure Paying and Information Agent in Germany - Credit Suisse Equity Fund (Lux) Leading Brands - Credit Suisse Equity Fund (Lux) Russia Explorer Deutsche Bank AG Taunusanlage 12, D-60325 Frankfurt/Main Clariden Leu AG, Zurich Bahnhofstrasse 32, CH-8022 Zurich Additional Information Agent in Germany - Credit Suisse Equity Fund (Lux) Style Invest Europe Credit Suisse (Deutschland) AG Junghofstrasse 16, D-60311 Frankfurt/Main Credit Suisse Asset Management Ltd. Izumi Garden Tower, 1-6-1 Roppongi Minato-Ku, J-106-6024 Tokyo Paying Agent in Austria - Credit Suisse Equity Fund (Lux) Small Cap Japan Bank Austria Creditanstalt AG Am Hof 2, A-1010 Vienna Credit Suisse Asset Management (Singapore) Limited One Raffles Link, 039393 Singapore Principal correspondent bank in France - Credit Suisse Equity Fund (Lux) Asian Property - Credit Suisse Equity Fund (Lux) Asian Tigers BNP PARIBAS Securities Services - Credit Suisse Equity Fund (Lux) Greater China 3, rue d’Antin, F-75002 Paris - Credit Suisse Equity Fund (Lux) Japan Megatrend Paying Agent in the Principality of Liechtenstein Credit Suisse Asset Management Funds S.p.A., Societa di Gestione del Risparmio, LGT Bank in Liechtenstein Aktiengesellschaft Via S. Margherita, 3, I-20121 Mailand Herrengasse 12, FL-9490 Vaduz - Credit Suisse Equity Fund (Lux) Italy Credit Suisse Equity Fund (Lux) • Unaudited Semi-Annual Report at 30.09.2008 Management and Administration Page 4 Credit Suisse Asset Management (France) S.A. 25, avenue Kléber, F-75784 Paris Cedex 16 - Credit Suisse Equity Fund (Lux) Global Prestige Credit Suisse (Brasil) Distribuidora de Titulos e Valores Mobiliáres S.A. Av. Brigadeiro Faria Lim, 3.064, 13º e 14º andares (parte), São Paulo – SP, Brasil, CEP: 01451-000 - Credit Suisse Equity Fund (Lux) Brazil Central Administration Credit Suisse Asset Management Fund Service (Luxembourg) S.A. 5, rue Jean Monnet, L-2180 Luxembourg No subscription may be accepted on the basis of the financial reports. Subscriptions are accepted only on the basis of the current sales prospectus accompanied by the simplified prospectus, the latest annual report and the latest semi-annual report. The issue and redemption prices are published in Luxembourg at the registered office of the Management Company. The net asset value is also published daily on the Internet at www.credit-suisse.com and in different newspapers. Unitholders may obtain the sales prospectus, the simplified prospectus, the latest annual and semi-annual reports, the changes in the composition of the securities portfolio during the reporting period and copies of the Management Regulations free of charge from the registered office of the Management Company or the local representatives in the countries where the Fund is registered. Credit Suisse Equity Fund (Lux) • Unaudited Semi-Annual Report at 30.09.2008 Consolidated Report Page 5 Statement of Net Assets in CHF 30.09.2008 Assets Investments in securities at market value 6,918,369,279.59 Cash at banks 175,759,699.15 Receivable for securities sold 62,800,505.19 Subscriptions receivable 15,906,829.70 Income receivable 23,004,120.79 Formation expenses 251,674.69 Other assets 1,993,590.04 7,198,085,699.15 Liabilities Due to banks 21,777,777.18 Payable for securities purchased 35,580,498.23 Redemptions payable 22,956,554.77 Provisions for accrued expenses 11,508,757.77 Other liabilities 5,379,357.56 97,202,945.51 Net assets 7,100,882,753.64 The notes are an integral part of the financial statements. Credit Suisse Equity Fund (Lux) • Unaudited Semi-Annual Report at 30.09.2008 Consolidated Report Page 6 Statement of Operations in CHF For the period from 01.04.2008 to 30.09.2008 Income Dividends (net) 153,914,717.72 Bank interest 4,971,796.58 Other income 6,231,479.01 165,117,993.31 Expenses Management fee 77,326,190.68 Custodian and safe custody fees 2,998,325.14 Administration expenses 2,447,933.88 Printing and publication expenses 990,908.69 Interest and bank charges 861.16 Audit, control, legal, representative bank and other expenses 1,111,770.22 "Taxe d'abonnement" 2,007,937.31 Amortisation of formation expenses 48,140.15 86,932,067.23 Net income (loss) 78,185,926.08 Realised gain (loss) Net realised gain (loss) on sales of investments -473,824,901.44 Net realised gain (loss) on financial futures contracts -3,898,503.91 Net realised gain (loss) on forward foreign exchange contracts -65,278,669.18 -543,002,074.53 Net realised gain (loss) -464,816,148.45 Change in net unrealised appreciation (depreciation) Change in net unrealised appreciation (depreciation) on investments -2,070,583,105.63 Change in net unrealised appreciation (depreciation) on financial futures contracts -1,620,700.65 Change in net unrealised appreciation (depreciation) on forward foreign exchange contracts -9,303,845.62 -2,081,507,651.90 Net increase (decrease) in net assets as a result of operations -2,546,323,800.35 Subscriptions / Redemptions Subscriptions 3,365,948,089.61 Redemptions -3,887,924,454.30 -521,976,364.69 Distribution -22,186,037.39 The notes are an integral part of the financial statements. Credit Suisse Equity Fund (Lux) • Unaudited Semi-Annual Report at 30.09.2008 Consolidated Report Page 7 Notes General Income and expenses in currencies other than the reference currency of each subfund are converted into the reference currency at the foreign exchange rate Credit Suisse Equity Fund (Lux) ("the Fund") is a Luxembourg mutual investment applicable at the date they accrue to the subfund.