Credit Suisse Emerging Markets Equity Fund March 31, 2017

Fund Statistics1

Net Assets ($ Millions) 26.8

Number of Holdings 80

Dividends Paid Annually

Sector Weightings vs. MSCI Emerging Markets Index1

Sector Portfolio MSCI

EM Index

Information Technology 30.3% 24.5%

Financials 25.7% 24.1%

Consumer Discretionary 12.2% 10.4%

Consumer Staples 6.1% 6.9%

Energy 6.0% 7.3%

Industrials 5.7% 5.9%

Telecommunication Services 4.9% 5.6%

Real Estate 3.2% 2.6%

Materials 2.6% 7.5%

Utilities 2.1% 2.8%

Health Care 1.1% 2.4%

Top Ten Holdings1

Holding Portfolio MSCI

EM

Index

Samsung Electronics Co. 5.70% 4.42%

Tencent Holdings Ltd. 5.08% 3.72%

Taiwan Semiconductor

Manufacturing Co. 4.52% 3.56%

NetEase, Inc. 2.86% 0.54%

PTT PCL 2.67% 0.27%

Hero MotoCorp Ltd. 2.52% 0.06%

KT Corp. 2.24% 0.02%

Bank of China Ltd. 2.20% 0.91%

Banco do Brasil S.A. 2.20% 0.21%

China CITIC Bank Corp. 1.96% 0.00%

Investment Objective

The fund seeks capital appreciation.

Investment Approach

The stock selection process leverages Credit Suisse’s proprietary Industrial Life Cycle (ILC) investment methodology, powered by HOLT. ILC provides for an innovative method to stock selection, and offers a consistent, structured, and repeatable investment process.

ILC, based on the idea that wealth creation principles vary depending on where a company falls on a scale of maturity, classifies the equity universe into five stages: Start-Up, Growth, Cash Cow, Fading Winner and Restructuring. The approach then identifies the primary drivers of future share price performance within each life cycle stage, determining attractiveness based upon measures including Valuation, Quality, Earnings Momentum, and Price Momentum.

The Team seeks the best ideas across each stage to offer an equity portfolio that maximizes exposure to potential sources of alpha via stock selection, while minimizing traditional sources of risk, including country, sector, and style bias.

Quarterly Commentary

Further reflections on the state of the global economy brought good cheer back to Emerging Market equities in the New Year. The MSCI Emerging Markets Index gained 11.4% in the first quarter, which has taken the market approximately 5% above the highs seen last year prior to the US presidential election. The calmer market setting in the quarter fostered a solid backdrop for relative gains from stock selection. The Fund was able to capitalize on this with a return of 13.8% (net, I share class). Pure stock selection investment results will always have greater potential for success in a market offering differentiated returns. The first quarter provided this backdrop on a number of dimensions, from stages to countries to sectors. The portfolio generated positive attribution in four out of five life cycle stages, with pronounced strength in the Growth stage. The strength in this area, a laggard last year, was driven by a balanced mix of old and new positions ranging from mobile gaming to optical lens production for phones and automobiles. The more valuation-oriented portions of the maturity scale also provided attribution, with the Cash Cow and Financials areas being the highlights. The continued strength in Cash Cows was especially gratifying given the difficulties faced there in the past few years. The attention to valuation in this space was a clear disadvantage in the more volatile periods of synchronized global quantitative easing. The gradual normalization of interest rate curves has revived what the ILC process believes to be the most durable long-term approach to successful stock selection in this high quality portion of the market. Success in the quarter was reassuringly diverse, from Chinese white goods to Mexican infrastructure. Outlook: The ILC investment process has reaped the rewards of a calmer backdrop. Our proprietary blend of stock selection based upon seeking the best operating companies across the spectrum of the maturity scale provided necessary ballast during the past four turbulent years as investors favored high quality and high multiple franchises for their perceived stability. We believe our unique collection of the cheapest companies across the spectrum of stage, country and sector has routinely been the most powerful indicator of quarterly returns for four of the last five quarters. This has mainly come at the expense of performance from the highest quality/lowest volatility profile companies. The consistency of this market structure has no doubt provided a new dose of enthusiasm for the core nature of the ILC investment approach. The prior market preference (high quality/momentum) endured for at least twelve quarters. This would suggest that the current backdrop of relative valuation may well have a steady path forward for the next few years.

All investments involve some level of risk. Simply defined, risk is the possibility that you will lose money or not make money. Principal risk factors for the fund include: currency risk, derivatives risk, emerging markets risk, equity exposure risk, foreign securities risk, liquidity risk, manager risk, market risk and small- and mid-cap stock risk. Before you invest, please make sure you understand the risks that apply to the fund. As with any mutual fund, you could lose money over any period of time. Investments in the fund are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

The fund’s investment objectives, risks, charges and expenses (which should be considered carefully before investing), and more complete information about the fund, are provided in the Prospectus, which should be read carefully before investing. You may obtain copies by calling 800-577-2321. For up-to-date performance, please visit our website at www.credit-suisse.com/us/funds.

CREDIT SUISSE SECURITIES (USA), LLC, DISTRIBUTOR Copyright © 2017 by CREDIT SUISSE GROUP AG and/or its affiliates. All rights reserved.

Share Class Information Class A Class C Class I

Ticker Symbol CSNAX CSNCX CSNIX

CUSIP 22540S 695 22540S 687 22540S 679

NAV on 3/31/17 $9.64 $9.62 $9.65

52 Week High $9.76 (3/29/17) $9.74 (3/29/17) $9.76 (3/29/17)

52 Week Low $7.80 (5/19/16) $7.77 (5/19/16) $7.80 (5/19/16)

Maximum Sales Charge2 5.25% 1.00% – Redemption Fee – – –

Asset Management

1Percentages and characteristics are as of 3/31/17 and may have changed subsequently. This is not a recommendation to purchase or sell securities.

2 The current maximum initial sales charge for Class A shares is 5.25%. The initial sales charge is reduced for larger purchases. Purchases over $1,000,000 or more are not subject to an initial sales charge but may be subject to a 1.00% CDSC on redemptions made within 12 months of purchase. The current maximum CDSC for Class C shares is 1.00% during the first year.

3 The MSCI Emerging Markets Index captures large and mid cap representation across emerging markets countries and covers approximately 85% of the free float-adjusted market capitalization in each country. Investors cannot invest directly in an index. * Class I shares are offered to (1) investors in employee retirement, stock, bonus, pension or profit sharing plans, (2) investment advisory clients of Credit Suisse, (3) employees of Credit Suisse or its affiliates and current and former Directors and Trustees of funds advised by Credit Suisse or its affiliates, (4) Credit Suisse or its affiliates and (5) any corporation, partnership, association, joint-stock company, trust, fund or any organized group of persons whether incorporated or not that has a formal or informal consulting or advisory relationship with Credit Suisse or a third party through which the investment is made. Class I shares also are offered to clients of financial intermediaries (including broker-dealers and registered investment advisers (“RIAs”)) who charge such clients an ongoing fee for advisory, investment, consulting or similar services. The aggregate value of such accounts with respect to each financial intermediary must be at least $250,000 (or be anticipated by the principal underwriter to reach $250,000). The minimum initial investment for Class I shares for employees of Credit Suisse or its affiliates is $50,000 across all Credit Suisse Funds. For purposes of determining the $50,000 minimum, employees may aggregate shares held in all Credit Suisse Funds. ** Estimated fees and expenses are taken from the prospectus dated 2/28/2017. Credit Suisse Opportunity Funds (the “Trust”) and Credit Suisse Asset Management, LLC (“Credit Suisse”) have entered into a written contract limiting operating expenses to 1.50% of the fund’s average daily net assets for Class A shares, 2.25% of the fund’s average daily net assets for Class C shares and 1.25% of the fund’s average daily net assets for Class I shares at least through February 28, 2018. This limit excludes 0.03% of certain expenses, including interest charges on fund borrowings, taxes, brokerage commissions, dealer spreads and other transaction charges, expenditures that are capitalized in accordance with generally accepted accounting principles, acquired fund fees and expenses, short sale dividends, and extraordinary expenses (e.g., litigation and indemnification and any other costs and expenses that may be approved by the Board of Trustees). The Trust is authorized to reimburse Credit Suisse for management fees previously limited and/or for expenses previously paid by Credit Suisse, provided, however, that any reimbursements must be paid at a date not more than three years after the end of the fiscal year during which such fees were limited or expenses were paid by Credit Suisse and the reimbursements do not cause a class to exceed the applicable expense limitation in the contract at the time the fees were limited or expenses were paid. This contract may not be terminated before February 28, 2018. See the Fund’s prospectus for details. *** Provided only for share classes with less than 10 years of performance history.

Sources: Credit Suisse Asset Management, LLC; Bloomberg; MSCI

Performance Average Annual Total Returns (as of 3/ 31/ 17)

Class

Inception

Gross

Expense

Ratio••

Net

Expense

Ratio••

YTD

Return

Quarterly

Returns

3/ 31/ 17

1 Year 3 Year 5 Year 10 Year Since

Class

Inception•••

Class I* 12/26/13 2.63% 1.28% 13.80% 13.80% 19.46% 0.90% – – 0.92%

Class A (without sales charge) 12/26/13 2.88% 1.53% 13.68% 13.68% 19.18% 0.65% – – 0.65%

Class A (with max. 5.25% sales charge)2 12/26/13 2.88% 1.53% 7.71% 7.71% 12.88% -1.16% – – -0.98%

Class C (without sales charge) 12/26/13 3.63% 2.28% 13.44% 13.44% 18.18% -0.11% – – -0.10%

Class C (with max. 1.00% sales charge)2 12/26/13 3.63% 2.28% 12.44% 12.44% 17.18% -0.11% – – -0.10%

MSCI Emerging Markets Index3 – – – 11.44% 11.44% 17.22% 1.18% – – 1.24%

China/Hong Kong 31.5%

South Korea 14.9%

Taiwan 12.3%

Brazil 9.2%

Thailand 6.4%

India 6.0%

Russia 5.3%

South Africa 3.1%

Turkey 2.3%

Mexico 2.3%

Others 6.7%

Country Weightings1

From time to time, the fund’s investment adviser and co-administrators may waive some fees and/or reimburse some expenses at any time, without which performance would be lower. Waivers and/or reimbursements are subject to change. Returns represent past performance and include change in share price and reinvestment of dividends and capital gains. Past performance is no guarantee of future results. The current performance of the fund may be lower or higher than the figures shown. The fund’s yield, returns and share price will fluctuate, and redemption value may be more or less than original cost. Performance information current to the most recent month-end is available at www.credit-suisse.com/us/funds.