Credit Suisse Commodity Strategy Funds N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-21589
CREDIT SUISSE COMMODITY RETURN STRATEGY FUND
(Exact name of registrant as specified in charter)
Eleven Madison Avenue, New York, New York					10010
(Address of principal executive offices)					(Zip code)
J. Kevin Gao, Esq. Credit Suisse Commodity Return Strategy Fund Eleven Madison Avenue New York, New York  10010
(Name and address of agent for service)
Registrant’s telephone number, including area code:				(212) 325-2000
Date of fiscal year end:	October 31st
Date of reporting period:		November 1, 2007 to October 31, 2008

Item 1. Reports to Stockholders.

CREDIT SUISSE FUNDS

Annual Report

October 31, 2008

n  CREDIT SUISSE
  COMMODITY RETURN STRATEGY FUND

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 additional copiesbycalling 800-927-2874 or by writing to Credit Suisse Funds, P.O. Box55030, Boston, MA 02205-5030.

Credit Suisse Asset Management Securities, Inc., Distributor, is located at Eleven Madison Avenue, New York, NY 10010. Credit Suisse Funds are advised by Credit Suisse Asset Management, LLC.

Investors in the Credit Suisse Funds should be aware that they may be eligible to purchase Common Class and/or Advisor Class shares (where offered) directly or through certain intermediaries. Such shares are not subject to a sales charge but may be subject to an ongoing service and distribution fee of up to 0.50% of average daily net assets. Investors in the Credit Suisse Funds should also be aware that they may be eligible for a reduction or waiver of the sales charge with respect to Class A, B or C shares (where offered). For more information, please review the relevant prospectuses or consult your financial representative.

The views of the Fund's management are as of the date of the letter and the Fund holdings described in this document are as of October 31, 2008; these views and Fund holdings may have changed subsequent to these dates. Nothing in this document is a recommendation to purchase or sell securities.

Fund shares are not deposits or other obligations of Credit Suisse Asset Management, LLC ("Credit Suisse") or any affiliate, are not FDIC-insured and are not guaranteed by Credit Suisse or any affiliate. Fund investments are subject to investment risks, including loss of your investment.

Credit Suisse Commodity Return Strategy Fund
Annual Investment Adviser's Report
October 31, 2008 (unaudited)

December 3, 2008

Dear Shareholder:

Performance Summary
11/01/07 – 10/31/08

Fund and Benchmark	Performance
Common1		(27.08	)%
Class A1,2		(27.20	)%
Class C1,2		(27.76	)%
Dow Jones-AIG Commodity Index Total Return3,5		(26.61	)%
Standard & Poor's 500 Index4,5		(36.10	)%

Performance for the Fund's Class A and Class C Shares do not reflect sales charges, which are a maximum of 3.00% and 1.00%, respectively.²

Market Review: The first down annual period in seven years

The annual period ending October 31, 2008, was a volatile one for commodities. After six consecutive years of gains, commodities posted losses for the year. The benchmark Dow Jones-AIG Commodity Index Total Return (DJ-AIG) fell 26.61% for the year. It is worth noting that the asset class still outperformed most equity indexes. For example, the S&P 500 Index Total Return fell by 36.10%.

Historically, commodity index returns have tended to exhibit long-term positive returns with low correlation to other asset classes, creating potential risk and return benefits within a diversified portfolio. This proved true as we saw strong gains in commodities during the first half of the year amid falling equity markets. However, as the credit crisis deepened and global growth projections were reduced, both commodity and equity markets fell in the second half of the fiscal year.

The market reversion began in July 2008, when the asset class started to experience extreme volatility and downward pressure amid the dollar's strength, reduced inflation concerns, and liquidity issues. As the fiscal year came to a close, uncertain growth prospects led to a decrease in investor confidence. The resulting demand concerns were ultimately another reason behind the poor performance of commodities. Unfortunately, the Federal Reserve's rate cuts in recent months did little to combat the downward trend.

1

Credit Suisse Commodity Return Strategy Fund
Annual Investment Adviser's Report (continued)
October 31, 2008 (unaudited)

Strategic Review and Outlook: Commodities could be an effective portfolio hedge

For the 12-month period ended October 31, 2008, the Fund's Common, Class A and Class C shares underperformed the Dow Jones-AIG Index by approximately 47 bps, 59 bps and 115 bps, respectively. This underperformance was primarily due to transaction costs incurred in replicating the index components in addition to the underperformance of the fixed income securities in the portfolio.⁵

The leading contributors to favorable performance included corn, gold and sugar. Precious metals were the top-performing commodity group for the fiscal year (declining 17.33% on a total return basis). This fall was due to a stronger dollar, but was mitigated by the demand for gold (which declined by 11.14%). Additionally, due to an increase in demand for alternative energy sources, ethanol inputs, including corn (-5.90%) and sugar (-11.18%), produced some of the least negative returns within the index.

The leading detractors to performance included industrial metals and energy — the two worst performing commodity groups for the fiscal year. As the outlook for growth in developed countries and emerging markets was reduced, the demand for materials followed suit. U.S. industrial production fell to the lowest level since 1974 and gross domestic product (GDP) reported a sharp decline at the end of the October. As a result, industrial metals fell 43.35% due to the poor returns of nickel (-62.62%), zinc (-61.11%), and copper (-46.84%). Additionally, energy was down 27.24% for this volatile year. Natural gas suffered losses of 31.62% due to unexpected surpluses and a lower than expected demand for cooling. The 24.56% decline in crude oil was a result of the overall concerns about potential slowing of global demand growth. Further, gasoline was down 38.21%, and heating oil was down 16.65% for the year.

In the fixed income portion of the portfolio, holdings maintained a bias toward high quality short-term assets, especially bonds issued by U.S. Government-Sponsored Enterprises (GSE's) and high quality corporate commercial paper from non-financial sectors. Given the current credit environment, we remain confident in our high quality fixed income positions, which have been only minimally affected by the credit market downturn of the past year.

Overall, we believe that the recent volatility exhibited by commodities will persist in the coming months. Additionally, we believe that if the global credit crisis and decline in equity markets continues, and if the U.S. Government actions in response to the financial crisis inflate the budget deficit and heighten consumer concerns, there may be significant price movements until more confidence returns to the financial markets. However, while there may be near-term

2

Credit Suisse Commodity Return Strategy Fund
Annual Investment Adviser's Report (continued)
October 31, 2008 (unaudited)

uncertainty in commodity price movements, in our opinion the asset class could provide an effective portfolio hedge if the recent liquidity injections by global governments result in increased inflation.

The Fund's benchmark, the DJ-AIG Index, is a broadly diversified futures index composed of futures contracts on 19 physical commodities. The Index is weighted among commodity sectors using dollar-adjusted liquidity and production data. Currently, four energy products, six metals and nine agricultural products are represented in the Index. The DJ-AIG Index is rebalanced as of the beginning of each calendar year so that as of that time no single commodity constitutes less than 2% or more than 15% of the index, and each sector represented in the Index is limited to 33%. However, following this rebalancing and for the remainder of the calendar year these percentages may change so that a single commodity may constitute a lesser or greater percentage of the Index and different sectors may represent different proportions of the Index.

The Fund seeks total return and is designed to achieve positive return relative to the performance of the DJ-AIG Index. To do so, the Fund invests in commodity-linked derivative instruments and fixed-income securities. The Fund gains exposure to commodities markets by investing in structured notes whose principal and/or coupon payments are linked to the DJ-AIG Index and swap agreements on the DJ-AIG Index.

The Credit Suisse Commodities Management Team

Kam T. Poon
Andrew Karsh
Christopher Burton
Andrew S. Lenskold

This Fund is non-diversified, which means it may invest a greater proportion of its assets in the securities of a smaller number of issuers than a diversified fund and may therefore be subject to greater volatility. Exposure to commodity markets should form only a small part of a diversified portfolio. Investment in commodity markets may not be suitable for all investors. The Fund's investment in commodity-linked derivative instruments may subject the Fund to greater volatility than investment in traditional securities, particularly in investments involving leverage.

The use of derivatives such as swaps, commodity-linked structured notes and futures entails substantial risks, including risk of loss of a significant portion of their principal value, lack of a secondary market, increased volatility, correlation risk, liquidity risk,

3

Credit Suisse Commodity Return Strategy Fund
Annual Investment Adviser's Report (continued)
October 31, 2008 (unaudited)

interest-rate risk, market risk, credit risk, valuation risk and tax risk. Gains and losses from speculative positions in derivatives may be much greater than the derivatives' cost. At any time, the risk of loss of any individual security held by the Fund could be significantly higher than 50% of the security's value. For a detailed discussion of these and other risks, please refer to the Fund's Prospectus, which should be read carefully before you invest.

In addition to historical information, this report contains forward-looking statements that may concern, among other things, domestic and foreign markets, industry and economic trends and developments and government regulation and their potential impact on the Fund's investments. These statements are subject to risks and uncertainties and actual trends, developments and regulations in the future, and their impact on the Fund could be materially different from those projected, anticipated or implied. The Fund has no obligation to update or revise forward-looking statements.

4

Credit Suisse Commodity Return Strategy Fund
Annual Investment Adviser's Report (continued)
October 31, 2008 (unaudited)

Comparison of Change in Value of $10,000 Investment in the
Credit Suisse Commodity Return Strategy Fund¹ Common Class
shares, Class A shares², Class C shares² and the
Dow Jones-AIG Commodity Index^3,5 from Inception (12/30/04)

Average Annual Returns as of September 30, 2008¹

	1 Year			Since Inception
Common Class		(4.53	)%		7.14	%
Class A Without Sales Charge		(4.70	)%		6.86	%
Class A With Maximum Sales Charge		(7.53	)%		5.99	%
Class C Without CDSC		(5.34	)%		6.13	%
Class C With CDSC		(6.26	)%		6.13	%

Average Annual Returns as of October 31, 2008¹

	1 Year			Since Inception
Common Class		(27.08	)%		0.56	%
Class A Without Sales Charge		(27.20	)%		0.32	%
Class A With Maximum Sales Charge		(29.41	)%		(0.47	)%
Class C Without CDSC		(27.76	)%		(0.40	)%
Class C With CDSC		(28.47	)%		(0.40	)%

5

Credit Suisse Commodity Return Strategy Fund
Annual Investment Adviser's Report (continued)
October 31, 2008 (unaudited)

Returns represent past performance and include change in share price and reinvestment of dividends and capital gains. Past performance cannot guarantee future results. The current performance of the Fund may be lower or higher than the figures shown. Returns and share price will fluctuate, and redemption value may be more or less than original cost. The performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Performance information current to the most recent month-end is available at www.credit-suisse.com/us.

The annualized gross expense ratios are 0.77% for Common Class shares, 1.03% for Class A shares, and 1.77% for Class C shares. The annualized net expense ratios after fee waivers and/or expense reimbursements are 0.70% for Common Class shares, 0.95% for Class A shares, and 1.70% for Class C shares.

¹  Fee waivers and/or expense reimbursements may reduce expenses for the Fund, without which performance would be lower. Waivers and/or reimbursements may be discontinued at any time.

²  Total return for the Fund's Class A shares for the reporting period, based on offering price (including maximum sales charge of 3.00%), was -29.41%. Total return for the Fund's Class C shares for the reporting period, based on redemption value (including maximum contingent deferred sales charge of 1.00%) was -28.47%.

³  The Dow Jones-AIG Commodity Index is composed of futures contracts on 19 physical commodities. Investors cannot invest directly in an index.

⁴  The Standard & Poor's 500 Index is an unmanaged index (with no defined investment objective) of common stocks, includes reinvestment of dividends, and is a registered trademark of The McGraw-Hill Companies, Inc. Investors cannot invest directly in an index.

⁵  An index does not have transaction costs; investors may not invest directly in an index.

6

Credit Suisse Commodity Return Strategy Fund
Annual Investment Adviser's Report (continued)
October 31, 2008 (unaudited)

Information About Your Fund's Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads), redemption fees and account maintenance fees, which are not shown in this section and which would result in higher total expenses. The following table is intended to help you understand your ongoing expenses of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. The table is based on an investment of $1,000 made at the beginning of the six month period ended October 31, 2008.

The table illustrates your Fund's expenses in two ways:

• Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold.

• Hypothetical 5% Fund Return. This helps you to compare your Fund's ongoing expenses with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs had been included, your costs would have been higher. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expenses of owning different funds.

7

Credit Suisse Commodity Return Strategy Fund
Annual Investment Adviser's Report (continued)
October 31, 2008 (unaudited)

Expenses and Value for a $1,000 Investment
for the six month period ended October 31, 2008

Actual Fund Return	Common Class			Class A			Class C
Beginning Account Value 5/1/08	$	1,000.00		$	1,000.00		$	1,000.00
Ending Account Value 10/31/08	$	638.40		$	638.50		$	636.00
Expenses Paid per $1,000*	$	2.88		$	3.91		$	6.99
Hypothetical 5% Fund Return
Beginning Account Value 5/1/08	$	1,000.00		$	1,000.00		$	1,000.00
Ending Account Value 10/31/08	$	1,021.62		$	1,020.36		$	1,016.59
Expenses Paid per $1,000*	$	3.56		$	4.82		$	8.62
	Common Class			Class A			Class C
Annualized Expense Ratios*		0.70	%		0.95	%		1.70	%

*  Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year period, then divided by 366.

  The "Expenses Paid per $1,000" and the "Annualized Expense Ratios" in the tables are based on actual expenses paid by the Fund during the period, net of fee waivers and/or expense reimbursements. If those fee waivers and/or expense reimbursements had not been in effect, the Fund's actual expenses would have been higher.

For more information, please refer to the Fund's prospectus.

8

Credit Suisse Commodity Return Strategy Fund
Annual Investment Adviser's Report (continued)
October 31, 2008 (unaudited)

Sector Breakdown*

United States Agency Obligations	35.7	%
Commercial Paper	22.4	%
Wholly-Owned Subsidiary	21.8	%
Commodity Indexed Structured Notes	11.9	%
Variable Rate Corporate Obligations	7.1	%
Asset Backed Securities	1.0	%
Short-Term Investments	0.1	%
Total	100.0	%

*  Expressed as a percentage of total investments (excluding securities lending collateral if applicable) and may vary over time.

9

Credit Suisse Commodity Return Strategy Fund
Schedule of Investments
October 31, 2008

Par (000)			Ratings† (S&P/Moody's)	Maturity	Rate%		Value
COMMERCIAL PAPER (22.7%)
CORPORATES (22.7%)
$	13,300	Caterpillar, Inc.	(A-1, P-1)	12/01/08		1.724	$	13,281,158
	4,000	Emerson Electric Co.	(A-1, P-1)	11/10/08		1.926		3,998,100
	30,000	General Electric Co.	(A-1+, P-1)	12/31/08		3.447		29,829,990
	21,700	Hewlett-Packard Co.	(A-1, P-1)	11/26/08		2.890		21,657,052
	5,300	Hewlett-Packard Co.	(A-1, P-1)	12/01/08		2.158		5,289,400
	3,800	IBM Corp	(A-1, P-1)	11/03/08		2.373		3,799,506
	30,000	IBM Corp	(A-1, P-1)	12/23/08		2.390		29,896,433
	27,400	Pfizer, Inc.	(A-1+, P-1)	03/06/09		2.565		27,159,291
	5,700	The Coca-Cola Co.	(A-1, P-1)	01/05/09		2.281		5,676,847
	13,000	The Walt Disney Co.	(A-1, P-1)	12/10/08		1.673		12,976,763
	5,600	Wal-Mart Stores, Inc.	(A-1+, P-1)	11/21/08		1.622		5,595,022
TOTAL COMMERCIAL PAPER (Cost $159,159,577)								159,159,562
ASSET BACKED SECURITIES (1.1%)
	45	Ace Securities Corp., Series 2003-0P1, Class A2#*	(AAA, Aaa)	12/25/33		3.619		36,830
	305	Ameriquest Mortgage Securities, Inc., Series 2003-9, Class AV2#*	(AAA, Aaa)	09/25/33		3.599		254,162
	10	CDC Mortgage Capital Trust, Series 2003-HE4, Class A3#*	(AAA, Aaa)	03/25/34		3.809		6,369
	49	Countrywide Home Equity Loan Trust, Series 2004-R, Class 2A#*	(BBB-, A3)	03/15/30		4.810		27,211
	37	Countrywide Home Equity Loan Trust, Series 2005-B, Class 2A#*	(BB, Baa3)	05/15/35		4.740		15,839
	60	First Franklin Mortgage Loan Asset Backed Certificates, Series 2004-FF6, Class A2B#*	(AAA, Aaa)	07/25/34		3.669		27,561
	87	MSDWCC Heloc Trust, Series 2005-1, Class A#*	(AAA, Aaa)	07/25/17		3.449		59,589
	133	Option One Mortgage Loan Trust, Series 2003-3, Class A2#*	(AAA, Aaa)	06/25/33		3.559		86,386
	36	Specialty Underwriting & Residential Finance, Series 2004-BC2, Class A2#*	(AAA, Aaa)	05/25/35		3.529		22,665
	6,993	Whitehawk CDO Funding, Ltd., Series 2004-1A, Class A1J#*	(AA-, Aa2)	12/15/08		2.869		6,894,130
TOTAL ASSET BACKED SECURITIES (Cost $7,762,918)								7,430,742
STRUCTURED NOTES (12.0%)
	23,500	Deutsche Bank AG London, Series DJAI, Senior Unsecured Notes#	(AA-, Aa1)	11/17/09		3.364		16,670,900
	17,300	Deutsche Bank AG London, Series DJAI, Senior Unsecured Notes#	(AA-, Aa1)	12/04/09		3.059		19,057,680
	20,000	Svensk AB Exportkredit, Senior Unsecured Notes#	(AA+, Aa1)	12/09/09		3.265		22,033,220
	20,000	Svensk AB Exportkredit, Senior Unsecured Notes#	(AA+, Aa1)	12/09/09		3.265		22,033,220
	4,000	Svensk AB Exportkredit, Senior Unsecured Notes#	(AA+, Aa1)	12/09/09		3.265		4,406,644
TOTAL STRUCTURED NOTES (Cost $84,800,000)								84,201,664
VARIABLE RATE CORPORATE OBLIGATIONS (7.2%)
DIVERSIFIED FINANCIALS (7.2%)
	10,000	Axon Financial Funding Ltd., Rule 144Aø‡	(D, NR)	06/18/10		2.778		4,200,000
	12,500	Axon Financial Funding Ltd., Rule 144Aø‡	(D, NR)	06/20/10		2.778		5,250,000

See Accompanying Notes to Financial Statements.
10

Credit Suisse Commodity Return Strategy Fund
Schedule of Investments (continued)
October 31, 2008

Par (000)			Ratings† (S&P/Moody's)	Maturity	Rate%		Value
VARIABLE RATE CORPORATE OBLIGATIONS
DIVERSIFIED FINANCIALS
$	16,000	Procter & Gamble Co., Series MTN#	(AA-, Aa3)	09/09/09		2.844	$	15,991,584
	16,000	Procter & Gamble International Funding SCA#	(AA-, Aa3)	08/19/09		3.029		15,929,536
	18,000	Stanfield Victoria Funding LLC., Rule 144A, Series MTN, Notesø‡	(D, NR)	03/27/09		2.808		8,640,000
TOTAL VARIABLE RATE CORPORATE OBLIGATIONS (Cost $72,500,000)								50,011,120
UNITED STATES AGENCY OBLIGATIONS (36.2%)
	4,950	Fannie Mae Discount Notes	(AAA, Aaa)	12/04/08		2.510		4,938,765
	37,000	Fannie Mae Discount Notes	(AAA, Aaa)	01/12/09		2.687		36,925,556
	32,800	Fannie Mae Discount Notes	(AAA, Aaa)	02/02/09		2.839		32,656,992
	1,300	Federal Home Loan Bank Discount Notes	(AAA, Aaa)	11/14/08		1.102		1,298,985
	365	Federal Home Loan Bank Discount Notes‡‡	(AAA, Aaa)	12/10/08		2.129		364,169
	800	Federal Home Loan Bank Discount Notes	(AAA, Aaa)	12/17/08		2.614		797,363
	35,000	Federal Home Loan Bank Discount Notes	(AAA, Aaa)	12/22/08		2.748		34,865,629
	33,000	Federal Home Loan Bank Discount Notes#	(AAA, Aaa)	07/10/09		2.569		33,034,848
	50,000	Federal Home Loan Bank Discount Notes#	(AAA, Aaa)	02/10/10		2.733		49,862,950
	50,000	Federal National Mortgage Association Notes#	(AAA, Aaa)	02/12/10		2.749		49,870,250
	3,173	Freddie Mac Discount Notes	(AAA, Aaa)	12/08/08		2.558		3,164,772
	1,200	Freddie Mac Discount Notes	(AAA, Aaa)	11/17/08		2.205		1,198,840
	4,200	Freddie Mac Discount Notes	(AAA, Aaa)	06/22/09		1.415		4,137,882
TOTAL UNITED STATES AGENCY OBLIGATIONS (Cost $253,098,970)								253,117,001
SHORT-TERM INVESTMENT (0.0%)
	284	State Street Bank and Trust Co. Euro Time Deposit (Cost $284,000)		11/03/08		0.010		284,000
Number of Shares
WHOLLY-OWNED SUBSIDIARY (22.1%)
	49,006,452	Credit Suisse Cayman Commodity Fund I, Ltd.^ (Cost $360,602,338)						154,790,985
TOTAL INVESTMENTS AT VALUE (101.3%) (Cost $938,207,803)								708,995,074
LIABILITIES IN EXCESS OF OTHER ASSETS (-1.3%)								(8,787,308	)
NET ASSETS (100.0%)							$	700,207,766

INVESTMENT ABBREVIATION

MTN = Medium Term Note

†  Credit ratings given by the Standard & Poor's Division of The McGraw-Hill Companies, Inc. ("S&P") and Moody's Investors Service, Inc. ("Moody's") are unaudited.

#  Variable rate obligations — The interest rate is the rate as of October 31, 2008.

‡  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2008, these securities amounted to a value of $18,090,000 or 2.6% of net assets.

*  Securities considered illiquid. The total value of such securities as of October 31, 2008 was $7,430,742 or 1.1% of net assets.

ø  Bond is currently in default.

‡‡  Collateral segregated at broker.

^  Affiliated issuer. See Note 3.

See Accompanying Notes to Financial Statements.
11

Credit Suisse Commodity Return Strategy Fund
Statement of Assets and Liabilities
October 31, 2008

Assets
Investments at value (Cost $577,605,465) (Note 2)	$	554,204,089
Investment in wholly-owned subsidiary at value (Cost $360,602,338) (Note 2)		154,790,985
Cash		554
Receivable for investments sold		27,251,211
Receivable for fund shares sold		11,076,666
Interest receivable		941,287
Prepaid expenses and other assets		253,380
Total Assets		748,518,172
Liabilities
Advisory fee payable (Note 3)		296,914
Administrative services fee payable (Note 3)		139,277
Shareholder servicing/Distribution fee payable (Note 3)		53,125
Payable for investments purchased		44,000,000
Payable for fund shares redeemed		3,516,312
Trustees' fee payable		5,458
Other accrued expenses payable		299,320
Total Liabilities		48,310,406
Net Assets
Capital stock, $.001 par value (Note 6)		81,313
Paid-in capital (Note 6)		953,053,881
Undistributed net investment income		2,445,456
Accumulated net realized loss on investments and futures contracts		(26,160,155	)
Net unrealized depreciation from investments		(229,212,729	)
Net Assets	$	700,207,766
Common Shares
Net assets	$	515,476,400
Shares outstanding		59,853,172
Net asset value, offering price, and redemption price per share	$	8.61
A Shares
Net assets	$	171,618,738
Shares outstanding		19,937,180
Net asset value and redemption price per share	$	8.61
Maximum offering price per share (net asset value/(1-3.00%))	$	8.88
C Shares
Net assets	$	13,112,628
Shares outstanding		1,522,494
Net asset value and offering price per share	$	8.61

See Accompanying Notes to Financial Statements.
12

Credit Suisse Commodity Return Strategy Fund
Statement of Operations
For the Year Ended October 31, 2008

Investment Income (Note 2)
Interest	$	26,990,784
Securities lending		726,043
Total investment income		27,716,827
Expenses
Investment advisory fees (Note 3)		5,234,168
Administrative services fees (Note 3)		1,273,326
Shareholder servicing/Distribution fees (Note 3)
Class A		713,959
Class C		197,482
Transfer agent fees (Note 3)		1,014,780
Printing fees (Note 3)		154,156
Legal fees		134,113
Registration fees		95,751
Custodian fees		54,197
Audit and tax fees		33,657
Insurance expense		23,435
Trustees' fees		13,256
Commitment fees (Note 4)		12,722
Miscellaneous expense		11,907
Total expenses		8,966,909
Less: fees waived (Note 3)		(727,613	)
Net expenses		8,239,296
Net investment income		19,477,531
Net Realized and Unrealized Gain (Loss) from Investments and Futures Contracts
Net realized loss from investments		(26,539,326	)
Net realized gain from futures contracts		1,776,155
Net change in unrealized appreciation (depreciation) from investments		(84,755,321	)
Net change in unrealized appreciation (depreciation) from investment in wholly-owned subsidiary1		(206,416,111	)
Net change in unrealized appreciation (depreciation) from futures contracts		(70,980	)
Net realized and unrealized loss from investments and futures contracts		(316,005,583	)
Net decrease in net assets resulting from operations	$	(296,528,052	)

¹  There was no income or realized gain/loss recognized from the investment in wholly-owned subsidiary.

See Accompanying Notes to Financial Statements.
13

Credit Suisse Commodity Return Strategy Fund
Statements of Changes in Net Assets

	For the Year Ended October 31,
	2008			2007
From Operations
Net investment income	$	19,477,531		$	24,681,797
Net realized gain (loss) from investments and futures contracts		(24,763,171	)		22,015,231
Net change in unrealized appreciation (depreciation) from investments and futures contracts		(291,242,412	)		48,297,606
Net increase (decrease) in net assets resulting from operations		(296,528,052	)		94,994,634
From Dividends and Distributions
Dividends from net investment income
Common Class shares		(16,903,757	)		(12,873,942	)
Class A shares		(6,152,728	)		(8,568,702	)
Class C shares		(259,429	)		(430,022	)
Distributions from net realized gains
Common Class shares		(2,783,387	)		—
Class A shares		(1,267,330	)		—
Class C shares		(83,565	)		—
Net decrease in net assets resulting from dividends and distributions		(27,450,196	)		(21,872,666	)
From Capital Share Transactions (Note 6)
Proceeds from sale of shares		768,631,714			551,311,516
Reinvestment of dividends and distributions		15,375,532			13,112,237
Net asset value of shares redeemed		(577,532,354	)1		(183,401,584	)2
Net increase in net assets from capital share transactions		206,474,892			381,022,169
Net increase (decrease) in net assets		(117,503,356	)		454,144,137
Net Assets
Beginning of year		817,711,122			363,566,985
End of year	$	700,207,766		$	817,711,122
Undistributed net investment income	$	2,445,456		$	4,957,895

¹  Net of $178,959 of redemption fees retained by the Fund.

²  Net of $26,955 of redemption fees retained by the Fund.

See Accompanying Notes to Financial Statements.
14

Credit Suisse Commodity Return Strategy Fund
Financial Highlights
(For a Common Class Share of the Fund Outstanding Throughout Each Period)

	For the Year Ended October 31,									For the Period Ended
	2008			2007			2006			October 31, 20051
Per share data
Net asset value, beginning of period	$	12.16		$	10.98		$	11.47		$	10.00
INVESTMENT OPERATIONS
Net investment income2		0.25			0.50			0.48			0.23
Net gain (loss) on investments, futures contracts and swap contracts (both realized and unrealized)		(3.44	)		1.11			0.05			1.39
Total from investment operations		(3.19	)		1.61			0.53			1.62
REDEMPTION FEES		0.003			0.003			0.003			—
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income		(0.30	)		(0.43	)		(0.40	)		(0.15	)
Distributions from net realized gains		(0.06	)		—			(0.62	)		—
Total dividends and distributions		(0.36	)		(0.43	)		(1.02	)		(0.15	)
Net asset value, end of period	$	8.61		$	12.16		$	10.98		$	11.47
Total return4		(27.08	)%		15.07	%		4.72	%		16.25	%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted)	$	515,476		$	537,211		$	125,163		$	48,207
Ratio of expenses to average net assets		0.70	%		0.70	%		0.70	%		0.70	%5
Ratio of net investment income to average net assets		1.92	%		4.37	%		4.29	%		2.53	%5
Decrease reflected in above operating expense ratios due to waivers/reimbursements		0.07	%		0.11	%		0.25	%		0.80	%5
Portfolio turnover rate		109	%		32	%		60	%		0	%

¹  For the period December 30, 2004 (inception date) through October 31, 2005.

²  Per share information is calculated using the average shares outstanding method.

³  This amount represents less than $0.01 per share.

⁴  Total returns are historical and assume changes in share price and reinvestment of all dividends and distributions. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods less than one year are not annualized.

⁵  Annualized.

See Accompanying Notes to Financial Statements.
15

Credit Suisse Commodity Return Strategy Fund
Financial Highlights
(For a Class A Share of the Fund Outstanding Throughout Each Period)

	For the Year Ended October 31,									For the Period Ended
	2008			2007			2006			October 31, 20051
Per share data
Net asset value, beginning of period	$	12.15		$	10.97		$	11.45		$	10.00
INVESTMENT OPERATIONS
Net investment income2		0.23			0.46			0.45			0.23
Net gain (loss) on investments, futures contracts, and swap contracts (both realized and unrealized)		(3.44	)		1.13			0.06			1.36
Total from investment operations		(3.21	)		1.59			0.51			1.59
REDEMPTION FEES		0.003			0.003			0.003			—
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income		(0.27	)		(0.41	)		(0.37	)		(0.14	)
Distributions from net realized gains		(0.06	)		—			(0.62	)		—
Total dividends and distributions		(0.33	)		(0.41	)		(0.99	)		(0.14	)
Net asset value, end of period	$	8.61		$	12.15		$	10.97		$	11.45
Total return4		(27.20	)%		14.80	%		4.51	%		15.91	%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted)	$	171,619		$	263,657		$	223,377		$	108,431
Ratio of expenses to average net assets		0.95	%		0.95	%		0.95	%		0.95	%5
Ratio of net investment income to average net assets		1.76	%		4.13	%		4.04	%		2.28	%5
Decrease reflected in above operating expense ratios due to waivers/reimbursements		0.08	%		0.11	%		0.25	%		0.80	%5
Portfolio turnover rate		109	%		32	%		60	%		0	%

¹  For the period December 30, 2004 (inception date) through October 31, 2005.

²  Per share information is calculated using the average shares outstanding method.

³  This amount represents less than $0.01 per share.

⁴  Total returns are historical and assume changes in share price, reinvestment of all dividends and distributions and no sales charge. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods less than one year are not annualized.

⁵  Annualized.

See Accompanying Notes to Financial Statements.
16

Credit Suisse Commodity Return Strategy Fund
Financial Highlights
(For a Class C Share of the Fund Outstanding Throughout Each Period)

	For the Year Ended October 31,									For the Period Ended
	2008			2007			2006			October 31, 20051
Per share data
Net asset value, beginning of period	$	12.15		$	10.97		$	11.43		$	10.00
INVESTMENT OPERATIONS
Net investment income2		0.12			0.38			0.37			0.17
Net gain (loss) on investments, futures contracts, and swap contracts (both realized and unrealized)		(3.43	)		1.12			0.06			1.36
Total from investment operations		(3.31	)		1.50			0.43			1.53
REDEMPTION FEES		0.003			0.003			0.003			—
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income		(0.17	)		(0.32	)		(0.27	)		(0.10	)
Distributions from net realized gains		(0.06	)		—			(0.62	)		—
Total dividends and distributions		(0.23	)		(0.32	)		(0.89	)		(0.10	)
Net asset value, end of period	$	8.61		$	12.15		$	10.97		$	11.43
Total return4		(27.76	)%		13.94	%		3.78	%		15.29	%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted)	$	13,113		$	16,843		$	14,577		$	5,094
Ratio of expenses to average net assets		1.70	%		1.70	%		1.70	%		1.70	%5
Ratio of net investment income to average net assets		0.97	%		3.38	%		3.29	%		1.53	%5
Decrease reflected in above operating expense ratios due to waivers/reimbursements		0.07	%		0.11	%		0.25	%		0.80	%5
Portfolio turnover rate		109	%		32	%		60	%		0	%

¹  For the period December 30, 2004 (inception date) through October 31, 2005.

²  Per share information is calculated using the average shares outstanding method.

³  This amount represents less than $0.01 per share.

⁴  Total returns are historical and assume changes in share price, reinvestment of all dividends and distributions and no sales charge. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods less than one year are not annualized.

⁵  Annualized.

See Accompanying Notes to Financial Statements.
17

Credit Suisse Commodity Return Strategy Fund
Notes to Financial Statements
October 31, 2008

Note 1. Organization

Credit Suisse Commodity Return Strategy Fund (the "Fund") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified open-end management investment company that seeks total return. The Fund was organized as a statutory trust under the laws of the State of Delaware on May 19, 2004.

The Fund is authorized to offer three classes of shares: Common Class, Class A shares and Class C shares. Each class of shares represents an equal pro rata interest in the Fund, except that they bear different expenses which reflect the differences in the range of services provided to them. The Fund's Common Class shares are closed to new investors, with certain exceptions as set forth in the prospectus. Class A shares are sold subject to a front-end sales charge of up to 3.00%. Class C shares are sold subject to a contingent deferred sales charge of 1.00% if redeemed within the first year of purchase.

Note 2. Significant Accounting Policies

A) SECURITY VALUATION — The net asset value of the Fund is determined daily as of the close of regular trading on the New York Stock Exchange, Inc. (the "Exchange") on each day the Exchange is open for business. Debt securities with a remaining maturity greater than 60 days are valued in accordance with the price supplied by a pricing service, which may use a matrix, formula or other objective method that takes into consideration market indices, yield curves and other specific adjustments. Debt obligations that will mature in 60 days or less are valued on the basis of amortized cost, which approximates market value, unless it is determined that using this method would not represent fair value. Equity investments are valued at market value, which is generally determined using the closing price on the exchange or market on which the security is primarily traded at the time of valuation (the "Valuation Time"). If no sales are reported, equ ity investments are generally valued at the most recent bid quotation as of the Valuation Time or at the lowest asked quotation in the case of a short sale of securities. Investments in mutual funds are valued at the mutual fund's closing net asset value per share on the day of valuation. Swap contracts are generally valued at a price at which the counterparty to such contract would repurchase the instrument or terminate the contract. Structured note agreements are valued in accordance with a dealer-supplied valuation based on changes in the value of the underlying index. Securities, options, futures contracts and other assets (including swaps and structured note agreements), for which market quotations are not readily available, or whose values have been materially affected by events occurring before the Fund's Valuation Time but after the close of the securities' primary

18

Credit Suisse Commodity Return Strategy Fund
Notes to Financial Statements (continued)
October 31, 2008

Note 2. Significant Accounting Policies

markets, are valued at fair value as determined in good faith by, or under the direction of, the Board of Trustees under procedures established by the Board of Trustees. The Fund may utilize a service provided by an independent third party which has been approved by the Board of Trustees to fair value certain securities. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities.

B) SECURITY TRANSACTIONS AND INVESTMENT INCOME — Security transactions are accounted for on a trade date basis. Interest income is recorded on the accrual basis. The Fund amortizes premiums and accretes discounts using the effective interest method. Dividends are recorded on the ex-dividend date. Certain expenses are class-specific expenses and vary by class. Income, expenses (excluding class-specific expenses) and realized/unrealized gains/losses are allocated proportionately to each class of shares based upon the relative net asset value of the outstanding shares of that class. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes.

C) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Dividends from net investment income are declared and paid quarterly. Distributions of net realized capital gains, if any, are declared and paid at least annually. However, to the extent that a net realized capital gain can be reduced by a capital loss carryforward, such gain will not be distributed. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP").

D) FEDERAL INCOME TAXES — No provision is made for federal taxes as it is the Fund's intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"), and to make the requisite distributions to its shareholders, which will be sufficient to relieve it from federal income and excise taxes.

In order to qualify as a RIC under the Code, the Fund must meet certain requirements regarding the source of its income, the diversification of its assets and the distribution of its income. One of these requirements is that the Fund derive at least 90% of its gross income for each taxable year from dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, other income derived with respect to its business of investing in such stock, securities or

19

Credit Suisse Commodity Return Strategy Fund
Notes to Financial Statements (continued)
October 31, 2008

Note 2. Significant Accounting Policies

currencies or net income derived from interests in certain publicly traded partnerships ("Qualifying Income"). The Fund may seek to track the performance of the Dow Jones-AIG Commodity Index ("DJ-AIG Index") through investing in structured notes designed to track the performance of the DJ-AIG Index. The Fund has received a private letter ruling from the IRS which confirms that the Fund's use of certain types of structured notes designed to track the performance of the DJ-AIG Index produce Qualifying Income. In addition, the Fund may, through its investment in the Credit Suisse Cayman Commodity Fund I, Ltd., a wholly owned and controlled Cayman Islands subsidiary, ("the Subsidiary"), seek to track the performance of the DJ-AIG Index by the Subsidiary's investments in commodity-linked swaps and/or futures contracts. The Fund has obtained a private letter ruling from the IRS that its investment in the Subsidiary will produce Qualifying Income. If the Fund is unable to ensure continued qualification as a RIC, the Fund may be required to change its investment objective, policies or techniques, or may be liquidated. If the Fund fails to qualify as a RIC, the Fund will be subject to federal income tax on its net income and capital gains at regular corporate rates (without reduction for distributions to shareholders). If the Fund were to fail to qualify as a RIC and become subject to federal income tax, shareholders of the Fund would be subject to the risk of diminished returns.

During June 2006, the Financial Accounting Standards Board ("FASB") issued FASB Interpretation 48 ("FIN 48" or the "Interpretation"), Accounting for Uncertainty in Income Taxes — an interpretation of FASB statement 109. The Fund has reviewed its current tax positions and has determined that no provision for income tax is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

E) USE OF ESTIMATES — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates.

F) SHORT-TERM INVESTMENTS — The Fund, together with other funds/portfolios advised by Credit Suisse Asset Management, LLC ("Credit Suisse"), an indirect, wholly-owned subsidiary of Credit Suisse Group AG, pools available cash into either a short-term variable rate time deposit issued by State Street Bank and Trust Company ("SSB"), the Fund's custodian, or

20

Credit Suisse Commodity Return Strategy Fund
Notes to Financial Statements (continued)
October 31, 2008

Note 2. Significant Accounting Policies

a money market fund advised by Credit Suisse. The short-term time deposit issued by SSB is a variable rate account classified as a short-term investment.

G) FUTURES — The Fund may enter into futures contracts to the extent permitted by its investment policies and objectives. Upon entering into a futures contract, the Fund is required to deposit cash and/or pledge U.S. Government securities as initial margin. Subsequent payments, which are dependent on the daily fluctuations in the value of the underlying instrument, are made or received by the Fund each day (daily variation margin) and are recorded as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund's basis in the contract. Risks of entering into futures contracts for hedging purposes include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. In addition, the purchase of a futures contract involves the risk that the Fund could lose more than the original margin deposit and subsequent payments required for a futures transaction. At October 31, 2008, the Fund had no open futures contracts.

H) SWAPS — The Fund may enter into commodity index swaps for hedging purposes or to seek to increase total return. A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset or notional principal amount. The Fund will enter into commodity index swaps only on a net basis, which means that the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net amount of the two payments. Risks may arise as a result of the failure of the counterparty to the swap contract to comply with the terms of the swap contract. The loss incurred by the failure of a counterparty is generally limited to the net interest payment to be received by the Fund, and/or the termination value at the end of the contract. Therefore, the Fund considers the cr editworthiness of each counterparty to a swap contract in evaluating potential credit risk. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying reference asset or index.

The Fund may enter into total return swap contracts, involving commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transactions exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty.

21

Credit Suisse Commodity Return Strategy Fund
Notes to Financial Statements (continued)
October 31, 2008

Note 2. Significant Accounting Policies

The Fund records unrealized gains or losses on a daily basis representing the value and the current net receivable or payable relating to open swap contracts. Net amounts received or paid on the swap contract are recorded as realized gains or losses. Fluctuations in the value of swap contracts are recorded for financial statement purposes as unrealized appreciation or depreciation of swap contracts. Realized gains and losses from terminated swaps are included in net realized gains/losses on swap contracts transactions. At October 31, 2008, the Fund had no outstanding swap contracts.

I) COMMODITY INDEX-LINKED NOTES — The Fund may invest in structured notes whose value is based on the price movements of a commodity index. The structured notes are often leveraged, increasing the volatility of each note's value relative to the change in the underlying linked financial element. The value of these notes will rise and fall in response to changes in the underlying commodity index. Structured notes may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the underlying commodity index. Structured notes may also be more volatile, less liquid, and more difficult to accurately price than less complex securities or more traditional debt securities. Fluctuations in the value of the structured notes are recorded as unrealized gains and losses in the accompanying financial statements. Net payments are recorded as interest income. These notes are subject to prepayment, cr edit and interest risks. The Fund has the option to request prepayment from the issuer. At maturity, or when a note is sold, the Fund records a realized gain or loss. At October 31, 2008, the value of these securities comprised 12.0% of the Fund's net assets and resulted in unrealized depreciation of $(598,336).

J) SECURITIES LENDING — Loans of securities are required at all times to be secured by collateral at least equal to 102% of the market value of domestic securities on loan (including any accrued interest thereon) and 105% of the market value of foreign securities on loan (including any accrued interest thereon). Cash collateral received by the Fund in connection with securities lending activity may be pooled together with cash collateral for other funds/portfolios advised by Credit Suisse and may be invested in a variety of investments, including certain Credit Suisse-advised funds, funds advised by SSB, the Fund's securities lending agent, or money market instruments. However, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings.

SSB has been engaged by the Fund to act as the Fund's securities lending agent. The Fund's securities lending arrangement provides that the Fund and

22

Credit Suisse Commodity Return Strategy Fund
Notes to Financial Statements (continued)
October 31, 2008

Note 2. Significant Accounting Policies

SSB will share the net income earned from securities lending activities. During the year ended October 31, 2008, total earnings from the Fund's investment in cash collateral received in connection with securities lending arrangements was $4,196,883, of which $3,288,724 was rebated to borrowers (brokers). The Fund retained $726,043 in income from the cash collateral investment, and SSB, as lending agent, was paid $182,116. The Fund may also be entitled to certain minimum amounts of income from its securities lending activities. Securities lending income is accrued as earned.

K) OTHER — The Fund may invest in securities of foreign countries and governments which involve certain risks in addition to those inherent in domestic investments. Such risks generally include, among others, currency risk (fluctuations in currency exchange rates), information risk (key information may be inaccurate or unavailable) and political risk (expropriation, nationalization or the imposition of capital or currency controls or punitive taxes). Other risks of investing in foreign securities include liquidity and valuation risks.

In the normal course of business the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to a transaction to perform (credit risk). Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default. The potential loss could exceed the value of the financial assets recorded in the financial statements. Financial assets, which potentially expose the Fund to credit risk, consist principally of cash due from counterparties and investments. The extent of the Fund's exposure to credit and counterparty risks in respect to these financial assets approximates their carrying value as recorded in the Fund's Statements of Assets and Liabilities.

The Fund may be subject to taxes imposed by countries in which it invests with respect to its investments in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Fund accrues such taxes when the related income is earned or gains are realized.

Note 3. Transactions with Affiliates and Related Parties

Credit Suisse serves as investment adviser for the Fund. For its investment advisory services, Credit Suisse is entitled to receive a fee from the Fund at an

23

Credit Suisse Commodity Return Strategy Fund
Notes to Financial Statements (continued)
October 31, 2008

Note 3. Transactions with Affiliates and Related Parties

annual rate of 0.50% of the Fund's average daily net assets. For the year ended October 31, 2008, investment advisory fees earned and voluntarily waived were $5,234,168 and $727,613, respectively. Credit Suisse will not recapture from the Fund any fees it waived during the year ended October 31, 2008. Fee waivers and reimbursements are voluntary and may be discontinued by Credit Suisse at any time.

Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of Credit Suisse, and SSB serve as co-administrators to the Fund. For its co-administrative services, CSAMSI currently receives a fee calculated at an annual rate of 0.09% of the Fund's average daily net assets. For the year ended October 31, 2008, co-administrative services fees earned by CSAMSI were $942,150.

For its co-administrative services, SSB receives a fee, exclusive of out-of-pocket expenses, calculated in total for all the Credit Suisse funds/portfolios co-administered by SSB and allocated based upon relative average net assets of each fund/portfolio, subject to an annual minimum fee. For the year ended October 31, 2008, co-administrative services fees earned by SSB (including out-of-pocket expenses) were $331,176.

In addition to serving as the Fund's co-administrator, CSAMSI currently serves as distributor of the Fund's shares. Pursuant to distribution plans adopted by the Fund pursuant to Rule 12b-1 under the 1940 Act, CSAMSI receives fees for its distribution services. These fees are calculated at an annual rate of 0.25% of the average daily net assets of the Class A shares and 1.00% of the average daily net assets of the Class C shares. Common Class shares are not subject to distribution fees.

Certain brokers, dealers and financial representatives provide transfer agent related services to the Fund and receive compensation from Credit Suisse. Credit Suisse is then reimbursed by the Fund. For the year ended October 31, 2008, the Fund reimbursed Credit Suisse $181,806, which is included in the Fund's transfer agent expense.

For the year ended October 31, 2008, CSAMSI and its affiliates advised the Fund that they retained $123,761 from commissions earned on the sale of the Fund's Class A shares.

Merrill Corporation ("Merrill"), an affiliate of Credit Suisse, has been engaged by the Fund to provide certain financial printing and fulfillment services. For the year ended October 31, 2008, Merrill was paid $81,562 for its services to the Fund.

24

Credit Suisse Commodity Return Strategy Fund
Notes to Financial Statements (continued)
October 31, 2008

Note 3. Transactions with Affiliates and Related Parties

Investment in Cayman Commodity Fund I, Ltd. The Fund may invest up to 25% of its total assets in the Subsidiary, which invests primarily in commodity and financial futures and options contracts, as well as fixed income securities and other investments intended to serve as margin or collateral for the Subsidiary's derivatives positions. The Fund wholly owns and controls the Subsidiary, and the Fund and Subsidiary are both managed by Credit Suisse.

The Fund does not consolidate the assets, liabilities, capital or operations of the Subsidiary into its financial statements. Rather, the Subsidiary is separately presented as an investment in the Fund's Schedule of Investments. Unrealized appreciation or depreciation on the Fund's investment in the Subsidiary is recorded in the Fund's Statement of Assets and Liabilities and Fund's Statement of Operations.

For tax purposes, the Subsidiary is an exempted Cayman investment company. The Subsidiary has received an undertaking from the Government of the Cayman Islands exempting it from all local income, profits and capital gains taxes through June of 2027. No such taxes are levied in the Cayman Islands at the present time. For U.S. income tax purposes, the Subsidiary is a Controlled Foreign Corporation and as such is not subject to U.S. income tax. However, as a wholly-owned Controlled Foreign Corporation, the Subsidiary's net income and capital gain, to the extent of its earnings and profits, will be included each year in the Fund's investment company taxable income.

	Beginning Shares		Additions		Reductions		Ending Shares		Dividend Income		Value of affiliates at 10/31/08
Credit Suisse Cayman Commodity Fund I, Ltd.		160,235		48,846,217		—		49,006,452	$	—	$	154,790,985

Note 4. Line of Credit

The Fund, together with other funds/portfolios advised by Credit Suisse (collectively, the "Participating Funds"), participates in a $50 million committed, unsecured line of credit facility ("Credit Facility") for temporary or emergency purposes with SSB. Under the terms of the Credit Facility, the Participating Funds pay an aggregate commitment fee at a rate of 0.10% per annum on the average unused amount of the Credit Facility, which is allocated among the Participating Funds in such manner as is determined by the governing Boards of the Participating Funds. In addition, the Participating Funds pay interest on borrowings at the Federal Funds rate plus 0.50%. At October 31, 2008, and during the year ended October 31, 2008, the Fund had no borrowings under the Credit Facility.

25

Credit Suisse Commodity Return Strategy Fund
Notes to Financial Statements (continued)
October 31, 2008

Note 5. Purchases and Sales of Securities

For the year ended October 31, 2008, purchases and sales of investment securities (excluding short-term investments) and U.S. Government and Agency Obligations were as follows:

Investment Securities				U.S. Government/ Agency Obligations
Purchases		Sales		Purchases		Sales
$	992,934,254	$	559,585,069	$	132,980,690	$	0

Note 6. Capital Share Transactions

The Fund is authorized to issue an unlimited number of full and fractional shares of beneficial interest, $.001 par value per share. The Fund currently offers Common Class, Class A and Class C shares. Transactions in capital shares for each class of the Fund were as follows:

	Common Class
	For the Year Ended October 31, 2008						For the Year Ended October 31, 2007
	Shares			Value			Shares			Value
Shares sold		48,965,305		$	611,420,787			41,541,341		$	464,481,723
Shares issued in reinvestment of dividends and distributions		743,407			9,033,819			488,122			5,541,458
Shares redeemed		(34,018,595	)		(400,006,282	)		(9,307,774	)		(104,766,033	)
Net increase		15,690,117		$	220,448,324			32,721,689		$	365,257,148
	Class A
	For the Year Ended October 31, 2008						For the Year Ended October 31, 2007
	Shares			Value			Shares			Value
Shares sold		11,553,171		$	149,151,878			7,371,567		$	82,558,505
Shares issued in reinvestment of dividends and distributions		494,587			6,036,476			638,684			7,195,122
Shares redeemed		(13,812,455	)		(171,388,834	)		(6,679,490	)		(74,634,940	)
Net increase (decrease)		(1,764,697	)	$	(16,200,480	)		1,330,761		$	15,118,687
	Class C
	For the Year Ended October 31, 2008						For the Year Ended October 31, 2007
	Shares			Value			Shares			Value
Shares sold		611,211		$	8,059,049			379,240		$	4,271,288
Shares issued in reinvestment of dividends and distributions		25,369			305,237			33,338			375,657
Shares redeemed		(500,527	)		(6,137,238	)		(355,487	)		(4,000,611	)
Net increase		136,053		$	2,227,048			57,091		$	646,334

26

Credit Suisse Commodity Return Strategy Fund
Notes to Financial Statements (continued)
October 31, 2008

Note 6. Capital Share Transactions

A redemption fee of 2% of the value of Common Class shares, Class A shares and Class C shares redeemed or exchanged within 30 days from the date of purchase is charged to shareholders. Reinvested dividends and distributions are not subject to the fee. The fee is charged based on the value of shares at redemption, is paid directly to the Fund and becomes part of the Fund's daily net asset value calculation. When shares are redeemed that are subject to the fee, reinvested dividends and distributions are redeemed first, followed by the shares held longest.

On October 31, 2008, the number of shareholders that held 5% or more of the outstanding shares of each class of the Fund was as follows:

	Number of Shareholders		Approximate Percentage of Outstanding Shares
Common Class		2		38	%
Class A		2		64	%

Some of the shareholders are omnibus accounts, which hold shares on behalf of individual shareholders.

Note 7. Federal Income Taxes

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

The tax characteristics of dividends paid during the years ended October 31, 2008 and 2007, respectively, by the Fund were as follows:

Ordinary Income				Long-Term Capital Gain
2008		2007		2008		2007
$	23,315,974	$	21,872,666	$	4,134,222	$	0

The tax basis components of distributable earnings differ from the amounts reflected in the Statement of Assets and Liabilities by temporary book/tax differences. These differences are primarily due to the investment in the wholly-owned, affiliated subsidiary. At October 31, 2008, the components of distributable earnings on a tax basis were as follows:

Undistributed net investment income	$	3,252,571
Accumulated realized loss		(26,160,155	)
Unrealized depreciation		(230,019,844	)
	$	(252,927,428	)

27

Credit Suisse Commodity Return Strategy Fund
Notes to Financial Statements (continued)
October 31, 2008

Note 7. Federal Income Taxes

At October 31, 2008, the Fund had capital loss carryforwards of $26,160,155 available to offset possible future capital gains. These carryforwards expire on October 31, 2016.

It is uncertain whether the Fund will be able to realize the benefits of the capital loss carryforwards before they expire.

At October 31, 2008, the identified cost for federal income tax purposes, as well as the gross unrealized appreciation from investments for those securities having an excess of value over cost, gross unrealized depreciation from investments for those securities having an excess of cost over value and the net unrealized depreciation from investments were $939,014,918, $6,499,188, $(236,519,032) and $(230,019,844), respectively.

At October 31, 2008, the Fund reclassified $1,325,944 from accumulated net realized gain from investments to undistributed net investment income, to adjust for current period permanent book/tax differences. These permanent differences are due to differing book/tax treatments on paydowns. Net assets were not affected by these reclassifications.

Note 8. Contingencies

In the normal course of business, the Fund may provide general indemnifications pursuant to certain contracts and organizational documents. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.

Note 9. Recent Accounting Pronouncements

On September 20, 2006, the FASB released Statement of Financial Accounting Standards No. 157 "Fair Value Measurements" ("FAS 157"). FAS 157 establishes an authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair-value measurements. The application of FAS 157 is required for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. As of October 31, 2008, management does not believe the adoption of FAS 157 will impact the amounts reported in the financial statements, however, additional disclosures will be required in subsequent reports.

In March 2008, FASB issued Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities ("FAS 161"),

28

Credit Suisse Commodity Return Strategy Fund
Notes to Financial Statements (continued)
October 31, 2008

Note 9. Recent Accounting Pronouncements

an amendment of FASB Statement No. 133. FAS 161 requires enhanced disclosures about (a) how and why an entity uses derivative instruments, (b) how derivative instruments and hedging activities are accounted for, and (c) how derivative instruments and related hedging activities affect a fund's financial position, financial performance, and cash flows. Management of the Fund does not believe the adoption of FAS 161 will materially impact the financial statement amounts, but will require additional disclosures. This will include qualitative and quantitative disclosures on derivative positions existing at period end and the effect of using derivatives during the reporting period. FAS 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008.

29

Credit Suisse Commodity Return Strategy Fund
Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of
Credit Suisse Commodity Return Strategy Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Credit Suisse Commodity Return Strategy Fund (the "Fund") at October 31, 2008, the results of its operations for the year then ended and the changes in its net assets and financial highlights for the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting O versight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2008 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Baltimore, Maryland
December 29, 2008

30

Credit Suisse Commodity Return Strategy Fund
Information Concerning Trustees and Officers (unaudited)

Name, Address (Year of Birth)	Position(s) Held with Fund	Term of Office1 and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee		Other Directorships Held by Trustee
Independent Trustees
Enrique Arzac c/o Credit Suisse Asset Management, LLC Attn: General Counsel Eleven Madison Avenue New York, New York 10010 (1941)	Trustee, Audit Committee Chairman and Nominating Committee Member	Since 2005	Professor of Finance and Economics, Graduate School of Business, Columbia University since 1971.		33	Director of Epoch Holding Corporation (an investment management and investment advisory services company); Director of The Adams Express Company (a closed-end investment company); Director of Petroleum and Resources Corporation (a closed-end investment company).
Jeffrey E. Garten Box 208200 New Haven, Connecticut 06520-8200 (1946)	Trustee, Audit and Nominating Committee Member	Since Fund Inception	The Juan Trippe Professor in the Practice of International Trade, Finance and Business from July 2005 to present; Partner and Chairman of Garten Rothkopf (consulting firm) from October 2005 to present; Dean of Yale School of Management from November 1995 to June 2005.		26	Director of Aetna, Inc. (insurance company); Director of CarMax Group (used car dealers).

¹   Each Trustee and Officer serves until his or her respective successor has been duly elected and qualified.

31

Credit Suisse Commodity Return Strategy Fund
Information Concerning Trustees and Officers (unaudited) (continued)

Name, Address (Year of Birth)	Position(s) Held with Fund	Term of Office1 and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee		Other Directorships Held by Trustee
Independent Trustees
Peter F. Krogh SFS/ICC 702 Georgetown University Washington, DC 20057 (1937)	Trustee, Audit and Nominating Committee Member	Since Fund Inception	Dean Emeritus and Distinguished Professor of International Affairs at the Edmund A. Walsh School of Foreign Service, Georgetown University from June 1995 to present.		26	Director of Carlisle Companies Incorporated (diversified manufacturing company).
Steven N. Rappaport Lehigh Court, LLC 555 Madison Avenue 29th Floor New York, New York 10022 (1948)	Chairman of the Board of Trustees, Audit Committee Member and Nominating Committee Chairman	Trustee since Fund Inception and Chairman since 2005	Partner of Lehigh Court, LLC and RZ Capital (private investment firms) from July 2002 to present.		33	Director of iCAD, Inc. (surgical and medical instruments and apparatus company); Director of Presstek, Inc. (digital imaging technologies company); Director of Wood Resources, LLC. (plywood manufacturing company).

32

Credit Suisse Commodity Return Strategy Fund
Information Concerning Trustees and Officers (unaudited) (continued)

Name, Address (Year of Birth)	Position(s) Held with Fund	Term of Office1 and Length of Time Served	Principal Occupation(s) During Past Five Years
Officers
George R. Hornig Credit Suisse Asset Management, LLC Eleven Madison Avenue New York, New York 10010 (1954)	Chief Executive Officer and President	Since 2008	Managing Director of Credit Suisse; Co-Chief Operating Officer of Asset Management and Head of Asset Management Americas; Associated with Credit Suisse since 1999; Officer of other Credit Suisse Funds.
Michael A. Pignataro Credit Suisse Asset Management, LLC Eleven Madison Avenue New York, New York 10010 (1959)	Chief Financial Officer	Since Fund Inception	Director and Director of Fund Administration of Credit Suisse; Associated with Credit Suisse or its predecessor since 1984; Officer of other Credit Suisse Funds.
Emidio Morizio Credit Suisse Asset Management, LLC Eleven Madison Avenue New York, New York 10010 (1966)	Chief Compliance Officer	Since Fund Inception	Director and Global Head of Compliance of Credit Suisse; Associated with Credit Suisse since July 2000; Officer of other Credit Suisse Funds.
J. Kevin Gao Credit Suisse Asset Management, LLC Eleven Madison Avenue New York, New York 10010 (1967)	Chief Legal Officer since 2006, Vice President and Secretary since fund inception	Since Fund Inception	Director and Legal Counsel of Credit Suisse; Associated with Credit Suisse since July 2003; Associated with the law firm of Willkie Farr & Gallagher LLP from 1998 to 2003; Officer of other Credit Suisse Funds.
Cecilia Chau Credit Suisse Asset Management, LLC Eleven Madison Avenue New York, New York 10010 (1973)	Treasurer	Since 2008	Assistant Vice President of Credit Suisse since June 2007; Associated with Alliance Bernstein L.P. from January 2007 to May 2007; Associated with Credit Suisse from August 2000 to December 2006; Officer of other Credit Suisse Funds.

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 800-927-2874.

33

Credit Suisse Commodity Return Strategy Fund
Tax Information Letter
October 31, 2008(unaudited)

Important Tax Information for Shareholders

During the year ended October 31, 2008, the Fund declared $4,134,222 in dividends that were designated as long-term capital gains dividends.

34

Credit Suisse Commodity Return Strategy Fund
Proxy Voting and Portfolio Holdings Information (unaudited)

Information regarding how the Fund voted proxies related to its portfolio securities during the 12 month period ended June 30 of each year, as well as the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities are available:

•  By calling 1-800-927-2874

•  On the Fund's website, www.credit-suisse.com/us

•  On the website of the Securities and Exchange Commission, www.sec.gov.

The Fund files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Fund's Forms N-Q are available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the SEC's Public Reference Room may be obtained by calling 1-202-551-8090.

35

n  CREDIT SUISSE
  CAYMAN COMMODITY FUND I, LTD.

for the Year Ended October 31, 2008

36

Credit Suisse Cayman Commodity Fund I, Ltd.
Schedule of Investments
October 31, 2008

Par (000)			Ratings† (S&P/Moody's)	Maturity	Rate%		Value
UNITED STATES AGENCY OBLIGATIONS (44.4%)
$	11,500	Federal Home Loan Bank Discount Notes	(AAA, Aaa)	03/31/09		2.819	$	11,366,792
	8,300	Federal Home Loan Bank Discount Notes	(AAA, Aaa)	04/13/09		3.143		8,183,500
	1,200	Federal Home Loan Bank Discount Notes‡‡	(AAA, Aaa)	12/10/08		2.129		1,197,270
	4,000	Federal Home Loan Bank Discount Notes	(AAA, Aaa)	12/22/08		2.748		3,984,643
	2,300	Federal Home Loan Bank Discount Notes	(AAA, Aaa)	12/29/08		3.194		2,288,328
	8,000	Federal Home Loan Bank Discount Notes	(AAA, Aaa)	02/13/09		2.332		7,946,844
	3,700	Federal Home Loan Mortgage Discount Notes	(AAA, Aaa)	12/31/08		2.119		3,687,112
	6,500	Federal Home Loan Mortgage Discount Notes	(AAA, Aaa)	03/02/09		2.890		6,437,735
	9,300	Federal Home Loan Mortgage Discount Notes	(AAA, Aaa)	03/05/09		2.149		9,232,089
	9,300	Federal National Mortgage Association Discount Notes	(AAA, Aaa)	02/23/09		2.028		9,241,100
	3,700	Federal National Mortgage Association Discount Notes	(AAA, Aaa)	11/04/08		1.014		3,699,692
	1,500	Federal National Mortgage Association Discount Notes‡‡	(AAA, Aaa)	12/17/08		2.545		1,495,189
TOTAL UNITED STATES AGENCY OBLIGATIONS (Cost $68,760,294)								68,760,294
SHORT-TERM INVESTMENTS (0.1%)
	142	State Street Bank and Trust Co. Euro Time Deposit (Cost $142,000)		11/03/08		0.010		142,000
TOTAL INVESTMENTS AT VALUE (44.5%) (Cost $68,902,294)								68,902,294
OTHER ASSETS IN EXCESS OF LIABILITIES (55.5%)								85,888,691
NET ASSETS (100.0%)							$	154,790,985

†  Credit ratings given by the Standard & Poor's Division of The McGraw-Hill Companies, Inc. ("S&P") and Moody's Investors Services, Inc. ("Moody's") are unaudited.

‡‡  Collateral segregated for futures contracts.

See Accompanying Notes to Financial Statements.
37

Credit Suisse Cayman Commodity Fund I, Ltd.
Statement of Assets and Liabilities
October 31, 2008

Assets
Investments at value (Cost $68,902,294) (Note 2)	$	68,902,294
Cash		371
Cash segregated at brokers for futures contracts		65,102,197
Unrealized appreciation on open swap contracts		21,027,226
Variation margin receivable (Note 2)		64,800
Other assets		81,466
Total Assets		155,178,354
Liabilities
Unrealized depreciation on open swap contracts		306,245
Other accrued expenses payable		81,124
Total Liabilities		387,369
Net Assets
Par value of participating shares (Note 4)		49,006
Paid-in capital (Note 4)		360,350,994
Accumulated net investment income		1,761,823
Accumulated net realized loss on investments, futures contracts and swap contracts		(201,478,998	)
Net unrealized depreciation on investments, futures contracts and swap contracts		(5,891,840	)
Net Assets	$	154,790,985
Shares outstanding		49,006,452
Net asset value, offering price, and redemption price per share	$	3.16

See Accompanying Notes to Financial Statements.
38

Credit Suisse Cayman Commodity Fund I, Ltd.
Statement of Operations
For the Year Ended October 31, 2008

Investment Income (Note 2)
Interest	$	1,760,525
Foreign taxes withheld		(9,425	)
Total investment income		1,751,100
Expenses
Administrative services fees (Note 3)		46,809
Audit fees		24,000
Total expenses		70,809
Less: fees reimbursed (Note 3)		(70,809	)
Net expenses		—
Net investment income		1,751,100
Net Realized and Unrealized Gain (Loss) from Investments, Futures Contracts and Swap Contracts
Net realized gain from investments		223,135
Net realized gain from futures contracts		28,798,526
Net realized loss from swap contracts		(231,066,276	)
Net change in unrealized appreciation (depreciation) from investments, futures contracts and swap contracts		(6,122,615	)
Net realized and unrealized loss from investments, futures contracts and swap contracts		(208,167,230	)
Net decrease in net assets resulting from operations	$	(206,416,130	)

See Accompanying Notes to Financial Statements.
39

Credit Suisse Cayman Commodity Fund I, Ltd.
Statements of Changes in Net Assets

	For the Year Ended October 31, 2008			For the Period Ended October 31, 20071
From Operations
Net investment income	$	1,751,100		$	10,723
Net realized gain (loss) from investments, futures contracts and swap contracts		(202,044,615	)		565,617
Net change in unrealized appreciation (depreciation) from investments, futures contracts and swap contracts		(6,122,615	)		230,775
Net increase (decrease) in net assets resulting from operations		(206,416,130	)		807,115
From Capital Share Transactions (Note 4)
Proceeds from sale of shares		359,000,008			7,500,000
Net asset value of shares redeemed		—			(6,100,008	)
Net increase in net assets from capital share transactions		359,000,008			1,399,992
Net increase in net assets		152,583,878			2,207,107
Net Assets
Beginning of period		2,207,107			—
End of period (including accumulated net investment income of $1,761,823, and $10,723, respectively)	$	154,790,985		$	2,207,107

¹  For the period September 27, 2007 (commencement of operations) through October 31, 2007.

See Accompanying Notes to Financial Statements.
40

Credit Suisse Cayman Commodity Fund I, Ltd.
Notes to Financial Statements
October 31, 2008

Note 1. Organization

Credit Suisse Cayman Commodity Fund I, Ltd. (the "Fund") is organized as a Cayman Islands Company. The Fund intends to carry on the business of an investment company. The Fund's investment manager is Credit Suisse Asset Management, LLC ("Credit Suisse"). As of October 31, 2008, 100% of the Fund's participating shares were owned by Credit Suisse Commodity Return Strategy Fund.

Note 2. Significant Accounting Policies

A) SECURITY VALUATION — The net asset value of the Fund is determined daily as of the close of regular trading on the New York Stock Exchange, Inc. (the "Exchange") on each day the Exchange is open for business. Debt securities with a remaining maturity greater than 60 days are valued in accordance with the price supplied by a pricing service, which may use a matrix, formula or other objective method that takes into consideration market indices, yield curves and other specific adjustments. Debt obligations that will mature in 60 days or less are valued on the basis of amortized cost, which approximates market value, unless it is determined that using this method would not represent fair value. Equity investments are valued at market value, which is generally determined using the closing price on the exchange or market on which the security is primarily traded at the time of valuation (the "Valuation Time"). If no sales are reported, equ ity investments are generally valued at the most recent bid quotation as of the Valuation Time or at the lowest asked quotation in the case of a short sale of securities. Investments in mutual funds are valued at the mutual fund's closing net asset value per share on the day of valuation. Swap contracts are generally valued at a price at which the counterparty to such contract would repurchase the instrument or terminate the contract. Structured note agreements are valued in accordance with a dealer-supplied valuation based on changes in the value of the underlying index. Securities, options, futures contracts and other assets (including swaps and structured note agreements), for which market quotations are not readily available, or whose values have been materially affected by events occurring before the Fund's Valuation Time but after the close of the securities' primary markets, are valued at fair value as determined in good faith by, or under the direction of, the Board of Directors under procedures esta blished by the Board of Directors. The Fund may utilize a service provided by an independent third party which has been approved by the Board of Directors to fair value certain securities. When fair-value pricing is employed, the prices of securities used by

41

Credit Suisse Cayman Commodity Fund I, Ltd.
Notes to Financial Statements (continued)
October 31, 2008

Note 2. Significant Accounting Policies

a fund to calculate its net asset value may differ from quoted or published prices for the same securities.

B) INCOME TAXES — The Fund has received an undertaking from the Government of the Cayman Islands exempting it from all local income, profits and capital gains taxes through June of 2027. No such taxes are levied in the Cayman Islands at the present time. The Fund is a Controlled Foreign Corporation under U.S. tax laws and as such is not subject to U.S. income tax. Therefore, the Fund is not required to record a tax provision.

During June 2006, the Financial Accounting Standards Board ("FASB") issued FASB Interpretation 48 ("FIN 48" or the "Interpretation"), Accounting for Uncertainty in Income Taxes — an interpretation of FASB statement 109. The Fund has reviewed its current tax positions and has determined that no provision for income tax is required in the Fund's financial statements.

C) SECURITY TRANSACTIONS AND INVESTMENT INCOME — Security transactions are accounted for on a trade date basis. Interest income is recorded on the accrual basis. The Fund amortizes premiums and accretes discounts using the effective method. Dividends are recorded on the ex-dividend date. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes.

D) FUTURES — The Fund may enter into futures contracts to the extent permitted by its investment policies and objectives. Upon entering into a futures contract, the Fund is required to deposit cash and/or pledge U.S. Government securities as initial margin. Subsequent payments, which are dependent on the daily fluctuations in the value of the underlying instrument, are made or received by the Fund each day (daily variation margin) and are recorded as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund's basis in the contract. Risks of entering into futures contracts for hedging purposes include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. In addition, the purchase of a futures contract involves the risk that the Fund could lose more than the original margin deposit and subsequent payments

42

Credit Suisse Cayman Commodity Fund I, Ltd.
Notes to Financial Statements (continued)
October 31, 2008

Note 2. Significant Accounting Policies

required for a futures transaction. At October 31, 2008, the Fund had the following open futures contracts:

Contract Description	Unrealized Appreciation (Depreciation)
Contracts to Purchase
Energy	$	(45,181,974	)
	$	(45,181,974	)
Contracts to Sell
Energy	$	18,569,153
	$	18,569,153
Net unrealized depreciation	$	(26,612,821	)

E) USE OF ESTIMATES — The preparation of financial statements in conformity with accounting principals generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates.

F) SWAPS — The Fund may enter into commodity index swaps for hedging purposes or to seek to increase total return. A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset or notional principal amount. The Fund will enter into commodity index swaps only on a net basis, which means that the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net amount of the two payments. Risks may arise as a result of the failure of the counterparty to the swap contract to comply with the terms of the swap contract. The loss incurred by the failure of a counterparty is generally limited to the net interest payment to be received by the Fund, and/or the termination value at the end of the contract. Therefore, the Fund considers the cr editworthiness of each counterparty to a swap contract in evaluating potential credit risk. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying reference asset or index.

The Fund may enter into total return swap contracts, involving commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transactions exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty.

43

Credit Suisse Cayman Commodity Fund I, Ltd.
Notes to Financial Statements (continued)
October 31, 2008

Note 2. Significant Accounting Policies

The Fund records unrealized gains or losses on a daily basis representing the value and the current net receivable or payable relating to open swap contracts. Net amounts received or paid on the swap contract are recorded as realized gains or losses. Fluctuations in the value of swap contracts are recorded for financial statement purposes as unrealized appreciation or depreciation on swap contracts. Realized gains and losses from terminated swaps are included in net realized gains/losses on swap contracts transactions. At October 31, 2008, the Fund had the following outstanding swap contracts:

Currency	Notional Amount			Expiration Date	Counterparty	Receive	Pay	Unrealized Appreciation/ (Depreciation)
USD	$	36,513,769		11/24/08	Barclays	Return on the Dow Jones — AIG Commodity Total Return Index	25 bps times the Notional Amount	$	1,670,009
USD	$	73,770,746		11/24/08	Barclays	Return on the Dow Jones — AIG Commodity 2 Month Forward Total Return Index	50 bps times the Notional Amount		3,581,558
USD	$	313,320,409		11/24/08	Merrill Lynch	Return on the Dow Jones — AIG Commodity 2 Month Forward Total Return Index	50 bps plus the 91 Day Treasury Bill Rate		15,211,654
USD	$	12,329,059		11/24/08	Merrill Lynch	Return on the Dow Jones — AIG Commodity Total Return Index	50 bps plus the 91 Day Treasury Bill Rate		564,005
USD	$	(10,000,000	)	11/24/08	Merrill Lynch	20 bps plus the 91 Day Treasury Bill Rate	Return on the Dow Jones — AIG Commodity Total Return Index		(306,245	)
								$	20,720,981

Note 3. Transactions with Affiliates and Related Parties

Credit Suisse recognizes that it receives compensation for performing investment advisory services for the Credit Suisse Commodity Return Strategy Fund pursuant to a separate investment advisory agreement and agrees to receive no additional compensation for rendering its services to the Fund. During the year ended October 31, 2008, Credit Suisse voluntarily reimbursed the Fund $70,809 in Fund expenses. Credit Suisse will not recapture from the Fund any reimbursements made during the fiscal year ended October 31, 2008.

44

Credit Suisse Cayman Commodity Fund I, Ltd.
Notes to Financial Statements (continued)
October 31, 2008

Note 3. Transactions with Affiliates and Related Parties

Reimbursements are voluntary and may be discontinued by Credit Suisse at any time.

State Street Bank and Trust Company ("SSB") serves as administrator to the Fund. For its administrative services, SSB currently receives a fee based on the Fund's average daily net assets. For the year ended October 31, 2008, administrative services fees earned by SSB were $46,809.

Note 4. Capital Share Transactions

The Fund issued 750,000 participating shares for $7,500,000 on September 27, 2007 in conjunction with the initial capitalization of the Fund.

Capital transactions were as follows:

	For the Year Ended October 31, 2008				For the Period Ended October 31, 20071
	Shares		Value		Shares			Value
Shares sold		48,846,217	$	359,000,008		750,000		$	7,500,000
Shares redeemed		—		—		(589,765	)		(6,100,008	)
Net increase		48,846,217	$	359,000,008		160,235		$	1,399,992

¹  For the period from September 27, 2007 (commencement of operations) through October 31, 2007.

Note 5. Financial Highlights

The following represents the total return of the Fund for the year ended October 31, 2008 and the period ended October 31, 2007, respectively. Total returns were calculated based upon the daily returns of the Fund during the periods represented. The calculation has not been annualized for reporting purposes:

	For the Year Ended October 31, 2008			For the Period Ended October 31, 20071
Total Return		(77.07	)%		37.70	%

The following represents certain financial ratios of the Fund for the periods noted. The computation of the net investment income and total expense ratios was based upon the daily net assets of the Fund during these periods. The calculations have been annualized for reporting purposes:

	For the Year Ended October 31, 2008			For the Period Ended October 31, 20071
Ratio to Average Net Assets:
Net investment income		2.24	%		4.91	%
Total expenses (before expense reimbursement)		0.09	%		15.87	%
Total expenses (after expense reimbursement)		0.00	%		0.00	%

¹  For the period from September 27, 2007 (commencement of operations) through October 31, 2007.

45

Credit Suisse Cayman Commodity Fund I, Ltd.
Notes to Financial Statements (continued)
October 31, 2008

Note 6. Contingencies

In the normal course of business, the Fund may provide general indemnifications pursuant to certain contracts and organizational documents. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.

Note 7. Recent Accounting Pronouncements

On September 20, 2006, the FASB released Statement of Financial Accounting Standards No. 157 "Fair Value Measurements" ("FAS 157"). FAS 157 establishes an authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair-value measurements. The application of FAS 157 is required for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. As of October 31, 2008, management does not believe the adoption of FAS 157 will impact the amounts reported in the financial statements, however, additional disclosures will be required in subsequent reports.

In March 2008, FASB issued Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities ("FAS 161"), an amendment of FASB Statement No. 133. FAS 161 requires enhanced disclosures about (a) how and why an entity uses derivative instruments, (b) how derivative instruments and hedging activities are accounted for, and (c) how derivative instruments and related hedging activities affect a fund's financial position, financial performance, and cash flows. Management of the Fund does not believe the adoption of FAS 161 will materially impact the financial statement amounts, but will require additional d isclosures. This will include qualitative and quantitative disclosures on derivative positions existing at period end and the effect of using derivatives during the reporting period. FAS 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008.

46

Credit Suisse Cayman Commodity Fund I, Ltd.
Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of
Credit Suisse Cayman Commodity Fund I, Ltd:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets, present fairly, in all material respects, the financial position of Credit Suisse Cayman Commodity Fund I, Ltd. (the "Fund") at October 31, 2008, the results of its operations for the year then ended and the changes in its net assets for the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements (hereafter referred to as "financial statements") are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perfor m the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2008 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Baltimore, Maryland
December 29, 2008

47

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P.O. BOX 55030, BOSTON, MA 02205-5030

800-927-2874 n www.credit-suisse.com/us

CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR.  COM-AR-1008

Item 2. Code of Ethics.

The registrant has adopted a code of ethics applicable to its Chief Executive Officer, President, Chief Financial Officer and Chief Accounting Officer, or persons performing similar functions. A copy of the code is filed as Exhibit 12(a)(1) to this Form. There were no amendments to the code during the fiscal year ended October 31, 2008. There were no waivers or implicit waivers from the code granted by the registrant during the fiscal year ended October 31, 2008.

Item 3. Audit Committee Financial Expert.

The registrant’s governing board has determined that it has two audit committee financial experts serving on its audit committee: Enrique R. Arzac and Steven N. Rappaport.  Each audit committee financial expert is “independent” for purposes of this item.

Item 4. Principal Accountant Fees and Services.

(a) through (d). The information in the table below is provided for services rendered to the registrant by its independent registered public accounting firm, PricewaterhouseCoopers LLP (“PwC”), for its fiscal years ended October 31, 2007 and October 31, 2008.

	2007		2008
Audit Fees	$	51,500	$	59,000
Audit-Related Fees(1)	$	3,340	$	3,400
Tax Fees(2)	$	2,590	$	3,255
All Other Fees	—		—
Total	$	57,430	$	65,655

(1) Services include agreed-upon procedures in connection with the registrant’s semi-annual financial statements ($3,340 in 2007 and $3,400 in 2008).

(2) Tax services in connection with the registrant’s excise tax calculations and review of the registrant’s applicable tax returns.

The information in the table below is provided with respect to non-audit services that directly relate to the registrant’s operations and financial reporting and that were rendered by PwC to the registrant’s investment adviser, Credit Suisse Asset Management, LLC (“Credit Suisse”), and any service provider to the registrant controlling, controlled by or under common control with Credit Suisse that provided ongoing services to the registrant (“Covered Services Provider”), for the registrant’s fiscal years ended October 31, 2007 and October 31, 2008.

2

	2007	2008
Audit-Related Fees	N/A	N/A
Tax Fees	N/A	N/A
All Other Fees	N/A	N/A
Total	N/A	N/A

(e)(1) Pre-Approval Policies and Procedures.  The Audit Committee (“Committee”) of the registrant is responsible for pre-approving (i) all audit and permissible non-audit services to be provided by the independent registered public accounting firm to the registrant and (ii) all permissible non-audit services to be provided by the independent registered public accounting firm to Credit Suisse and any Covered Services Provider if the engagement relates directly to the operations and financial reporting of the registrant.  The Committee may delegate its responsibility to pre-approve any such audit and permissible non-audit services to the Chairperson of the Committee, and the Chairperson shall report to the Committee, at its next regularly scheduled meeting after the Chairperson’s pre-approval of such services, his or her decision(s).  The Committee may also establish detailed pre-approval policies and procedures for pre-approval of such services in accordance with applicable laws, including the delegation of some or all of the Committee’s pre-approval responsibilities to other persons (other than Credit Suisse or the registrant’s officers).  Pre-approval by the Committee of any permissible non-audit services shall not be required so long as: (i) the aggregate amount of all such permissible non-audit services provided to the registrant, Credit Suisse and any Covered Services Provider constitutes not more than 5% of the total amount of revenues paid by the registrant to its independent registered public accounting firm during the fiscal year in which the permissible non-audit services are provided; (ii) the permissible non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the Committee and approved by the Committee (or its delegate(s)) prior to the completion of the audit.

(e)(2) The information in the table below sets forth the percentages of fees for services (other than audit, review or attest services) rendered by PwC to the registrant for which the pre-approval requirement was waived pursuant to Rule 2-01(c)(7)(i)(C) of Regulation S-X:

	2007	2008
Audit-Related Fees	N/A	N/A
Tax Fees	N/A	N/A
All Other Fees	N/A	N/A
Total	N/A	N/A

3

The information in the table below sets forth the percentages of fees for services (other than audit, review or attest services) rendered by PwC to Credit Suisse and any Covered Services Provider required to be approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X, for the registrant’s fiscal years ended October 31, 2007 and October 31, 2008:

	2007	2008
Audit-Related Fees	N/A	N/A
Tax Fees	N/A	N/A
All Other Fees	N/A	N/A
Total	N/A	N/A

(f) Not Applicable.

(g) The aggregate fees billed by PwC for non-audit services rendered to the registrant, Credit Suisse and Covered Service Providers for the fiscal years ended October 31, 2007 and October 31, 2008 were $5,930 and $6,655, respectively.

(h) Not Applicable.

Item 5. Audit Committee of Listed Registrants.

Form N-CSR disclosure requirement is not applicable to the registrant.

Item 6. Schedule of Investments.

Included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Form N-CSR disclosure requirement is not applicable to the registrant.

Item 8.  Portfolio Managers of Closed-End Management Investment Companies.

Form N-CSR disclosure requirement is not applicable to the registrant.

4

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Form N-CSR disclosure requirement is not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

None.

Item 11. Controls and Procedures.

(a) As of a date within 90 days from the filing date of this report, the principal executive officer and principal financial officer concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) were effective based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934.

(b) There were no changes in registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1)       Registrant’s Code of Ethics is an exhibit to this report.

(a)(2)       The certifications of the registrant as required by Rule 30a-2(a) under the Act are exhibits to this report.

(a)(3)       Not applicable.

(b)           The certifications of the registrant as required by Rule 30a-2(b) under the Act are an exhibit to this report.

5

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

CREDIT SUISSE COMMODITY RETURN STRATEGY FUND
/s/ George R. Hornig
Name:	George R. Hornig
Title:	Chief Executive Officer
Date:	January 8, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ George R. Hornig
Name:	George R. Hornig
Title:	Chief Executive Officer
Date:	January 8, 2009
/s/ Michael A. Pignataro
Name:	Michael A. Pignataro
Title:	Chief Financial Officer
Date:	January 8, 2009

6