Credit Suisse Commodity Strategy Funds NCSR 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 STRATEGY FUNDS
(Exact name of registrant as specified in charter)

One Madison Avenue, New York, New York					10010
(Address of principal executive offices)					(Zip code)

John G. Popp Credit Suisse Commodity Strategy Funds One 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, 2015 to October 31, 2016

Item 1. Reports to Stockholders.

CREDIT SUISSE FUNDS

Annual Report

October 31, 2016

n CREDIT SUISSE
COMMODITY ACCESS 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 copies by calling 877-870-2874 or by visiting our website at www.credit-suisse.com/us/funds.

Credit Suisse Securities (USA) LLC, Distributor, is located at One 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 Class I shares (where offered) directly or through certain intermediaries. Such shares are not subject to a sales charge. 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 or C shares (where offered). For more information, please review the relevant prospectuses or consult your financial representative.

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 ACCESS Strategy Fund
Annual Investment Adviser's Report
October 31, 2016 (unaudited)

November 25, 2016

Dear Shareholder:

We are pleased to present this Annual Report covering the activities of the Credit Suisse Commodity ACCESS Strategy Fund (the "Fund") for the 12-month period ended October 31, 2016.

Performance Summary
11/01/15 – 10/31/16

Fund & Benchmark	Performance
Class I¹		-4.97	%
Class A^1,2		-5.19	%
Class C^1,2		-5.86	%
Credit Suisse Commodity Benchmark Total Return Index³		-7.10	%

Performance shown for the Fund's Class A and Class C Shares does not reflect sales charges, which are a maximum of 4.75% and 1.00%, respectively.²

Market and Strategy Review:

Commodities declined for the annual period ended October 31, 2016. The Credit Suisse Commodity Benchmark Total Return Index (the "Benchmark") was down 7.10%, with 20 out of 34 index constituents trading lower.

For the 12-month period ended October 31, 2016, the Fund outperformed the Benchmark, before fees and Fund expenses. This outperformance was largely due to active positioning in the Energy and Agriculture sectors. The Fund was generally underweight WTI Crude Oil and Gasoil, both of which declined, and overweight Soybeans and Soybean Meal, as both increased. WTI Crude Oil calendar spread positions and a short position in Chicago Wheat also contributed positively to relative performance. Active positions in Brent Crude Oil and Lean Hogs negatively offset some of the relative gains. The Fund's Class I, A and C shares also outperformed the Benchmark after fees and Fund expenses.

Livestock was the worst performing sector, down 20.51%, as Feeder Cattle, Live Cattle and Lean Hogs decreased amid higher supply expectations. Livestock producers generally increased supplies as relatively inexpensive grains lowered feed costs.

Energy declined 16.82%, led lower by crude oil and petroleum products. WTI Crude Oil declined 21.99% as U.S. crude oil inventories remained oversupplied and well above the five-year average throughout most of the period.

Credit Suisse Commodity ACCESS Strategy Fund
Annual Investment Adviser's Report (continued)
October 31, 2016 (unaudited)

Expectations for a global supply glut persisted as Iranian exports began to return to the market after sanctions were eased in January. In addition, mild winter weather in the Eastern U.S. at the end of 2015 and warmer-than-average weather during the first quarter of 2016 reduced heating demand and allowed the end of October 2016 natural gas storage levels to reach record high levels.

Industrial Metals gained the most, up 11.53%, as Zinc, up 41.70%, led the sector higher due to rising Chinese demand and tightening supplies. Supply cuts and an ongoing shortage of zinc concentrate following the closure of multiple mines at the end of 2015 led to a deficit in 2016. Precious Metals increased 5.80%, with both Gold and Silver higher, as the U.S. Federal Reserve (the "Fed") only raised interest rates once during the period, and market expectations continued to imply that interest rates would only rise gradually. In addition, uncertainty leading up to and after the Brexit vote led to an increase in safe haven demand.

Agriculture ended the period 0.21% higher. Raw Sugar was the best performing component, gaining 47.25%, amid concerns over sugar cane production in Brazil and India due to disruptive weather conditions. In August 2016, the International Sugar Organization forecasted a global sugar deficit for the 2016-2017 season. Arabica and Robusta Coffee increased 23.57% and 22.48%, respectively, after heavy rains in key growing regions of Brazil damaged crop conditions in densely planted areas, drastically reducing the 2017 supply outlook for coffee. Conversely, Kansas City Wheat and Chicago Wheat declined 28.37% and 28.20%, respectively, as the U.S. Department of Agriculture reduced its 2015/16 wheat export projections in late 2015 amid ample supplies and low U.S. export demand. In addition, there were forecasts for large wheat harvests out of the U.S. and Russia toward the end of the period.

Outlook:

Views regarding various commodities shifted throughout the period. Crude oil and petroleum products started the period in oversupply, but rose in price during April and May 2016 as supply and demand came more into balance after supply disruptions in Canada and Nigeria. Toward the end of the period, oil was initially supported after the Organization of the Petroleum Exporting Countries' ("OPEC") tentative agreement to cut supplies, but ultimately fell after new headlines highlighted obstacles to a production cut deal. The main challenge seems to be Saudi and Iraqi disagreement over an acceptable cap to Iraqi production. Libya, Nigeria, and Iran would be exempt from any production quotas. Russia expressed support for a deal, but has not publicly offered material concessions as of the end of the period. Despite the bearish headlines, the fact that OPEC members were having this level of dialogue was constructive, and the potential for an agreement remains. OPEC continues to be highly motivated

Credit Suisse Commodity ACCESS Strategy Fund
Annual Investment Adviser's Report (continued)
October 31, 2016 (unaudited)

to increase prices, and Saudi Arabia is particularly motivated to maintain credibility.

Weather continued to drive Agriculture and Natural Gas returns. The likelihood of a weak La Niña developing was approximately 70% as of October 2016, according to the National Oceanic and Atmospheric Administration, reducing weather risk for grains and softs. In 2016, following the mildest October in the last 30 years, natural gas inventories remained in surplus due to weak heating demand. There is potential for medium-term tightness due to new demand sources such as Liquefied Natural Gas exports and growth in exports to Mexico, as well as restricted supply from insufficient takeaway pipeline capacity in the Northeast region, historically the main source of production growth in the U.S. It is also far too early to eliminate the possibility of a colder-than-anticipated winter, leaving the largest demand driver unknown.

Regarding the macroeconomic environment, consensus expectations for headline U.S. inflation for 2017/2018 remain above the Fed's 2% target, while global inflation expectations remain weak. The Fed has signaled that it is comfortable allowing inflation to overshoot expectations to support improvements in employment and is expected to raise rates in December. Following the U.S. election, the market remains uncertain if there will be more than one interest rate increase from December 2016 through December 2017. In the current market environment, commodities are expected to be a valuable diversification tool as the asset class has historically delivered a high correlation to unexpected inflation.

The Credit Suisse Commodities Management Team

Nelson Louie
Christopher Burton
Timothy Boss

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 mutual fund and may therefore be subject to greater volatility. 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.

Credit Suisse Commodity ACCESS Strategy Fund
Annual Investment Adviser's Report (continued)
October 31, 2016 (unaudited)

income risk, liquidity risk, interest rate risk, manager/model risk, market risk, non-diversified status, credit risk, focus risk, futures contracts risk, leveraging risk, portfolio turnover risk, short position risk, structured note risk, subsidiary risk, swap agreements risk, tax risk and U.S. government securities risk. Gains and losses from speculative positions in derivatives may be much greater than the derivative's 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 investing.

In addition to historical information, this report contains forward-looking statements, which 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.

The views of the Fund's management are as of the date of this letter and the Fund holdings described in this document are as of October 31, 2016; these views and Fund holdings may have changed subsequent to these dates. Nothing in this document is a recommendation to purchase or sell securities.

Credit Suisse Commodity ACCESS Strategy Fund
Annual Investment Adviser's Report (continued)
October 31, 2016 (unaudited)

Comparison of Change in Value of $10,000 Investment in the
Credit Suisse Commodity ACCESS Strategy Fund¹ Class I
shares, Class A shares², Class C shares² and the Credit Suisse
Commodity Benchmark Total Return Index³ from Inception (9/28/12)

¹ Fee waivers and/or expense reimbursements may reduce expenses for the Fund, without which performance would be lower. The Fund entered into a written contract to limit expenses to 0.90% of the Fund's average daily net assets for Class I shares, 1.15% of the Fund's average daily net assets for Class A shares and 1.90% of the Fund's average daily net assets for Class C shares through at least February 28, 2018. This limit excludes certain expenses, as set forth in the Fund's Prospectus.

² Total return for the Fund's Class A shares for the reporting period, based on offering price (including maximum sales charge of 4.75%), was (9.72)%. Total return for the Fund's Class C shares for the reporting period, based on redemption value (including maximum CDSC of 1.00%), was (6.80)%.

³ Credit Suisse Commodity Benchmark Total Return Index is composed of futures contracts on five physical commodity asset classes and short-term Treasury Bills. The index does not have transaction costs and investors may not invest directly in the index.

Credit Suisse Commodity ACCESS Strategy Fund
Annual Investment Adviser's Report (continued)
October 31, 2016 (unaudited)

Average Annual Returns as of October 31, 2016¹

	1 Year			Since Inception²
Class I		(4.97	)%		(14.24	)%
Class A Without Sales Charge		(5.19	)%		(14.44	)%
Class A With Maximum Sales Charge		(9.72	)%		(15.45	)%
Class C Without CDSC		(5.86	)%		(15.08	)%
Class C With CDSC		(6.80	)%		(15.08	)%

Returns represent past performance and include change in share price and reinvestment of dividends and capital gain distributions. 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/funds.

The annual gross expense ratios are 1.80% for Class I shares, 2.05% for Class A shares and 2.80% for Class C shares. The annual net expense ratios after fee waivers and/or expense reimbursements are 0.90% for Class I shares, 1.15% for Class A shares and 1.90% for Class C shares.

² Inception Date September 28, 2012.

Credit Suisse Commodity ACCESS Strategy Fund
Annual Investment Adviser's Report (continued)
October 31, 2016 (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 months ended October 31, 2016.

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.

• Hypothetical 5% Fund Return. This helps you to compare the 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.

Credit Suisse Commodity ACCESS Strategy Fund
Annual Investment Adviser's Report (continued)
October 31, 2016 (unaudited)

Expenses and Value for a $1,000 Investment
for the six-month period ended October 31, 2016

Actual Fund Return	Class I			Class A			Class C
Beginning Account Value 05/01/16	$	1,000.00		$	1,000.00		$	1,000.00
Ending Account Value 10/31/16	$	1,005.70		$	1,003.80		$	1,000.00
Expenses Paid per $1,000*	$	4.54		$	5.79		$	9.55
Hypothetical 5% Fund Return
Beginning Account Value 05/01/16	$	1,000.00		$	1,000.00		$	1,000.00
Ending Account Value 10/31/16	$	1,020.61		$	1,019.36		$	1,015.58
Expenses Paid per $1,000*	$	4.57		$	5.84		$	9.63
	Class I			Class A			Class C
Annualized Expense Ratios*		0.90	%		1.15	%		1.90	%

* 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 184/366 to reflect the one-half year period.

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 actual expense reimbursements, if applicable. If those fee waivers and/or expense reimbursements had not been in effect, the Fund's actual expenses would have been higher. Expenses do not reflect additional charges and expenses that are, or may be, imposed under the variable contracts or plans. Such charges and expenses are described in the prospectus of the insurance company separate account or in the plan documents or other informational materials supplied by plan sponsors. The Fund's expenses should be considered with these charges and expenses in evaluating the overall cost of investing in the separate account.

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

Portfolio Breakdown*

United States Agency Obligations	80.38	%
United States Treasury Obligations	14.65
Short-term Investment¹	4.97
Total	100.00	%

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

¹ Primarily reflects cash invested in State Street Bank and Trust Co. Euro Time Deposit, for which the purchases of securities have been executed but not yet settled at October 31, 2016, if applicable.

Credit Suisse Commodity ACCESS Strategy Fund
Consolidated Schedule of Investments
October 31, 2016

Par (000)			Ratings† (S&P/Moody's)	Maturity	Rate%		Value
UNITED STATES AGENCY OBLIGATIONS (77.6%)
$	400	Federal Farm Credit Banks⁽¹⁾	(AA+, Aaa)	04/05/18		0.650	$	400,042
	400	Federal Farm Credit Banks⁽¹⁾	(AA+, Aaa)	05/22/18		0.831		402,031
	900	Federal Farm Credit Banks⁽¹⁾	(AA+, Aaa)	06/12/18		0.720		901,076
	200	Federal Farm Credit Banks⁽¹⁾	(AA+, Aaa)	06/18/18		0.736		200,745
	500	Federal Farm Credit Banks⁽¹⁾	(AA+, Aaa)	06/22/18		0.916		502,058
	500	Federal Farm Credit Banks⁽¹⁾	(AA+, Aaa)	07/18/18		0.750		500,880
	700	Federal Farm Credit Banks⁽¹⁾	(AA+, Aaa)	08/01/18		0.673		701,613
	400	Federal Farm Credit Banks⁽¹⁾	(AA+, Aaa)	08/20/18		0.756		400,938
	200	Federal Farm Credit Banks⁽¹⁾	(AA+, Aaa)	10/19/18		0.868		200,382
	300	Federal Farm Credit Banks⁽¹⁾	(AA+, Aaa)	11/13/18		0.651		300,129
	1,000	Federal Farm Credit Banks⁽¹⁾	(AA+, Aaa)	01/22/19		0.694		1,001,488
	700	Federal Farm Credit Banks⁽¹⁾	(AA+, Aaa)	02/25/19		0.709		701,000
	1,000	Federal Farm Credit Banks⁽¹⁾	(AA+, Aaa)	03/15/19		0.685		1,000,023
	1,100	Federal Farm Credit Banks⁽¹⁾	(AA+, Aaa)	08/19/19		0.718		1,101,059
	350	Federal Farm Credit Banks⁽¹⁾	(AA+, Aaa)	09/23/19		0.853		350,050
	500	Federal Farm Credit Banks⁽¹⁾	(AA+, Aaa)	10/24/19		0.704		500,221
	800	Federal Farm Credit Banks⁽¹⁾	(AA+, Aaa)	10/25/19		0.822		800,118
	100	Federal Farm Credit Banks	(AA+, Aaa)	12/14/20		1.540		99,943
	200	Federal Farm Credit Banks	(AA+, Aaa)	02/17/21		1.470		198,748
	500	Federal Home Loan Banks⁽¹⁾	(AA+, Aaa)	10/25/17		0.802		501,386
	500	Federal Home Loan Banks⁽¹⁾	(AA+, Aaa)	10/27/17		0.816		501,435
	500	Federal Home Loan Banks⁽¹⁾	(AA+, Aaa)	11/24/17		0.594		500,707
	700	Federal Home Loan Banks⁽¹⁾	(AA+, Aaa)	12/07/17		0.601		701,329
	500	Federal Home Loan Banks⁽¹⁾	(AA+, Aaa)	01/04/18		0.824		501,730
	600	Federal Home Loan Banks⁽¹⁾	(AA+, Aaa)	09/20/18		0.737		600,901
	1,000	Federal Home Loan Banks⁽¹⁾	(AA+, Aaa)	07/01/20		0.971		1,000,720
	200	Federal Home Loan Banks	(AA+, Aaa)	07/13/21		1.480		198,121
	500	Federal Home Loan Mortgage Corp.⁽¹⁾	(AA+, Aaa)	01/08/18		0.842		501,903
	400	Federal Home Loan Mortgage Corp.⁽¹⁾	(AA+, Aaa)	03/08/18		0.861		401,885
	600	Federal Home Loan Mortgage Corp.	(AA+, Aaa)	05/11/18		1.000		599,203
	700	Federal Home Loan Mortgage Corp.⁽¹⁾	(AA+, Aaa)	07/17/18		0.650		700,238
	1,200	Federal Home Loan Mortgage Corp.⁽¹⁾	(AA+, Aaa)	07/24/18		0.632		1,200,000
	450	Federal Home Loan Mortgage Corp.	(AA+, Aaa)	07/27/18		1.000		448,792
	200	Federal Home Loan Mortgage Corp.	(AA+, Aaa)	09/21/18		1.000		199,653
	700	Federal Home Loan Mortgage Corp.⁽²⁾	(AA+, Aaa)	02/01/19		0.750		699,446
	500	Federal Home Loan Mortgage Corp. Discount Notes	(AA+, Aaa)	12/23/16		0.400		499,711
	700	Federal National Mortgage Association⁽¹⁾	(AA+, Aaa)	01/11/18		0.846		702,421
	600	Federal National Mortgage Association	(AA+, Aaa)	10/29/18		1.160		600,334
	700	Federal National Mortgage Association⁽²⁾	(AA+, Aaa)	02/01/19		0.750		700,217
	300	Federal National Mortgage Association	(AA+, Aaa)	02/26/19		1.250		299,903
	1,400	Federal National Mortgage Association⁽¹⁾	(AA+, Aaa)	02/28/19		0.535		1,394,707
	550	Federal National Mortgage Association⁽¹⁾	(AA+, Aaa)	03/08/19		0.530		547,990
	1,000	Federal National Mortgage Association Discount Notes	(AA+, Aaa)	01/17/17		0.410		999,337
TOTAL UNITED STATES AGENCY OBLIGATIONS (Cost $25,245,579)								25,264,613

See Accompanying Notes to Consolidated Financial Statements.
9

Credit Suisse Commodity ACCESS Strategy Fund
Consolidated Schedule of Investments (continued)
October 31, 2016

Par (000)			Ratings† (S&P/Moody's)	Maturity		Rate%		Value
UNITED STATES TREASURY OBLIGATIONS (14.2%)
$	900	United States Treasury Floating Rate Notes⁽¹⁾	(AA+, Aaa)	10/31/17			0.518	$	901,364
	800	United States Treasury Floating Rate Notes^(1),(3)	(AA+, Aaa)	01/31/18			0.622		801,983
	500	United States Treasury Floating Rate Notes⁽¹⁾	(AA+, Aaa)	04/30/18			0.540		500,683
	1,700	United States Treasury Floating Rate Notes^(1),(4)	(AA+, Aaa)	07/31/18			0.524		1,701,064
	500	United States Treasury Notes⁽⁴⁾	(AA+, Aaa)	11/15/16			0.625		500,029
	200	United States Treasury Notes	(AA+, Aaa)	01/31/17			0.875		200,296
TOTAL UNITED STATES TREASURY OBLIGATIONS (Cost $4,600,675)									4,605,419
SHORT-TERM INVESTMENT (4.8%)
	1,562	State Street Bank and Trust Co. Euro Time Deposit (Cost $1,562,301)			11/01/16		0.010		1,562,301
TOTAL INVESTMENTS AT VALUE (96.6%) (Cost $31,408,555)									31,432,333

OTHER ASSETS IN EXCESS OF LIABILITIES (3.4%)					1,101,857
NET ASSETS (100.0%)				$	32,534,190

^† 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.

⁽¹⁾ Variable rate obligation — The interest rate shown is the rate as of October 31, 2016.

⁽²⁾ Step Bond — The interest rate shown is as of October 31, 2016 and will reset at a future date.

⁽³⁾ At October 31, 2016, $550,361 in the value of this security has been pledged as collateral for open swap contracts.

⁽⁴⁾ At October 31, 2016, $1,800,916 in the value of this security has been pledged to cover initial margin requirements for open futures contracts.

Futures Contracts

Contract Description		Currency	Expiration Date	Number of Contracts			Notional Value			Net Unrealized Appreciation (Depreciation)
Contracts to Purchase
	Energy
		USD	Jan 2017		95		$	4,552,400		$	(375,226	)
		USD	Jun 2017		63			3,143,070			(143,374	)
		USD	Oct 2017		22			688,160			(4,661	)
										$	(523,261	)
Contracts to Sell
	Energy
		USD	Mar 2017		(63	)		(3,063,060	)	$	(96,266	)
		USD	Apr 2017		(22	)		(676,060	)		14,069
										$	(82,197	)

See Accompanying Notes to Consolidated Financial Statements.
10

Credit Suisse Commodity ACCESS Strategy Fund
Consolidated Schedule of Investments (continued)
October 31, 2016

Futures Contracts (continued)

Contract Description		Currency	Expiration Date	Number of Contracts			Notional Value			Net Unrealized Appreciation (Depreciation)
Contracts to Sell
	Livestock
		USD	Dec 2016		(14	)		(268,520	)	$	5,424
		USD	Jan 2017		(11	)		(638,000	)		(18,245	)
		USD	Feb 2017		(36	)		(786,600	)		(33,626	)
										$	(46,447	)
Net unrealized appreciation (depreciation)										$	(651,905	)

Commodity Index Swap Contracts

Currency

Notional
Amount

Expiration
Date

Counterparty

Receive

Pay

Net Unrealized
Appreciation
(Depreciation)

USD

5,927,871

11/28/16

Barclays

Commodity
Index Return⁽¹⁾

3-month T-Bill Rate
plus a negotiated
dealer rate

(155,440

)

USD

7,165,725

04/03/17

JPMorgan Chase

Commodity
Index Return⁽¹⁾

3-month T-Bill Rate
plus a negotiated
dealer rate

(187,856

)

USD

9,400,000

11/28/16

Societe Generale

Commodity
Index Return⁽¹⁾

3-month T-Bill Rate
plus a negotiated
dealer rate

(248,901

)

USD

21,688,300

11/04/16

UBS

Commodity
Index Return⁽¹⁾

3-month T-Bill Rate
plus a negotiated
dealer rate

(41,202

)

(633,399

)

⁽¹⁾ The Commodity Index Return is comprised of futures contracts on physical commodities.

See Accompanying Notes to Consolidated Financial Statements.
11

Credit Suisse Commodity ACCESS Strategy Fund
Consolidated Statement of Assets and Liabilities
October 31, 2016

*Assets*
Investments at value (Cost $31,408,555) (Note 2)	$	31,432,333
Cash		50,223
Cash segregated at brokers for futures contracts and swap contracts (Note 2)		2,693,950
Receivable for expired swap contracts		257,375
Interest receivable		22,987
Receivable for Fund shares sold		18,500
Receivable from investment adviser (Note 3)		3,802
Prepaid expenses		30,972
Total assets		34,510,142
*Liabilities*
Administrative services fee payable (Note 3)		5,675
Shareholder servicing/Distribution fee payable (Note 3)		336
Variation margin payable on futures contracts (Note 2)		1,271,155
Unrealized depreciation on open swap contracts (Note 2)		633,399
Trustees' fee payable		8,299
Accrued expenses		57,088
Total liabilities		1,975,952
*Net Assets*
Capital stock, $.001 par value (Note 6)		6,106
Paid-in capital (Note 6)		34,029,220
Accumulated net investment loss		(211,667	)
Accumulated net realized loss on investments, futures contracts and swap contracts		(27,943	)
Net unrealized depreciation from investments, futures contracts and swap contracts		(1,261,526	)
Net assets	$	32,534,190
*I Shares*
Net assets	$	31,761,631
Shares outstanding		5,958,035
Net asset value and offering price per share	$	5.33
*A Shares*
Net assets	$	515,859
Shares outstanding		97,742
Net asset value and redemption price per share	$	5.28
Maximum offering price per share (net asset value/(1-4.75%))	$	5.54
*C Shares*
Net assets	$	256,700
Shares outstanding		50,146
Net asset value, offering price and redemption price per share	$	5.12

See Accompanying Notes to Consolidated Financial Statements.
12

Credit Suisse Commodity ACCESS Strategy Fund
Consolidated Statement of Operations
For the Year Ended October 31, 2016

*Investment Income*
Interest	$	179,142
Total investment income		179,142
*Expenses*
Investment advisory fees (Note 3)		246,420
Administrative services fees (Note 3)		39,863
Shareholder servicing/Distribution fees (Note 3)
Class A		972
Class C		2,560
Audit and tax fees		61,590
Registration fees		56,565
Legal fees		49,542
Trustees' fees		30,430
Custodian fees		18,132
Printing fees		17,001
Transfer agent fees (Note 3)		15,377
Commitment fees (Note 4)		11,966
Insurance expense		884
Miscellaneous expense		6,127
Total expenses		557,429
Less: fees waived and expenses reimbursed (Note 3)		(276,673	)
Net expenses		280,756
Net investment loss		(101,614	)
*Net Realized and Unrealized Gain (Loss) from Investments, Futures Contracts and Swap Contracts*
Net realized loss from investments		(26,488	)
Net realized loss from futures contracts		(280,828	)
Net realized gain from swap contracts		31,870
Net change in unrealized appreciation (depreciation) from investments		25,188
Net change in unrealized appreciation (depreciation) from futures contracts		(680,685	)
Net change in unrealized appreciation (depreciation) from swap contracts		(708,440	)
Net realized and unrealized loss from investments, futures contracts and swap contracts		(1,639,383	)
Net decrease in net assets resulting from operations	$	(1,740,997	)

See Accompanying Notes to Consolidated Financial Statements.
13

Credit Suisse Commodity ACCESS Strategy Fund
Consolidated Statement of Changes in Net Assets

	For the Year Ended October 31, 2016			For the Year Ended October 31, 2015
*From Operations*
Net investment loss	$	(101,614	)	$	(248,779	)
Net realized loss from investments, futures contracts and swap contracts		(275,446	)		(17,412,630	)
Net change in unrealized appreciation (depreciation) from investments, futures contracts and swap contracts		(1,363,937	)		248,585
Net decrease in net assets resulting from operations		(1,740,997	)		(17,412,824	)
*From Distributions*
Distributions from net realized gains
Class I		(6,085	)		(5,050	)
Class A		(57	)		(26	)
Class C		(59	)		(23	)
Net decrease in net assets resulting from distributions		(6,201	)		(5,099	)
*From Capital Share Transactions* (Note 6)
Proceeds from sale of shares		553,272			1,938,135
Reinvestment of dividends and distributions		6,200			5,096
Net asset value of shares redeemed		(755,004	)		(536,029	)
Net increase (decrease) in net assets from capital share transactions		(195,532	)		1,407,202
Net decrease in net assets		(1,942,730	)		(16,010,721	)
*Net Assets*
Beginning of year		34,476,920			50,487,641
End of year	$	32,534,190		$	34,476,920
Accumulated net investment loss	$	(211,667	)	$	(234,153	)

See Accompanying Notes to Consolidated Financial Statements.
14

Credit Suisse Commodity ACCESS Strategy Fund
Consolidated Financial Highlights
(For a Class I Share of the Fund Outstanding Throughout Each Period)

	For the Year Ended October 31,
	2016			2015			2014			2013			2012¹
Per share data
Net asset value, beginning of period	$	5.61		$	8.51		$	9.30		$	9.40		$	10.00
*INVESTMENT OPERATIONS*
Net investment loss²		(0.02	)		(0.04	)		(0.07	)		(0.06	)		(0.01	)
Net loss from investments, futures contracts and swap contracts (both realized and unrealized)		(0.26	)		(2.86	)		(0.72	)		(0.04	)		(0.59	)
Total from investment operations		(0.28	)		(2.90	)		(0.79	)		(0.10	)		(0.60	)
*LESS DISTRIBUTIONS*
Distributions from net realized gains		(0.00	)³		(0.00	)³		—			—			—
Total distributions		(0.00	)³		(0.00	)³		—			—			—
*Net asset value, end of period*	$	5.33		$	5.61		$	8.51		$	9.30		$	9.40
Total return⁴		(4.97	)%		(34.07	)%		(8.49	)%		(1.06	)%		(6.00	)%
*RATIOS AND SUPPLEMENTAL DATA*
Net assets, end of period (000s omitted)	$	31,762		$	33,799		$	50,002		$	23,711		$	21,020
Ratio of net expenses to average net assets		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%⁵
Ratio of net investment loss to average net assets		(0.32	)%		(0.61	)%		(0.70	)%		(0.69	)%		(0.77	)%⁵
Decrease reflected in above operating expense ratios due to waivers/reimbursements		0.90	%		0.70	%		0.62	%		1.56	%		3.64	%⁵
Portfolio turnover rate		137	%		116	%		117	%		79	%		—	%

¹ For the period September 28, 2012 (Inception Date) through October 31, 2012.

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 include change in share price and reinvestment of all 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 Consolidated Financial Statements.
15

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

	For the Year Ended October 31,
	2016			2015			2014			2013			2012¹
Per share data
Net asset value, beginning of period	$	5.57		$	8.46²		$	9.27		$	9.40		$	10.00
*INVESTMENT OPERATIONS*
Net investment loss³		(0.03	)		(0.05	)		(0.09	)		(0.09	)		(0.01	)
Net loss from investments, futures contracts and swap contracts (both realized and unrealized)		(0.26	)		(2.84	)		(0.72	)		(0.04	)		(0.59	)
Total from investment operations		(0.29	)		(2.89	)		(0.81	)		(0.13	)		(0.60	)
*LESS DISTRIBUTIONS*
Distributions from net realized gains		(0.00	)⁴		(0.00	)⁴		—			—			—
Total distributions		(0.00	)⁴		(0.00	)⁴		—			—			—
*Net asset value, end of period*	$	5.28		$	5.57		$	8.46²		$	9.27		$	9.40
Total return⁵		(5.19	)%		(34.15	)%		(8.74	)%		(1.38	)%		(6.00	)%
*RATIOS AND SUPPLEMENTAL DATA*
Net assets, end of period (000s omitted)	$	516		$	346		$	260		$	237		$	94
Ratio of net expenses to average net assets		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%⁶
Ratio of net investment loss to average net assets		(0.56	)%		(0.85	)%		(0.95	)%		(0.93	)%		(1.02	)%⁶
Decrease reflected in above operating expense ratios due to waivers/reimbursements		0.90	%		0.70	%		0.62	%		1.56	%		3.64	%⁶
Portfolio turnover rate		137	%		116	%		117	%		79	%		—	%

¹ For the period September 28, 2012 (Inception Date) through October 31, 2012.

² Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon net asset values may differ from the net asset values and returns for shareholder transactions.

³ Per share information is calculated using the average shares outstanding method.

⁴ This amount represents less than $(0.01) per share.

⁵ Total returns are historical and include change in share price, reinvestment of all dividends 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.

⁶ Annualized.

See Accompanying Notes to Consolidated Financial Statements.
16

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

	For the Year Ended October 31,
	2016			2015			2014			2013			2012¹
Per share data
Net asset value, beginning of period	$	5.44		$	8.33²		$	9.20		$	9.40		$	10.00
*INVESTMENT OPERATIONS*
Net investment loss³		(0.06	)		(0.10	)		(0.16	)		(0.16	)		(0.01	)
Net loss from investments, futures contracts and swap contracts (both realized and unrealized)		(0.26	)		(2.79	)		(0.71	)		(0.04	)		(0.59	)
Total from investment operations		(0.32	)		(2.89	)		(0.87	)		(0.20	)		(0.60	)
*LESS DISTRIBUTIONS*
Distributions from net realized gains		(0.00	)⁴		(0.00	)⁴		—			—			—
Total distributions		(0.00	)⁴		(0.00	)⁴		—			—			—
*Net asset value, end of period*	$	5.12		$	5.44		$	8.33²		$	9.20		$	9.40
Total return⁵		(5.86	)%		(34.69	)%		(9.46	)%		(2.13	)%		(6.00	)%
*RATIOS AND SUPPLEMENTAL DATA*
Net assets, end of period (000s omitted)	$	257		$	332		$	226		$	122		$	98
Ratio of net expenses to average net assets		1.90	%		1.90	%		1.90	%		1.90	%		1.90	%⁶
Ratio of net investment loss to average net assets		(1.33	)%		(1.60	)%		(1.69	)%		(1.68	)%		(1.77	)%⁶
Decrease reflected in above operating expense ratios due to waivers/reimbursements		0.90	%		0.70	%		0.62	%		1.56	%		3.64	%⁶
Portfolio turnover rate		137	%		116	%		117	%		79	%		—	%

¹ For the period September 28, 2012 (Inception Date) through October 31, 2012.

³ Per share information is calculated using the average shares outstanding method.

⁴ This amount represents less than $(0.01) per share.

⁶ Annualized.

See Accompanying Notes to Consolidated Financial Statements.
17

Credit Suisse Commodity ACCESS Strategy Fund
Notes to Consolidated Financial Statements
October 31, 2016

Note 1. Organization

Credit Suisse Commodity ACCESS Strategy Fund (the "Fund"), a series of the Credit Suisse Commodity Strategy Funds (the "Trust"), a Delaware statutory trust, 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 that exceeds the return of its benchmark index, the Credit Suisse Commodity Benchmark Total Return Index. The Trust was organized under the laws of the State of Delaware as a statutory trust on May 19, 2004.

Credit Suisse Asset Management, LLC ("Credit Suisse"), the investment adviser to the Fund, is registered as a Commodity Pool Operator with the Commodity Futures Trading Commission. The Fund intends to gain exposure to commodity derivatives through investing in a wholly-owned subsidiary, Credit Suisse Cayman Commodity ACCESS Strategy Fund, Ltd. (the "Subsidiary"), organized under the laws of the Cayman Islands. The Subsidiary invests in commodity-linked derivative instruments, such as swaps and futures. The Subsidiary may also invest in debt securities, some of which are intended to serve as margin or collateral for the Subsidiary's derivatives positions.

The Subsidiary is managed by the same portfolio managers that manage the Fund and the accompanying financial statements reflect the financial position of the Fund and the Subsidiary and the results of operations on a consolidated basis. The consolidated financial statements include portfolio holdings of the Fund and the Subsidiary and all intercompany transactions and balances have been eliminated. The Fund may invest up to 25% of its total assets in the Subsidiary. As of October 31, 2016, the Fund held $5,923,455 in the Subsidiary, representing 18.2% of the Fund's consolidated net assets. For the year ended October 31, 2016, the net realized loss on securities and other financial instruments held in the Subsidiary was $356,153.

Subsequent references to the Fund within the Notes to Consolidated Financial Statements collectively refer to the Fund and the Subsidiary.

The Fund offers three classes of shares: Class I shares, Class A shares and Class C shares. Each class of shares represents an equal pro rata interest in the Fund, except the share classes bear different expenses, which reflect the differences in the range of services provided to them. Class A shares are sold subject to a front-end sales charge of up to 4.75%. Class C shares are sold subject to a CDSC of 1.00% if the shares are redeemed within the first year of purchase. Class I shares are sold without a sales charge.

Credit Suisse Commodity ACCESS Strategy Fund
Notes to Consolidated Financial Statements (continued)
October 31, 2016

Note 2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its consolidated financial statements. The policies are in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results could differ from those estimates. The Fund is considered an investment company for financial reporting purposes under GAAP and follows Accounting Standard Codification ("ASC") Topic 946 — Financial Services — Investment Companies.

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. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. These pricing services generally price fixed income securities assuming orderly transactions of an institutional "round lot" size, but some trades occur in smaller "odd lot" sizes which may be effected at lower prices than institutional round lot trades. Structured note agreements are valued in accordance with a dealer-supplied valuation based on changes in the value of the underlying index. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Forward contracts are valued at the London closing spot rates and the London closing forward point rates on a daily basis. The currency forward contract pricing model derives the differential in point rates to the expiration date of the forward and calculates its present value. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. The Fund may utilize a service provided by an independent third party which has been approved by the Board of Trustees (the "Board") to fair value certain securities. When fair value pricing is employed, the prices of securities used by the Fund to calculate its net asset value may differ from quoted or published prices for the same securities. If

Credit Suisse Commodity ACCESS Strategy Fund
Notes to Consolidated Financial Statements (continued)
October 31, 2016

Note 2. Significant Accounting Policies (continued)

independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the investment adviser to be unreliable, the market price may be determined by the investment adviser using quotations from one or more brokers/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved and established by the Board.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

GAAP established a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at each measurement date. These inputs are summarized in the three broad levels listed below:

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of October 31, 2016 in valuing the Fund's assets and liabilities carried at fair value:

Assets	Level 1		Level 2		Level 3		Total
Investments in Securities
United States Agency Obligations	$	—	$	25,264,613	$	—	$	25,264,613
United States Treasury Obligations		—		4,605,419		—		4,605,419
Short-term Investment		—		1,562,301		—		1,562,301
	$	—	$	31,432,333	$	—	$	31,432,333
Other Financial Instruments*
Futures Contracts	$	19,493	$	—	$	—	$	19,493

Credit Suisse Commodity ACCESS Strategy Fund
Notes to Consolidated Financial Statements (continued)
October 31, 2016

Note 2. Significant Accounting Policies (continued)

Liabilities	Level 1		Level 2		Level 3		Total
Other Financial Instruments*
Futures Contracts	$	671,398	$	—	$	—	$	671,398
Swap Contracts**		—		633,399		—		633,399

* Other financial instruments include unrealized appreciation (depreciation) on futures and swap contracts.

** Value includes any premium paid or received with respect to swap contracts, if applicable.

For the year ended October 31, 2016, there were no transfers among Level 1, Level 2 and Level 3. All transfers, if any, are assumed to occur at the end of the reporting period.

B) DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES — The Fund adopted amendments to authoritative guidance on disclosures about derivative instruments and hedging activities which require that a fund disclose (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. For the year ended October 31, 2016, the Fund's derivatives did not qualify for hedge accounting as they are held at fair value.

Fair Value of Derivative Instruments as of October 31, 2016

	Asset Derivatives				Liability Derivatives
	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Commodity Index Return Contracts	Unrealized appreciation on futures contracts	$	19,493	*	Unrealized depreciation on futures contracts	$	671,398	*
	Unrealized appreciation on open swap contracts		—		Unrealized depreciation on open swap contracts		633,399
		$	19,493			$	1,304,797

*Reflects cumulative appreciation (depreciation) of futures contracts as reported in the Consolidated Statement of Assets and Liabilities and Notes to Consolidated Financial Statements. Only unsettled variation margin receivable (payable) is reported in the Consolidated Statement of Assets and Liabilities.

Effect of Derivative Instruments on the Consolidated Statement of Operations

	Location	Realized Gain (Loss)			Location	Net Unrealized Appreciation (Depreciation)
Commodity Index Return Contracts	Net realized loss from futures contracts	$	(280,828	)	Net change in unrealized appreciation (depreciation) from futures contracts	$	(680,685	)
	Net realized gain from swap contracts		31,870		Net change in unrealized appreciation (depreciation) from swap contracts		(708,440	)
		$	(248,958	)		$	(1,389,125	)

Credit Suisse Commodity ACCESS Strategy Fund
Notes to Consolidated Financial Statements (continued)
October 31, 2016

Note 2. Significant Accounting Policies (continued)

For the year ended October 31, 2016, the Fund held average monthly notional values on a net basis of $7,436,149, $4,072,820 and $39,317,184 in long futures contracts, short futures contracts and swap contracts, respectively.

The Fund is a party to International Swap and Derivatives Association, Inc. ("ISDA") Master Agreements ("Master Agreements") with certain counterparties that govern over-the-counter derivative (including Total Return, Credit Default and Interest Rate Swaps) and foreign exchange contracts entered into by the Fund. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. Termination events applicable to the Fund may occur upon a decline in the Fund's net assets below a specified threshold over a certain period of time.

The following table presents by counterparty the Fund's derivative liabilites, net of related collateral pledged by the Fund, at October 31, 2016:

Counterparty	Gross Amount of Liabilities Presented in the Consolidated Statement of Assets and Liabilities^(a)		Financial Instruments and Derivatives Available for Offset		Non-Cash Collateral Pledged			Cash Collateral Pledged^(b)			Net Amount of Derivative Liabilities
Barclays	$	155,440	$	—	$	—		$	(155,440	)	$	—
JPMorgan Chase		187,856		—		—			(187,856	)		—
Societe Generale		248,901		—		(248,901	)		—			—
UBS		41,202		—		—			(41,202	)		—
	$	633,399	$	—	$	(248,901	)	$	(384,498	)	$	—

^(a) Swap contracts are included.

^(b) The actual collateral pledged may be more than the amounts shown.

C) SECURITY TRANSACTIONS AND INVESTMENT INCOME/EXPENSE — Security transactions are accounted for on a trade date basis. Interest income/expense is recorded on the accrual basis. The Fund amortizes premiums and accretes discounts using the effective interest method. Dividend income/expense is recorded on the ex-dividend date. Certain expenses are class-specific expenses, vary by class and are charged only to that 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. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any

Credit Suisse Commodity ACCESS Strategy Fund
Notes to Consolidated Financial Statements (continued)
October 31, 2016

Note 2. Significant Accounting Policies (continued)

additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

D) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Dividends from net investment income, if any, 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. Dividends and distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

E) FEDERAL INCOME TAXES — No provision is made for federal taxes as it is the Fund's intention to continue to qualify as a regulated investment company ("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 currencies or net income derived from interests in certain publicly-traded partnerships ("Qualifying Income"). The Internal Revenue Service ("IRS") has issued a ruling that income realized from certain types of commodity-linked derivatives would not be Qualifying Income. As a result, the Fund's ability to realize income from investments in such commodity-linked derivatives as part of its investment strategy would be limited to a maximum of 10% of its gross income. The IRS has issued private letter rulings to registered investment companies concluding that income derived from their investment in a wholly-owned subsidiary would constitute Qualifying Income to the fund. The IRS has indicated that the granting of these types of private letter rulings is currently suspended, pending further internal discussion. As a result, there can be no assurance that the IRS will grant such a private letter ruling to the Fund. If the Fund does not receive such a private letter ruling, there is a risk that the IRS could assert that the income derived from the Fund's investment in the Subsidiary will not be considered Qualifying Income for purposes of the Fund remaining qualified as a RIC for U.S. federal income tax purposes. If

Credit Suisse Commodity ACCESS Strategy Fund
Notes to Consolidated Financial Statements (continued)
October 31, 2016

Note 2. Significant Accounting Policies (continued)

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.

The Fund adopted the authoritative guidance for uncertainty in income taxes and recognizes a tax benefit or liability from an uncertain position only if it is more likely than not that the position is sustainable based solely on its technical merits and consideration of the relevant taxing authority's widely understood administrative practices and procedures. 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 and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the IRS and state departments of revenue.

F) SHORT-TERM INVESTMENTS — The Fund, together with other funds/portfolios advised by Credit Suisse, pools available cash into a short-term variable rate time deposit issued by State Street Bank and Trust Company ("SSB"), the Fund's custodian. 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. The Fund may use futures contracts to gain exposure to or hedge against changes in commodities. Upon entering into a futures contract, the Fund is required to deposit cash and/or pledge U.S. Government securities as initial margin with a Futures Commission Merchant ("FCM"). 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 transaction 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. Futures have minimal counterparty risk because futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange-traded

Credit Suisse Commodity ACCESS Strategy Fund
Notes to Consolidated Financial Statements (continued)
October 31, 2016

Note 2. Significant Accounting Policies (continued)

futures, guarantees the futures against default. 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 may be required for a futures transaction. The Fund's open futures contracts are disclosed in the Consolidated Schedule of Investments. At October 31, 2016, the amount of restricted cash held at brokers related to futures contracts was $1,081,950.

The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM's proprietary activities. A customer's cash and other equity deposited with an FCM are considered commingled with all other customer funds subject to the FCM's segregation requirements. In the event of an FCM's insolvency, recovery may be limited to the Fund's pro rata share of segregated customer funds available. It is possible that the recovery amount could be less than the total of cash and other equity deposited.

H) SWAPS — The Fund may enter into commodity index swaps either for hedging purposes or to seek to increase total return. A swap contract 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 swap contracts 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 extent of the Fund's exposure to credit and counterparty risks is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that the amount is positive. These risks are mitigated by having a master netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty. Therefore, the Fund considers the creditworthiness of each counterparty as well as the amounts posted by the counterparty pursuant to the master netting agreement 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. The Fund may invest in total return swap contracts for hedging purposes or to seek to increase total return. To the extent the total return of the

Credit Suisse Commodity ACCESS Strategy Fund
Notes to Consolidated Financial Statements (continued)
October 31, 2016

Note 2. Significant Accounting Policies (continued)

security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty.

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 from swap contracts. Realized gains and losses from terminated swaps are included in net realized gains/losses from swap contracts. The Fund's open swap contracts are disclosed in the Consolidated Schedule of Investments. At October 31, 2016, the amount of restricted cash held at brokers related to swap contracts was $1,612,000.

I) SECURITIES LENDING — The initial collateral received by the Fund is required to have a value of at least 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). The collateral is maintained thereafter at a value equal to at least 102% of the current market value of the securities on loan. The market value of loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. 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 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 SSB will share the net income earned from securities lending activities. Securities lending income is accrued as earned. At October 31, 2016, and during the year ended October 31, 2016, there were no securities out on loan.

J) OTHER — In the normal course of business the Fund trades financial instruments and enters into financial transactions for which risk of potential loss exists due to changes in the market (market risk) or failure of the other

Credit Suisse Commodity ACCESS Strategy Fund
Notes to Consolidated Financial Statements (continued)
October 31, 2016

Note 2. Significant Accounting Policies (continued)

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 consolidated 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 Consolidated Statement of Assets and Liabilities.

K) NEW ACCOUNTING PRONOUNCEMENTS — On August 26, 2016, Financial Accounting Standards Board ("FASB") issued a new Accounting Standards Update No. 2016-15, "Statement of Cash Flows (Topic 230), a consensus of the FASB's Emerging Issues Task Force" ("ASU 2016-15"). ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The issues addressed in ASU 2016-15 are: debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, distributions received from equity method investments, beneficial interests in securitization transactions; and, separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for interim and annual reporting periods beginning after December 15, 2017. Management is currently evaluating the impact, if any, of applying this provision.

In November 2016, FASB issued a new Accounting Standards Update No. 2016-18, "Statement of Cash Flows (Topic 230), Restricted Cash, a consensus of the FASB's Emerging Issues Task Force" ("ASU 2016-18"). ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in ASU 2016-18 do not provide a definition of restricted cash or restricted cash equivalents. ASU 2016-18 is effective for interim and annual

Credit Suisse Commodity ACCESS Strategy Fund
Notes to Consolidated Financial Statements (continued)
October 31, 2016

Note 2. Significant Accounting Policies (continued)

reporting periods beginning after December 15, 2017. Management is currently evaluating the impact, if any, of applying this provision.

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and amended existing rules (together, "final rules") intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the impact that the adoption of the amendments to Regulation S-X will have on the Fund's financial statements and related disclosures.

L) SUBSEQUENT EVENTS — In preparing the financial statements as of October 31, 2016, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements through the date of release of this report. No such events requiring recognition or disclosure were identified through the date of the release of this report.

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 annual rate of 0.80% of the Fund's average daily net assets. Credit Suisse has contractually waived fees and reimbursed expenses so that the Fund's annual operating expenses would not exceed 0.90% of the Fund's average daily net assets for Class I shares, 1.15% of the Fund's average daily net assets for Class A shares, and 1.90% of the Fund's average daily net assets for Class C shares. For the year ended October 31, 2016, investment advisory fees earned and fees waived/expenses reimbursed were $246,420 and $276,673, respectively. The Fund is authorized to reimburse Credit Suisse for management fees previously limited and/or for expenses previously reimbursed by Credit Suisse, provided, however, that any reimbursements must be paid at a date not more than three years after the end of the fiscal year during which such fees were limited or expenses were reimbursed by Credit Suisse and the reimbursements do not cause the Fund to exceed the applicable expense limitation in the contract at the time the fees are recouped. This contract may not be terminated before February 28, 2018.

Credit Suisse Commodity ACCESS Strategy Fund
Notes to Consolidated Financial Statements (continued)
October 31, 2016

Note 3. Transactions with Affiliates and Related Parties (continued)

The amounts waived and reimbursed by Credit Suisse, which are available for potential future recoupment by Credit Suisse, and the expiration schedule at October 31, 2016 are as follows:

	Fee waivers/ expense reimbursements subject to recoupment*		Expires October 31, 2017		Expires October 31, 2018		Expires October 31, 2019
Class I	$	762,764	$	278,309	$	248,312	$	236,143
Class A		6,237		1,632		1,580		3,025
Class C		4,926		1,074		1,847		2,005
Totals	$	773,927	$	281,015	$	251,739	$	241,173

* The Subsidiary is not eligible for recoupment.

Credit Suisse and SSB serve as co-administrators to the Fund. For its co-administrative services, Credit Suisse 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, 2016, co-administrative services fees earned by Credit Suisse were $27,722.

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 the relative average net assets of each fund/portfolio, subject to an annual minimum fee. For the year ended October 31, 2016, co-administrative services fees earned by SSB (including out-of-pocket expenses) with respect to the Fund were $12,141.

Credit Suisse Securities (USA) LLC ("CSSU"), an affiliate of Credit Suisse, serves as the distributor of the Fund's shares. Pursuant to a distribution plan adopted by the Fund pursuant to Rule 12b-1 under the 1940 Act, CSSU 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. For the Class C shares, the fee is calculated at an annual rate of 1.00% of the average daily net assets. For the year ended October 31, 2016, the Fund paid Rule 12b-1 distribution fees of $972 for Class A shares and $2,560 for Class C shares. Class I shares are not subject to Rule 12b-1 distribution fees.

Certain brokers, dealers and financial representatives provide transfer agent-related services to the Fund and receive compensation from the Fund. For the year ended October 31, 2016, the Fund paid $12,676, which is included within transfer agent fees in the Consolidated Statement of Operations.

Credit Suisse Commodity ACCESS Strategy Fund
Notes to Consolidated Financial Statements (continued)
October 31, 2016

Note 3. Transactions with Affiliates and Related Parties (continued)

For the year ended October 31, 2016, CSSU and its affiliates advised the Fund that they retained $344 from commissions earned on the sale of the Fund's Class A shares. There were no commissions earned on sale of Class C shares.

Note 4. Line of Credit

The Fund, together with other funds/portfolios advised by Credit Suisse (collectively, the "Participating Funds"), participates in a committed, unsecured line of credit facility ("Credit Facility"), with SSB in an aggregated amount of $250 million for temporary or emergency purposes under a first-come, first-served basis. Under the terms of the Credit Facility, the Participating Funds pay an aggregate commitment fee 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 either the Overnight Federal Funds rate or the Overnight LIBOR rate plus a spread. At October 31, 2016 and during the year ended October 31, 2016, the Fund had no borrowings outstanding under the Credit Facility.

Note 5. Purchases and Sales of Securities

For the year ended October 31, 2016, purchases and sales of U.S. Government and Agency Obligations were $37,513,523 and $32,160,777, respectively.

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.

Credit Suisse Commodity ACCESS Strategy Fund
Notes to Consolidated Financial Statements (continued)
October 31, 2016

Note 6. Capital Share Transactions (continued)

The Fund offers Class I, Class A and Class C shares. Transactions in capital shares for each class of the Fund were as follows:

	Class I
	For the Year Ended October 31, 2016						For the Year Ended October 31, 2015
	Shares			Value			Shares			Value
Shares sold		65,317		$	303,543			210,816		$	1,427,288
Shares issued in reinvestment of distributions		1,263			6,085			673			5,048
Shares redeemed		(132,204	)		(631,245	)		(64,092	)		(437,242	)
Net increase (decrease)		(65,624	)	$	(321,617	)		147,397		$	995,094
	Class A
	For the Year Ended October 31, 2016						For the Year Ended October 31, 2015
	Shares			Value			Shares			Value
Shares sold		48,647		$	238,947			43,773		$	261,522
Shares issued in reinvestment of distributions		12			57			3			26
Shares redeemed		(13,122	)		(66,052	)		(12,237	)		(72,560	)
Net increase		35,537		$	172,952			31,539		$	188,988
	Class C
	For the Year Ended October 31, 2016						For the Year Ended October 31, 2015
	Shares			Value			Shares			Value
Shares sold		2,434		$	10,782			37,825		$	249,325
Shares issued in reinvestment of distributions		12			58			3			22
Shares redeemed		(13,249	)		(57,707	)		(4,015	)		(26,227	)
Net increase (decrease)		(10,803	)	$	(46,867	)		33,813		$	223,120

On October 31, 2016, 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
Class I		1	*		95	%
Class A		6	*		97	%
Class C		2	*		93	%

* This includes the seed money from Merchant Holding, Inc., an affiliate of Credit Suisse.

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

Credit Suisse Commodity ACCESS Strategy Fund
Notes to Consolidated Financial Statements (continued)
October 31, 2016

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 distributions paid by the Fund during the years ended October 31, 2016 and 2015, respectively, were as follows:

Long-Term Capital Gain
2016		2015
$	6,201	$	5,099

The tax basis components of distributable earnings differ from the amounts reflected in the Consolidated Statement of Assets and Liabilities by temporary book/tax differences. This difference is primarily due to differing treatments of offering expenses. At October 31, 2016, the components of distributable earnings on a tax basis were as follows:

Late year ordinary loss deferral	$	(183,082	)
Accumulated net realized loss		(27,943	)
Unrealized depreciation		(1,261,526	)
	$	(1,472,551	)

During the tax year ended October 31, 2016, the Fund elected to defer late-year ordinary losses of $183,082. These losses are deemed to arise on the first day of the Fund's next taxable year.

At October 31, 2016, the Fund had $24,050 of unlimited short-term capital loss carryforwards and $3,893 of unlimited long-term capital loss carryforwards available to offset possible future capital gains.

At October 31, 2016, the cost of investments (excluding foreign currency related transactions) and the net unrealized appreciation (depreciation) for income tax purposes were as follows:

Cost of Investments	$	31,408,555
Unrealized appreciation	$	34,069
Unrealized depreciation		(10,291	)
Net unrealized appreciation	$	23,778

To adjust for current period permanent book/tax differences, paid-in capital was charged $371,620, accumulated net realized loss was credited $247,520 and accumulated net investment loss was credited $124,100. These permanent differences are due to differing book/tax treatment of net operating losses and reversal of current year Controlled Foreign Corporation ("CFC") activities for tax. Net assets were not affected by these reclassifications.

Credit Suisse Commodity ACCESS Strategy Fund
Notes to Consolidated Financial Statements (continued)
October 31, 2016

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.

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

The Board of Trustees and Shareholders
Credit Suisse Commodity ACCESS Strategy Fund:

We have audited the accompanying consolidated statement of assets and liabilities of Credit Suisse Commodity ACCESS Strategy Fund (the "Fund"), a series of the Credit Suisse Commodity Strategy Funds, including the consolidated schedule of investments, as of October 31, 2016, and the related consolidated statement of operations for the year then ended, and the consolidated statements of changes in net assets and the financial highlights for each of the years in the two-year period then ended. These consolidated financial statements and consolidated financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these consolidated financial statements and consolidated financial highlights based on our audits. The accompanying consolidated financial highlights for each of the years in the three-year period ended October 31, 2014 were audited by other independent registered public accountants whose report thereon dated December 29, 2014, expressed an unqualified opinion on those consolidated financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements and consolidated financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. Our procedures included confirmation of securities owned as of October 31, 2016, by correspondence with the custodian and broker or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall consolidated financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements and consolidated financial highlights referred to above present fairly, in all material respects, the financial position of Credit Suisse Commodity ACCESS Strategy Fund as of October 31, 2016, the results of its operations for the year then ended and the changes in its net assets and the financial highlights for each of the years in the two-year period then ended, in conformity with U.S. generally accepted accounting principles.

New York, New York
December 28, 2016

Credit Suisse Commodity ACCESS 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
Trusteeships
Held by Trustee

Independent Trustees

Enrique R. Arzac
c/o Credit Suisse Asset
Management, LLC
Attn: General Counsel
One Madison Avenue
New York, New York
10010
(1941)

Trustee, Audit Committee Chairman and Nominating Committee Member

Since Fund Inception

Professor Emeritus of Finance and Economics from July 2015 to present; Professor of Finance and Economics, Graduate School of Business, Columbia University from 1971 to July 2015.

Director of Adams Diversified Equity Fund, Inc., Adams Natural Resources Fund, Inc., Aberdeen Chile Fund, Inc., Aberdeen Emerging Markets Smaller Company Opportunities Fund, Inc., Aberdeen Israel Fund, Inc., Aberdeen Indonesia Fund, Inc. and Aberdeen Latin America Equity Fund, Inc. (each a closed-end investment company); Director of Aberdeen Asia-Pacific Income Investment Company Limited (a Canadian closed-end fund); Trustee of Mirae Asset Discovery Funds (7 open-end portfolios); Director of Epoch Holding Corporation (an investment management and investment advisory services company) from August 2006 to March 2013.

¹ Subject to the Trust's retirement policy, each Trustee may continue to serve as a Trustee until the last day of the calendar year in which the applicable Trustee attains age 75. Officer serves until his or her respective successor has been duly elected and qualified.

Credit Suisse Commodity ACCESS 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
Trusteeships
Held by Trustee

Independent Trustees

Jeffrey E. Garten
c/o Credit Suisse Asset Management, LLC
Attn: General Counsel One Madison Avenue New York, New York 10010
(1946)

Trustee, Audit and Nominating Committee Member

Since Fund Inception

Dean Emeritus of Yale School of Management from July 2015 to present; The Juan Trippe Professor in the Practice of International Trade, Finance and Business, Yale School of Management, from July 2005 to July 2015; Partner and Chairman of Garten Rothkopf (consulting firm) from October 2005 to present.

Director of Aetna, Inc. (insurance company); Director of CarMax Group (used car dealers); Director of Miller Buckfire & Co., LLC (financial restructuring); Member of Standard & Poor's Board of Managers (credit rating agency) from December 2011 to November 2014.

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; Partner of Backstage Acquisition Holdings, LLC (publication job postings) from November 2013 to present.

Director of iCAD, Inc. (surgical and medical instruments and apparatus company); Director of Aberdeen Chile Fund, Inc., Aberdeen Emerging Markets Smaller Company Opportunities Fund, Inc., Aberdeen Israel Fund, Inc., Aberdeen Indonesia Fund, Inc. and Aberdeen Latin America Equity Fund, Inc. (each a closed-end investment company);Director of Aberdeen Funds (25 open portfolios); Director of Presstek, Inc. (digital imaging technologies company) from 2003 to 2012; Director of Wood Resources, LLC (plywood manufacturing company) from 2003 to October 2013.

Credit Suisse Commodity ACCESS 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

John G. Popp
Credit Suisse Asset
Management, LLC
One Madison Avenue
New York, New York 10010
(1956)

Chief Executive Officer and President

Since Fund Inception

Managing Director of Credit Suisse; Global Head and Chief Investment Officer of the Credit Investment Group; Associated with Credit Suisse or its predecessor since 1997; Officer of other Credit Suisse Funds; Trustee of Credit Suisse High Yield Bond Fund; Director of Credit Suisse Asset Management Income Fund, Inc.

Emidio Morizio
Credit Suisse Asset
Management, LLC
One Madison Avenue
New York, New York 10010
(1966)

Chief Compliance Officer

Since Fund Inception

Managing Director and Global Head of Compliance of Credit Suisse since 2010; Associated with Credit Suisse since July 2000; Officer of other Credit Suisse Funds.

Lou Anne McInnis
Credit Suisse Asset Management, LLC
One Madison Avenue
New York, New York 10010
(1959)

Chief Legal Officer

Since 2015

Director of Credit Suisse; Associated with Credit Suisse since April 2015; Counsel at DLA Piper US LLP from 2011 to April 2015; Associated with Morgan Stanley Investment Management from 1997 to 2010; Officer of other Credit Suisse Funds.

Laurie Pecha
Credit Suisse Asset
Management, LLC
One Madison Avenue
New York, New York 10010
(1961)

Chief Financial Officer

Since 2016

Director of Credit Suisse since August 2016; Senior Consultant of Spectra Professional Services, LLC from January 2012 to July 2016; Vice President of Legg Mason & Co. from March 2007 to December 2011; Officer of other Credit Suisse Funds.

Esther Cheung
Credit Suisse Asset
Management, LLC
One Madison Avenue
New York, New York 10010
(1980)

Treasurer

Since 2016

Vice President of Credit Suisse since 2015; Associated with Reich & Tang Asset Management, LLC from June 2010 to August 2015; Officer of other Credit Suisse Funds.

Karen Regan
Credit Suisse Asset
Management, LLC
One Madison Avenue
New York, New York 10010
(1963)

Vice President and Secretary

Since Fund Inception

Vice President of Credit Suisse; Associated with Credit Suisse since December 2004; Officer of other Credit Suisse Funds.

* The officers of the Fund shown are officers that make policy decisions.

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 877-870-2874.

Credit Suisse Commodity ACCESS 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 1-877-870-2874

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

• 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.

This page intentionally left blank

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

877-870-2874 n www.credit-suisse.com/us/funds

CREDIT SUISSE SECURITIES (USA) LLC, DISTRIBUTOR. CAS-AR-1016

CREDIT SUISSE FUNDS

Annual Report

October 31, 2016

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 copies by calling 877-870-2874 or by visiting our website at www.credit-suisse.com/us/funds.

Credit Suisse Securities (USA) LLC, Distributor, is located at One Madison Avenue, New York, NY 10010. Credit Suisse Funds are advised by Credit Suisse Asset Management, LLC.

Credit Suisse Commodity Return Strategy Fund
Annual Investment Adviser's Report
October 31, 2016 (unaudited)

November 25, 2016

Dear Shareholder:

We are pleased to present this Annual Report covering the activities of the Credit Suisse Commodity Return Strategy Fund (the "Fund") for the 12-month period ended October 31, 2016.

Performance Summary
11/01/15 – 10/31/16

Fund & Benchmark	Performance
Class I¹		-2.19	%
Class A^1,2		-2.43	%
Class C^1,2		-2.99	%
Bloomberg Commodity Index Total Return³		-2.62	%
Standard & Poor's 500 Index⁴		4.51	%

Performance shown for the Fund's Class A and Class C Shares does not reflect sales charges, which are a maximum of 4.75% and 1.00%, respectively.²

Market and Strategy Review:

Commodities declined for the annual period ended October 31, 2016. The Bloomberg Commodity Index Total Return (the "Benchmark") was down 2.62%, with 11 out of 22 index constituents trading lower.

For the 12-month period ended October 31, 2016, the Fund outperformed the Benchmark before fees and Fund expenses. Commodity strategies and underlying cash management both contributed positively to relative performance. Within the portfolio's commodity exposure, forward curve positioning in the Energy and Agriculture sectors had the largest positive impact relative to the Benchmark. The Fund's Class I and A shares outperformed the Benchmark, while the Class C shares underperformed the Benchmark, after fees and Fund expenses.

Livestock was the worst performing sector, down 21.17%, as Lean Hogs decreased amid higher supply expectations. Livestock producers generally increased supplies as relatively inexpensive grains lowered feed costs.

Energy declined 18.22%, led lower by crude oil and petroleum products. WTI Crude Oil declined 28.07% as U.S. crude oil inventories remained oversupplied and well above the five-year average throughout most of the period. Expectations for a global supply glut persisted as Iranian exports began to return to the market after sanctions were eased in January. In addition, mild winter weather in the Eastern U.S. at the end of 2015 and warmer-than-average weather

Credit Suisse Commodity Return Strategy Fund
Annual Investment Adviser's Report (continued)
October 31, 2016 (unaudited)

during the first quarter of 2016 reduced heating demand and allowed the end of October 2016 natural gas storage levels to reach record high levels.

Precious Metals gained the most, up 11.53%, with both Gold and Silver higher, as the U.S. Federal Reserve (the "Fed") only raised interest rates once during the period, and market expectations continued to imply that interest rates would only rise gradually. In addition, uncertainty leading up to and after the Brexit vote led to an increase in safe haven demand. Industrial Metals increased 8.05% as Zinc, up 41.34%, led the sector higher due to rising Chinese demand and tightening supplies. Supply cuts and an ongoing shortage of zinc concentrate following the closure of multiple mines at the end of 2015 led to a deficit in 2016.

Agriculture ended the period 3.55% higher. Sugar was the best performing component, gaining 42.48%, amid concerns over sugar cane production in Brazil and India due to disruptive weather conditions. In August 2016, the International Sugar Organization forecasted a global sugar deficit for the 2016-2017 season. Coffee increased 22.85% after heavy rains in key growing regions of Brazil damaged crop conditions in densely planted areas, drastically reducing the 2017 supply outlook for coffee. Conversely, Kansas City Wheat and Chicago Wheat declined 29.02% and 27.69%, respectively, as the U.S. Department of Agriculture reduced its 2015/16 wheat export projections in late 2015 amid ample supplies and low U.S. export demand. In addition, there were forecasts for large wheat harvests out of the U.S. and Russia toward the end of the period.

Outlook:

Credit Suisse Commodity Return Strategy Fund
Annual Investment Adviser's Report (continued)
October 31, 2016 (unaudited)

Regarding the macroeconomic environment, consensus expectations for headline U.S. inflation for 2017/2018 remain above the Fed's 2% target as of the end of the period, while global inflation expectations remain weak. The Fed has signaled that it is comfortable allowing inflation to overshoot expectations to support improvements in employment and is expected to raise rates in December. Following the U.S. election, the market remains uncertain if there will be more than one interest rate increase from December 2016 through December 2017. In the current market environment, commodities are expected to be a valuable diversification tool as the asset class has historically delivered a high correlation to unexpected inflation.

The Credit Suisse Commodities Management Team

Nelson Louie
Christopher Burton

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 mutual fund and may therefore be subject to greater volatility. 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 commodity-linked structured notes, swaps and futures entails substantial risks, including risk of loss of a significant portion of their principal value, commodity exposure risks, correlation risk, derivatives risk, exposure risk, fixed income risk, futures contracts risk, leveraging risk, liquidity risk, interest rate risk, market risk, non-diversified status, portfolio turnover risk, structured note risk, subsidiary risk, swap agreements risk, U.S. government securities risk, credit risk and

Credit Suisse Commodity Return Strategy Fund
Annual Investment Adviser's Report (continued)
October 31, 2016 (unaudited)

tax risk. Gains and losses from speculative positions in derivatives may be much greater than the derivative's 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 investing.

Credit Suisse Commodity Return Strategy Fund
Annual Investment Adviser's Report (continued)
October 31, 2016 (unaudited)

Comparison of Change in Value of $10,000 Investment in the
Credit Suisse Commodity Return Strategy Fund¹ Class I Shares,
Class A Shares², Class C Shares², the Bloomberg
Commodity Index Total Return³ and the Standard & Poor's 500 Index⁴
For Ten Years

¹ Fee waivers and/or expense reimbursements may reduce expenses for the Fund, without which performance would be lower. The Fund entered into a written contract to limit expenses to 0.80% of the Fund's average daily net assets for Class I shares, 1.05% of the Fund's average daily net assets for Class A shares and 1.80% of the Fund's average daily net assets for Class C shares through at least February 28, 2018. This limit excludes certain expenses, as set forth in the Fund's Prospectus.

² Total return for the Fund's Class A shares for the reporting period, based on offering price (including maximum sales charge of 4.75%), was (7.14)%. Total return for the Fund's Class C shares for the reporting period, based on redemption value (including maximum CDSC of 1.00%), was (3.96)%.

³ The Bloomberg Commodity Index Total Return is composed of futures contracts on 22 physical commodities. The Index does not have transaction costs and investors may not invest directly in the 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. The Index does not have transaction costs and investors may not invest directly in the Index.

Credit Suisse Commodity Return Strategy Fund
Annual Investment Adviser's Report (continued)
October 31, 2016 (unaudited)

Average Annual Returns as of October 31, 2016¹

	1 Year			5 Years			10 Years
Class I		(2.19	)%		(10.76	)%		(5.78	)%
Class A Without Sales Charge		(2.43	)%		(10.99	)%		(6.01	)%
Class A With Maximum Sales Charge		(7.14	)%		(11.85	)%		(6.47	)%
Class C Without CDSC		(2.99	)%		(11.63	)%		(6.70	)%
Class C With CDSC		(3.96	)%		(11.63	)%		(6.70	)%

The annual gross and net expense ratios are 0.79% for Class I shares, 1.04% for Class A shares and 1.79% for Class C shares.

¹ Fee waivers and/or expense reimbursements may reduce expenses for the Fund, without which performance would be lower. The Fund entered into a written contract to limit expenses to 0.80% of the Fund's average daily net assets for Class I shares, 1.05% of the Fund's average daily net assets for Class A shares and 1.80% of the Fund's average daily net assets for Class C shares through at least February 28, 2018. This limit excludes certain expenses, as set forth in the Fund's Prospectus.

Credit Suisse Commodity Return Strategy Fund
Annual Investment Adviser's Report (continued)
October 31, 2016 (unaudited)

Information About Your Fund's Expenses

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

Credit Suisse Commodity Return Strategy Fund
Annual Investment Adviser's Report (continued)
October 31, 2016 (unaudited)

Expenses and Value for a $1,000 Investment
for the six-month period ended October 31, 2016

Actual Fund Return	Class I			Class A			Class C
Beginning Account Value 05/01/16	$	1,000.00		$	1,000.00		$	1,000.00
Ending Account Value 10/31/16	$	1,000.00		$	997.90		$	995.60
Expenses Paid per $1,000*	$	3.92		$	5.22		$	8.93
Hypothetical 5% Fund Return
Beginning Account Value 05/01/16	$	1,000.00		$	1,000.00		$	1,000.00
Ending Account Value 10/31/16	$	1,021.22		$	1,019.91		$	1,016.19
Expenses Paid per $1,000*	$	3.96		$	5.28		$	9.02
	Class I			Class A			Class C
Annualized Expense Ratios*		0.78	%		1.04	%		1.78	%

* 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 184/366 to reflect the one-half year period.

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

Portfolio Breakdown*

United States Agency Obligations	80.44	%
United States Treasury Obligations	13.96
Short-term Investment¹	3.19
Commodity Indexed Structured Notes	2.41
Total	100.00	%

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

Credit Suisse Commodity Return Strategy Fund
Consolidated Schedule of Investments
October 31, 2016

Par (000)			Ratings† (S&P/Moody's)	Maturity	Rate%		Value
COMMODITY INDEXED STRUCTURED NOTES (2.4%)
$	38,222	BNP Paribas, Commodity Index Linked Senior Unsecured Notes^(1),(2),(3)	(A, A1)	03/27/17		0.419	$	53,911,061
	18,100	Deutsche Bank AG London, Commodity Index Linked Senior Unsecured Notes^(1),(2),(3)	(BBB+, A3)	02/14/17		0.396		22,850,823
	13,000	Deutsche Bank AG London, Commodity Index Linked Senior Unsecured Notes^(1),(2),(3)	(BBB+, A3)	02/14/17		0.396		17,173,550
TOTAL COMMODITY INDEXED STRUCTURED NOTES (Cost $69,322,000)								93,935,434
UNITED STATES AGENCY OBLIGATIONS (78.8%)
	48,000	Federal Farm Credit Banks⁽¹⁾	(AA+, Aaa)	04/05/18		0.650		48,004,992
	49,000	Federal Farm Credit Banks⁽¹⁾	(AA+, Aaa)	05/22/18		0.831		49,248,822
	78,200	Federal Farm Credit Banks⁽¹⁾	(AA+, Aaa)	06/12/18		0.720		78,293,527
	32,100	Federal Farm Credit Banks⁽¹⁾	(AA+, Aaa)	06/18/18		0.736		32,219,540
	63,400	Federal Farm Credit Banks⁽¹⁾	(AA+, Aaa)	06/22/18		0.916		63,660,954
	59,000	Federal Farm Credit Banks⁽¹⁾	(AA+, Aaa)	07/18/18		0.750		59,103,781
	31,900	Federal Farm Credit Banks⁽¹⁾	(AA+, Aaa)	08/01/18		0.673		31,973,530
	68,000	Federal Farm Credit Banks⁽¹⁾	(AA+, Aaa)	08/20/18		0.756		68,159,392
	37,800	Federal Farm Credit Banks⁽¹⁾	(AA+, Aaa)	10/19/18		0.868		37,872,274
	33,000	Federal Farm Credit Banks⁽¹⁾	(AA+, Aaa)	11/13/18		0.651		33,014,223
	134,500	Federal Farm Credit Banks⁽¹⁾	(AA+, Aaa)	01/22/19		0.694		134,700,136
	90,700	Federal Farm Credit Banks⁽¹⁾	(AA+, Aaa)	02/25/19		0.709		90,829,610
	129,000	Federal Farm Credit Banks⁽¹⁾	(AA+, Aaa)	03/15/19		0.685		129,002,967
	150,000	Federal Farm Credit Banks⁽¹⁾	(AA+, Aaa)	08/19/19		0.718		150,144,450
	45,000	Federal Farm Credit Banks⁽¹⁾	(AA+, Aaa)	09/23/19		0.853		45,006,390
	62,100	Federal Farm Credit Banks⁽¹⁾	(AA+, Aaa)	10/24/19		0.704		62,127,448
	94,400	Federal Farm Credit Banks⁽¹⁾	(AA+, Aaa)	10/25/19		0.822		94,413,877
	71,000	Federal Farm Credit Banks⁽¹⁾	(AA+, Aaa)	11/12/19		0.838		71,057,581
	14,400	Federal Farm Credit Banks	(AA+, Aaa)	12/14/20		1.540		14,391,749
	46,000	Federal Farm Credit Banks⁽¹⁾	(AA+, Aaa)	02/05/21		0.878		46,281,796
	20,000	Federal Farm Credit Banks	(AA+, Aaa)	02/17/21		1.470		19,874,840
	23,300	Federal Farm Credit Banks	(AA+, Aaa)	02/17/21		1.580		23,156,425
	63,000	Federal Home Loan Banks⁽¹⁾	(AA+, Aaa)	10/25/17		0.802		63,174,636
	59,800	Federal Home Loan Banks⁽¹⁾	(AA+, Aaa)	10/27/17		0.816		59,971,686
	50,000	Federal Home Loan Banks⁽¹⁾	(AA+, Aaa)	11/24/17		0.594		50,070,650
	81,900	Federal Home Loan Banks⁽¹⁾	(AA+, Aaa)	12/07/17		0.601		82,055,528
	45,000	Federal Home Loan Banks⁽¹⁾	(AA+, Aaa)	01/04/18		0.824		45,155,700
	68,500	Federal Home Loan Banks⁽¹⁾	(AA+, Aaa)	09/20/18		0.737		68,602,887
	83,000	Federal Home Loan Banks⁽¹⁾	(AA+, Aaa)	07/01/20		0.971		83,059,760
	15,890	Federal Home Loan Banks	(AA+, Aaa)	07/13/21		1.480		15,740,729
	69,500	Federal Home Loan Mortgage Corp.⁽¹⁾	(AA+, Aaa)	01/08/18		0.842		69,764,586
	50,000	Federal Home Loan Mortgage Corp.⁽¹⁾	(AA+, Aaa)	03/08/18		0.861		50,235,650
	72,400	Federal Home Loan Mortgage Corp.	(AA+, Aaa)	05/11/18		1.000		72,303,853
	28,000	Federal Home Loan Mortgage Corp.	(AA+, Aaa)	05/25/18		1.050		28,000,980
	75,800	Federal Home Loan Mortgage Corp.⁽¹⁾	(AA+, Aaa)	07/17/18		0.650		75,825,772
	135,000	Federal Home Loan Mortgage Corp.⁽¹⁾	(AA+, Aaa)	07/24/18		0.632		135,000,000
	69,200	Federal Home Loan Mortgage Corp.	(AA+, Aaa)	07/27/18		1.000		69,014,198
	27,700	Federal Home Loan Mortgage Corp.	(AA+, Aaa)	09/21/18		1.000		27,651,885

See Accompanying Notes to Consolidated Financial Statements.
9

Credit Suisse Commodity Return Strategy Fund
Consolidated Schedule of Investments (continued)
October 31, 2016

Par (000)			Ratings† (S&P/Moody's)	Maturity	Rate%		Value
UNITED STATES AGENCY OBLIGATIONS (continued)
$	50,000	Federal Home Loan Mortgage Corp.⁽⁴⁾	(AA+, Aaa)	02/01/19		0.750	$	49,960,400
	88,000	Federal Home Loan Mortgage Corp. Discount Notes	(AA+, Aaa)	12/23/16		0.400		87,949,157
	84,000	Federal National Mortgage Association⁽¹⁾	(AA+, Aaa)	01/11/18		0.846		84,290,472
	88,600	Federal National Mortgage Association	(AA+, Aaa)	10/29/18		1.160		88,649,262
	50,000	Federal National Mortgage Association⁽⁴⁾	(AA+, Aaa)	02/01/19		0.750		50,015,500
	43,000	Federal National Mortgage Association	(AA+, Aaa)	02/26/19		1.250		42,986,025
	166,800	Federal National Mortgage Association⁽¹⁾	(AA+, Aaa)	02/28/19		0.535		166,169,329
	61,600	Federal National Mortgage Association⁽¹⁾	(AA+, Aaa)	03/08/19		0.530		61,374,914
	24,500	Federal National Mortgage Association	(AA+, Aaa)	04/28/21		1.650		24,503,381
	100,000	Federal National Mortgage Association Discount Notes	(AA+, Aaa)	01/17/17		0.410		99,933,700
TOTAL UNITED STATES AGENCY OBLIGATIONS (Cost $3,131,316,484)								3,133,998,944
UNITED STATES TREASURY OBLIGATIONS (13.7%)
	70,000	United States Treasury Floating Rate Notes^(1),(5),(6)	(AA+, Aaa)	10/31/17		0.518		70,106,050
	139,000	United States Treasury Floating Rate Notes^(1),(5),(6)	(AA+, Aaa)	01/31/18		0.622		139,344,581
	100,000	United States Treasury Floating Rate Notes^(1),(6)	(AA+, Aaa)	04/30/18		0.540		100,136,500
	25,000	United States Treasury Floating Rate Notes^(1),(6)	(AA+, Aaa)	07/31/18		0.524		25,015,650
	15,000	United States Treasury Notes	(AA+, Aaa)	11/15/16		0.625		15,000,429
	35,000	United States Treasury Notes	(AA+, Aaa)	01/15/17		0.750		35,034,545
	28,500	United States Treasury Notes	(AA+, Aaa)	01/31/17		0.500		28,515,818
	35,000	United States Treasury Notes	(AA+, Aaa)	01/31/17		0.875		35,051,835
	35,000	United States Treasury Notes	(AA+, Aaa)	02/15/17		0.625		35,032,200
	24,000	United States Treasury Notes	(AA+, Aaa)	02/28/17		0.875		24,044,088
	16,500	United States Treasury Notes	(AA+, Aaa)	03/31/17		3.250		16,693,050
	20,000	United States Treasury Notes	(AA+, Aaa)	05/15/17		0.875		20,035,940
TOTAL UNITED STATES TREASURY OBLIGATIONS (Cost $543,345,722)								544,010,686
SHORT-TERM INVESTMENT (3.1%)
	124,126	State Street Bank and Trust Co. Euro Time Deposit (Cost $124,125,847)		11/01/16		0.010		124,125,847
TOTAL INVESTMENTS AT VALUE (98.0%) (Cost $3,868,110,053)								3,896,070,911
OTHER ASSETS IN EXCESS OF LIABILITIES (2.0%)								79,905,198
NET ASSETS (100.0%)							$	3,975,976,109

† 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.

⁽¹⁾ Variable rate obligation — The interest rate shown is the rate as of October 31, 2016.

⁽²⁾ Return on security is linked to the Bloomberg Commodity Index Total Return. The Bloomberg Commodity Index Total Return is composed of futures contracts on 22 physical commodities.

⁽³⁾ 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, 2016, these securities amounted to a value of $93,935,434 or 2.4% of net assets.

See Accompanying Notes to Consolidated Financial Statements.
10

Credit Suisse Commodity Return Strategy Fund
Consolidated Schedule of Investments (continued)
October 31, 2016

⁽⁴⁾ Step Bond — The interest rate shown is as of October 31, 2016 and will reset at a future date.

⁽⁵⁾ At October 31, 2016, $30,069,550 in the value of these securities has been pledged to cover initial margin requirements for open futures contracts.

⁽⁶⁾ At October 31, 2016, $75,665,293 in the value of these securities has been pledged as collateral for open swap contracts.

Futures Contracts

Contract Description	Currency	Expiration Date	Number of Contracts			Notional Value			Net Unrealized Appreciation (Depreciation)
Contracts to Purchase
Energy	USD	Jun 2017		945		$	47,146,050		$	(2,164,719	)
	USD	Oct 2017		324			10,134,720			(68,440	)
									$	(2,233,159	)
Contracts to Sell
Energy	USD	Mar 2017		(945	)		(45,945,900	)	$	(1,443,993	)
	USD	Apr 2017		(324	)		(9,956,520	)		206,968
									$	(1,237,025	)
Net unrealized appreciation (depreciation)									$	(3,470,184	)

Commodity Index Swap Contracts

Currency

Notional
Amount

Expiration
Date

Counterparty

Receive

Pay

Net Unrealized
Appreciation
(Depreciation)

USD

91,767,950

11/28/16

Bank of America

Commodity Index
Return⁽¹⁾

3-month T-Bill Rate
plus a negotiated
dealer rate

(1,198,898

)

USD

59,639,770

11/28/16

Bank of America

Commodity Index
Return⁽¹⁾

3-month T-Bill Rate
plus a negotiated
dealer rate

(778,622

)

USD

71,326,977

11/28/16

Bank of America

Commodity Index
Return⁽¹⁾

3-month T-Bill Rate
plus a negotiated
dealer rate

(873,181

)

USD

383,724,779

11/28/16

Bank of America

Commodity Index
Return⁽¹⁾

3-month T-Bill Rate
plus a negotiated
dealer rate

(4,498,520

)

USD

28,674,634

11/28/16

Barclays

Commodity Index
Return⁽¹⁾

3-month T-Bill Rate
plus a negotiated
dealer rate

(374,705

)

USD

162,497,259

11/28/16

Barclays

Commodity Index
Return⁽¹⁾

3-month T-Bill Rate
plus a negotiated
dealer rate

(2,005,203

)

USD

84,682,633

11/28/16

BNP Paribas

Commodity Index
Return⁽¹⁾

3-month T-Bill Rate
plus a negotiated
dealer rate

(1,106,638

)

See Accompanying Notes to Consolidated Financial Statements.
11

Credit Suisse Commodity Return Strategy Fund
Consolidated Schedule of Investments (continued)
October 31, 2016

Commodity Index Swap Contracts (continued)

Currency

Notional
Amount

Expiration
Date

Counterparty

Receive

Pay

Net Unrealized
Appreciation
(Depreciation)

USD

149,512,974

11/28/16

BNP Paribas

Commodity Index
Return⁽¹⁾

3-month T-Bill Rate
plus a negotiated
dealer rate

(1,845,128

)

USD

165,869,880

11/28/16

CIBC

Commodity Index
Return⁽¹⁾

3-month T-Bill Rate
plus a negotiated
dealer rate

(2,166,500

)

USD

167,293,707

11/28/16

CIBC

Commodity Index
Return⁽¹⁾

3-month T-Bill Rate
plus a negotiated
dealer rate

(2,062,879

)

USD

163,832,293

11/28/16

Citigroup

Commodity Index
Return⁽¹⁾

3-month T-Bill Rate
plus a negotiated
dealer rate

(2,139,886

)

USD

167,581,922

11/28/16

Citigroup

Commodity Index
Return⁽¹⁾

3-month T-Bill Rate
plus a negotiated
dealer rate

(2,067,948

)

USD

150,000,669

11/28/16

Goldman Sachs

Commodity Index
Return⁽¹⁾

3-month T-Bill Rate
plus a negotiated
dealer rate

(1,960,129

)

USD

255,366,457

11/28/16

Goldman Sachs

Commodity Index
Return⁽¹⁾

3-month T-Bill Rate
plus a negotiated
dealer rate

(3,150,432

)

USD

252,567,242

11/28/16

JPMorgan Chase

Commodity Index
Return⁽¹⁾

3-month T-Bill Rate
plus a negotiated
dealer rate

(3,115,899

)

USD

516,147,418

11/28/16

Macquarie

Commodity Index
Return⁽¹⁾

3-month T-Bill Rate
plus a negotiated
dealer rate

(7,216,915

)

USD

194,696,985

11/28/16

Morgan Stanley

Commodity Index
Return⁽¹⁾

3-month T-Bill Rate
plus a negotiated
dealer rate

(2,544,197

)

USD

76,849,631

11/28/16

Morgan Stanley

Commodity Index
Return⁽¹⁾

3-month T-Bill Rate
plus a negotiated
dealer rate

(948,318

)

USD

60,697,100

11/28/16

Societe Generale

Commodity Index
Return⁽¹⁾

3-month T-Bill Rate
plus a negotiated
dealer rate

(793,158

)

USD

157,254,619

11/28/16

Societe Generale

Commodity Index
Return⁽¹⁾

3-month T-Bill Rate
plus a negotiated
dealer rate

(1,940,510

)

USD

177,289,557

11/28/16

Societe Generale

Commodity Index
Return⁽¹⁾

3-month T-Bill Rate
plus a negotiated
dealer rate

(1,904,688

)

See Accompanying Notes to Consolidated Financial Statements.
12

Credit Suisse Commodity Return Strategy Fund
Consolidated Schedule of Investments (continued)
October 31, 2016

Commodity Index Swap Contracts (continued)

Currency

Notional
Amount

Expiration
Date

Counterparty

Receive

Pay

Net Unrealized
Appreciation
(Depreciation)

USD

206,114,806

11/28/16

UBS

Commodity Index
Return⁽¹⁾

3-month T-Bill Rate
plus a negotiated
dealer rate

(2,693,399

)

USD

32,973,550

11/28/16

UBS

Commodity Index
Return⁽¹⁾

3-month T-Bill Rate
plus a negotiated
dealer rate

(406,891

)

USD

20,121,863

11/28/16

Wells Fargo

Commodity Index
Return⁽¹⁾

3-month T-Bill Rate
plus a negotiated
dealer rate

(247,635

)

(48,040,279

)

⁽¹⁾ The Commodity Index Return is comprised of futures contracts on physical commodities.

See Accompanying Notes to Consolidated Financial Statements.
13

Credit Suisse Commodity Return Strategy Fund
Consolidated Statement of Assets and Liabilities
October 31, 2016

*Assets*
Investments at value (Cost $3,868,110,053) (Note 2)	$	3,896,070,911
Cash		75,000
Cash segregated held at brokers for futures contracts and swap contracts (Note 2)		129,478,755
Receivable for Fund shares sold		5,106,413
Interest receivable		3,254,782
Prepaid expenses and other assets		70,096
Total assets		4,034,055,957
*Liabilities*
Investment advisory fee payable (Note 3)		1,783,010
Administrative services fee payable (Note 3)		460,844
Shareholder servicing/Distribution fee payable (Note 3)		25,990
Unrealized depreciation on open swap contracts (Note 2)		48,040,279
Payable for Fund shares redeemed		5,794,940
Variation margin payable on futures contracts (Note 2)		449,810
Trustees' fee payable		8,299
Accrued expenses		1,516,676
Total liabilities		58,079,848
*Net Assets*
Capital stock, $.001 par value (Note 6)		809,714
Paid-in capital (Note 6)		4,258,223,878
Accumulated net investment loss		(5,862,811	)
Accumulated net realized loss on investments, futures contracts and swap contracts		(253,645,067	)
Net unrealized depreciation from investments, futures contracts and swap contracts		(23,549,605	)
Net assets	$	3,975,976,109
*I Shares*
Net assets	$	3,874,975,760
Shares outstanding		788,649,744
Net asset value, offering price and redemption price per share	$	4.91
*A Shares*
Net assets	$	94,484,382
Shares outstanding		19,629,617
Net asset value and redemption price per share	$	4.81
Maximum offering price per share (net asset value/(1-4.75%))	$	5.05
*C Shares*
Net assets	$	6,515,967
Shares outstanding		1,435,073
Net asset value and offering price per share	$	4.54

See Accompanying Notes to Consolidated Financial Statements.
14

Credit Suisse Commodity Return Strategy Fund
Consolidated Statement of Operations
For the Year Ended October 31, 2016

*Investment Income*
Interest	$	24,905,643
Securities lending (net of rebates)		73,647
Total investment income		24,979,290
*Expenses*
Investment advisory fees (Note 3)		19,715,915
Administrative services fees (Note 3)		4,159,265
Shareholder servicing/Distribution fees (Note 3)
Class A		266,068
Class C		68,060
Transfer agent fees (Note 3)		6,106,006
Printing fees		426,464
Custodian fees		200,091
Insurance expense		134,729
Registration fees		126,779
Legal fees		66,711
Audit and tax fees		61,590
Trustees' fees		30,430
Commitment fees (Note 4)		22,565
Miscellaneous expense		60,645
Total expenses		31,445,318
Net investment loss		(6,466,028	)
*Net Realized and Unrealized Gain (Loss) from Investments, Futures Contracts and Swap Contracts*
Net realized loss from investments		(45,243,631	)
Net realized gain from futures contracts		10,770,583
Net realized loss from swap contracts		(120,623,027	)
Net change in unrealized appreciation (depreciation) from investments		34,626,596
Net change in unrealized appreciation (depreciation) from futures contracts		(4,014,219	)
Net change in unrealized appreciation (depreciation) from swap contracts		(34,737,990	)
Net realized and unrealized loss from investments, futures contracts and swap contracts		(159,221,688	)
Net decrease in net assets resulting from operations	$	(165,687,716	)

See Accompanying Notes to Consolidated Financial Statements.
15

Credit Suisse Commodity Return Strategy Fund
Consolidated Statement of Changes in Net Assets

	For the Year Ended October 31, 2016			For the Year Ended October 31, 2015
*From Operations*
Net investment loss	$	(6,466,028	)	$	(26,785,559	)
Net realized loss from investments, futures contracts and swap contracts		(155,096,075	)		(1,666,536,437	)
Net change in unrealized appreciation (depreciation) from investments, futures contracts and swap contracts		(4,125,613	)		55,161,725
Net decrease in net assets resulting from operations		(165,687,716	)		(1,638,160,271	)
*From Capital Share Transactions* (Note 6)
Proceeds from sale of shares		2,047,329,447			4,481,759,888
Net asset value of shares redeemed		(3,149,800,523	)		(3,119,545,833	)
Net increase (decrease) in net assets from capital share transactions		(1,102,471,076	)		1,362,214,055
Net decrease in net assets		(1,268,158,792	)		(275,946,216	)
*Net Assets*
Beginning of year		5,244,134,901			5,520,081,117
End of year	$	3,975,976,109		$	5,244,134,901
Accumulated net investment loss	$	(5,862,811	)	$	(22,698,479	)

See Accompanying Notes to Consolidated Financial Statements.
16

Credit Suisse Commodity Return Strategy Fund
Consolidated Financial Highlights
(For a Class I Share of the Fund Outstanding Throughout Each Year)

	For the Year Ended October 31,
	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of year	$	5.02		$	6.76		$	7.21		$	8.22		$	8.69
*INVESTMENT OPERATIONS*
Net investment loss¹		(0.01	)		(0.03	)		(0.04	)		(0.04	)		(0.05	)
Net loss from investments, futures contracts and swap contracts (both realized and unrealized)		(0.10	)		(1.71	)		(0.41	)		(0.97	)		(0.41	)
Total from investment operations		(0.11	)		(1.74	)		(0.45	)		(1.01	)		(0.46	)
*REDEMPTION FEES*		—			—			0.00²			0.00²			0.00²
*LESS DISTRIBUTIONS*
Distributions from net realized gains		—			—			—			—			(0.01	)
Total distributions		—			—			—			—			(0.01	)
*Net asset value, end of year*	$	4.91		$	5.02		$	6.76		$	7.21		$	8.22
Total return³		(2.19	)%		(25.74	)%		(6.24	)%		(12.29	)%		(5.26	)%
*RATIOS AND SUPPLEMENTAL DATA*
Net assets, end of year (000s omitted)	$	3,874,976		$	5,103,563		$	5,311,264		$	4,730,828		$	4,818,146
Ratio of net expenses to average net assets		0.79	%		0.78	%		0.78	%		0.78	%		0.80	%
Ratio of net investment loss to average net assets		(0.16	)%		(0.48	)%		(0.55	)%		(0.55	)%		(0.56	)%
Decrease reflected in above operating expense ratio due to waivers/reimbursements		—	%		—	%		—	%		—	%		0.01	%
Portfolio turnover rate		151	%		122	%		103	%		99	%		84	%

¹ Per share information is calculated using the average shares outstanding method.

² This amount represents less than $0.01 per share.

³ Total returns are historical and include change in share price and reinvestment of all dividends and distributions. Had certain expenses not been reduced during the years shown, total returns would have been lower.

See Accompanying Notes to Consolidated Financial Statements.
17

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

	For the Year Ended October 31,
	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of year	$	4.93		$	6.65		$	7.12		$	8.14		$	8.62
*INVESTMENT OPERATIONS*
Net investment loss¹		(0.02	)		(0.04	)		(0.06	)		(0.06	)		(0.07	)
Net loss from investments, futures contracts and swap contracts (both realized and unrealized)		(0.10	)		(1.68	)		(0.41	)		(0.96	)		(0.40	)
Total from investment operations		(0.12	)		(1.72	)		(0.47	)		(1.02	)		(0.47	)
*REDEMPTION FEES*		—			—			0.00²			0.00²			0.00²
*LESS DISTRIBUTIONS*
Distributions from net realized gains		—			—			—			—			(0.01	)
Total distributions		—			—			—			—			(0.01	)
*Net asset value, end of year*	$	4.81		$	4.93		$	6.65		$	7.12		$	8.14
Total return³		(2.43	)%		(25.86	)%		(6.60	)%		(12.53	)%		(5.42	)%
*RATIOS AND SUPPLEMENTAL DATA*
Net assets, end of year (000s omitted)	$	94,484		$	132,417		$	192,423		$	304,274		$	591,661
Ratio of net expenses to average net assets		1.04	%		1.03	%		1.03	%		1.03	%		1.05	%
Ratio of net investment loss to average net assets		(0.42	)%		(0.73	)%		(0.81	)%		(0.80	)%		(0.82	)%
Decrease reflected in above operating expense ratio due to waivers/reimbursements		—	%		—	%		—	%		—	%		0.01	%
Portfolio turnover rate		151	%		122	%		103	%		99	%		84	%

¹ Per share information is calculated using the average shares outstanding method.

² This amount represents less than $0.01 per share.

See Accompanying Notes to Consolidated Financial Statements.
18

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

	For the Year Ended October 31,
	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of year	$	4.68		$	6.37		$	6.86		$	7.90		$	8.44
*INVESTMENT OPERATIONS*
Net investment loss¹		(0.05	)		(0.08	)		(0.11	)		(0.11	)		(0.12	)
Net loss from investments, futures contracts and swap contracts (both realized and unrealized)		(0.09	)		(1.61	)		(0.38	)		(0.93	)		(0.41	)
Total from investment operations		(0.14	)		(1.69	)		(0.49	)		(1.04	)		(0.53	)
*REDEMPTION FEES*		—			—			0.00²			0.00²			0.00²
*LESS DISTRIBUTIONS*
Distributions from net realized gains		—			—			—			—			(0.01	)
Total distributions		—			—			—			—			(0.01	)
*Net asset value, end of year*	$	4.54		$	4.68		$	6.37		$	6.86		$	7.90
Total return³		(2.99	)%		(26.53	)%		(7.14	)%		(13.16	)%		(6.25	)%
*RATIOS AND SUPPLEMENTAL DATA*
Net assets, end of year (000s omitted)	$	6,516		$	8,155		$	16,395		$	20,267		$	32,447
Ratio of net expenses to average net assets		1.79	%		1.78	%		1.78	%		1.78	%		1.80	%
Ratio of net investment loss to average net assets		(1.16	)%		(1.49	)%		(1.55	)%		(1.55	)%		(1.57	)%
Decrease reflected in above operating expense ratio due to waivers/reimbursements		—	%		—	%		—	%		—	%		0.01	%
Portfolio turnover rate		151	%		122	%		103	%		99	%		84	%

¹ Per share information is calculated using the average shares outstanding method.

² This amount represents less than $(0.01) per share.

See Accompanying Notes to Consolidated Financial Statements.
19

Credit Suisse Commodity Return Strategy Fund
Notes to Consolidated Financial Statements
October 31, 2016

Note 1. Organization

Credit Suisse Commodity Return Strategy Fund (the "Fund"), a series of the Credit Suisse Commodity Strategy Funds (the "Trust"), a Delaware statutory trust, 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 that exceeds the return of its benchmark index, the Bloomberg Commodity Index Total Return (the "Benchmark"). The Trust was organized under the laws of the State of Delaware as a statutory trust on May 19, 2004.

Credit Suisse Asset Management, LLC ("Credit Suisse"), the investment adviser to the Fund, is registered as a Commodity Pool Operator with the Commodity Futures Trading Commission. The Fund intends to gain exposure to commodity derivatives through investing in a wholly-owned subsidiary, Credit Suisse Cayman Commodity Fund I, Ltd. (the "Subsidiary"), organized under the laws of the Cayman Islands. The Subsidiary invests in commodity-linked derivative instruments, such as swaps and futures. The Subsidiary may also invest in debt securities, some of which are intended to serve as margin or collateral for the Subsidiary's derivatives positions.

The Subsidiary is managed by the same portfolio managers that manage the Fund and the accompanying financial statements reflect the financial position of the Fund and the Subsidiary and the results of operations on a consolidated basis. The consolidated financial statements include portfolio holdings of the Fund and the Subsidiary and all intercompany transactions and balances have been eliminated. The Fund may invest up to 25% of its total assets in the Subsidiary. As of October 31, 2016, the Fund held $747,659,234 in the Subsidiary, representing 18.8% of the Fund's consolidated net assets. For the year ended October 31, 2016, the net realized loss on securities and other financial instruments held in the Subsidiary was $109,926,980.

Subsequent references to the Fund within the Notes to Consolidated Financial Statements collectively refer to the Fund and the Subsidiary.

Credit Suisse Commodity Return Strategy Fund
Notes to Consolidated Financial Statements (continued)
October 31, 2016

Note 2. Significant Accounting Policies

Credit Suisse Commodity Return Strategy Fund
Notes to Consolidated Financial Statements (continued)
October 31, 2016

Note 2. Significant Accounting Policies (continued)

supplied are deemed by the investment adviser to be unreliable, the market price may be determined by the investment adviser using quotations from one or more brokers/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved and established by the Board.

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of October 31, 2016 in valuing the Fund's assets and liabilities carried at fair value:

Assets	Level 1		Level 2		Level 3		Total
Investments in Securities
Commodity Indexed Structured Notes	$	—	$	93,935,434	$	—	$	93,935,434
United States Agency Obligations		—		3,133,998,944		—		3,133,998,944
United States Treasury Obligations		—		544,010,686		—		544,010,686
Short-term Investment		—		124,125,847		—		124,125,847
	$	—	$	3,896,070,911	$	—	$	3,896,070,911
Other Financial Instruments*
Futures Contracts	$	206,968	$	—	$	—	$	206,968

Credit Suisse Commodity Return Strategy Fund
Notes to Consolidated Financial Statements (continued)
October 31, 2016

Note 2. Significant Accounting Policies (continued)

Liabilities	Level 1		Level 2		Level 3		Total
Other Financial Instruments*
Futures Contracts	$	3,677,152	$	—	$	—	$	3,677,152
Swap Contracts**		—		48,040,279		—		48,040,279

*Other financial instruments include unrealized appreciation (depreciation) on futures and swap contracts.

**Value includes any premium paid or received with respect to swap contracts, if applicable.

For the year ended October 31, 2016, there were no transfers among Level 1, Level 2 and Level 3. All transfers, if any, are assumed to occur at the end of the reporting period.

Fair Value of Derivative Instruments as of October 31, 2016

	Asset Derivatives				Liability Derivatives
	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Commodity Index Return Contracts	Unrealized appreciation on futures contracts	$	206,968	*	Unrealized depreciation on futures contracts	$	3,677,152	*
	Unrealized appreciation on open swap contracts		—		Unrealized depreciation on open swap contracts		48,040,279
		$	206,968			$	51,717,431

Effect of Derivative Instruments on the Consolidated Statement of Operations

	Location	Realized Gain (Loss)			Location	Net Unrealized Appreciation (Depreciation)
Commodity Index Return Contracts	Net realized gain from futures contracts	$	10,770,583		Net change in unrealized appreciation (depreciation) from futures contracts	$	(4,014,219	)
	Net realized loss from swap contracts		(120,623,027	)	Net change in unrealized appreciation (depreciation) from swap contracts		(34,737,990	)
		$	(109,852,444	)		$	(38,752,209	)

Credit Suisse Commodity Return Strategy Fund
Notes to Consolidated Financial Statements (continued)
October 31, 2016

Note 2. Significant Accounting Policies (continued)

For the year ended October 31, 2016, the Fund held average monthly notional values on a net basis of $45,683,282, $43,088,788 and $3,775,496,670 in long futures contracts, short futures contracts and swap contracts, respectively.

The following table presents by counterparty the Fund's derivative liabilites, net of related collateral pledged by the Fund, at October 31, 2016:

Counterparty	Gross Amount of Liabilities Presented in the Consolidated Statement of Assets and Liabilities^(a)		Financial Instruments and Derivatives Available for Offset		Non-Cash Collateral Pledged			Cash Collateral Pledged^(b)			Net Amount of Derivative Liabilities
Bank of America	$	7,349,221	$	—	$	—		$	(7,349,221	)	$	—
Barclays		2,379,908		—		—			(2,379,908	)		—
BNP Paribas		2,951,766		—		—			(2,951,766	)		—
CIBC		4,229,379		—		(4,229,379	)		—			—
Citigroup		4,207,834		—		—			(4,207,834	)		—
Goldman Sachs		5,110,561		—		(5,110,561	)		—			—
JPMorgan Chase		3,115,899		—		—			(3,115,899	)		—
Macquarie		7,216,915		—		—			(7,216,915	)		—
Morgan Stanley		3,492,515		—		—			(3,492,515	)		—
Societe Generale		4,638,356		—		(4,638,356	)		—			—
UBS		3,100,290		—		(3,100,290	)		—			—
Wells Fargo Bank		247,635		—		—			(247,635	)		—
	$	48,040,279	$	—	$	(17,078,586	)	$	(30,961,693	)	$	—

^(a) Swap contracts are included.

^(b) The actual collateral pledged may be more than the amounts shown.

Credit Suisse Commodity Return Strategy Fund
Notes to Consolidated Financial Statements (continued)
October 31, 2016

Note 2. Significant Accounting Policies (continued)

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. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

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 currencies or net income derived from interests in certain publicly-traded partnerships ("Qualifying Income"). The Fund may seek to track the performance of the Benchmark through investing in structured notes designed to track the performance of the Benchmark. The Fund has received a private letter ruling from the Internal Revenue Service ("IRS") which confirms that the Fund's use of certain types of structured notes designed to track the performance of the Benchmark produces Qualifying Income. In addition, the Fund may, through its investment in the Subsidiary, seek to track the performance of the Benchmark by the Subsidiary's investments in commodity-linked swaps and/or futures contracts. The Fund has obtained a private letter

Credit Suisse Commodity Return Strategy Fund
Notes to Consolidated Financial Statements (continued)
October 31, 2016

Note 2. Significant Accounting Policies (continued)

ruling from the IRS which confirms that its investment in the Subsidiary produces 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.

G) FUTURES — The Fund may enter into futures contracts to the extent permitted by its investment policies and objectives. The Fund may use futures contracts to gain exposure to or hedge against changes in commodities. Upon entering into a futures contract, the Fund is required to deposit cash and/or pledge U.S. Government securities as initial margin with a Futures Commission Merchant (FCM). 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 transaction 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.

Credit Suisse Commodity Return Strategy Fund
Notes to Consolidated Financial Statements (continued)
October 31, 2016

Note 2. Significant Accounting Policies (continued)

Futures have minimal counterparty risk because futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. 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 may be required for a futures transaction. The Fund's open futures contracts are disclosed in the Consolidated Schedule of Investments. At October 31, 2016, the amount of restricted cash held at brokers related to futures contracts was $550,935.

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

Credit Suisse Commodity Return Strategy Fund
Notes to Consolidated Financial Statements (continued)
October 31, 2016

Note 2. Significant Accounting Policies (continued)

amounts. The Fund may invest in total return swap contracts for hedging purposes or to seek to increase total return. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty.

I) COMMODITY INDEXED STRUCTURED NOTES — The Fund may invest in structured notes whose value is based on the price movements of the Benchmark. The structured notes are often leveraged, increasing the volatility of each note's value relative to the change in the underlying linked financial instrument. 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 Consolidated Statement of Operations. Payments received are recorded as interest income. These notes are subject to prepayment, credit and interest rate 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, 2016, the value of these securities comprised 2.4% of the Fund's net assets and resulted in unrealized appreciation of $24,613,434.

J) SECURITIES LENDING — The initial collateral received by the Fund is required to have a value of at least 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). The collateral is maintained thereafter at a value equal to at least 102% of the current market value of the securities on loan. The market value

Credit Suisse Commodity Return Strategy Fund
Notes to Consolidated Financial Statements (continued)
October 31, 2016

Note 2. Significant Accounting Policies (continued)

of loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. 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 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 SSB will share the net income earned from securities lending activities. Securities lending income is accrued as earned. At October 31, 2016 and during the year ended October 31, 2016, there were no securities out on loan.

During the year ended October 31, 2016, total earnings from the Fund's investment in cash collateral received in connection with securities lending arrangements was $141,038, of which $54,323 was rebated to borrowers (brokers). The Fund retained $73,647 in income from the cash collateral investment, and SSB, as lending agent, was paid $13,068.

K) OTHER — In the normal course of business the Fund trades financial instruments and enters into financial transactions for which 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 consolidated 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 Consolidated Statement of Assets and Liabilities.

L) NEW ACCOUNTING PRONOUNCEMENTS — On August 26, 2016, Financial Accounting Standards Board ("FASB") issued a new Accounting Standards Update No. 2016-15, "Statement of Cash Flows (Topic 230), a consensus of the FASB's Emerging Issues Task Force" ("ASU 2016-15"). ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified

Credit Suisse Commodity Return Strategy Fund
Notes to Consolidated Financial Statements (continued)
October 31, 2016

Note 2. Significant Accounting Policies (continued)

in the statement of cash flows. The issues addressed in ASU 2016-15 are: debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, distributions received from equity method investments, beneficial interests in securitization transactions; and, separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for interim and annual reporting periods beginning after December 15, 2017. Management is currently evaluating the impact, if any, of applying this provision.

In November 2016, FASB issued a new Accounting Standards Update No. 2016-18, "Statement of Cash Flows (Topic 230), Restricted Cash, a consensus of the FASB's Emerging Issues Task Force" ("ASU 2016-18"). ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in ASU 2016-18 do not provide a definition of restricted cash or restricted cash equivalents. ASU 2016-18 is effective for interim and annual reporting periods beginning after December 15, 2017. Management is currently evaluating the impact, if any, of applying this provision.

M) SUBSEQUENT EVENTS — In preparing the financial statements as of October 31, 2016, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements through the date of release of this report. No such events requiring recognition or disclosure were identified through the date of the release of this report.

Credit Suisse Commodity Return Strategy Fund
Notes to Consolidated Financial Statements (continued)
October 31, 2016

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 annual rate of 0.50% of the Fund's average daily net assets. For the year ended October 31, 2016, investment advisory fees earned were $19,715,915. For the period from November 1, 2015 to November 16, 2015, Credit Suisse voluntarily agreed to limit expenses so that the Fund's annual operating expenses would not exceed 0.80% of the Fund's average daily net assets for Class I shares, 1.05% of the Fund's average daily net assets for Class A shares, and 1.80% of the Fund's average daily net assets for Class C shares. The Fund entered into a written contract on November 17, 2015 to limit expenses to 0.80% of the Fund's average daily net assets for Class I shares, 1.05% of the Fund's average daily net assets for Class A shares and 1.80% of the Fund's average daily net assets for Class C shares through at least February 28, 2018.

Credit Suisse Securities (USA) LLC ("CSSU"), an affiliate of Credit Suisse, serves as the distributor of the Fund's shares. Pursuant to a distribution plan adopted by the Fund pursuant to Rule 12b-1 under the 1940 Act, CSSU 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. For the Class C shares, the fee is calculated at an annual rate of 1.00% of the average daily net assets. For the year ended October 31, 2016, the Fund paid Rule 12b-1 distribution fees of $266,068 for Class A shares and $68,060 for Class C shares. Class I shares are not subject to Rule 12b-1 distribution fees.

Certain brokers, dealers and financial representatives provide transfer agent-related services to the Fund and receive compensation from the Fund. For the year ended October 31, 2016, the Fund paid $5,506,724, which is included within transfer agent fees in the Consolidated Statement of Operations.

Credit Suisse Commodity Return Strategy Fund
Notes to Consolidated Financial Statements (continued)
October 31, 2016

Note 3. Transactions with Affiliates and Related Parties (continued)

For the year ended October 31, 2016, CSSU and its affiliates advised the Fund that they retained $3,706 from commissions earned on the sale of the Fund's Class A shares. There were no commissions earned on sale of Class C shares.

Note 4. Line of Credit

Note 5. Purchases and Sales of Securities

For the year ended October 31, 2016, 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
$	69,322,000	$	45,838,059	$	4,662,559,894	$	5,191,260,155

Credit Suisse Commodity Return Strategy Fund
Notes to Consolidated Financial Statements (continued)
October 31, 2016

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 offers Class I, Class A and Class C shares. Transactions in capital shares for each class of the Fund were as follows:

	Class I
	For the Year Ended October 31, 2016						For the Year Ended October 31, 2015
	Shares			Value			Shares			Value
Shares sold		426,694,632		$	1,998,957,233			752,955,140		$	4,395,985,710
Shares redeemed		(655,646,023	)		(3,067,558,029	)		(521,278,985	)		(3,017,999,712	)
Net increase (decrease)		(228,951,391	)	$	(1,068,600,796	)		231,676,155		$	1,377,985,998
	Class A
	For the Year Ended October 31, 2016						For the Year Ended October 31, 2015
	Shares			Value			Shares			Value
Shares sold		10,256,299		$	47,081,332			14,734,330		$	83,875,950
Shares redeemed		(17,510,148	)		(79,637,611	)		(16,770,980	)		(94,960,642	)
Net decrease		(7,253,849	)	$	(32,556,279	)		(2,036,650	)	$	(11,084,692	)
	Class C
	For the Year Ended October 31, 2016						For the Year Ended October 31, 2015
	Shares			Value			Shares			Value
Shares sold		293,605		$	1,290,882			349,569		$	1,898,228
Shares redeemed		(600,779	)		(2,604,883	)		(1,182,197	)		(6,585,479	)
Net decrease		(307,174	)	$	(1,314,001	)		(832,628	)	$	(4,687,251	)

On October 31, 2016, 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
Class I		5		64	%
Class A		4		68	%
Class C		5		70	%

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

Credit Suisse Commodity Return Strategy Fund
Notes to Consolidated Financial Statements (continued)
October 31, 2016

Note 7. Federal Income Taxes

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

There were no distributions paid by the Fund to shareholders during the years ended October 31, 2016 and October 31, 2015.

The tax basis components of distributable earnings differ from the amounts reflected in the Consolidated Statement of Assets and Liabilities by temporary book/tax differences. At October 31, 2016, the components of distributable earnings on a tax basis were as follows:

Accumulated net realized loss	$	(253,645,067	)
Late year ordinary loss deferral		(5,862,811	)
Unrealized depreciation		(23,549,605	)
	$	(283,057,483	)

During the tax year ended October 31, 2016, the Fund elected to defer late-year ordinary losses of $5,862,811. Those losses are deemed to arise on the first day of the Fund's next taxable year.

At October 31, 2016, the Fund had $172,889,431 of unlimited short-term capital loss carryforwards and $80,755,636 of unlimited long-term capital loss carryforwards available to offset possible future capital gains.

During the tax year ended October 31, 2016, the Fund did not utilize any of the capital loss carryforwards.

At October 31, 2016, the cost of investments (excluding foreign currency related transactions) and the net unrealized appreciation (depreciation) for income tax purposes were as follows:

Cost of Investments	$	3,868,110,053
Unrealized appreciation	$	29,108,145
Unrealized depreciation		(1,147,287	)
Net unrealized appreciation	$	27,960,858

To adjust for current period permanent book/tax differences, paid-in capital was charged $133,228,676, accumulated net realized loss was credited $109,926,980 and accumulated net investment loss was credited $23,301,696. These permanent differences are due to differing book/tax treatment of net operating losses and subsidiary cumulative income/loss. Net assets were not affected by these reclassifications.

Credit Suisse Commodity Return Strategy Fund
Notes to Consolidated Financial Statements (continued)
October 31, 2016

Note 8. Contingencies

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

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

We have audited the accompanying consolidated statement of assets and liabilities of Credit Suisse Commodity Return Strategy Fund (the "Fund"), a series of the Credit Suisse Commodity Strategy Funds, including the consolidated schedule of investments, as of October 31, 2016, and the related consolidated statement of operations for the year then ended, and the consolidated statements of changes in net assets and the consolidated financial highlights for each of the years in the two-year period then ended. These consolidated financial statements and consolidated financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these consolidated financial statements and consolidated financial highlights based on our audits. The accompanying consolidated financial highlights for each of the years in the three-year period ended October 31, 2014 were audited by other independent registered public accountants whose report thereon dated December 29, 2014, expressed an unqualified opinion on those consolidated financial highlights.

In our opinion, the consolidated financial statements and consolidated financial highlights referred to above present fairly, in all material respects, the financial position of Credit Suisse Commodity Return Strategy Fund as of October 31, 2016, the results of its operations for the year then ended and the changes in its net assets and the financial highlights for each of the years in the two-year period then ended, in conformity with U.S. generally accepted accounting principles.

New York, New York
December 28, 2016

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
Trusteeships
Held by Trustee

Independent Trustees

Enrique R. Arzac
c/o Credit Suisse Asset
Management, LLC
Attn: General Counsel
One Madison Avenue
New York, New York
10010
(1941)

Trustee, Audit Committee Chairman and Nominating Committee Member

Since 2005

Professor Emeritus of Finance and Economics from July 2015 to present; Professor of Finance and Economics, Graduate School of Business, Columbia University from 1971 to July 2015.

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
Trusteeships
Held by Trustee

Independent Trustees

Jeffrey E. Garten
c/o Credit Suisse Asset
Management, LLC
Attn: General Counsel
One Madison Avenue
New York, New York
10010
(1946)

Trustee, Audit and Nominating Committee Member

Since Fund Inception

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

Director of iCAD, Inc. (surgical and medical instruments and apparatus company); Director of Aberdeen Chile Fund, Inc., Aberdeen Emerging Markets Smaller Company Opportunities Fund, Inc., Aberdeen Israel Fund, Inc., Aberdeen Indonesia Fund, Inc. and Aberdeen Latin America Equity Fund, Inc. (each a closed-end investment company); Director of Aberdeen Funds (25 open end portfolios); Director of Presstek, Inc. (digital imaging technologies company) from 2003 to 2012; Director of Wood Resources, LLC (plywood manufacturing company) from 2003 to October 2013.

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*

John G. Popp
Credit Suisse Asset
Management, LLC
One Madison Avenue
New York, New York 10010
(1956)

Chief Executive Officer and President

Since 2010

Emidio Morizio
Credit Suisse Asset
Management, LLC
One Madison Avenue
New York, New York 10010
(1966)

Chief Compliance Officer

Since 2004

Managing Director and Global Head of Compliance of Credit Suisse since 2010; Associated with Credit Suisse since July 2000; Officer of other Credit Suisse Funds.

Lou Anne McInnis
Credit Suisse Asset Management, LLC
One Madison Avenue
New York, New York 10010
(1959)

Chief Legal Officer

Since 2015

Laurie Pecha
Credit Suisse Asset
Management, LLC
One Madison Avenue
New York, New York 10010
(1961)

Chief Financial Officer

Since 2016

Esther Cheung
Credit Suisse Asset
Management, LLC
One Madison Avenue
New York, New York 10010
(1980)

Treasurer

Since 2016

Vice President of Credit Suisse since 2015; Associated with Reich & Tang Asset Management, LLC from June 2010 to August 2015; Officer of other Credit Suisse Funds.

* The officers of the Fund shown are officers that make policy decisions.

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*

Karen Regan
Credit Suisse Asset
Management, LLC
One Madison Avenue
New York, New York 10010
(1963)

Vice President and Secretary

Since 2010

Vice President of Credit Suisse; Associated with Credit Suisse since December 2004; Officer of other Credit Suisse Funds.

* The officers of the Fund shown are officers that make policy decisions.

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 877-870-2874.

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

• By calling 1-877-870-2874

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

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

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

877-870-2874 n www.credit-suisse.com/us/funds

CREDIT SUISSE SECURITIES (USA) LLC, DISTRIBUTOR. COM-AR-1016

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, 2016. There were no waivers or implicit waivers from the code granted by the registrant during the fiscal year ended October 31, 2016.

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, KPMG LLP (“KPMG”), for its fiscal years ended October 31, 2015 and October 31, 2016. The Fund’s former independent registered public accounting firm served the registrant for the fiscal year ended October 31, 2014 until their resignation on February 24, 2015.

	2015		2016
Audit Fees	$	90,000	$	94,500
Audit-Related Fees(1)	$	8,000	$	9,545
Tax Fees(2)	$	6,200	$	6,510
All Other Fees	—		8,500
Total	$	104,200	$	119,055

(1) Services include agreed-upon procedures in connection with the registrant’s semi-annual financial statements ($8,000 in 2015 and $9,545 in 2016).

(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 KPMG 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, 2015 and October 31, 2016.

	2015	2016
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 KPMG to the registrant for which the pre-approval requirement was waived pursuant to Rule 2-01(c)(7)(i)(C) of Regulation S-X:

	2015	2016
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

The information in the table below sets forth the percentages of fees for services (other than audit, review or attest services) rendered by KPMG 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, 2015 and October 31, 2016:

	2015	2016
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 KPMG for non-audit services rendered to the registrant, Credit Suisse and Covered Service Providers for the fiscal years ended October 31, 2015 and October 31, 2016 were $0 and $0, 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.

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.

(other) Iran related activities disclosure requirement.

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 STRATEGY FUNDS

	/s/ John G. Popp
	Name: John G. Popp
	Title: Chief Executive Officer and President
	Date: January 4, 2017

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/ John G. Popp
	Name: John G. Popp
	Title: Chief Executive Officer and President
	Date: January 4, 2017

	/s/ Laurie Pecha
	Name: Laurie Pecha
	Title: Chief Financial Officer
	Date: January 4, 2017

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