Credit Suisse Trust N-CSRS Certified semi-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			811-07261
CREDIT SUISSE TRUST
(Exact name of registrant as specified in charter)
Eleven Madison Avenue, New York, New York					10010
(Address of principal executive offices)					(Zip code)
John G. Popp Credit Suisse Trust Eleven Madison Avenue New York, New York  10010
(Name and address of agent for service)
Registrant’s telephone number, including area code:				(212) 325-2000
Date of fiscal year end:	December 31
Date of reporting period:		January 1, 2011 to June 30, 2011

Item 1. Reports to Stockholders.

CREDIT SUISSE FUNDS

Semiannual Report

June 30, 2011
(unaudited)

CREDIT SUISSE TRUST
n  INTERNATIONAL EQUITY FLEX III PORTFOLIO

Credit Suisse Trust (the "Trust") shares are not available directly to individual investors, but may be offered only through certain insurance products and pension and retirement plans.

The Trust's investment objectives, risks, charges and expenses (which should be considered carefully before investing), and more complete information about the Trust, are provided in the Prospectus, which should be read carefully before investing. You may obtain additional copies by calling 877-870-2874 or by writing to Credit Suisse Trust, P.O. Box 55030, Boston, MA 02205-5030.

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

The views of the Portfolio's management are as of the date of the letter and the Portfolio holdings described in this document are as of June 30, 2011; these views and Portfolio holdings may have changed subsequent to these dates. Nothing in this document is a recommendation to purchase or sell securities.

Portfolio 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. Portfolio investments are subject to investment risks, including loss of your investment.

Credit Suisse Trust — International Equity Flex III Portfolio
Semiannual Investment Adviser's Report
June 30, 2011 (unaudited)

July 20, 2011

Dear Shareholder:

For the period ended June 30, 2011, the Credit Suisse Trust — International Equity Flex III Portfolio (the "Portfolio") had a gain of 4.95%¹, versus an increase of 4.98% for the MSCI EAFE Index Net Dividends.²

Market Review: Positive performance despite global events

The six-month period ended June 30, 2011, was generally a positive one for international equities despite the antigovernment protests that spread throughout the Middle East. Central banking stimulus policies in the United States and Europe combined with encouraging economic data and growth early in the period to ease investor concerns of a double-dip recession. Stock prices also received a boost as a result of these developments. Additionally, the global markets received injections of liquidity from the Federal Reserve's anti-deflationary policy of implementing multiple quantitative easing measures and the cooperative action of G7 nations to stabilize the yen after it surged to an all-time high in the wake of the 8.9 magnitude earthquake.

Commodity prices fell across the board in May amid concerns of a decline in global economic growth expectations and the potential contraction of demand implied by China's tightening policies.

For the period, the MSCI World Index Net Dividends gained 5.28%, while the Nikkei Index Total Return dropped 3.02%.

At the end of June, the target U.S. Federal Funds rate was being maintained at 0.00%-0.25%, and the discount rate was 0.75%. The Conference Board Consumer Confidence Index experienced a slight decline and now stands at 58.50 (1985 = 100), down from a revised 63.40 in December.

Strategic Review and Outlook: Fundamentals increase in importance

For the six-month period ended June 30, 2011, the Portfolio was in line with the benchmark. Stock selection and sector weighting in industrials, materials and healthcare contributed positively to performance. Conversely, information technology, financials and telecommunication services detracted from performance due to a combination of stock selection and sector weighting.

In our opinion, company specific fundamentals are becoming increasingly important as the business cycle continues to strengthen. Additionally, although many macroeconomic risks have diminished over the past two years, there are

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Credit Suisse Trust — International Equity Flex III Portfolio
Semiannual Investment Adviser's Report (continued)
June 30, 2011 (unaudited)

still significant events on the horizon that could impact investors — including sovereign credit risk and the rebuilding of Japan's infrastructure.

Credit Suisse Quantitative Equities Group

Mika Toikka
Timothy Schwider

Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the securities have appreciated in value, thus resulting in a loss to the Portfolio. The Portfolio's loss on a short sale could theoretically be unlimited in a case where the Portfolio is unable to close out its short position.

The use of leverage subjects the Portfolio to the risk of magnified capital losses that can occur when losses affect an asset base that has been enlarged by borrowings or the creation of liabilities. The net asset value of the Portfolio, when employing leverage, will be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Portfolio to pay interest.

International investing entails special risk considerations, including currency fluctuations, lower liquidity, economic and political risks, and differences in accounting methods.

Active and frequent trading increases transaction costs, which could detract from the Portfolio's performance.

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

On June 30, 2011, the Trust's Board of Trustees approved the liquidation of the Portfolio, pursuant to the terms of a Plan of Liquidation and Dissolution ("Plan") for the Portfolio. For further information, please refer to the proxy materials filed with the SEC.

2

Credit Suisse Trust — International Equity Flex III Portfolio
Semiannual Investment Adviser's Report (continued)
June 30, 2011 (unaudited)

Average Annual Returns as of June 30, 2011¹

1 Year			5 Years			10 Years			Since Inception			Inception Date
	35.08	%		5.46	%		9.79	%		7.32	%	12/31/97

Returns represent past performance and include change in share price and reinvestment of dividends and capital gains. Past performance cannot guarantee future results. The current performance of the Portfolio 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 portfolio distributions or the redemption of portfolio shares. Performance includes the effect of deducting expenses, but does not include charges and expenses attributable to any particular variable contract or plan. Accordingly, the Prospectus of the sponsoring Participating Insurance Company separate account or plan documents or other informational materials supplied by plan sponsors should be carefully reviewed for information on relevant charges and expenses. Excluding these charges and expenses from quotations of performance has the effect of increasing the performance quoted, and the effect of these charges should be considered when comparing performance to that of other mutual funds. Performance information current to the most recent month-end is available at www.credit-suisse.com/us.

The annualized gross expense ratio is 2.62%. The annualized net expense ratio after fee waivers and/or expense reimbursements is 2.33%.

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

²  The Morgan Stanley Capital International EAFE (Europe, Australasia, Far East) Index Net Dividends is a free float-adjusted market capitalization index that is designed to measure developed-market equity performance, excluding the U.S. and Canada. It is the exclusive property of Morgan Stanley Capital International Inc. Investors cannot invest directly in an index.

3

Credit Suisse Trust — International Equity Flex III Portfolio
Semiannual Investment Adviser's Report (continued)
June 30, 2011 (unaudited)

Information About Your Portfolio's Expenses

As an investor of the Portfolio, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Portfolio 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 Portfolio and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. The table is based on an investment of $1,000 made at the beginning of the six month period ended June 30, 2011.

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

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

•  Hypothetical 5% Portfolio Return. This helps you to compare your Portfolio's ongoing expenses with those of other mutual funds using the Portfolio's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical portfolio 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.

4

Credit Suisse Trust — International Equity Flex III Portfolio
Semiannual Investment Adviser's Report (continued)
June 30, 2011 (unaudited)

Expenses and Value for a $1,000 Investment
for the six month period ended June 30, 2011

Actual Portfolio Return
Beginning Account Value 1/1/11	$	1,000.00
Ending Account Value 6/30/11	$	1,049.50
Expenses Paid per $1,000*	$	11.84
Hypothetical 5% Portfolio Return
Beginning Account Value 1/1/11	$	1,000.00
Ending Account Value 6/30/11	$	1,013.24
Expenses Paid per $1,000*	$	11.63
Annualized Expense Ratio*		2.33	%

*  Expenses are equal to the Portfolio's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year period, then divided by 365.

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

5

Credit Suisse Trust — International Equity Flex III Portfolio
Semiannual Investment Adviser's Report (continued)
June 30, 2011 (unaudited)

SECTOR BREAKDOWN *

	Long			Short			Net
Financials		26.8	%		(4.1	)%		22.7	%
Industrials		18.3	%		(3.9	)%		14.4	%
Health Care		12.4	%		(0.9	)%		11.5	%
Materials		12.9	%		(2.0	)%		10.9	%
Consumer Staples		11.2	%		(1.5	)%		9.7	%
Energy		10.1	%		(0.9	)%		9.2	%
Consumer Discretionary		10.7	%		(4.0	)%		6.7	%
Information Technology		5.9	%		(1.0	)%		4.9	%
Utilities		5.6	%		(1.1	)%		4.5	%
Telecommunication Services		5.6	%		(1.2	)%		4.4	%
Short-Term Investments		1.1	%		(0.0	)%		1.1	%
Total		120.6	%		(20.6	)%		100.0	%

*  Expressed as a percentage of total long/short investments, respectively, (excluding security lending collateral if applicable) and may vary over time.

6

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS (119.0%)
COMMON STOCKS (118.4%)
Asia (2.9%)
Diversified Financial Services (2.9%)
iShares MSCI Pacific ex-Japan Index Fund		77,303	$	3,680,396
TOTAL ASIA				3,680,396
Australia (6.7%)
Air Freight & Logistics (0.0%)
Toll Holdings, Ltd.§		5,727		29,822
Airlines (0.0%)
Qantas Airways, Ltd.*		9,568		18,949
Beverages (0.1%)
Coca-Cola Amatil, Ltd.		4,837		59,242
Foster's Group, Ltd.		16,635		91,718
Treasury Wine Estates, Ltd.*§		5,544		20,180
				171,140
Biotechnology (0.1%)
CSL, Ltd.		4,854		172,227
Capital Markets (0.1%)
Macquarie Group, Ltd.		2,868		96,577
Chemicals (0.1%)
DuluxGroup, Ltd.§		3,103		9,368
Incitec Pivot, Ltd.		13,901		57,789
Nufarm, Ltd.*§		1,630		7,875
Orica, Ltd.		3,103		89,797
				164,829
Commercial Banks (1.9%)
Australia & New Zealand Banking Group, Ltd.§		21,593		510,927
Bendigo and Adelaide Bank, Ltd.		3,018		28,727
Commonwealth Bank of Australia		13,226		743,537
National Australia Bank, Ltd.§		18,065		498,543
Westpac Banking Corp.§		25,365		607,444
				2,389,178
Commercial Services & Supplies (0.1%)
Brambles, Ltd.		12,173		94,475
Construction & Engineering (0.0%)
Leighton Holdings, Ltd.§		1,285		28,934
Construction Materials (0.0%)
Boral, Ltd.		5,132		24,287
Containers & Packaging (0.1%)
Amcor, Ltd.		10,524		81,401

See Accompanying Notes to Financial Statements.
7

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Australia
Diversified Financial Services (0.3%)
ASX, Ltd.		1,484	$	48,532
iShares MSCI Australia Index Fund§		13,568		353,447
				401,979
Diversified Telecommunication Services (0.1%)
Telstra Corp., Ltd.§		37,543		116,448
Electric Utilities (0.0%)
SP AusNet		11,478		11,621
Energy Equipment & Services (0.0%)
WorleyParsons, Ltd.		1,426		43,339
Food & Staples Retailing (0.6%)
Metcash, Ltd.		6,596		29,383
Wesfarmers, Ltd.		8,665		296,425
Wesfarmers, Ltd.		1,309		45,311
Woolworths, Ltd.		10,684		318,196
				689,315
Food Products (0.0%)
Goodman Fielder, Ltd.§		11,304		12,854
Health Care Equipment & Supplies (0.0%)
Cochlear, Ltd.		485		37,470
Health Care Providers & Services (0.0%)
Sonic Healthcare, Ltd.		3,181		43,940
Hotels, Restaurants & Leisure (0.1%)
Aristocrat Leisure, Ltd.§		3,448		8,972
Crown, Ltd.		4,340		41,644
Echo Entertainment Group Ltd.*		5,239		23,052
TABCORP Holdings, Ltd.		5,239		18,500
Tatts Group, Ltd.		10,447		26,923
				119,091
Industrial Conglomerates (0.0%)
CSR, Ltd.§		4,135		12,894
Insurance (0.4%)
AMP, Ltd.		24,163		126,840
Insurance Australia Group, Ltd.		17,922		65,403
QBE Insurance Group, Ltd.		8,831		163,605
Suncorp-Metway, Ltd.		10,956		95,591
				451,439
IT Services (0.0%)
Computershare, Ltd.		3,832		36,537
Media (0.0%)
Fairfax Media, Ltd.§		18,247		19,227

See Accompanying Notes to Financial Statements.
8

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Australia
Metals & Mining (1.6%)
Alumina, Ltd.		21,036	$	48,091
BHP Billiton, Ltd.§		28,931		1,364,818
BlueScope Steel, Ltd.		15,718		20,418
Fortescue Metals Group, Ltd.		10,669		73,072
Newcrest Mining, Ltd.		4,169		168,619
OneSteel, Ltd.		11,451		22,826
OZ Minerals, Ltd.§		2,690		38,209
Rio Tinto, Ltd.		3,756		335,583
Sims Metal Management, Ltd.		1,389		26,362
				2,097,998
Multi-Utilities (0.1%)
AGL Energy, Ltd.§		3,869		60,789
Multiline Retail (0.0%)
Harvey Norman Holdings, Ltd.§		4,704		12,573
Oil, Gas & Consumable Fuels (0.4%)
Caltex Australia, Ltd.		1,163		14,730
Dart Energy, Ltd.*		2,525		1,666
Energy Resources of Australia, Ltd.§		575		2,535
Origin Energy, Ltd.		7,570		128,477
Paladin Energy, Ltd.*§		5,564		15,139
Santos, Ltd.		7,170		104,353
Woodside Petroleum, Ltd.		4,689		206,488
				473,388
Real Estate Investment Trusts (0.4%)
CFS Retail Property Trust§		14,987		29,161
Dexus Property Group§		41,087		38,855
Goodman Group§		52,342		39,609
GPT Group		15,995		54,272
Mirvac Group§		23,177		31,116
Stockland§		20,543		75,214
Westfield Group		17,905		166,581
Westfield Retail Trust		17,905		52,097
				486,905
Real Estate Management & Development (0.1%)
Lend Lease Corp., Ltd.		5,378		51,843
Road & Rail (0.0%)
Asciano Group		23,963		42,289
Textiles, Apparel & Luxury Goods (0.0%)
Billabong International, Ltd.§		1,743		11,273

See Accompanying Notes to Financial Statements.
9

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Australia
Transportation Infrastructure (0.1%)
Macquarie Airports		6,208	$	22,252
Macquarie Atlas Roads Group*§		4,636		8,730
Transurban Group§		10,009		56,119
				87,101
TOTAL AUSTRALIA				8,592,132
Austria (1.3%)
Air Freight & Logistics (0.3%)
Oesterreichische Post AG		11,498		370,025
Construction & Engineering (0.2%)
Strabag SE BR§		7,178		213,219
Machinery (0.2%)
Andritz AG		2,559		263,800
Metals & Mining (0.4%)
Voestalpine AG		9,062		499,709
Oil, Gas & Consumable Fuels (0.2%)
OMV AG		7,430		324,523
Real Estate Management & Development (0.0%)
Immofinanz Anspt Nachb§^		2,201		0
TOTAL AUSTRIA				1,671,276
Belgium (2.0%)
Beverages (0.7%)
Anheuser-Busch InBev NV		15,313		888,542
Chemicals (0.1%)
Solvay SA		828		127,813
Commercial Banks (0.1%)
KBC Groep NV		4,872		191,133
Diversified Telecommunication Services (0.3%)
Belgacom SA		13,259		472,356
Electrical Equipment (0.1%)
Bekaert SA§		938		71,410
Food & Staples Retailing (0.5%)
Colruyt SA		4,034		201,780
Delhaize Group SA		5,538		415,460
				617,240
Insurance (0.1%)
Ageas		29,358		79,503

See Accompanying Notes to Financial Statements.
10

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Belgium
Pharmaceuticals (0.1%)
UCB SA§		2,912	$	130,824
Real Estate Investment Trusts (0.0%)
Befimmo SCA Sicafi		410		36,410
TOTAL BELGIUM				2,615,231
Bermuda (0.2%)
Insurance (0.2%)
Catlin Group, Ltd.		42,468		273,886
TOTAL BERMUDA				273,886
Denmark (1.8%)
Beverages (0.3%)
Carlsberg AS Class B		3,816		415,400
Commercial Banks (0.0%)
Danske Bank AS*		2,448		45,297
Health Care Equipment & Supplies (0.1%)
Coloplast AS Class B§		880		133,790
Marine (0.7%)
A P Moller - Maersk AS Class A§		52		430,646
A P Moller - Maersk AS Class B		59		509,229
				939,875
Pharmaceuticals (0.7%)
H Lundbeck AS		11,880		313,220
Novo Nordisk AS Class B		4,019		503,380
				816,600
TOTAL DENMARK				2,350,962
Finland (1.9%)
Communications Equipment (0.3%)
Nokia Oyj		55,252		356,340
Food & Staples Retailing (0.2%)
Kesko Oyj B Shares		5,374		249,879
Machinery (0.4%)
Kone Oyj Class B		464		29,144
Metso Oyj		3,571		202,963
Wartsila Oyj		9,680		327,262
				559,369
Oil, Gas & Consumable Fuels (0.0%)
Neste Oil Oyj		1,641		25,738

See Accompanying Notes to Financial Statements.
11

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Finland
Paper & Forest Products (0.6%)
Stora Enso Oyj R Shares		30,695	$	322,273
UPM-Kymmene Oyj		23,531		430,438
				752,711
Pharmaceuticals (0.4%)
Orion Oyj Class B§		18,630		480,439
TOTAL FINLAND				2,424,476
France (11.3%)
Aerospace & Defense (0.2%)
Safran SA		2,095		89,377
Zodiac Aerospace		1,321		114,993
				204,370
Auto Components (0.3%)
Compagnie Generale des Etablissements Michelin Class B		967		94,688
Valeo SA§		3,367		230,281
				324,969
Automobiles (0.2%)
PSA Peugeot Citroen§		7,171		321,633
Building Products (0.3%)
Cie de Saint-Gobain		6,787		439,829
Chemicals (0.2%)
Arkema SA		2,208		227,050
Commercial Banks (1.2%)
BNP Paribas		7,296		562,470
Credit Agricole SA		4,163		62,530
Natixis		39,709		199,195
Societe Generale§		11,773		697,123
				1,521,318
Commercial Services & Supplies (0.0%)
Societe BIC SA		590		56,984
Communications Equipment (0.1%)
Alcatel-Lucent*		23,107		133,314
Construction & Engineering (1.1%)
Bouygues SA		11,597		509,863
Eiffage SA		2,531		167,271
Vinci SA		12,217		783,893
				1,461,027
Construction Materials (0.2%)
Lafarge SA§		3,038		193,540
Diversified Telecommunication Services (0.7%)
France Telecom SA§		40,877		869,007

See Accompanying Notes to Financial Statements.
12

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
France
Electrical Equipment (0.4%)
Legrand SA		5,662	$	238,278
Schneider Electric SA§		1,827		304,994
				543,272
Food & Staples Retailing (0.2%)
Carrefour SA*§		5,063		208,094
Food Products (0.3%)
Danone		5,037		375,950
Industrial Conglomerates (0.2%)
Wendel		2,110		259,060
Insurance (0.8%)
AXA SA§		40,530		919,846
SCOR SE		3,962		112,435
				1,032,281
IT Services (0.2%)
Atos Origin SA		1,026		57,945
Cap Gemini SA		4,206		246,242
				304,187
Media (0.8%)
Publicis Groupe§		3,295		183,902
Vivendi SA§		29,367		818,375
				1,002,277
Multi-Utilities (0.8%)
GDF Suez		22,489		821,748
Suez Environnement SA		4,744		94,519
Veolia Environnement SA		6,145		173,092
				1,089,359
Office Electronics (0.1%)
Neopost SA§		1,674		143,799
Oil, Gas & Consumable Fuels (1.5%)
Total SA§		32,238		1,863,404
Pharmaceuticals (1.1%)
Ipsen SA		1,853		65,699
Sanofi§		17,023		1,369,056
				1,434,755
Real Estate Investment Trusts (0.0%)
Mercialys SA		1		42

See Accompanying Notes to Financial Statements.
13

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
France
Textiles, Apparel & Luxury Goods (0.4%)
Christian Dior SA		3,132	$	492,073
LVMH Moet Hennessy Louis Vuitton SA		344		61,803
				553,876
TOTAL FRANCE				14,563,397
Germany (11.2%)
Air Freight & Logistics (0.4%)
Deutsche Post AG		30,590		587,960
Airlines (0.3%)
Deutsche Lufthansa AG		21,249		462,731
Automobiles (1.0%)
Bayerische Motoren Werke AG		7,901		788,822
Daimler AG		6,664		502,438
				1,291,260
Capital Markets (0.2%)
Deutsche Bank AG		3,751		221,340
Chemicals (1.2%)
BASF SE		12,484		1,223,444
Lanxess AG		1,835		150,491
Linde AG		229		40,169
Symrise AG		940		29,928
Wacker Chemie AG		247		53,341
				1,497,373
Commercial Banks (0.1%)
Commerzbank AG*		29,361		126,437
Construction & Engineering (0.2%)
Bilfinger Berger AG		1,615		159,910
Hochtief AG		859		71,764
				231,674
Diversified Telecommunication Services (0.3%)
Deutsche Telekom AG		23,666		369,211
Electric Utilities (0.8%)
E.ON AG		35,194		1,000,160
Food & Staples Retailing (0.1%)
Metro AG		2,187		132,413
Food Products (0.2%)
Suedzucker AG		9,045		321,999

See Accompanying Notes to Financial Statements.
14

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Germany
Health Care Providers & Services (0.4%)
Fresenius SE		5,369	$	560,303
Hotels, Restaurants & Leisure (0.2%)
TUI AG*§		20,085		218,259
Household Products (0.1%)
Henkel AG & Co. KGaA		2,822		161,924
Industrial Conglomerates (1.2%)
Siemens AG§		11,079		1,522,169
Insurance (1.8%)
Allianz SE		7,577		1,056,369
Hannover Rueckversicherung AG		8,608		447,575
Muenchener Rueckversicherungs AG		4,980		760,064
				2,264,008
Internet Software & Services (0.1%)
United Internet AG		5,437		114,278
Life Sciences Tools & Services (0.2%)
Gerresheimer AG		5,283		252,176
Machinery (0.1%)
GEA Group AG		917		32,833
MAN SE		1,106		148,728
				181,561
Metals & Mining (0.2%)
Aurubis AG		4,037		262,669
Multi-Utilities (0.1%)
RWE AG		2,536		140,863
Pharmaceuticals (1.4%)
Bayer AG§		14,489		1,163,465
Merck KGaA		4,459		484,723
Stada Arzneimittel AG		2,699		105,620
				1,753,808
Semiconductors & Semiconductor Equipment (0.2%)
Infineon Technologies AG		19,995		224,624
Software (0.4%)
SAP AG		4,284		259,678
Software AG		4,061		243,429
				503,107
TOTAL GERMANY				14,402,307

See Accompanying Notes to Financial Statements.
15

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Greece (0.7%)
Beverages (0.1%)
Coca Cola Hellenic Bottling Co. SA*		2,913	$	78,230
Commercial Banks (0.2%)
Bank of Greece		788		29,762
National Bank of Greece SA*		34,262		246,324
				276,086
Electric Utilities (0.1%)
Public Power Corp. SA		11,614		166,486
Hotels, Restaurants & Leisure (0.2%)
OPAP SA		18,011		281,238
Oil, Gas & Consumable Fuels (0.1%)
Hellenic Petroleum SA		10,448		98,595
TOTAL GREECE				900,635
Hong Kong (2.1%)
Diversified Financial Services (2.1%)
iShares MSCI Hong Kong Index Fund§		144,678		2,679,437
TOTAL HONG KONG				2,679,437
Israel (0.6%)
Chemicals (0.0%)
Israel Chemicals, Ltd.		1,555		24,811
Commercial Banks (0.1%)
Bank Hapoalim BM*		12,051		60,229
Bank Leumi Le-Israel BM		7,305		34,536
				94,765
Diversified Telecommunication Services (0.1%)
Bezeq Israeli Telecommunication Corp., Ltd.		21,142		53,517
Pharmaceuticals (0.4%)
Teva Pharmaceutical Industries, Ltd. ADR		11,700		564,174
TOTAL ISRAEL				737,267
Italy (3.5%)
Aerospace & Defense (0.1%)
Finmeccanica SpA		13,668		165,344
Auto Components (0.2%)
Pirelli & C. SpA§		24,593		265,886
Automobiles (0.1%)
Fiat SpA		10,362		113,835

See Accompanying Notes to Financial Statements.
16

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Italy
Commercial Banks (0.1%)
Intesa Sanpaolo SpA		33,371	$	88,841
UniCredit SpA		24,124		51,053
				139,894
Construction Materials (0.1%)
Italcementi SpA§		10,513		98,329
Diversified Financial Services (0.1%)
Exor SpA		5,300		165,732
Diversified Telecommunication Services (0.2%)
Telecom Italia SpA		223,089		310,250
Electric Utilities (0.7%)
Enel SpA		136,950		894,669
Food Products (0.1%)
Parmalat SpA*		18,402		69,208
Gas Utilities (0.1%)
Snam Rete Gas SpA		12,264		72,576
Insurance (0.1%)
Assicurazioni Generali SpA		9,156		192,991
Machinery (0.1%)
Fiat Industrial SpA*		9,121		117,779
Media (0.1%)
Mediaset SpA		32,591		153,180
Multi-Utilities (0.2%)
ACEA SpA		30,418		311,905
Oil, Gas & Consumable Fuels (0.9%)
ENI SpA		47,408		1,123,286
Transportation Infrastructure (0.3%)
Atlantia SpA		16,473		350,709
TOTAL ITALY				4,545,573
Japan (25.1%)
Auto Components (0.7%)
Aisin Seiki Co., Ltd.		1,689		65,150
Alpha Corp.		1,500		17,838
Bridgestone Corp.§		9,300		213,600
Calsonic Kansei Corp.§		1,900		11,415
Denso Corp.		4,722		175,068
Exedy Corp.		1,100		37,598
Kayaba Industry Co., Ltd.§		2,000		15,125
Koito Manufacturing Co., Ltd.		2,000		34,841
NHK Spring Co., Ltd.		3,000		30,581

See Accompanying Notes to Financial Statements.
17

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Japan
Auto Components
Nihon Tokushu Toryo Co., Ltd.		2,100	$	8,353
Sanden Corp.§		3,000		15,500
Sumitomo Rubber Industries, Ltd.§		5,400		65,140
Takata Corp.§		400		12,230
The Yokohama Rubber Co., Ltd		13,609		78,267
Tokai Rika Co., Ltd.		1,700		32,770
Topre Corp.		2,833		30,082
Toyo Tire & Rubber Co., Ltd.		6,325		15,974
Toyota Boshoku Corp.§		400		6,625
Toyota Industries Corp.		500		16,456
TS Tech Co., Ltd.		2,100		39,805
				922,418
Automobiles (2.0%)
Daihatsu Motor Co., Ltd.§		4,000		67,860
Fuji Heavy Industries, Ltd.		11,903		92,206
Honda Motor Co., Ltd.		16,892		648,742
Isuzu Motors, Ltd.		7,721		36,435
Mazda Motor Corp.*§		16,200		42,555
Mitsubishi Motors Corp.*§		22,000		26,756
Nissan Motor Co., Ltd.		27,800		291,234
Suzuki Motor Corp.§		4,731		106,307
Toyota Motor Corp.		30,045		1,233,322
Yamaha Motor Co., Ltd.*§		3,300		60,422
				2,605,839
Beverages (0.2%)
Asahi Breweries, Ltd.§		2,300		46,184
Kirin Holdings Co., Ltd.§		6,823		94,818
Mikuni Coca-Cola Bottling Co., Ltd.		5,389		46,972
Oenon Holdings, Inc.§		7,900		17,731
				205,705
Building Products (0.3%)
Asahi Glass Co., Ltd.		18,800		219,308
Daikin Industries, Ltd.		1,054		37,243
JS Group Corp.§		1,200		30,854
Komatsu Wall Industry Co., Ltd.		1,200		11,323
Nippon Sheet Glass Co., Ltd.§		13,326		41,303
Takasago Thermal Engineering Co., Ltd.§		2,000		15,578
Toli Corp.		6,900		14,988
				370,597
Capital Markets (0.2%)
Daiwa Securities Group, Inc.§		11,481		50,424
Matsui Securities Co., Ltd.		2,200		10,580
Mizuho Securities Co., Ltd.*		14,400		34,596

See Accompanying Notes to Financial Statements.
18

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Japan
Capital Markets
Nomura Holdings, Inc.		37,057	$	182,288
Tokai Tokyo Financial Holdings, Inc.		9,273		28,040
				305,928
Chemicals (1.4%)
ADEKA Corp.		1,300		13,152
Air Water, Inc.		3,900		46,834
Arakawa Chemical Industries, Ltd.		3,100		29,208
Asahi Kasei Corp.§		26,696		179,337
Chugoku Marine Paints, Ltd.§		8,759		68,422
Daicel Chemical Industries, Ltd.		5,900		38,854
Daiso Co., Ltd.		7,900		28,572
Denki Kagaku Kogyo KK		11,800		56,710
DIC Corp.		21,700		51,238
Kaneka Corp.		13,800		90,388
Konishi Co., Ltd.		1,700		24,749
Kuraray Co., Ltd.		3,000		43,811
Mitsubishi Chemical Holdings Corp.		19,209		135,688
Mitsubishi Gas Chemical Co., Inc.		5,124		37,423
Mitsui Chemicals, Inc.		18,900		68,651
Nippon Kayaku Co., Ltd.		2,000		21,030
Nippon Soda Co., Ltd.		2,254		9,945
Nissan Chemical Industries, Ltd.		2,000		22,081
Nitto Denko Corp.		1,700		86,106
Sakata INX Corp.		8,900		41,515
Sekisui Plastics Co., Ltd.		5,000		22,845
Shikoku Chemicals Corp.		3,393		19,356
Shin-Etsu Chemical Co., Ltd.§		4,300		229,760
Showa Denko KK		25,700		53,067
Sumitomo Bakelite Co., Ltd.		3,366		22,475
Sumitomo Chemical Co., Ltd.		19,084		94,987
Teijin, Ltd.§		14,000		61,515
Toray Industries, Inc.§		12,000		88,330
Tosoh Corp.§		16,061		64,292
Toyo Ink Manufacturing Co., Ltd.		7,900		38,026
Ube Industries, Ltd.		11,500		34,513
				1,822,880
Commercial Banks (2.3%)
Chuo Mitsui Trust Holdings, Inc.		7,000		24,288
Fukuoka Financial Group, Inc.		21,800		90,827
Hokuhoku Financial Group, Inc.		47,393		93,584
Mitsubishi UFJ Financial Group, Inc.§		158,531		770,135
Mizuho Financial Group, Inc.§		276,654		453,280
Resona Holdings, Inc.§		24,103		113,042
Sapporo Hokuyo Holdings, Inc.		13,000		54,325
Sumitomo Mitsui Financial Group, Inc.		18,196		559,296

See Accompanying Notes to Financial Statements.
19

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Japan
Commercial Banks
The Akita Bank, Ltd.		11,900	$	34,450
The Bank of Nagoya, Ltd.		8,900		27,112
The Bank of Saga, Ltd.		12,900		32,202
The Bank of Yokohama, Ltd.§		18,800		93,685
The Chiba Bank, Ltd.§		9,892		61,711
The Chiba Kogyo Bank, Ltd.*		7,163		39,704
The Daishi Bank, Ltd.		22,739		68,346
The Ehime Bank, Ltd.		6,900		20,396
The Eighteenth Bank, Ltd.		18,566		50,789
The Fukui Bank, Ltd.		14,000		40,498
The Gunma Bank, Ltd.		1,000		5,269
The Hiroshima Bank, Ltd§		1,885		8,200
The Hokuetsu Bank, Ltd.		18,800		38,754
The Hyakugo Bank, Ltd.		6,900		27,864
The Joyo Bank, Ltd.		9,900		41,461
The Juroku Bank, Ltd		13,600		42,254
The Keiyo Bank, Ltd.		4,000		20,064
The Mie Bank, Ltd.		7,111		17,222
The Nishi-Nippon City Bank, Ltd.§		3,900		11,484
The Ogaki Kyoritsu Bank, Ltd.		1,800		5,547
The Toho Bank, Ltd.		12,000		26,545
The Tohoku Bank, Ltd.		6,418		9,484
The Yachiyo Bank, Ltd.		950		26,897
Yamaguchi Financial Group, Inc.		6,000		55,799
				2,964,514
Commercial Services & Supplies (0.4%)
Central Security Patrols Co., Ltd.		600		6,061
Dai Nippon Printing Co., Ltd.§		12,900		144,929
Duskin Co., Ltd.		1,200		23,260
Itoki Corp.		3,037		6,486
Kyodo Printing Co., Ltd.		8,900		21,356
Nichiban Co., Ltd.		3,000		10,542
Nippon Kanzai Co., Ltd.		550		9,509
Nippon Kucho Service Co., Ltd.		800		7,339
Nissha Printing Co., Ltd.§		800		14,627
Secom Co., Ltd.§		1,353		64,667
Sohgo Security Services Co., Ltd.		3,976		44,553
Tokyu Community Corp.§		600		18,820
Toppan Forms Co., Ltd.		7,000		55,539
Toppan Printing Co., Ltd.		16,546		127,968
Tosho Printing Co., Ltd.		5,499		9,894
				565,550

See Accompanying Notes to Financial Statements.
20

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Japan
Communications Equipment (0.0%)
Iwatsu Electric Co., Ltd.		15,000	$	15,631
Maspro Denkoh Corp.		900		6,969
				22,600
Computers & Peripherals (0.4%)
Fujitsu, Ltd.		29,700		169,226
NEC Corp.*§		27,260		62,054
Seiko Epson Corp.§		1,100		19,007
Toshiba Corp.§		37,471		196,936
				447,223
Construction & Engineering (0.5%)
Ando Corp.		13,300		17,660
Asunaro Aoki Construction Co., Ltd.		2,500		12,423
Chugai Ro Co., Ltd.§		4,000		13,921
CTI Engineering Co., Ltd.		2,071		13,535
Hazama Corp.*		11,766		15,633
Hibiya Engineering, Ltd.		2,000		20,163
Ichiken Co., Ltd.		5,800		7,487
Kajima Corp.		14,300		40,896
Kandenko Co., Ltd.		6,000		29,174
Kyowa Exeo Corp.		1,000		10,114
Maeda Corp.		9,900		31,055
Mirait Holdings Corp.§		5,300		41,832
Nakano Corp.		3,500		7,727
Nippo Corp.		3,635		29,359
Nippon Koei Co., Ltd.		7,900		28,444
Nishimatsu Construction Co., Ltd.		22,568		33,123
Obayashi Corp.		11,692		50,907
Obayashi Road Corp.§		10,900		26,699
Sanki Engineering Co., Ltd.		1,000		5,582
Seibu Electric Industry Co., Ltd.		1,998		8,298
Shimizu Corp.§		3,600		14,956
Sumitomo Densetsu Co., Ltd.		5,058		29,463
Taisei Corp.§		24,679		56,457
The Nippon Road Co., Ltd.		6,800		20,449
Toda Corp.		15,700		56,893
Yahagi Construction Co., Ltd.		2,000		10,118
Yondenko Corp.		3,000		13,363
				645,731
Construction Materials (0.0%)
Sumitomo Osaka Cement Co., Ltd.		3,515		9,841
Containers & Packaging (0.1%)
Hokkan Holdings, Ltd.		6,333		18,793
Nihon Yamamura Glass Co., Ltd.		6,900		18,201

See Accompanying Notes to Financial Statements.
21

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Japan
Containers & Packaging
Tomoku Co., Ltd.		4,000	$	10,638
Toyo Seikan Kaisha, Ltd.		1,260		21,147
				68,779
Distributors (0.1%)
Canon Marketing Japan, Inc.§		1,000		11,297
Happinet Corp.		800		9,408
Nice Holdings, Inc.§		6,900		13,811
Sankyo Seiko Co., Ltd.		7,312		24,163
Yokohama Reito Co., Ltd.§		2,000		13,436
				72,115
Diversified Consumer Services (0.0%)
Tac Co., Ltd.		3,400		8,817
Watabe Wedding Corp.		1,040		8,693
				17,510
Diversified Financial Services (0.1%)
Century Tokyo Leasing Corp.		1,500		26,961
Daiko Clearing Services Corp.		2,066		7,288
ORIX Corp.§		1,300		126,054
				160,303
Diversified Telecommunication Services (0.3%)
Nippon Telegraph & Telephone Corp.		6,800		326,941
Electric Utilities (0.6%)
Chubu Electric Power Co., Inc.		6,697		130,371
Hokkaido Electric Power Co., Inc.		2,400		39,795
Hokuriku Electric Power Co.§		1,100		20,925
Kyushu Electric Power Co., Inc.		7,500		134,616
The Chugoku Electric Power Co., Inc§		1,100		18,986
The Kansai Electric Power Co., Inc.		15,400		305,703
The Tokyo Electric Power Co., Inc.§		23,300		94,024
				744,420
Electrical Equipment (0.4%)
Fuji Electric Holdings Co., Ltd.§		4,900		15,259
Fujikura, Ltd.		3,000		13,704
Furukawa Electric Co., Ltd.§		7,000		29,133
Helios Techno Holdings Co., Ltd.		2,743		7,274
Mitsubishi Electric Corp.		18,454		213,687
Nidec Corp.§		800		74,452
Sumitomo Electric Industries, Ltd.		12,200		177,383
				530,892
Electronic Equipment, Instruments & Components (1.5%)
Ai Holdings Corp.		7,348		29,895
Citizen Holdings Co., Ltd.		8,700		51,914

See Accompanying Notes to Financial Statements.
22

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Japan
Electronic Equipment, Instruments & Components
Daiwabo Holdings Co., Ltd.		2,900	$	5,909
Elematec Corp.§		1,100		16,090
Excel Co., Ltd.		1,300		13,277
FUJIFILM Holdings Corp.		6,692		208,058
Hakuto Co., Ltd.		4,300		42,531
Hitachi, Ltd.§		61,874		366,063
Hochiki Corp.		3,000		15,270
Horiba, Ltd.§		800		25,852
Hosiden Corp.		7,980		72,387
HOYA Corp.		8,100		178,756
ITC Networks Corp.		2,654		16,610
JBCC Holdings, Inc.		3,234		21,707
Kaga Electronics Co., Ltd.		1,800		19,323
Kanematsu Electronics, Ltd.		1,600		16,568
Keyence Corp.		282		79,816
Kyocera Corp.		2,186		221,871
Murata Manufacturing Co., Ltd.§		2,018		134,494
Nippon Electric Glass Co., Ltd.		2,000		25,581
Nohmi Bosai, Ltd.		5,666		33,565
Omron Corp.§		1,000		27,721
ONO Sokki Co., Ltd.*		4,000		11,105
Optex Co., Ltd.		1,100		13,809
Ryosan Co., Ltd.		1,700		36,177
Ryoyo Electro Corp.		4,500		44,544
Sanshin Electronics Co., Ltd.		5,500		43,789
Shinko Shoji Co., Ltd.		3,396		26,797
Tachibana Eletech Co., Ltd.		1,965		19,501
TDK Corp.§		2,082		114,483
Tomen Electronics Corp.		1,680		20,567
				1,954,030
Food & Staples Retailing (0.7%)
Aeon Co., Ltd.§		14,298		172,034
Arcs Co., Ltd.		700		10,963
Belc Co., Ltd.		2,200		26,743
Cawachi, Ltd.		2,700		53,055
Cocokara fine, Inc.§		500		12,643
Echo Trading Co., Ltd.		1,234		11,405
Itochu-Shokuhin Co., Ltd.		954		33,474
Kasumi Co., Ltd.§		7,493		42,269
Kato Sangyo Co., Ltd.		2,060		38,003
Kirindo Co., Ltd.		3,154		17,626
Matsumotokiyoshi Holdings Co., Ltd.		1,700		36,177
Okuwa Co., Ltd.		5,000		49,975
Ryoshoku, Ltd.		600		13,890
S Foods, Inc.		1,000		8,482
Seven & I Holdings Co., Ltd.§		9,200		246,643

See Accompanying Notes to Financial Statements.
23

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Japan
Food & Staples Retailing
Universe Co., Ltd.		1,000	$	18,567
UNY Co., Ltd.		6,000		55,579
Valor Co., Ltd.		2,100		29,355
				876,883
Food Products (0.4%)
Chubu Shiryo Co., Ltd		2,333		15,896
Fuji Oil Co., Ltd.§		600		9,210
J-Oil Mills, Inc.		30,057		88,004
Kyodo Shiryo Co., Ltd.		22,700		25,933
Maruha Nichiro Holdings, Inc.		13,994		22,423
MEIJI Holdings Co., Ltd.		2,000		84,058
Morinaga & Co., Ltd.		15,128		34,723
Morinaga Milk Industry Co., Ltd.§		5,332		22,706
Nichimo Co., Ltd.*		5,000		8,953
Nippon Flour Mills Co., Ltd.		10,061		46,552
Nippon Meat Packers, Inc.		2,000		28,599
Nippon Suisan Kaisha, Ltd.		24,059		78,847
Prima Meat Packers, Ltd.		7,482		9,100
Showa Sangyo Co., Ltd.		4,000		11,165
Starzen Co., Ltd.		7,900		22,944
Warabeya Nichiyo Co., Ltd.		1,625		18,516
Yonekyu Corp.		6,136		46,485
				574,114
Gas Utilities (0.1%)
Osaka Gas Co., Ltd.§		13,700		51,802
Tokyo Gas Co., Ltd.		7,700		34,643
				86,445
Health Care Equipment & Supplies (0.1%)
Hogy Medical Co., Ltd.		600		26,974
Nipro Corp.§		4,000		72,337
Terumo Corp.		400		21,585
				120,896
Health Care Providers & Services (0.1%)
Alfresa Holdings Corp.§		900		34,866
As One Corp.		1,133		23,595
Mediceo Paltac Holdings Co., Ltd.		7,424		65,593
Suzuken Co., Ltd.		2,000		45,993
				170,047
Hotels, Restaurants & Leisure (0.1%)
Doutor Nichires Holdings Co., Ltd.		2,700		32,797
Hurxley Corp.		1,850		12,580
Kyoritsu Maintenance Co., Ltd.		1,826		26,662

See Accompanying Notes to Financial Statements.
24

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Japan
Hotels, Restaurants & Leisure
McDonald's Holdings Co. Japan, Ltd.§		700	$	17,742
Resort Solution Co., Ltd.		4,000		6,851
				96,632
Household Durables (1.0%)
Casio Computer Co., Ltd.§		3,442		24,215
Corona Corp.		2,420		26,789
Foster Electric Co., Ltd.		1,500		30,002
Fuji Corp.		3,600		16,357
Fujitsu General, Ltd.§		3,000		19,839
Hitachi Koki Co., Ltd.§		2,090		19,036
Mitsui Home Co., Ltd.		5,000		24,905
PanaHome Corp.		11,800		76,443
Panasonic Corp.§		24,080		293,551
Sangetsu Co., Ltd.		2,300		55,892
Sanyo Housing Nagoya Co., Ltd.		22		21,455
Sekisui Chemical Co., Ltd.		4,000		34,068
Sekisui House, Ltd.§		14,000		129,943
Sharp Corp.§		12,883		117,199
Sony Corp.		11,438		300,842
Sumitomo Forestry Co., Ltd.		3,300		30,157
Token Corp.§		580		20,999
				1,241,692
Household Products (0.0%)
Lion Corp.§		2,000		11,059
Independent Power Producers & Energy Traders (0.1%)
Electric Power Development Co., Ltd.§		4,600		123,944
Industrial Conglomerates (0.1%)
Hankyu Hanshin Holdings, Inc.		19,000		74,973
Insurance (0.6%)
Mitsui Sumitomo Insurance Group Holdings, Inc.§		5,181		120,888
NKSJ Holdings, Inc.		13,373		87,986
Sony Financial Holdings, Inc.		1,000		18,023
T&D Holdings, Inc.		4,500		106,771
The Dai-ichi Life Insurance Co., Ltd.		91		127,210
Tokio Marine Holdings, Inc.		9,548		266,446
				727,324
Internet & Catalog Retail (0.1%)
Belluna Co., Ltd.		2,550		16,639
Rakuten, Inc.§		68		70,159
Scroll Corp.		13,683		45,869
Senshukai Co., Ltd.§		1,825		11,081
				143,748

See Accompanying Notes to Financial Statements.
25

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Japan
Internet Software & Services (0.0%)
eAccess, Ltd.§		35	$	15,638
Gree, Inc.*§		900		19,613
				35,251
IT Services (0.2%)
Argo Graphics, Inc.		800		10,222
CAC Corp.		2,600		20,375
Ines Corp.		1,600		10,702
IT Holdings Corp.		3,500		31,009
Itochu Techno-Science Corp.§		500		17,693
JBIS Holdings, Inc.		2,368		8,085
NEC Fielding, Ltd.		1,300		15,658
Nihon Unisys, Ltd.§		3,700		22,081
NS Solutions Corp.		1,300		25,299
NTT Data Corp.		25		82,822
Panasonic Electric Works Information Systems Co., Ltd.		400		11,109
				255,055
Leisure Equipment & Products (0.4%)
Daikoku Denki Co., Ltd.		1,100		10,934
GLOBERIDE, Inc.§		16,466		18,385
Heiwa Corp.		2,700		41,634
Mizuno Corp.		12,507		59,152
Namco Bandai Holdings, Inc.§		7,600		91,195
Nikon Corp.		2,900		68,364
Roland Corp.		600		5,917
Sankyo Co., Ltd.		1,254		64,586
Sega Sammy Holdings, Inc.§		3,200		61,663
SRI Sports, Ltd.		3,300		35,153
				456,983
Machinery (1.6%)
Amada Co., Ltd.		5,279		40,463
Asahi Diamond Industrial Co., Ltd.		1,000		21,794
CKD Corp.		3,200		28,454
Daido Kogyo Co., Ltd.		4,000		8,056
Daifuku Co., Ltd.		2,000		12,882
Ebara Corp.		7,900		46,450
Fanuc, Ltd.		2,158		359,728
Hitachi Construction Machinery Co., Ltd.§		2,600		58,102
Hitachi Zosen Corp.§		31,758		49,328
IHI Corp.		35,800		92,213
JTEKT Corp.		2,992		43,947
Kawasaki Heavy Industries, Ltd.		16,000		63,547
Komatsu, Ltd.§		12,048		374,988
Kubota Corp.		10,000		88,436
Maezawa Kyuso Industries Co., Ltd.		632		9,196

See Accompanying Notes to Financial Statements.
26

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Japan
Machinery
Makita Corp.§		1,389	$	64,522
Minebea Co., Ltd.		6,778		36,049
Mitsubishi Heavy Industries, Ltd.§		31,900		149,527
Mitsuboshi Belting Co., Ltd.		2,000		9,893
Mitsui Engineering & Shipbuilding Co., Ltd.§		39,472		85,918
Nabtesco Corp.		1,000		24,149
Nippon Yusoki Co., Ltd.		3,666		9,059
NSK, Ltd.		3,480		34,632
NTN Corp.§		12,496		70,960
Obara Corp.		1,800		25,660
Oiles Corp.		400		7,907
Sasebo Heavy Industries Co., Ltd.§		8,790		16,292
Shinmaywa Industries, Ltd.		7,900		30,035
SMC Corp.§		193		34,682
Sumitomo Heavy Industries, Ltd.§		12,808		89,116
TOKYO KEIKI, Inc.		19,758		28,255
Tsurumi Manufacturing Co., Ltd.		2,000		14,530
				2,028,770
Marine (0.1%)
Japan Transcity Corp.		7,400		22,958
Kawasaki Kisen Kaisha, Ltd.§		2,000		6,970
Mitsui OSK Lines, Ltd.		5,900		31,646
Nippon Yusen KK§		22,406		82,983
				144,557
Media (0.4%)
Amuse, Inc.		800		8,957
Avex Group Holdings, Inc.		3,359		43,476
Dentsu, Inc.		2,900		85,570
Fuji Media Holdings, Inc.		12		17,707
Hakuhodo DY Holdings, Inc.		1,181		62,871
Horipro, Inc.		1,635		14,563
Jupiter Telecommunications Co., Ltd.		59		65,799
Nippon Television Network Corp.		600		85,171
SKY Perfect JSAT Holdings, Inc.§		184		75,707
Toei Co., Ltd.		4,000		18,317
Tow Co., Ltd.		2,666		14,726
TV Asahi Corp.		15		22,664
Zenrin Co., Ltd.		3,600		37,454
				552,982
Metals & Mining (0.7%)
Dowa Holdings Co., Ltd.		13,000		80,428
JFE Holdings, Inc.		5,000		137,074
Kobe Steel, Ltd.§		11,000		24,936
Mitsubishi Materials Corp.		13,862		43,538

See Accompanying Notes to Financial Statements.
27

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Japan
Metals & Mining
Mitsubishi Steel Manufacturing Co., Ltd.		6,000	$	20,564
Mitsui Mining & Smelting Co., Ltd.		26,800		90,207
Nichia Steel Works, Ltd.		8,900		22,212
Nippon Denko Co., Ltd.		1,000		6,757
Nippon Steel Corp.§		57,577		186,198
Pacific Metals Co., Ltd.		2,000		14,754
Sumitomo Metal Industries, Ltd.		39,663		88,820
Sumitomo Metal Mining Co., Ltd.		11,000		180,151
Yodogawa Steel Works, Ltd.		4,000		16,807
				912,446
Office Electronics (0.8%)
Brother Industries, Ltd.		6,500		95,843
Canon, Inc.§		14,614		692,939
Konica Minolta Holdings, Inc.		6,573		54,727
Ricoh Co., Ltd.§		14,785		163,498
				1,007,007
Oil, Gas & Consumable Fuels (0.5%)
Cosmo Oil Co., Ltd.		17,602		49,954
Idemitsu Kosan Co., Ltd.§		800		85,109
INPEX Corp.		20		147,397
Itochu Enex Co., Ltd.		8,936		49,932
JX Holdings, Inc.		23,400		156,892
San-Ai Oil Co., Ltd.		3,700		21,139
Sinanen Co., Ltd.		6,000		26,047
TonenGeneral Sekiyu KK§		8,900		109,128
				645,598
Paper & Forest Products (0.0%)
Chuetsu Pulp & Paper Co., Ltd.		6,900		11,556
Nakabayashi Co., Ltd.§		3,428		9,266
				20,822
Personal Products (0.2%)
Kao Corp.		6,000		157,267
Shiseido Co., Ltd.		4,000		74,429
				231,696
Pharmaceuticals (1.1%)
Astellas Pharma, Inc.		7,200		278,486
Daiichi Sankyo Co., Ltd.		9,991		194,618
Eisai Co., Ltd.§		5,200		202,241
Kaken Pharmaceutical Co., Ltd.		1,000		13,971
KYORIN Holdings, Inc.		3,000		59,500
Kyowa Hakko Kirin Co., Ltd.		1,000		9,509
Mitsubishi Tanabe Pharma Corp.		2,000		33,367
Mochida Pharmaceutical Co., Ltd.		2,900		31,005

See Accompanying Notes to Financial Statements.
28

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Japan
Pharmaceuticals
Ono Pharmaceutical Co., Ltd.§		1,600	$	85,327
Otsuka Holdings Co. Ltd.		2,900		76,494
Shionogi & Co., Ltd.		1,000		16,324
Takeda Pharmaceutical Co., Ltd.		9,800		451,495
				1,452,337
Professional Services (0.0%)
Pasona Group, Inc.		23		21,239
Real Estate Investment Trusts (0.1%)
Japan Real Estate Investment Corp.§		4		39,231
Japan Retail Fund Investment Corp.§		37		56,838
Nomura Real Estate Office Fund, Inc.		2		13,200
				109,269
Real Estate Management & Development (0.5%)
Airport Facilities Co., Ltd.		6,600		25,327
Daito Trust Construction Co., Ltd.		1,593		134,818
Daiwa House Industry Co., Ltd.		3,000		37,736
Mitsubishi Estate Co., Ltd.		9,459		165,481
Mitsui Fudosan Co., Ltd.		6,810		116,917
Nomura Real Estate Holdings, Inc.		1,800		29,917
Sumitomo Realty & Development Co., Ltd.		1,000		22,279
Tokyo Tatemono Co., Ltd.§		9,700		35,280
Tokyu Land Corp.		14,511		61,457
				629,212
Road & Rail (0.7%)
Central Japan Railway Co.		27		211,585
East Japan Railway Co.		4,300		245,487
Fukuyama Transporting Co., Ltd.§		5,000		26,543
ICHINEN HOLDINGS Co., Ltd.		4,050		20,194
Kintetsu Corp.§		6,000		19,208
KRS Corp.		960		10,212
Maruwn Corp.		2,300		5,643
Nippon Express Co., Ltd.		21,700		87,653
Sankyu, Inc.		9,900		46,142
Seino Holdings Corp.		8,900		63,813
Tonami Holdings Co., Ltd.		6,332		12,340
West Japan Railway Co.		3,900		151,771
				900,591
Semiconductors & Semiconductor Equipment (0.2%)
Dainippon Screen Manufacturing Co., Ltd.§		3,000		25,535
Elpida Memory, Inc.*§		3,100		36,399
Mimasu Semiconductor Industry Co., Ltd.		1,300		15,314
Rohm Co., Ltd.		1,500		85,785
Tokyo Electron, Ltd.		1,966		107,167
				270,200

See Accompanying Notes to Financial Statements.
29

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Japan
Software (0.2%)
Computer Engineering & Consulting, Ltd.		1,900	$	9,715
Computer Institute of Japan, Ltd.		2,504		8,190
Jastec Co., Ltd.		1,088		6,446
Nintendo Co., Ltd.		1,200		224,634
SRA Holdings		2,884		28,465
Sumisho Computer Systems Corp.§		1,400		24,126
				301,576
Specialty Retail (0.4%)
Alpen Co., Ltd.§		3,000		48,728
AOKI Holdings, Inc.		1,300		20,211
Aoyama Trading Co., Ltd.		2,333		40,105
Arc Land Sakamoto Co., Ltd.		2,052		32,595
Autobacs Seven Co., Ltd.§		800		33,635
DCM Holdings Co., Ltd.§		9,300		63,145
Fast Retailing Co., Ltd.		272		43,851
Geo Corp.§		25		31,024
Hard Off Corp. Co., Ltd.		1,600		7,938
Hikari Tsushin, Inc.		1,000		23,543
K's Holding Corp.§		500		21,551
Keiyo Co., Ltd.§		6,073		33,767
Right On Co., Ltd.*		3,307		17,114
T-Gaia Corp.§		33		61,348
Taka-Q, Ltd.		4,000		7,543
Top Culture Co., Ltd.		1,433		6,301
Yamada Denki Co., Ltd.		290		23,554
				515,953
Textiles, Apparel & Luxury Goods (0.2%)
Atsugi Co., Ltd.		26,526		33,249
Daidoh, Ltd.§		1,036		10,384
Gunze, Ltd.		5,000		16,945
Japan Vilene Co., Ltd.		4,000		17,579
Kurabo Industries, Ltd.		36,918		73,851
Nisshinbo Holdings, Inc.		5,869		55,745
Onward Holdings Co., Ltd.§		3,000		25,220
Sanyo Shokai Ltd.		10,000		29,165
Tasaki Shinju Co., Ltd.*		7,579		5,737
The Japan Wool Textile Co., Ltd.		3,000		23,482
Toyobo Co., Ltd.		10,700		15,718
Yamato International, Inc.		1,600		7,326
				314,401
Thrifts & Mortgage Finance (0.0%)
Asax Co., Ltd.		7		10,518

See Accompanying Notes to Financial Statements.
30

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Japan
Tobacco (0.1%)
Japan Tobacco, Inc.		48	$	184,698
Trading Companies & Distributors (1.2%)
Furusato Industries, Ltd.		1,416		9,779
Inaba Denki Sangyo Co., Ltd		1,713		45,551
ITOCHU Corp.		13,221		137,076
Japan Pulp & Paper Co., Ltd.		9,173		31,324
JFE Shoji Holdings, Inc.		4,900		23,904
Kamei Corp.		5,000		20,921
Kanaden Corp.		1,000		6,280
Kuroda Electric Co., Ltd.		2,737		31,376
Kyokuto Boeki Kaisha, Ltd.		4,666		12,181
Marubeni Corp.		17,427		115,451
Mitsubishi Corp.		12,115		301,651
Mitsui & Co., Ltd.		18,683		322,011
Nagase & Co., Ltd.		2,000		24,540
NEC Capital Solutions Ltd.		955		12,697
Onoken Co., Ltd.		4,800		43,248
Sato Shoji Corp.		1,500		8,501
Seika Corp.		16,659		43,468
Shinwa Co., Ltd.		800		8,990
Sojitz Corp.		41,281		77,083
Sumikin Bussan Corp.		20,166		48,897
Sumitomo Corp.§		10,479		142,109
Tokyo Sangyo Co., Ltd.		2,500		7,727
Tsubakimoto Kogyo Co., Ltd.		4,000		10,670
				1,485,435
Transportation Infrastructure (0.0%)
Nissin Corp.		10,400		26,108
The Yasuda Warehouse Co., Ltd.		3,000		17,908
				44,016
Wireless Telecommunication Services (0.6%)
KDDI Corp.		26		186,478
NTT DoCoMo, Inc.		145		258,144
Softbank Corp.§		7,500		283,145
				727,767
TOTAL JAPAN				32,269,952
Luxembourg (0.3%)
Metals & Mining (0.3%)
ArcelorMittal§		10,388		361,181
TOTAL LUXEMBOURG				361,181

See Accompanying Notes to Financial Statements.
31

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Netherlands (3.9%)
Aerospace & Defense (0.2%)
European Aeronautic Defence & Space Co. NV§		6,640	$	222,179
Beverages (0.4%)
Heineken Holding NV		7,730		395,643
Heineken NV		1,425		85,748
				481,391
Chemicals (0.7%)
Akzo Nobel NV		7,285		460,176
Koninklijke DSM NV		7,736		501,935
				962,111
Construction & Engineering (0.2%)
Koninklijke BAM Groep NV§		13,118		82,257
Koninklijke Boskalis Westminster NV		2,561		121,154
				203,411
Construction Materials (0.0%)
James Hardie Industries NV*		3,734		23,614
Diversified Financial Services (0.2%)
ING Groep NV*		20,482		252,358
Diversified Telecommunication Services (0.3%)
Koninklijke KPN NV		27,638		401,911
Food & Staples Retailing (0.5%)
Koninklijke Ahold NV		43,272		581,683
Food Products (1.1%)
CSM		2,922		98,417
Nutreco Holding NV		4,491		330,019
Unilever NV		31,544		1,035,079
				1,463,515
Industrial Conglomerates (0.2%)
Koninklijke Philips Electronics NV		7,813		200,753
Insurance (0.0%)
Aegon NV*		7,528		51,285
Life Sciences Tools & Services (0.0%)
QIAGEN NV*		1,968		37,732
Semiconductors & Semiconductor Equipment (0.1%)
ASML Holding NV		1,501		55,353
STMicroelectronics NV		8,429		83,882
STMicroelectronics NV§		4,706		46,889
				186,124
TOTAL NETHERLANDS				5,068,067

See Accompanying Notes to Financial Statements.
32

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Norway (1.6%)
Chemicals (0.2%)
Yara International ASA		3,924	$	221,691
Commercial Banks (0.3%)
DnB NOR ASA		31,317		438,708
Diversified Telecommunication Services (0.4%)
Telenor ASA		32,405		533,253
Energy Equipment & Services (0.1%)
Aker Solutions ASA		2,915		58,563
Industrial Conglomerates (0.0%)
Orkla ASA		1,304		12,483
Metals & Mining (0.1%)
Norsk Hydro ASA		11,285		86,865
Oil, Gas & Consumable Fuels (0.5%)
StatoilHydro ASA		25,771		656,030
TOTAL NORWAY				2,007,593
Portugal (0.6%)
Commercial Banks (0.3%)
Banco BPI SA*§		76,926		113,145
Banco Comercial Portugues SA R Shares*§		257,922		153,382
Banco Espirito Santo SA§		16,074		59,912
				326,439
Construction Materials (0.0%)
Cimpor Cimentos de Portugal SGPS SA		5,535		42,249
Electric Utilities (0.1%)
EDP - Energias de Portugal SA		54,796		194,422
Food & Staples Retailing (0.1%)
Jeronimo Martins SGPS SA		5,695		109,353
Transportation Infrastructure (0.1%)
Brisa Auto-Estradas de Portugal SA		17,821		108,706
TOTAL PORTUGAL				781,169
Singapore (1.3%)
Diversified Financial Services (1.3%)
iShares MSCI Singapore Index Fund§		117,181		1,608,895
TOTAL SINGAPORE				1,608,895

See Accompanying Notes to Financial Statements.
33

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
Spain (5.0%)
Commercial Banks (1.7%)
Banco Bilbao Vizcaya Argentaria SA§		58,956	$	691,928
Banco Popular Espanol SA*§		6,590		478
Banco Popular Espanol SA§		6,590		37,071
Banco Santander SA		119,739		1,379,124
Bankinter SA§		14,162		96,051
				2,204,652
Construction & Engineering (0.8%)
ACS Actividades de Construccion y Servicios SA§		6,137		289,595
Ferrovial SA§		37,719		476,501
Fomento de Construcciones y Contratas SA§		9,566		291,764
				1,057,860
Diversified Telecommunication Services (0.6%)
Telefonica SA		33,403		815,657
Electric Utilities (0.7%)
Endesa SA§		12,823		427,061
Iberdrola SA*		52,656		468,373
				895,434
Electrical Equipment (0.1%)
Gamesa Corp. Tecnologica SA*§		6,642		53,651
Food Products (0.1%)
Ebro Foods SA§		6,026		139,155
Gas Utilities (0.2%)
Gas Natural SDG SA§		11,975		250,767
Insurance (0.1%)
Mapfre SA§		18,206		67,534
IT Services (0.0%)
Indra Sistemas SA§		1,268		26,151
Oil, Gas & Consumable Fuels (0.6%)
Repsol YPF SA§		22,090		766,043
Specialty Retail (0.1%)
Inditex SA		930		84,718
TOTAL SPAIN				6,361,622
Sweden (5.4%)
Building Products (0.2%)
Assa Abloy AB Class B		9,985		269,024
Capital Markets (0.1%)
Ratos AB B Shares		2,296		44,238
Commercial Banks (0.2%)
Svenska Handelsbanken AB A Shares		5,935		183,431
Commercial Services & Supplies (0.3%)
Securitas AB B Shares		38,176		405,167

See Accompanying Notes to Financial Statements.
34

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Sweden
Communications Equipment (0.5%)
Telefonaktiebolaget LM Ericsson B Shares		46,311	$	668,271
Construction & Engineering (0.4%)
Skanska AB B Shares		28,907		519,429
Diversified Financial Services (0.0%)
Industrivarden AB A Shares		558		9,797
Diversified Telecommunication Services (0.3%)
Tele2 AB B Shares		3,613		71,485
TeliaSonera AB		48,486		356,523
				428,008
Health Care Equipment & Supplies (0.4%)
Elekta AB B Shares		1,441		68,418
Getinge AB B Shares		16,093		433,803
				502,221
Household Durables (0.1%)
Electrolux AB Series B§		3,617		86,712
Machinery (1.8%)
Alfa Laval AB		374		8,085
Atlas Copco AB A Shares§		24,549		648,083
Atlas Copco AB B Shares		912		21,567
Scania AB B Shares		21,459		499,321
SKF AB B Shares§		1,711		49,661
Volvo AB A Shares		23,204		406,306
Volvo AB B Shares		39,310		689,824
				2,322,847
Metals & Mining (0.4%)
Boliden AB		25,527		472,580
Paper & Forest Products (0.2%)
Svenska Cellulosa AB B Shares		20,479		289,438
Pharmaceuticals (0.2%)
Meda AB A Shares		26,308		287,259
Specialty Retail (0.1%)
Hennes & Mauritz AB B Shares		3,304		114,336
Tobacco (0.2%)
Swedish Match AB		8,575		288,607
TOTAL SWEDEN				6,891,365
Switzerland (7.0%)
Biotechnology (0.1%)
BB Biotech AG		1,860		141,573
Capital Markets (0.4%)
UBS AG*§		29,606		539,494

See Accompanying Notes to Financial Statements.
35

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Switzerland
Chemicals (0.3%)
Clariant AG*		7,122	$	136,052
Syngenta AG*		727		245,325
				381,377
Construction Materials (0.1%)
Holcim, Ltd.*		820		61,920
Diversified Financial Services (0.0%)
Pargesa Holding SA BR		452		41,830
Electrical Equipment (0.3%)
ABB, Ltd.*		17,202		446,284
Energy Equipment & Services (0.2%)
Transocean, Ltd.		3,751		244,518
Food Products (1.8%)
Nestle SA§		37,307		2,318,112
Health Care Providers & Services (0.1%)
Galenica AG		179		114,562
Insurance (0.5%)
Baloise Holding AG		245		25,243
Helvetia Holding AG		339		145,023
Zurich Financial Services AG*		1,671		422,202
				592,468
Life Sciences Tools & Services (0.0%)
Lonza Group AG*		383		29,961
Machinery (0.2%)
Georg Fischer AG*		151		83,004
Schindler Holding AG		1,010		122,659
				205,663
Pharmaceuticals (2.7%)
Novartis AG		29,243		1,789,558
Roche Holding AG§		9,861		1,648,485
				3,438,043
Textiles, Apparel & Luxury Goods (0.3%)
The Swatch Group AG		2,652		238,088
The Swatch Group AG BR Shares		322		162,274
				400,362
TOTAL SWITZERLAND				8,956,167
United Kingdom (22.0%)
Aerospace & Defense (0.2%)
BAE Systems PLC		51,584		263,968
Rolls-Royce Holdings PLC*		5,323		55,142
				319,110

See Accompanying Notes to Financial Statements.
36

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
United Kingdom
Beverages (0.2%)
Diageo PLC§		9,561	$	195,669
Biotechnology (0.0%)
Genus PLC		2,410		39,897
Capital Markets (0.5%)
3i Group PLC		14,899		67,302
Aberdeen Asset Management PLC		709		2,540
Collins Stewart PLC		22,253		25,098
Intermediate Capital Group PLC		15,921		82,514
Man Group PLC§		34,391		130,856
Schroders PLC		14,896		369,959
				678,269
Chemicals (0.4%)
Croda International PLC		11,183		338,807
Filtrona PLC		13,382		78,976
Yule Catto & Co. PLC		10,068		36,756
				454,539
Commercial Banks (2.9%)
Barclays PLC		163,328		670,238
HSBC Holdings PLC§		195,323		1,937,179
Lloyds Banking Group PLC*		169,979		133,617
Royal Bank of Scotland Group PLC*§		122,888		76,037
Standard Chartered PLC		33,487		879,899
				3,696,970
Communications Equipment (0.1%)
Spirent Communications PLC		49,379		118,303
Construction & Engineering (0.2%)
Carillion PLC		30,670		185,201
Interserve PLC		7,096		36,735
				221,936
Containers & Packaging (0.1%)
DS Smith PLC		26,039		105,273
Rexam PLC		7,026		43,209
				148,482
Distributors (0.1%)
Inchcape PLC		11,753		78,947
Diversified Telecommunication Services (0.4%)
BT Group PLC		158,505		514,097

See Accompanying Notes to Financial Statements.
37

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
United Kingdom
Electronic Equipment, Instruments & Components (0.3%)
Diploma PLC		12,909	$	77,697
Domino Printing Sciences		4,080		44,699
Electrocomponents PLC		16,786		73,437
Premier Farnell PLC		22,915		91,646
TT electronics PLC		23,115		74,498
				361,977
Energy Equipment & Services (0.1%)
Petrofac, Ltd.		6,404		155,775
Food & Staples Retailing (0.4%)
J Sainsbury PLC		47,552		251,973
Tesco PLC		39,089		252,632
				504,605
Food Products (0.3%)
Unilever PLC		12,690		409,584
Health Care Providers & Services (0.0%)
Synergy Health PLC		2,704		39,721
Hotels, Restaurants & Leisure (0.1%)
Compass Group PLC		4,761		45,921
Rank Group PLC		25,848		62,039
				107,960
Household Durables (0.0%)
Persimmon PLC		7,958		61,675
Household Products (0.1%)
Reckitt Benckiser Group PLC		2,260		124,863
Independent Power Producers & Energy Traders (0.2%)
International Power PLC		56,395		291,357
Industrial Conglomerates (0.1%)
Cookson Group PLC		9,184		99,244
Smiths Group PLC		3,104		59,892
				159,136
Insurance (1.2%)
Aviva PLC		47,328		333,247
Legal & General Group PLC		260,213		493,105
Old Mutual PLC		197,007		421,850
Prudential PLC		8,771		101,309
RSA Insurance Group PLC§		66,965		144,890
				1,494,401
IT Services (0.1%)
Computacenter PLC§		12,316		94,909

See Accompanying Notes to Financial Statements.
38

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
United Kingdom
Machinery (0.4%)
Fenner PLC§		18,625	$	120,294
IMI PLC		14,043		237,478
Melrose PLC		12,741		74,042
Senior PLC		19,935		58,297
				490,111
Media (0.3%)
Euromoney Institutional Investor PLC		5,536		58,052
Pearson PLC		13,527		255,973
Trinity Mirror PLC*		68,091		45,367
				359,392
Metals & Mining (2.8%)
Anglo American PLC		8,303		411,907
BHP Billiton PLC		35,346		1,389,310
Hill & Smith Holdings PLC		8,340		46,562
Kazakhmys PLC		2,757		61,133
Rio Tinto PLC		19,699		1,422,824
Xstrata PLC		12,091		266,392
				3,598,128
Multi-Utilities (0.6%)
Centrica PLC§		132,671		689,105
National Grid PLC		7,500		73,855
				762,960
Multiline Retail (0.2%)
Next PLC		6,385		238,628
Oil, Gas & Consumable Fuels (5.0%)
BG Group PLC§		22,819		518,288
BP PLC		224,215		1,651,407
Royal Dutch Shell PLC A Shares§		66,871		2,380,250
Royal Dutch Shell PLC A Shares		12,651		449,127
Royal Dutch Shell PLC B Shares		41,111		1,467,542
				6,466,614
Paper & Forest Products (0.4%)
Mondi PLC		45,609		454,100
Pharmaceuticals (2.4%)
AstraZeneca PLC		24,001		1,199,975
GlaxoSmithKline PLC		76,520		1,640,660
Shire PLC		9,599		300,222
				3,140,857
Real Estate Investment Trusts (0.0%)
Hammerson PLC		114		882

See Accompanying Notes to Financial Statements.
39

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
United Kingdom
Specialty Retail (0.3%)
Kingfisher PLC		41,374	$	177,781
WH Smith PLC		19,525		153,638
				331,419
Thrifts & Mortgage Finance (0.1%)
Paragon Group of Cos. PLC		45,025		143,172
Tobacco (0.5%)
British American Tobacco PLC		14,789		648,723
Trading Companies & Distributors (0.0%)
Bunzl PLC		4,102		51,384
Wireless Telecommunication Services (1.0%)
Vodafone Group PLC		481,635		1,277,521
TOTAL UNITED KINGDOM				28,236,073
TOTAL COMMON STOCKS (Cost $126,165,914)				151,979,059
PREFERRED STOCKS (0.6%)
Germany (0.6%)
Automobiles (0.2%)
Porsche Automobil Holding SE		2,009		159,326
Volkswagen AG		265		54,790
				214,116
Household Products (0.4%)
Henkel AG & Co. KGaA§		7,877		547,638
TOTAL GERMANY				761,754
TOTAL PREFERRED STOCKS (Cost $516,562)				761,754
TOTAL LONG STOCK POSITIONS (Cost $126,682,476)				152,740,813
SHORT-TERM INVESTMENTS (9.4%)
State Street Navigator Prime Portfolio, 0.2299%§§		10,662,198		10,662,198
	Par (000)
State Street Bank and Trust Co. Euro Time Deposit, 0.010%, 07/01/11	$	1,375		1,375,000
TOTAL SHORT-TERM INVESTMENTS (Cost $12,037,198)				12,037,198
TOTAL INVESTMENTS AT VALUE (128.4%) (Cost $138,719,674)				164,778,011
TOTAL SECURITIES SOLD SHORT (-20.5%) (Proceeds $24,629,246)				(26,328,524	)
LIABILITIES IN EXCESS OF OTHER ASSETS (-7.9%)				(10,099,662	)
NET ASSETS (100.0%)			$	128,349,825

See Accompanying Notes to Financial Statements.
40

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares			Value
SHORT STOCK POSITIONS (-20.5%)
COMMON STOCKS (-20.5%)
Austria (-0.4%)
Diversified Telecommunication Services (-0.2%)
Telekom Austria AG		(20,280	)	$	(258,746	)
Electric Utilities (-0.1%)
Verbund AG		(2,328	)		(101,334	)
Metals & Mining (-0.1%)
Randgold Resources, Ltd.		(851	)		(71,701	)
TOTAL AUSTRIA					(431,781	)
Belgium (-0.7%)
Chemicals (-0.2%)
Umicore		(4,425	)		(241,300	)
Commercial Banks (-0.0%)
Dexia SA*		(2,660	)		(8,281	)
Diversified Financial Services (-0.2%)
Groupe Bruxelles Lambert SA		(3,529	)		(313,438	)
Wireless Telecommunication Services (-0.3%)
Mobistar SA		(4,983	)		(377,917	)
TOTAL BELGIUM					(940,936	)
Bermuda(0.0%)
Energy Equipment & Services (-0.0%)
Seadrill, Ltd.		(621	)		(21,954	)
TOTAL BERMUDA					(21,954	)
Denmark (-0.6%)
Chemicals (-0.2%)
Novozymes AS B Shares		(1,829	)		(297,941	)
Electrical Equipment (-0.1%)
Vestas Wind Systems AS*		(3,656	)		(84,850	)
Insurance (-0.2%)
Topdanmark AS*		(44	)		(8,214	)
Tryg AS		(3,679	)		(212,400	)
					(220,614	)
Road & Rail (-0.1%)
DSV AS		(7,686	)		(184,457	)
TOTAL DENMARK					(787,862	)
Finland(-1.3%)
Auto Components (-0.1%)
Nokian Renkaat Oyj		(1,730	)		(86,851	)
Diversified Financial Services (-0.3%)
Pohjola Bank PLC		(29,037	)		(375,552	)

See Accompanying Notes to Financial Statements.
41

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares			Value
SHORT STOCK POSITIONS
COMMON STOCKS
Finland
Diversified Telecommunication Services (-0.2%)
Elisa Oyj		(14,474	)	$	(311,444	)
Electric Utilities (-0.2%)
Fortum Oyj		(7,263	)		(210,549	)
Insurance (-0.2%)
Sampo Oyj A Shares		(7,676	)		(247,765	)
Metals & Mining (-0.3%)
Rautaruukki Oyj		(16,241	)		(367,016	)
TOTAL FINLAND					(1,599,177	)
France(-4.7%)
Aerospace & Defense (-0.2%)
Thales SA		(5,968	)		(256,971	)
Automobiles (-0.2%)
Renault SA		(5,241	)		(310,886	)
Diversified Financial Services (-0.1%)
Eurazeo		(2,636	)		(192,191	)
Diversified Telecommunication Services (-0.3%)
Iliad SA		(3,146	)		(422,101	)
Electric Utilities (-0.0%)
Electricite de France		(1,282	)		(50,250	)
Food & Staples Retailing (-0.2%)
Casino Guichard Perrachon SA		(2,207	)		(207,967	)
Health Care Equipment & Supplies (-0.2%)
BioMerieux		(455	)		(52,773	)
Cie Generale d'Optique Essilor International SA		(3,123	)		(253,344	)
					(306,117	)
Hotels, Restaurants & Leisure (-0.4%)
Accor SA		(6,568	)		(293,775	)
Sodexo		(2,447	)		(191,643	)
					(485,418	)
Media (-0.7%)
Eutelsat Communications		(7,884	)		(354,868	)
JC Decaux SA*		(11,887	)		(381,366	)
Lagardere SCA		(760	)		(32,155	)
Societe Television Francaise 1		(4,556	)		(83,092	)
					(851,481	)
Personal Products (-0.1%)
L'Oreal SA		(620	)		(80,443	)
Professional Services (-0.3%)
Bureau Veritas SA		(4,037	)		(340,840	)

See Accompanying Notes to Financial Statements.
42

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares			Value
SHORT STOCK POSITIONS
COMMON STOCKS
France
Real Estate Investment Trusts (-1.0%)
Gecina SA		(2,804	)	$	(391,700	)
ICADE		(3,055	)		(376,254	)
Klepierre		(8,459	)		(349,188	)
Unibail-Rodamco SE		(824	)		(190,346	)
					(1,307,488	)
Software (-0.3%)
Dassault Systemes SA		(4,301	)		(365,683	)
Textiles, Apparel & Luxury Goods (-0.2%)
Hermes International		(945	)		(279,030	)
Transportation Infrastructure (-0.5%)
Aeroports de Paris		(3,938	)		(370,227	)
Groupe Eurotunnel SA		(21,650	)		(242,211	)
					(612,438	)
TOTAL FRANCE					(6,069,304	)
Germany (-0.8%)
Metals & Mining (-0.4%)
Salzgitter AG		(3,637	)		(277,250	)
ThyssenKrupp AG		(5,263	)		(273,397	)
					(550,647	)
Personal Products (-0.2%)
Beiersdorf AG		(3,583	)		(232,745	)
Textiles, Apparel & Luxury Goods (-0.2%)
Puma AG Rudolf Dassler Sport		(844	)		(266,749	)
TOTAL GERMANY					(1,050,141	)
Italy (-0.7%)
Capital Markets (-0.2%)
Mediobanca SpA		(32,347	)		(327,511	)
Electric Utilities (-0.2%)
Terna Rete Elettrica Nazionale SpA		(49,999	)		(232,425	)
Energy Equipment & Services (-0.2%)
Saipem SpA		(4,802	)		(247,925	)
Multi-Utilities (-0.0%)
A2A SpA		(20,691	)		(32,221	)
Oil, Gas & Consumable Fuels (-0.1%)
Saras SpA*		(32,007	)		(68,148	)
TOTAL ITALY					(908,230	)

See Accompanying Notes to Financial Statements.
43

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares			Value
SHORT STOCK POSITIONS
COMMON STOCKS
Japan (-5.6%)
Air Freight & Logistics (-0.0%)
Kintetsu World Express, Inc.		(700	)	$	(22,916	)
Yusen Air & Sea Service Co., Ltd.		(1,400	)		(23,236	)
					(46,152	)
Auto Components (-0.2%)
FCC Co., Ltd.		(800	)		(19,130	)
Futaba Industrial Co., Ltd.		(2,700	)		(19,687	)
Kanto Auto Works, Ltd.		(1,500	)		(13,693	)
Keihin Corp.		(700	)		(14,767	)
Mitsuba Corp.		(2,000	)		(18,516	)
Musashi Seimitsu Industry Co., Ltd.		(700	)		(18,394	)
Nifco, Inc.		(700	)		(18,461	)
Nissan Shatai Co., Ltd.		(3,000	)		(23,091	)
Nissin Kogyo Co., Ltd.		(1,100	)		(19,820	)
Press Kogyo Co., Ltd.		(5,000	)		(25,280	)
Showa Corp.*		(2,200	)		(15,779	)
Stanley Electric Co., Ltd.		(800	)		(13,999	)
T RAD Co., Ltd.		(7,000	)		(33,719	)
Tachi-S Co., Ltd.		(500	)		(9,243	)
Teikoku Piston Ring Co., Ltd.		(2,300	)		(27,645	)
Toyoda Gosei Co., Ltd.		(900	)		(20,374	)
					(311,598	)
Beverages (-0.0%)
Coca-Cola West Co., Ltd.		(900	)		(17,190	)
Ito En, Ltd.		(400	)		(7,061	)
Sapporo Holdings, Ltd.		(5,000	)		(20,489	)
					(44,740	)
Building Products (-0.2%)
Aica Kogyo Co., Ltd.		(2,000	)		(27,309	)
Bunka Shutter Co., Ltd.		(4,000	)		(11,018	)
Central Glass Co., Ltd.		(5,000	)		(23,932	)
Nichias Corp.		(2,000	)		(11,778	)
Nitto Boseki Co., Ltd.		(4,000	)		(9,968	)
Noritz Corp.		(1,100	)		(20,187	)
Sankyo-Tateyama Holdings, Inc.*		(15,000	)		(22,039	)
Sanwa Holdings Corp.		(5,000	)		(17,406	)
Sekisui Jushi Corp.		(2,000	)		(20,358	)
TOTO, Ltd.		(5,000	)		(38,793	)
					(202,788	)
Capital Markets (-0.1%)
Jafco Co., Ltd.		(800	)		(19,999	)
Marusan Securities Co., Ltd.		(2,900	)		(11,816	)
Mizuho Investors Securities Co., Ltd.		(27,000	)		(24,532	)
SBI Holdings, Inc.		(234	)		(21,677	)
					(78,024	)

See Accompanying Notes to Financial Statements.
44

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares			Value
SHORT STOCK POSITIONS
COMMON STOCKS
Japan
Chemicals (-0.3%)
Achilles Corp.		(8,000	)	$	(11,125	)
Kansai Paint Co., Ltd.		(3,000	)		(27,247	)
KUREHA Corp.		(3,000	)		(14,675	)
Lintec Corp.		(600	)		(16,875	)
Nihon Parkerizing Co., Ltd.		(2,000	)		(30,350	)
Nippon Paint Co., Ltd.		(3,000	)		(23,927	)
Nippon Shokubai Co., Ltd.		(2,000	)		(24,324	)
NOF Corp.		(5,000	)		(21,865	)
Sanyo Chemical Industries, Ltd.		(1,000	)		(7,894	)
Sumitomo Seika Chemicals Co., Ltd.		(2,000	)		(11,087	)
T Hasegawa Co., Ltd.		(1,000	)		(15,520	)
Taiyo Ink Manufacturing Co., Ltd.		(600	)		(17,756	)
Taiyo Nippon Sanso Corp.		(3,000	)		(23,816	)
Takiron Co., Ltd.		(2,000	)		(7,231	)
Tenma Corp.		(1,400	)		(13,986	)
Toagosei Co., Ltd.		(4,000	)		(20,084	)
Tokai Carbon Co., Ltd.		(3,000	)		(16,717	)
Tokuyama Corp.		(3,000	)		(15,062	)
Tokyo Ohka Kogyo Co., Ltd.		(1,100	)		(23,620	)
					(343,161	)
Commercial Banks (-0.5%)
Bank of the Ryukyus, Ltd.		(2,500	)		(31,634	)
Kiyo Holdings, Inc.		(17,000	)		(23,017	)
Mizuho Trust & Banking Co., Ltd.		(8,700	)		(7,684	)
Seven Bank, Ltd.		(15	)		(29,879	)
Shinsei Bank, Ltd.		(15,000	)		(14,956	)
Suruga Bank, Ltd.		(3,000	)		(26,073	)
The 77 Bank, Ltd.		(6,000	)		(26,096	)
The Aichi Bank, Ltd.		(400	)		(21,992	)
The Awa Bank, Ltd.		(4,000	)		(24,832	)
The Bank of Kyoto, Ltd.		(5,000	)		(45,891	)
The Bank of Okinawa, Ltd.		(600	)		(25,693	)
The Chugoku Bank, Ltd.		(4,000	)		(49,331	)
The Chukyo Bank, Ltd.		(5,000	)		(11,423	)
The Fukushima Bank, Ltd.*		(33,000	)		(15,991	)
The Higashi-Nippon Bank, Ltd.		(6,000	)		(12,147	)
The Hyakujushi Bank, Ltd.		(7,000	)		(24,970	)
The Iyo Bank, Ltd.		(4,000	)		(36,708	)
The Kagoshima Bank, Ltd.		(2,000	)		(12,993	)
The Nanto Bank, Ltd.		(6,000	)		(30,424	)
The San-In Godo Bank, Ltd.		(3,000	)		(21,455	)
The Shiga Bank, Ltd.		(3,000	)		(17,025	)
The Shizuoka Bank, Ltd.		(1,000	)		(9,166	)
The Tokyo Tomin Bank, Ltd.		(1,800	)		(22,413	)
The Tsukuba Bank, Ltd.		(7,500	)		(23,135	)

See Accompanying Notes to Financial Statements.
45

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares			Value
SHORT STOCK POSITIONS
COMMON STOCKS
Japan
Commercial Banks
The Yamagata Bank, Ltd.		(6,000	)	$	(28,545	)
The Yamanashi Chuo Bank, Ltd.		(2,000	)		(8,450	)
					(601,923	)
Commercial Services & Supplies (-0.0%)
Moshi Moshi Hotline, Inc.		(1,100	)		(17,826	)
Park24 Co., Ltd.		(1,500	)		(15,545	)
Pilot Corp.		(10	)		(19,598	)
					(52,969	)
Communications Equipment (-0.1%)
Hitachi Kokusai Electric, Inc.		(3,000	)		(24,853	)
Icom, Inc.		(800	)		(20,522	)
NEC Mobiling, Ltd.		(500	)		(16,833	)
					(62,208	)
Computers & Peripherals (-0.0%)
Eizo Nanao Corp.		(400	)		(7,530	)
Japan Digital Laboratory Co., Ltd.		(2,200	)		(25,936	)
Roland DG Corp.		(1,300	)		(17,472	)
					(50,938	)
Construction & Engineering (-0.3%)
Chiyoda Corp.		(4,000	)		(45,962	)
Chudenko Corp.		(2,700	)		(31,664	)
COMSYS Holdings Corp.		(2,000	)		(19,993	)
Kinden Corp.		(1,166	)		(9,945	)
Maeda Road Construction Co., Ltd.		(3,000	)		(29,101	)
NEC Networks & System Integration Corp.		(2,400	)		(33,459	)
Nippon Densetsu Kogyo Co., Ltd.		(2,000	)		(21,238	)
SHO-BOND Holdings Co., Ltd.		(800	)		(19,238	)
Taihei Dengyo Kaisha, Ltd.		(3,000	)		(22,546	)
Taikisha, Ltd.		(1,900	)		(37,595	)
Toshiba Plant Systems & Services Corp.		(2,000	)		(23,566	)
Toyo Engineering Corp.		(4,000	)		(15,881	)
Yurtec Corp.		(3,000	)		(14,781	)
					(324,969	)
Consumer Finance (-0.0%)
Aeon Credit Service Co., Ltd.		(1,900	)		(25,942	)
Hitachi Capital Corp.		(1,200	)		(16,224	)
					(42,166	)
Containers & Packaging (-0.0%)
FP Corp.		(300	)		(18,546	)
Rengo Co., Ltd.		(4,000	)		(26,349	)
					(44,895	)

See Accompanying Notes to Financial Statements.
46

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares			Value
SHORT STOCK POSITIONS
COMMON STOCKS
Japan
Distributors (-0.0%)
Doshisha Co., Ltd.		(400	)	$	(10,475	)
Diversified Consumer Services (-0.0%)
Benesse Holdings, Inc.		(700	)		(29,978	)
Diversified Financial Services (-0.1%)
IBJ Leasing Co., Ltd.		(900	)		(21,906	)
Japan Securities Finance Co., Ltd.		(2,800	)		(17,081	)
Mitsubishi UFJ Lease & Finance Co., Ltd.		(640	)		(24,691	)
					(63,678	)
Electric Utilities (-0.0%)
Shikoku Electric Power Co., Inc.		(300	)		(6,791	)
The Okinawa Electric Power Co., Inc.		(500	)		(22,614	)
Tohoku Electric Power Co., Inc.		(900	)		(12,947	)
					(42,352	)
Electrical Equipment (-0.1%)
Cosel Co., Ltd.		(1,400	)		(24,225	)
Futaba Corp.		(900	)		(16,521	)
Hitachi Cable, Ltd.		(8,000	)		(19,707	)
Mabuchi Motor Co., Ltd.		(400	)		(20,123	)
Nippon Signal Co., Ltd.		(2,000	)		(15,380	)
Nitto Kogyo Corp.		(1,700	)		(20,044	)
Toyo Denki Seizo - Toyo Electric Manufacturing Co. Ltd.		(4,000	)		(19,095	)
Ushio, Inc.		(800	)		(15,768	)
					(150,863	)
Electronic Equipment, Instruments & Components (-0.3%)
Canon Electronics, Inc.		(300	)		(8,168	)
CMK Corp.*		(6,900	)		(23,028	)
Hamamatsu Photonics KK		(1,100	)		(47,410	)
Hirose Electric Co., Ltd.		(441	)		(45,064	)
Koa Corp.		(2,000	)		(23,410	)
Macnica, Inc.		(1,000	)		(22,705	)
Nichicon Corp.		(1,800	)		(29,717	)
Nippon Chemi-Con Corp.		(4,000	)		(25,069	)
Osaki Electric Co., Ltd.		(2,000	)		(20,219	)
Shimadzu Corp.		(3,000	)		(27,391	)
Star Micronics Co. Ltd.		(2,000	)		(23,618	)
Toyo Corp.		(1,600	)		(17,323	)
Yamatake Corp.		(400	)		(8,892	)
Yokogawa Electric Corp.*		(3,600	)		(30,629	)
					(352,643	)
Energy Equipment & Services (-0.0%)
Shinko Plantech Co., Ltd.		(2,100	)		(22,627	)
Toyo Kanetsu KK		(6,000	)		(14,792	)
					(37,419	)

See Accompanying Notes to Financial Statements.
47

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares			Value
SHORT STOCK POSITIONS
COMMON STOCKS
Japan
Food & Staples Retailing (-0.2%)
Circle K Sunkus Co., Ltd.		(800	)	$	(12,444	)
FamilyMart Co., Ltd.		(700	)		(25,621	)
Heiwado Co., Ltd.		(1,700	)		(21,032	)
Lawson, Inc.		(600	)		(31,377	)
Ministop Co., Ltd.		(1,500	)		(26,985	)
Sugi Holdings Co., Ltd.		(1,400	)		(36,423	)
Sundrug Co., Ltd.		(1,100	)		(34,800	)
Tsuruha Holdings, Inc.		(400	)		(19,075	)
Yaoko Co., Ltd.		(800	)		(25,038	)
					(232,795	)
Food Products (-0.2%)
Dydo Drinco, Inc.		(600	)		(22,198	)
Hokuto Corp.		(800	)		(17,502	)
Itoham Foods, Inc.		(5,000	)		(20,266	)
Kikkoman Corp.		(2,000	)		(21,011	)
Nichirei Corp.		(3,000	)		(12,776	)
Nisshin Seifun Group, Inc.		(2,000	)		(24,919	)
QP Corp.		(2,500	)		(31,707	)
Sakata Seed Corp.		(2,400	)		(34,892	)
Toyo Suisan Kaisha, Ltd.		(2,000	)		(47,166	)
Yakult Honsha Co., Ltd.		(1,200	)		(34,603	)
Yamazaki Baking Co., Ltd.		(3,224	)		(43,030	)
					(310,070	)
Gas Utilities (-0.1%)
Shizuoka Gas Co., Ltd.		(3,500	)		(19,749	)
Toho Gas Co., Ltd.		(7,000	)		(37,761	)
					(57,510	)
Health Care Equipment & Supplies (-0.1%)
Hitachi Medical Corp.		(2,000	)		(22,329	)
Nihon Kohden Corp.		(1,000	)		(24,820	)
Olympus Corp.		(700	)		(23,545	)
Sysmex Corp.		(600	)		(22,496	)
					(93,190	)
Health Care Providers & Services (-0.1%)
BML, Inc.		(500	)		(12,610	)
Miraca Holdings, Inc.		(1,000	)		(40,389	)
Nichii Gakkan Co.		(2,600	)		(23,028	)
					(76,027	)
Hotels, Restaurants & Leisure (-0.1%)
HIS Co., Ltd.		(900	)		(22,169	)
Kisoji Co., Ltd.		(800	)		(16,540	)
Kura Corp.		(1,400	)		(18,153	)
Oriental Land Co. Japan, Ltd.		(600	)		(50,736	)

See Accompanying Notes to Financial Statements.
48

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares			Value
SHORT STOCK POSITIONS
COMMON STOCKS
Japan
Hotels, Restaurants & Leisure
Plenus Co., Ltd.		(2,000	)	$	(32,106	)
Saizeriya Co., Ltd.		(1,000	)		(18,944	)
					(158,648	)
Household Durables (-0.1%)
Alpine Electronics, Inc.		(1,600	)		(22,097	)
Cleanup Corp.		(2,800	)		(17,259	)
Funai Electric Co., Ltd.		(200	)		(5,262	)
Pioneer Corp.*		(5,600	)		(25,052	)
Rinnai Corp.		(500	)		(35,993	)
Takamatsu Construction Group Co., Ltd.		(700	)		(9,918	)
Touei Housing Corp.		(1,000	)		(12,125	)
					(127,706	)
Household Products (-0.1%)
Pigeon Corp.		(1,000	)		(32,765	)
Unicharm Corp.		(900	)		(39,197	)
					(71,962	)
Internet & Catalog Retail (-0.0%)
ASKUL Corp.		(1,300	)		(21,176	)
Internet Software & Services (-0.0%)
Kakaku.com, Inc.		(3	)		(21,029	)
Macromill, Inc.		(2,300	)		(23,698	)
					(44,727	)
IT Services (-0.1%)
Information Services International-Dentsu, Ltd.		(2,300	)		(14,135	)
NET One Systems Co., Ltd.		(14	)		(26,849	)
TKC		(800	)		(18,203	)
					(59,187	)
Leisure Equipment & Products (-0.1%)
Mars Engineering Corp.		(1,500	)		(23,492	)
Nidec Copal Corp.		(1,300	)		(15,904	)
Shimano, Inc.		(800	)		(43,872	)
Tamron Co., Ltd.		(1,100	)		(26,312	)
					(109,580	)
Machinery (-0.4%)
Aichi Corp.		(4,000	)		(19,989	)
Daiwa Industries, Ltd.		(3,000	)		(14,323	)
Fujitec Co., Ltd.		(2,000	)		(11,510	)
Furukawa Co., Ltd.*		(21,000	)		(21,403	)
Glory, Ltd.		(700	)		(15,717	)
Hino Motors, Ltd.		(6,000	)		(34,927	)
Hosokawa Micron Corp.		(5,000	)		(24,254	)
Kitz Corp.		(3,000	)		(17,466	)

See Accompanying Notes to Financial Statements.
49

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares			Value
SHORT STOCK POSITIONS
COMMON STOCKS
Japan
Machinery
Kurita Water Industries, Ltd.		(700	)	$	(20,817	)
Makino Milling Machine Co., Ltd.		(1,000	)		(9,277	)
Miura Co., Ltd.		(700	)		(20,228	)
Nachi-Fujikoshi Corp.		(5,000	)		(29,592	)
NGK Insulators, Ltd.		(1,000	)		(18,571	)
Nitta Corp.		(1,300	)		(25,407	)
Noritake Co., Ltd.		(4,000	)		(15,775	)
OSG Corp.		(1,800	)		(25,041	)
Ryobi, Ltd.		(6,000	)		(26,922	)
Shima Seiki Manufacturing, Ltd.		(900	)		(23,242	)
Sintokogio, Ltd.		(2,400	)		(24,562	)
Tadano, Ltd.		(4,000	)		(24,157	)
Takuma Co., Ltd.*		(2,000	)		(10,122	)
The Japan Steel Works, Ltd.		(1,000	)		(6,833	)
THK Co., Ltd.		(400	)		(10,190	)
Tocalo Co., Ltd.		(1,100	)		(27,090	)
Toshiba Machine Co., Ltd.		(4,000	)		(21,788	)
Tsukishima Kikai Co., Ltd.		(2,000	)		(17,373	)
Union Tool Co.		(900	)		(19,495	)
					(536,071	)
Marine (-0.0%)
Inui Steamship Co., Ltd.		(5,700	)		(28,183	)
Media (-0.1%)
Asatsu-DK, Inc.		(1,000	)		(26,142	)
Gakken Co., Ltd.		(10,000	)		(18,116	)
Toho Co., Ltd.		(1,400	)		(23,173	)
					(67,431	)
Metals & Mining (-0.2%)
Aichi Steel Corp.		(1,000	)		(6,830	)
Furukawa-Sky Aluminum Corp.		(4,000	)		(14,291	)
Maruichi Steel Tube, Ltd.		(1,400	)		(34,598	)
Neturen Co., Ltd.		(1,400	)		(11,798	)
Nippon Yakin Kogyo Co., Ltd.*		(10,500	)		(28,261	)
Nisshin Steel Co., Ltd.		(10,000	)		(19,065	)
Osaka Steel Co., Ltd.		(1,100	)		(21,802	)
OSAKA Titanium Technologies Co., Ltd.		(300	)		(21,900	)
Sanyo Special Steel Co., Ltd.		(3,000	)		(18,991	)
Tokyo Steel Manufacturing Co., Ltd.		(1,600	)		(16,842	)
Topy Industries, Ltd.		(9,000	)		(25,558	)
Toyo Kohan Co., Ltd.		(4,000	)		(18,542	)
Yamato Kogyo Co., Ltd.		(900	)		(27,939	)
					(266,417	)

See Accompanying Notes to Financial Statements.
50

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares			Value
SHORT STOCK POSITIONS
COMMON STOCKS
Japan
Multiline Retail (-0.1%)
Don Quijote Co., Ltd.		(700	)	$	(24,266	)
Fuji Co., Ltd.		(1,600	)		(32,981	)
H2O Retailing Corp.		(2,000	)		(15,499	)
Isetan Mitsukoshi Holdings, Ltd.		(1,400	)		(13,672	)
Izumi Co., Ltd.		(1,200	)		(17,959	)
Marui Group Co., Ltd.		(3,304	)		(25,014	)
Takashimaya Co., Ltd.		(5,000	)		(34,386	)
					(163,777	)
Oil, Gas & Consumable Fuels (-0.1%)
Japan Petroleum Exploration Co.		(1,000	)		(46,799	)
Kanto Natural Gas Development, Ltd.		(3,000	)		(17,162	)
Nippon Gas Co., Ltd.		(1,500	)		(20,506	)
Showa Shell Sekiyu KK		(3,300	)		(30,552	)
					(115,019	)
Paper & Forest Products (-0.1%)
Daiken Corp.		(7,000	)		(21,860	)
Daio Paper Corp.		(2,000	)		(15,937	)
Hokuetsu Kishu Paper Co., Ltd.		(4,500	)		(27,457	)
Mitsubishi Paper Mills, Ltd.*		(24,000	)		(24,749	)
Nippon Paper Group, Inc.		(1,600	)		(35,390	)
OJI Paper Co., Ltd.		(8,000	)		(38,248	)
					(163,641	)
Personal Products (-0.1%)
Fancl Corp.		(1,500	)		(20,363	)
Kobayashi Pharmaceutical Co., Ltd.		(700	)		(35,071	)
Kose Corp.		(1,200	)		(31,076	)
Mandom Corp.		(700	)		(19,181	)
Milbon Co., Ltd.		(770	)		(22,817	)
					(128,508	)
Pharmaceuticals (-0.2%)
Chugai Pharmaceutical Co., Ltd.		(1,900	)		(31,057	)
Hisamitsu Pharmaceutical Co., Inc.		(800	)		(33,973	)
Kissei Pharmaceutical Co., Ltd.		(1,000	)		(19,410	)
Nippon Shinyaku Co., Ltd.		(2,000	)		(25,405	)
Rohto Pharmaceutical Co., Ltd.		(1,000	)		(11,344	)
Santen Pharmaceutical Co., Ltd.		(1,019	)		(41,180	)
Taisho Pharmaceutical Co., Ltd.		(1,339	)		(30,071	)
Torii Pharmaceutical Co., Ltd.		(1,000	)		(18,816	)
Towa Pharmaceutical Co., Ltd.		(400	)		(24,053	)
Tsumura & Co.		(1,400	)		(44,615	)
					(279,924	)
Professional Services (-0.0%)
Meitec Corp.		(1,300	)		(28,332	)

See Accompanying Notes to Financial Statements.
51

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares			Value
SHORT STOCK POSITIONS
COMMON STOCKS
Japan
Real Estate Management & Development (-0.1%)
Aeon Mall Co., Ltd.		(1,068	)	$	(25,790	)
Daibiru Corp.		(2,700	)		(20,632	)
Goldcrest Co., Ltd.		(730	)		(15,135	)
Iida Home Max		(2,400	)		(20,928	)
NTT Urban Development Corp.		(24	)		(20,523	)
Shoei Co., Ltd./Chiyoda-ku		(1,800	)		(16,190	)
TOC Co., Ltd.		(4,700	)		(21,103	)
					(140,301	)
Road & Rail (-0.1%)
Keihin Electric Express Railway Co., Ltd.		(5,983	)		(43,007	)
Keio Corp.		(5,000	)		(27,491	)
Keisei Electric Railway Co., Ltd.		(6,000	)		(35,396	)
Nippon Konpo Unyu Soko Co., Ltd.		(1,000	)		(10,614	)
Nishi-Nippon Railroad Co., Ltd.		(4,000	)		(17,158	)
Odakyu Electric Railway Co., Ltd.		(3,000	)		(23,745	)
					(157,411	)
Semiconductors & Semiconductor Equipment (-0.1%)
Advantest Corp.		(2,100	)		(38,538	)
Mitsui High-Tec, Inc.		(1,900	)		(9,626	)
Sanken Electric Co., Ltd.		(2,000	)		(11,761	)
Shibaura Mechatronics Corp.		(6,000	)		(23,779	)
Shinkawa, Ltd.		(1,900	)		(15,362	)
ULVAC, Inc.*		(600	)		(14,726	)
					(113,792	)
Software (-0.1%)
Capcom Co., Ltd.		(1,000	)		(22,996	)
Fuji Soft, Inc.		(800	)		(11,689	)
NSD Co., Ltd.		(1,600	)		(13,412	)
Oracle Corp.		(500	)		(21,721	)
Square Enix Co., Ltd.		(1,100	)		(19,735	)
Trend Micro, Inc.		(500	)		(15,485	)
					(105,038	)
Specialty Retail (-0.2%)
ABC-Mart, Inc.		(800	)		(32,342	)
Komeri Co., Ltd.		(1,000	)		(27,180	)
Nishimatsuya Chain Co., Ltd.		(2,500	)		(20,591	)
Nitori Co., Ltd.		(444	)		(42,007	)
Point, Inc.		(300	)		(13,023	)
Sanrio Co. Ltd.		(800	)		(31,103	)
Shimachu Co., Ltd.		(900	)		(21,903	)
Shimamura Co., Ltd.		(300	)		(28,508	)
Tsutsumi Jewelry Co., Ltd.		(600	)		(14,365	)
USS Co., Ltd.		(379	)		(29,308	)
					(260,330	)

See Accompanying Notes to Financial Statements.
52

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares			Value
SHORT STOCK POSITIONS
COMMON STOCKS
Japan
Textiles, Apparel & Luxury Goods (-0.1%)
Asics Corp.		(2,051	)	$	(30,517	)
Wacoal Holdings Corp.		(2,000	)		(24,892	)
					(55,409	)
Trading Companies & Distributors (-0.1%)
Hanwa Co., Ltd.		(4,000	)		(17,642	)
Kanematsu Corp.*		(14,000	)		(13,755	)
MISUMI Corp.		(900	)		(23,254	)
Shinsho Corp.		(4,000	)		(9,613	)
Trusco Nakayama Corp.		(1,400	)		(27,320	)
Yamazen Corp.		(1,700	)		(12,005	)
Yuasa Trading Co., Ltd.		(21,000	)		(32,935	)
					(136,524	)
Transportation Infrastructure (-0.1%)
Japan Airport Terminal Co., Ltd.		(1,900	)		(22,059	)
Kamigumi Co., Ltd.		(3,964	)		(36,930	)
Mitsubishi Logistics Corp.		(2,000	)		(22,428	)
Mitsui-Soko Co., Ltd.		(5,000	)		(19,555	)
The Sumitomo Warehouse Co., Ltd.		(2,000	)		(9,034	)
					(110,006	)
TOTAL JAPAN					(7,112,631	)
Luxembourg (-0.2%)
Energy Equipment & Services (-0.1%)
Tenaris SA		(4,852	)		(110,889	)
Wireless Telecommunication Services (-0.1%)
Millicom International Cellular SA		(1,628	)		(170,974	)
TOTAL LUXEMBOURG					(281,863	)
Netherlands (-1.8%)
Air Freight & Logistics (-0.2%)
TNT Express NV*		(13,260	)		(137,497	)
TNT NV		(13,260	)		(112,340	)
					(249,837	)
Energy Equipment & Services (-0.3%)
Fugro NV		(4,110	)		(295,972	)
SBM Offshore NV		(6,270	)		(165,748	)
					(461,720	)
Media (-0.5%)
Reed Elsevier NV		(23,707	)		(318,407	)
Wolters Kluwer NV		(14,039	)		(311,188	)
					(629,595	)
Professional Services (-0.2%)
Randstad Holding NV		(5,493	)		(253,932	)

See Accompanying Notes to Financial Statements.
53

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares			Value
SHORT STOCK POSITIONS
COMMON STOCKS
Netherlands
Real Estate Investment Trusts (-0.3%)
Corio NV		(5,723	)	$	(378,938	)
Transportation Infrastructure (-0.3%)
Koninklijke Vopak NV		(7,392	)		(361,941	)
TOTAL NETHERLANDS					(2,335,963	)
Spain (-0.3%)
Electric Utilities (-0.2%)
Red Electrica Corp. SA		(5,686	)		(342,937	)
Independent Power Producers & Energy Traders (-0.1%)
EDP Renovaveis SA*		(12,985	)		(85,639	)
TOTAL SPAIN					(428,576	)
Sweden (-0.6%)
Commercial Banks (-0.3%)
Nordea Bank AB		(6,627	)		(71,345	)
Skandinaviska Enskilda Banken AB A Shares		(19,141	)		(156,881	)
Swedbank AB A Shares		(5,423	)		(91,412	)
					(319,638	)
Diversified Financial Services (-0.2%)
Kinnevik Investment AB		(11,185	)		(249,037	)
Household Durables (-0.0%)
Husqvarna AB B Shares		(4,363	)		(28,978	)
Metals & Mining (-0.1%)
SSAB AB A Shares		(10,460	)		(156,646	)
Paper & Forest Products (-0.0%)
Holmen AB B Shares		(538	)		(16,817	)
TOTAL SWEDEN					(771,116	)
Switzerland (-1.4%)
Biotechnology (-0.1%)
Actelion, Ltd.*		(1,592	)		(78,439	)
Electric Utilities (-0.1%)
BKW FMB Energie AG		(2,228	)		(137,049	)
Food Products (-0.3%)
Aryzta AG		(6,589	)		(353,356	)
Health Care Equipment & Supplies (-0.3%)
Nobel Biocare Holding AG*		(6,244	)		(127,140	)
Sonova Holding AG*		(348	)		(32,444	)
Straumann Holding AG		(663	)		(159,649	)
Synthes, Inc.		(307	)		(53,986	)
					(373,219	)

See Accompanying Notes to Financial Statements.
54

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares			Value
SHORT STOCK POSITIONS
COMMON STOCKS
Switzerland
Insurance (-0.2%)
Swiss Life Holding AG*		(1,790	)	$	(293,127	)
Marine (-0.2%)
Kuehne + Nagel International AG		(1,234	)		(187,197	)
Professional Services (-0.2%)
Adecco SA*		(4,857	)		(311,285	)
Textiles, Apparel & Luxury Goods (-0.0%)
Cie Financiere Richemont SA Class A		(390	)		(25,520	)
TOTAL SWITZERLAND					(1,759,192	)
United Kingdom (-1.4%)
Aerospace & Defense (-0.0%)
Cobham PLC		(16,984	)		(57,660	)
Food & Staples Retailing (-0.1%)
WM Morrison Supermarkets PLC		(42,076	)		(201,311	)
Hotels, Restaurants & Leisure (-0.1%)
Carnival PLC		(796	)		(30,853	)
Thomas Cook Group PLC		(18,473	)		(39,489	)
					(70,342	)
Household Durables (-0.2%)
Berkeley Group Holdings PLC*		(16,298	)		(337,208	)
Independent Power Producers & Energy Traders (-0.1%)
Drax Group PLC		(8,303	)		(67,099	)
Insurance (-0.1%)
Admiral Group PLC		(2,922	)		(77,947	)
Internet & Catalog Retail (-0.0%)
Home Retail Group PLC		(15,455	)		(40,641	)
Machinery (-0.1%)
Invensys PLC		(13,872	)		(71,776	)
Media (-0.2%)
Reed Elsevier PLC		(31,139	)		(283,588	)
Oil, Gas & Consumable Fuels (-0.1%)
Tullow Oil PLC		(4,030	)		(80,279	)
Professional Services (-0.1%)
The Capita Group PLC		(13,685	)		(157,226	)
Road & Rail (-0.0%)
Firstgroup PLC		(9,292	)		(50,905	)

See Accompanying Notes to Financial Statements.
55

Credit Suisse Trust — International Equity Flex III Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares			Value
SHORT STOCK POSITIONS
COMMON STOCKS
United Kingdom
Software (-0.1%)
Autonomy Corp. PLC*		(3,403	)	$	(93,244	)
The Sage Group PLC		(16,996	)		(78,820	)
					(172,064	)
Textiles, Apparel & Luxury Goods (-0.1%)
Burberry Group PLC		(3,708	)		(86,255	)
Water Utilities (-0.1%)
United Utilities Group PLC		(7,847	)		(75,497	)
TOTAL UNITED KINGDOM					(1,829,798	)
TOTAL COMMON STOCKS (Proceeds $24,629,246)					(26,328,524	)
TOTAL SECURITIES SOLD SHORT (Proceeds $24,629,246)				$	(26,328,524	)

INVESTMENT ABBREVIATION

ADR = American Depositary Receipt

*  Non-income producing security.

§  Security or portion thereof is out on loan.

§§  Represents security purchased with cash collateral received for securities on loan. The rate shown is the annualized seven-day yield at June 30, 2011.

^  Not readily marketable security; security is valued at fair value as determined in good faith by, or under the direction of, the Board of Trustees.

See Accompanying Notes to Financial Statements.
56

Credit Suisse Trust — International Equity Flex III Portfolio
Statement of Assets and Liabilities
June 30, 2011 (unaudited)

Assets
Investments at value, including collateral for securities on loan of $10,662,198 (Cost $138,719,674)(Note 2)	$	164,778,0111
Cash		412
Foreign currency at value (cost $454,738)		455,751
Cash segregated at brokers for short sales		26,727,344
Dividend and interest receivable		373,426
Receivable for portfolio shares sold		142,764
Receivable for investments sold		5,852
Prepaid expenses and other assets		12,114
Total Assets		192,495,674
Liabilities
Advisory fee payable (Note 3)		73,760
Administrative services fee payable (Note 3)		48,938
Payable upon return of securities loaned (Note 2)		37,389,542
Securities sold short, at value (Proceeds $24,629,246)(Note 2)		26,328,524
Payable for portfolio shares redeemed		164,960
Dividend expense payable on securities sold short		44,299
Trustees' fee payable		2,880
Other accrued expenses payable		92,946
Total Liabilities		64,145,849
Net Assets
Capital stock, $.001 par value (Note 6)		18,636
Paid-in capital (Note 6)		113,086,155
Undistributed net investment income		5,203,692
Accumulated net realized loss on investments, short sales and foreign currency transactions		(14,334,233	)
Net unrealized appreciation from investments, short sales and foreign currency translations		24,375,575
Net Assets	$	128,349,825
Shares outstanding		18,635,636
Net asset value, offering price and redemption price per share	$	6.89

¹  Including $36,818,647 of securities on loan.

See Accompanying Notes to Financial Statements.
57

Credit Suisse Trust — International Equity Flex III Portfolio
Statement of Operations
For the Six Months Ended June 30, 2011 (unaudited)

Investment Income (Note 2)
Dividends	$	4,150,141
Interest		34
Securities lending		177,893
Foreign taxes withheld		(412,237	)
Total investment income		3,915,831
Expenses
Investment advisory fees (Note 3)		643,546
Administrative services fees (Note 3)		136,475
Dividend expense for securities sold short		568,007
Custodian fees		139,441
Short sales expense		74,522
Printing fees (Note 3)		35,243
Audit and tax fees		25,000
Trustees' fees		20,098
Transfer agent fees		15,198
Legal fees		14,965
Insurance expense		4,167
Commitment fees (Note 4)		300
Miscellaneous expense		8,454
Total expenses		1,685,416
Less: fees waived (Note 3)		(183,524	)
Net expenses		1,501,892
Net investment income		2,413,939
Net Realized and Unrealized Gain (Loss) from Investments, Short Sales and Foreign Currency Related Items
Net realized gain from investments		6,939,317
Net realized loss from short sales		(2,308,054	)
Net realized loss from foreign currency transactions		(9,414	)
Net change in unrealized appreciation (depreciation) from investments		(1,282,472	)
Net change in unrealized appreciation (depreciation) from short sales		465,315
Net change in unrealized appreciation (depreciation) from foreign currency translations		4,086
Net realized and unrealized gain from investments, short sales and foreign currency related items		3,808,778
Net increase in net assets resulting from operations	$	6,222,717

See Accompanying Notes to Financial Statements.
58

Credit Suisse Trust — International Equity Flex III Portfolio
Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2011 (unaudited)			For the Year Ended December 31, 2010
From Operations
Net investment income	$	2,413,939		$	2,425,247
Net realized gain from investments, short sales and foreign currency transactions		4,621,849			5,496,797
Net change in unrealized appreciation (depreciation) from investments, short sales and foreign currency translations		(813,071	)		5,851,907
Net increase in net assets resulting from operations		6,222,717			13,773,951
From Dividends
Dividends from net investment income		(100,167	)		(119,025	)
From Capital Share Transactions (Note 6)
Proceeds from sale of shares		9,803,995			16,551,125
Reinvestment of dividends		100,167			119,025
Net asset value of shares redeemed		(16,425,280	)		(32,096,551	)
Net decrease in net assets from capital share transactions		(6,521,118	)		(15,426,401	)
Net decrease in net assets		(398,568	)		(1,771,475	)
Net Assets
Beginning of period		128,748,393			130,519,868
End of period	$	128,349,825		$	128,748,393
Undistributed net investment income	$	5,203,692		$	2,889,920

See Accompanying Notes to Financial Statements.
59

Credit Suisse Trust — International Equity Flex III Portfolio
Statement of Cash Flows
For the Six Months Ended June 30, 2011 (unaudited)

Cash Flows from Operating Activities
Dividends, interest and securities lending income received	$	3,758,216
Gain received from litigation		9,178
Operating expenses paid		(955,267	)
Dividend expense paid on securities sold short		(542,816	)
Purchases of long-term securities		(41,489,008	)
Proceeds from sales of long-term securities		54,646,442
Purchases to cover securities sold short		(32,713,724	)
Proceeds from securities sold short		24,785,565
Purchases of short-term securities, net		(477,000	)
Net cash provided by operating activities				$	7,021,586
Cash Flows from Financing Activities
Proceeds from sale of shares		9,700,265
Cost of shares redeemed		(16,309,428	)
Net cash used by financing activities					(6,609,163	)
Effect of exchange rate on cash					(5,328	)
Net increase in cash					407,095
Cash — beginning of period					49,068
Cash — end of period				$	456,163
RECONCILIATION OF NET INCREASE IN NET ASSETS FROM OPERATIONS TO NET CASH PROVIDED BY OPERATING ACTIVITIES
Net increase in net assets resulting from operations				$	6,222,717
Adjustments to Reconcile Net Increase in Net Assets from Operations to Net Cash Provided by Operating Activities
Change in dividends and interest receivable	$	(157,615	)
Change in accrued expenses		(42,509	)
Change in prepaid expenses and other assets		(4,007	)
Change in advisory fee payable		25,134
Change in dividend expense payable on securities sold short		25,191
Purchases of long-term securities		(41,489,008	)
Proceeds from sales of long-term securities		54,646,442
Purchases to cover securities sold short		(32,713,724	)
Proceeds from securities sold short		24,785,565
Purchases of short-term securities, net		(477,000	)
Net change in unrealized depreciation from investments, short sales and foreign currency translations		813,071
Net realized gain from investments, short sales and foreign currency transactions		(4,612,671	)
Total adjustments					798,869
Net cash provided by operating activities				$	7,021,586
Non-Cash Activity:
Dividend reinvestments				$	100,167

See Accompanying Notes to Financial Statements.
60

Credit Suisse Trust — International Equity Flex III Portfolio
Financial Highlights
(For a Share of the Portfolio Outstanding Throughout Each Period)

	For the Six Months Ended June 30, 2011			For the Year Ended December 31,
	(unaudited)			2010			2009			2008			2007			2006
Per share data
Net asset value, beginning of period	$	6.57		$	5.86		$	4.08		$	23.58		$	21.85		$	16.82
INVESTMENT OPERATIONS
Net investment income		0.14			0.12			0.08			0.25			0.37			0.21
Net gain (loss) on investments, short sales and foreign currency related items (both realized and unrealized)		0.19			0.60			2.01			(10.11	)1		5.58			5.19
Total from investment operations		0.33			0.72			2.09			(9.86	)		5.95			5.40
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income		(0.01	)		(0.01	)		(0.13	)		(0.34	)		(0.37	)		(0.11	)
Distributions from net realized gains		—			—			(0.18	)		(9.30	)		(3.85	)		(0.26	)
Total dividends and distributions		(0.01	)		(0.01	)		(0.31	)		(9.64	)		(4.22	)		(0.37	)
Net asset value, end of period	$	6.89		$	6.57		$	5.86		$	4.08		$	23.58		$	21.85
Total return2		4.95	%		12.23	%		51.62	%		(54.80	)%		29.44	%		32.51	%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted)	$	128,350		$	128,748		$	130,520		$	53,245		$	179,817		$	242,319
Ratio of expenses to average net assets		2.33	%3		1.99	%		1.14	%		1.04	%		1.30	%		1.36	%
Ratio of expenses to average net assets excluding short sales dividend expense		1.45	%3		1.35	%		1.08	%		—	%		—	%		—	%
Ratio of net investment income to average net assets		3.75	%3		1.99	%		1.57	%		1.40	%		0.94	%		1.11	%
Decrease reflected in above operating expense ratios due to waivers/reimbursements		0.29	%3		0.44	%		0.40	%		0.25	%		0.15	%		0.23	%
Portfolio turnover rate		38	%		213	%		196	%		61	%		62	%		80	%

¹  The investment adviser fully reimbursed the Portfolio for a loss on a transaction not meeting the Portfolio's investment guidelines, which otherwise would have reduced the amount by $0.01.

²  Total returns are historical and assume changes in share price and reinvestment of all dividends and distributions. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns do not reflect charges and expenses attributable to any particular variable contract or plan. Total returns for periods less than one year are not annualized.

³  Annualized.

See Accompanying Notes to Financial Statements.
61

Credit Suisse Trust — International Equity Flex III Portfolio
Notes to Financial Statements
June 30, 2011 (unaudited)

Note 1. Organization

Credit Suisse Trust (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and currently offers three managed investment portfolios of which one, the International Equity Flex III Portfolio (the "Portfolio"), is included in this report. The Portfolio is a diversified investment fund that seeks capital appreciation. Shares of the Portfolio are not available directly to individual investors but may be offered only through (a) variable annuity contracts and variable life insurance contracts offered by separate accounts of certain insurance companies and (b) tax-qualified pension and retirement plans. The Portfolio may not be available in connection with a particular contract or plan. The Trust was organized under the laws of the Commonwealth of Massachusetts as a business trust on March 15, 1995. Effective May 1, 2009, the name of the Portfolio was changed from Emerging Markets Portfolio.

Note 2. Significant Accounting Policies

A) SECURITY VALUATION — The net asset value of the Portfolio 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. Equity investments are valued at market value, which is generally determined using the closing price on the exchange or market on which the security is primarily traded at the time of valuation (the "Valuation Time"). If no sales are reported, equity investments are generally valued at the most recent bid quotation as of the Valuation Time or at the lowest asked quotation in the case of a short sale of securities. Equity investments are generally categorized as Level 1. Debt securities with a remaining maturity greater than 60 days are valued in accordance with the price supplied by a pricing service, which may use a matrix, formula or other objective method that takes into consideration market indices, yield curves and other specific adjustments. Debt obligations that will mature in 60 days or less are valued on the basis of amortized cost, which approximates market value, unless it is determined that using this method would not represent fair value. Debt securities are generally categorized as Level 2. Investments in open-end investment companies are valued at their net asset value each business day and are generally categorized as Level 1. Securities and other assets for which market quotations are not readily available, or whose values have been materially affected by events occurring before the Portfolio's Valuation Time but after the close of the securities' primary markets, are valued at fair value as determined in good

62

Credit Suisse Trust — International Equity Flex III Portfolio
Notes to Financial Statements (continued)
June 30, 2011 (unaudited)

Note 2. Significant Accounting Policies

faith by, or under the direction of, the Board of Trustees under procedures established by the Board of Trustees and are generally categorized as Level 3. For certain international equity securities, in order to adjust for events which may occur between the close of the foreign stock exchanges and the close of the Exchange, the Portfolio may utilize a fair valuation service provided by an independent third party which has been approved by the Board of Trustees. Securities priced using this fair valuation model are generally categorized as Level 2. When fair value pricing is employed, the prices of securities used by a portfolio to calculate its net asset value may differ from quoted or published prices for the same securities.

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America ("GAAP"), the Portfolio discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. In accordance with GAAP, fair value is defined as the price that the Portfolio would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. In accordance with the Portfolio's valuation procedures, factors used in determining value may include, but are not limited to, the type of the security, the size of the holding, the initial cost of the security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies, quotations or evaluated prices from broker-dealers and/or pricing services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of

63

Credit Suisse Trust — International Equity Flex III Portfolio
Notes to Financial Statements (continued)
June 30, 2011 (unaudited)

Note 2. Significant Accounting Policies

the company's or issuer's financial statements, an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security is normally traded. The three-tier hierarchy of inputs is 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 Portfolio's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing 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 June 30, 2011 in valuing the Portfolio's investments carried at value:

	Level 1		Level 2		Level 3		Total
Investments In Securities
Common Stocks
Asia	$	3,680,396	$	—	$	—	$	3,680,396
Australia		353,447		8,238,685		—		8,592,132
Austria		—		1,671,276		—		1,671,276
Belgium		—		2,615,231		—		2,615,231
Bermuda		—		273,886		—		273,886
Denmark		—		2,350,962		—		2,350,962
Finland		—		2,424,476		—		2,424,476
France		—		14,563,397		—		14,563,397
Germany		—		14,402,307		—		14,402,307
Greece		—		900,635		—		900,635
Hong Kong		2,679,437		—		—		2,679,437
Israel		564,174		173,093		—		737,267
Italy		—		4,545,573		—		4,545,573
Japan		—		32,269,952		—		32,269,952
Luxembourg		—		361,181		—		361,181
Netherlands		—		5,068,067		—		5,068,067
Norway		—		2,007,593		—		2,007,593
Portugal		—		781,169		—		781,169
Singapore		1,608,895		—		—		1,608,895
Spain		478		6,361,144		—		6,361,622
Sweden		—		6,891,365		—		6,891,365
Switzerland		—		8,956,167		—		8,956,167
United Kingdom		36,756		28,199,317		—		28,236,073

64

Credit Suisse Trust — International Equity Flex III Portfolio
Notes to Financial Statements (continued)
June 30, 2011 (unaudited)

Note 2. Significant Accounting Policies

	Level 1		Level 2			Level 3		Total
Preferred Stocks
Germany		—		761,754			—		761,754
Short-Term Investments		10,662,198		1,375,000			—		12,037,198
Securities Sold Short
Common Stocks
Austria		—		(431,781	)		—		(431,781	)
Belgium		—		(940,936	)		—		(940,936	)
Bermuda		—		(21,954	)		—		(21,954	)
Denmark		—		(787,862	)		—		(787,862	)
Finland		—		(1,599,177	)		—		(1,599,177	)
France		—		(6,069,304	)		—		(6,069,304	)
Germany		—		(1,050,141	)		—		(1,050,141	)
Italy		—		(908,230	)		—		(908,230	)
Japan		—		(7,112,631	)		—		(7,112,631	)
Luxembourg		—		(281,863	)		—		(281,863	)
Netherlands		—		(2,335,963	)		—		(2,335,963	)
Spain		—		(428,576	)		—		(428,576	)
Sweden		—		(771,116	)		—		(771,116	)
Switzerland		—		(1,759,192	)		—		(1,759,192	)
United Kingdom		—		(1,829,798	)		—		(1,829,798	)
Other Financial Instruments*		—		—			—		—
	$	19,585,781	$	118,863,706		$	—	$	138,449,487

*Other financial instruments include futures, forwards and swap contracts.

The Portfolio adopted FASB amendments to authoritative guidance which requires the Portfolio to disclose details of significant transfers in and out of Level 1 and Level 2 measurements and the reasons for the transfers. For the six months ended June 30, 2011, as a result of the fair value pricing procedures for international investments utilized by the Portfolio, certain securities may have transferred in and out of Level 1 and Level 2 measurements during the period. The only investment held by the Portfolio whose fair value was determined using Level 3 inputs had a value of $0 at June 30, 2011.

B) DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES — The Portfolio adopted amendments to authoritative guidance on disclosures about derivative instruments and hedging activities which require that the Portfolio 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 portfolio's financial position, financial performance, and cash flows. The Portfolio has not entered into any derivative or hedging activities during the period covered by this report.

C) SECURITY TRANSACTIONS AND INVESTMENT INCOME — Security transactions are accounted for on a trade date basis. Interest income is recorded

65

Credit Suisse Trust — International Equity Flex III Portfolio
Notes to Financial Statements (continued)
June 30, 2011 (unaudited)

Note 2. Significant Accounting Policies

on the accrual basis. Dividends and dividend expense on short sales are recorded on the ex-dividend date. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes.

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

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

The Portfolio 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 Portfolio has reviewed its current tax positions and has determined that no provision for income tax is required in the Portfolio's financial statements. The Portfolio's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

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

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

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Credit Suisse Trust — International Equity Flex III Portfolio
Notes to Financial Statements (continued)
June 30, 2011 (unaudited)

Note 2. Significant Accounting Policies

The short-term time deposit issued by SSB is a variable rate account classified as a short-term investment.

H) SHORT SALES — The Portfolio enters into short sales transactions collateralized by cash deposits received from brokers in connection with securities lending activities (see note I) and securities. Cash deposits are shown as cash segregated at brokers on the Statement of Assets and Liabilities. The collateral amounts required are determined daily by reference to the market value of the short positions. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the securities have appreciated in value, thus resulting in a loss to the Portfolio. The Portfolio's loss on a short sale could theoretically be unlimited in a case where the Portfolio is unable, for whatever reason, to close out its short position. Short sales also involve transaction and other costs that will reduce potential gains and increase potential portfolio losses. The use by the Portfolio of short sales in combination with long positions in its portfolio in an attempt to improve performance may not be successful and may result in greater losses or lower positive returns than if the Portfolio held only long positions. It is possible that the Portfolio's long equity positions will decline in value at the same time that the value of the securities it has sold short increases, thereby increasing potential losses to the Portfolio. In addition, the Portfolio's short selling strategies may limit its ability to fully benefit from increases in the equity markets. Short selling also involves a form of financial leverage that may exaggerate any losses realized by the Portfolio. Also, there is the risk that the counterparty to a short sale may fail to honor its contractual terms, causing a loss to the Portfolio.

I) SECURITIES LENDING — Loans of securities are required at all times to be secured by collateral at least equal to 102% of the market value of domestic securities on loan (including any accrued interest thereon) and 105% of the market value of foreign securities on loan (including any accrued interest thereon). Cash collateral received by the Portfolio in connection with securities lending activity is either in the form of cash segregated at brokers or 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 Portfolio'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 Portfolio to act as the Portfolio's securities lending agent. The Portfolio's securities lending arrangement provides that

67

Credit Suisse Trust — International Equity Flex III Portfolio
Notes to Financial Statements (continued)
June 30, 2011 (unaudited)

Note 2. Significant Accounting Policies

the Portfolio and SSB will share the net income earned from securities lending activities. During the six months ended June 30, 2011, total earnings from the Portfolio's investment in cash collateral received in connection with securities lending arrangements was $225,211, of which $7,965 was rebated to borrowers (brokers). The Portfolio retained $177,893 in income from the cash collateral investment, and SSB, as lending agent, was paid $39,353. Securities lending income is accrued as earned.

J) FOREIGN CURRENCY TRANSACTIONS — The books and records of the Portfolio are maintained in U.S. dollars. Transactions denominated in foreign currencies are recorded at the current prevailing exchange rates. All assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the current exchange rate at the end of the period. Translation gains or losses resulting from changes in the exchange rate during the reporting period and realized gains and losses on the settlement of foreign currency transactions are reported in the results of operations for the current period. The Portfolio does not isolate that portion of realized gains and losses on investments in equity securities which is due to changes in the foreign exchange rate from that which is due to changes in market prices of equity securities. The Portfolio isolates that portion of realized gains and losses on investments in debt securities which is due to changes in the foreign exchange rate from that which is due to changes in market prices of debt securities.

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

L) SUBSEQUENT EVENTS — In preparing the financial statements as of June 30, 2011, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements.

Note 3. Transactions with Affiliates and Related Parties

Credit Suisse serves as investment adviser for the Portfolio. For its investment advisory services, Credit Suisse is entitled to receive a fee from the Portfolio at an annual rate of 1.00% of the Portfolio's average daily net assets. For the six months ended June 30, 2011, investment advisory fees earned and

68

Credit Suisse Trust — International Equity Flex III Portfolio
Notes to Financial Statements (continued)
June 30, 2011 (unaudited)

Note 3. Transactions with Affiliates and Related Parties

voluntarily waived were $643,546 and $183,524, respectively. Effective January 1, 2011, Credit Suisse waives fees and reimburses expenses so that the Portfolio's annual operating expenses, excluding dividend expense for securities sold short, will not exceed 1.45% of the Portfolio's average daily net assets. Fee waivers and expense reimbursements are voluntary and may be discontinued by Credit Suisse at any time.

Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of Credit Suisse, and SSB serve as co-administrators to the Portfolio. For its co-administrative services, CSAMSI currently receives a fee calculated at an annual rate of 0.09% of the Portfolio's average daily net assets. For the six months ended June 30, 2011, co-administrative services fees earned by CSAMSI were $57,919.

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 six months ended June 30, 2011, co-administrative services fees earned by SSB (including out-of-pocket expenses) were $78,556.

In addition to serving as the Portfolio's co-administrator, CSAMSI currently serves as distributor of the Portfolio's shares without compensation.

Merrill Corporation ("Merrill"), an affiliate of Credit Suisse, has been engaged by the Portfolio to provide certain financial printing services. For the six months ended June 30, 2011, Merrill was paid $25,402 for its services by the Portfolio.

Note 4. Line of Credit

The Portfolio, together with other funds/portfolios advised by Credit Suisse (collectively, the "Participating Funds"), participates in a committed, unsecured line of credit facility ("Credit Facility") for temporary or emergency purposes with SSB. Under the terms of the Credit Facility, the Participating Funds pay an aggregate commitment fee 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 June 30, 2011,

69

Credit Suisse Trust — International Equity Flex III Portfolio
Notes to Financial Statements (continued)
June 30, 2011 (unaudited)

Note 4. Line of Credit

and during the six months ended June 30, 2011, the Portfolio had no borrowings under the Credit Facility.

Note 5. Purchases and Sales of Securities

For the six months ended June 30, 2011, purchases and sales of investment securities (excluding short sales and short-term investments) were $41,429,922 and $54,560,199, respectively. Securities sold short and purchases to cover securities sold short were $22,877,229 and $30,626,984, respectively.

At June 30, 2011, the identified cost for federal income tax purposes, as well as the gross unrealized appreciation from investments for those securities having an excess of value over cost, gross unrealized depreciation from investments for those securities having an excess of cost over value and the net unrealized appreciation from investments were $138,719,674, $28,752,164, $(2,693,827) and $26,058,337, respectively.

At June 30, 2011, the identified proceeds for federal income tax purposes, as well as the gross unrealized appreciation from securities sold short for those securities having an excess of proceeds over value, gross unrealized depreciation from investments for those securities having an excess of value over proceeds and the net unrealized depreciation from securities sold short were $(24,629,246), $725,977, $(2,425,255) and $(1,699,278), respectively.

Note 6. Capital Share Transactions

The Trust is authorized to issue an unlimited number of full and fractional shares of beneficial interest, $.001 par value per share. Transactions in capital shares of the Portfolio were as follows:

	For the Six Months Ended June 30, 2011 (unaudited)			For the Year Ended December 31, 2010
Shares sold		1,438,612			2,807,356
Shares issued in reinvestment of dividends and distributions		14,839			20,557
Shares redeemed		(2,420,342	)		(5,511,004	)
Net decrease		(966,891	)		(2,683,091	)

70

Credit Suisse Trust — International Equity Flex III Portfolio
Notes to Financial Statements (continued)
June 30, 2011 (unaudited)

Note 6. Capital Share Transactions

On June 30, 2011, the number of shareholders that held 5% or more of the outstanding shares of the Portfolio was as follows:

Number of Shareholders		Approximate Percentage of Outstanding Shares
	5		82	%

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

Note 7. Contingencies

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

Note 8. Liquidation

On June 30, 2011, the Board of Trustees of Credit Suisse Trust — International Equity Flex III Portfolio (the "Portfolio") approved, subject to shareholder approval, a Plan of Liquidation and Dissolution (the "Plan") whereby all of the Portfolio's assets would be liquidated and the Portfolio would subsequently be dissolved.

If the Plan is approved on the date of the special meeting of shareholders, which is expected to take place on September 29, 2011, each shareholder of the Portfolio would receive a distribution in an amount equal to the net asset value per share on or about October 12, 2011. Each shareholder may also receive previously declared and unpaid dividends and distributions with respect to each of the shareholder's shares of the Portfolio. The liquidation and dissolution of the Portfolio is subject to the completion of certain conditions, including the approval of the Plan by the Portfolio's shareholders.

71

Credit Suisse Trust—International Equity Flex III Portfolio
Notice of Privacy and Information Practices (unaudited)

At Credit Suisse, we know that you are concerned with how we protect and handle nonpublic personal information that identifies you. This notice is designed to help you understand what nonpublic personal information we collect from you and from other sources, and how we use that information in connection with your investments and investment choices that may be available to you. Except where otherwise noted, this notice is applicable only to consumers who are current or former investors, meaning individual persons whose investments are primarily for household, family or personal use ("individual investors"). Specified sections of this notice, however, also apply to other types of investors (called "institutional investors"). Where the notice applies to institutional investors, the notice expressly states so. This notice is being provided by Credit Suisse Funds and Credit Suisse Closed-End Funds. This notice applies solely to U.S. registered investment companies advised by Credit Suisse Asset Management, LLC.

Categories of information we may collect:

We may collect information about you, including nonpublic personal information, such as

•  Information we receive from you on applications, forms, agreements, questionnaires, Credit Suisse websites and other websites that are part of our investment program, or in the course of establishing or maintaining a customer relationship, such as your name, address, e-mail address, Social Security number, assets, income, financial situation; and

•  Information we obtain from your transactions and experiences with us, our affiliates, or others, such as your account balances or other investment information, assets purchased and sold, and other parties to a transaction, where applicable.

Categories of information we disclose and parties to whom we disclose it:

•  We do not disclose nonpublic personal information about our individual investors, except as permitted or required by law or regulation. Whether you are an individual investor or institutional investor, we may share the information described above with our affiliates that perform services on our behalf, and with our asset management and private banking affiliates; as well as with unaffiliated third parties that perform services on our behalf, such as our accountants, auditors, attorneys, broker-dealers, fund administrators, and other service providers.

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Credit Suisse Trust—International Equity Flex III Portfolio
Notice of Privacy and Information Practices (unaudited) (continued)

•  We want our investors to be informed about additional products or services. We do not disclose nonpublic personal information relating to individual investors to our affiliates for marketing purposes, nor do we use such information received from our affiliates to solicit individual investors for such purposes. Whether you are an individual investor or an institutional investor, we may disclose information, including nonpublic personal information, regarding our transactions and experiences with you to our affiliates.

•  In addition, whether you are an individual investor or an institutional investor, we reserve the right to disclose information, including nonpublic personal information, about you to any person or entity, including without limitation any governmental agency, regulatory authority or self-regulatory organization having jurisdiction over us or our affiliates, if (i) we determine in our discretion that such disclosure is necessary or advisable pursuant to or in connection with any United States federal, state or local, or non-U.S., court order (or other legal process), law, rule, regulation, or executive order or policy, including without limitation any anti-money laundering law or the USA PATRIOT Act of 2001; and (ii) such disclosure is not otherwise prohibited by law, rule, regulation, or executive order or policy.

Confidentiality and security

•  To protect nonpublic personal information about individual investors, we restrict access to those employees and agents who need to know that information to provide products or services to us and to our investors. We maintain physical, electronic, and procedural safeguards to protect nonpublic personal information.

Other Disclosures

This notice is not intended to be incorporated in any offering materials, but is a statement of our current Notice of Privacy and Information Practices and may be amended from time to time. This notice is current as of May 2, 2011.

73

Credit Suisse Trust — International Equity Flex III Portfolio
Proxy Voting and Portfolio Holdings Information (unaudited)

Information regarding how the Portfolio 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 Portfolio uses to determine how to vote proxies relating to its portfolio securities are available:

•  By calling 1-877-870-2874

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

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

The Portfolio 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 Portfolio'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.

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

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

CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR.  TREMK-SAR-0611

CREDIT SUISSE FUNDS

Semiannual Report

June 30, 2011
(unaudited)

CREDIT SUISSE TRUST
n  U.S. EQUITY FLEX I PORTFOLIO

Credit Suisse Trust (the "Trust") shares are not available directly to individual investors, but may be offered only through certain insurance products and pension and retirement plans.

The Trust's investment objectives, risks, charges and expenses (whichshould be considered carefully before investing), and more complete information about the Trust, are provided in the Prospectus, which should be read carefully before investing. You may obtain additional copies by calling 877-870-2874 or by writing to Credit Suisse Trust, P.O. Box 55030, Boston, MA 02205-5030.

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

The views of the Portfolio's management are as of the date of the letter and the Portfolio holdings described in this document are as of June 30, 2011; these views and Portfolio holdings may have changed subsequent to these dates. Nothing in this document is a recommendation to purchase or sell securities.

Portfolio 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. Portfolio investments are subject to investment risks, including loss of your investment.

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Semiannual Investment Adviser's Report
June 30, 2011 (unaudited)

July 20, 2011

Dear Shareholder:

For the period ended June 30, 2011, the Credit Suisse Trust — U.S. Equity Flex I Portfolio (the "Portfolio") had a gain of 8.77%, versus an increase of 6.35% for the Russell 3000^® Index.¹

Market Review: Positive performance despite global events

The six-month period ended June 30, 2011, was a positive one for equities as central banking stimulus policies in the United States and Europe combined with encouraging economic data and growth to ease investor concerns of a double-dip recession. Stock prices also received a boost as a result of these developments. Additionally, the global markets received injections of liquidity from the Federal Reserve's anti-deflationary policy of implementing multiple quantitative easing measures and the cooperative action of G7 nations to stabilize the yen.

The S&P 500 Index — led by the healthcare sector — finished the period up 6.02%, while the Dow Jones Industrial Average gained 8.58%. In international markets, the MSCI World Index Net Dividends registered a 5.28% gain, while the Nikkei Index Total Return finished 3.02% lower.

At the end of June, the target U.S. Federal Funds rate was being maintained at 0.00%-0.25%, and the discount rate was 0.75%. The Conference Board Consumer Confidence Index experienced a slight decline and now stands at 58.50 (1985 = 100), down from a revised 63.40 in December.

Strategic Review and Outlook: Fundamentals increase in importance

For the six-month period ended June 30, 2011, the Portfolio outperformed the benchmark. Stock selection and sector weighting in consumer staples, consumer discretionary and healthcare contributed positively to performance. Conversely, information technology and utilities detracted from performance due to a combination of stock selection and sector weighting.

In our opinion, company specific fundamentals are becoming increasingly important as the business cycle continues to strengthen. Additionally, although many macroeconomic risks have diminished over the past two years, there are still significant events on the horizon that could impact investors — including sovereign credit risk and the rebuilding of Japan's infrastructure.

1

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Semiannual Investment Adviser's Report (continued)
June 30, 2011 (unaudited)

Credit Suisse Quantitative Equities Group

Mika Toikka
Timothy Schwider

Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the securities have appreciated in value, thus resulting in a loss to the Portfolio. The Portfolio's loss on a short sale could theoretically be unlimited in a case where the Portfolio is unable to close out its short position.

The use of leverage subjects the Portfolio to the risk of magnified capital losses that can occur when losses affect an asset base that has been enlarged by borrowings or the creation of liabilities. The net asset value of the Portfolio, when employing leverage, will be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Portfolio to pay interest.

Investments in small to medium-sized companies may be more volatile and less liquid than investments in larger companies.

Active and frequent trading increases transaction costs, which could detract from the Portfolio's performance.

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

On June 30, 2011, the Trust's Board of Trustees approved the liquidation of the Portfolio, pursuant to the terms of a Plan of Liquidation and Dissolution ("Plan") for the Portfolio. For further information, please refer to the proxy materials filed with the SEC.

2

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Semiannual Investment Adviser's Report (continued)
June 30, 2011 (unaudited)

Average Annual Returns as of June 30, 2011

1 Year			5 Years			10 Years			Since Inception			Inception Date
	35.12	%		0.31	%		0.86	%		4.70	%	6/30/95

Returns represent past performance and include change in share price and reinvestment of dividends and capital gains. Past performance cannot guarantee future results. The current performance of the Portfolio 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 portfolio distributions or the redemption of portfolio shares. Performance includes the effect of deducting expenses, but does not include charges and expenses attributable to any particular variable contract or plan. Accordingly, the Prospectus of the sponsoring Participating Insurance Company separate account or plan documents or other informational materials supplied by plan sponsors should be carefully reviewed for information on relevant charges and expenses. Excluding these charges and expenses from quotations of performance has the effect of increasing the performance quoted, and the effect of these charges should be considered when comparing performance to that of other mutual funds. Performance information current to the most recent month-end is available at www.credit-suisse.com/us.

The annualized gross and net expense ratios are 1.47%.

¹  The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represent approximately 98% of the investable U.S. equity market. It is an unmanaged index of common stocks that includes reinvestment of dividends and is compiled by Frank Russell Company. Investors cannot invest directly in an index.

3

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Semiannual Investment Adviser's Report (continued)
June 30, 2011 (unaudited)

Information About Your Portfolio's Expenses

As an investor of the Portfolio, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Portfolio 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 Portfolio and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. The table is based on an investment of $1,000 made at the beginning of the six month period ended June 30, 2011.

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

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

•  Hypothetical 5% Portfolio Return. This helps you to compare your Portfolio's ongoing expenses with those of other mutual funds using the Portfolio's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical portfolio 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.

4

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Semiannual Investment Adviser's Report (continued)
June 30, 2011 (unaudited)

Expenses and Value for a $1,000 Investment
for the six month period ended June 30, 2011

Actual Portfolio Return
Beginning Account Value 1/1/11	$	1,000.00
Ending Account Value 6/30/11	$	1,087.70
Expenses Paid per $1,000*	$	7.61
Hypothetical 5% Portfolio Return
Beginning Account Value 1/1/11	$	1,000.00
Ending Account Value 6/30/11	$	1,017.50
Expenses Paid per $1,000*	$	7.35
Annualized Expense Ratio*		1.47	%

*  Expenses are equal to the Portfolio's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year period, then divided by 365.

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

5

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Semiannual Investment Adviser's Report (continued)
June 30, 2011 (unaudited)

SECTOR BREAKDOWN*

	Long			Short			Net
Financials		21.1	%		(2.7	)%		18.4	%
Information Technology		21.2	%		(4.2	)%		17.0	%
Consumer Discretionary		15.9	%		(2.8	)%		13.1	%
Industrials		15.6	%		(3.1	)%		12.5	%
Energy		13.9	%		(1.9	)%		12.0	%
Health Care		12.7	%		(2.6	)%		10.1	%
Consumer Staples		10.1	%		(2.2	)%		7.9	%
Materials		6.3	%		(1.9	)%		4.4	%
Utilities		4.4	%		(1.1	)%		3.3	%
Telecommunication Services		1.6	%		(0.5	)%		1.1	%
Short-Term Investments		0.2	%		(0.0	)%		0.2	%
Total		123.0	%		(23.0	)%		100.0	%

*  Expressed as a percentage of total long/short investments, respectively, (excluding security lending collateral if applicable) and may vary over time.

6

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Schedule of Investments
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS (122.3%)
COMMON STOCKS (122.3%)
Aerospace & Defense (3.4%)
Aerovironment, Inc.*§		4,500	$	159,075
Ceradyne, Inc.*§		1,000		38,990
Goodrich Corp.		2,500		238,750
Honeywell International, Inc.		4,100		244,319
L-3 Communications Holdings, Inc.		9,400		822,030
Moog, Inc. Class A*§		600		26,112
Northrop Grumman Corp.§		13,300		922,355
The Boeing Co.		24,200		1,789,106
United Technologies Corp.		9,800		867,398
				5,108,135
Air Freight & Logistics (0.6%)
CH Robinson Worldwide, Inc.§		1,100		86,724
Expeditors International of Washington, Inc.		2,700		138,213
HUB Group, Inc. Class A*§		1,600		60,256
United Parcel Service, Inc. Class B		7,600		554,268
				839,461
Airlines (0.1%)
AMR Corp.*§		2,800		15,120
Delta Air Lines, Inc.*		5,300		48,601
United Continental Holdings, Inc.*§		3,700		83,731
				147,452
Auto Components (1.2%)
BorgWarner, Inc.*§		3,000		242,370
Johnson Controls, Inc.		7,500		312,450
Lear Corp.		5,800		310,184
Tenneco, Inc.*§		15,900		700,713
The Goodyear Tire & Rubber Co.*§		10,800		181,116
TRW Automotive Holdings Corp.*§		1,400		82,642
				1,829,475
Automobiles (0.5%)
Ford Motor Co.*§		40,900		564,011
Harley-Davidson, Inc.§		3,200		131,104
				695,115
Beverages (2.2%)
Brown-Forman Corp. Class B		1,000		74,690
Coca-Cola Enterprises, Inc.		2,400		70,032
Constellation Brands, Inc. Class A*		1,200		24,984
Hansen Natural Corp.*		7,000		566,650
Molson Coors Brewing Co. Class B		900		40,266
The Coca-Cola Co.		39,400		2,651,226
				3,427,848
Biotechnology (1.1%)
AMAG Pharmaceuticals, Inc.*§		6,700		125,960
Amgen, Inc.*		12,900		752,715

See Accompanying Notes to Financial Statements.
7

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Biotechnology
Biogen Idec, Inc.*		2,100	$	224,532
BioMarin Pharmaceutical, Inc.*§		900		24,489
Cephalon, Inc.*§		900		71,910
Cubist Pharmaceuticals, Inc.*§		1,100		39,589
Gilead Sciences, Inc.*		7,100		294,011
Vertex Pharmaceuticals, Inc.*		2,800		145,572
				1,678,778
Building Products (0.1%)
Griffon Corp.*§		4,152		41,852
Masco Corp.§		2,300		27,669
Simpson Manufacturing Co., Inc.§		1,800		53,766
				123,287
Capital Markets (3.0%)
Affiliated Managers Group, Inc.*		200		20,290
American Capital, Ltd.*		8,900		88,377
Ameriprise Financial, Inc.		7,100		409,528
Ares Capital Corp.		2,000		32,140
E*Trade Financial Corp.*§		18,400		253,920
Federated Investors, Inc. Class B§		700		16,688
Franklin Resources, Inc.§		1,500		196,935
Invesco, Ltd.		5,200		121,680
Janus Capital Group, Inc.§		6,600		62,304
Lazard, Ltd. Class A		1,100		40,810
Morgan Stanley		18,600		427,986
Northern Trust Corp.§		2,100		96,516
Raymond James Financial, Inc.§		16,600		533,690
SEI Investments Co.§		25,000		562,750
State Street Corp.§		14,700		662,823
T. Rowe Price Group, Inc.§		900		54,306
The Bank of New York Mellon Corp.		12,700		325,374
The Goldman Sachs Group, Inc.		1,800		239,562
Waddell & Reed Financial, Inc. Class A§		11,500		418,025
				4,563,704
Chemicals (4.4%)
Cabot Corp.		11,200		446,544
CF Industries Holdings, Inc.		1,500		212,505
E.I. Du Pont de Nemours & Co.		20,100		1,086,405
Huntsman Corp.§		14,700		277,095
International Flavors & Fragrances, Inc.§		9,200		591,008
Lubrizol Corp.		16,872		2,265,403
Minerals Technologies, Inc.§		1,200		79,548
Monsanto Co.		5,900		427,986
Olin Corp.		1,000		22,660
PPG Industries, Inc.§		11,300		1,025,927
Sensient Technologies Corp.§		1,600		59,312

See Accompanying Notes to Financial Statements.
8

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Chemicals
Sigma-Aldrich Corp.§		800	$	58,704
The Mosaic Co.		400		27,092
W.R. Grace & Co.*§		1,800		82,134
				6,662,323
Commercial Banks (4.2%)
Bancorpsouth, Inc.§		3,500		43,435
BB&T Corp.§		2,600		69,784
CapitalSource, Inc.§		52,700		339,915
Cathay General Bancorp§		1,100		18,029
CIT Group, Inc.*§		21,300		942,738
Comerica, Inc.§		7,800		269,646
Commerce Bancshares, Inc.§		523		22,489
Community Bank System, Inc.§		5,700		141,303
Fifth Third Bancorp		3,600		45,900
First Financial Bankshares, Inc.§		300		10,335
First Midwest Bancorp, Inc.§		9,200		113,068
FNB Corp.§		5,000		51,750
Hancock Holding Co.§		1,600		49,568
Huntington Bancshares, Inc.		6,800		44,608
International Bancshares Corp.§		19,700		329,581
KeyCorp		3,800		31,654
M&T Bank Corp.§		9,300		817,935
MB Financial, Inc.§		600		11,544
PNC Financial Services Group, Inc.		1,900		113,259
Regions Financial Corp.§		5,400		33,480
Signature Bank*§		400		22,880
Sterling Bancshares, Inc.§		50,300		410,448
SunTrust Banks, Inc.§		5,600		144,480
Susquehanna Bancshares, Inc.§		5,000		40,000
Trustmark Corp.§		1,700		39,797
U.S. Bancorp		21,100		538,261
Umpqua Holdings Corp.§		25,400		293,878
Wells Fargo & Co.		52,100		1,461,926
Zions Bancorporation§		1,000		24,010
				6,475,701
Commercial Services & Supplies (0.7%)
ABM Industries, Inc.§		1,500		35,010
Clean Harbors, Inc.*§		2,900		299,425
Healthcare Services Group, Inc.§		7,700		125,125
Herman Miller, Inc.§		2,400		65,328
HNI Corp.§		1,500		37,680
Iron Mountain, Inc.§		1,000		34,090
Pitney Bowes, Inc.§		2,300		52,877
Rollins, Inc.§		12,400		252,712
SYKES Enterprises, Inc.*§		3,300		71,049
The Brink's Co.		1,000		29,830

See Accompanying Notes to Financial Statements.
9

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Commercial Services & Supplies
Waste Management, Inc.§		2,300	$	85,721
				1,088,847
Communications Equipment (1.9%)
ADTRAN, Inc.§		10,100		390,971
Ciena Corp.*		1,200		22,056
Cisco Systems, Inc.		65,000		1,014,650
F5 Networks, Inc.*		400		44,100
Juniper Networks, Inc.*		2,200		69,300
Motorola Mobility Holdings, Inc.*§		2,300		50,692
QUALCOMM, Inc.		15,100		857,529
Riverbed Technology, Inc.*		10,100		399,859
Tellabs, Inc.§		4,565		21,045
				2,870,202
Computers & Peripherals (3.6%)
Apple, Inc.*		12,691		4,259,988
Dell, Inc.*§		7,000		116,690
EMC Corp.*		31,400		865,070
Lexmark International, Inc. Class A*		600		17,556
NetApp, Inc.*§		1,600		84,448
QLogic Corp.*		2,100		33,432
Seagate Technology		3,400		54,944
				5,432,128
Construction & Engineering (0.0%)
KBR, Inc.		1,600		60,304
Consumer Finance (0.7%)
American Express Co.		7,400		382,580
Capital One Financial Corp.		9,900		511,533
Discover Financial Services§		1,600		42,800
SLM Corp.		3,200		53,792
				990,705
Containers & Packaging (1.2%)
Aptargroup, Inc.		400		20,936
Ball Corp.		19,900		765,354
Sealed Air Corp.		43,000		1,022,970
				1,809,260
Distributors (0.1%)
Pool Corp.§		2,600		77,506
Diversified Consumer Services (0.5%)
Ascent Media Corp. Class A*§		1,600		84,752
Career Education Corp.*§		10,400		219,960
Coinstar, Inc.*§		400		21,816
ITT Educational Services, Inc.*§		200		15,648
Matthews International Corp. Class A§		1,800		72,270

See Accompanying Notes to Financial Statements.
10

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Diversified Consumer Services
Service Corp. International		1,800	$	21,024
Sotheby's§		3,200		139,200
Strayer Education, Inc.§		100		12,639
Weight Watchers International, Inc.§		2,400		181,128
				768,437
Diversified Financial Services (3.3%)
Bank of America Corp.		81,500		893,240
Citigroup, Inc.		25,500		1,061,820
CME Group, Inc.		700		204,113
JPMorgan Chase & Co.		41,100		1,682,634
Leucadia National Corp.		2,100		71,610
Moody's Corp.§		18,100		694,135
NYSE Euronext		3,700		126,799
The NASDAQ OMX Group, Inc.*		11,000		278,300
				5,012,651
Diversified Telecommunication Services (1.0%)
Cbeyond, Inc.*§		2,000		26,460
Frontier Communications Corp.§		6,500		52,455
Verizon Communications, Inc.§		38,300		1,425,909
				1,504,824
Electric Utilities (3.6%)
Allete, Inc.§		3,500		143,640
Cleco Corp.§		3,100		108,035
DPL, Inc.§		800		24,128
El Paso Electric Co.		3,400		109,820
Exelon Corp.		19,500		835,380
Great Plains Energy, Inc.		30,900		640,557
Hawaiian Electric Industries, Inc.§		1,000		24,060
IDACORP, Inc.§		3,300		130,350
ITC Holdings Corp.§		400		28,708
NV Energy, Inc.		29,800		457,430
Pinnacle West Capital Corp.§		3,700		164,946
PNM Resources, Inc.§		4,100		68,634
Portland General Electric Co.§		9,200		232,576
Southern Co.		8,100		327,078
UIL Holdings Corp.§		44,400		1,436,340
Unisource Energy Corp.§		3,300		123,189
Westar Energy, Inc.§		21,200		570,492
				5,425,363
Electrical Equipment (1.7%)
Acuity Brands, Inc.		23,200		1,294,096
American Superconductor Corp.*		1,500		13,560
Belden, Inc.		500		17,430
Brady Corp. Class A§		1,800		57,708
Cooper Industries PLC		1,900		113,373

See Accompanying Notes to Financial Statements.
11

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Electrical Equipment
Emerson Electric Co.		8,100	$	455,625
Hubbell, Inc. Class B		400		25,980
II-VI, Inc.*§		1,200		30,720
Regal-Beloit Corp.		200		13,354
Rockwell Automation, Inc.§		6,100		529,236
Thomas & Betts Corp.*		600		32,310
				2,583,392
Electronic Equipment, Instruments & Components (0.3%)
Coherent, Inc.*§		500		27,635
Corning, Inc.		6,100		110,715
FLIR Systems, Inc.§		1,100		37,081
Molex, Inc.§		800		20,616
Trimble Navigation, Ltd.*		700		27,748
Universal Display Corp.*§		300		10,527
Vishay Intertechnology, Inc.*§		15,595		234,549
				468,871
Energy Equipment & Services (2.5%)
Atwood Oceanics, Inc.*§		2,200		97,086
Baker Hughes, Inc.		7,500		544,200
Cameron International Corp.*		989		49,737
Diamond Offshore Drilling, Inc.§		500		35,205
Dril-Quip, Inc.*§		300		20,349
Helmerich & Payne, Inc.§		1,900		125,628
McDermott International, Inc.*		3,100		61,411
Nabors Industries, Ltd.*		1,200		29,568
National-Oilwell Varco, Inc.		4,700		367,587
Oceaneering International, Inc.		15,800		639,900
Patterson-UTI Energy, Inc.		600		18,966
Schlumberger, Ltd.		14,500		1,252,800
SEACOR Holdings, Inc.§		5,400		539,784
				3,782,221
Food & Staples Retailing (1.5%)
Costco Wholesale Corp.		4,700		381,828
Pricesmart, Inc.		3,500		179,305
Ruddick Corp.§		1,700		74,018
Safeway, Inc.§		2,500		58,425
SUPERVALU, Inc.		2,000		18,820
The Kroger Co.		7,300		181,040
Walgreen Co.§		30,300		1,286,538
Whole Foods Market, Inc.§		1,300		82,485
				2,262,459
Food Products (2.7%)
Archer-Daniels-Midland Co.		2,300		69,345
Bunge, Ltd.		1,500		103,425
Corn Products International, Inc.		800		44,224

See Accompanying Notes to Financial Statements.
12

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Food Products
Diamond Foods, Inc.§		300	$	22,902
H.J. Heinz Co.§		47,100		2,509,488
Kraft Foods, Inc. Class A§		18,800		662,324
Lancaster Colony Corp.§		1,200		72,984
McCormick & Co., Inc.§		900		44,613
Mead Johnson Nutrition Co.		1,400		94,570
Sara Lee Corp.		8,200		155,718
The Hain Celestial Group, Inc.*§		1,800		60,048
Tyson Foods, Inc. Class A		18,000		349,560
				4,189,201
Gas Utilities (0.3%)
Atmos Energy Corp.		7,600		252,700
Nicor, Inc.§		400		21,896
South Jersey Industries, Inc.§		1,800		97,758
Southwest Gas Corp.§		2,500		96,525
				468,879
Health Care Equipment & Supplies (3.0%)
Baxter International, Inc.§		4,000		238,760
Boston Scientific Corp.*§		19,800		136,818
CareFusion Corp.*		1,800		48,906
CR Bard, Inc.		19,200		2,109,312
DENTSPLY International, Inc.§		1,000		38,080
Edwards Lifesciences Corp.*§		4,000		348,720
Hologic, Inc.*		1,600		32,272
Intuitive Surgical, Inc.*		500		186,055
ResMed, Inc.*§		1,200		37,140
Sirona Dental Systems, Inc.*§		400		21,240
St. Jude Medical, Inc.		1,200		57,216
Stryker Corp.§		3,800		223,022
The Cooper Cos., Inc.§		4,700		372,428
Thoratec Corp.*§		15,000		492,300
Varian Medical Systems, Inc.*§		3,600		252,072
				4,594,341
Health Care Providers & Services (2.8%)
Aetna, Inc.		3,400		149,906
AmerisourceBergen Corp.		1,700		70,380
Cardinal Health, Inc.§		6,100		277,062
Chemed Corp.§		700		45,864
CIGNA Corp.		2,400		123,432
Humana, Inc.§		14,400		1,159,776
McKesson Corp.		2,400		200,760
Patterson Cos., Inc.§		900		29,601
Tenet Healthcare Corp.*		3,300		20,592
UnitedHealth Group, Inc.		20,000		1,031,600
Universal Health Services, Inc. Class B§		22,300		1,149,119
				4,258,092

See Accompanying Notes to Financial Statements.
13

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Health Care Technology (0.6%)
Cerner Corp.*§		14,000	$	855,540
Hotels, Restaurants & Leisure (1.8%)
Bally Technologies, Inc.*§		500		20,340
Brinker International, Inc.§		800		19,568
Cracker Barrel Old Country Store, Inc.§		1,200		59,172
Domino's Pizza, Inc.*§		7,300		184,252
Hyatt Hotels Corp. Class A*§		2,100		85,722
International Game Technology		2,000		35,160
Las Vegas Sands Corp.*		3,600		151,956
Life Time Fitness, Inc.*§		800		31,928
McDonald's Corp.		12,800		1,079,296
MGM Resorts International*		2,700		35,667
Starbucks Corp.		12,500		493,625
Starwood Hotels & Resorts Worldwide, Inc.		800		44,832
Vail Resorts, Inc.§		500		23,110
Wendy's/Arby's Group, Inc. Class A§		4,600		23,322
Wyndham Worldwide Corp.§		1,800		60,570
Wynn Resorts, Ltd.		200		28,708
Yum! Brands, Inc.*		5,600		309,344
				2,686,572
Household Durables (1.4%)
Fortune Brands, Inc.§		1,000		63,770
Garmin Ltd.		1,200		39,636
Harman International Industries, Inc.§		22,900		1,043,553
Jarden Corp.§		600		20,706
Libbey, Inc.*§		7,400		120,028
M.D.C. Holdings, Inc.		12,000		295,680
Newell Rubbermaid, Inc.		2,600		41,028
Pulte Group, Inc.*§		2,700		20,682
The Ryland Group, Inc.§		19,100		315,723
Whirlpool Corp.§		2,200		178,904
				2,139,710
Household Products (0.6%)
Church & Dwight Co., Inc.§		14,002		567,641
Kimberly-Clark Corp.		4,400		292,864
				860,505
Independent Power Producers & Energy Traders (0.1%)
Calpine Corp.*§		2,200		35,486
GenOn Energy, Inc.*§		8,500		32,810
The AES Corp.*		7,000		89,180
				157,476
Industrial Conglomerates (1.9%)
3M Co.		7,600		720,860
General Electric Co.		86,500		1,631,390

See Accompanying Notes to Financial Statements.
14

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Industrial Conglomerates
Tyco International, Ltd.		11,700	$	578,331
				2,930,581
Insurance (5.4%)
ACE, Ltd.§		3,600		236,952
Aflac, Inc.		5,600		261,408
American Financial Group, Inc.		10,100		360,469
American International Group, Inc.*		1,500		43,980
AON Corp.		10,200		523,260
Arch Capital Group, Ltd.*		1,400		44,688
Assurant, Inc.		20,300		736,281
Assured Guaranty, Ltd.		1,800		29,358
Axis Capital Holdings, Ltd.		1,300		40,248
Berkshire Hathaway, Inc. Class B*		18,741		1,450,366
Brown & Brown, Inc.		30,900		792,894
Chubb Corp.		16,100		1,008,021
CNO Financial Group, Inc.*§		2,200		17,402
Delphi Financial Group, Inc. Class A§		1,000		29,210
Everest Re Group, Ltd.		500		40,875
Fidelity National Financial, Inc. Class A§		17,700		278,598
Genworth Financial, Inc. Class A*§		3,400		34,952
Hartford Financial Services Group, Inc.		1,700		44,829
Lincoln National Corp.§		1,200		34,188
Marsh & McLennan Cos., Inc.		5,900		184,021
MBIA, Inc.*§		1,900		16,511
MetLife, Inc.		9,300		407,991
Montpelier Re Holdings, Ltd.§		700		12,600
Principal Financial Group, Inc.§		1,300		39,546
Protective Life Corp.§		5,200		120,276
Prudential Financial, Inc.§		8,700		553,233
RenaissanceRe Holdings, Ltd.		500		34,975
The Allstate Corp.§		2,000		61,060
The Progressive Corp.		3,100		66,278
The Travelers Cos., Inc.§		5,400		315,252
Unitrin, Inc.§		8,405		249,376
Unum Group		2,100		53,508
XL Group PLC		5,300		116,494
				8,239,100
Internet & Catalog Retail (0.9%)
Amazon.com, Inc.*		3,100		633,919
Expedia, Inc.§		18,900		547,911
Liberty Media Corp. - Interactive Class A*		11,100		186,147
NetFlix, Inc.*§		300		78,807
				1,446,784
Internet Software & Services (6.2%)
Akamai Technologies, Inc.*		42,200		1,328,034
Digital River, Inc.*§		19,600		630,336

See Accompanying Notes to Financial Statements.
15

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Internet Software & Services
eBay, Inc.*		71,000	$	2,291,170
Google, Inc. Class A*		8,300		4,202,954
j2 Global Communications, Inc.*§		19,500		550,485
United Online, Inc.§		14,100		85,023
ValueClick, Inc.*§		5,400		89,640
VeriSign, Inc.§		2,000		66,920
Yahoo!, Inc.*§		13,900		209,056
				9,453,618
IT Services (1.8%)
Amdocs, Ltd.*		1,900		57,741
Automatic Data Processing, Inc.		4,200		221,256
Cognizant Technology Solutions Corp. Class A*		1,100		80,674
CSG Systems International, Inc.*§		2,200		40,656
DST Systems, Inc.		400		21,120
Fidelity National Information Services, Inc.		2,800		86,212
International Business Machines Corp.		9,800		1,681,190
Lender Processing Services, Inc.§		5,400		112,914
MAXIMUS, Inc.§		2,700		223,371
The Western Union Co.		2,100		42,063
TNS, Inc.*§		2,700		44,820
VeriFone Holdings, Inc.*§		1,500		66,525
				2,678,542
Leisure Equipment & Products (0.0%)
Mattel, Inc.		1,900		52,231
Life Sciences Tools & Services (1.2%)
Agilent Technologies, Inc.*		25,400		1,298,194
Bio-Rad Laboratories, Inc. Class A*		200		23,872
Illumina, Inc.*§		3,200		240,480
Life Technologies Corp.*		900		46,863
Thermo Fisher Scientific, Inc.*		800		51,512
Waters Corp.*		2,500		239,350
				1,900,271
Machinery (5.2%)
Actuant Corp. Class A§		1,100		29,513
AGCO Corp.*		16,500		814,440
Briggs & Stratton Corp.§		2,500		49,650
Caterpillar, Inc.§		12,100		1,288,166
CLARCOR, Inc.§		400		18,912
Crane Co.		400		19,764
Cummins, Inc.		300		31,047
Danaher Corp.§		19,500		1,033,305
Deere & Co.		4,100		338,045
Donaldson Co., Inc.		2,400		145,632
Dover Corp.§		13,200		894,960
Eaton Corp.		3,700		190,365

See Accompanying Notes to Financial Statements.
16

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Machinery
Gardner Denver, Inc.		600	$	50,430
Graco, Inc.§		13,700		694,042
Illinois Tool Works, Inc.§		1,700		96,033
Ingersoll-Rand PLC		400		18,164
Joy Global, Inc.§		4,100		390,484
Mueller Industries, Inc.§		900		34,119
Navistar International Corp.*§		10,700		604,122
Nordson Corp.		400		21,940
Oshkosh Corp.*§		1,900		54,986
PACCAR, Inc.		1,500		76,635
Parker Hannifin Corp.		10,000		897,400
Timken Co.		950		47,880
Wabtec Corp.		300		19,716
				7,859,750
Marine (0.0%)
Alexander & Baldwin, Inc.§		700		33,712
Kirby Corp.*§		400		22,668
				56,380
Media (4.3%)
Arbitron, Inc.§		4,700		194,251
Cablevision Systems Corp. Group A		8,000		289,680
CBS Corp. Class B§		2,200		62,678
Comcast Corp. Class A		18,200		461,188
DIRECTV Class A*		10,700		543,774
Discovery Communications, Inc. Class A*§		8,800		360,448
DISH Network Corp. Class A*		7,000		214,690
Harte-Hanks, Inc.§		4,114		33,406
John Wiley & Sons, Inc. Class A§		500		26,005
Liberty Global, Inc. Class A*		2,400		108,096
Meredith Corp.§		600		18,678
National CineMedia, Inc.§		7,400		125,134
News Corp. Class A		35,000		619,500
Omnicom Group, Inc.§		10,200		491,232
Scripps Networks Interactive, Inc. Class A§		600		29,328
The Interpublic Group of Cos., Inc.§		14,100		176,250
The McGraw-Hill Cos., Inc.		10,500		440,055
The Walt Disney Co.		6,600		257,664
Time Warner Cable, Inc.		13,200		1,030,128
Time Warner, Inc.		9,000		327,330
Viacom, Inc. Class B§		12,100		617,100
Virgin Media, Inc.§		3,155		94,429
				6,521,044
Metals & Mining (0.6%)
AK Steel Holding Corp.§		1,200		18,912
Alcoa, Inc.§		3,800		60,268

See Accompanying Notes to Financial Statements.
17

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Metals & Mining
Allied Nevada Gold Corp.*§		500	$	17,685
Freeport-McMoRan Copper & Gold, Inc.		11,600		613,640
Hecla Mining Co.*§		2,100		16,149
Reliance Steel & Aluminum Co.		800		39,720
United States Steel Corp.§		2,000		92,080
Walter Energy, Inc.§		300		34,740
				893,194
Multi-Utilities (0.4%)
Avista Corp.		600		15,414
Black Hills Corp.§		2,600		78,234
DTE Energy Co.§		400		20,008
Integrys Energy Group, Inc.§		600		31,104
MDU Resources Group, Inc.§		1,300		29,250
PG&E Corp.		4,000		168,120
Public Service Enterprise Group, Inc.		5,200		169,728
Sempra Energy		2,500		132,200
Vectren Corp.§		900		25,074
				669,132
Multiline Retail (1.8%)
Dillard's, Inc. Class A		700		36,498
Dollar Tree, Inc.*		12,200		812,764
Family Dollar Stores, Inc.		29,100		1,529,496
J.C. Penney Co., Inc.§		800		27,632
Kohl's Corp.		3,200		160,032
Macy's, Inc.		1,700		49,708
Nordstrom, Inc.§		700		32,858
Sears Holdings Corp.*§		400		28,576
Target Corp.		400		18,764
				2,696,328
Office Electronics (0.0%)
Xerox Corp.§		5,800		60,378
Oil, Gas & Consumable Fuels (11.3%)
Anadarko Petroleum Corp.		5,500		422,180
Apache Corp.		1,100		135,729
Arch Coal, Inc.		15,600		415,896
Chesapeake Energy Corp.§		1,900		56,411
Chevron Corp.		29,800		3,064,632
Cimarex Energy Co.		300		26,976
ConocoPhillips		28,000		2,105,320
Denbury Resources, Inc.*		1,300		26,000
Devon Energy Corp.		9,400		740,814
El Paso Corp.		2,500		50,500
EXCO Resources, Inc.§		1,600		28,240
Exxon Mobil Corp.		55,549		4,520,578
Hess Corp.		14,500		1,084,020

See Accompanying Notes to Financial Statements.
18

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Oil, Gas & Consumable Fuels
Marathon Oil Corp.		14,100	$	742,788
Murphy Oil Corp.		24,500		1,608,670
Newfield Exploration Co.*		500		34,010
Nordic American Tanker Shipping, Ltd.§		600		13,644
Northern Oil & Gas, Inc.*§		700		15,505
Occidental Petroleum Corp.		5,600		582,624
Peabody Energy Corp.		5,600		329,896
Petrohawk Energy Corp.*		1,000		24,670
Pioneer Natural Resources Co.§		300		26,871
Plains Exploration & Production Co.*		700		26,684
Range Resources Corp.		2,400		133,200
Spectra Energy Corp.§		3,500		95,935
Tesoro Corp.*§		14,400		329,904
The Williams Cos., Inc.		2,100		63,525
Valero Energy Corp.		18,000		460,260
Whiting Petroleum Corp.*		1,300		73,983
				17,239,465
Paper & Forest Products (0.1%)
International Paper Co.§		1,700		50,694
Louisiana-Pacific Corp.*§		2,200		17,908
MeadWestvaco Corp.		2,300		76,613
				145,215
Personal Products (0.6%)
Avon Products, Inc.		6,000		168,000
Inter Parfums, Inc.§		1,100		25,333
Nu Skin Enterprises, Inc. Class A§		800		30,040
The Estee Lauder Cos., Inc. Class A§		6,300		662,697
				886,070
Pharmaceuticals (3.9%)
Abbott Laboratories		14,800		778,776
Allergan, Inc.§		1,100		91,575
Bristol-Myers Squibb Co.§		6,500		188,240
Eli Lilly & Co.		4,600		172,638
Endo Pharmaceuticals Holdings, Inc.*§		19,800		795,366
Forest Laboratories, Inc.*§		30,300		1,192,002
Indevus Pharmaceuticals, Inc. (Escrow shares)*^		2,200		0
Johnson & Johnson		6,100		405,772
Medicis Pharmaceutical Corp. Class A§		3,200		122,144
Merck & Co., Inc.		21,400		755,206
Mylan, Inc.*§		6,200		152,954
Nektar Therapeutics*§		2,100		15,267
Perrigo Co.§		300		26,361
Pfizer, Inc.		62,600		1,289,560
Salix Pharmaceuticals, Ltd.*§		500		19,915
				6,005,776

See Accompanying Notes to Financial Statements.
19

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Professional Services (0.1%)
CoStar Group, Inc.*§		600	$	35,568
Equifax, Inc.		1,300		45,136
Robert Half International, Inc.§		1,200		32,436
The Corporate Executive Board Co.§		1,400		61,110
Verisk Analytics, Inc. Class A*		800		27,696
				201,946
Real Estate Investment Trusts (3.9%)
Acadia Realty Trust§		6,500		132,145
American Campus Communities, Inc.§		2,200		78,144
Apartment Investment & Management Co. Class A		6,400		163,392
AvalonBay Communities, Inc.§		600		77,040
BioMed Realty Trust, Inc.§		1,000		19,240
Brandywine Realty Trust§		1,600		18,544
BRE Properties, Inc.		500		24,940
Camden Property Trust§		1,300		82,706
Chimera Investment Corp.§		11,371		39,344
DCT Industrial Trust, Inc.§		13,700		71,651
DiamondRock Hospitality Co.§		2,200		23,606
Digital Realty Trust, Inc.§		800		49,424
EastGroup Properties, Inc.§		2,100		89,271
Entertainment Properties Trust§		12,200		569,740
Extra Space Storage, Inc.§		1,900		40,527
General Growth Properties, Inc.§		5,618		93,764
Getty Realty Corp.§		2,300		58,029
Government Properties Income Trust§		7,200		194,544
Home Properties, Inc.§		13,100		797,528
Hospitality Properties Trust		1,300		31,525
Host Hotels & Resorts, Inc.§		3,000		50,850
Inland Real Estate Corp.§		4,200		37,086
Invesco Mortgage Capital, Inc.		3,800		80,294
LaSalle Hotel Properties§		2,800		73,752
Lexington Realty Trust§		69,800		637,274
Liberty Property Trust§		800		26,064
Mack-Cali Realty Corp.§		900		29,646
Medical Properties Trust, Inc.§		6,500		74,750
National Health Investors, Inc.§		2,600		115,518
OMEGA Healthcare Investors, Inc.§		1,000		21,010
Public Storage§		2,800		319,228
Rayonier, Inc.		1,700		111,095
Realty Income Corp.§		700		23,443
Redwood Trust, Inc.§		3,300		49,896
Simon Property Group, Inc.		13,100		1,522,613
SL Green Realty Corp.§		400		33,148
Sunstone Hotel Investors, Inc.*§		2,100		19,467
Tanger Factory Outlet Centers, Inc.§		2,500		66,925
Weyerhaeuser Co.§		1,800		39,348
				5,986,511

See Accompanying Notes to Financial Statements.
20

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Real Estate Management & Development (0.2%)
CB Richard Ellis Group, Inc. Class A*		9,900	$	248,589
Forest City Enterprises, Inc. Class A*		900		16,803
Jones Lang LaSalle, Inc.§		500		47,150
The Howard Hughes Corp.*		275		17,886
The St. Joe Co.*§		700		14,588
				345,016
Road & Rail (1.2%)
Avis Budget Group, Inc.*§		3,900		66,651
Celadon Group, Inc.*§		2,500		34,900
CSX Corp.		7,800		204,516
Genesee & Wyoming, Inc. Class A*§		400		23,456
J.B. Hunt Transport Services, Inc.§		700		32,963
Kansas City Southern*		1,000		59,330
Landstar System, Inc.§		600		27,888
Norfolk Southern Corp.		6,000		449,580
Ryder System, Inc.		6,600		375,210
Union Pacific Corp.		5,200		542,880
				1,817,374
Semiconductors & Semiconductor Equipment (3.0%)
Advanced Micro Devices, Inc.*§		3,600		25,164
Altera Corp.§		22,800		1,056,780
Analog Devices, Inc.		23,600		923,704
Applied Materials, Inc.		5,700		74,157
Atmel Corp.*§		6,700		94,269
Cabot Microelectronics Corp.*§		800		37,176
Cree, Inc.*§		1,300		43,667
FEI Co.*§		1,400		53,466
First Solar, Inc.*§		700		92,589
FormFactor, Inc.*§		9,700		87,882
Integrated Device Technology, Inc.*§		4,300		33,798
Intel Corp.§		52,500		1,163,400
Lam Research Corp.*§		500		22,140
LSI Corp.*		12,600		89,712
Marvell Technology Group, Ltd.*		6,300		93,020
Micron Technology, Inc.*§		3,300		24,684
MKS Instruments, Inc.§		4,500		118,890
Novellus Systems, Inc.*§		1,000		36,140
NVIDIA Corp.*§		7,900		125,886
ON Semiconductor Corp.*		2,400		25,128
Rambus, Inc.*§		1,500		22,020
SunPower Corp. Class A*§		49		947
Teradyne, Inc.*§		1,800		26,640
Texas Instruments, Inc.§		9,500		311,885
Veeco Instruments, Inc.*§		500		24,205
				4,607,349

See Accompanying Notes to Financial Statements.
21

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Software (4.4%)
Activision Blizzard, Inc.		29,000	$	338,720
Adobe Systems, Inc.*		6,300		198,135
Advent Software, Inc.*§		1,600		45,072
ANSYS, Inc.*		700		38,269
Autodesk, Inc.*		3,700		142,820
Blackbaud, Inc.§		3,232		89,591
Blackboard, Inc.*§		10,100		438,239
Cadence Design Systems, Inc.*§		29,700		313,632
Citrix Systems, Inc.*		700		56,000
Electronic Arts, Inc.*§		2,100		49,560
FactSet Research Systems, Inc.§		2,000		204,640
Fair Isaac Corp.§		1,600		48,320
Intuit, Inc.*		16,700		866,062
JDA Software Group, Inc.*§		1,700		52,513
Lawson Software, Inc.*§		4,900		54,978
Microsoft Corp.		55,700		1,448,200
Oracle Corp.		38,700		1,273,617
Rovi Corp.*§		400		22,944
SolarWinds, Inc.*		900		23,526
TIBCO Software, Inc.*		800		23,216
TiVo, Inc.*§		32,600		335,454
VMware, Inc. Class A*§		5,900		591,357
				6,654,865
Specialty Retail (2.5%)
Abercrombie & Fitch Co. Class A§		200		13,384
Aeropostale, Inc.*§		3,986		69,755
American Eagle Outfitters, Inc.§		26,600		339,150
AutoNation, Inc.*§		700		25,627
AutoZone, Inc.*§		3,800		1,120,430
Bed Bath & Beyond, Inc.*		900		52,533
Best Buy Co., Inc.§		5,400		169,614
Foot Locker, Inc.§		3,900		92,664
GameStop Corp. Class A*§		1,400		37,338
Guess?, Inc.§		10,200		429,012
Home Depot, Inc.§		8,400		304,248
Lowe's Cos., Inc.		5,400		125,874
Ltd Brands, Inc.§		1,800		69,210
Office Depot, Inc.*§		4,200		17,724
Ross Stores, Inc.§		1,700		136,204
Staples, Inc.§		3,200		50,560
The Gap, Inc.§		1,500		27,150
Tiffany & Co.§		4,700		369,044
Williams-Sonoma, Inc.§		9,000		328,410
				3,777,931
Textiles, Apparel & Luxury Goods (0.9%)
Coach, Inc.		1,200		76,716
Iconix Brand Group, Inc.*§		1,100		26,620

See Accompanying Notes to Financial Statements.
22

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares		Value
LONG STOCK POSITIONS
COMMON STOCKS
Textiles, Apparel & Luxury Goods
NIKE, Inc. Class B		3,800	$	341,924
Phillips-Van Heusen Corp.		1,300		85,111
Steven Madden, Ltd.*§		1,650		61,892
The Timberland Co. Class A*§		5,100		219,147
Under Armour, Inc. Class A*§		7,100		548,901
Wolverine World Wide, Inc.§		1,900		79,325
				1,439,636
Thrifts & Mortgage Finance (0.3%)
Dime Community Bancshares§		4,400		63,976
First Niagara Financial Group, Inc.		7,765		102,498
Hudson City Bancorp, Inc.		3,700		30,303
Northwest Bancshares, Inc.§		6,400		80,512
Oritani Financial Corp.§		4,700		60,113
People's United Financial, Inc.§		3,400		45,696
				383,098
Tobacco (2.4%)
Altria Group, Inc.		20,200		533,482
Lorillard, Inc.§		14,100		1,535,067
Philip Morris International, Inc.		24,900		1,662,573
				3,731,122
Trading Companies & Distributors (0.5%)
Applied Industrial Technologies, Inc.§		1,100		39,171
GATX Corp.§		6,200		230,144
TAL International Group, Inc.§		11,600		400,548
United Rentals, Inc.*§		6,200		157,480
				827,343
Water Utilities (0.0%)
Aqua America, Inc.§		900		19,782
Wireless Telecommunication Services (0.6%)
Crown Castle International Corp.*§		1,300		53,027
MetroPCS Communications, Inc.*		32,700		562,767
NII Holdings, Inc.*		1,600		67,808
Sprint Nextel Corp.*		42,100		226,919
				910,521
TOTAL COMMON STOCKS (Cost $173,338,099)				186,335,118
TOTAL LONG STOCK POSITIONS (Cost $173,338,099)				186,335,118
RIGHTS (0.0%)
Pharmaceuticals (0.0%)
Sanofi-Aventis SA, Contingent Value Rights, expires 12/31/20*§ (Cost $7,297)		3,100		7,471

See Accompanying Notes to Financial Statements.
23

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares			Value
SHORT-TERM INVESTMENTS (17.0%)
State Street Navigator Prime Portfolio, 0.2299% §§		25,632,458		$	25,632,458
	Par (000)
State Street Bank and Trust Co. Euro Time Deposit, 0.010%, 07/01/11	$	323			323,000
TOTAL SHORT-TERM INVESTMENTS (Cost $25,955,458)					25,955,458
TOTAL INVESTMENTS AT VALUE (139.3%) (Cost $199,300,854)					212,298,047
TOTAL SECURITIES SOLD SHORT (-22.9%) (Proceeds $31,831,953)					(34,962,806	)
LIABILITIES IN EXCESS OF OTHER ASSETS (-16.4%)					(24,939,054	)
NET ASSETS (100.0%)				$	152,396,187
SHORT STOCK POSITIONS (-22.9%)
COMMON STOCKS (-22.9%)
Aerospace & Defense (-0.5%)
BE Aerospace, Inc.*		(800	)		(32,648	)
Curtiss-Wright Corp.		(600	)		(19,422	)
Esterline Technologies Corp.*		(200	)		(15,280	)
ITT Corp.		(1,800	)		(106,074	)
Lockheed Martin Corp.		(700	)		(56,679	)
Precision Castparts Corp.		(1,100	)		(181,115	)
Raytheon Co.		(3,100	)		(154,535	)
Rockwell Collins, Inc.		(2,000	)		(123,380	)
Spirit Aerosystems Holdings, Inc. Class A*		(3,900	)		(85,800	)
TransDigm Group, Inc.*		(300	)		(27,357	)
Triumph Group, Inc.		(300	)		(29,874	)
					(832,164	)
Air Freight & Logistics (-0.1%)
FedEx Corp.		(2,100	)		(199,185	)
Airlines (-0.1%)
Alaska Air Group, Inc.*		(1,400	)		(95,844	)
JetBlue Airways Corp.*		(4,200	)		(25,620	)
Southwest Airlines Co.		(2,400	)		(27,408	)
					(148,872	)
Auto Components (-0.1%)
American Axle & Manufacturing Holdings, Inc.*		(1,800	)		(20,484	)
Cooper Tire & Rubber Co.		(4,100	)		(81,139	)
Federal Mogul Corp.*		(1,100	)		(25,113	)
Gentex Corp.		(900	)		(27,207	)
Modine Manufacturing Co.*		(1,800	)		(27,666	)
					(181,609	)
Automobiles (-0.1%)
Thor Industries, Inc.		(2,800	)		(80,752	)

See Accompanying Notes to Financial Statements.
24

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares			Value
SHORT STOCK POSITIONS
COMMON STOCKS
Beverages (-0.4%)
Central European Distribution Corp.*		(1,300	)	$	(14,560	)
Dr. Pepper Snapple Group, Inc.		(2,900	)		(121,597	)
PepsiCo, Inc.		(5,900	)		(415,537	)
					(551,694	)
Biotechnology (-0.5%)
Acorda Therapeutics, Inc.*		(2,700	)		(87,237	)
Celgene Corp.*		(2,600	)		(156,832	)
Cepheid, Inc.*		(1,000	)		(34,640	)
Dendreon Corp.*		(2,300	)		(90,712	)
Human Genome Sciences, Inc.*		(3,800	)		(93,252	)
Medivation, Inc.*		(3,700	)		(79,291	)
Pharmasset, Inc.*		(800	)		(89,760	)
Regeneron Pharmaceuticals, Inc.*		(1,600	)		(90,736	)
United Therapeutics Corp.*		(1,500	)		(82,650	)
					(805,110	)
Building Products (-0.2%)
Armstrong World Industries, Inc.		(400	)		(18,224	)
Lennox International, Inc.		(2,800	)		(120,596	)
Owens Corning*		(2,700	)		(100,845	)
					(239,665	)
Capital Markets (-0.3%)
BlackRock, Inc.		(800	)		(153,448	)
Eaton Vance Corp.		(900	)		(27,207	)
Jefferies Group, Inc.		(4,000	)		(81,600	)
optionsXpress Holdings, Inc.		(1,900	)		(31,692	)
Stifel Financial Corp.*		(2,500	)		(89,650	)
TD Ameritrade Holding Corp.		(1,100	)		(21,461	)
The Charles Schwab Corp.		(1,900	)		(31,255	)
					(436,313	)
Chemicals (-1.1%)
Air Products & Chemicals, Inc.		(1,600	)		(152,928	)
Airgas, Inc.		(1,600	)		(112,064	)
Albemarle Corp.		(600	)		(41,520	)
Ashland, Inc.		(1,400	)		(90,468	)
Celanese Corp. Series A		(1,100	)		(58,641	)
Cytec Industries, Inc.		(500	)		(28,595	)
Eastman Chemical Co.		(900	)		(91,863	)
Ecolab, Inc.		(2,100	)		(118,398	)
Ferro Corp.*		(7,000	)		(94,080	)
FMC Corp.		(1,400	)		(120,428	)
Georgia Gulf Corp.*		(3,300	)		(79,662	)
Nalco Holding Co.		(800	)		(22,248	)
NewMarket Corp.		(200	)		(34,142	)
PolyOne Corp.		(1,900	)		(29,393	)
Praxair, Inc.		(2,000	)		(216,780	)

See Accompanying Notes to Financial Statements.
25

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares			Value
SHORT STOCK POSITIONS
COMMON STOCKS
Chemicals
Rockwood Holdings, Inc.*		(700	)	$	(38,703	)
RPM International, Inc.		(1,100	)		(25,322	)
Solutia, Inc.*		(900	)		(20,565	)
The Dow Chemical Co.		(5,600	)		(201,600	)
The Scotts Miracle-Gro Co. Class A		(500	)		(25,655	)
The Sherwin-Williams Co.		(1,400	)		(117,418	)
Valspar Corp.		(700	)		(25,242	)
					(1,745,715	)
Commercial Banks (-0.4%)
Associated Banc-Corp.		(2,100	)		(29,190	)
Bank of Hawaii Corp.		(1,800	)		(83,736	)
City National Corp.		(500	)		(27,125	)
Columbia Banking System, Inc.		(1,600	)		(27,552	)
Cullen/Frost Bankers, Inc.		(500	)		(28,425	)
East West Bancorp, Inc.		(1,200	)		(24,252	)
First Horizon National Corp.		(2,356	)		(22,476	)
FirstMerit Corp.		(1,505	)		(24,848	)
Iberiabank Corp.		(500	)		(28,820	)
NBT Bancorp, Inc.		(1,100	)		(24,343	)
Old National Bancorp		(2,200	)		(23,760	)
PrivateBancorp, Inc.		(2,200	)		(30,360	)
Prosperity Bancshares, Inc.		(600	)		(26,292	)
SVB Financial Group*		(500	)		(29,855	)
UMB Financial Corp.		(800	)		(33,504	)
Valley National Bancorp		(2,431	)		(33,082	)
Westamerica Bancorp.		(1,700	)		(83,725	)
					(581,345	)
Commercial Services & Supplies (-0.4%)
Avery Dennison Corp.		(600	)		(23,178	)
Cintas Corp.		(800	)		(26,424	)
Consolidated Graphics, Inc.*		(500	)		(27,475	)
Copart, Inc.*		(2,100	)		(97,860	)
Corrections Corp. of America*		(1,000	)		(21,650	)
Covanta Holding Corp.		(1,600	)		(26,384	)
Deluxe Corp.		(3,200	)		(79,072	)
Knoll, Inc.		(1,400	)		(28,098	)
Mine Safety Appliances Co.		(1,400	)		(52,276	)
R. R. Donnelley & Sons Co.		(1,600	)		(31,376	)
Republic Services, Inc.		(4,000	)		(123,400	)
Schawk, Inc.		(1,200	)		(19,872	)
Stericycle, Inc.*		(300	)		(26,736	)
The Geo Group, Inc.*		(900	)		(20,727	)
Waste Connections, Inc.		(1,050	)		(33,316	)
					(637,844	)

See Accompanying Notes to Financial Statements.
26

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares			Value
SHORT STOCK POSITIONS
COMMON STOCKS
Communications Equipment (-0.5%)
Acme Packet, Inc.*		(1,300	)	$	(91,169	)
Aruba Networks, Inc.*		(1,000	)		(29,550	)
Blue Coat Systems, Inc.*		(3,600	)		(78,696	)
Brocade Communications Systems, Inc.*		(5,000	)		(32,300	)
Finisar Corp.*		(1,300	)		(23,439	)
Harris Corp.		(2,100	)		(94,626	)
JDS Uniphase Corp.*		(5,700	)		(94,962	)
Motorola Solutions, Inc.*		(3,000	)		(138,120	)
Plantronics, Inc.		(2,300	)		(84,019	)
Polycom, Inc.*		(600	)		(38,580	)
					(705,461	)
Computers & Peripherals (-0.5%)
Diebold, Inc.		(2,600	)		(80,626	)
Hewlett-Packard Co.		(10,100	)		(367,640	)
Intermec, Inc.*		(2,100	)		(23,184	)
NCR Corp.*		(1,600	)		(30,224	)
SanDisk Corp.*		(2,800	)		(116,200	)
Western Digital Corp.*		(3,300	)		(120,054	)
					(737,928	)
Construction & Engineering (-0.4%)
Aecom Technology Corp.*		(1,100	)		(30,074	)
Fluor Corp.		(2,100	)		(135,786	)
Jacobs Engineering Group, Inc.*		(2,500	)		(108,125	)
MasTec, Inc.*		(1,500	)		(29,580	)
Quanta Services, Inc.*		(5,300	)		(107,060	)
The Shaw Group, Inc.*		(800	)		(24,168	)
URS Corp.*		(2,300	)		(102,902	)
					(537,695	)
Consumer Finance (-0.1%)
Cash America International, Inc.		(600	)		(34,722	)
First Cash Financial Services, Inc.*		(900	)		(37,791	)
Nelnet, Inc. Class A		(1,000	)		(22,060	)
					(94,573	)
Containers & Packaging (-0.3%)
Bemis Co., Inc.		(700	)		(23,646	)
Crown Holdings, Inc.*		(700	)		(27,174	)
Greif, Inc. Class A		(1,400	)		(91,042	)
Owens-Illinois, Inc.*		(3,400	)		(87,754	)
Packaging Corp. of America		(1,100	)		(30,789	)
Rock-Tenn Co. Class A		(1,300	)		(86,242	)
Silgan Holdings, Inc.		(600	)		(24,582	)
Sonoco Products Co.		(800	)		(28,432	)
Temple-Inland, Inc.		(900	)		(26,766	)
					(426,427	)

See Accompanying Notes to Financial Statements.
27

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares			Value
SHORT STOCK POSITIONS
COMMON STOCKS
Distributors (-0.0%)
Genuine Parts Co.		(500	)	$	(27,200	)
LKQ Corp.*		(1,000	)		(26,090	)
					(53,290	)
Diversified Consumer Services (-0.1%)
Apollo Group, Inc. Class A*		(600	)		(26,208	)
H&R Block, Inc.		(1,400	)		(22,456	)
Hillenbrand, Inc.		(2,800	)		(66,220	)
K12, Inc.*		(2,500	)		(82,850	)
					(197,734	)
Diversified Financial Services (-0.1%)
MSCI, Inc. Class A*		(2,700	)		(101,736	)
PHH Corp.*		(900	)		(18,468	)
Pico Holdings, Inc.*		(1,000	)		(29,000	)
Portfolio Recovery Associates, Inc.*		(300	)		(25,437	)
					(174,641	)
Diversified Telecommunication Services (-0.2%)
AT&T, Inc.		(6,000	)		(188,460	)
CenturyTel, Inc.		(3,100	)		(125,333	)
tw telecom, Inc.*		(1,500	)		(30,795	)
Windstream Corp.		(2,200	)		(28,512	)
					(373,100	)
Electric Utilities (-0.4%)
American Electric Power Co., Inc.		(900	)		(33,912	)
Duke Energy Corp.		(2,000	)		(37,660	)
Edison International		(800	)		(31,000	)
Entergy Corp.		(1,800	)		(122,904	)
FirstEnergy Corp.		(900	)		(39,735	)
MGE Energy, Inc.		(800	)		(32,424	)
Northeast Utilities		(1,300	)		(45,721	)
Pepco Holdings, Inc.		(1,200	)		(23,556	)
PPL Corp.		(4,700	)		(130,801	)
Progress Energy, Inc.		(800	)		(38,408	)
					(536,121	)
Electrical Equipment (-0.2%)
AMETEK, Inc.		(700	)		(31,430	)
EnerSys*		(700	)		(24,094	)
General Cable Corp.*		(800	)		(34,064	)
GrafTech International, Ltd.*		(1,200	)		(24,324	)
Polypore International, Inc.*		(1,300	)		(88,192	)
Roper Industries, Inc.		(200	)		(16,660	)
Woodward Governor Co.		(700	)		(24,402	)
					(243,166	)

See Accompanying Notes to Financial Statements.
28

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares			Value
SHORT STOCK POSITIONS
COMMON STOCKS
Electronic Equipment, Instruments & Components (-0.6%)
Amphenol Corp. Class A		(2,300	)	$	(124,177	)
Anixter International, Inc.		(400	)		(26,136	)
Arrow Electronics, Inc.*		(2,600	)		(107,900	)
Avnet, Inc.*		(2,900	)		(92,452	)
Dolby Laboratories, Inc. Class A*		(2,000	)		(84,920	)
Ingram Micro, Inc. Class A*		(1,100	)		(19,954	)
IPG Photonics Corp.*		(1,200	)		(87,252	)
Itron, Inc.*		(800	)		(38,528	)
Jabil Circuit, Inc.		(1,200	)		(24,240	)
Littelfuse, Inc.		(1,500	)		(88,080	)
National Instruments Corp.		(1,050	)		(31,175	)
Plexus Corp.*		(2,700	)		(93,987	)
Tech Data Corp.*		(500	)		(24,445	)
					(843,246	)
Energy Equipment & Services (-0.5%)
Bristow Group, Inc.		(600	)		(30,612	)
Complete Production Services, Inc.*		(900	)		(30,024	)
Dresser-Rand Group, Inc.*		(500	)		(26,875	)
Ensco PLC ADR		(525	)		(27,983	)
FMC Technologies, Inc.*		(3,000	)		(134,370	)
Gulfmark Offshore, Inc. Class A*		(600	)		(26,514	)
Halliburton Co.		(4,800	)		(244,800	)
Helix Energy Solutions Group, Inc.*		(2,000	)		(33,120	)
Lufkin Industries, Inc.		(400	)		(34,420	)
Rowan Cos., Inc.*		(600	)		(23,286	)
Superior Energy Services, Inc.*		(800	)		(29,712	)
Tetra Technologies, Inc.*		(1,700	)		(21,641	)
Tidewater, Inc.		(600	)		(32,286	)
Unit Corp.*		(500	)		(30,465	)
					(726,108	)
Food & Staples Retailing (-0.7%)
BJ's Wholesale Club, Inc.*		(2,000	)		(100,700	)
Casey's General Stores, Inc.		(2,100	)		(92,400	)
CVS Caremark Corp.		(6,700	)		(251,786	)
Sysco Corp.		(4,700	)		(146,546	)
United Natural Foods, Inc.*		(500	)		(21,335	)
Wal-Mart Stores, Inc.		(7,600	)		(403,864	)
Weis Markets, Inc.		(600	)		(24,438	)
Winn-Dixie Stores, Inc.*		(3,800	)		(32,110	)
					(1,073,179	)
Food Products (-0.8%)
Campbell Soup Co.		(3,100	)		(107,105	)
Chiquita Brands International, Inc.*		(1,800	)		(23,436	)
ConAgra Foods, Inc.		(4,900	)		(126,469	)
Darling International, Inc.*		(2,300	)		(40,710	)

See Accompanying Notes to Financial Statements.
29

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares			Value
SHORT STOCK POSITIONS
COMMON STOCKS
Food Products
Dean Foods Co.*		(3,100	)	$	(38,037	)
Flowers Foods, Inc.		(1,200	)		(26,448	)
General Mills, Inc.		(4,600	)		(171,212	)
Green Mountain Coffee Roasters, Inc.*		(1,200	)		(107,112	)
Hormel Foods Corp.		(900	)		(26,829	)
Kellogg Co.		(2,400	)		(132,768	)
Ralcorp Holdings, Inc.*		(1,100	)		(95,238	)
Smithfield Foods, Inc.*		(1,100	)		(24,057	)
Snyders-Lance, Inc.		(1,100	)		(23,793	)
The Hershey Co.		(500	)		(28,425	)
The J.M. Smucker Co.		(1,500	)		(114,660	)
TreeHouse Foods, Inc.*		(1,500	)		(81,915	)
					(1,168,214	)
Gas Utilities (-0.4%)
AGL Resources, Inc.		(600	)		(24,426	)
National Fuel Gas Co.		(1,600	)		(116,480	)
New Jersey Resources Corp.		(1,800	)		(80,298	)
Northwest Natural Gas Co.		(1,700	)		(76,721	)
ONEOK, Inc.		(1,400	)		(103,614	)
Questar Corp.		(2,000	)		(35,420	)
The Laclede Group, Inc.		(900	)		(34,047	)
UGI Corp.		(900	)		(28,701	)
WGL Holdings, Inc.		(2,400	)		(92,376	)
					(592,083	)
Health Care Equipment & Supplies (-0.7%)
Alere, Inc.*		(800	)		(29,296	)
Becton, Dickinson and Co.		(1,800	)		(155,106	)
Covidien PLC		(600	)		(31,938	)
Gen-Probe, Inc.*		(500	)		(34,575	)
Haemonetics Corp.*		(400	)		(25,748	)
Hill-Rom Holdings, Inc.		(800	)		(36,832	)
Kinetic Concepts, Inc.*		(500	)		(28,815	)
Masimo Corp.		(800	)		(23,744	)
Medtronic, Inc.		(6,200	)		(238,886	)
NxStage Medical, Inc.*		(1,400	)		(29,148	)
STERIS Corp.		(2,600	)		(90,948	)
Teleflex, Inc.		(1,500	)		(91,590	)
West Pharmaceutical Services, Inc.		(1,900	)		(83,144	)
Zimmer Holdings, Inc.*		(2,000	)		(126,400	)
					(1,026,170	)
Health Care Providers & Services (-0.9%)
AMERIGROUP Corp.*		(1,300	)		(91,611	)
Brookdale Senior Living, Inc.*		(3,000	)		(72,750	)
Centene Corp.*		(900	)		(31,977	)
Coventry Health Care, Inc.*		(2,700	)		(98,469	)

See Accompanying Notes to Financial Statements.
30

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares			Value
SHORT STOCK POSITIONS
COMMON STOCKS
Health Care Providers & Services
DaVita, Inc.*		(1,400	)	$	(121,254	)
Health Management Associates, Inc. Class A*		(2,100	)		(22,638	)
Healthspring, Inc.*		(1,800	)		(82,998	)
Henry Schein, Inc.*		(1,600	)		(114,544	)
HMS Holdings Corp.*		(300	)		(23,061	)
Laboratory Corp. of America Holdings*		(300	)		(29,037	)
LifePoint Hospitals, Inc.*		(600	)		(23,448	)
Lincare Holdings, Inc.		(700	)		(20,489	)
Magellan Health Services, Inc.*		(600	)		(32,844	)
Medco Health Solutions, Inc.*		(300	)		(16,956	)
Mednax, Inc.*		(1,500	)		(108,285	)
Molina Healthcare, Inc.*		(3,200	)		(86,784	)
Omnicare, Inc.		(700	)		(22,323	)
Owens & Minor, Inc.		(2,800	)		(96,572	)
Quest Diagnostics, Inc.		(1,800	)		(106,380	)
Universal American Corp.		(1,000	)		(10,950	)
WellCare Health Plans, Inc.*		(1,800	)		(92,538	)
WellPoint, Inc.		(700	)		(55,139	)
					(1,361,047	)
Health Care Technology (-0.0%)
Allscripts-Misys Heathcare Solutions, Inc.*		(1,400	)		(27,188	)
Hotels, Restaurants & Leisure (-0.8%)
BJ's Restaurants, Inc.*		(1,500	)		(78,540	)
Bob Evans Farms, Inc.		(2,700	)		(94,419	)
Buffalo Wild Wings, Inc.*		(1,500	)		(99,465	)
Carnival Corp.		(4,000	)		(150,520	)
CEC Entertainment, Inc.		(900	)		(36,099	)
Choice Hotels International, Inc.		(600	)		(20,016	)
Darden Restaurants, Inc.		(1,800	)		(89,568	)
DineEquity, Inc.*		(1,600	)		(83,632	)
Gaylord Entertainment Co.*		(700	)		(21,000	)
Jack in the Box, Inc.*		(1,400	)		(31,892	)
Marriott International, Inc. Class A		(3,600	)		(127,764	)
Panera Bread Co. Class A*		(300	)		(37,698	)
Penn National Gaming, Inc.*		(600	)		(24,204	)
Pinnacle Entertainment, Inc.*		(1,600	)		(23,840	)
Ruby Tuesday, Inc.*		(2,100	)		(22,638	)
Scientific Games Corp. Class A*		(3,100	)		(32,054	)
Sonic Corp.*		(2,800	)		(29,764	)
Texas Roadhouse, Inc. Class A		(1,500	)		(26,303	)
The Cheesecake Factory, Inc.*		(800	)		(25,096	)
WMS Industries, Inc.*		(3,100	)		(95,232	)
					(1,149,744	)
Household Durables (-0.2%)
D.R. Horton, Inc.		(2,500	)		(28,800	)
Ethan Allen Interiors, Inc.		(1,400	)		(29,806	)

See Accompanying Notes to Financial Statements.
31

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares			Value
SHORT STOCK POSITIONS
COMMON STOCKS
Household Durables
Leggett & Platt, Inc.		(1,000	)	$	(24,380	)
Lennar Corp. Class A		(1,100	)		(19,965	)
Mohawk Industries, Inc.*		(1,500	)		(89,985	)
Tempur-Pedic International, Inc.*		(1,300	)		(88,166	)
Toll Brothers, Inc.*		(1,200	)		(24,888	)
Tupperware Brands Corp.		(400	)		(26,980	)
					(332,970	)
Household Products (-0.2%)
Clorox Co.		(1,800	)		(121,392	)
Colgate-Palmolive Co.		(2,200	)		(192,302	)
Energizer Holdings, Inc.*		(300	)		(21,708	)
The Procter & Gamble Co.		(500	)		(31,785	)
					(367,187	)
Independent Power Producers & Energy Traders (-0.0%)
NRG Energy, Inc.*		(1,100	)		(27,038	)
Industrial Conglomerates (-0.1%)
Carlisle Cos., Inc.		(2,000	)		(98,460	)
Insurance (-0.4%)
American Equity Investment Life Holding Co.		(1,900	)		(24,149	)
Amtrust Financial Services, Inc.		(1,300	)		(29,614	)
Arthur J. Gallagher & Co.		(3,400	)		(97,036	)
Cincinnati Financial Corp.		(700	)		(20,426	)
CNA Financial Corp.		(1,000	)		(29,050	)
Employers Holdings, Inc.		(1,100	)		(18,447	)
FBL Financial Group, Inc. Class A		(1,000	)		(32,150	)
HCC Insurance Holdings, Inc.		(700	)		(22,050	)
Hilltop Holdings, Inc.*		(2,300	)		(20,332	)
Loews Corp.		(600	)		(25,254	)
Markel Corp.*		(100	)		(39,681	)
Mercury General Corp.		(1,900	)		(75,031	)
Old Republic International Corp.		(2,300	)		(27,025	)
ProAssurance Corp.*		(400	)		(28,000	)
StanCorp Financial Group, Inc.		(400	)		(16,876	)
The Hanover Insurance Group, Inc.		(2,300	)		(86,733	)
Torchmark Corp.		(200	)		(12,828	)
Tower Group, Inc.		(1,200	)		(28,584	)
Transatlantic Holdings, Inc.		(600	)		(29,406	)
W.R. Berkley Corp.		(700	)		(22,708	)
					(685,380	)
Internet & Catalog Retail (-0.1%)
HSN, Inc.*		(3,400	)		(111,928	)
Shutterfly, Inc.*		(1,500	)		(86,130	)
					(198,058	)

See Accompanying Notes to Financial Statements.
32

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares			Value
SHORT STOCK POSITIONS
COMMON STOCKS
Internet Software & Services (-0.1%)
AOL, Inc.*		(4,300	)	$	(85,398	)
Equinix, Inc.*		(800	)		(80,816	)
IAC/InterActiveCorp*		(900	)		(34,353	)
Monster Worldwide, Inc.*		(1,300	)		(19,058	)
					(219,625	)
IT Services (-0.8%)
Acxiom Corp.*		(7,000	)		(91,770	)
Broadridge Financial Solutions, Inc.		(1,300	)		(31,291	)
Computer Sciences Corp.		(3,000	)		(113,880	)
Convergys Corp.*		(1,600	)		(21,824	)
CoreLogic, Inc.*		(1,442	)		(24,096	)
Fiserv, Inc.*		(600	)		(37,578	)
Gartner, Inc.*		(600	)		(24,174	)
Global Payments, Inc.		(1,800	)		(91,800	)
iGate Corp.		(1,500	)		(24,480	)
Jack Henry & Associates, Inc.		(700	)		(21,007	)
Mastercard, Inc. Class A		(500	)		(150,670	)
Paychex, Inc.		(700	)		(21,504	)
SAIC, Inc.*		(6,200	)		(104,284	)
SRA International, Inc. Class A*		(1,600	)		(49,472	)
Teradata Corp.*		(2,200	)		(132,440	)
Total System Services, Inc.		(1,200	)		(22,296	)
Unisys Corp.*		(900	)		(23,130	)
Visa, Inc. Class A		(2,700	)		(227,502	)
Wright Express Corp.*		(1,400	)		(72,898	)
					(1,286,096	)
Leisure Equipment & Products (-0.1%)
Brunswick Corp.		(1,000	)		(20,400	)
Hasbro, Inc.		(2,400	)		(105,432	)
Polaris Industries, Inc.		(900	)		(100,053	)
					(225,885	)
Life Sciences Tools & Services (-0.2%)
Charles River Laboratories International, Inc.*		(2,200	)		(89,430	)
Mettler-Toledo International, Inc.*		(200	)		(33,734	)
Paraxel International Corp.*		(3,600	)		(84,816	)
PerkinElmer, Inc.		(800	)		(21,528	)
Pharmaceutical Product Development, Inc.		(900	)		(24,156	)
Techne Corp.		(400	)		(33,348	)
					(287,012	)
Machinery (-0.7%)
Albany International Corp. Class A		(1,300	)		(34,307	)
Cascade Corp.		(400	)		(19,028	)
ESCO Technologies, Inc.		(2,900	)		(106,720	)
Flowserve Corp.		(1,000	)		(109,890	)
FreightCar America, Inc.*		(800	)		(20,272	)

See Accompanying Notes to Financial Statements.
33

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares			Value
SHORT STOCK POSITIONS
COMMON STOCKS
Machinery
Harsco Corp.		(2,700	)	$	(88,020	)
IDEX Corp.		(600	)		(27,510	)
Kennametal, Inc.		(2,400	)		(101,304	)
Lincoln Electric Holdings, Inc.		(600	)		(21,510	)
NACCO Industries, Inc. Class A		(300	)		(29,046	)
Pentair, Inc.		(600	)		(24,216	)
Sauer-Danfoss, Inc.*		(1,300	)		(65,507	)
Snap-on, Inc.		(400	)		(24,992	)
SPX Corp.		(400	)		(33,064	)
Stanley Black & Decker, Inc.		(1,900	)		(136,895	)
Terex Corp.*		(800	)		(22,760	)
The Manitowoc Co., Inc.		(1,200	)		(20,208	)
The Middleby Corp.*		(200	)		(18,808	)
Trinity Industries, Inc.		(900	)		(31,392	)
Valmont Industries, Inc.		(1,000	)		(96,390	)
WABCO Holdings, Inc.*		(1,100	)		(75,966	)
					(1,107,805	)
Media (-0.2%)
Cinemark Holdings, Inc.		(1,200	)		(24,852	)
DreamWorks Animation SKG, Inc. Class A*		(5,300	)		(106,530	)
Lamar Advertising Co. Class A*		(700	)		(19,159	)
Liberty Media Corp. - Capital Series A*		(300	)		(25,725	)
Liberty Media Corp. - Starz Series A*		(300	)		(22,572	)
Morningstar, Inc.		(600	)		(36,468	)
Rentrak Corp.*		(1,100	)		(19,514	)
Valassis Communications, Inc.*		(2,700	)		(81,810	)
					(336,630	)
Metals & Mining (-0.4%)
Allegheny Technologies, Inc.		(1,600	)		(101,552	)
AMCOL International Corp.		(600	)		(22,896	)
Carpenter Technology Corp.		(900	)		(51,912	)
Cliffs Natural Resources, Inc.		(200	)		(18,490	)
Commercial Metals Co.		(1,200	)		(17,220	)
Compass Minerals International, Inc.		(200	)		(17,214	)
Contango ORE, Inc.*		(60	)		(780	)
Globe Specialty Metals, Inc.		(1,200	)		(26,904	)
Kaiser Aluminum Corp.		(500	)		(27,310	)
Nucor Corp.		(3,400	)		(140,148	)
RTI International Metals, Inc.*		(2,100	)		(80,577	)
Schnitzer Steel Industries, Inc. Class A		(400	)		(23,040	)
Southern Copper Corp.		(800	)		(26,296	)
Steel Dynamics, Inc.		(1,100	)		(17,875	)
Titanium Metals Corp.		(1,300	)		(23,816	)
Worthington Industries, Inc.		(1,200	)		(27,720	)
					(623,750	)

See Accompanying Notes to Financial Statements.
34

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares			Value
SHORT STOCK POSITIONS
COMMON STOCKS
Multi-Utilities (-0.4%)
Alliant Energy Corp.		(600	)	$	(24,396	)
Ameren Corp.		(1,100	)		(31,724	)
CenterPoint Energy, Inc.		(1,700	)		(32,895	)
CH Energy Group, Inc.		(500	)		(26,630	)
CMS Energy Corp.		(1,500	)		(29,535	)
Consolidated Edison, Inc.		(500	)		(26,620	)
Dominion Resources, Inc.		(3,800	)		(183,426	)
OGE Energy Corp.		(600	)		(30,192	)
SCANA Corp.		(700	)		(27,559	)
TECO Energy, Inc.		(1,500	)		(28,335	)
Wisconsin Energy Corp.		(3,600	)		(112,860	)
Xcel Energy, Inc.		(900	)		(21,870	)
					(576,042	)
Multiline Retail (-0.1%)
99 Cents Only Stores*		(1,500	)		(30,360	)
Big Lots, Inc.*		(2,300	)		(76,245	)
					(106,605	)
Oil, Gas & Consumable Fuels (-1.4%)
Alpha Natural Resources, Inc.*		(2,300	)		(104,512	)
Berry Petroleum Co. Class A		(700	)		(37,191	)
Bill Barrett Corp.*		(600	)		(27,810	)
Brigham Exploration Co.*		(3,400	)		(101,762	)
Cabot Oil & Gas Corp.		(900	)		(59,679	)
Carrizo Oil & Gas, Inc.*		(700	)		(29,225	)
Cobalt International Energy, Inc.*		(6,000	)		(81,780	)
Concho Resources, Inc.*		(1,300	)		(119,405	)
Consol Energy, Inc.		(2,600	)		(126,048	)
Contango Oil & Gas Co.*		(600	)		(35,064	)
Continental Resources, Inc.*		(400	)		(25,964	)
CVR Energy, Inc.*		(1,200	)		(29,544	)
Energen Corp.		(1,700	)		(96,050	)
EOG Resources, Inc.		(1,800	)		(188,190	)
EQT Corp.		(2,100	)		(110,292	)
Forest Oil Corp.*		(3,600	)		(96,156	)
Frontier Oil Corp.		(2,300	)		(74,313	)
Holly Corp.		(700	)		(48,580	)
Noble Energy, Inc.		(1,600	)		(143,408	)
QEP Resources, Inc.		(800	)		(33,464	)
Quicksilver Resources, Inc.*		(2,000	)		(29,520	)
Rosetta Resources, Inc.*		(800	)		(41,232	)
SandRidge Energy, Inc.*		(2,900	)		(30,914	)
SM Energy Co.		(1,500	)		(110,220	)
Southwestern Energy Co.*		(3,000	)		(128,640	)
Stone Energy Corp.*		(1,300	)		(39,507	)
Sunoco, Inc.		(2,100	)		(87,591	)
Swift Energy Co.*		(600	)		(22,362	)

See Accompanying Notes to Financial Statements.
35

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares			Value
SHORT STOCK POSITIONS
COMMON STOCKS
Oil, Gas & Consumable Fuels
World Fuel Services Corp.		(800	)	$	(28,744	)
					(2,087,167	)
Paper & Forest Products (-0.0%)
Buckeye Technologies, Inc.		(1,400	)		(37,772	)
Clearwater Paper Corp.*		(200	)		(13,656	)
KapStone Paper & Packaging Corp.*		(1,400	)		(23,198	)
					(74,626	)
Personal Products (-0.0%)
Elizabeth Arden, Inc.*		(1,100	)		(31,933	)
Pharmaceuticals (-0.3%)
Hospira, Inc.*		(2,200	)		(124,652	)
Impax Laboratories, Inc.*		(2,300	)		(50,117	)
Par Pharmaceutical Cos., Inc.*		(2,200	)		(72,556	)
Viropharma, Inc.*		(1,400	)		(25,900	)
Watson Pharmaceuticals, Inc.*		(1,600	)		(109,968	)
					(383,193	)
Professional Services (-0.2%)
Dolan Media Co.*		(2,500	)		(21,175	)
Dun & Bradstreet Corp.		(200	)		(15,108	)
FTI Consulting, Inc.*		(700	)		(26,558	)
IHS, Inc. Class A*		(1,200	)		(100,104	)
Manpower, Inc.		(1,800	)		(96,570	)
Towers Watson & Co. Class A		(1,200	)		(78,852	)
					(338,367	)
Real Estate Investment Trusts (-1.4%)
Alexandria Real Estate Equities, Inc.		(1,100	)		(85,162	)
Annaly Capital Management, Inc.		(7,400	)		(133,496	)
Boston Properties, Inc.		(1,300	)		(138,008	)
Capstead Mortgage Corp.		(2,100	)		(28,140	)
CBL & Associates Properties, Inc.		(1,400	)		(25,382	)
Colonial Properties Trust		(1,700	)		(34,680	)
Corporate Office Properties Trust		(2,600	)		(80,886	)
Cousins Properties, Inc.		(3,804	)		(32,485	)
Developers Diversified Realty Corp.		(1,600	)		(22,560	)
Douglas Emmett, Inc.		(4,100	)		(81,549	)
Duke Realty Corp.		(5,500	)		(77,055	)
Equity Lifestyle Properties, Inc.		(500	)		(31,220	)
Equity One, Inc.		(1,600	)		(29,824	)
Equity Residential		(2,400	)		(144,000	)
Essex Property Trust, Inc.		(800	)		(108,232	)
Federal Realty Investment Trust		(300	)		(25,554	)
Franklin Street Properties Corp.		(2,100	)		(27,111	)
Healthcare Realty Trust, Inc.		(3,700	)		(76,331	)
Highwoods Properties, Inc.		(2,500	)		(82,825	)

See Accompanying Notes to Financial Statements.
36

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares			Value
SHORT STOCK POSITIONS
COMMON STOCKS
Real Estate Investment Trusts
Kilroy Realty Corp.		(2,000	)	$	(78,980	)
Kimco Realty Corp.		(1,300	)		(24,232	)
MFA Financial, Inc.		(3,300	)		(26,532	)
Mid-America Apartment Communities, Inc.		(500	)		(33,735	)
Nationwide Health Properties, Inc.		(800	)		(33,128	)
Post Properties, Inc.		(800	)		(32,608	)
Potlatch Corp.		(2,600	)		(91,702	)
ProLogis, Inc.		(1	)		(36	)
PS Business Parks, Inc.		(500	)		(27,550	)
Regency Centers Corp.		(2,000	)		(87,940	)
Senior Housing Properties Trust		(1,000	)		(23,410	)
Sovran Self Storage, Inc.		(900	)		(36,900	)
Taubman Centers, Inc.		(500	)		(29,600	)
The Macerich Co.		(2,100	)		(112,350	)
UDR, Inc.		(4,000	)		(98,200	)
Ventas, Inc.		(500	)		(26,355	)
Washington Real Estate Investment Trust		(1,100	)		(35,772	)
Weingarten Realty Investors		(3,400	)		(85,544	)
					(2,149,074	)
Road & Rail (-0.2%)
Amerco, Inc.*		(300	)		(28,845	)
Con-way, Inc.		(2,100	)		(81,501	)
Heartland Express, Inc.		(1,700	)		(28,152	)
Hertz Global Holdings, Inc.*		(1,500	)		(23,820	)
Knight Transportation, Inc.		(5,200	)		(88,348	)
Werner Enterprises, Inc.		(900	)		(22,545	)
					(273,211	)
Semiconductors & Semiconductor Equipment (-0.7%)
Broadcom Corp. Class A*		(4,900	)		(164,836	)
Cymer, Inc.*		(1,700	)		(84,167	)
Diodes, Inc.*		(1,100	)		(28,710	)
Fairchild Semiconductor International, Inc.*		(4,900	)		(81,879	)
Hittite Microwave Corp.*		(500	)		(30,955	)
Intersil Corp. Class A		(2,100	)		(26,985	)
KLA-Tencor Corp.		(2,400	)		(97,152	)
Linear Technology Corp.		(800	)		(26,416	)
Maxim Integrated Products, Inc.		(1,000	)		(25,560	)
MEMC Electronic Materials, Inc.*		(2,700	)		(23,031	)
Microsemi Corp.*		(3,900	)		(79,950	)
Netlogic Microsystems, Inc.*		(2,600	)		(105,092	)
OmniVision Technologies, Inc.*		(700	)		(24,367	)
RF Micro Devices, Inc.*		(4,600	)		(28,152	)
Semtech Corp.*		(900	)		(24,606	)
Silicon Laboratories, Inc.*		(2,300	)		(94,898	)
Skyworks Solutions, Inc.*		(4,300	)		(98,814	)
TriQuint Semiconductor, Inc.*		(1,900	)		(19,361	)

See Accompanying Notes to Financial Statements.
37

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares			Value
SHORT STOCK POSITIONS
COMMON STOCKS
Semiconductors & Semiconductor Equipment
Varian Semiconductor Equipment Associates, Inc.*		(500	)	$	(30,720	)
Xilinx, Inc.		(700	)		(25,529	)
					(1,121,180	)
Software (-1.0%)
Ariba, Inc.*		(3,100	)		(106,857	)
Aspen Technology, Inc.*		(1,500	)		(25,770	)
BMC Software, Inc.*		(400	)		(21,880	)
CA, Inc.		(1,300	)		(29,692	)
CommVault Systems, Inc.*		(1,900	)		(84,455	)
Compuware Corp.*		(2,400	)		(23,424	)
Concur Technologies, Inc.*		(1,700	)		(85,119	)
Informatica Corp.*		(600	)		(35,058	)
Mentor Graphics Corp.*		(1,700	)		(21,777	)
MICROS Systems, Inc.*		(500	)		(24,855	)
Nuance Communications, Inc.*		(4,800	)		(103,056	)
Parametric Technology Corp.*		(1,100	)		(25,223	)
Progress Software Corp.*		(1,200	)		(28,956	)
Quest Software, Inc.*		(4,600	)		(104,558	)
Red Hat, Inc.*		(2,800	)		(128,520	)
Salesforce.com, Inc.*		(900	)		(134,082	)
Solera Holdings, Inc.		(400	)		(23,664	)
Symantec Corp.*		(5,200	)		(102,544	)
Synchronoss Technologies, Inc.*		(2,500	)		(79,325	)
Synopsys, Inc.*		(900	)		(23,139	)
Taleo Corp. Class A*		(2,400	)		(88,872	)
Ultimate Software Group, Inc.*		(1,500	)		(81,645	)
Websense, Inc.*		(3,500	)		(90,895	)
					(1,473,366	)
Specialty Retail (-0.6%)
Aaron's, Inc.		(900	)		(25,434	)
Advance Auto Parts, Inc.		(300	)		(17,547	)
Ascena Retail Group, Inc.*		(2,500	)		(85,125	)
CarMax, Inc.*		(1,400	)		(46,298	)
Chico's FAS, Inc.		(2,200	)		(33,506	)
Dick's Sporting Goods, Inc.*		(2,600	)		(99,970	)
Hibbett Sports, Inc.*		(800	)		(32,568	)
JOS. A. Bank Clothiers, Inc.*		(600	)		(30,006	)
Monro Muffler, Inc.		(900	)		(33,561	)
O'Reilly Automotive, Inc.*		(1,900	)		(124,469	)
OfficeMax, Inc.*		(1,600	)		(12,560	)
Penske Automotive Group, Inc.		(1,300	)		(29,562	)
PetSmart, Inc.		(600	)		(27,222	)
Pier 1 Imports, Inc.*		(2,000	)		(23,140	)
Sally Beauty Holdings, Inc.*		(2,000	)		(34,200	)
TJX Cos., Inc.		(3,200	)		(168,096	)
Tractor Supply Co.		(400	)		(26,752	)

See Accompanying Notes to Financial Statements.
38

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

	Number of Shares			Value
SHORT STOCK POSITIONS
COMMON STOCKS
Specialty Retail
Ulta Salon Cosmetics & Fragrance, Inc.*		(1,600	)	$	(103,328	)
Urban Outfitters, Inc.*		(900	)		(25,335	)
					(978,679	)
Textiles, Apparel & Luxury Goods (-0.3%)
Columbia Sportswear Co.		(500	)		(31,700	)
CROCS, Inc.*		(4,000	)		(103,000	)
Deckers Outdoor Corp.*		(900	)		(79,326	)
Fossil, Inc.*		(400	)		(47,088	)
Hanesbrands, Inc.*		(700	)		(19,985	)
Polo Ralph Lauren Corp.		(800	)		(106,088	)
The Warnaco Group, Inc.*		(1,900	)		(99,275	)
					(486,462	)
Thrifts & Mortgage Finance (-0.0%)
New York Community Bancorp, Inc.		(1,500	)		(22,485	)
Tobacco (-0.1%)
Reynolds American, Inc.		(800	)		(29,640	)
Universal Corp.		(2,100	)		(79,107	)
					(108,747	)
Trading Companies & Distributors (-0.1%)
MSC Industrial Direct Co., Inc. Class A*		(300	)		(19,893	)
RSC Holdings, Inc.*		(2,400	)		(28,704	)
WESCO International, Inc.*		(400	)		(21,636	)
WW Grainger, Inc.		(200	)		(30,730	)
					(100,963	)
Water Utilities (-0.0%)
American Water Works Co., Inc.		(1,000	)		(29,450	)
Wireless Telecommunication Services (-0.2%)
American Tower Corp. Class A*		(3,100	)		(162,223	)
NTELOS Holdings Corp.		(1,500	)		(30,630	)
SBA Communications Corp. Class A*		(2,400	)		(91,656	)
United States Cellular Corp.*		(600	)		(29,052	)
USA Mobility, Inc.		(1,600	)		(24,416	)
					(337,977	)
TOTAL COMMON STOCKS (Proceeds $31,831,953)					(34,962,806	)
TOTAL SECURITIES SOLD SHORT (Proceeds $31,831,953)				$	(34,962,806	)

INVESTMENT ABBREVIATION

ADR = American Depositary Receipt

*  Non-income producing security.

§  Security or portion thereof is out on loan.

§§  Represents security purchased with cash collateral received for securities on loan. The rate shown is the annualized seven-day yield at June 30, 2011.

^  Not readily marketable security; security is valued at fair value as determined in good faith by, or under the direction of, the Board of Trustees.

See Accompanying Notes to Financial Statements.
39

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Statement of Assets and Liabilities
June 30, 2011 (unaudited)

Assets
Investments at value, including collateral for securities on loan of $25,632,458 (Cost $199,300,854) (Note 2)	$	212,298,0471
Cash		84
Cash segregated at brokers for short sales		36,006,208
Receivable for investments sold		6,424,689
Dividend and interest receivable		237,978
Receivable for portfolio shares sold		16,844
Prepaid expenses and other assets		4,219
Total Assets		254,988,069
Liabilities
Advisory fee payable (Note 3)		86,258
Administrative services fee payable (Note 3)		51,208
Payable upon return of securities loaned (Note 2)		61,638,666
Securities sold short, at value (Proceeds $31,831,953) (Note 2)		34,962,806
Payable for investments purchased		5,512,701
Payable for portfolio shares redeemed		179,600
Dividend expense payable on securities sold short		44,858
Trustees' fee payable		2,939
Other accrued expenses payable		112,846
Total Liabilities		102,591,882
Net Assets
Capital stock, $.001 par value (Note 6)		9,835
Paid-in capital (Note 6)		199,374,502
Undistributed net investment income		1,389,760
Accumulated net realized loss on investments, short sales and foreign currency transactions		(58,244,250	)
Net unrealized appreciation from investments and short sales		9,866,340
Net Assets	$	152,396,187
Shares outstanding		9,834,796
Net asset value, offering price and redemption price per share	$	15.50

¹  Including $60,856,997 of securities on loan.

See Accompanying Notes to Financial Statements.
40

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Statement of Operations
For the Six Months Ended June 30, 2011 (unaudited)

Investment Income (Note 2)
Dividends	$	1,772,753
Interest		35
Securities lending		23,366
Foreign taxes withheld		(204	)
Total investment income		1,795,950
Expenses
Investment advisory fees (Note 3)		540,303
Administrative services fees (Note 3)		149,383
Dividend expense for securities sold short		217,005
Short sales expense		82,671
Printing fees (Note 3)		48,905
Audit and tax fees		24,325
Trustees' fees		20,156
Transfer agent fees		16,617
Legal fees		14,847
Custodian fees		12,071
Insurance expense		5,151
Commitment fees (Note 4)		310
Miscellaneous expense		3,921
Total expenses		1,135,665
Net investment income		660,285
Net Realized and Unrealized Gain (Loss) from Investments and Short Sales
Net realized gain from investments		19,319,020
Net realized loss from short sales		(7,030,599	)
Net change in unrealized appreciation (depreciation) from investments		(3,731,136	)
Net change in unrealized appreciation (depreciation) from short sales		3,834,168
Net realized and unrealized gain from investments and short sales		12,391,453
Net increase in net assets resulting from operations	$	13,051,738

See Accompanying Notes to Financial Statements.
41

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2011 (unaudited)			For the Year Ended December 31, 2010
From Operations
Net investment income	$	660,285		$	744,977
Net realized gain from investments, short sales and foreign currency transactions		12,288,421			16,430,172
Net change in unrealized appreciation (depreciation) from investments, short sales and foreign currency translations		103,032			2,914,290
Net increase in net assets resulting from operations		13,051,738			20,089,439
From Dividends
Dividends from net investment income		—			(225,568	)
From Capital Share Transactions (Note 6)
Proceeds from sale of shares		1,876,417			2,600,157
Reinvestment of dividends		—			225,568
Net asset value of shares redeemed		(15,529,033	)		(32,808,579	)
Net decrease in net assets from capital share transactions		(13,652,616	)		(29,982,854	)
Net decrease in net assets		(600,878	)		(10,118,983	)
Net Assets
Beginning of period		152,997,065			163,116,048
End of period	$	152,396,187		$	152,997,065
Undistributed net investment income	$	1,389,760		$	729,475

See Accompanying Notes to Financial Statements.
42

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Statement of Cash Flows
For the Six Months Ended June 30, 2011 (unaudited)

Cash Flows from Operating Activities
Dividends, interest and securities lending income received	$	1,751,693
Gain received from litigation		1,363
Operating expenses paid		(952,772	)
Dividend expense paid on securities sold short		(213,690	)
Purchases of long-term securities		(169,307,859	)
Proceeds from sales of long-term securities		186,795,009
Purchases to cover securities sold short		(40,323,643	)
Proceeds from securities sold short		35,931,814
Purchases of short-term securities, net		(99,000	)
Net cash provided by operating activities				$	13,582,915
Cash Flows from Financing Activities
Proceeds from sale of shares		1,875,774
Cost of shares redeemed		(15,459,475	)
Net cash used by financing activities					(13,583,701	)
Net decrease in cash					(786	)
Cash — beginning of period					870
Cash — end of period				$	84
RECONCILIATION OF NET INCREASE IN NET ASSETS FROM OPERATIONS TO NET CASH PROVIDED BY OPERATING ACTIVITIES
Net increase in net assets resulting from operations				$	13,051,738
Adjustments to Reconcile Net Increase in Net Assets from Operations to Net Cash Provided by Operating Activities
Change in dividends and interest receivable	$	(44,257	)
Change in accrued expenses		(34,642	)
Change in prepaid expenses and other assets		4,868
Change in advisory fee payable		(4,338	)
Change in dividend expense payable on securities sold short		3,315
Purchases of long-term securities		(169,307,859	)
Proceeds from sales of long-term securities		186,795,009
Purchases to cover securities sold short		(40,323,643	)
Proceeds from securities sold short		35,931,814
Purchases of short-term securities, net		(99,000	)
Net change in unrealized appreciation from investments and short sales		(103,032	)
Net realized gain from investments and short sales		(12,287,058	)
Total adjustments					531,177
Net cash provided by operating activities				$	13,582,915
Non-Cash Activity:
Dividend reinvestments				$	—

See Accompanying Notes to Financial Statements.
43

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Financial Highlights
(For a Share of the Portfolio Outstanding Throughout Each Period)

	For the Six Months Ended June 30, 2011			For the Year Ended December 31,
	(unaudited)			2010			2009			2008			2007			2006
Per share data
Net asset value, beginning of period	$	14.25		$	12.47		$	10.10		$	15.47		$	15.60		$	14.89
INVESTMENT OPERATIONS
Net investment income (loss)		0.07			0.07			0.06			0.10			0.02			(0.14	)
Net gain (loss) on investments, short sales, foreign currency related items and futures contracts (both realized and unrealized)		1.18			1.73			2.44			(5.46	)		(0.15	)		0.85
Total from investment operations		1.25			1.80			2.50			(5.36	)		(0.13	)		0.71
LESS DIVIDENDS
Dividends from net investment income		—			(0.02	)		(0.13	)		(0.01	)		—			—
Net asset value, end of period	$	15.50		$	14.25		$	12.47		$	10.10		$	15.47		$	15.60
Total return1		8.77	%		14.46	%		24.79	%		(34.66	)%		(0.83	)%		4.77	%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted)	$	152,396		$	152,997		$	163,116		$	135,359		$	286,855		$	413,335
Ratio of expenses to average net assets		1.47	%2		1.66	%		1.81	%		0.93	%		0.92	%		1.11	%
Ratio of expenses to average net assets excluding short sales dividend expense		1.19	%2		1.27	%		1.56	%		—	%		—	%		—	%
Ratio of net investment income (loss) to average net assets		0.86	%2		0.49	%		0.34	%		0.65	%		0.08	%		(0.75	)%
Portfolio turnover rate		97	%		439	%		643	%		204	%		203	%		208	%

¹  Total returns are historical and assume changes in share price and reinvestment of all dividends and distributions. Total returns do not reflect charges and expenses attributable to any particular variable contract or plan. Total returns for periods less than one year are not annualized.

²  Annualized.

See Accompanying Notes to Financial Statements.
44

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Notes to Financial Statements
June 30, 2011 (unaudited)

Note 1. Organization

Credit Suisse Trust (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and currently offers three managed investment portfolios of which one, the U.S. Equity Flex I Portfolio (the "Portfolio"), is included in this report. The Portfolio is a diversified investment fund that seeks capital growth. Shares of the Portfolio are not available directly to individual investors but may be offered only through (a) variable annuity contracts and variable life insurance contracts offered by separate accounts of certain insurance companies and (b) tax-qualified pension and retirement plans. The Portfolio may not be available in connection with a particular contract or plan. The Trust was organized under the laws of the Commonwealth of Massachusetts as a business trust on March 15, 1995. Effective May 1, 2009, the name of the Portfolio was changed from Small Cap Core I Portfolio.

Note 2. Significant Accounting Policies

A) SECURITY VALUATION — The net asset value of the Portfolio 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. Equity investments are valued at market value, which is generally determined using the closing price on the exchange or market on which the security is primarily traded at the time of valuation (the "Valuation Time"). If no sales are reported, equity investments are generally valued at the most recent bid quotation as of the Valuation Time or at the lowest asked quotation in the case of a short sale of securities. Equity investments are generally categorized as Level 1. Debt securities with a remaining maturity greater than 60 days are valued in accordance with the price supplied by a pricing service, which may use a matrix, formula or other objective method that takes into consideration market indices, yield curves and other specific adjustments. Debt obligations that will mature in 60 days or less are valued on the basis of amortized cost, which approximates market value, unless it is determined that using this method would not represent fair value. Debt securities are generally categorized as Level 2. Investments in open-end investment companies are valued at their net asset value each business day and are generally categorized as Level 1. Securities and other assets for which market quotations are not readily available, or whose values have been materially affected by events occurring before the Portfolio's Valuation Time but after the close of the securities' primary markets, are valued at fair value as determined in good faith by, or under the direction of, the Board of Trustees under procedures

45

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Notes to Financial Statements (continued)
June 30, 2011 (unaudited)

Note 2. Significant Accounting Policies

established by the Board of Trustees and are generally categorized as Level 3. The Portfolio may utilize a service provided by an independent third party which has been approved by the Board of Trustees to fair value certain securities. When fair value pricing is employed, the prices of securities used by a portfolio to calculate its net asset value may differ from quoted or published prices for the same securities.

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America ("GAAP"), the Portfolio discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. In accordance with GAAP, fair value is defined as the price that the Portfolio would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. In accordance with the Portfolio's valuation procedures, factors used in determining value may include, but are not limited to, the type of the security, the size of the holding, the initial cost of the security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies, quotations or evaluated prices from broker-dealers and/or pricing services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or issuer's financial statements, an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security

46

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Notes to Financial Statements (continued)
June 30, 2011 (unaudited)

Note 2. Significant Accounting Policies

is normally traded. The three-tier hierarchy of inputs is 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 Portfolio's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing 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 June 30, 2011 in valuing the Portfolio's investments carried at value:

	Level 1			Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	186,335,118		$	—	$	—	$	186,335,118
Rights		7,471			—		—		7,471
Short-Term Investments		25,632,458			323,000		—		25,955,458
Securities Sold Short
Common Stocks		(34,962,806	)		—		—		(34,962,806	)
Other Financial Instruments*		—			—		—		—
	$	177,012,241		$	323,000	$	—	$	177,335,241

*Other financial instruments include futures, forwards and swap contracts.

The Portfolio adopted FASB amendments to authoritative guidance which requires the Portfolio to disclose details of significant transfers in and out of Level 1 and Level 2 measurements and the reasons for the transfers. For the six months ended June 30, 2011, there were no significant transfers in and out of Level 1 and Level 2. The only investment held by the Portfolio whose fair value was determined using Level 3 inputs had a value of $0 at June 30, 2011.

B) DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES — The Portfolio adopted amendments to authoritative guidance on disclosures about derivative instruments and hedging activities which require that the Portfolio 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 portfolio's financial position, financial performance, and cash flows. The Portfolio has not entered into any derivative or hedging activities during the period covered by this report.

47

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Notes to Financial Statements (continued)
June 30, 2011 (unaudited)

Note 2. Significant Accounting Policies

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

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

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

The Portfolio 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 Portfolio has reviewed its current tax positions and has determined that no provision for income tax is required in the Portfolio's financial statements. The Portfolio's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

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

G) SHORT-TERM INVESTMENTS — The Portfolio, together with other funds/portfolios advised by Credit Suisse Asset Management, LLC ("Credit Suisse"), an indirect, wholly-owned subsidiary of Credit Suisse Group AG, pools available cash into a short-term variable rate time deposit issued by State

48

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Notes to Financial Statements (continued)
June 30, 2011 (unaudited)

Note 2. Significant Accounting Policies

Street Bank and Trust Company ("SSB"), the Portfolio's custodian. The short-term time deposit issued by SSB is a variable rate account classified as a short-term investment.

H) SHORT SALES — The Portfolio enters into short sales transactions collateralized by cash deposits received from brokers in connection with securities lending activities (see note I) and securities. Cash deposits are shown as cash segregated at brokers on the Statement of Assets and Liabilities. The collateral amounts required are determined daily by reference to the market value of the short positions. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the securities have appreciated in value, thus resulting in a loss to the Portfolio. The Portfolio's loss on a short sale could theoretically be unlimited in a case where the Portfolio is unable, for whatever reason, to close out its short position. Short sales also involve transaction and other costs that will reduce potential gains and increase potential portfolio losses. The use by the Portfolio of short sales in combination with long positions in its portfolio in an attempt to improve performance may not be successful and may result in greater losses or lower positive returns than if the Portfolio held only long positions. It is possible that the Portfolio's long equity positions will decline in value at the same time that the value of the securities it has sold short increases, thereby increasing potential losses to the Portfolio. In addition, the Portfolio's short selling strategies may limit its ability to fully benefit from increases in the equity markets. Short selling also involves a form of financial leverage that may exaggerate any losses realized by the Portfolio. Also, there is the risk that the counterparty to a short sale may fail to honor its contractual terms, causing a loss to the Portfolio.

I) SECURITIES LENDING — Loans of securities are required at all times to be secured by collateral at least equal to 102% of the market value of domestic securities on loan (including any accrued interest thereon) and 105% of the market value of foreign securities on loan (including any accrued interest thereon). Cash collateral received by the Portfolio in connection with securities lending activity is either in the form of cash segregated at brokers or 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 Portfolio'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 Portfolio to act as the Portfolio's securities lending agent. The Portfolio's securities lending arrangement provides that

49

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Notes to Financial Statements (continued)
June 30, 2011 (unaudited)

Note 2. Significant Accounting Policies

the Portfolio and SSB will share the net income earned from securities lending activities. During the six months ended June 30, 2011, total earnings from the Portfolio's investment in cash collateral received in connection with securities lending arrangements was $39,496, of which $11,206 was rebated to borrowers (brokers). The Portfolio retained $23,366 in income from the cash collateral investment, and SSB, as lending agent, was paid $4,924. Securities lending income is accrued as earned.

J) SUBSEQUENT EVENTS — In preparing the financial statements as of June 30, 2011, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements.

Note 3. Transactions with Affiliates and Related Parties

Credit Suisse serves as investment adviser for the Portfolio. For its investment advisory services, Credit Suisse is entitled to receive a fee from the Portfolio at an annual rate of 0.70% of the Portfolio's average daily net assets. For the six months ended June 30, 2011, investment advisory fees earned were $540,303.

Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of Credit Suisse, and SSB serve as co-administrators to the Portfolio. For its co-administrative services, CSAMSI currently receives a fee calculated at an annual rate of 0.09% of the Portfolio's average daily net assets. For the six months ended June 30, 2011, co-administrative services fees earned by CSAMSI were $69,468.

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 six months ended June 30, 2011, co-administrative services fees earned by SSB (including out-of-pocket expenses) were $79,915.

In addition to serving as the Portfolio's co-administrator, CSAMSI currently serves as distributor of the Portfolio's shares without compensation.

Merrill Corporation ("Merrill"), an affiliate of Credit Suisse, has been engaged by the Portfolio to provide certain financial printing services. For the six months ended June 30, 2011, Merrill was paid $18,268 for its services by the Portfolio.

Note 4. Line of Credit

The Portfolio, together with other funds/portfolios advised by Credit Suisse (collectively, the "Participating Funds"), participates in a committed, unsecured

50

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Notes to Financial Statements (continued)
June 30, 2011 (unaudited)

Note 4. Line of Credit

line of credit facility ("Credit Facility") for temporary or emergency purposes with SSB. Under the terms of the Credit Facility, the Participating Funds pay an aggregate commitment fee 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 June 30, 2011, and during the six months ended June 30, 2011, the Portfolio had no borrowings under the Credit Facility.

Note 5. Purchases and Sales of Securities

For the six months ended June 30, 2011, purchases and sales of investment securities (excluding short sales and short-term investments) were $173,675,685 and $191,511,524, respectively. Securities sold short and purchases to cover securities sold short were $36,454,341 and $41,146,359, respectively.

At June 30, 2011, the identified cost for federal income tax purposes, as well as the gross unrealized appreciation from investments for those securities having an excess of value over cost, gross unrealized depreciation from investments for those securities having an excess of cost over value and the net unrealized appreciation from investments were $199,300,854, $16,075,540, $(3,078,347) and $12,997,193, respectively.

At June 30, 2011, the identified proceeds for federal income tax purposes, as well as the gross unrealized appreciation from securities sold short for those securities having an excess of proceeds over value, gross unrealized depreciation from investments for those securities having an excess of value over proceeds and the net unrealized depreciation from securities sold short were $(31,831,953), $499,356, $(3,630,209) and $(3,130,853), respectively.

Note 6. Capital Share Transactions

The Trust is authorized to issue an unlimited number of full and fractional shares of beneficial interest, $.001 par value per share. Transactions in capital shares of the Portfolio were as follows:

	For the Six Months Ended June 30, 2011 (unaudited)			For the Year Ended December 31, 2010
Shares sold		123,102			204,142
Shares issued in reinvestment of dividends		—			18,459
Shares redeemed		(1,026,095	)		(2,570,415	)
Net decrease		(902,993	)		(2,347,814	)

51

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Notes to Financial Statements (continued)
June 30, 2011 (unaudited)

Note 6. Capital Share Transactions

On June 30, 2011, the number of shareholders that held 5% or more of the outstanding shares of the Portfolio was as follows:

Number of Shareholders		Approximate Percentage of Outstanding Shares
	4		81	%

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

Note 7. Contingencies

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

Note 8. Liquidation

On June 30, 2011, the Board of Trustees of Credit Suisse Trust — U.S. Equity Flex I Portfolio (the "Portfolio") approved, subject to shareholder approval, a Plan of Liquidation and Dissolution (the "Plan") whereby all of the Portfolio's assets would be liquidated and the Portfolio would subsequently be dissolved.

If the plan is approved on the date of the special meeting of shareholders, which is expected to take place on September 29, 2011, each shareholder of the Portfolio would receive a distribution in an amount equal to the net asset value per share on or about October 12, 2011. Each shareholder may also receive previously declared and unpaid dividends and distributions with respect to each of the shareholder's shares of the Portfolio. The liquidation and dissolution of the Portfolio is subject to the completion of certain conditions, including the approval of the Plan by the Portfolio's shareholders.

52

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Notice of Privacy and Information Practices (unaudited)

At Credit Suisse, we know that you are concerned with how we protect and handle nonpublic personal information that identifies you. This notice is designed to help you understand what nonpublic personal information we collect from you and from other sources, and how we use that information in connection with your investments and investment choices that may be available to you. Except where otherwise noted, this notice is applicable only to consumers who are current or former investors, meaning individual persons whose investments are primarily for household, family or personal use ("individual investors"). Specified sections of this notice, however, also apply to other types of investors (called "institutional investors"). Where the notice applies to institutional investors, the notice expressly states so. This notice is being provided by Credit Suisse Funds and Credit Suisse Closed-End Funds. This notice applies solely to U.S. registered investment companies advised by Credit Suisse Asset Management, LLC.

Categories of information we may collect:

We may collect information about you, including nonpublic personal information, such as

•  Information we receive from you on applications, forms, agreements, questionnaires, Credit Suisse websites and other websites that are part of our investment program, or in the course of establishing or maintaining a customer relationship, such as your name, address, e-mail address, Social Security number, assets, income, financial situation; and

•  Information we obtain from your transactions and experiences with us, our affiliates, or others, such as your account balances or other investment information, assets purchased and sold, and other parties to a transaction, where applicable.

Categories of information we disclose and parties to whom we disclose it:

•  We do not disclose nonpublic personal information about our individual investors, except as permitted or required by law or regulation. Whether you are an individual investor or institutional investor, we may share the information described above with our affiliates that perform services on our behalf, and with our asset management and private banking affiliates; as well as with unaffiliated third parties that perform services on our behalf, such as our accountants, auditors, attorneys, broker-dealers, fund administrators, and other service providers.

53

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Notice of Privacy and Information Practices (unaudited) (continued)

•  We want our investors to be informed about additional products or services. We do not disclose nonpublic personal information relating to individual investors to our affiliates for marketing purposes, nor do we use such information received from our affiliates to solicit individual investors for such purposes. Whether you are an individual investor or an institutional investor, we may disclose information, including nonpublic personal information, regarding our transactions and experiences with you to our affiliates.

•  In addition, whether you are an individual investor or an institutional investor, we reserve the right to disclose information, including nonpublic personal information, about you to any person or entity, including without limitation any governmental agency, regulatory authority or self-regulatory organization having jurisdiction over us or our affiliates, if (i) we determine in our discretion that such disclosure is necessary or advisable pursuant to or in connection with any United States federal, state or local, or non-U.S., court order (or other legal process), law, rule, regulation, or executive order or policy, including without limitation any anti-money laundering law or the USA PATRIOT Act of 2001; and (ii) such disclosure is not otherwise prohibited by law, rule, regulation, or executive order or policy.

Confidentiality and security

•  To protect nonpublic personal information about individual investors, we restrict access to those employees and agents who need to know that information to provide products or services to us and to our investors. We maintain physical, electronic, and procedural safeguards to protect nonpublic personal information.

Other Disclosures

This notice is not intended to be incorporated in any offering materials, but is a statement of our current Notice of Privacy and Information Practices and may be amended from time to time. This notice is current as of May 2, 2011.

54

Credit Suisse Trust — U.S. Equity Flex I Portfolio
Proxy Voting and Portfolio Holdings Information (unaudited)

Information regarding how the Portfolio 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 Portfolio uses to determine how to vote proxies relating to its portfolio securities are available:

•  By calling 1-877-870-2874

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

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

The Portfolio 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 Portfolio'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.

55

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

877-870-2874 n WWW.credit-suisse.com/us

CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR.   TRSCC I-SAR-0611

CREDIT SUISSE FUNDS

Semiannual Report

June 30, 2011
(unaudited)

CREDIT SUISSE TRUST
n  COMMODITY RETURN STRATEGY
  PORTFOLIO

Credit Suisse Trust (the "Trust") shares are not available directly to individual investors, but may be offered only through certain insurance products and pension and retirement plans.

The Trust's investment objectives, risks, charges and expenses (which should be considered carefully before investing), and more complete information about the Trust, are provided in the Prospectus, which should be read carefully before investing. You may obtain additional copies by calling 877-870-2874 or by writing to Credit Suisse Trust, P.O. Box 55030, Boston, MA 02205-5030.

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

The views of the Portfolio's management are as of the date of the letter and the Portfolio holdings described in this document are as of June 30, 2011; these views and Portfolio holdings may have changed subsequent to these dates. Nothing in this document is a recommendation to purchase or sell securities.

Portfolio 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. Portfolio investments are subject to investment risks, including loss of your investment.

Credit Suisse Trust — Commodity Return Strategy Portfolio
Semiannual Investment Adviser's Report
June 30, 2011 (unaudited)

July 20, 2011

Dear Shareholder:

For the six month period ended June 30, 2011, the Credit Suisse Trust — Commodity Return Strategy Portfolio (the "Portfolio") had a decrease of 1.55%.¹ Its benchmark, the Dow Jones-UBS Commodity Index Total Return² ("DJ-UBS Index") lost 2.58%. The S&P 500 Index³ gained 6.02%.

Market Review: A weak period for commodities

For the six-month period ended June 30, 2011, commodities were mostly lower, with the DJ-UBS Index returning -2.58% for the period. Stocks and bonds outperformed commodities with the S&P 500 Index gaining 6.02%, the Dow Jones Industrial Average increasing 8.58%, and the Barclays Capital U.S. Aggregate Bond Index rising 2.72%.

For the first half of 2011, commodity markets experienced a broad-based reversal, with four out of five commodity sectors trading lower. In addition to concerns over weaker global economic growth and the Eurozone debt crisis weighing on the markets, fundamental commodity-specific factors also pressured prices lower. It is worth noting that the timing of this price correction coincided with the decline during the first half of 2011. At that time, the markets were focused on very similar issues — slowdowns in global economic growth and sovereign debt concerns in Europe.

Strategic Review and Outlook: Diversification and Potential Upside

The Portfolio seeks total return and is designed to achieve positive return relative to the performance of the DJ-UBS Index. To do so, the Portfolio invests in commodity-linked derivative instruments and fixed-income securities. The DJ-UBS Index, the Portfolio's benchmark, is a broadly diversified futures index composed of futures contracts on 19 physical commodities. The DJ-UBS Index is weighted among commodity sectors using dollar-adjusted liquidity and production data and is rebalanced as of the beginning of each calendar year.

For the six-month period ended June 30, 2011, the Portfolio outperformed the benchmark. The Portfolio gains exposure to commodity markets by investing in commodity index-linked structured notes whose principal and/or coupon payments are linked to the DJ-UBS Index and, by investment in its wholly-owned subsidiary (the "Subsidiary"), primarily through commodity index-linked swap agreements on the DJ-UBS Index, but also futures contracts on individual commodities.

1

Credit Suisse Trust — Commodity Return Strategy Portfolio
Semiannual Investment Adviser's Report (continued)
June 30, 2011 (unaudited)

For the first six months of 2011, silver was the top performer, gaining 12.4% despite its sharp pullback in the second quarter. Gold also continued to perform well amid the uncertain backdrop and a steadily declining U.S. Dollar. As a result, precious metals remained the top-performing sector, returning 6.87% through the end of June.

Energy performance was mixed, with the sector losing 1.71% for the first half of the year. Gasoline and heating oil posted gains of 15.57% and 13.75%, respectively, due to strong product demand — which included rapid growth in exports to Latin America. Crude oil, however, was weaker, losing 4.95% due to continued high inventory levels in the United States and expectations that an increased supply will be made available. At the June OPEC meeting, Saudi Arabia indicated it would raise its crude oil production, despite the lack of agreement by other member nations to raise quotas. Additionally, the International Energy Association (IEA) announced it would release 60 million barrels of petroleum products over an initial period of 30 days to make up for the loss of Libyan production.

Agriculture lost 7.12% during the period with wheat — down 31.98% — leading the complex lower. Russia's decision to resume grain exports, in tandem with improved weather forecasts across the United States and Europe, further eased supply-side concerns. Nickel, zinc and copper all contributed to industrial metals' loss of 3.45% for the period, although aluminum was slightly higher. Additionally, livestock dropped 4.09% as reports of increased inventories and weaker than expected demand weighed on prices.

In the fixed income portion of the Portfolio, holdings maintained a bias toward high quality, short-term assets, especially bonds issued by U.S. Government-Sponsored Enterprises (GSE's) and U.S Treasury issued debt. In the current credit environment, we remain confident in our high quality fixed income positions, which have performed well over the past year.

As we move into the third quarter, uncertainty remains high due to the Eurozone debt crisis, concerns regarding global growth, and delays of the U.S. Congress to address its debt ceiling. However, in our opinion, generally tight supply conditions and continued global growth in commodity demand could exert further upward pressure on prices. We believe the agriculture sector is currently vulnerable to supply shocks due to low stock of key commodities, despite rising production expectations. As a result, external shocks such as weather-related supply disruptions may lead to higher prices. In the energy sector, we expect the continued geopolitical unrest in the Middle East and North Africa will likely be a primary focus for the crude complex during the summer season. Any new supply disruptions could further diminish OPEC's ability to

2

Credit Suisse Trust — Commodity Return Strategy Portfolio
Semiannual Investment Adviser's Report (continued)
June 30, 2011 (unaudited)

control oil prices by decreasing spare production capacity. Although the IEA's release of strategic petroleum reserves helped to alleviate the pressure on light sweet crude, we believe it is only a temporary solution and may, in fact, challenge OPEC's ability to increase production of some grades of oil in demand by consumers.

In the long term, we believe commodities will continue to offer value for investors despite the risk aversion and potential volatility demonstrated across capital and commodity markets. As market uncertainty can have different effects on traditional asset classes and commodities, we believe investors will continue to benefit from the diversification benefits that commodities provide.

The Credit Suisse Commodities Management Team

Nelson Louie
Christopher Burton

This Portfolio 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. Exposure to commodity markets should only form a small part of a diversified portfolio. Investment in commodity markets may not be suitable for all investors. The Portfolio's investment in commodity-linked derivative instruments may subject the Portfolio 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, lack of a secondary market, increased volatility, correlation risk, liquidity risk, interest-rate risk, market risk, credit risk, valuation risk and tax risk. Gains and losses from speculative positions in derivatives may be much greater than the derivative's cost.

At any time, the risk of loss of any individual security held by the Portfolio could be significantly higher than 50% of the security's value. For a detailed discussion of these and other risks, please refer to the Portfolio'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 market, industry and economic trends and developments and government regulation and their potential impact on the Portfolio's investments. These statements are subject to risks and uncertainties and actual trends, developments and regulations in the future, and their impact on the Portfolio could be materially different from those projected, anticipated or implied. The Portfolio has no obligation to update or revise forward-looking statements.

3

Credit Suisse Trust — Commodity Return Strategy Portfolio
Semiannual Investment Adviser's Report (continued)
June 30, 2011 (unaudited)

Average Annual Returns as of June 30, 2011¹

1 Year			5 Years			Since Inception			Inception Date
	27.32	%		0.98	%		2.40	%	2/28/06

Returns represent past performance and include change in share price and reinvestment of dividends and capital gains. Past performance cannot guarantee future results. The current performance of the Portfolio 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 portfolio distributions or the redemption of portfolio shares. Performance includes the effect of deducting expenses, but does not include charges and expenses attributable to any particular variable contract or plan. Accordingly, the Prospectus of the sponsoring Participating Insurance Company separate account or plan documents or other informational materials supplied by plan sponsors should be carefully reviewed for information on relevant charges and expenses. Excluding these charges and expenses from quotations of performance has the effect of increasing the performance quoted, and the effect of these charges should be considered when comparing performance to that of other mutual funds. Performance information current to the most recent month-end is available at www.credit-suisse.com/us.

The annualized gross expense ratio is 1.06%. The annualized net expense ratio after fee waivers and/or expense reimbursements is 1.05%.

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

²  The Dow Jones-UBS Commodity Index Total Return is composed of futures contracts on 19 physical commodities. Investors cannot invest directly in an index.

³  The Standard & Poor's 500 Index is an unmanaged index (with no defined investment objective) of common stocks, includes reinvestment of dividends, and is a registered trademark of The McGraw-Hill Companies, Inc. Investors cannot invest directly in an index.

4

Credit Suisse Trust — Commodity Return Strategy Portfolio
Semiannual Investment Adviser's Report (continued)
June 30, 2011 (unaudited)

Information About Your Portfolio's Expenses

As an investor of the Portfolio, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Portfolio 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 Portfolio and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. The table is based on an investment of $1,000 made at the beginning of the six month period ended June 30, 2011.

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

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

•  Hypothetical 5% Portfolio Return. This helps you to compare your Portfolio's ongoing expenses with those of other mutual funds using the Portfolio's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical portfolio 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.

5

Credit Suisse Trust — Commodity Return Strategy Portfolio
Semiannual Investment Adviser's Report (continued)
June 30, 2011 (unaudited)

Expenses and Value for a $1,000 Investment
for the six month period ended June 30, 2011

Actual Portfolio Return
Beginning Account Value 1/1/11	$	1,000.00
Ending Account Value 6/30/11	$	984.50
Expenses Paid per $1,000*	$	5.17
Hypothetical 5% Portfolio Return
Beginning Account Value 1/1/11	$	1,000.00
Ending Account Value 6/30/11	$	1,019.59
Expenses Paid per $1,000*	$	5.26
Annualized Expense Ratio*		1.05	%

*  Expenses are equal to the Portfolio's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year period, then divided by 365.

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

6

Credit Suisse Trust — Commodity Return Strategy Portfolio
Semiannual Investment Adviser's Report (continued)
June 30, 2011 (unaudited)

Sector Breakdown*
United States Agency Obligations	51.6	%
United States Treasury Obligations	19.0	%
Wholly-Owned Subsidiary	17.2	%
Commodity Indexed Structured Notes	11.3	%
Short-Term Investment	0.9	%
Total	100.0	%

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

7

Credit Suisse Trust — Commodity Return Strategy Portfolio
Schedule of Investments
June 30, 2011 (unaudited)

Par (000)			Ratings† (S&P/Moody's)	Maturity	Rate%		Value
COMMODITY INDEXED STRUCTURED NOTES (11.3%)
$	4,400	BNP Paribas, Commodity Index Linked Senior Unsecured Notes#	(AA, Aa2)	02/27/12		0.208	$	5,582,280
	3,500	Deutsche Bank AG London, Commodity Index Linked Senior Unsecured Notes#	(A+, Aa3)	05/23/12		0.036		2,773,400
	1,800	Deutsche Bank AG London, Commodity Index Linked Senior Unsecured Notes#	(A+, Aa3)	03/15/12		0.037		1,625,760
	6,500	Svensk AB Exportkredit, Commodity Index Linked Senior Unsecured Notes#	(AA+, Aa1)	05/15/12		0.000		4,891,759
TOTAL COMMODITY INDEXED STRUCTURED NOTES (Cost $16,200,000)								14,873,199
UNITED STATES AGENCY OBLIGATIONS (51.6%)
	4,000	Fannie Mae Discount Notes	(AAA, Aaa)	09/13/11		0.120		3,999,836
	4,000	Fannie Mae Discount Notes	(AAA, Aaa)	01/03/12		0.140		3,997,936
	2,500	Federal Farm Credit Bank#	(AAA, Aaa)	07/02/12		0.316		2,503,775
	3,100	Federal Farm Credit Bank#	(AAA, Aaa)	08/27/12		0.376		3,109,232
	3,000	Federal Farm Credit Bank#	(AAA, Aaa)	10/12/12		0.210		3,002,976
	6,000	Federal Farm Credit Bank#	(AAA, Aaa)	08/22/13		0.206		6,004,206
	3,000	Federal Home Loan Bank Discount Notes	(AAA, Aaa)	07/26/11		0.040		2,999,917
	3,000	Federal Home Loan Banks	(AAA, Aaa)	08/03/11		0.200		2,999,983
	3,000	Federal Home Loan Banks	(AAA, Aaa)	12/09/11		0.320		3,002,928
	3,000	Federal Home Loan Banks	(AAA, Aaa)	02/17/12		0.150		2,997,909
	3,000	Federal Home Loan Banks	(AAA, Aaa)	04/27/12		0.400		3,000,294
	3,000	Federal Home Loan Banks#	(AAA, Aaa)	09/04/12		0.145		2,999,490
	3,500	Federal Home Loan Banks#	(AAA, Aaa)	11/01/12		0.126		3,499,849
	4,000	Federal Home Loan Mortgage Corp.#	(AAA, Aaa)	03/21/13		0.146		3,999,528
	2,500	Federal National Mortgage Association#	(AAA, Aaa)	08/23/12		0.206		2,502,585
	2,500	Federal National Mortgage Association#	(AAA, Aaa)	11/23/12		0.206		2,502,430
	4,000	Federal National Mortgage Association#	(AAA, Aaa)	12/03/12		0.270		4,006,028
	4,000	Federal National Mortgage Association#	(AAA, Aaa)	01/10/13		0.240		4,004,276
	3,000	Freddie Mac Discount Notes	(AAA, Aaa)	08/30/11		0.100		2,999,949
	4,000	Freddie Mac Discount Notes	(AAA, Aaa)	09/21/11		0.100		3,999,816
TOTAL UNITED STATES AGENCY OBLIGATIONS (Cost $68,098,155)								68,132,943
UNITED STATES TREASURY OBLIGATIONS (19.0%)
	5,000	United States Treasury Bills§	(AAA, Aaa)	07/14/11		0.030		4,999,946
	4,000	United States Treasury Notes	(AAA, Aaa)	10/31/11		1.000		4,012,812
	3,000	United States Treasury Notes	(AAA, Aaa)	11/30/11		0.750		3,008,556
	3,000	United States Treasury Notes§	(AAA, Aaa)	12/31/11		1.000		3,013,476
	3,000	United States Treasury Notes§	(AAA, Aaa)	01/31/12		0.875		3,013,593
	4,000	United States Treasury Notes	(AAA, Aaa)	02/29/12		0.875		4,019,984
	3,000	United States Treasury Notes§	(AAA, Aaa)	03/31/12		1.000		3,018,858
TOTAL UNITED STATES TREASURY OBLIGATIONS (Cost $25,070,399)								25,087,225

See Accompanying Notes to Financial Statements.
8

Credit Suisse Trust — Commodity Return Strategy Portfolio
Schedule of Investments (continued)
June 30, 2011 (unaudited)

Par (000)			Maturity	Rate%		Value
SHORT-TERM INVESTMENTS (7.8%)
$	1,217	State Street Bank and Trust Co. Euro Time Deposit	07/01/11		0.010	$	1,217,000
Number of Shares
	9,055,955	State Street Navigator Prime Portfolio, 0.2299%§§					9,055,955
TOTAL SHORT-TERM INVESTMENTS (Cost $10,272,955)							10,272,955
WHOLLY-OWNED SUBSIDIARY (17.2%)
	22,919,177	Credit Suisse Cayman Commodity Fund II, Ltd.^ (Cost $12,194,898)					22,695,935
TOTAL INVESTMENTS AT VALUE (106.9%)(Cost $131,836,407)							141,062,257
LIABILITIES IN EXCESS OF OTHER ASSETS (-6.9%)							(9,088,595	)
NET ASSETS (100.0%)						$	131,973,662

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

#  Variable rate obligations — The interest rate is the rate as of June 30, 2011.

§  Security or portion thereof is out on loan.

§§  Represents security purchased with cash collateral received for securities on loan. The rate shown is the annualized seven-day yield at June 30, 2011.

^  Affiliated issuer. See Note 3.

See Accompanying Notes to Financial Statements.
9

Credit Suisse Trust — Commodity Return Strategy Portfolio
Statement of Assets and Liabilities
June 30, 2011 (unaudited)

Assets
Investments at value, including collateral for securities on loan of $9,055,955 (Cost $119,641,509) (Note 2)	$	118,366,3221
Investment in wholly-owned subsidiary at value (Cost $12,194,898) (Note 2)		22,695,935
Cash		9,041
Interest receivable		58,780
Receivable for portfolio shares sold		58,233
Prepaid expenses and other assets		2,272
Total Assets		141,190,583
Liabilities
Advisory fee payable (Note 3)		54,324
Administrative services fee payable (Note 3)		26,372
Shareholder servicing/Distribution fee payable (Note 3)		27,649
Payable upon return of securities loaned (Note 2)		9,055,955
Payable for portfolio shares redeemed		7,297
Trustees' fee payable		2,938
Other accrued expenses payable		42,386
Total Liabilities		9,216,921
Net Assets
Capital stock, $.001 par value (Note 6)		15,953
Paid-in capital (Note 6)		160,537,646
Accumulated net investment loss		(19,770,539	)
Accumulated net realized loss on investments		(18,035,248	)
Net unrealized appreciation from investments		9,225,850
Net Assets	$	131,973,662
Shares outstanding		15,952,647
Net asset value, offering price and redemption price per share	$	8.27

¹  Including $8,875,702 of securities on loan.

See Accompanying Notes to Financial Statements.
10

Credit Suisse Trust — Commodity Return Strategy Portfolio
Statement of Operations
For the Six Months Ended June 30, 2011

Investment Income (Note 2)
Interest	$	119,973
Securities lending		6,437
Total Investment income		126,410
Expenses
Investment advisory fees (Note 3)		330,097
Administrative services fees (Note 3)		89,954
Shareholder servicing/Distribution fees (Note 3)		165,048
Printing fees (Note 3)		31,651
Audit and tax fees		20,180
Trustees' fees		20,156
Legal fees		20,054
Transfer agent fees		11,549
Custodian fees		3,972
Insurance expense		3,750
Commitment fees (Note 4)		299
Miscellaneous expense		3,417
Total expenses		700,127
Less: fees waived (Note 3)		(6,924	)
Net expenses		693,203
Net investment loss		(566,793	)
Net Realized and Unrealized Gain (Loss) from Investments
Net realized gain from investments		6,996,364
Net realized gain from investment in wholly-owned subsidiary		4,525,955
Net change in unrealized appreciation (depreciation) from investments		(7,625,576	)
Net change in unrealized appreciation (depreciation) from investment in wholly-owned subsidiary1		(5,775,635	)
Net realized and unrealized loss from investments		(1,878,892	)
Net decrease in net assets resulting from operations	$	(2,445,685	)

¹  There was no income recognized from the investment in wholly-owned subsidiary.

See Accompanying Notes to Financial Statements.
11

Credit Suisse Trust — Commodity Return Strategy Portfolio
Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2011 (unaudited)			For the Year Ended December 31, 2010
From Operations
Net investment loss	$	(566,793	)	$	(800,268	)
Net realized gain from investments		11,522,319			9,574,542
Net change in unrealized appreciation (depreciation) from investments		(13,401,211	)		8,653,868
Net increase (decrease) in net assets resulting from operations		(2,445,685	)		17,428,142
From Dividends
Dividends from net investment income		—			(7,343,593	)
From Capital Share Transactions (Note 6)
Proceeds from sale of shares		15,398,103			12,409,547
Reinvestment of dividends		—			7,341,817
Net asset value of shares redeemed		(5,303,998	)		(13,721,276	)
Net increase in net assets from capital share transactions		10,094,105			6,030,088
Net increase in net assets		7,648,420			16,114,637
Net Assets
Beginning of period		124,325,242			108,210,605
End of period	$	131,973,662		$	124,325,242
Accumulated net investment loss	$	(19,770,539	)	$	(19,203,746	)

See Accompanying Notes to Financial Statements.
12

Credit Suisse Trust — Commodity Return Strategy Portfolio
Financial Highlights
(For a Share of the Portfolio Outstanding Throughout Each Period)

	For the Six Months Ended June 30, 2011			For the Year Ended December 31,												For the Period Ended
	(unaudited)			2010			2009			2008			2007			December 31, 20061
Per share data
Net asset value, beginning of period	$	8.40		$	7.66		$	7.11		$	11.58		$	10.37		$	10.00
INVESTMENT OPERATIONS
Net investment income (loss)2		(0.04	)		(0.06	)		(0.04	)		0.15			0.54			0.38
Net gain (loss) on investments, investment in wholly-owned subsidiary, futures contracts and swap contracts (both realized and unrealized)		(0.09	)		1.33			1.43			(3.80	)		1.22			0.25
Total from investment operations		(0.13	)		1.27			1.39			(3.65	)		1.76			0.63
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income		—			(0.53	)		(0.84	)		(0.15	)		(0.55	)		(0.26	)
Distributions from net realized gains		—			—			—			(0.67	)		—			—
Total dividends and distributions		—			(0.53	)		(0.84	)		(0.82	)		(0.55	)		(0.26	)
Net asset value, end of period	$	8.27		$	8.40		$	7.66		$	7.11		$	11.58		$	10.37
Total return3		(1.55	)%		16.66	%		19.48	%		(33.72	)%		17.33	%		6.36	%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted)	$	131,974		$	124,325		$	108,211		$	69,919		$	56,624		$	145,907
Ratio of expenses to average net assets		1.05	%4		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%4
Ratio of net investment income (loss) to average net assets		(0.86	)%4		(0.75	)%		(0.52	)%		1.35	%		4.06	%		4.28	%4
Decrease reflected in above operating expense ratios due to waivers/reimbursements		0.01	%4		0.14	%		0.25	%		0.11	%		0.08	%		0.31	%4
Portfolio turnover rate		93	%		118	%		53	%		140	%		93	%		27	%

¹  For the period February 28, 2006 (commencement of operations) through December 31, 2006.

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

³  Total returns are historical and assume changes in share price and reinvestment of all dividends and distributions. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns do not reflect charges and expenses attributable to any particular variable contract or plan. Total returns for periods less than one year are not annualized.

⁴  Annualized.

See Accompanying Notes to Financial Statements.
13

Credit Suisse Trust — Commodity Return Strategy Portfolio
Notes to Financial Statements
June 30, 2011 (unaudited)

Note 1. Organization

Credit Suisse Trust (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and currently offers three managed investment portfolios of which one, the Commodity Return Strategy Portfolio (the "Portfolio"), is included in this report. The Portfolio is a non-diversified open-end management investment company that seeks total return. Shares of the Portfolio are not available directly to individual investors but may be offered only through (a) variable annuity contracts and variable life insurance contracts offered by separate accounts of certain insurance companies and (b) tax-qualified pension and retirement plans. The Portfolio may not be available in connection with a particular contract or plan. The Trust was organized under the laws of the Commonwealth of Massachusetts as a business trust on March 15, 1995.

Note 2. Significant Accounting Policies

A) SECURITY VALUATION — The net asset value of the Portfolio is determined daily as of the close of regular trading on the New York Stock Exchange, Inc. (the "Exchange") on each day the Exchange is open for business. Debt securities with a remaining maturity greater than 60 days are valued in accordance with the price supplied by a pricing service, which may use a matrix, formula or other objective method that takes into consideration market indices, yield curves and other specific adjustments. Debt obligations that will mature in 60 days or less are valued on the basis of amortized cost, which approximates market value, unless it is determined that using this method would not represent fair value. Debt securities are generally categorized as Level 2. Equity investments are valued at market value, which is generally determined using the closing price on the exchange or market on which the security is primarily traded at the time of valuation (the "Valuation Time"). If no sales are reported, equity investments are generally valued at the most recent bid quotation as of the Valuation Time or at the lowest asked quotation in the case of a short sale of securities. Equity investments are generally categorized as Level 1. Investments in open-end investment companies are valued at their net asset value each business day and are generally categorized as Level 1. Structured note agreements are valued in accordance with a dealer-supplied valuation based on changes in the value of the underlying index and are generally categorized as Level 2. The Portfolio's investment in the Credit Suisse Cayman Commodity Fund II, Ltd., a wholly-owned and controlled Cayman Islands subsidiary, (the "Subsidiary"), is valued at the Subsidiary's

14

Credit Suisse Trust — Commodity Return Strategy Portfolio
Notes to Financial Statements (continued)
June 30, 2011 (unaudited)

Note 2. Significant Accounting Policies

net asset value each business day and is generally categorized as Level 2. Securities, structured note agreements and other assets for which market quotations are not readily available, or whose values have been materially affected by events occurring before the Portfolio's Valuation Time but after the close of the securities' primary markets, are valued at fair value as determined in good faith by, or under the direction of, the Board of Trustees under procedures established by the Board of Trustees and are generally categorized as Level 3. The Portfolio may utilize a service provided by an independent third party which has been approved by the Board of Trustees to fair value certain securities. When fair value pricing is employed, the prices of securities used by a portfolio to calculate its net asset value may differ from quoted or published prices for the same securities.

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America ("GAAP"), the Portfolio discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. In accordance with GAAP, fair value is defined as the price that the Portfolio would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. In accordance with the Portfolio's valuation procedures, factors used in determining value may include, but are not limited to, the type of the security, the size of the holding, the initial cost of the security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies, quotations or evaluated prices from broker-dealers

15

Credit Suisse Trust — Commodity Return Strategy Portfolio
Notes to Financial Statements (continued)
June 30, 2011 (unaudited)

Note 2. Significant Accounting Policies

and/or pricing services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or issuer's financial statements, an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security is normally traded. The three-tier hierarchy of inputs is 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 Portfolio's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing 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 June 30, 2011 in valuing the Portfolio's investments carried at value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Commodity Indexed Structured Notes	$	—	$	14,873,199	$	—	$	14,873,199
United States Agency Obligations		—		68,132,943		—		68,132,943
United States Treasury Obligations		—		25,087,225		—		25,087,225
Short-Term Investments		9,055,955		1,217,000		—		10,272,955
Wholly-Owned Subsidiary		—		22,695,935		—		22,695,935
Other Financial Instruments*		—		—		—		—
	$	9,055,955	$	132,006,302	$	—	$	141,062,257

*Other financial instruments include futures, forwards and swap contracts.

The Portfolio adopted FASB amendments to authoritative guidance which requires the Portfolio to disclose details of significant transfers in and out of Level 1 and Level 2 measurements and the reasons for the transfers. For the six months ended June 30, 2011, there were no significant transfers in and out of Level 1 and Level 2.

B) DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES — The Portfolio adopted amendments to authoritative guidance on disclosures about derivative instruments and hedging activities which require that the Portfolio disclose (a) how and why an entity uses derivative instruments, (b) how

16

Credit Suisse Trust — Commodity Return Strategy Portfolio
Notes to Financial Statements (continued)
June 30, 2011 (unaudited)

Note 2. Significant Accounting Policies

derivative instruments and hedging activities are accounted for, and (c) how derivative instruments and related hedging activities affect a portfolio's financial position, financial performance, and cash flows. The Portfolio has not entered into any derivative or hedging activities during the period covered by this report. However, the Portfolio does invest in derivative instruments in the Subsidiary.

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

D) 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. Income and capital gain distributions 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 Portfolio's intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"), and to make the requisite distributions to its shareholders, which will be sufficient to relieve it from federal income and excise taxes.

In order to qualify as a RIC under the Code, the Portfolio 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 Portfolio 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 Portfolio may seek to track the performance of the Dow Jones-UBS Commodity Index Total Return ("DJ-UBS Index") through investing in structured notes designed to track the performance of the DJ-UBS Index. The Portfolio has received a private letter

17

Credit Suisse Trust — Commodity Return Strategy Portfolio
Notes to Financial Statements (continued)
June 30, 2011 (unaudited)

Note 2. Significant Accounting Policies

ruling from the IRS which confirms that the Portfolio's use of certain types of structured notes designed to track the performance of the DJ-UBS Index produce Qualifying Income. In addition, the Portfolio may, through its investment in the Subsidiary, seek to track the performance of the DJ-UBS Index by the Subsidiary's investments in commodity-linked swaps and/or futures contracts. The Portfolio has obtained a private letter ruling from the IRS that its investment in the Subsidiary will produce Qualifying Income. If the Portfolio is unable to ensure continued qualification as a RIC, the Portfolio may be required to change its investment objective, policies or techniques, or may be liquidated. If the Portfolio fails to qualify as a RIC, the Portfolio 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 Portfolio were to fail to qualify as a RIC and become subject to federal income tax, shareholders of the Portfolio would be subject to the risk of diminished returns. If the Portfolio should fail to qualify as a RIC, it would be considered as a single investment, which may result in variable contracts invested in the Portfolio not being treated as annuity, endowment or life insurance contracts under the Code. All income and gain inside the variable contracts would be taxed currently to the holders, and the contracts would remain subject to taxation as ordinary income thereafter, even if they become adequately diversified.

The Portfolio 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 Portfolio has reviewed its current tax positions and has determined that no provision for income tax is required in the Portfolio's financial statements. The Portfolio's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

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

G) SHORT-TERM INVESTMENTS — The Portfolio, together with other funds/portfolios advised by Credit Suisse Asset Management, LLC ("Credit

18

Credit Suisse Trust — Commodity Return Strategy Portfolio
Notes to Financial Statements (continued)
June 30, 2011 (unaudited)

Note 2. Significant Accounting Policies

Suisse"), an indirect, wholly-owned subsidiary of Credit Suisse Group AG, pools available cash into a short-term variable rate time deposit issued by State Street Bank and Trust Company ("SSB"), the Portfolio's custodian. The short-term time deposit issued by SSB is a variable rate account classified as a short-term investment.

H) COMMODITY INDEX-LINKED STRUCTURED NOTES — The Portfolio may invest in structured notes whose value is based on the price movements of a commodity index. The structured notes are often leveraged, increasing the volatility of each note's value relative to the change in the underlying linked financial element. The value of these notes will rise and fall in response to changes in the underlying commodity index. Structured notes may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the underlying commodity index. Structured notes may also be more volatile, less liquid, and more difficult to accurately price than less complex securities or more traditional debt securities. Fluctuations in the value of the structured notes are recorded as unrealized gains and losses in the accompanying financial statements. Net payments are recorded as interest income. These notes are subject to prepayment, credit and interest risks. The Portfolio has the option to request prepayment from the issuer. At maturity, or when a note is sold, the Portfolio records a realized gain or loss. At June 30, 2011, the value of these securities comprised 11.3% of the Portfolio's net assets and resulted in unrealized depreciation of $(1,326,801).

I) INVESTMENT IN CAYMAN COMMODITY FUND II, LTD. — The Portfolio may invest up to 25% of its total assets in the Subsidiary, which invests primarily in commodity futures and swap contracts, as well as fixed income securities and other investments intended to serve as margin or collateral for the Subsidiary's derivatives positions. The Portfolio wholly owns and controls the Subsidiary, and the Portfolio and Subsidiary are both managed by Credit Suisse.

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

For tax purposes, the Subsidiary is an exempted Cayman investment company. The Subsidiary has received an undertaking from the Government

19

Credit Suisse Trust — Commodity Return Strategy Portfolio
Notes to Financial Statements (continued)
June 30, 2011 (unaudited)

Note 2. Significant Accounting Policies

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

	Beginning Shares		Subscriptions		Redemptions			Ending Shares		Dividend Income		Value of affiliates at 06/30/11
Credit Suisse Cayman Commodity Fund II, Ltd.		20,922,783		10,793,696		(8,797,302	)		22,919,177	$	—	$	22,695,935

J) SECURITIES LENDING — Loans of securities are required at all times to be secured by collateral at least equal to 102% of the market value of domestic securities on loan (including any accrued interest thereon) and 105% of the market value of foreign securities on loan (including any accrued interest thereon). Cash collateral received by the Portfolio 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 Portfolio'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 Portfolio to act as the Portfolio's securities lending agent. The Portfolio's securities lending arrangement provides that the Portfolio and SSB will share the net income earned from securities lending activities. During the six months ended June 30, 2011, total earnings from the Portfolio's investment in cash collateral received in connection with securities lending arrangements was $10,478, of which $2,850 was rebated to borrowers (brokers). The Portfolio retained $6,437 in income from the cash collateral investment, and SSB, as lending agent, was paid $1,191. Securities lending income is accrued as earned.

K) OTHER — In the normal course of business the Portfolio trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to a transaction to perform (credit risk). Similar to credit risk, the Portfolio may be exposed to counterparty risk, or the risk that an institution or other entity with which the Portfolio has unsettled or open transactions will default. The

20

Credit Suisse Trust — Commodity Return Strategy Portfolio
Notes to Financial Statements (continued)
June 30, 2011 (unaudited)

Note 2. Significant Accounting Policies

potential loss could exceed the value of the financial assets recorded in the financial statements. Financial assets, which potentially expose the Portfolio to credit risk, consist principally of cash due from counterparties and investments. The extent of the Portfolio's exposure to credit and counterparty risks in respect to these financial assets approximates their carrying value as recorded in the Portfolio's Statement of Assets and Liabilities.

L) SUBSEQUENT EVENTS — In preparing the financial statements as of June 30, 2011, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements.

Note 3. Transactions with Affiliates and Related Parties

Credit Suisse serves as investment adviser for the Portfolio. For its investment advisory services, Credit Suisse is entitled to receive a fee from the Portfolio at an annual rate of 0.50% of the Portfolio's average daily net assets. For the six months ended June 30, 2011, investment advisory fees earned and voluntarily waived were $330,097 and $6,924, respectively. Effective January 1, 2011, Credit Suisse waives fees and reimburses expenses so that the Portfolio's annual operating expenses will not exceed 1.05% of the Portfolio's average daily net assets. Fee waivers and expense reimbursements are voluntary and may be discontinued by Credit Suisse at any time.

Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of Credit Suisse, and SSB serve as co-administrators to the Portfolio. For its co-administrative services, CSAMSI currently receives a fee calculated at an annual rate of 0.09% of the Portfolio's average daily net assets. For the six months ended June 30, 2011, co-administrative services fees earned by CSAMSI were $59,417.

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 six months ended June 30, 2011, co-administrative services fees earned by SSB (including out-of-pocket expenses) were $30,537.

In addition to serving as the Portfolio's co-administrator, CSAMSI currently serves as distributor of the Portfolio's shares. Pursuant to distribution plans adopted by the Portfolio pursuant to Rule 12b-1 under the 1940 Act, CSAMSI

21

Credit Suisse Trust — Commodity Return Strategy Portfolio
Notes to Financial Statements (continued)
June 30, 2011 (unaudited)

Note 3. Transactions with Affiliates and Related Parties

receives fees for its distribution services. These fees are calculated at an annual rate of 0.25% of the average daily net assets.

Merrill Corporation ("Merrill"), an affiliate of Credit Suisse, has been engaged by the Portfolio to provide certain financial printing services. For the six months ended June 30, 2011, Merrill was paid $15,284 for its services by the Portfolio.

Note 4. Line of Credit

The Portfolio, together with other funds/portfolios advised by Credit Suisse (collectively, the "Participating Funds"), participates in a committed, unsecured line of credit facility ("Credit Facility") for temporary or emergency purposes with SSB. Under the terms of the Credit Facility, the Participating Funds pay an aggregate commitment fee 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 June 30, 2011, and during the six months ended June 30, 2011, the Portfolio had no borrowings under the Credit Facility.

Note 5. Purchases and Sales of Securities

For the six months ended June 30, 2011, 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
$	16,300,000	$	28,193,662	$	122,117,741	$	76,007,262

At June 30, 2011, the identified cost for federal income tax purposes, as well as the gross unrealized appreciation from investments for those securities having an excess of value over cost, gross unrealized depreciation from investments for those securities having an excess of cost over value and the net unrealized appreciation from investments were $131,836,407, $11,736,427, $(2,510,577) and $9,225,850, respectively.

22

Credit Suisse Trust — Commodity Return Strategy Portfolio
Notes to Financial Statements (continued)
June 30, 2011 (unaudited)

Note 6. Capital Share Transactions

The Trust is authorized to issue an unlimited number of full and fractional shares of beneficial interest, $.001 par value per share. Transactions in capital shares of the Portfolio were as follows:

	For the Six Months Ended June 30, 2011 (unaudited)			For the Year Ended December 31, 2010
Shares sold		1,779,018			1,639,663
Shares issued in reinvestment of dividends		—			888,325
Shares redeemed		(622,672	)		(1,853,391	)
Net increase		1,156,346			674,597

On June 30, 2011, the number of shareholders that held 5% or more of the outstanding shares of the Portfolio was as follows:

Number of Shareholders		Approximate Percentage of Outstanding Shares
	1		91	%

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

Note 7. Contingencies

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

23

Credit Suisse Trust — Commodity Return Strategy Portfolio
Notice of Privacy and Information Practices (unaudited)

At Credit Suisse, we know that you are concerned with how we protect and handle nonpublic personal information that identifies you. This notice is designed to help you understand what nonpublic personal information we collect from you and from other sources, and how we use that information in connection with your investments and investment choices that may be available to you. Except where otherwise noted, this notice is applicable only to consumers who are current or former investors, meaning individual persons whose investments are primarily for household, family or personal use ("individual investors"). Specified sections of this notice, however, also apply to other types of investors (called "institutional investors"). Where the notice applies to institutional investors, the notice expressly states so. This notice is being provided by Credit Suisse Funds and Credit Suisse Closed-End Funds. This notice applies solely to U.S. registered investment companies advised by Credit Suisse Asset Management, LLC.

Categories of information we may collect:

We may collect information about you, including nonpublic personal information, such as

•  Information we receive from you on applications, forms, agreements, questionnaires, Credit Suisse websites and other websites that are part of our investment program, or in the course of establishing or maintaining a customer relationship, such as your name, address, e-mail address, Social Security number, assets, income, financial situation; and

•  Information we obtain from your transactions and experiences with us, our affiliates, or others, such as your account balances or other investment information, assets purchased and sold, and other parties to a transaction, where applicable.

Categories of information we disclose and parties to whom we disclose it:

•  We do not disclose nonpublic personal information about our individual investors, except as permitted or required by law or regulation. Whether you are an individual investor or institutional investor, we may share the information described above with our affiliates that perform services on our behalf, and with our asset management and private banking affiliates; as well as with unaffiliated third parties that perform services on our behalf, such as our accountants, auditors, attorneys, broker-dealers, fund administrators, and other service providers.

24

Credit Suisse Trust — Commodity Return Strategy Portfolio
Notice of Privacy and Information Practices (unaudited) (continued)

•  We want our investors to be informed about additional products or services. We do not disclose nonpublic personal information relating to individual investors to our affiliates for marketing purposes, nor do we use such information received from our affiliates to solicit individual investors for such purposes. Whether you are an individual investor or an institutional investor, we may disclose information, including nonpublic personal information, regarding our transactions and experiences with you to our affiliates.

•  In addition, whether you are an individual investor or an institutional investor, we reserve the right to disclose information, including nonpublic personal information, about you to any person or entity, including without limitation any governmental agency, regulatory authority or self-regulatory organization having jurisdiction over us or our affiliates, if (i) we determine in our discretion that such disclosure is necessary or advisable pursuant to or in connection with any United States federal, state or local, or non-U.S., court order (or other legal process), law, rule, regulation, or executive order or policy, including without limitation any anti-money laundering law or the USA PATRIOT Act of 2001; and (ii) such disclosure is not otherwise prohibited by law, rule, regulation, or executive order or policy.

Confidentiality and security

•  To protect nonpublic personal information about individual investors, we restrict access to those employees and agents who need to know that information to provide products or services to us and to our investors. We maintain physical, electronic, and procedural safeguards to protect nonpublic personal information.

Other Disclosures

This notice is not intended to be incorporated in any offering materials, but is a statement of our current Notice of Privacy and Information Practices and may be amended from time to time. This notice is current as of May 2, 2011.

25

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

Information regarding how the Portfolio 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 Portfolio uses to determine how to vote proxies relating to its portfolio securities are available:

•  By calling 1-877-870-2874

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

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

The Portfolio 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 Portfolio'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.

26

n  CREDIT SUISSE
CAYMAN COMMODITY FUND II, LTD.

for the Six Months Ended June 30, 2011
(unaudited)

27

Credit Suisse Cayman Commodity Fund II, Ltd.
Schedule of Investments
June 30, 2011 (unaudited)

Par (000)			Ratings† (S&P/Moody's)	Maturity	Rate%		Value
UNITED STATES AGENCY OBLIGATIONS (61.9%)
$	1,000	Fannie Mae Discount Notes	(AAA, Aaa)	12/19/11		0.130	$	999,620
	2,000	Fannie Mae Discount Notes	(AAA, Aaa)	01/03/12		0.140		1,998,968
	1,500	Fannie Mae Discount Notes	(AAA, Aaa)	01/05/12		0.135		1,499,217
	1,000	Federal Farm Credit Bank#	(AAA, Aaa)	12/07/11		0.110		1,000,027
	1,000	Federal Farm Credit Discount Notes	(AAA, Aaa)	07/11/11		0.040		999,989
	220	Federal Home Loan Bank Discount Notes	(AAA, Aaa)	07/18/11		0.029		219,997
	1,000	Federal Home Loan Bank Discount Notes	(AAA, Aaa)	07/26/11		0.040		999,972
	1,000	Federal Home Loan Banks	(AAA, Aaa)	12/09/11		0.320		1,000,976
	1,325	Federal Home Loan Mortgage Corp.	(AAA, Aaa)	12/15/11		1.125		1,331,115
	1,000	Federal National Mortgage Association#	(AAA, Aaa)	08/11/11		0.100		999,967
	1,000	Federal National Mortgage Association#	(AAA, Aaa)	08/23/12		0.206		1,001,034
	1,000	Federal National Mortgage Association#	(AAA, Aaa)	09/13/12		0.300		1,001,784
	1,000	Freddie Mac Discount Notes^^	(AAA, Aaa)	09/21/11		0.100		999,954
TOTAL UNITED STATES AGENCY OBLIGATIONS (Cost $14,047,047)								14,052,620
UNITED STATES TREASURY OBLIGATIONS (8.8%)
	1,000	United States Treasury Notes	(AAA, Aaa)	11/30/11		0.750		1,002,852
	1,000	United States Treasury Notes	(AAA, Aaa)	01/31/12		0.875		1,004,531
TOTAL UNITED STATES TREASURY OBLIGATIONS (Cost $2,005,943)								2,007,383
SHORT-TERM INVESTMENT (1.4%)
	311	State Street Bank and Trust Co. Euro Time Deposit (Cost $311,000)		07/01/11		0.010		311,000
TOTAL INVESTMENTS AT VALUE (72.1%) (Cost $16,363,990)								16,371,003
OTHER ASSETS IN EXCESS OF LIABILITIES (27.9%)								6,324,932
NET ASSETS (100.0%)							$	22,695,935

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

#  Variable rate obligations — The interest rate is the rate as of June 30, 2011.

^^  Collateral segregated for swap contracts.

See Accompanying Notes to Financial Statements.
28

Credit Suisse Cayman Commodity Fund II, Ltd.
Statement of Assets and Liabilities
June 30, 2011 (unaudited)

Assets
Investments at value (Cost $16,363,990) (Note 2)	$	16,371,003
Cash		199
Cash segregated at brokers for futures contracts and swap contracts		5,017,455
Unrealized appreciation on swap contracts		1,312,958
Interest receivable		5,490
Receivable from investment adviser (Note 3)		3,456
Variation margin receivable (Note 2)		1,640
Total Assets		22,712,201
Liabilities
Administrative services fee payable (Note 3)		3,210
Other accrued expenses payable		13,056
Total Liabilities		16,266
Net Assets
Capital stock, $.001 par value (Note 4)		22,919
Paid-in capital (Note 4)		34,377,081
Undistributed net investment income		370,373
Accumulated net realized loss on investments, futures contracts and swap contracts		(13,411,566	)
Net unrealized appreciation from investments, futures contracts and swap contracts		1,337,128
Net Assets	$	22,695,935
Shares outstanding		22,919,177
Net asset value, offering price and redemption price per share	$	0.99

See Accompanying Notes to Financial Statements.
29

Credit Suisse Cayman Commodity Fund II, Ltd.
Statement of Operations
For the Six Months Ended June 30, 2011 (unaudited)

Investment Income (Note 2)
Interest	$	22,981
Expenses
Administrative services fees (Note 3)		5,835
Audit and Legal fees		11,390
Custodian fees		3,430
Miscellaneous expense		239
Total expenses		20,894
Less: fees reimbursed (Note 3)		(20,894	)
Net expenses		—
Net investment income		22,981
Net Realized and Unrealized Gain (Loss) from Investments, Futures Contracts and Swap Contracts
Net realized gain from investments		130
Net realized gain from futures contracts		154,732
Net realized gain from swap contracts		2,541,227
Net change in unrealized appreciation (depreciation) from investments, futures contracts and swap contracts		(3,968,750	)
Net realized and unrealized loss from investments, futures contracts and swap contracts		(1,272,661	)
Net decrease in net assets resulting from operations	$	(1,249,680	)

See Accompanying Notes to Financial Statements.
30

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

	For the Six Months Ended June 30, 2011 (unaudited)			For the Year Ended December 31, 2010
From Operations
Net investment income	$	22,981		$	49,189
Net realized gain from investments, futures contracts and swap contracts		2,696,089			5,347,626
Net change in unrealized appreciation (depreciation) from investments, futures contracts and swap contracts		(3,968,750	)		5,570,772
Net increase (decrease) in net assets resulting from operations		(1,249,680	)		10,967,587
From Capital Share Transactions (Note 4)
Proceeds from sale of shares		11,000,000			4,000,000
Net asset value of shares redeemed		(11,000,000	)		(16,000,000	)
Net increase (decrease) in net assets from capital share transactions		—			(12,000,000	)
Net decrease in net assets		(1,249,680	)		(1,032,413	)
Net Assets
Beginning of period		23,945,615			24,978,028
End of period (including undistributed net investment income of $370,373 and $347,392, respectively)	$	22,695,935		$	23,945,615

See Accompanying Notes to Financial Statements.
31

Credit Suisse Cayman Commodity Fund II, Ltd.
Notes to Financial Statements
June 30, 2011 (unaudited)

Note 1. Organization

Credit Suisse Cayman Commodity Fund II, Ltd. (the "Fund") is organized as a Cayman Islands Company. The Fund intends to carry on the business of an investment company. The Fund's investment manager is Credit Suisse Asset Management, LLC ("Credit Suisse"). As of June 30, 2011, 100% of the Fund's participating shares were owned by Credit Suisse Trust — Commodity Return Strategy Portfolio (the "Parent Fund").

Note 2. Significant Accounting Policies

A) SECURITY VALUATION — The net asset value of the Fund is determined daily as of the close of regular trading on the New York Stock Exchange, Inc. (the "Exchange") on each day the Exchange is open for business. Debt securities with a remaining maturity greater than 60 days are valued in accordance with the price supplied by a pricing service, which may use a matrix, formula or other objective method that takes into consideration market indices, yield curves and other specific adjustments. Debt obligations that will mature in 60 days or less are valued on the basis of amortized cost, which approximates market value, unless it is determined that using this method would not represent fair value. Debt securities are generally categorized as Level 2. Equity investments are valued at market value, which is generally determined using the closing price on the exchange or market on which the security is primarily traded at the time of valuation (the "Valuation Time"). If no sales are reported, equity investments are generally valued at the most recent bid quotation as of the Valuation Time or at the lowest asked quotation in the case of a short sale of securities. Equity investments are generally categorized as Level 1. Investments in open-end investment companies are valued at their net asset value each business day and are generally categorized as Level 1. Swap contracts are generally valued at a price at which the counterparty to such contract would repurchase the instrument or terminate the contract and are generally categorized as Level 2. Futures contracts are valued at the settlement prices established each day on the exchange on which they are traded and are generally categorized as Level 1. Securities, swap and futures contracts and other assets for which market quotations are not readily available, or whose values have been materially affected by events occurring before the Fund's Valuation Time but after the close of the securities' primary markets, are valued at fair value as determined in good faith by, or under the direction of, the Board of Directors under procedures established by the Board of Directors and are generally categorized as Level 3. The Fund may utilize a service provided by an independent third party which has been approved by the Board of Directors

32

Credit Suisse Cayman Commodity Fund II, Ltd.
Notes to Financial Statements (continued)
June 30, 2011 (unaudited)

Note 2. Significant Accounting Policies

to fair value certain securities. When fair value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities.

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America ("GAAP"), the Fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. In accordance with GAAP, fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. In accordance with the Fund's valuation procedures, factors used in determining value may include, but are not limited to, the type of the security, the size of the holding, the initial cost of the security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies, quotations or evaluated prices from broker-dealers and/or pricing services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or issuer's financial statements, an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security is

33

Credit Suisse Cayman Commodity Fund II, Ltd.
Notes to Financial Statements (continued)
June 30, 2011 (unaudited)

Note 2. Significant Accounting Policies

normally traded. The three-tier hierarchy of inputs is 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 methodology used for valuing 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 June 30, 2011 in valuing the Fund's investments carried at value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
United States Agency Obligations	$	—	$	14,052,620	$	—	$	14,052,620
United States Treasury Obligations		—		2,007,383		—		2,007,383
Short-Term Investment		—		311,000		—		311,000
Other Financial Instruments*
Futures		17,157		—		—		17,157
Swaps		—		1,312,958		—		1,312,958
	$	17,157	$	17,683,961	$	—	$	17,701,118

*Other financial instruments include futures, forwards and swap contracts.

The Fund adopted FASB amendments to authoritative guidance which requires the Fund to disclose details of significant transfers in and out of Level 1 and Level 2 measurements and the reasons for the transfers. For the six months ended June 30, 2011, there were no significant transfers in and out of Level 1 and Level 2.

B) DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES — The Fund adopted amendments to authoritative guidance on disclosures about derivative instruments and hedging activities which require that the 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.

34

Credit Suisse Cayman Commodity Fund II, Ltd.
Notes to Financial Statements (continued)
June 30, 2011 (unaudited)

Note 2. Significant Accounting Policies

Fair Values of Derivative Instruments as of June 30, 2011

	Asset Derivatives				Liability Derivatives
	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Futures Contracts on Commodities	Variation margin receivable, Net Assets - Unrealized Appreciation	$	17,157	*	Variation margin payable, Liabilities - Unrealized Depreciation	$	0
Commodity Index Swaps	Net Assets - Unrealized Appreciation		1,312,958		Liabilities - Unrealized Depreciation		0
Total		$	1,330,115			$	0

*Includes cumulative appreciation/depreciation of futures contracts as reported in the Statement of Assets and Liabilities and Notes to Financial Statements. Only the current day's variation margin is reported within the Statement of Assets and Liabilities.

Effect of Derivative Instruments on the Statement of Operations

Amount of Realized Gain (Loss) on Derivatives Recognized in Income Futures Contracts on Commodities	$	154,732
Commodity Index Swaps		2,541,227
Total	$	2,695,959
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income Futures Contracts on Commodities	$	(324,056	)
Commodity Index Swaps		(3,646,395	)
Total	$	(3,970,451	)

The notional amount of futures contracts and commodity index swaps at period end are reflected in the Notes to Financial Statements. The notional amounts of long and short open positions of futures contracts at each month end throughout the reporting period averaged approximately 6.3% of net assets of the Parent Fund. The notional amounts of open positions of commodity index swaps relative to the net assets of the Parent Fund is generally representative of open positions throughout the reporting period.

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

D) INCOME TAXES — The Fund has received an undertaking from the Government of the Cayman Islands exempting it from all local income, profits

35

Credit Suisse Cayman Commodity Fund II, Ltd.
Notes to Financial Statements (continued)
June 30, 2011 (unaudited)

Note 2. Significant Accounting Policies

and capital gains taxes through June of 2027. No such taxes are levied in the Cayman Islands at the present time. The Fund is a Controlled Foreign Corporation under U.S. tax laws and as such is not subject to U.S. income tax. Therefore, the Fund is not required to record a tax provision.

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.

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

F) SHORT-TERM INVESTMENTS — The Fund, together with other funds/portfolios advised by Credit Suisse, an indirect, wholly-owned subsidiary of Credit Suisse Group AG, 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. Subsequent payments, which are dependent on the daily fluctuations in the value of the underlying instrument, are made or received by the Fund each day (daily variation margin) and are recorded as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund's basis in the contract. Risks of entering into futures contracts for hedging purposes include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. With futures, there is minimal counterparty credit risk to the Fund

36

Credit Suisse Cayman Commodity Fund II, Ltd.
Notes to Financial Statements (continued)
June 30, 2011 (unaudited)

Note 2. Significant Accounting Policies

since 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. At June 30, 2011, the Fund had the following open futures contracts:

Contract Description	Notional Value			Unrealized Appreciation (Depreciation)
Contracts to Purchase
Agriculture		1,052,000		$	(229,465	)
Energy		3,978,640			(267,673	)
				$	(497,138	)
Contracts To Sell
Agriculture		(982,800	)	$	232,472
Energy		(3,934,360	)		281,823
				$	514,295
Net unrealized appreciation (depreciation)				$	17,157

H) SWAPS — The Fund enters into commodity index swap contracts 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 commodity index 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 Fund's maximum risk of loss from the counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract's remaining life, to the extent that the amount is positive. This risk is 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 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.

37

Credit Suisse Cayman Commodity Fund II, Ltd.
Notes to Financial Statements (continued)
June 30, 2011 (unaudited)

Note 2. Significant Accounting Policies

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

The Fund records unrealized gains or losses on a daily basis representing the value and the current net receivable or payable relating to open swap contracts. Net amounts received or paid on the swap contract are recorded as realized gains or losses. Fluctuations in the value of swap contracts are recorded for financial statement purposes as unrealized appreciation or depreciation on swap contracts. Realized gains and losses from terminated swaps are included in net realized gains/losses on swap contracts transactions. At June 30, 2011, the Fund had the following outstanding swap contracts:

Currency	Notional Amount		Expiration Date	Counterparty	Receive	Pay	Unrealized Appreciation/ (Depreciation)
					Commodity Index	Fee plus
USD	$	33,106,703	7/27/2011	Bank of America	Return	Treasury Bill Rate	$	508,727
USD	$	9,544,386	7/27/2011	Bank of America	Commodity Index Return	Fee plus Treasury Bill Rate		160,938
USD	$	11,200,962	7/27/2011	Barclays	Commodity Index Return	Fee plus Treasury Bill Rate		172,172
USD	$	9,526,053	7/27/2011	Barclays	Commodity Index Return	Fee plus Treasury Bill Rate		160,582
USD	$	2,192,050	7/27/2011	Citigroup	Commodity Index Return	Fee plus Treasury Bill Rate		33,723
USD	$	3,399,746	7/27/2011	JPMorgan Chase	Commodity Index Return	Fee plus Treasury Bill Rate		52,309
USD	$	3,193,566	7/27/2011	Morgan Stanley Capital Group	Commodity Index Return	Fee plus Treasury Bill Rate		53,834
USD	$	1,188,835	7/27/2011	Morgan Stanley Capital Group	Commodity Index Return	Fee plus Treasury Bill Rate		18,268
USD	$	898,627	7/27/2011	Societe Generale	Commodity Index Return	Fee plus Treasury Bill Rate		15,150
USD	$	6,291,929	7/27/2011	Societe Generale	Commodity Index Return	Fee plus Treasury Bill Rate		96,653
USD	$	2,681,637	7/27/2011	UBS	Commodity Index Return	Fee plus Treasury Bill Rate		40,602
							$	1,312,958

I) SUBSEQUENT EVENTS — In preparing the financial statements as of June 30, 2011, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements.

38

Credit Suisse Cayman Commodity Fund II, Ltd.
Notes to Financial Statements (continued)
June 30, 2011 (unaudited)

Note 3. Transactions with Affiliates and Related Parties

Credit Suisse recognizes that it receives compensation for performing investment advisory services for the Parent Fund pursuant to a separate investment advisory agreement and agrees to receive no additional compensation for rendering its services to the Fund. During the six months ended June 30, 2011, Credit Suisse voluntarily reimbursed the Fund $20,894 in Fund expenses. Fee waivers and expense reimbursements are voluntary and may be discontinued by Credit Suisse at any time.

SSB serves as administrator to the Fund. For its 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 for each fund/ portfolio, subject to annual minimum fee. For the six months ended June 30, 2011, administrative services fees earned by SSB were $5,835.

Note 4. Capital Share Transactions

The Fund issued 100,000 participating shares for $1,000,000 on July 27, 2007 in conjunction with the initial capitalization of the Fund. Transactions in capital shares of the Fund were as follows:

	For the Six Months Ended June 30, 2011 (unaudited)						For the Year Ended December 31, 2010
	Shares			Value			Shares			Value
Shares sold		10,793,696		$	11,000,000			7,866,274		$	4,000,000
Shares redeemed		(8,797,302	)		(11,000,000	)		(21,617,459	)		(16,000,000	)
Net increase (decrease)		1,996,394		$	—			(13,751,185	)	$	(12,000,000	)

Note 5. Financial Highlights

The following represents the total return of the Fund for the six months ended June 30, 2011 and the year ended December 31, 2010, respectively. Total returns were calculated based upon the daily returns of the Fund during the periods represented. Total returns for periods less than one year are not annualized.

	For the Six Months Ended June 30, 2011 (unaudited)			For the Year Ended December 31, 2010
Total Return		(13.16	)%		58.33	%

The following represents certain financial ratios of the Fund for the periods noted. The computation of the net investment income and total expense ratios

39

Credit Suisse Cayman Commodity Fund II, Ltd.
Notes to Financial Statements (continued)
June 30, 2011 (unaudited)

Note 5. Financial Highlights

were based upon the daily net assets of the Fund during these periods. The calculations have been annualized for reporting purposes.

	For the Six Months Ended June 30, 2011 (unaudited)			For the Year Ended December 31, 2010
Ratio to Average Net Assets:
Net investment income		0.20	%		0.22	%
Total expenses (before expense reimbursement)		0.18	%		0.28	%
Total expenses (after expense reimbursement)		0.00	%		0.00	%

Note 6. Contingencies

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

40

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

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

CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR.  TRCOM-SAR-0611

Item 2. Code of Ethics.

This item is inapplicable to a semi-annual report on Form N-CSR.

Item 3. Audit Committee Financial Expert.

This item is inapplicable to a semi-annual report on Form N-CSR.

Item 4. Principal Accountant Fees and Services.

This item is inapplicable to a semi-annual report on Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

This item 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.

This item is not applicable to the registrant.

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

This item is not applicable to the registrant.

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

This item is not applicable to the registrant.

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

The Nominating Committee recommends Board member candidates.  Shareholders of the registrant may also submit nominees that will be considered by the Committee.  Recommendations should be mailed to the registrant’s Secretary, c/o Credit Suisse Asset Management, LLC, Eleven Madison Avenue, New York, NY 10010.  Any submission should include at a minimum the following information: the name, age, business address, residence address and principal occupation or employment of such individual; the class, series and number of shares of the registrant that are beneficially owned by such individual; the date such shares were acquired and the investment intent of such acquisition; whether such shareholder believes such individual is, or is not, an “interested person” of the registrant (as defined in the Investment Company Act of 1940) and information regarding such individual that is sufficient, in the Committee’s discretion, to make such determination; and all other information relating to such individual that is required to be disclosed in solicitation of proxies for election of directors in an election contest (even if an election contest is not involved) or is otherwise required pursuant to the rules for proxy materials under the Securities Exchange Act of 1934.

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 registrant’s second fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1)Not applicable.

(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.

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 TRUST
/s/John G. Popp
Name:	John G. Popp
Title:	Chief Executive Officer
Date:	September 2, 2011

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
Date:	September 2, 2011
/s/Michael A. Pignataro
Name:	Michael A. Pignataro
Title:	Chief Financial Officer
Date:	September 2, 2011