# EDGAR Filing Document

**Accession Number:** 0001291446
**File Stem:** 0001104659-26-002170
**Filing Date:** 2026-1
**Character Count:** 155293
**Document Hash:** 6316b82767dddd5dd8b64a645ec38c86
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-002170.hdr.sgml**: 20260108

**ACCESSION NUMBER**: 0001104659-26-002170

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260108

**DATE AS OF CHANGE**: 20260108

**EFFECTIVENESS DATE**: 20260108

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Credit Suisse Commodity Strategy Funds
- **CENTRAL INDEX KEY:** 0001291446

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21589
- **FILM NUMBER:** 26520401

**BUSINESS ADDRESS:**
- **STREET 1:** ELEVEN MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010
- **BUSINESS PHONE:** 212-325-2000

**MAIL ADDRESS:**
- **STREET 1:** ELEVEN MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Credit Suisse Commodity Return Strategy Fund
- **DATE OF NAME CHANGE:** 20041007

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Credit Suisse Commodity Plus Strategy Fund
- **DATE OF NAME CHANGE:** 20040521

## Series and Classes Contracts Data

### Credit Suisse Commodity Return Strategy Fund (Series ID: S000010422)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000028810 | Class I      | CRSOX           |
| C000028811 | Class A      | CRSAX           |
| C000028812 | Class C      | CRSCX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

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 No. 811-21589

CREDIT SUISSE COMMODITY STRATEGY FUNDS

(formerly known as Credit Suisse Commodity Return Strategy Fund)

(Exact Name of Registrant as Specified in Charter)

1285 Avenue of the Americas, New York, New York 10019

(Address of Principal Executive Offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Zip Code)

Omar Tariq

Credit Suisse Commodity Strategy Funds

1285 Avenue of the Americas

New York, New York 10019

Registrant's telephone number, including area code: (212) 325-2000

Date of fiscal year end: October 31st

Date of reporting period: November 1, 2024 to October 31, 2025

**Item 1. Reports to Stockholders.**

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Credit Suisse Commodity Return Strategy Fund](#classnamefa22338c-75a4-4dcb-a848-7b0859217f9a)<br> **[Class A - CRSAX](#classnamefa22338c-75a4-4dcb-a848-7b0859217f9a)**  |
|  [Credit Suisse Commodity Return Strategy Fund](#classname1fa5b5db-ab6a-48eb-be6b-805ed2b47391)<br> **[Class C - CRSCX](#classname1fa5b5db-ab6a-48eb-be6b-805ed2b47391)**  |
|  [Credit Suisse Commodity Return Strategy Fund](#classname6a419eba-09e2-4371-a4a8-1348ce080987)<br> **[Class I - CRSOX](#classname6a419eba-09e2-4371-a4a8-1348ce080987)**  |

---

![Image](tm2527957d1_tsrimg006.jpg)

Annual Shareholder Report

# Credit Suisse Commodity Return Strategy Fund

# Class A

# CRSAX
October 31, 2025

## Fund Overview
This annual shareholder report contains important information about Credit Suisse Commodity Return Strategy Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://us-fund.ubs.com/CRSAX. You can also request this information by contacting us at 877-870-2874. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $112 | 1.05% |

---

## How did the Fund perform last year and what affected its performance?
**Portfolio performance summary**

For the annual period ending October 31, 2025 (the "period"), Credit Suisse Commodity Return Strategy Fund (the "Fund") outperformed the Bloomberg Commodity Index Total Return on a gross basis and underperformed on a net basis. Roll and curve-based commodity strategies contributed to relative performance while the management of the underlying cash detracted from performance for the period, gross of fees. The Fund's commodity exposure was generally positioned further out the curve than the underlying benchmark.

**What worked:**

• Curve positioning in all five sectors, Energy, Agriculture, Industrial Metals, Precious Metals, and Livestock contributed to returns, gross of fees.

**What didn't work:**

• Our largest individual commodity detractors, relative to the benchmark, came from Brent Crude Oil, Gasoil, and Live Cattle.

The Fund invests in swaps, notes, and futures. The Fund typically uses derivatives as a substitute for taking a position in the underlying asset or as part of a strategy designed to reduce exposure to other risks, such as interest rate or currency risk. The Fund also may use derivatives for leverage. The Fund's use of derivative instruments, particularly commodity-linked derivatives, involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of risks, such as commodity risk, correlation risk, liquidity risk, interest rate risk, market risk, and credit risk. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that the Fund will engage in these transactions to reduce exposure to other risks when that would be beneficial.

# Credit Suisse Commodity Return Strategy Fund

# Class A

## Fund Performance
![Growth of 10K Chart](tm2527957d1_tsrimg002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **Bloomberg Commodity Index Total Return** | **Bloomberg US Aggregate Bond Index** |
| **10/31/2015** | $9517 | $10000 | $10000 |
| **10/31/2016** | $9286 | $9738 | $10437 |
| **10/31/2017** | $9517 | $9967 | $10531 |
| **10/31/2018** | $9234 | $9794 | $10315 |
| **10/31/2019** | $8935 | $9541 | $11502 |
| **10/31/2020** | $8313 | $8707 | $12214 |
| **10/31/2021** | $11894 | $12532 | $12155 |
| **10/31/2022** | $13333 | $13929 | $10249 |
| **10/31/2023** | $12700 | $13516 | $10286 |
| **10/31/2024** | $12611 | $13357 | $11370 |
| **10/31/2025** | $14325 | $15247 | $12071 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | **1 Year** | **5 Years** | **10 Years** |
| Class A | 13.59% | 11.50% | 4.17% |
| Class A with load | 8.20% | 10.40% | 3.66% |
| Bloomberg Commodity Index Total Return | 14.15% | 11.86% | 4.31% |
| Bloomberg US Aggregate Bond Index | 6.16% | (0.24%) | 1.90% |

---

Performance data represents past performance, which does not guarantee future results. The graph and table assume the maximum sales charge and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

In addition, the Fund will also measure its performance against the Bloomberg US Aggregate Bond Index in response to new regulatory requirements.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1206804747 |
| # of Portfolio Holdings | 82 |
| Portfolio Turnover Rate | 60% |
| Total Advisory Fees Paid | $6346376 |

---

## What is the Fund's investment objective?
The Fund seeks total return.

### Portfolio Breakdown (% of Total Investments)

---

| | |
|:---|:---|
| United States Treasury Obligations | 54.1% |
| Commodity Indexed Structured Notes | 27.0 |
| United States Agency Obligations | 15.9 |
| Short-Term Investments | 3.0 |

---

Derivatives are not reflected in amounts reported above.

Credit Suisse Commodity Return Strategy Fund

Class A

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Floating Rate Notes, 3.916%, due 04/30/26 | 12.3% |
| U.S. Treasury Floating Rate Notes, 4.011%, due 01/31/26 | 10.3 |
| Royal Bank of Canada, Commodity Index Linked Senior Unsecured Notes, 3.870%, due 09/16/26 | 5.2 |
| BNP Paribas Issuance BV, Commodity Index Linked Senior Unsecured Notes, 3.970%, due 11/23/26 | 4.7 |
| Canadian Imperial Bank of Commerce, Commodity Index Linked Senior Unsecured Notes, 3.870%, due 02/24/26 | 4.6 |
| Bank of Montreal, Commodity Index Linked Senior Unsecured Notes, 4.040%, due 12/29/26 | 4.4 |
| BofA Finance LLC, Commodity Index Linked Senior Unsecured Notes, 3.990%, due 02/10/26 | 4.3 |
| Goldman Sachs International, Commodity Index Linked Senior Unsecured Notes, 4.040%, due 02/24/26 | 3.8 |
| U.S. Treasury Floating Rate Notes, 3.926%, due 04/30/27 | 3.3 |
| U.S. Treasury Floating Rate Notes, 3.864%, due 01/31/27 | 2.9 |

---

## Material Fund Changes
The below is a summary of certain changes that occurred since the Fund's prior fiscal year ended October 31, 2024.

On May 28, 2025, UBS Asset Management (Americas) LLC ("UBS AM (Americas)") entered into a definitive agreement (the "Purchase Agreement") with O'Connor Alternative Investments, LLC ("O'Connor Alternative Investments"), an indirect wholly owned subsidiary of Cantor Fitzgerald, L.P., pursuant to which O'Connor Alternative Investments will acquire UBS AM (Americas)'s O'Connor investment platform (the "Transaction"). As part of the Transaction, it is expected that the O'Connor investment management and support teams, which include the Fund's portfolio management team, will transition to O'Connor Alternative Investments, subject to certain conditions. The Transaction is expected to close with respect to the Fund during the first quarter of 2026, subject to regulatory and investor approvals and other customary closing conditions. At a meeting held on October 6, 2025, the Board of Trustees of the Fund (the "Board") unanimously approved (i) a new investment management agreement between the Fund and O'Connor Alternative Investments and (ii) the nomination of four individuals, who currently oversee other registered investment companies advised by Cantor Fitzgerald Investment Advisors, L.P., an affiliate of O'Connor Alternative Investments that has been registered with the SEC as an investment adviser since 2011, for election as Trustees of the Fund to succeed the current Trustees (together, the "Proposals"). At its October 6, 2025 meeting, the Board also approved convening a special meeting of the Fund's shareholders on December 15, 2025 (the "Special Meeting") to ask shareholders of the Fund to approve the Proposals. The Transaction will not close with respect to the Fund unless the Fund obtains the requisite vote of its shareholders approving the Proposals at the Special Meeting or at an adjournment of the Special Meeting. If the shareholders of the Fund do not approve the Proposals, UBS AM (Americas) will remain investment adviser to the Fund and the current Trustees will consider other alternatives, including a new or modified request for shareholder approval of a new investment management agreement with O'Connor Alternative Investments, retaining a new investment adviser for the Fund (which also would need to be approved by shareholders of the Fund), or the possible liquidation and closing of the Fund.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit https://us-fund.ubs.com/CRSAX.

Phone: 877-870-2874

![QR Code](tm2527957d1_tsrimg003.jpg)

Credit Suisse Commodity Return Strategy Fund

COM-TSRARCLA-1025

Class A

![Image](tm2527957d1_tsrimg006.jpg)

Annual Shareholder Report

# Credit Suisse Commodity Return Strategy Fund

# Class C

# CRSCX
October 31, 2025

## Fund Overview
This annual shareholder report contains important information about Credit Suisse Commodity Return Strategy Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://us-fund.ubs.com/CRSCX. You can also request this information by contacting us at 877-870-2874. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $192 | 1.80% |

---

## How did the Fund perform last year and what affected its performance?
**Portfolio performance summary**

For the annual period ending October 31, 2025 (the "period"), Credit Suisse Commodity Return Strategy Fund (the "Fund") outperformed the Bloomberg Commodity Index Total Return on a gross basis and underperformed on a net basis. Roll and curve-based commodity strategies contributed to relative performance while the management of the underlying cash detracted from performance for the period, gross of fees. The Fund's commodity exposure was generally positioned further out the curve than the underlying benchmark.

**What worked:**

• Curve positioning in all five sectors, Energy, Agriculture, Industrial Metals, Precious Metals, and Livestock contributed to returns, gross of fees.

**What didn't work:**

• Our largest individual commodity detractors, relative to the benchmark, came from Brent Crude Oil, Gasoil, and Live Cattle.

The Fund invests in swaps, notes, and futures. The Fund typically uses derivatives as a substitute for taking a position in the underlying asset or as part of a strategy designed to reduce exposure to other risks, such as interest rate or currency risk. The Fund also may use derivatives for leverage. The Fund's use of derivative instruments, particularly commodity-linked derivatives, involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of risks, such as commodity risk, correlation risk, liquidity risk, interest rate risk, market risk, and credit risk. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that the Fund will engage in these transactions to reduce exposure to other risks when that would be beneficial.

# Credit Suisse Commodity Return Strategy Fund

# Class C

## Fund Performance
![Growth of 10K Chart](tm2527957d1_tsrimg007.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with load** | **Bloomberg Commodity Index Total Return** | **Bloomberg US Aggregate Bond Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **10/31/2016** | $9701 | $9738 | $10437 |
| **10/31/2017** | $9850 | $9967 | $10531 |
| **10/31/2018** | $9514 | $9794 | $10315 |
| **10/31/2019** | $9112 | $9541 | $11502 |
| **10/31/2020** | $8434 | $8707 | $12214 |
| **10/31/2021** | $11956 | $12532 | $12155 |
| **10/31/2022** | $13305 | $13929 | $10249 |
| **10/31/2023** | $12574 | $13516 | $10286 |
| **10/31/2024** | $12393 | $13357 | $11370 |
| **10/31/2025** | $13978 | $15247 | $12071 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | **1 Year** | **5 Years** | **10 Years** |
| Class C | 12.78% | 10.63% | 3.41% |
| Class C with load | 11.78% | 10.63% | 3.41% |
| Bloomberg Commodity Index Total Return | 14.15% | 11.86% | 4.31% |
| Bloomberg US Aggregate Bond Index | 6.16% | (0.24%) | 1.90% |

---

Performance data represents past performance, which does not guarantee future results. The graph and table assume the maximum deferred sales charge and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

In addition, the Fund will also measure its performance against the Bloomberg US Aggregate Bond Index in response to new regulatory requirements.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1206804747 |
| # of Portfolio Holdings | 82 |
| Portfolio Turnover Rate | 60% |
| Total Advisory Fees Paid | $6346376 |

---

## What is the Fund's investment objective?
The Fund seeks total return.

### Portfolio Breakdown (% of Total Investments)

---

| | |
|:---|:---|
| United States Treasury Obligations | 54.1% |
| Commodity Indexed Structured Notes | 27.0 |
| United States Agency Obligations | 15.9 |
| Short-Term Investments | 3.0 |

---

Derivatives are not reflected in amounts reported above.

Credit Suisse Commodity Return Strategy Fund

Class C

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Floating Rate Notes, 3.916%, due 04/30/26 | 12.3% |
| U.S. Treasury Floating Rate Notes, 4.011%, due 01/31/26 | 10.3 |
| Royal Bank of Canada, Commodity Index Linked Senior Unsecured Notes, 3.870%, due 09/16/26 | 5.2 |
| BNP Paribas Issuance BV, Commodity Index Linked Senior Unsecured Notes, 3.970%, due 11/23/26 | 4.7 |
| Canadian Imperial Bank of Commerce, Commodity Index Linked Senior Unsecured Notes, 3.870%, due 02/24/26 | 4.6 |
| Bank of Montreal, Commodity Index Linked Senior Unsecured Notes, 4.040%, due 12/29/26 | 4.4 |
| BofA Finance LLC, Commodity Index Linked Senior Unsecured Notes, 3.990%, due 02/10/26 | 4.3 |
| Goldman Sachs International, Commodity Index Linked Senior Unsecured Notes, 4.040%, due 02/24/26 | 3.8 |
| U.S. Treasury Floating Rate Notes, 3.926%, due 04/30/27 | 3.3 |
| U.S. Treasury Floating Rate Notes, 3.864%, due 01/31/27 | 2.9 |

---

## Material Fund Changes
The below is a summary of certain changes that occurred since the Fund's prior fiscal year ended October 31, 2024.

On May 28, 2025, UBS Asset Management (Americas) LLC ("UBS AM (Americas)") entered into a definitive agreement (the "Purchase Agreement") with O'Connor Alternative Investments, LLC ("O'Connor Alternative Investments"), an indirect wholly owned subsidiary of Cantor Fitzgerald, L.P., pursuant to which O'Connor Alternative Investments will acquire UBS AM (Americas)'s O'Connor investment platform (the "Transaction"). As part of the Transaction, it is expected that the O'Connor investment management and support teams, which include the Fund's portfolio management team, will transition to O'Connor Alternative Investments, subject to certain conditions. The Transaction is expected to close with respect to the Fund during the first quarter of 2026, subject to regulatory and investor approvals and other customary closing conditions. At a meeting held on October 6, 2025, the Board of Trustees of the Fund (the "Board") unanimously approved (i) a new investment management agreement between the Fund and O'Connor Alternative Investments and (ii) the nomination of four individuals, who currently oversee other registered investment companies advised by Cantor Fitzgerald Investment Advisors, L.P., an affiliate of O'Connor Alternative Investments that has been registered with the SEC as an investment adviser since 2011, for election as Trustees of the Fund to succeed the current Trustees (together, the "Proposals"). At its October 6, 2025 meeting, the Board also approved convening a special meeting of the Fund's shareholders on December 15, 2025 (the "Special Meeting") to ask shareholders of the Fund to approve the Proposals. The Transaction will not close with respect to the Fund unless the Fund obtains the requisite vote of its shareholders approving the Proposals at the Special Meeting or at an adjournment of the Special Meeting. If the shareholders of the Fund do not approve the Proposals, UBS AM (Americas) will remain investment adviser to the Fund and the current Trustees will consider other alternatives, including a new or modified request for shareholder approval of a new investment management agreement with O'Connor Alternative Investments, retaining a new investment adviser for the Fund (which also would need to be approved by shareholders of the Fund), or the possible liquidation and closing of the Fund.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit https://us-fund.ubs.com/CRSCX.

Phone: 877-870-2874

![QR Code](tm2527957d1_tsrimg001.jpg)

Credit Suisse Commodity Return Strategy Fund

COM-TSRARCLC-1025

Class C

![Image](tm2527957d1_tsrimg006.jpg)

Annual Shareholder Report

# Credit Suisse Commodity Return Strategy Fund

# Class I

# CRSOX
October 31, 2025

## Fund Overview
This annual shareholder report contains important information about Credit Suisse Commodity Return Strategy Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://us-fund.ubs.com/CRSOX. You can also request this information by contacting us at 877-870-2874. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $86 | 0.80% |

---

## How did the Fund perform last year and what affected its performance?
**Portfolio performance summary**

For the annual period ending October 31, 2025 (the "period"), Credit Suisse Commodity Return Strategy Fund (the "Fund") outperformed the Bloomberg Commodity Index Total Return on a gross basis and underperformed on a net basis. Roll and curve-based commodity strategies contributed to relative performance while the management of the underlying cash detracted from performance for the period, gross of fees. The Fund's commodity exposure was generally positioned further out the curve than the underlying benchmark.

**What worked:**

• Curve positioning in all five sectors, Energy, Agriculture, Industrial Metals, Precious Metals, and Livestock contributed to returns, gross of fees.

**What didn't work:**

• Our largest individual commodity detractors, relative to the benchmark, came from Brent Crude Oil, Gasoil, and Live Cattle.

The Fund invests in swaps, notes, and futures. The Fund typically uses derivatives as a substitute for taking a position in the underlying asset or as part of a strategy designed to reduce exposure to other risks, such as interest rate or currency risk. The Fund also may use derivatives for leverage. The Fund's use of derivative instruments, particularly commodity-linked derivatives, involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of risks, such as commodity risk, correlation risk, liquidity risk, interest rate risk, market risk, and credit risk. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that the Fund will engage in these transactions to reduce exposure to other risks when that would be beneficial.

# Credit Suisse Commodity Return Strategy Fund

# Class I

## Fund Performance
![Growth of 10K Chart](tm2527957d1_tsrimg005.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg Commodity Index Total Return** | **Bloomberg US Aggregate Bond Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **10/31/2016** | $9781 | $9738 | $10437 |
| **10/31/2017** | $10040 | $9967 | $10531 |
| **10/31/2018** | $9791 | $9794 | $10315 |
| **10/31/2019** | $9484 | $9541 | $11502 |
| **10/31/2020** | $8849 | $8707 | $12214 |
| **10/31/2021** | $12683 | $12532 | $12155 |
| **10/31/2022** | $14257 | $13929 | $10249 |
| **10/31/2023** | $13612 | $13516 | $10286 |
| **10/31/2024** | $13548 | $13357 | $11370 |
| **10/31/2025** | $15432 | $15247 | $12071 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | **1 Year** | **5 Years** | **10 Years** |
| Class I | 13.90% | 11.77% | 4.43% |
| Bloomberg Commodity Index Total Return | 14.15% | 11.86% | 4.31% |
| Bloomberg US Aggregate Bond Index | 6.16% | (0.24%) | 1.90% |

---

Performance data represents past performance, which does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

In addition, the Fund will also measure its performance against the Bloomberg US Aggregate Bond Index in response to new regulatory requirements.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1206804747 |
| # of Portfolio Holdings | 82 |
| Portfolio Turnover Rate | 60% |
| Total Advisory Fees Paid | $6346376 |

---

## What is the Fund's investment objective?
The Fund seeks total return.

### Portfolio Breakdown (% of Total Investments)

---

| | |
|:---|:---|
| United States Treasury Obligations | 54.1% |
| Commodity Indexed Structured Notes | 27.0 |
| United States Agency Obligations | 15.9 |
| Short-Term Investments | 3.0 |

---

Derivatives are not reflected in amounts reported above.

Credit Suisse Commodity Return Strategy Fund

Class I

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Floating Rate Notes, 3.916%, due 04/30/26 | 12.3% |
| U.S. Treasury Floating Rate Notes, 4.011%, due 01/31/26 | 10.3 |
| Royal Bank of Canada, Commodity Index Linked Senior Unsecured Notes, 3.870%, due 09/16/26 | 5.2 |
| BNP Paribas Issuance BV, Commodity Index Linked Senior Unsecured Notes, 3.970%, due 11/23/26 | 4.7 |
| Canadian Imperial Bank of Commerce, Commodity Index Linked Senior Unsecured Notes, 3.870%, due 02/24/26 | 4.6 |
| Bank of Montreal, Commodity Index Linked Senior Unsecured Notes, 4.040%, due 12/29/26 | 4.4 |
| BofA Finance LLC, Commodity Index Linked Senior Unsecured Notes, 3.990%, due 02/10/26 | 4.3 |
| Goldman Sachs International, Commodity Index Linked Senior Unsecured Notes, 4.040%, due 02/24/26 | 3.8 |
| U.S. Treasury Floating Rate Notes, 3.926%, due 04/30/27 | 3.3 |
| U.S. Treasury Floating Rate Notes, 3.864%, due 01/31/27 | 2.9 |

---

## Material Fund Changes
The below is a summary of certain changes that occurred since the Fund's prior fiscal year ended October 31, 2024.

On May 28, 2025, UBS Asset Management (Americas) LLC ("UBS AM (Americas)") entered into a definitive agreement (the "Purchase Agreement") with O'Connor Alternative Investments, LLC ("O'Connor Alternative Investments"), an indirect wholly owned subsidiary of Cantor Fitzgerald, L.P., pursuant to which O'Connor Alternative Investments will acquire UBS AM (Americas)'s O'Connor investment platform (the "Transaction"). As part of the Transaction, it is expected that the O'Connor investment management and support teams, which include the Fund's portfolio management team, will transition to O'Connor Alternative Investments, subject to certain conditions. The Transaction is expected to close with respect to the Fund during the first quarter of 2026, subject to regulatory and investor approvals and other customary closing conditions. At a meeting held on October 6, 2025, the Board of Trustees of the Fund (the "Board") unanimously approved (i) a new investment management agreement between the Fund and O'Connor Alternative Investments and (ii) the nomination of four individuals, who currently oversee other registered investment companies advised by Cantor Fitzgerald Investment Advisors, L.P., an affiliate of O'Connor Alternative Investments that has been registered with the SEC as an investment adviser since 2011, for election as Trustees of the Fund to succeed the current Trustees (together, the "Proposals"). At its October 6, 2025 meeting, the Board also approved convening a special meeting of the Fund's shareholders on December 15, 2025 (the "Special Meeting") to ask shareholders of the Fund to approve the Proposals. The Transaction will not close with respect to the Fund unless the Fund obtains the requisite vote of its shareholders approving the Proposals at the Special Meeting or at an adjournment of the Special Meeting. If the shareholders of the Fund do not approve the Proposals, UBS AM (Americas) will remain investment adviser to the Fund and the current Trustees will consider other alternatives, including a new or modified request for shareholder approval of a new investment management agreement with O'Connor Alternative Investments, retaining a new investment adviser for the Fund (which also would need to be approved by shareholders of the Fund), or the possible liquidation and closing of the Fund.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit https://us-fund.ubs.com/CRSOX.

Phone: 877-870-2874

![QR Code](tm2527957d1_tsrimg004.jpg)

Credit Suisse Commodity Return Strategy Fund

COM-TSRARCLI-1025

Class I

**Item 2. Code of Ethics.**

The registrant has adopted a code of ethics applicable to its Chief Executive Officer, President, Chief Financial Officer and Chief Accounting Officer, or persons performing similar functions. A copy of the code is filed as Exhibit 19(a)(1) to this Form. There were no amendments to the code during the fiscal year ended October 31, 2025. There were no waivers or implicit waivers from the code granted by the registrant during the fiscal year ended October 31, 2025.

**Item 3. Audit Committee Financial Expert.**

The registrant's governing board has determined that it has three audit committee financial experts serving on its audit committee: Laura A. DeFelice, Mahendra R. Gupta and Lee M. Shaiman. Each audit committee financial expert is "independent" for purposes of this item.

**Item 4. Principal Accountant Fees and Services.**

(a) through (d). The information in the table below is provided for services rendered to the registrant by its independent registered public accounting firm, Ernst & Young LLP ("EY"), for its fiscal years ended October 31, 2024 and October 31, 2025.

---

| | | |
|:---|:---|:---|
|  | 2024 | 2025 |
| Audit Fees | $57650 | $57650 |
| Audit-Related Fees | $- | $- |
| Tax Fees | $- | $- |
| All Other Fees | $- | $- |
| Total | $57650 | $57650 |

---

The information in the table below is provided with respect to non-audit services that directly relate to the registrant's operations and financial reporting and that were rendered by EY for the fiscal years ended October 31, 2024 and October 31, 2025 to the registrant's investment adviser, UBS Asset Management (Americas) LLC ("UBS AM (Americas)"), and any service provider to the registrant controlling, controlled by or under common control with UBS AM (Americas) that provided ongoing services to the registrant ("Covered Services Provider").

---

| | | |
|:---|:---|:---|
|  | 2024 | 2025 |
| Audit-Related Fees | N/A | N/A |
| Tax Fees | N/A | N/A |
| All Other Fees | N/A | N/A |
| Total | N/A | N/A |

---

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

(e)(2) The information in the table below sets forth the percentages of fees for services (other than audit, review or attest services) rendered by EY for the fiscal years ended October 31, 2024 and October 31, 2025 to the registrant for which the pre-approval requirement was waived pursuant to Rule 2-01(c)(7)(i)(C) of Regulation S-X:

---

| | | |
|:---|:---|:---|
|  | 2024 | 2025 |
| Audit-Related Fees | N/A | N/A |
| Tax Fees | N/A | N/A |
| All Other Fees | N/A | N/A |
| Total | N/A | N/A |

---

(f) Not Applicable.

(g) For the fiscal years ended October 31, 2024 and October 31, 2025, the aggregate fees billed by EY of $1,644,455, and $3,949,908, respectively, for non-audit services rendered on behalf of the registrant ("covered"), its investment adviser and any entity controlling, controlled by, or under common control with the adviser ("non-covered") that provides ongoing services (or provided during the relevant fiscal period) to the registrant for each of the last two fiscal years of the registrant is shown in the table below:

---

| | | |
|:---|:---|:---|
|  | 2024 | 2025 |
| Covered Services | $- | $- |
| Non-Covered Services | $1644455 | $3949908 |

---

(h) Not Applicable.

(i) Not Applicable.

(j) Not Applicable.

**Item 5. Audit Committee of Listed Registrants.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Form N-CSR disclosure requirement is not applicable to the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to the registrant.

**Item 6. Schedule of Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The compete schedule of investments for the registrant is disclosed in the registrant's annual report, which is included in
Item 7 of this form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.</u>**

(a) Copy of the most recent financial statements:

------

![](j25279572_ab001.jpg)

Credit Suisse Commodity Return Strategy Fund

Annual Financial Statements \| October 31, 2025

------

Credit Suisse Commodity Return Strategy Fund

Consolidated schedule of investments

**October 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Par<br>(000)** | | **Ratings<sup>†</sup> <br>(S&P/Moody's)** | **Maturity** | **Rate%** | **Value** |
| **Commodity indexed structured notes (27.0%)** | | | | | |
| $52700 | Bank of Montreal, Commodity Index Linked Senior Unsecured Notes, Rule 144A, SOFR<sup>1,2,3</sup> | (A+, NR) | 12/29/26 | 4.040 | $53509335 |
| 54000 | BNP Paribas Issuance BV, Commodity Index Linked Senior Unsecured Notes, <br>Rule 144A, FEDL01 + 0.100%<sup>1,2,4</sup> | (A+, A1) | 11/23/26 | 3.970 | 56612380 |
| 40300 | BofA Finance LLC, Commodity Index Linked Senior Unsecured Notes, <br>Rule 144A, SOFR—0.050%<sup>1,2,5</sup> | (A-, A1) | 02/10/26 | 3.990 | 51846877 |
| 49800 | Canadian Imperial Bank of Commerce, Commodity Index Linked Senior Unsecured Notes, <br>Rule 144A, FEDL01<sup>1,2,3</sup> | (A+, NR) | 02/24/26 | 3.870 | 55554960 |
| 41700 | Goldman Sachs International, Commodity Index Linked Senior Unsecured Notes, <br>Rule 144A, SOFR<sup>1,2,4</sup> | (BBB+, A2) | 02/24/26 | 4.040 | 45505812 |
| 57000 | Royal Bank of Canada, Commodity Index Linked Senior Unsecured Notes, <br>Rule 144A, FEDL01<sup>1,2,3</sup> | (AA-, A1) | 09/16/26 | 3.870 | 63137257 |
|  | **Total commodity indexed structured notes** <br>(Cost $295,500,000) |  |  |  | **326166621** |
| **United States agency obligations (15.9%)** |  |  |  |  |  |
| 2600 | Federal Farm Credit Banks Funding Corp., 1 day Fed Prime Loan Rate—3.040%<sup>1</sup> | (AA+, Aaa) | 05/21/26 | 3.960 | 2600666 |
| 2500 | Federal Farm Credit Banks Funding Corp., 1 day Fed Prime Loan Rate—3.040%<sup>1</sup> | (AA+, Aaa) | 05/28/26 | 3.960 | 2499806 |
| 5200 | Federal Farm Credit Banks Funding Corp., 1 day USD SOFR + 0.090%<sup>1</sup> | (AA+, Aaa) | 05/21/26 | 4.130 | 5201374 |
| 13500 | Federal Farm Credit Banks Funding Corp., 1 day USD SOFR + 0.125%<sup>1</sup> | (AA+, Aaa) | 11/03/27 | 4.165 | 13501986 |
| 25100 | Federal Farm Credit Banks Funding Corp., 1 day USD SOFR + 0.230%<sup>1</sup> | (AA+, Aaa) | 08/01/28 | 4.270 | 25103557 |
| 5700 | Federal Farm Credit Banks Funding Corp., 1 day USD SOFR + 0.235%<sup>1</sup> | (AA+, Aaa) | 02/11/28 | 4.275 | 5700175 |
| 12000 | Federal Home Loan Bank Discount Notes<sup>6</sup> | (AA+, Aaa) | 01/30/26 | 3.815 | 11884733 |
| 5400 | Federal Home Loan Bank Discount Notes<sup>6</sup> | (AA+, Aaa) | 05/01/26 | 3.718 | 5300218 |
| 5300 | Federal Home Loan Banks | (AA+, Aaa) | 02/26/26 | 0.620 | 5246289 |
| 6000 | Federal Home Loan Banks<sup>7</sup> | (AA+, Aaa) | 10/09/26 | 4.000 | 6013987 |
| 22400 | Federal Home Loan Banks | (AA+, Aaa) | 09/09/27 | 3.500 | 22375709 |
| 2200 | Federal Home Loan Banks, 1 day USD SOFR + 0.125%<sup>1</sup> | (AA+, Aaa) | 02/23/26 | 4.165 | 2200924 |
| 24600 | Federal Home Loan Banks, 1 day USD SOFR + 0.230%<sup>1</sup> | (AA+, Aaa) | 07/14/28 | 4.270 | 24596287 |
| 13000 | Federal Home Loan Mortgage Corp., 1 day USD SOFR + 0.140%<sup>1</sup> | (AA+, Aaa) | 10/16/26 | 4.180 | 13009060 |
| 3500 | Federal Home Loan Mortgage Corp., 1 day USD SOFR + 0.140%<sup>1</sup> | (AA+, Aaa) | 10/29/26 | 4.180 | 3503123 |
| 8500 | Federal Home Loan Mortgage Corp., 1 day USD SOFR + 0.140%<sup>1</sup> | (AA+, Aaa) | 10/06/27 | 4.180 | 8501214 |
| 23700 | Federal Home Loan Mortgage Corp., 1 day USD SOFR + 0.220%<sup>1</sup> | (AA+, Aaa) | 05/23/28 | 4.260 | 23784985 |
| 11000 | Federal National Mortgage Association, 1 day USD SOFR + 0.260%<sup>1</sup> | (AA+, Aaa) | 11/05/27 | 4.300 | 11042292 |
|  | **Total United States agency obligations** <br> (Cost $191,965,052) |  |  |  | **192066385** |
| **United States Treasury obligations (54.1%)** |  |  |  |  |  |
| 12000 | U.S. Treasury Bills<sup>6</sup> | (AA+, Aaa) | 11/25/25 | 3.870 | 11969040 |
| 124800 | U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.245%<sup>1</sup> | (AA+, Aaa) | 01/31/26 | 4.011 | 124817860 |
| 149000 | U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.150%<sup>1,8</sup> | (AA+, Aaa) | 04/30/26 | 3.916 | 148974667 |
| 11300 | U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.182%<sup>1</sup> | (AA+, Aaa) | 07/31/26 | 3.948 | 11300279 |
| 32200 | U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.205%<sup>1</sup> | (AA+, Aaa) | 10/31/26 | 3.971 | 32206768 |
| 35000 | U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.098%<sup>1</sup> | (AA+, Aaa) | 01/31/27 | 3.864 | 34962936 |
| 40000 | U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.160%<sup>1</sup> | (AA+, Aaa) | 04/30/27 | 3.926 | 39987821 |
| 28000 | U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.159%<sup>1,9</sup> | (AA+, Aaa) | 07/31/27 | 3.925 | 27993159 |
| 12000 | U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.190%<sup>1</sup> | (AA+, Aaa) | 10/31/27 | 3.956 | 12001556 |
| 12000 | U.S. Treasury Notes | (AA+, Aaa) | 02/15/26 | 4.000 | 12002674 |
| 12000 | U.S. Treasury Notes | (AA+, Aaa) | 05/31/26 | 4.875 | 12071929 |
| 20000 | U.S. Treasury Notes | (AA+, Aaa) | 08/15/26 | 4.375 | 20092813 |
| 17100 | U.S. Treasury Notes | (AA+, Aaa) | 08/31/26 | 3.750 | 17097033 |
| 25000 | U.S. Treasury Notes | (AA+, Aaa) | 12/31/26 | 4.250 | 25149414 |
| 12000 | U.S. Treasury Notes | (AA+, Aaa) | 04/15/27 | 4.500 | 12141797 |
| 12000 | U.S. Treasury Notes | (AA+, Aaa) | 05/31/27 | 3.875 | 12042187 |
| 12000 | U.S. Treasury Notes | (AA+, Aaa) | 07/15/27 | 4.375 | 12146953 |
| 12000 | U.S. Treasury Notes | (AA+, Aaa) | 09/15/27 | 3.375 | 11948672 |

---

------

Credit Suisse Commodity Return Strategy Fund

Consolidated schedule of investments

**October 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Par<br>(000)** | **Par<br>(000)** | | **Ratings<sup>†</sup> <br>(S&P/Moody's)** | **Maturity** | **Rate%** | **Value** |
| **United States Treasury obligations—(concluded)** | **United States Treasury obligations—(concluded)** | | | | | |
| $| 23800 | U.S. Treasury Notes | (AA+, Aaa) | 10/31/27 | 3.500 | $23752121 |
|  | 12000 | U.S. Treasury Notes | (AA+, Aaa) | 01/15/28 | 4.250 | 12161484 |
|  | 25000 | U.S. Treasury Notes | (AA+, Aaa) | 02/15/28 | 4.250 | 25350098 |
|  | 12000 | U.S. Treasury Notes | (AA+, Aaa) | 05/15/28 | 3.750 | 12042891 |
|  |  | **Total United States Treasury obligations** <br>(Cost $650,851,529) |  |  |  | **652214152** |
| **Shares** | **Shares** |  |  |  |  |  |
| **Short-term investments (3.0%)** | **Short-term investments (3.0%)** |  |  |  |  |  |
|  | 34722402 | State Street Institutional U.S. Government Money Market Fund—Premier Class, 3.97% |  |  |  | 34722402 |
|  | 1742500 | State Street Navigator Securities Lending Government Money Market Portfolio, 4.06%<sup>10</sup> |  |  |  | 1742500 |
|  |  | **Total short-term investments** <br>(Cost $36,464,902) |  |  |  | **36464902** |
|  |  | **Total investments at value (100.0%)** <br>(Cost $1,174,781,483) |  |  |  | **1206912060** |
|  |  | Liabilities in Excess of Other Assets (0.0%) |  |  |  | (107313) |
|  |  | **Net assets (100.0%)** |  |  |  | $**1206804747** |

---

<sup>†</sup> Credit ratings given by the S&P Global Ratings Division of S&P Global Inc. ("S&P") and Moody's Investors Service, Inc. ("Moody's") are unaudited.

<sup>1</sup> Variable rate obligation—The interest rate shown is the rate in effect as of October 31, 2025. The rate may be subject to a cap and floor.

<sup>2</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2025, these securities amounted to a value of $326,166,621 or 27.0% of net assets.

<sup>3</sup> Return on security is linked to the Bloomberg Commodity Index Total Return 2 Month Forward<sup>SM</sup>.

<sup>4</sup> Return on security is linked to the Bloomberg Commodity Index Total Return.

<sup>5</sup> Return on security is linked to the BofA Merrill Lynch Commodity MLCILPRT Total Return Index.

<sup>6</sup> Securities are zero coupon. Rate presented is cost yield as of October 31, 2025.

<sup>7</sup> Security or portion thereof is out on loan (See Note 2-J).

<sup>8</sup> At October 31, 2025, $24,995,750 in the value of this security has been pledged to cover initial margin requirements for open futures contracts.

<sup>9</sup> At October 31, 2025, $3,367,077 in the value of this security has been pledged as collateral for open swap contracts.

<sup>10</sup> Represents security purchased with cash collateral received for securities on loan.

**Investment abbreviations**

3 mo. = 3 month

FEDL01 = Federal Funds Rate

SOFR = Secured Overnight Financing Rate

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract description** | **Currency** | **Expiration<br>date** | **Number of <br>contracts** | **Notional<br>amount** | **Notional value** | **Net unrealized<br>appreciation<br>(depreciation)** |
| **Contracts to purchase** | **Contracts to purchase** | **Contracts to purchase** | **Contracts to purchase** | **Contracts to purchase** | **Contracts to purchase** | **Contracts to purchase** |
| Agriculture | Agriculture | Agriculture | Agriculture | Agriculture | Agriculture | Agriculture |
| Coffee "C" Futures | USD | May 2026 | 28 | $3802351 | $3753224 | $(49127) |
| Corn Futures | USD | Dec 2025 | 249 | 4924115 | 5372175 | 448060 |
| Cotton No. 2 Futures | USD | Dec 2025 | 55 | 1858710 | 1802350 | (56360) |

---

------

Credit Suisse Commodity Return Strategy Fund

Consolidated schedule of investments

**October 31, 2025**

**Futures contracts—(concluded)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract description** | **Currency** | **Expiration<br>date** | **Number of <br>contracts** | **Notional<br>amount** | **Notional value** | **Net unrealized<br>appreciation<br>(depreciation)** |
| **Contracts to purchase (concluded)** | **Contracts to purchase (concluded)** | **Contracts to purchase (concluded)** | **Contracts to purchase (concluded)** | **Contracts to purchase (concluded)** | **Contracts to purchase (concluded)** | **Contracts to purchase (concluded)** |
| Agriculture (concluded) | Agriculture (concluded) | Agriculture (concluded) | Agriculture (concluded) | Agriculture (concluded) | Agriculture (concluded) | Agriculture (concluded) |
| Soybean Futures | USD | Jan 2026 | 119 | $6096120 | $6635738 | $539618 |
| Soybean Meal Futures | USD | Jan 2026 | 113 | 3156418 | 3655550 | 499132 |
| Soybean Oil Futures | USD | Jan 2026 | 135 | 4074687 | 3974670 | (100017) |
| Sugar No. 11 Futures | USD | Apr 2026 | 162 | 2836898 | 2549232 | (287666) |
| Wheat (KC HRW) Futures | USD | Dec 2025 | 78 | 2058681 | 2045550 | (13131) |
| Wheat Futures | USD | Dec 2025 | 9 | 237548 | 240300 | 2752 |
| Wheat Futures | USD | Mar 2026 | 113 | 3056976 | 3099025 | 42049 |
|  |  |  |  |  |  | $**1025310** |
| Energy | Energy | Energy | Energy | Energy | Energy | Energy |
| Brent Crude Oil Futures | USD | Nov 2025 | 103 | 6844371 | 6671310 | $(173061) |
| Gasoline RBOB Futures | USD | Dec 2025 | 30 | 2366376 | 2345112 | (21264) |
| Light Sweet Crude Oil Futures | USD | Dec 2025 | 93 | 5608063 | 5635800 | 27737 |
| Low Sulphur Gasoil Futures | USD | Jan 2026 | 40 | 2627650 | 2730000 | 102350 |
| Natural Gas Futures | USD | Dec 2025 | 561 | 22105135 | 24510090 | 2404955 |
| Natural Gas Futures | USD | Jan 2026 | 273 | 11259803 | 11274900 | 15097 |
| NY Harbor ULSD Futures | USD | Dec 2025 | 21 | 2017675 | 2090869 | 73194 |
|  |  |  |  |  |  | $**2429008** |
| Industrial Metals | Industrial Metals | Industrial Metals | Industrial Metals | Industrial Metals | Industrial Metals | Industrial Metals |
| LME Lead Futures | USD | Dec 2025 | 22 | 1095776 | 1103839 | $8063 |
| LME Nickel Futures | USD | Dec 2025 | 72 | 6898994 | 6535581 | (363413) |
| LME Primary Aluminum Futures | USD | Dec 2025 | 120 | 7974029 | 8646600 | 672571 |
| LME Primary Aluminum Futures | USD | Mar 2026 | 65 | 4657022 | 4697420 | 40398 |
| LME Zinc Futures | USD | Dec 2025 | 36 | 2517731 | 2774970 | 257239 |
|  |  |  |  |  |  | $**614858** |
| Livestock | Livestock | Livestock | Livestock | Livestock | Livestock | Livestock |
| Lean Hogs Futures | USD | Dec 2025 | 60 | 2101351 | 1950600 | $(150751) |
| Live Cattle Futures | USD | Dec 2025 | 46 | 4303133 | 4226020 | (77113) |
|  |  |  |  |  |  | $**(227864)** |
| Precious Metals | Precious Metals | Precious Metals | Precious Metals | Precious Metals | Precious Metals | Precious Metals |
| Copper Futures | USD | Dec 2025 | 49 | 5568352 | 6234025 | $665673 |
| Gold 100 oz. Futures | USD | Dec 2025 | 52 | 18085419 | 20781800 | 2696381 |
| Silver Futures | USD | Dec 2025 | 30 | 5848153 | 7224000 | 1375847 |
|  |  |  |  |  |  | $**4737901** |
| **Contracts to sell** | **Contracts to sell** | **Contracts to sell** | **Contracts to sell** | **Contracts to sell** | **Contracts to sell** | **Contracts to sell** |
| Energy | Energy | Energy | Energy | Energy | Energy | Energy |
| Natural Gas Futures | USD | Feb 2026 | (600) | (20716998) | (22566000) | $**(1849002)** |
| Industrial Metals | Industrial Metals | Industrial Metals | Industrial Metals | Industrial Metals | Industrial Metals | Industrial Metals |
| LME Nickel Futures | USD | Dec 2025 | (48) | (4431909) | (4357054) | $74855 |
| LME Primary Aluminum Futures | USD | Dec 2025 | (120) | (8277676) | (8646600) | (368924) |
|  |  |  |  |  |  | $**(294069)** |
| **Total net unrealized appreciation (depreciation)** | **Total net unrealized appreciation (depreciation)** | **Total net unrealized appreciation (depreciation)** | **Total net unrealized appreciation (depreciation)** | **Total net unrealized appreciation (depreciation)** | **Total net unrealized appreciation (depreciation)** | $**6436142** |

---

------

Credit Suisse Commodity Return Strategy Fund

Consolidated schedule of investments

**October 31, 2025**

**Commodity index swap contracts**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Currency** | **Notional<br>amount** | **Expiration<br>date** | **Counterparty** | **Receive** | **Pay** | **Payment <br>frequency** | **Upfront <br>premiums <br>paid/<br>(received)** | **Value** | **Unrealized<br>depreciation** |
| USD | $22017279 | 12/02/25 | Bank of America | Bloomberg Commodity <br>Index Total Return | 3.84% | At Maturity | $— | $(53735) | $(53735) |
| USD | 28849521 | 12/02/25 | Macquarie Bank Ltd. | Bloomberg Commodity <br>Index Total Return | 3.82% | At Maturity |  | (70236) | (70236) |
| USD | 51821059 | 12/02/25 | Macquarie Bank Ltd. | Macquarie Commodity<br>Customized Product 112T<br>Index<sup>(a)</sup> | 3.99% | At Maturity |  | (93719) | (93719) |
| USD | 57761913 | 12/02/25 | Societe Generale | Societe Generale <br>P04 TR Index<sup>(b)</sup> | 3.99% | At Maturity |  | (108592) | (108592) |
| **Total** |  |  |  |  |  |  | $**—** | $**(326282)** | $**(326282)** |

---

<sup>(a)</sup> The index seeks to provide exposure to a diversified group of commodities, inclusive of energy, livestock and meat, agricultural and metals. The Fund has indirect exposure to all of the below underlying positions that make up the custom index. When applicable, the table is limited to the largest 50 positions (based on absolute market value) and any other position where the notional value for the position exceeds 1% of the notional value of the index.

---

| | | | |
|:---|:---|:---|:---|
| **Commodity name** | **Weight** | **Quantity<sup>1</sup>** | **10/31/25 Value<sup>1</sup>** |
| CBOT Bean Oil JAN 26 Futures | 3.50% | 61.59 | $1813260 |
| CBOT Corn DEC 25 Futures | 4.61% | 110.65 | 2387185 |
| NYMEX WTI Crude Oil JAN 26 Futures | 5.09% | 43.49 | 2635482 |
| NYBOT Cotton DEC 25 Futures | 1.35% | 21.28 | 697321 |
| COMEX Gold DEC 25 Futures | 18.60% | 24.11 | 9635611 |
| COMEX High Grade Copper DEC 25 Futures | 5.84% | 23.77 | 3024383 |
| NYMEX Heating Oil JAN 26 Futures | 1.99% | 10.33 | 1028398 |
| NYBOT Coffee MAR 26 Futures | 3.11% | 11.56 | 1613030 |
| KCBOT Kansas Wheat MAR 26 Futures | 1.47% | 28.38 | 761660 |
| CME Live Cattle DEC 25 Futures | 3.66% | 20.65 | 1897208 |
| ICE Brent Crude Oil JAN 26 Futures | 5.99% | 47.93 | 3104683 |
| ICE Gas Oil DEC 25 Futures | 2.54% | 18.79 | 1315486 |
| CME Lean Hogs DEC 25 Futures | 1.59% | 25.30 | 822663 |
| LME Aluminium DEC 25 Futures | 4.21% | 30.23 | 2178011 |
| LME Nickel DEC 25 Futures | 2.09% | 11.92 | 1081941 |
| LME Lead DEC 25 Futures | 0.84% | 8.67 | 434910 |
| LME Zinc DEC 25 Futures | 2.18% | 14.64 | 1128650 |
| NYMEX Nat Gas JAN 26 Futures | 10.02% | 118.76 | 5188702 |
| NYMEX Unleaded Gasoline JAN 26 Futures | 1.74% | 11.50 | 898745 |
| CBOT Soybeans JAN 26 Futures | 5.84% | 54.25 | 3025290 |
| NYBOT Sugar MAR 26 Futures | 1.91% | 61.23 | 989640 |
| COMEX Silver DEC 25 Futures | 6.14% | 13.21 | 3180954 |
| CBOT Soy Meal JAN 26 Futures | 3.29% | 52.69 | 1704563 |
| CBOT Wheat MAR 26 Futures | 2.40% | 45.35 | 1243813 |

---

<sup>1</sup> Amounts represent quantity and value of index components as they relate specifically to the Fund's swap position as of October 31, 2025.

------

Credit Suisse Commodity Return Strategy Fund

Consolidated schedule of investments

**October 31, 2025**

**Commodity index swap contracts—(concluded)**

<sup>(b)</sup> The index seeks to provide exposure to a diversified group of commodities, inclusive of energy, livestock and meat, agricultural and metals. The Fund has indirect exposure to all of the below underlying positions that make up the custom index. When applicable, the table is limited to the largest 50 positions (based on absolute market value) and any other position where the notional value for the position exceeds 1% of the notional value of the index.

---

| | | | |
|:---|:---|:---|:---|
| **Commodity name** | **Weight** | **Quantity<sup>1</sup>** | **10/31/25 Value<sup>1</sup>** |
| CBOT Bean Oil DEC 25 Futures | 3.50% | 69.17 | $2020373 |
| CBOT Corn DEC 25 Futures | 4.61% | 123.34 | 2661120 |
| NYMEX WTI Crude Oil JAN 26 Futures | 5.09% | 48.49 | 2938199 |
| ICE Brent Crude Oil JAN 26 Futures | 5.99% | 53.38 | 3457724 |
| NYBOT Cotton MAR 26 Futures | 1.34% | 23.18 | 773514 |
| COMEX Gold DEC 25 Futures | 18.59% | 26.85 | 10731066 |
| COMEX High Grade Copper DEC 25 Futures | 5.84% | 26.50 | 3371136 |
| NYMEX Heating Oil JAN 26 Futures | 1.99% | 11.54 | 1148726 |
| NYBOT Coffee DEC 25 Futures | 3.10% | 12.17 | 1789473 |
| KCBOT Kansas Wheat MAR 26 Futures | 1.47% | 31.62 | 848557 |
| LME Aluminium DEC 25 Futures | 4.21% | 33.73 | 2430220 |
| CME Live Cattle DEC 25 Futures | 3.66% | 23.00 | 2112733 |
| CME Lean Hogs DEC 25 Futures | 1.59% | 28.23 | 917827 |
| LME Lead DEC 25 Futures | 0.84% | 9.66 | 484889 |
| LME Nickel DEC 25 Futures | 2.09% | 13.29 | 1206451 |
| LME Zinc DEC 25 Futures | 2.18% | 16.33 | 1258404 |
| NYMEX Nat Gas JAN 26 Futures | 10.02% | 132.39 | 5784039 |
| ICE Gas Oil DEC 25 Futures | 2.54% | 20.95 | 1466213 |
| CBOT Soybeans JAN 26 Futures | 5.84% | 60.46 | 3371136 |
| NYBOT Sugar MAR 26 Futures | 1.91% | 68.22 | 1102546 |
| COMEX Silver DEC 25 Futures | 6.14% | 14.72 | 3544311 |
| CBOT Soy Meal DEC 25 Futures | 3.32% | 59.59 | 1916468 |
| CBOT Wheat MAR 26 Futures | 2.40% | 50.52 | 1385399 |
| NYMEX Unleaded Gasoline JAN 26 Futures | 1.74% | 12.85 | 1004414 |

---

<sup>1</sup> Amounts represent quantity and value of index components as they relate specifically to the Fund's swap position as of October 31, 2025.

See accompanying notes to consolidated financial statements.

------

Credit Suisse Commodity Return Strategy Fund

**Consolidated statement of assets and liabilities October 31, 2025**

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments at value, including collateral for securities on loan of $1,742,500 (Cost $1,174,781,483) (Note 2) | $1206912060<sup>1</sup> |
| Cash | 3780 |
| Cash segregated at brokers for futures and swap contracts (Note 2) | 5741961 |
| Interest receivable | 9426060 |
| Receivable for Fund shares sold | 1094971 |
| Variation margin receivable on futures contracts (Note 2) | 791402 |
| Prepaid expenses and other assets | 74116 |
| **Total assets** | **1224044350** |
| **Liabilities:** | **Liabilities:** |
| Investment advisory fee payable (Note 3) | 355178 |
| Administrative services fee payable (Note 3) | 65584 |
| Shareholder servicing/Distribution fee payable (Note 3) | 9325 |
| Payable for investments purchased | 13500000 |
| Payable upon return of securities loaned (Note 2) | 1742500 |
| Payable for Fund shares redeemed | 558747 |
| Unrealized depreciation on open swap contracts (Note 2) | 326282 |
| Trustees' fee payable | 62119 |
| Accrued expenses | 619868 |
| **Total liabilities** | **17239603** |
| **Net assets:** | **Net assets:** |
| Capital stock, $.001 par value (Note 6) | 48725 |
| Paid-in capital (Note 6) | 1525036728 |
| Total distributable earnings (loss) | (318280706) |
| **Net assets** | $**1206804747** |
| **I Shares** | **I Shares** |
| Net assets | $1173340798 |
| Shares outstanding | 47298866 |
| Net asset value, offering price and redemption price per share | $24.81 |
| **A Shares** | **A Shares** |
| Net assets | $29895851 |
| Shares outstanding | 1256965 |
| Net asset value and redemption price per share | $23.78 |
| Maximum offering price per share (net asset value/(1-4.75%)) | $24.97 |
| **C Shares** | **C Shares** |
| Net assets | $3568098 |
| Shares outstanding | 169130 |
| Net asset value and offering price per share | $21.10 |

---

<sup>1</sup> Includes $1,709,009 of securities on loan.

See accompanying notes to consolidated financial statements.

------

Credit Suisse Commodity Return Strategy Fund

**Consolidated statement of operations For the year ended October 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** | **Investment income:** |
| Interest | $50666230 |
| Securities lending (net of rebates) | 6380 |
| **Total investment income** | **50672610** |
| **Expenses:** | **Expenses:** |
| Investment advisory fees (Note 3) | 6945276 |
| Administrative services fees (Note 3) | 184406 |
| Shareholder servicing/Distribution fees (Note 3) | Shareholder servicing/Distribution fees (Note 3) |
| Class A | 70583 |
| Class C | 38202 |
| Transfer agent fees | 1654150 |
| Registration fees | 242815 |
| Trustees' fees | 235107 |
| Legal fees | 192328 |
| Commitment fees (Note 4) | 181718 |
| Printing fees | 142568 |
| Custodian fees | 105767 |
| Audit and tax fees | 66435 |
| Insurance expense | 44021 |
| Miscellaneous expense | 21631 |
| **Total expenses** | **10125007** |
| Less: fees waived and expenses reimbursed (Note 3) | (598900) |
| **Net expenses** | **9526107** |
| **Net investment income** | **41146503** |
| Net realized and unrealized gain from investments, futures contracts and swap contracts | Net realized and unrealized gain from investments, futures contracts and swap contracts |
| Net realized gain from investments | 43024840 |
| Net realized gain from futures contracts | 7395670 |
| Net realized gain from swap contracts | 11199404 |
| Net change in unrealized appreciation (depreciation) from investments | 36611598 |
| Net change in unrealized appreciation (depreciation) from futures contracts | 9267104 |
| Net change in unrealized appreciation (depreciation) from swap contracts | 2545190 |
| Net realized and unrealized gain from investments, futures contracts and swap contracts | 110043806 |
| **Net increase in net assets resulting from operations** | $**151190309** |

---

See accompanying notes to consolidated financial statements.

------

Credit Suisse Commodity Return Strategy Fund

**Consolidated statements of changes in net assets**

---

| | | |
|:---|:---|:---|
| | **For the<br>year ended<br>October 31, 2025** | **For the<br>year ended<br>October 31, 2024** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income | $41146503 | $51345390 |
| Net realized gain (loss) from investments, futures contracts and swap contracts | 61619914 | (105982805) |
| Net change in unrealized appreciation (depreciation) from investments, futures contracts and swap contracts | 48423892 | 16876097 |
| Net increase (decrease) in net assets resulting from operations | 151190309 | (37761318) |
| **From distributions:** | **From distributions:** | **From distributions:** |
| From distributable earnings | From distributable earnings | From distributable earnings |
| Class I | (32696925) | (42103809) |
| Class A | (779584) | (960817) |
| Class C | (80001) | (141820) |
| Net decrease in net assets resulting from distributions | (33556510) | (43206446) |
| **From capital share transactions (Note 6):** | **From capital share transactions (Note 6):** | **From capital share transactions (Note 6):** |
| Proceeds from sale of shares | 482018074 | 887646870 |
| Reinvestment of distributions | 21160658 | 24850934 |
| Net asset value of shares redeemed | (504000569) | (970765994) |
| Net decrease in net assets from capital share transactions | (821837) | (58268190) |
| **Net increase (decrease) in net assets** | **116811962** | **(139235954)** |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of year | 1089992785 | 1229228739 |
| End of year | $1206804747 | $1089992785 |

---

See accompanying notes to consolidated financial statements.

------

Credit Suisse Commodity Return Strategy Fund

Consolidated financial highlights

(For a Class I share of the Fund outstanding throughout each year)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the year ended October 31,** | **For the year ended October 31,** | **For the year ended October 31,** | **For the year ended October 31,** | **For the year ended October 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021<sup>1</sup>** |
| **Per share data:** | **Per share data:** | **Per share data:** | **Per share data:** | **Per share data:** | **Per share data:** |
| **Net asset value, beginning of year** | $**22.41** | $**23.34<sup>2</sup>** | $**27.28** | $**36.29** | $**25.32** |
| **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
| Net investment income (loss)<sup>3</sup> | 0.83 | 0.95 | 0.88 | 0.12 | (0.19) |
| Net gain (loss) from investments, futures contracts and <br>swap contracts (both realized and unrealized) | 2.25 | (1.09) | (2.00) | 2.79 | 11.16 |
| Total from investment operations | 3.08 | (0.14) | (1.12) | 2.91 | 10.97 |
| **Less dividends:** | **Less dividends:** | **Less dividends:** | **Less dividends:** | **Less dividends:** | **Less dividends:** |
| Dividends from net investment income | (0.68) | (0.79) | (2.82) | (11.92) |  |
| Total dividends | (0.68) | (0.79) | (2.82) | (11.92) |  |
| **Net asset value, end of year** | $**24.81** | $**22.41** | $**23.34<sup>2</sup>** | $**27.28** | $**36.29** |
| **Total return<sup>4</sup>** | **13.90%** | **(0.59)%** | **(4.40)%** | **12.41%** | **43.33%** |
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of year (000s omitted) | $1173341 | $1057108 | $1191554 | $2175955 | $2249942 |
| Ratio of net expenses to average net assets | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
| Ratio of net investment income (loss) to average net assets | 3.50% | 4.20% | 3.60% | 0.41% | (0.59)% |
| Decrease reflected in above operating expense ratios due to <br>waivers/reimbursements | 0.05% | 0.03% | 0.01% | 0.01% | 0.02% |
| Portfolio turnover rate<sup>5</sup> | 60% | 80% | 46% | 68% | 22% |

---

<sup>1</sup> A one for six reverse share split, effective October 15, 2021, has been retroactively applied. See Note 6 in the Notes to Consolidated Financial Statements.

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

<sup>3</sup> Per share information is calculated using the average shares outstanding method.

<sup>4</sup> Total returns are historical and include change in share price and reinvestment of all distributions.

<sup>5</sup> Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

See accompanying notes to consolidated financial statements.

------

Credit Suisse Commodity Return Strategy Fund

Consolidated financial highlights

(For a Class A share of the Fund outstanding throughout each year)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the year ended October 31,** | **For the year ended October 31,** | **For the year ended October 31,** | **For the year ended October 31,** | **For the year ended October 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021<sup>1</sup>** |
| **Per share data:** | **Per share data:** | **Per share data:** | **Per share data:** | **Per share data:** | **Per share data:** |
| **Net asset value, beginning of year** | $**21.51** | $**22.44<sup>2</sup>** | $**26.32** | $**35.37** | $**24.72** |
| **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
| Net investment income (loss)<sup>3</sup> | 0.74 | 0.86 | 0.79 | 0.04 | (0.26) |
| Net gain (loss) from investments, futures contracts and <br>swap contracts (both realized and unrealized) | 2.15 | (1.06) | (1.91) | 2.68 | 10.91 |
| Total from investment operations | 2.89 | (0.20) | (1.12) | 2.72 | 10.65 |
| **Less dividends:** | **Less dividends:** | **Less dividends:** | **Less dividends:** | **Less dividends:** | **Less dividends:** |
| Dividends from net investment income | (0.62) | (0.73) | (2.76) | (11.77) |  |
| Total dividends | (0.62) | (0.73) | (2.76) | (11.77) |  |
| **Net asset value, end of year** | $**23.78** | $**21.51** | $**22.44<sup>2</sup>** | $**26.32** | $**35.37** |
| **Total return<sup>4</sup>** | **13.59%** | **(0.87)%** | **(4.58)%** | **12.09%** | **43.08%** |
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of year (000s omitted) | $29896 | $28562 | $31251 | $40894 | $40693 |
| Ratio of net expenses to average net assets | 1.05% | 1.05% | 1.05% | 1.05% | 1.05% |
| Ratio of net investment income (loss) to average net assets | 3.26% | 3.95% | 3.41% | 0.14% | (0.84)% |
| Decrease reflected in above operating expense ratios due to <br>waivers/reimbursements | 0.05% | 0.03% | 0.01% | 0.01% | 0.02% |
| Portfolio turnover rate<sup>5</sup> | 60% | 80% | 46% | 68% | 22% |

---

<sup>1</sup> A one for six reverse share split, effective October 15, 2021, has been retroactively applied. See Note 6 in the Notes to Consolidated Financial Statements.

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

<sup>3</sup> Per share information is calculated using the average shares outstanding method.

<sup>4</sup> Total returns are historical and include change in share price, reinvestment of all distributions and no sales charge.

<sup>5</sup> Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

See accompanying notes to consolidated financial statements.

------

Credit Suisse Commodity Return Strategy Fund

Consolidated financial highlights

(For a Class C share of the Fund outstanding throughout each year)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the year ended October 31,** | **For the year ended October 31,** | **For the year ended October 31,** | **For the year ended October 31,** | **For the year ended October 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021<sup>1</sup>** |
| **Per share data:** | **Per share data:** | **Per share data:** | **Per share data:** | **Per share data:** | **Per share data:** |
| **Net asset value, beginning of year** | $**19.12** | $**20.00<sup>2</sup>** | $**23.75** | $**32.83** | $**23.16** |
| **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
| Net investment income (loss)<sup>3</sup> | 0.50 | 0.62 | 0.55 | (0.14) | (0.46) |
| Net gain (loss) from investments, futures contracts and <br>swap contracts (both realized and unrealized) | 1.92 | (0.93) | (1.72) | 2.40 | 10.13 |
| Total from investment operations | 2.42 | (0.31) | (1.17) | 2.26 | 9.67 |
| **Less dividends:** | **Less dividends:** | **Less dividends:** | **Less dividends:** | **Less dividends:** | **Less dividends:** |
| Dividends from net investment income | (0.44) | (0.57) | (2.58) | (11.34) |  |
| Total dividends | (0.44) | (0.57) | (2.58) | (11.34) |  |
| **Net asset value, end of year** | $**21.10** | $**19.12** | $**20.00<sup>2</sup>** | $**23.75** | $**32.83** |
| **Total return<sup>4</sup>** | **12.78%** | **(1.59)%** | **(5.35)%** | **11.28%** | **41.75%** |
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of year (000s omitted) | $3568 | $4323 | $6424 | $9157 | $7079 |
| Ratio of net expenses to average net assets | 1.80% | 1.80% | 1.80% | 1.80% | 1.80% |
| Ratio of net investment income (loss) to average net assets | 2.51% | 3.18% | 2.64% | (0.52)% | (1.60)% |
| Decrease reflected in above operating expense ratios due to <br>waivers/reimbursements | 0.05% | 0.03% | 0.01% | 0.01% | 0.02% |
| Portfolio turnover rate<sup>5</sup> | 60% | 80% | 46% | 68% | 22% |

---

<sup>1</sup> A one for six reverse share split, effective October 15, 2021, has been retroactively applied. See Note 6 in the Notes to Consolidated Financial Statements.

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

<sup>3</sup> Per share information is calculated using the average shares outstanding method.

<sup>4</sup> Total returns are historical and include change in share price, reinvestment of all distributions and no sales charge.

<sup>5</sup> Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

See accompanying notes to consolidated financial statements.

------

Credit Suisse Commodity Return Strategy Fund

Notes to consolidated financial statements

October 31, 2025

**Note 1. Organization**

Credit Suisse Commodity Return Strategy Fund (the "Fund"), a series of Credit Suisse Commodity Strategy Funds (the "Trust"), a Delaware statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified open-end management investment company that seeks total return that exceeds the return of its benchmark index, the Bloomberg Commodity Index Total Return (the "Index"). The Trust was organized under the laws of the State of Delaware as a statutory trust on May 18, 2004.

On May 28, 2025, UBS AM (Americas) (as defined below) entered into a definitive agreement (the "Purchase Agreement") with O'Connor Alternative Investments, LLC ("O'Connor Alternative Investments"), an indirect wholly owned subsidiary of Cantor Fitzgerald, L.P., pursuant to which O'Connor Alternative Investments will acquire UBS AM (Americas)'s O'Connor investment platform (the "Transaction"). As part of the Transaction, it is expected that the O'Connor investment management and support teams, which include the Fund's portfolio management team, will transition to O'Connor Alternative Investments, subject to certain conditions. The Transaction is expected to close with respect to the Fund during the first quarter of 2026, subject to regulatory and investor approvals and other customary closing conditions. At a meeting held on October 6, 2025, the Board of Trustees (the "Board") of the Trust unanimously approved (i) a new investment management agreement between the Fund and O'Connor Alternative Investments and (ii) the nomination of four individuals, who currently oversee other registered investment companies advised by Cantor Fitzgerald Investment Advisors, L.P., an affiliate of O'Connor Alternative Investments that has been registered with the U.S. Securities and Exchange Commission (the "SEC") as an investment adviser since 2011, for election as Trustees of the Fund to succeed the current Trustees (together, the "Proposals"). At its October 6, 2025 meeting, the Board also approved convening a special meeting of the Fund's shareholders on December 15, 2025 (the "Special Meeting") to ask shareholders of the Fund to approve the Proposals. The Transaction will not close with respect to the Fund unless the Fund obtains the requisite vote of its shareholders approving the Proposals at the Special Meeting or at an adjournment of the Special Meeting. If the shareholders of the Fund do not approve the Proposals, UBS AM (Americas) will remain investment adviser to the Fund and the current Trustees will consider other alternatives, including a new or modified request for shareholder approval of a new investment management agreement with O'Connor Alternative Investments, retaining a new investment adviser for the Fund (which also would need to be approved by shareholders of the Fund), or the possible liquidation and closing of the Fund.

UBS Asset Management (Americas) LLC ("UBS AM (Americas)" or the "Adviser"), the investment adviser to the Fund, is registered as an investment adviser with the SEC and as a Commodity Pool Operator with the Commodity Futures Trading Commission. UBS Asset Management (US) Inc. ("UBS AM (US)") serves as the principal underwriter for the Fund. UBS AM (Americas) and UBS AM (US) are indirect wholly owned subsidiaries of UBS Group AG. UBS Group AG is an internationally diversified organization with headquarters in Zurich, Switzerland. UBS Group AG operates in many areas of the financial services industry. The Fund intends to gain exposure to commodity derivatives through investing in a wholly-owned subsidiary, Credit Suisse Cayman Commodity Fund I, Ltd. (the "Subsidiary"), organized under the laws of the Cayman Islands. The Subsidiary invests in commodity-linked derivative instruments, such as swaps and futures. The Subsidiary may also invest in debt securities, some of which are intended to serve as margin or collateral for the Subsidiary's derivatives positions.

The Subsidiary is managed by the same portfolio managers that manage the Fund and the accompanying financial statements reflect the financial position of the Fund and the Subsidiary and the results of operations on a consolidated basis. The consolidated financial statements include portfolio holdings of the Fund and the Subsidiary and all intercompany transactions and balances have been eliminated. The Fund may invest up to 25% of its total assets in the Subsidiary. As of October 31, 2025, the Fund held $140,228,011 in the Subsidiary, representing 11.6% of the Fund's consolidated net assets. For the year ended October 31, 2025, the net realized gain on securities and other financial instruments held in the Subsidiary was $18,595,611.

------

Credit Suisse Commodity Return Strategy Fund

Notes to consolidated financial statements

October 31, 2025

Subsequent references to the Fund within the Notes to Consolidated Financial Statements collectively refer to the Fund and the Subsidiary, unless the context otherwise requires.

The Fund offers three classes of shares: Class I shares, Class A shares and Class C shares. Each class of shares represents an equal pro rata interest in the Fund, except the share classes bear different expenses. Class A shares are sold subject to a front-end sales charge of up to 4.75%. Class C shares are sold subject to a contingent deferred sales charge ("CDSC") of 1.00% if the shares are redeemed within the first year of purchase. Class I shares are sold without a sales charge. Effective June 30, 2021, Class C shares, upon the eight year anniversary of purchase, will convert to Class A shares.

In this reporting period, the Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, *Segment Reporting ("Topic 280")—Improvements to Reportable Segment Disclosures* ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's portfolio management team acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is predetermined in accordance with the Fund's single investment objective which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions) which are used by the CODM to assess the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's Consolidated financial statements. Segment assets are reflected on the accompanying Consolidated statement of assets and liabilities as "total assets" and significant segment expenses are listed on the accompanying Consolidated statement of operations.

**Note 2. Significant accounting policies**

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

A) SECURITY VALUATION—The Board is responsible for the Fund's valuation process. The Board has delegated the supervision of the daily valuation process to the Adviser, who has established a Pricing Committee and a Pricing Group, which, pursuant to the policies adopted by the Board, are responsible for making fair valuation determinations and overseeing the Fund's pricing policies. The net asset value ("NAV") of the Fund is determined daily as of the close of regular trading on the New York Stock Exchange, Inc. (the "Exchange") on each day the Exchange is open for business. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. These pricing services generally price fixed income securities assuming orderly transactions of an institutional "round lot" size, but some trades occur in smaller "odd lot" sizes which may be effected at lower prices than institutional round lot trades.

------

Credit Suisse Commodity Return Strategy Fund

Notes to consolidated financial statements

October 31, 2025

Structured note agreements are valued in accordance with a dealer-supplied valuation based on changes in the value of the underlying index. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Forward contracts are valued at the London closing spot rates and the London closing forward point rates on a daily basis. The currency forward contract pricing model derives the differential in point rates to the expiration date of the forward and calculates its present value. Over the counter derivative financial instruments, such as swap agreements, generally derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. Investments in open-ended mutual funds are valued at the NAV as reported on each business day and under normal circumstances. Securities for which market quotations are not readily available are valued at their fair value as determined in good faith by the Adviser, as the Board's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with the Adviser's procedures. The Board oversees the Adviser in its role as valuation designee in accordance with the requirements of Rule 2a-5 under the 1940 Act. The Fund may utilize a service provided by an independent third party to fair value certain securities. When fair value pricing is employed, the prices of securities used by the Fund to calculate its NAV may differ from quoted or published prices for the same securities. If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the Adviser to be unreliable, the market price may be determined by the Adviser using quotations from one or more brokers/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its NAV, these securities will be fair valued in good faith by the Pricing Group, in accordance with procedures established by the Adviser.

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

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

Level 1—quoted prices in active markets for identical investments

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

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

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

------

Credit Suisse Commodity Return Strategy Fund

Notes to consolidated financial statements

October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing the Fund's assets and liabilities carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments in Securities |  |  |  |  |
| Commodity Indexed Structured Notes | $— | $326166621 | $— | $326166621 |
| United States Agency Obligations |  | 192066385 |  | 192066385 |
| United States Treasury Obligations |  | 652214152 |  | 652214152 |
| Short-term Investments | 36464902 |  |  | 36464902 |
|  | $36464902 | $1170447158 | $— | $1206912060 |
| Other Financial Instruments\* | Other Financial Instruments\* | Other Financial Instruments\* | Other Financial Instruments\* | Other Financial Instruments\* |
| Futures Contracts | $9945971 | $— | $— | $9945971 |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Other Financial Instruments\* | Other Financial Instruments\* | Other Financial Instruments\* | Other Financial Instruments\* | Other Financial Instruments\* |
| Futures Contracts | $3509829 | $— | $— | $3509829 |
| Swap Contracts |  | 326282 |  | 326282 |
|  | $3509829 | $326282 | $— | $3836111 |

---

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

For the year ended October 31, 2025, there were no transfers in or out of Level 3. All transfers, if any, are assumed to occur at the end of the reporting period.

B) DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES—The Fund has adopted a derivatives risk management program pursuant to Rule 18f-4 under the 1940 Act in order to assess and manage the Fund's derivatives risk, taking into account the Fund's derivatives transactions and how these transactions interact with the Fund's other investments. Because the Fund engages in derivatives transactions beyond a certain amount in order to pursue its investment objectives and policies, the Fund is required to comply with value at risk ("VaR") based limits on its leverage risk. The Fund adopted amendments to authoritative guidance on disclosures about derivative instruments and hedging activities which require that a fund disclose (a) how and why an entity uses derivative instruments, (b) how derivative instruments and hedging activities are accounted for and (c) how derivative instruments and related hedging activities affect a fund's financial position, financial performance and cash flows.

The following table presents the fair value and the location of derivatives within the Consolidated Statement of Assets and Liabilities at October 31, 2025 and the effect of these derivatives on the Consolidated Statement of Operations for the year ended October 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Primary underlying risk** | **Derivative<br>assets<sup>1</sup>** | **Derivative<br>liabilities<sup>1</sup>** | **Realized<br>gain (Loss)** | **Change in <br>unrealized<br>appreciation<br>(depreciation)** |
| Commodity price | Commodity price | Commodity price | Commodity price | Commodity price |
| Futures contracts<sup>2</sup> | $9945971 | $3509829 | $7395670 | $9267104 |
| Commodity index swap contracts |  | 326282 | 11199404 | 2545190 |
|  | $9945971 | $3836111 | $18595074 | $11812294 |

---

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation (depreciation) and for liability derivatives is payables/net unrealized appreciation (depreciation).

<sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts as reported in the Consolidated Schedule of Investments. Only variation margin is reported within the receivables and/or payables on the Consolidated Statement of Assets and Liabilities.

------

Credit Suisse Commodity Return Strategy Fund

Notes to consolidated financial statements

October 31, 2025

The notional amount of futures contracts and swap contracts open at October 31, 2025 is reflected in the Consolidated Schedule of Investments. For the year ended October 31, 2025, the Fund held average monthly notional values of $171,705,480 and $40,548,618 in long futures contracts and short futures contracts, respectively, and $148,581,633 in swap contracts.

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

The following table presents by counterparty the Fund's derivative liabilities, net of related collateral pledged by the Fund, at October 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amount of derivative<br>liabilities presented in<br>the consolidated<br>statement of assets<br>and liabilities** | **Financial<br>instruments<br>and derivatives<br>available for offset** | **Non-cash<br>collateral<br>pledged<sup>a</sup>** | **Cash<br>collateral<br>pledged<sup>a</sup>** | **Net amount<br>of derivative<br>liabilities** |
| Bank of America | $53735 | $— | $— | $(53735) | $— |
| Macquarie Bank Ltd. | 163955 |  |  | (163955) |  |
| Societe Generale | 108592 |  | (108592) |  |  |
|  | $326282 | $— | $(108592) | $(217690) | $— |

---

<sup>a</sup> In some instances, the actual collateral received and/or pledged may be more than the amount shown and may be comprised of cash collateral, non-cash collateral or combination of both.

C) SECURITY TRANSACTIONS AND INVESTMENT INCOME/EXPENSE—Security transactions are accounted for on a trade date basis. Interest income/expense is recorded on the accrual basis. The Fund amortizes premiums and accretes discounts using the effective interest method. Dividend income/expense is recorded on the ex-dividend date. Certain expenses are class-specific expenses, vary by class and are charged only to that class. Income, expenses (excluding class-specific expenses) and realized/unrealized gains/losses are allocated proportionately to each class of shares based upon the relative NAV of the outstanding shares of that class. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

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

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

In order to qualify as a RIC under the Code, the Fund must meet certain requirements regarding the source of its income, the diversification of its assets and the distribution of its income. One of these requirements is that the

------

Credit Suisse Commodity Return Strategy Fund

Notes to consolidated financial statements

October 31, 2025

Fund derive at least 90% of its gross income for each taxable year from dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, other income derived with respect to its business of investing in such stock, securities or currencies or net income derived from interests in certain publicly-traded partnerships ("Qualifying Income").

The Fund may invest in structured notes designed to track the performance of the Index. The Fund may, through its investment in the Subsidiary, invest in commodity-linked swaps and/or futures contracts.

If the Fund is unable to ensure continued qualification as a RIC, the Fund may be required to change its investment objective, policies or techniques, or may be liquidated. If the Fund fails to qualify as a RIC, the Fund will be subject to federal income tax on its net income and capital gains at regular corporate rates (without reduction for distributions to shareholders). If the Fund were to fail to qualify as a RIC and become subject to federal income tax, shareholders of the Fund would be subject to the risk of diminished returns.

The Fund adopted the authoritative guidance for uncertainty in income taxes and recognizes a tax benefit or liability from an uncertain position only if it is more likely than not that the position is sustainable based solely on its technical merits and consideration of the relevant taxing authority's widely understood administrative practices and procedures. The Fund has reviewed its current tax positions and has determined that no provision for income tax is required in the Fund's financial statements. The Fund's federal and state income and federal excise tax returns for each of the tax years in the four year period ended October 31, 2025, for which the applicable statutes of limitations have not expired are subject to examination by the IRS and state departments of revenue.

F) CASH—The Fund's uninvested cash balance is held in an interest bearing variable rate demand deposit account at State Street Bank and Trust Company ("SSB"), the Fund's custodian.

G) FUTURES—The Fund may enter into futures contracts to the extent permitted by its investment policies and objectives. The Fund may use futures contracts to gain exposure to or hedge against changes in commodities. Upon entering into a futures contract, the Fund is required to deposit cash and/or pledge U.S. Government securities as initial margin with a Futures Commission Merchant ("FCM"). Subsequent payments, which are dependent on the daily fluctuations in the value of the underlying instrument, are made or received by the Fund each day (daily variation margin) and are recorded as unrealized gains or losses in the Consolidated Statement of Operations until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract. Risks of entering into futures contracts for hedging purposes include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. Futures have minimal counterparty credit risk because futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. In addition, the purchase of a futures contract involves the risk that the Fund could lose more than the original margin deposit and subsequent payments may be required for a futures transaction. The Fund's open futures contracts are disclosed in the Consolidated Schedule of Investments. At October 31, 2025, the amount of restricted cash held at brokers related to open futures contracts was $258,736.

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

H) SWAPS—The Fund may enter into commodity index swaps either for hedging purposes or to seek to increase total return. A swap contract is an agreement that obligates two parties to exchange a series of cash flows at speci-

------

Credit Suisse Commodity Return Strategy Fund

Notes to consolidated financial statements

October 31, 2025

fied intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset or notional principal amount. The Fund will enter into swap contracts only on a net basis, which means that the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net amount of the two payments. Risks may arise as a result of the failure of the counterparty to the swap contract to comply with the terms of the swap contract. The extent of the Fund's exposure to credit and counterparty risks is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that the amount is positive. These risks are mitigated by having a master netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty. Therefore, the Fund considers the creditworthiness of each counterparty as well as the amounts posted by the counterparty pursuant to the master netting agreement to a swap contract in evaluating potential credit risk. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying reference asset or index.

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

The Fund records unrealized gains or losses on a daily basis representing the value and the current net receivable or payable relating to open swap contracts. Net amounts received or paid on the swap contract are recorded as realized gains or losses. Fluctuations in the value of swap contracts are recorded for financial statement purposes as unrealized appreciation or depreciation from swap contracts. Realized gains and losses from terminated swaps are included in net realized gains/losses from swap contracts. The Fund's open swap contracts are disclosed in the Consolidated Schedule of Investments. At October 31, 2025, the amount of restricted cash held at brokers related to open swap contracts was $5,483,225.

I) COMMODITY INDEXED STRUCTURED NOTES—The Fund may invest in structured notes whose value is based on the price movements of the Index. The structured notes are often leveraged, increasing the volatility of each note's value relative to the change in the underlying linked financial instrument. The value of these notes will rise and fall in response to changes in the 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. Payments are recorded as interest income. These notes are subject to prepayment, credit and interest rate risks. The Fund has the option to request prepayment from the issuer. At maturity, or when a note is sold, the Fund records a realized gain or loss. At October 31, 2025, the value of these securities comprised 27.0% of the Fund's net assets and resulted in unrealized appreciation of $30,666,621.

J) SECURITIES LENDING—The initial collateral received by the Fund is required to have a value of at least 102% of the market value of domestic securities on loan (including any accrued interest thereon) and 105% of the market value of foreign securities on loan (including any accrued interest thereon). The collateral is maintained thereafter at a value equal to at least 102% of the current market value of the securities on loan. The market value of loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. Cash collateral received by the Fund in connection with securities lending activity may be pooled together with cash collateral for other funds/portfolios advised by UBS AM (Americas) and may be invested in a variety of investments, including funds advised by SSB or an affiliate, the Fund's securities lending agent, or money market instruments. However, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings.

------

Credit Suisse Commodity Return Strategy Fund

Notes to consolidated financial statements

October 31, 2025

SSB has been engaged by the Fund to act as the Fund's securities lending agent. As of October 31, 2025, the Fund had outstanding loans of securities to certain approved brokers for which the Fund received collateral:

---

| | |
|:---|:---|
| **Market value of loaned<br>securities** | **Market value of cash<br>collateral** |
| $1709009 | $1742500 |

---

The following table presents financial instruments that are subject to enforceable netting arrangements as of April 30, 2025.

**Gross amounts not offset in the statement of assets and liabilities**

---

| | | |
|:---|:---|:---|
| **Gross asset amounts <br>presented in the statement <br>of assets and liabilities<sup>a</sup>** | **Collateral received<sup>b</sup>** | **Net amount** |
| $1709009 | $(1709009) | $— |

---

<sup>a</sup> Represents market value of loaned securities at period end.

<sup>b</sup> The actual collateral received is greater than the amount shown here due to collateral requirements of the security lending agreement.

The Fund's securities lending arrangement provides that the Fund and SSB will share the net income earned from securities lending activities. Securities lending income is accrued as earned. For the year ended October 31, 2025, total earnings received in connection with securities lending arrangements was $66,833, of which $58,326 was rebated to borrowers (brokers). The Fund retained $6,380 in income, and SSB, as lending agent, was paid $2,127.

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

**Note 3. Transactions with affiliates and related parties**

UBS AM (Americas) serves as Fund's investment adviser and co-administrator. For its investment advisory and administration services, UBS AM (Americas) is entitled to receive a fee from the Fund at an annualized rate of 0.59% of the Fund's average daily net assets. For the year ended October 31, 2025, investment advisory and administration fees earned by UBS AM (Americas) were $6,945,276. UBS AM (Americas) has contractually agreed to limit expenses so that the Fund's annual operating expenses do not exceed 0.80% of the Fund's average daily net assets for Class I shares, 1.05% of the Fund's average daily net assets for Class A shares, and 1.80% of the Fund's average daily net assets for Class C shares. The Fund is authorized to reimburse UBS AM (Americas) for management fees previously waived and/or for expenses previously paid by UBS AM (Americas), provided, however, that any reimbursement must be paid at a date not more than thirty-six months following the applicable month during which such fees were waived or expenses were paid by UBS AM (Americas) and the reimbursement does not cause the applicable class's aggregate expenses, on an annualized basis, to exceed either (i) the applicable expense limitation in effect at the time such fees were waived or such expenses were paid by UBS AM (Americas) or (ii) the applicable expense limitation in effect at the time of such reimbursement. This contract may not be terminated before February 28, 2027. For the year ended October 31, 2025, fees waived/expenses reimbursed by UBS AM (Americas) was $598,900.

------

Credit Suisse Commodity Return Strategy Fund

Notes to consolidated financial statements

October 31, 2025

The amounts waived and reimbursed by UBS AM (Americas), which are available for potential future recoupment by UBS AM (Americas), and the expiration schedule at October 31, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fee waivers/ <br>expense<br>reimbursements<br>subject to<br>repayment** | **Expires<br>October 31,<br>2026** | **Expires<br>October 31,<br>2027** | **Expires<br>October 31,<br>2028** |
| Class I | $1510588 | $523790 | $404985 | $581813 |
| Class A | 36129 | 11218 | 9777 | 15134 |
| Class C | 6168 | 2514 | 1701 | 1953 |
| Totals | $1552885 | $537522 | $416463 | $598900 |

---

UBS AM (US) serves as the Fund's underwriter and distributor. Pursuant to a distribution plan adopted by the Fund pursuant to Rule 12b-1 under the 1940 Act, UBS AM (US) receives fees for its distribution services. These fees are calculated at an annual rate of 0.25% of the average daily net assets of the Class A shares. For the Class C shares, the fee is calculated at an annual rate of 1.00% of the average daily net assets. For the year ended October 31, 2025, the Fund paid Rule 12b-1 distribution fees of $70,583 for Class A shares and $38,202 for Class C shares. Class I shares are not subject to Rule 12b-1 distribution fees.

For the year ended October 31, 2025, UBS AM (US) and its affiliates advised the Fund that they retained $376 from commissions earned on the sale of the Fund's Class A shares. There were no commissions earned on the sale of Class C shares.

**Note 4. Line of credit**

The Fund, together with other funds/portfolios advised by UBS AM (Americas) (collectively, the "Participating Funds"), participates in a committed, unsecured line of credit facility ("Credit Facility"), with SSB in an aggregated amount of $125 million for temporary or emergency purposes under a first-come, first-served basis. Under the terms of the Credit Facility, the Participating Funds pay an aggregate commitment fee on the average unused amount of the Credit Facility, which is allocated among the Participating Funds in such manner as is determined by the governing boards of the Participating Funds. In addition, the Participating Funds pay interest on borrowings at either the Federal Funds Effective rate or the Overnight Bank Funding rate plus a spread. At October 31, 2025 and for the year ended October 31, 2025, the Fund had no borrowings outstanding under the Credit Facility.

**Note 5. Purchases and sales of securities**

For the year ended October 31, 2025, purchases and sales of investment securities and U.S. Government and Agency Obligations (excluding short-term investments) were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Investment securities** | **Investment securities** | **U.S. Government/<br>agency obligations** | **U.S. Government/<br>agency obligations** |
| **Purchases** | **Sales** | **Purchases** | **Sales** |
| $295500000 | $318340919 | $409534402 | $335928880 |

---

------

Credit Suisse Commodity Return Strategy Fund

Notes to consolidated financial statements

October 31, 2025

**Note 6. Capital share transactions**

The Fund is authorized to issue an unlimited number of full and fractional shares of beneficial interest, $0.001 par value per share. The Fund offers Class I shares, Class A shares and Class C shares. Transactions in capital shares for each class of the Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** |
| | **For the year ended<br>October 31, 2025** | **For the year ended<br>October 31, 2025** | **For the year ended<br>October 31, 2024** | **For the year ended<br>October 31, 2024** |
| | **Shares** | **Value** | **Shares** | **Value** |
| Shares sold | 20229501 | $476662650 | 38142581 | $882270349 |
| Shares issued in reinvestment of distributions | 859090 | 20379005 | 1051235 | 23860462 |
| Shares redeemed | (20958765) | (495188178) | (43071911) | (961156852) |
| Net increase (decrease) | 129826 | $1853477 | (3878095) | $(55026041) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** |
| | **For the year ended<br>October 31, 2025** | **For the year ended<br>October 31, 2025** | **For the year ended<br>October 31, 2024** | **For the year ended<br>October 31, 2024** |
| | **Shares** | **Value** | **Shares** | **Value** |
| Shares sold | 214405 | $4893709 | 245256 | $5296775 |
| Shares issued in reinvestment of distributions | 30964 | 703249 | 39345 | 857385 |
| Shares redeemed | (316162) | (7140908) | (349739) | (7557561) |
| Net decrease | (70793) | $(1543950) | (65138) | $(1403401) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** |
| | **For the year ended<br>October 31, 2025** | **For the year ended<br>October 31, 2025** | **For the year ended<br>October 31, 2024** | **For the year ended<br>October 31, 2024** |
| | **Shares** | **Value** | **Shares** | **Value** |
| Shares sold | 23922 | $461715 | 4059 | $79746 |
| Shares issued in reinvestment of distributions | 3891 | 78404 | 6865 | 133087 |
| Shares redeemed | (84744) | (1671483) | (105985) | (2051581) |
| Net decrease | (56931) | $(1131364) | (95061) | $(1838748) |

---

On August 18, 2021, reverse share splits were announced for each class of the Fund, pursuant to which shareholders received one share in exchange for every six shares of the Fund.

The reverse share splits were effective October 15, 2021. The reverse splits reduced the number of outstanding shares of each class of the Fund and proportionately increased the NAV per share of each class of the Fund such that the market value of the Fund's shares remained the same. The reverse share splits applied the same ratio to each class of shares of the Fund. A reverse share split does not alter the rights or total value of a shareholder's investment in the Fund, nor will it be a taxable event for Fund investors.

The Financial Highlights prior to October 15, 2021 for the Fund have been adjusted to reflect the reverse share split.

------

Credit Suisse Commodity Return Strategy Fund

Notes to consolidated financial statements

October 31, 2025

On October 31, 2025, the number of shareholders that held 5% or more of the outstanding shares of each class of the Fund was as follows:

---

| | | |
|:---|:---|:---|
| | **Number of<br>shareholders** | **Approximate percentage<br>of outstanding shares** |
| Class I | 4 | 79% |
| Class A | 4 | 69% |
| Class C | 4 | 84% |

---

The Fund's performance may be negatively impacted in the event one or more of the Fund's greater than 5% shareholders were to redeem at a given time. Some of the shareholders may be omnibus accounts, which hold shares on behalf of individual shareholders.

**Note 7. Income tax information and distributions to shareholders**

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

The tax character of dividends paid by the Fund during the fiscal years ended October 31, 2025 and 2024, respectively, was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Ordinary income** | &nbsp;&nbsp;&nbsp;&nbsp;**Ordinary income** |
| **2025** | **2024** |
| $33556510 | $43206446 |

---

The tax basis components of distributable earnings differ from book basis by temporary book/tax differences. These differences are primarily due to differing treatments of wash sales, and Subsidiary adjustments.

At October 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Accumulated net realized loss | $(378684134) |
| Undistributed ordinary income | 29340868 |
| Unrealized appreciation | 31062560 |
|  | $(318280706) |

---

At October 31, 2025, the Fund had $241,386,540 of unlimited short-term capital loss carryforwards and $137,297,594 of unlimited long-term capital loss carryforwards available to offset possible future capital gains.

At October 31, 2025, the cost and net unrealized appreciation (depreciation) of investments and derivatives for income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of Investments | $1182346846 |
| Unrealized appreciation | $35683767 |
| Unrealized depreciation | (4621207) |
| Net unrealized appreciation (depreciation) | $31062560 |

---

To adjust for current period permanent book/tax differences which arose principally from differing book/tax treatment of equalization distributions, and Subsidiary cumulative income/loss, paid-in capital was charged $6,920,501 and distributable earnings/loss was credited $6,920,501. Net assets were not affected by this reclassification.

------

Credit Suisse Commodity Return Strategy Fund

Notes to consolidated financial statements

October 31, 2025

**Note 8. Contingencies**

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

**Note 9. Subsequent events**

In preparing the consolidated financial statements as of October 31, 2025, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements through the date of release of this report.

A Special Meeting of Shareholders of the Fund was held on December 15, 2025 (the "Meeting"). The Meeting was held to elect four Trustees to the Board of the Fund to succeed the current Trustees of the Fund and to approve a new investment management agreement between the Fund and O'Connor Alternative Investments, LLC (the "Proposals"). The Proposals were approved by Shareholders.

------

Credit Suisse Commodity Return Strategy Fund

**Report of independent registered public accounting firm**

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

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities of Credit Suisse Commodity Return Strategy Fund (the "Fund") (one of the funds constituting Credit Suisse Commodity Strategy Funds (the "Trust")), including the consolidated schedule of investments, as of October 31, 2025, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets and the consolidated financial highlights for each of the two years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund (one of the funds constituting Credit Suisse Commodity Strategy Funds) at October 31, 2025, the consolidated results of its operations for the year then ended, and the consolidated changes in its net assets and its consolidated financial highlights for the two years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The consolidated financial highlights for each of the three years in the period ended October 31, 2023 were audited by another independent registered public accounting firm whose report, dated December 27, 2023, expressed an unqualified opinion on those consolidated financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j25279572_ga002.jpg)

We have served as the auditor of one or more UBS investment companies since 1978.

New York, New York

December 23, 2025

------

Credit Suisse Commodity Return Strategy Fund

**Proxy voting and portfolio holdings information (unaudited)**

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

• By calling 1-877-870-2874

• On the Fund's website, https://us-fund.ubs.com/en/home

• On the website of the Securities and Exchange Commission ("SEC") at www.sec.gov

The Fund files its complete schedule of portfolio holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

------

![](j25279572_za003.jpg)

**UBS Asset Management (Americas) LLC** 

1285 Avenue of the Americas

New York, New York 10019-6028

COM-AR-1025

------

(b) Included as part of the financial statements to shareholders filed under Item 7(a) of this form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</u>**

Not applicable.

**<u>Item 9. Proxy Disclosures for Open-End Management Investment Companies.</u>**

A Special Meeting of Shareholders of the Credit Suisse Commodity Return Strategy Fund, a series of Credit Suisse Commodity Strategy Funds (the "Fund"), was held on December 15, 2025 (the "Meeting"). The Meeting was held to approve four Trustees to the Board of the Fund to succeed the current Trustees of the Fund and to approve a new investment management agreement between the Fund and O'Connor Alternative Investments, LLC.

The results of voting were as follows:

1) To consider and elect four Trustees to the Board of the Fund to succeed the current Trustees of the Fund.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **For** | **For** | **For** | **Withheld** | **Withheld** | **Withheld** |
| Douglas Barnard |  | 46,278,730  | Shares |  | 77,810  | Shares |
| Ramona Heine |  | 46,290,700  | Shares |  | 65,840  | Shares |
| Louis Zurita |  | 46,279,162  | Shares |  | 77,377  | Shares |
| William Ferri |  | 46,288,353  | Shares |  | 68,189  | Shares |

---

2) To approve a new investment management agreement between the Fund and O'Connor Alternative Investments, LLC.

FOR 35,175,473 Shares <br> AGAINST 17,664 Shares <br> ABSTAIN 54,246 Shares

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.</u>**

(1) All board members and all members of any advisory board for regular compensation: $175,381

(2) Each board member and each member of an advisory board for special compensation: $60,000

(3) All officers: Not applicable.

(4) Each person of whom any officer or director of the registrant is an affiliated person: Not applicable.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Not applicable.

------

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

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

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

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

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

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

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees that would require disclosure herein.

**Item 16. Controls and Procedures.**

The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.**

[(a)(1) Code of Ethics as required pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (and designated by registrant as a "Code of Conduct") is filed herewith as Exhibit EX-99 CODE ETH.](tm2527957d1_ex99-codeeth.htm)

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable to the registrant.

[(a)(3) Certifications of principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit EX-99.CERT.](tm2527957d1_ex99-cert.htm)

(a)(4) Written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to the registrant.

(a)(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable to the registrant.

[(c) Certifications of principal executive officer and principal financial officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit EX 99.906.CERT.](tm2527957d1_ex99-906cert.htm)

[(d) Disclosure pursuant to Section 13(r) of the Securities Exchange Act of 1934, as amended is attached hereto as Exhibit EX-99.IRANNOTICE.](tm2527957d1_ex99-irannotice.htm)

**SIGNATURES**

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

---

| | |
|:---|:---|
| CREDIT SUISSE COMMODITY STRATEGY FUNDS | CREDIT SUISSE COMMODITY STRATEGY FUNDS |
| /s/ Omar Tariq | /s/ Omar Tariq |
| Name: | Omar Tariq |
| Title: | Chief Executive Officer and President |
| (Principal Executive Officer) | (Principal Executive Officer) |
| Date: | January 8, 2026 |

---

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/ Omar Tariq | /s/ Omar Tariq |
| Name: | Omar Tariq |
| Title: | Chief Executive Officer and President |
| (Principal Executive Officer) | (Principal Executive Officer) |
| Date: | January 8, 2026 |
| /s/ Rose Ann Bubloski | /s/ Rose Ann Bubloski |
| Name: | Rose Ann Bubloski |
| Title: | Chief Financial Officer and Treasurer |
| (Principal Financial Officer) | (Principal Financial Officer) |
| Date: | January 8, 2026 |

---

## Ex-99.Codeeth

**EX-99.CODE ETHICS**

**EXHIBIT 19(a)(1)**

**CODE OF ETHICS**

CREDIT SUISSE FUNDS

**CODE OF ETHICS FOR SENIOR OFFICERS**

<u>Preamble</u>

Section 406 of the Sarbanes-Oxley Act of 2002 directs that rules be adopted disclosing whether a company has a code of ethics for senior financial officers. The Securities and Exchange Commission (the "SEC") has adopted rules requiring annual disclosure of an investment company's code of ethics applicable to the company's principal executive as well as principal financial officers, if such a code has been adopted. In response, the above Funds (each a "Fund", and together the "Funds") have adopted this Code of Ethics.

<u>Statement of Policy</u>

It is the obligation of the senior officers of the Funds to provide full, fair, timely and comprehensible disclosure--financial and otherwise--to Fund shareholders, regulatory authorities and the general public. In fulfilling that obligation, senior officers must act ethically, honestly and diligently. This Code is intended to enunciate guidelines to be followed by persons who serve the Funds in senior officerships. No Code can address every situation that a senior officer might face; however, as a guiding principle, senior officers should strive to implement the spirit as well as the letter of applicable laws, rules and regulations, and to provide the type of clear and complete disclosure and information Fund shareholders have a right to expect.

The purpose of this Code of Ethics is to promote high standards of ethical conduct by Covered Persons (as defined below) in their capacities as officers of the Funds, to instruct them as to what is considered to be inappropriate and unacceptable conduct or activities for officers and to prohibit such conduct or activities. This Code supplements other policies that the Funds and their adviser have adopted or may adopt in the future with which Fund officers are also required to comply (e.g., code of ethics relating to personal trading and conduct).

<u>Covered Persons</u>

This Code of Ethics applies to those persons appointed by the Fund's Board of Directors as Chief Executive Officer, President, Chief Financial Officer and Chief Accounting Officer, or persons performing similar functions. It is recognized that each of such persons currently is a full-time employee of UBS Asset Management (Americas) LLC ("UBS AM (Americas)"), each Fund's investment adviser.

<u>Promotion of Honest and Ethical Conduct</u>

In serving as an officer of the Funds, each Covered Person must maintain high standards of honesty and ethical conduct and must encourage his colleagues who provide services to the Funds, whether directly or indirectly, to do the same.

Each Covered Person understands that as an officer of a Fund, he has a duty to act in the best interests of the Fund and its shareholders. The interests of other UBS AM (Americas) clients or UBS AM (Americas) itself or the Covered Person's personal interests should not be allowed to compromise the Covered Person's fulfilling his duties as an officer of the Fund. The governing Boards of the Funds recognize that the Covered Persons are also officers or employees of UBS AM (Americas). Furthermore, the governing Boards of the Funds recognize that, subject to the Covered Person's fiduciary duties to the Funds, the Covered Persons will in the normal course of their duties (whether formally for the Funds or for UBS AM (Americas), or for both) be involved in establishing policies and implementing decisions that will have different effects on UBS AM (Americas) and the Funds. The governing Boards of the Funds recognize that the participation of the Covered Persons in such activities is inherent in the contractual relationship between the Funds and UBS AM (Americas) and/or its affiliates, and is consistent with the expectation of the governing Boards of the performance by the Covered Persons of their duties as officers of the Funds.

If a Covered Person believes that his responsibilities as an officer or employee of UBS AM (Americas) are likely to materially compromise his objectivity or his ability to perform the duties of his role as an officer of the Funds, he should consult with UBS AM (Americas)'s general counsel, the Funds' chief legal officer or outside counsel, or counsel to the independent Directors/Trustees of the relevant Fund or Funds. Under appropriate circumstances, a Covered Person should also consider whether to present the matter to the Directors/Trustees of the relevant Fund or Funds or a committee thereof.

No Covered Person shall suggest that any person providing, or soliciting to be retained to provide, services to a Fund give a gift or an economic benefit of any kind to him in connection with the person's retention or the provision of services.

<u>Promotion of Full, Fair, Accurate, Timely and Understandable Disclosure</u>

No Covered Person shall create or further the creation of false or misleading information in any SEC filing or report to Fund shareholders. No Covered Person shall conceal or fail to disclose information within the Covered Person's possession legally required to be disclosed or necessary to make the disclosure made not misleading. If a Covered Person shall become aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to UBS AM (Americas)'s general counsel or Fund counsel, who shall advise such Covered Person whether corrective action is necessary or appropriate.

Each Covered Person, consistent with his responsibilities, shall exercise appropriate supervision over, and shall assist, relevant Fund service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner. Each Covered Person shall use his best efforts within his area of expertise to assure that Fund reports reveal, rather than conceal, the relevant Fund's financial condition.

Each Covered Person shall seek to obtain additional resources if he believes that available resources are inadequate to enable the Funds to provide full, fair and accurate financial information and other disclosure to regulators and Fund shareholders.

Each Covered Person shall inquire of other Fund officers and service providers, as appropriate, to assure that information provided is accurate and complete and presented in an understandable format using comprehensible language.

Each Covered Person shall diligently perform his services to the Funds, so that information can be gathered and assessed early enough to facilitate timely filings and issuance of reports and required certifications.

<u>Promotion of Compliance with Applicable Government Laws, Rules and Regulations</u>

Each Covered Person shall become and remain knowledgeable concerning the laws and regulations relating to the Funds and their operations and shall act with competence and due care in serving as an officer of the Funds. Each Covered Person with specific responsibility for financial statement disclosure will become and remain knowledgeable concerning relevant auditing standards, generally accepted accounting principles, FASB pronouncements and other accounting and tax literature and developments.

Each Covered Person shall devote sufficient time to fulfilling his responsibilities to the Funds, recognizing that he will devote substantial time to providing services to other UBS AM (Americas) clients and will perform other activities as an employee of UBS AM (Americas).

Each Covered Person shall cooperate with a Fund's independent auditors, regulatory agencies and internal auditors in their review or inspection of the Fund and its operations.

No Covered Person shall knowingly violate any law or regulation relating to the Funds or their operations or seek to illegally circumvent any such law or regulation.

No Covered Person shall engage in any conduct involving dishonesty, fraud, deceit or misrepresentation involving the Funds or their operations.

<u>Promoting Prompt Internal Reporting of Violations</u>

Each Covered Person shall promptly report his own violations of this Code and violations by other Covered Persons of which he is aware to the Chairman of the relevant Fund's Audit Committee.

Any requests for a waiver from or an amendment to this Code shall be made to the Chairman of the relevant Fund's Audit Committee. All waivers and amendments shall be disclosed as required by law.

<u>Sanctions</u>

Failure to comply with this Code will subject the violator to appropriate sanctions, which will vary based on the nature and severity of the violation. Such sanctions may include censure, suspension or termination of position as an officer of the Fund. Sanctions shall be imposed by the relevant Fund's Audit Committee, subject to review by the entire Board of Directors/Trustees of the Fund.

Each Covered Person shall be required to certify annually whether he has complied with this Code.

<u>No Rights Created</u>

This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern the Funds' senior officers in the conduct of the Funds' business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

<u>Recordkeeping</u>

The Funds will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board (1) that provided the basis for any amendment or waiver to this Code and (2) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the relevant Board.

<u>Amendments</u>

The Directors/Trustees will make and approve such changes to this Code of Ethics as they deem necessary or appropriate to effectuate the purposes of this Code.

Dated: May 13, 2025

<u>CODE OF ETHICS FOR SENIOR OFFICERS:</u>

**I HEREBY CERTIFY THAT**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) I have read and I understand the Code of Ethics for Senior Officers adopted by the Credit Suisse Funds and the Credit Suisse Closed-End
Funds (the "Code of Ethics");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) I recognize that I am subject to the Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) I have complied with the requirements of the Code of Ethics during the calendar year ending December 31, _______; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) I have reported all violations of the Code of Ethics required to be reported pursuant to the requirements of the Code during the calendar
year ending December 31, _______.

Set forth below exceptions to items (3) and (4), if any:

________________________________________

________________________________________

________________________________________

Name: ___________________

Date:

## Ex-99.Cert

**EX-99.CERT**

**EXHIBIT 19(a)(3)**

**CERTIFICATIONS**

I, Rose Ann Bubloski, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Credit Suisse Commodity Strategy Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: January 8, 2026

/s/ Rose Ann Bubloski

Rose Ann Bubloski

Chief Financial Officer and Treasurer

(Principal Financial Officer)

I, Omar Tariq, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Credit Suisse Commodity Strategy Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: January 8, 2026

/s/ Omar Tariq

Omar Tariq

Chief Executive Officer and President

(Principal Executive Officer)

## Exhibit 99.906

**EX-99.906CERT**

**EXHIBIT 19(c)**

**SECTION 906 CERTIFICATIONS**

SECTION 906 CERTIFICATION

Omar Tariq, Chief Executive Officer and President, and Rose Ann Bubloski, Chief Financial Officer and Treasurer, of Credit Suisse Commodity Strategy Funds (the "Fund"), each certify to his or her knowledge that:

(1) The Fund's periodic report on Form N-CSR for the period ended October 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

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| | |
|:---|:---|
| /s/ Omar Tariq | /s/ Rose Ann Bubloski |
| Omar Tariq | Rose Ann Bubloski |
| Chief Executive Officer and President | Chief Financial Officer and Treasurer |
| (Principal Executive Officer) | (Principal Financial Officer) |
| January 8, 2026 | January 8, 2026 |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.

## Ex-99.Irannotice

**EXHIBIT 99.IRANNOTICE**

**Iran Related Activities Disclosure**

**Disclosure pursuant to Section 13(r) of the Securities Exchange Act of 1934**

The disclosure below does not relate to any activities conducted by the registrant and does not involve the registrant or the registrant's management. The disclosure relates solely to activities conducted by UBS Group AG.

Section 219 of the US Iran Threat Reduction and Syria Human Rights Act of 2012 ("ITRA") added Section 13(r) to the US Securities Exchange Act of 1934, as amended (the "Exchange Act") requiring each SEC reporting issuer to disclose in its annual and, if applicable, quarterly reports whether it or any of its affiliates have knowingly engaged in certain activities, transactions or dealings relating to Iran or with the Government of Iran or certain designated natural persons or entities involved in terrorism or the proliferation of weapons of mass destruction during the period covered by the report. The required disclosure may include reporting of activities not prohibited by US or other law, even if conducted outside the US by non-US affiliates in compliance with local law. Pursuant to Section 13(r) of the Exchange Act, we note the following for the period covered by this annual report:

UBS has a Group Sanctions Policy that prohibits transactions involving sanctioned countries, including Iran, and sanctioned individuals and entities. However, UBS Switzerland AG maintains one account involving the Iranian government under the auspices of the United Nations in Geneva after agreeing with the Swiss government that it would do so only under certain conditions. These conditions include that payments involving the account must: (1) be made within Switzerland; (2) be consistent with paying rent, salaries, telephone and other expenses necessary for its operations in Geneva; and (3) not involve any Specially Designated Nationals (SDNs) blocked or otherwise restricted under US or Swiss law. The corrected gross revenues for this UN-related account in 2023 were approximately USD 79,646 (CHF 67,022) and in 2022 approximately USD24,540 (CHF 22,702). In 2024, the gross revenues for this UN-related account were approximately USD 87,553 (CHF 79,481). We do not allocate expenses to specific client accounts in a way that enables us to calculate net profits with respect to any individual account. UBS AG intends to continue maintaining this account pursuant to the conditions it has established with the Swiss Government and consistent with its Group Sanctions Policy.

As previously reported, UBS had certain outstanding legacy trade finance arrangements issued on behalf of Swiss client exporters in favor of their Iranian counterparties. In February 2012 UBS ceased accepting payments on these outstanding export trade finance arrangements and worked with the Swiss government who insured these contracts (Swiss Export Risk Insurance "SERV"). On December 21, 2012, UBS and the SERV entered into certain Transfer and Assignment Agreements under which SERV purchased all of UBS's remaining receivables under or in connection with Iran-related export finance transactions. Hence, the SERV is the sole beneficiary of said receivables. There was no financial activity involving Iran in connection with these trade finance arrangements in 2024, and no gross revenue or net profit.

In connection with these trade finance arrangements, UBS Switzerland AG has maintained one existing account relationship with an Iranian bank. This account was established prior to the US designation of this bank and maintained due to the existing trade finance arrangements. In 2007, following the designation of the bank pursuant to sanctions issued by the US, UN and Switzerland, the account was blocked under Swiss law and remained subject to blocking requirements until January 2016.Client assets as of 31 December 2024 were CHF 3,097.40. Gross revenues were USD 15 equivalent (CHF 14).

In addition to the above, during 2024, up until the merger with UBS AG, Credit Suisse AG processed a small number of deminimis payments related to the operation of Iranian diplomatic missions in Switzerland and related to fees for ministerial government functions such as issuing passports and visas. After the merger, UBS continued to process these payments originally associated with Credit Suisse. Processing these payments is permitted under Swiss law. Revenues and profits from these activities are not calculated but would be negligible.