UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number

811-08777

 

CREDIT SUISSE HIGH YIELD BOND FUND

(Exact name of registrant as specified in charter)

 

Eleven Madison Avenue, New York, New York

 

10010

(Address of principal executive offices)

 

(Zip code)

 

J. Kevin Gao, Esq.

Credit Suisse High Yield Bond Fund

Eleven Madison Avenue

New York, New York  10010

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

(212) 325-2000

 

 

Date of fiscal year end:

October 31

 

 

Date of reporting period:

November 1, 2009 to April 30, 2010

 

 



 

Item 1. Reports to Stockholders.

 



Credit Suisse High Yield Bond Fund
Eleven Madison Avenue
New York, NY 10010

Trustees

Enrique R. Arzac

Chairman of the Board

Terry Fires Bovarnick

James Cattano

Lawrence J. Fox

Steven Rappaport

Officers

John Popp

Chief Executive Officer and President

Thomas J. Flannery

Chief Investment Officer

Emidio Morizio

Chief Compliance Officer

J. Kevin Gao

Chief Legal Officer, Senior Vice President
and Secretary

Michael A. Pignataro

Chief Financial Officer

Cecilia Chau

Treasurer

Investment Adviser

Credit Suisse Asset Management, LLC
Eleven Madison Avenue
New York, NY 10010

Administrator and Custodian

State Street Bank and Trust Co.
225 Franklin Street
Boston, MA 02110

Shareholder Servicing Agent

Computershare Trust Company, N.A.
P.O. Box 43078
Providence, RI 02940-3078

Legal Counsel

Willkie Farr & Gallagher LLP
787 7th Avenue
New York, NY 10019

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP
125 High Street
Boston, MA 02110

Credit Suisse
High Yield Bond Fund

SEMIANNUAL REPORT
April 30, 2010
(unaudited)




Credit Suisse High Yield Bond Fund

Semiannual Investment Adviser's Report

April 30, 2010 (unaudited)

June 14, 2010

Dear Shareholder:

Performance Summary

11/1/09 – 4/30/10

Fund & Benchmark   Performance  
Total Return (based on NAV)1     15.15 %  
Total Return (based on market value)1     22.02 %  
Bank of America Merrill Lynch US High Yield Master II Constrained Index2     11.58 %  

 

Market Review: Decreasing Defaults, Increasing Performance

For the semiannual period ended April 30, 2010, the high yield bond market posted double digit gains despite continued concerns regarding Eurozone sovereign risk and the potential for rising interest rates. The Bank of America Merrill Lynch US High Yield Master II Constrained Index, the Fund's benchmark, returned 11.58% for the period. Additionally, high yield spreads tightened by 184 basis points to end the period at 497 basis points over Treasuries, while yields for high yield bonds ended the period at 8.06%, a decrease of 1.89% for the period.

More specifically, CCC-rated securities outperformed the benchmark, returning 20.27%. Within the CCC ratings category, the best performance was gained from the lowest rated, most distressed category: C-rated securities returned 58.36% for the six-month period, while CC-rated securities returned 43.66%. In contrast, BB-rated and B-rated securities returned only 10.25% and 8.61%, respectively.

High yield default rates rose throughout much of last year, peaking at 13.48% in November 2009. Since then, the global default rate (as measured by Moody's) has declined steadily to 9%, and is expected to decline further over the coming year. Additionally, according to JPMorgan, the pace of corporate high yield defaults continued to slow, with only two companies defaulting or missing coupons in April. In contrast, three companies defaulted in March and five in February. The percentage of securities that are "distressed," defined as those trading at spreads of more than 1,000 basis points over Treasuries, has also been falling steadily, ending April 2010 at 9.2%, down from 17.9% in December 2009 (and an all-time high of 83.6% in November 2008).

High yield new issue activity has been robust. With approximately $111 billion issued year-to-date, 2010 could top the record high calendar year issuance of $181 billion set in 2009. According to JPMorgan, the $40.5 billion of new issues in March set a new record and was closely followed by April's $34 billion. Against this backdrop in significant new issue supply, demand for high yield product remained strong with high-yield mutual funds bringing in a total $3.8 billion on a year-to-date basis, as reported by Lipper.

Performance, Strategy and Outlook: Cautiously Optimistic Going Forward

For the semiannual period ended April 30, 2010, the Fund outperformed the benchmark on both a market price and NAV basis. Superior security selection in chemicals, specialty retail, building/construction, and forestry/paper sectors contributed positively to returns. In contrast, an underweight position in the more volatile financial services sector hurt relative returns. This, along with an overweight position and security selection in the media-cable sector, detracted from returns.

The reopening of both debt and equity capital markets has made capital available to a broad range of companies. This reopening has allowed many non-investment grade issuers to refinance and extend debt maturities. As a result of this improved liquidity, along with a stabilizing fundamental backdrop, the expectations for upcoming defaults have significantly decreased. Moody's is currently forecasting that the April 2011 global default rate will decline to 2.0% versus its current rate of 9.0%. In addition, recovery rates (the price at which a defaulted security is



Credit Suisse High Yield Bond Fund

Semiannual Investment Adviser's Report (continued)

April 30, 2010 (unaudited)

trading one month post default) have also begun to rise versus early 2009 figures. Given the environment of declining defaults and a stabilizing economy, the high yield market has rallied significantly, with current valuations reflecting default expectations in the 4-5% range. We remain cautious and believe that market valuations may have risen too far — particularly given the overhang of sovereign default risk and likely regulatory change for the U.S financial services sector.

In particular, riskier CCC-rated securities are now trading at spreads below their historical averages — both in absolute terms and relative to other ratings classes. While we still see value in the new issue market as well as in the BB and B ratings categories, security selection will become increasingly important going forward. We expect that fundamentals, rather than technical indicators, will drive credit markets going forward. This return to fundamentals will likely result in greater price dispersion among issuers. Consequently, we will remain prudent in our investment approach.

Given this backdrop and the market's recent rally, our portfolio construction has remained selective and we continue to opportunistically reduce the Fund's exposure to riskier issues. Additionally, we have taken advantage of opportunities in the new issue market, especially in bonds that are more senior in a company's capital structure and priced at attractive yields. Portfolio exposures reflect a positive view on the technology, cable and broadcast sectors as well as a growing comfort with some of the more cyclical chemical and paper companies. In contrast, we remain cautious with respect to consumer-driven industries, and have sought to limit exposures to those sectors.

   
Thomas J. Flannery
Chief Investment Officer*
  John Popp
Chief Executive Officer and President**
 

 

High yield bonds are lower-quality bonds that are also known as "junk bonds." Such bonds entail greater risks than those found in higher-rated securities.

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

1  Assuming reinvestment of dividends of $0.16 per share.

2  The Bank of America Merrill Lynch US High Yield Master II Constrained Index is an unmanaged index that tracks the performance of below investment-grade U.S. dollar-denominated corporate bonds issued in the U.S. domestic market, where each issuer's allocation is limited to 2% of the index. Investors cannot invest directly in an index.

*  Thomas J. Flannery is a Managing Director of Credit Suisse Asset Management, LLC ("Credit Suisse") and Head of the Credit Suisse US High Yield Management Team. Mr. Flannery joined Credit Suisse in June 2010. He is a portfolio manager for the Performing Credit Strategies Group ("PCS") within the Asset Management business of Credit Suisse Group AG with responsibility for originating and analyzing investment opportunities. Mr. Flannery is also a member of the PCS Investment Committee and is currently a high yield bond portfolio manager and trader for PCS. Mr. Flannery joined Credit Suisse Group AG in 2000 from First Dominion Capital, LLC where he was an Associate. Mr. Flannery began his career with Houlihan Lokey Howard & Zukin, Inc.

**  John Popp is a Managing Director of Credit Suisse. He is the Group Manager and Senior Portfolio Manager for Performing Credit Strategies. Mr. Popp has been associated with Credit Suisse since 1997.



Credit Suisse High Yield Bond Fund

Semiannual Investment Adviser's Report (continued)

April 30, 2010 (unaudited)

Top Ten Holdings

(% of net assets as of 4/30/10)

Security Description

1.

  Texas Competitive Electric Holdings Co.,
LLC, Series A
10.25% 11/01/15
  1.70%

 
2.
  HCA, Inc.
9.25% 11/15/16
  1.54%
 
3.
  Nextel Communications, Inc., Series F
5.95% 03/15/14
  1.54%
 
4.
  Ford Motor Credit Co., LLC
7.00% 10/01/13
  1.40%
 
5.
  GMAC, Inc.
7.25% 03/02/11
  1.36%
 
6.
  Intelsat Corp.
9.25% 08/15/14
  1.31%
 
7.
  Ford Motor Credit Co., LLC
8.0% 12/15/16
  1.21%
 
8.
  CCO Holdings Capital Corp.
8.13% 04/30/20
  1.20%
 
9.
  DISH DBS Corp.
7.88% 09/01/19
  1.05%
 
10.
  Chesapeake Energy Corp.
6.88% 01/15/16
  1.02%
 

 

Credit Quality Breakdown*

(% of total investments as of 4/30/10)

S&P Ratings  

 

BBB     0.6 %  
BB     20.7    
B     49.5    
CCC     19.3    
CC     0.4    
D     1.3    
NR     4.4    
Subtotal     96.2    
Equity and Other     3.8    
Total     100.0 %  

 

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


1



Credit Suisse High Yield Bond Fund

Average Annual Returns

April 30, 2010 (unaudited)

    1 Year   3 Years   5 Years   10 Years  
Net Asset Value (NAV)     64.95 %     (0.43 )%     5.04 %     4.65 %  
Market Value     90.62 %     0.79 %     4.56 %     4.81 %  

 

Credit Suisse currently waives fees and/or reimburses expenses, without which performance would be lower. Waivers and/or reimbursements are subject to change and may be discontinued at any time. Returns represent past performance. Total investment return at net asset value is based on changes in the net asset value of fund shares and assumes reinvestment of dividends and distributions, if any. Total investment return at market value is based on changes in the market price at which the fund's shares traded on the stock exchange during the period and assumes reinvestment of dividends and distributions, if any, at actual prices pursuant to the fund's dividend reinvestment program. Because the fund's shares trade in the stock market based on investor demand, the fund may trade at a price higher or lower than its NAV. Therefore, returns are calculated based on share price and NAV. Past performance is no guarantee of future results. The current performance of the fund may be lower or higher than the figures shown. The fund's yield, return and market price and NAV will fluctuate. Performance information current to the most recent month-end is available by calling 1-800-293-1232.


2




Credit Suisse High Yield Bond Fund

Schedule of Investments

April 30, 2010 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS (117.6%)      
Aerospace & Defense (1.8%)      
$ 575     BE Aerospace, Inc., Senior Unsecured Notes (Callable 07/01/13 @ $104.25)   (BB, Ba3)   07/01/18     8.500     $ 616,687    
  1,100     Bombardier, Inc., Rule 144A, Senior Notes (Canada) ‡   (BB+, Ba2)   03/15/20     7.750       1,174,250    
  550     Hawker Beechcraft Notes Co., Global Company Guaranteed Notes (Callable 04/01/11 @ $104.25) §   (CCC-, Caa3)   04/01/15     8.500       485,375    
  825     Hawker Beechcraft Notes Co., Global Company Guaranteed Notes (Callable 04/01/12 @ $104.88)   (CCC-, Ca)   04/01/17     9.750       647,625    
                  2,923,937    
Auto Loans (2.6%)      
  2,235     Ford Motor Credit Co., LLC, Global Senior Unsecured Notes   (B-, B1)   10/01/13     7.000       2,307,991    
  1,875     Ford Motor Credit Co., LLC, Senior Unsecured Notes   (B-, B1)   12/15/16     8.000       2,001,120    
                  4,309,111    
Auto Parts & Equipment (3.0%)      
  350     American Axle & Manufacturing Holdings, Inc., Rule 144A, Senior Secured Notes
(Callable 01/15/14 @ $104.63) ‡
  (B, B1)   01/15/17     9.250       373,625    
  775     American Axle & Manufacturing, Inc., Company Guaranteed Notes (Callable 03/01/12 @ $103.94)   (CCC, Caa2)   03/01/17     7.875       742,062    
  1,200     American Tire Distributors, Inc., Global Company Guarnteed Notes (Callable 04/01/11 @ $100.00)   (CCC+, Caa1)   04/01/13     10.750       1,249,500    
  875     ArvinMeritor, Inc., Company Guaranteed Notes (Callable 03/15/14 @ $105.31)   (CCC-, Caa2)   03/15/18     10.625       945,000    
  800     Stanadyne Corp., Series 1, Global Senior Subordinated Notes (Callable 08/15/10 @ $103.33)   (CCC, Caa1)   08/15/14     10.000       760,000    
  848     The Goodyear Tire & Rubber Co., Global Company Guaranteed Notes (Callable 07/01/10 @ $104.50)   (B+, B1)   07/01/15     9.000       890,400    
  50     The Goodyear Tire & Rubber Co., Senior Unsecured Notes (Callable 05/15/12 @ $107.88)   (B+, B1)   05/15/16     10.500       55,938    
                  5,016,525    
Banks (4.8%)      
  159     CIT Group, Inc., Senior Secured Notes (Callable 01/01/11 @ $102.00) §   (B+, NR)   05/01/13     7.000       157,888    
  239     CIT Group, Inc., Senior Secured Notes (Callable 01/01/11 @ $102.00)   (B+, NR)   05/01/14     7.000       231,158    
  839     CIT Group, Inc., Senior Secured Notes (Callable 01/01/11 @ $102.00)   (B+, NR)   05/01/15     7.000       802,220    
  398     CIT Group, Inc., Senior Secured Notes (Callable 01/01/11 @ $102.00)   (B+, NR)   05/01/16     7.000       379,788    
  557     CIT Group, Inc., Senior Secured Notes (Callable 01/01/11 @ $102.00)   (B+, NR)   05/01/17     7.000       531,704    
  2,190     GMAC, Inc., Global Company Guaranteed Notes   (B, B3)   03/02/11     7.250       2,242,013    
  744     GMAC, Inc., Global Company Guaranteed Notes   (B, B3)   04/01/11     6.000       751,440    
  119     GMAC, Inc., Global Subordinated Notes   (CCC+, B3)   12/31/18     8.000       119,744    
  1,500     GMAC, Inc., Rule 144A, Company Guaranteed Notes ‡   (B, B3)   02/12/15     8.300       1,569,375    
  525     GMAC, Inc., Rule 144A, Company Guaranteed Notes ‡   (B, B3)   03/15/20     8.000       543,375    
  550     Provident Funding Associates Rule 144A, Senior Secured Notes ‡   (B+, Ba3)   04/15/17     10.250       572,000    
                  7,900,705    
Beverages (0.5%)      
  100     CEDC Finance Corp. International, Inc., Rule 144A, Senior Secured Notes (Callable 12/01/13 @ $104.56) ‡   (B+, B1)   12/01/16     9.125       106,500    
  675     Constellation Brands, Inc., Company Guaranteed Notes   (BB, Ba3)   09/01/16     7.250       696,094    
                  802,594    
Building & Construction (1.1%)      
  741     Ashton Woods Finance Co., Rule 144A, Company Guaranteed Notes (Callable 02/24/14 @ $105.50) +‡   (NR, NR)   06/30/15     0.000       452,010    
  600     K Hovnanian Enterprises, Inc., Global Company Guaranteed Notes   (CCC-, Caa2)   01/15/16     6.250       501,000    
  1,000     William Lyon Homes, Inc., Company Guaranteed Notes (Callable 04/01/11 @ $101.79)   (CC, Caa3)   04/01/13     10.750       917,500    
                  1,870,510    
Building Materials (3.0%)      
  1,075     AMH Holdings Inc., Global Senior Discount Notes (Callable 03/01/11 @ $101.88)   (CCC-, Caa2)   03/01/14     11.250       1,115,312    
  1,285     CPG International I, Inc., Global Company Guaranteed Notes (Callable 07/01/10 @ $102.63)   (B-, Caa1)   07/01/13     10.500       1,304,275    
  500     Dayton Superior Corp., Company Guaranteed Notes ø   (D, NR)   06/15/09     13.000       112,500    
  1,325     Headwaters, Inc., Global Senior Secured Notes (Callable 11/01/12 @ $105.69)   (B+, B2)   11/01/14     11.375       1,407,812    
  114     Norcraft Capital Corp., Global Senior Discount Notes (Callable 09/01/10 @ $100.00)   (CCC, Caa1)   09/01/12     9.750       108,443    
  775     Norcraft Finance Corp., Rule 144A, Senior Secured Notes (Callable 12/15/12 @ $105.25) ‡   (B-, B2)   12/15/15     10.500       827,313    
                  4,875,655    

 

See Accompanying Notes to Financial Statements.
3



Credit Suisse High Yield Bond Fund

Schedule of Investments (continued)

April 30, 2010 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Chemicals (2.7%)      
$ 550     CF Industries, Inc., Senior Unsecured Notes   (BB+, B1)   05/01/20     7.125     $ 580,250    
  300     LBI Escrow Corp., Rule 144A, Senior Secured Notes (Callable 05/01/13 @ $106.00) ‡   (BB, Ba3)   11/01/17     8.000       311,625    
  250     Momentive Performance Materials, Inc., Global Company Guaranteed Notes
(Callable 12/01/10 @ $104.88) §
  (CCC-, Caa2)   12/01/14     9.750       255,625    
  701     Momentive Performance Materials, Inc., Rule 144A, Company Guaranteed Notes
(Callable 12/15/11 @ $106.25) ‡
  (CCC-, B3)   06/15/14     12.500       792,130    
  350     Nalco Co., Global Company Guaranteed Notes (Callable 11/15/10 @ $101.48)   (B, B2)   11/15/13     8.875       362,250    
  275     Nalco Co., Global Company Guaranteed Notes (Callable 11/15/10 @ $101.50)   (B, B2)   11/15/13     9.000       376,623    
  575     Nalco Finance Holdings, Inc., Global Senior Discount Notes (Callable 02/01/11 @ $101.50)   (B, B2)   02/01/14     9.000       595,125    
  1,175     Reichhold Industries, Inc., Rule 144A, Senior Notes (Callable 08/15/10 @ $104.50) ‡   (CCC+, Caa2)   08/15/14     9.000       1,139,750    
                  4,413,378    
Computer Hardware (0.9%)      
  825     Activant Solutions, Inc., Global Company Guaranteed Notes (Callable 05/01/11 @ $104.75)   (CCC, Caa1)   05/01/16     9.500       798,188    
  700     Seagate HDD Cayman, Rule 144A, Senior Unsecured Notes (Callable 05/01/15 @ $103.44) ‡   (B+, Ba3)   05/01/20     6.875       700,000    
                  1,498,188    
Consumer Products (1.0%)      
  950     AAC Group Holding Corp., Rule 144A, Senior Discount Notes (Callable 10/01/10 @ $100.00) ‡   (CCC, Caa2)   10/01/12     10.250       954,750    
  625     Terra Capital, Inc., Global Company Guaranteed Notes (Callable 11/01/14 @ $103.88)   (BB+, B1)   11/01/19     7.750       769,531    
                  1,724,281    
Consumer/Commercial/Lease Financing (1.2%)      
  1,300     International Lease Finance Corp., Rule 144A, Senior Unsecured Notes ‡   (BB+, B1)   09/15/15     8.625       1,287,000    
  675     International Lease Finance Corp., Rule 144A, Senior Unsecured Notes ‡   (BB+, B1)   03/15/17     8.750       671,625    
  100     International Lease Finance Corp., Series MTN, Senior Unsecured Notes   (BB+, B1)   06/01/14     5.650       91,598    
                  2,050,223    
Department Stores (0.4%)      
  600     The Neiman Marcus Group, Inc., Global Company Guaranteed Notes (Callable 10/15/10 @ $105.19) §   (CCC+, Caa3)   10/15/15     10.375       635,250    
Diversified Capital Goods (3.7%)      
  625     Belden, Inc., Rule 144A, Company Guaranteed Notes (Callable 06/15/14 @ $104.62) ‡   (B+, Ba2)   06/15/19     9.250       675,000    
  800     Coleman Cable, Inc., Rule 144A, Senior Notes (Callable 02/15/14 @ $104.50) ‡   (B, B3)   02/15/18     9.000       821,000    
  925     Esco Corp., Rule 144A, Company Guaranteed Notes (Callable 12/15/10 @ $100.00) #‡   (B, B2)   12/15/13     4.132       862,562    
  100     Esco Corp., Rule 144A, Company Guaranteed Notes (Callable 12/15/10 @ $104.31) ‡   (B, B2)   12/15/13     8.625       104,000    
  1,125     International Wire Group, Inc., Rule 144A, Senior Secured Notes (Callable 10/15/12 @ $104.88) ‡   (B, B3)   04/15/15     9.750       1,125,000    
  950     Mueller Water Products, Inc., Global Company Guaranteed Notes (Callable 06/01/12 @ $103.69)   (B-, B3)   06/01/17     7.375       869,250    
  425     Sensus USA Systems, Inc., Global Company Guaranteed Notes (Callable 12/15/10 @ $101.44)   (B-, B3)   12/15/13     8.625       432,969    
  600     Titan International, Inc., Global Company Guaranteed Notes   (B-, B2)   01/15/12     8.000       609,000    
  600     TriMas Corp., Rule 144A, Senior Secured Notes (Callable 12/15/13 @ $104.88) ‡   (B-, Caa1)   12/15/17     9.750       621,750    
                  6,120,531    
Electric - Generation (5.8%)      
  1,275     Dynegy Holdings, Inc., Global Senior Unsecured Notes   (B-, B3)   05/01/16     8.375       1,128,375    
  1,475     Edison Mission Energy, Global Senior Unsecured Notes   (B-, B2)   05/15/17     7.000       1,082,281    
  675     Edison Mission Energy, Global Senior Unsecured Notes   (B-, B2)   05/15/19     7.200       486,000    
  1,175     Mirant Americas Generation LLC, Senior Unsecured Notes §   (B-, B3)   10/01/21     8.500       1,145,625    
  447     Mirant Mid Atlantic Trust, Series B, Global Pass Thru Certificates   (BB, Ba1)   06/30/17     9.125       478,573    
  350     NRG Energy, Inc., Company Guaranteed Notes (Callable 01/15/12 @ $103.69)   (BB-, B1)   01/15/17     7.375       345,625    
  550     NRG Energy, Inc., Company Guaranteed Notes (Callable 02/01/11 @ $103.69)   (BB-, B1)   02/01/16     7.375       545,875    
  625     NRG Energy, Inc., Company Guaranteed Notes (Callable 06/15/14 @ $104.25)   (BB-, B1)   06/15/19     8.500       638,281    
  3,725     Texas Competitive Electric Holdings Co., LLC, Series A, Global Company Guaranteed Notes
(Callable 11/01/11 @ $105.13) §
  (CCC, Caa2)   11/01/15     10.250       2,812,375    
  1,175     Texas Competitive Electric Holdings Co., LLC, Series B, Global Company Guaranteed Notes
(Callable 11/01/11 @ $105.13)
  (CCC, Caa2)   11/01/15     10.250       887,125    
                  9,550,135    

 

See Accompanying Notes to Financial Statements.
4



Credit Suisse High Yield Bond Fund

Schedule of Investments (continued)

April 30, 2010 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Electric - Integrated (1.2%)      
$ 1,175     The AES Corp., Global Senior Unsecured Notes   (BB-, B1)   10/15/17     8.000     $ 1,216,125    
  550     The AES Corp., Rule 144A, Senior Unsecured Notes ‡   (BB-, B1)   04/15/16     9.750       603,625    
  175     The AES Corp., Senior Unsecured Notes   (BB-, B1)   03/01/14     7.750       178,938    
                  1,998,688    
Electronics (1.6%)      
  1,075     Freescale Semiconductor, Inc., Rule 144A, Senior Secured Notes (Callable 03/15/14 @ $105.06) ‡§   (B-, B2)   03/15/18     10.125       1,166,375    
  575     Sanmina-SCI Corp., Company Guaranteed Notes (Callable 03/01/11 @ $104.06) §   (CCC, B2)   03/01/16     8.125       585,063    
  875     Viasystems, Inc., Rule 144A, Senior Secured Notes (Callable 07/15/12 @ $106.00) ‡   (B+, B3)   01/15/15     12.000       964,687    
                  2,716,125    
Energy - Exploration & Production (6.7%)      
  1,550     ATP Oil & Gas Corp., Rule 144A, Senior Secured Notes (Callable 05/01/13 @ $111.88) ‡   (B, Caa2)   05/01/15     11.875       1,553,875    
  500     Berry Petroleum Co., Senior Subordinated Notes (Callable 11/01/11 @ $104.13)   (B, B3)   11/01/16     8.250       511,250    
  300     Chesapeake Energy Corp., Company Guaranteed Notes   (BB, Ba3)   12/15/18     7.250       301,500    
  1,675     Chesapeake Energy Corp., Global Company Guaranteed Notes (Callable 01/15/11 @ $101.15)   (BB, Ba3)   01/15/16     6.875       1,679,187    
  575     Denbury Resources, Inc., Company Guaranteed Notes (Callable 03/01/13 @ $104.88)   (BB, B1)   03/01/16     9.750       638,250    
  450     Forest Oil Corp., Global Company Guaranteed Notes (Callable 06/15/12 @ $103.63)   (BB-, B1)   06/15/19     7.250       459,000    
  525     Hilcorp Financial Co., Rule 144A, Senior Unsecured Notes (Callable 06/01/11 @ $104.50) ‡   (BB-, B2)   06/01/16     9.000       543,375    
  800     Mariner Energy, Inc., Company Guaranteed Notes (Callable 05/15/12 @ $104.00)   (B+, B3)   05/15/17     8.000       886,000    
  475     Penn Virginia Corp., Senior Notes (Callable 06/15/13 @ $105.19)   (BB-, B2)   06/15/16     10.375       522,500    
  950     PetroHawk Energy Corp., Global Company Guaranteed Notes (Callable 06/01/12 @ $103.94)   (B, B3)   06/01/15     7.875       985,625    
  475     Pioneer Natural Resources Co., Senior Unsecured Notes   (BB+, Ba1)   01/15/20     7.500       507,180    
  625     Plains Exploration & Production Co., Company Guaranteed Notes (Callable 06/15/11 @ $103.88)   (BB-, B1)   06/15/15     7.750       642,187    
  425     Stone Energy Corp., Company Guaranteed Notes (Callable 02/01/14 @ $104.31)   (BB-, Caa1)   02/01/17     8.625       421,813    
  525     Stone Energy Corp., Global Senior Subordinated Notes (Callable 12/15/10 @ $102.25)   (CCC+, Caa2)   12/15/14     6.750       488,250    
  475     Swift Energy Co, Company Guaranteed Notes (Callable 06/01/12 @ $103.56)   (BB-, B3)   06/01/17     7.125       467,875    
  450     Whiting Petroleum Corp., Global Company Guaranteed Notes   (BB, B1)   02/01/14     7.000       466,875    
                  11,074,742    
Environmental (0.7%)      
  1,100     Casella Waste Systems, Inc., Rule 144A, Senior Secured Notes (Callable 07/15/12 @ $105.50) ‡   (B+, B2)   07/15/14     11.000       1,199,000    
Food & Drug Retailers (1.0%)      
  425     Ingles Markets, Inc., Global Senior Unsecured Notes (Callable 05/15/13 @ $104.44)   (BB-, B1)   05/15/17     8.875       451,563    
  725     Rite Aid Corp., Global Company Guaranteed Notes (Callable 06/15/11 @ $104.69)   (CCC, Caa3)   12/15/15     9.375       650,687    
  475     Rite Aid Corp., Global Senior Secured Notes (Callable 06/12/13 @ $104.88)   (B+, B3)   06/12/16     9.750       525,469    
                  1,627,719    
Food - Wholesale (1.5%)      
  650     Pinnacle Foods Finance Corp., Rule 144A, Senior Unsecured Notes (Callable 04/01/11 @ $104.63) ‡   (CCC+, Caa2)   04/01/15     9.250       679,250    
  650     Southern States Cooperative, Inc., Rule 144A, Senior Notes ‡   (B+, B3)   11/01/11     11.000       650,000    
  1,200     Southern States Cooperative, Inc., Rule 144A, Senior Notes (Callable 05/15/13 @ $105.63) ‡   (B+, B3)   05/15/15     11.250       1,197,000    
                  2,526,250    
Forestry & Paper (3.7%)      
  728     Boise Cascade LLC, Global Company Guaranteed Notes (Callable 10/15/10 @ $102.38)   (B+, Caa1)   10/15/14     7.125       722,540    
  750     Georgia-Pacific Corp., Global Senior Notes   (BB, Ba3)   01/15/24     8.000       813,750    
  300     Georgia-Pacific LLC Rule 144A, Company Guaranteed Notes (Callable 01/15/12 @ $103.56) ‡   (BB+, Ba2)   01/15/17     7.125       318,000    
  300     Georgia-Pacific LLC Rule 144A, Company Guaranteed Notes (Callable 05/01/13 @ $104.13) ‡   (BB+, Ba2)   05/01/16     8.250       330,000    
  550     NewPage Corp., Global Secured Notes (Callable 05/01/10 @ $103.00)   (CCC-, Caa2)   05/01/12     10.000       402,875    
  1,300     NewPage Corp., Global Senior Secured Notes (Callable 03/31/12 @ $105.00) §   (CCC+, B2)   12/31/14     11.375       1,342,250    
  950     Smurfit-Stone Container Enterprises, Inc., Global Senior Unsecured Notes
(Callable 07/01/10 @ $100.00) ø§
  (D, NR)   07/01/12     8.375       969,000    
  1,125     Verso Paper, Inc., Series B, Global Company Guaranteed Notes (Callable 08/01/11 @ $105.69) §   (CCC+, Caa1)   08/01/16     11.375       1,082,812    
  75     Verso Paper, Inc., Series B, Global Senior Secured Notes (Callable 08/01/10 @ $104.56) §   (B, B2)   08/01/14     9.125       76,875    
                  6,058,102    

 

See Accompanying Notes to Financial Statements.
5



Credit Suisse High Yield Bond Fund

Schedule of Investments (continued)

April 30, 2010 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Gaming (6.4%)      
$ 775     Buffalo Thunder Development Authority, Rule 144A, Senior Secured Notes
(Callable 12/15/10 @ $104.69) ø‡
  (NR, NR)   12/15/14     9.375     $ 133,688    
  1,000     Caesars Entertainment, Inc., Global Company Guaranteed Notes   (CCC, Ca)   05/15/11     8.125       996,250    
  1,225     CCM Merger, Inc., Rule 144A, Notes (Callable 08/01/10 @ $102.00) ‡   (CCC+, Caa3)   08/01/13     8.000       1,134,656    
  280     Choctaw Resort Development Enterprise, Rule 144A, Senior Notes (Callable 11/15/11 @ $103.63) ‡   (B, B2)   11/15/19     7.250       196,000    
  575     FireKeepers Development Authority, Rule 144A, Senior Secured Notes (Callable 05/01/12 @ $110.50) ‡   (B, B3)   05/01/15     13.875       669,875    
  625     Fontainebleau Las Vegas Holdings LLC, Rule 144A, Second Mortgage Notes
(Callable 06/15/11 @ $105.13) ø‡
  (NR, NR)   06/15/15     11.000       11,719    
  525     Harrah's Operating Co., Inc., Global Senior Secured Notes (Callable 06/01/13 @ $105.63)   (B, Caa1)   06/01/17     11.250       574,875    
  750     Inn of the Mountain Gods Resort & Casino, Global Company Guaranteed Notes ø   (D, Ca)   11/15/10     12.000       372,187    
  1,250     Jacobs Entertainment, Inc., Global Company Guaranteed Notes (Callable 06/15/10 @ $104.88)   (B-, Caa1)   06/15/14     9.750       1,201,562    
  950     Majestic Star Casino Capital Corp., Senior Secured Notes ø   (NR, NR)   10/15/10     9.500       616,312    
  1,275     Mashantucket Western Pequot Tribe, Rule 144A, Bonds (Callable 11/15/11 @ $104.25) ø‡   (D, NR)   11/15/15     8.500       325,125    
  675     MGM Mirage, Inc., Global Company Guaranteed Notes §   (CCC+, Caa1)   04/01/16     6.875       583,875    
  675     MGM Mirage, Inc., Rule 144A, Senior Secured Notes (Callable 05/15/13 @ $105.56) ‡   (B, B1)   11/15/17     11.125       770,344    
  1,200     MTR Gaming Group, Inc., Global Secured Notes (Callable 07/15/11 @ $106.31)   (B, B2)   07/15/14     12.625       1,266,000    
  950     Peninsula Gaming LLC, Rule 144A, Senior Unsecured Notes (Callable 08/15/13 @ $105.38) ‡   (B, B3)   08/15/17     10.750       976,125    
  670     Tropicana Finance Corp., Global Senior Subordinated Notes (Callable 12/15/10 @ $104.81) ø   (NR, NR)   12/15/14     9.625       486    
  775     Turning Stone Resort Casino Enterprise, Rule 144A, Senior Unsecured Notes
(Callable 09/15/10 @ $104.56) ‡
  (B+, B1)   09/15/14     9.125       775,969    
                  10,605,048    
Gas Distribution (3.2%)      
  525     Amerigas Partners LP, Global Senior Unsecured Notes (Callable 05/20/10 @ $103.63)   (NR, Ba3)   05/20/15     7.250       538,125    
  375     El Paso Corp., Senior Unsecured Notes   (BB-, Ba3)   02/15/16     8.250       408,750    
  600     El Paso Corp., Senior Unsecured Notes   (BB-, Ba3)   06/01/18     7.250       626,644    
  900     El Paso Performance-Linked Trust, Rule 144A, Senior Unsecured Notes ‡   (NR, Ba3)   07/15/11     7.750       939,367    
  425     Inergy Finance Corp., Global Company Guaranteed Notes (Callable 03/01/11 @ $104.13)   (B+, B1)   03/01/16     8.250       444,125    
  275     Inergy Finance Corp., Global Company Guaranteed Notes (Callable 12/15/10 @ $102.29)   (B+, B1)   12/15/14     6.875       276,375    
  550     MarkWest Energy Finance Corp., Series B, Global Company Guaranteed Notes
(Callable 04/15/13 @ $104.38)
  (BB-, B1)   04/15/18     8.750       572,688    
  625     Targa Resources Partners Finance Corp., Global Company Guaranteed Notes
(Callable 07/01/12 @ $104.13)
  (B, B2)   07/01/16     8.250       640,625    
  675     The Williams Cos., Inc., Series A, Global Senior Unsecured Notes   (BB+, Baa3)   01/15/31     7.500       763,285    
                  5,209,984    
Health Facilities (7.1%)      
  275     Alliance HealthCare Services, Inc., Rule 144A, Senior Notes (Callable 12/01/12 @ $104.00) ‡   (B, B3)   12/01/16     8.000       258,500    
  665     Bausch & Lomb, Inc., Global Senior Unsecured Notes (Callable 11/01/11 @ $104.94)   (B, Caa1)   11/01/15     9.875       705,731    
  300     Biomet, Inc., Global Company Guaranteed Notes (Callable 10/15/12 @ $105.00)   (B-, B3)   10/15/17     10.000       331,500    
  120     Biomet, Inc., Global Company Guaranteed Notes (Callable 10/15/12 @ $105.81)   (B-, Caa1)   10/15/17     11.625       135,000    
  650     Community Health Systems, Inc., Global Company Guaranteed Notes (Callable 07/15/11 @ $104.44)   (B, B3)   07/15/15     8.875       684,125    
  2,350     HCA, Inc., Global Secured Notes (Callable 11/15/11 @ $104.63)   (BB-, B2)   11/15/16     9.250       2,546,812    
  675     HCA, Inc., Global Senior Unsecured Notes   (B-, Caa1)   01/15/15     6.375       660,656    
  725     HCA, Inc., Rule 144A, Senior Secured Notes (Callable 08/15/14 @ $103.94) ‡   (BB, Ba3)   02/15/20     7.875       782,094    
  1,025     Inverness Medical Innovations, Inc., Company Guaranteed Notes (Callable 05/15/13 @ $104.50)   (B-, B3)   05/15/16     9.000       1,048,063    
  525     Omega Healthcare Investors, Inc., Global Company Guaranteed Notes (Callable 01/15/11 @ $103.50)   (BB+, Ba3)   01/15/16     7.000       530,250    
  625     Radiation Therapy Services, Inc., Rule 144A, Senior Subordinated Notes (Callable 04/15/14 @ $104.94) ‡   (CCC+, Caa1)   04/15/17     9.875       640,625    
  775     Tenet Healthcare Corp., Global Senior Unsecured Notes   (CCC+, Caa2)   02/01/15     9.250       833,125    
  925     Tenet Healthcare Corp., Rule 144A, Senior Secured Notes (Callable 07/01/14 @ $104.44) ‡   (BB-, B2)   07/01/19     8.875       1,023,281    
  275     Universal Hospital Services, Inc., Global Senior Secured Notes (Callable 06/01/11 @ $101.00)   (B+, B3)   06/01/15     8.500       274,313    
  550     Vanguard Holding Co. II, Inc., Rule 144A, Company Guaranteed Notes (Callable 02/01/14 @ $104.00) ‡   (CCC+, B3)   02/01/18     8.000       547,250    
  634     VWR Funding, Inc., Series B, Global Company Guaranteed Notes (Callable 07/15/11 @ $105.13)   (B-, Caa1)   07/15/15     10.250       671,775    
                  11,673,100    

 

See Accompanying Notes to Financial Statements.
6



Credit Suisse High Yield Bond Fund

Schedule of Investments (continued)

April 30, 2010 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Health Services (2.4%)      
$ 1,000     Quintiles Transnational Corp., Rule 144A, Senior Notes (Callable 12/30/11 @ $102.00) ‡   (B, B3)   12/30/14     9.500     $ 1,015,000    
  1,375     Rural/Metro Corp., Global Senior Discount Notes (Callable 03/15/11 @ $104.25)   (B, Caa1)   03/15/16     12.750       1,464,375    
  400     Service Corp. International, Global Senior Unsecured Notes   (BB-, B1)   10/01/18     7.625       411,000    
  425     Service Corp. International, Senior Unsecured Notes   (BB-, B1)   11/15/21     8.000       444,125    
  550     Stewart Enterprises, Inc., Global Company Guaranteed Notes (Callable 02/15/11 @ $100.00)   (BB-, Ba3)   02/15/13     6.250       547,250    
  175     Universal Hospital Services, Inc., Global Senior Secured Notes (Callable 06/01/10 @ $101.00) #   (B+, B3)   06/01/15     3.859       150,500    
                  4,032,250    
Hotels (0.8%)      
  725     Felcor Lodging LP, Global Senior Secured Notes §   (B-, B2)   10/01/14     10.000       761,250    
  525     Host Hotels & Resorts LP, Rule 144A, Senior Unsecured Notes (Callable 05/15/13 @ $104.50) ‡   (BB+, Ba1)   05/15/17     9.000       574,875    
                  1,336,125    
Household & Leisure Products (0.3%)      
  450     ALH Finance Corp., Global Company Guaranteed Notes (Callable 01/15/11 @ $100.00)   (B-, Caa1)   01/15/13     8.500       455,625    
lnvestments & Misc. Financial Services (0.4%)      
  700     Nuveen Investments, Inc., Global Company Guaranteed Notes (Callable 11/15/11 @105.25)   (CCC, Caa3)   11/15/15     10.500       703,500    
Leisure (0.3%)      
  122     Six Flags Operations, Inc., Rule 144A, Company Guaranteed Notes (Callable 07/15/13 @ $106.12) ø‡   (D, Ca)   07/15/16     12.250       142,435    
  900     Six Flags, Inc., Global Senior Unsecured Notes (Callable 06/01/10 @ $103.21) ø   (D, NR)   06/01/14     9.625       301,500    
                  443,935    
Machinery (1.3%)      
  650     Baldor Electric Co., Company Guaranteed Notes (Callable 02/15/12 @ $104.31)   (B, B3)   02/15/17     8.625       690,625    
  550     Cleaver-Brooks, Inc., Rule 144A, Senior Secured Notes (Callable 05/01/13 @ $106.13) ‡   (B, B2)   05/01/16     12.250       558,250    
  525     CPM Holdings, Inc., Rule 144A, Senior Secured Notes (Callable 09/01/12 @ $105.31) ‡   (B+, B2)   09/01/14     10.625       564,375    
  250     Terex Corp., Senior Subordinated Notes (Callable 11/15/12 @ $104.00)   (B, Caa1)   11/15/17     8.000       245,000    
                  2,058,250    
Media - Broadcast (3.0%)      
  795     Barrington Broadcasting Capital Corp., Global Company Guaranteed Notes (Callable 08/15/10 @ $105.25)   (CCC-, Caa3)   08/15/14     10.500       783,075    
  1,175     Clear Channel Communications, Inc., Senior Unsecured Notes   (CCC-, Ca)   09/15/14     5.500       775,500    
  975     Clear Channel Worldwide Holdings, Inc., Rule 144A, Company Guaranteed Notes
(Callable 12/15/12 @ $106.94) ‡
  (B, B2)   12/15/17     9.250       1,048,594    
  74     CMP Susquehanna Corp., Global Company Guranteed Notes (Callable 05/15/10 @ $104.94)   (NR, NR)   05/15/14     3.272       22,200    
  550     Fisher Communications, Inc., Global Company Guaranteed Notes (Callable 09/15/10 @ $102.88)   (B-, B2)   09/15/14     8.625       547,250    
  662     Local TV Finance LLC, Rule 144A, Senior Unsecured Notes (Callable 06/15/11 @ $104.63) ‡   (CCC, Caa3)   06/15/15     9.250       492,818    
  925     Mission Broadcasting, Inc., Rule 144A, Senior Secured Notes (Callable 04/15/14 @ $104.44) ‡   (B-, B3)   04/15/17     8.875       948,125    
  410     Umbrella Acquisition, Inc., Rule 144A, Company Guaranteed Notes (Callable 03/15/11 @ $104.88) ‡   (CCC, Caa2)   03/15/15     9.750       374,005    
  1,525     Young Broadcasting, Inc., Global Company Guaranteed Notes (Callable 01/15/11 @ $101.46) ø   (D, NR)   01/15/14     8.750       7,320    
                  4,998,887    
Media - Cable (6.9%)      
  1,375     Atlantic Broadband Finance LLC, Global Company Guaranteed Notes (Callable 01/15/11 @ $101.56)   (B-, Caa1)   01/15/14     9.375       1,409,375    
  200     Cablevision Systems Corp., Senior Unsecured Notes   (B+, B1)   04/15/18     7.750       204,000    
  1,150     Cablevision Systems Corp., Senior Unsecured Notes   (B+, B1)   04/15/20     8.000       1,175,875    
  731     CCH II Capital Corp., Global Senior Notes (Callable 11/30/12 @ $106.75)   (B, B2)   11/30/16     13.500       887,803    
  1,925     CCO Holdings Capital Corp., Rule 144A, Company Guaranteed Notes (Callable 04/30/15 @ $104.06) ‡   (B, B2)   04/30/20     8.125       1,977,937    
  1,200     Cequel Capital Corp., Rule 144A, Senior Unsecured Notes (Callable 11/15/12 @ $106.47) ‡   (B-, B3)   11/15/17     8.625       1,227,000    
  875     Cequel Communications Holdings I LLC and Cequel Capital Corp., Rule 144A, Senior Unsecured Notes
(Callable 11/15/12 @ $106.47) ‡
  (NR, NR)   11/15/17     8.625       901,250    
  675     CSC Holdings, Inc., Rule 144A, Senior Unsecured Notes ‡   (BB, Ba3)   02/15/19     8.625       740,812    

 

See Accompanying Notes to Financial Statements.
7



Credit Suisse High Yield Bond Fund

Schedule of Investments (continued)

April 30, 2010 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Media - Cable      
$ 1,650     DISH DBS Corp., Global Company Guaranteed Notes   (BB-, Ba3)   09/01/19     7.875     $ 1,740,750    
  175     Mediacom Broadband Corp., Global Senior Unsecured Notes (Callable 10/15/10 @ $104.25)   (B-, B3)   10/15/15     8.500       180,688    
  850     Mediacom Capital Corp., Rule 144A, Senior Notes (Callable 08/15/14 @ $104.56) ‡   (B-, B3)   08/15/19     9.125       879,750    
                  11,325,240    
Media - Diversified (0.6%)      
  975     Block Communications, Inc., Rule 144A, Senior Notes (Callable 12/15/10 @ $104.13) ‡   (B, B1)   12/15/15     8.250       976,219    
Media - Services (0.9%)      
  450     Nielsen Finance Co., Global Company Guaranteed Notes (Callable 05/01/13 @ $105.75)   (B-, Caa1)   05/01/16     11.500       513,000    
  575     WMG Acquisition Corp., Global Company Guaranteed Notes (Callable 04/15/11 @ $101.23)   (B, B1)   04/15/14     7.375       557,750    
  400     WMG Acquisition Corp., Rule 144A, Senior Secured Notes (Callable 06/15/13 @ $104.75) ‡   (BB, Ba2)   06/15/16     9.500       434,000    
                  1,504,750    
Metals & Mining - Excluding Steel (1.9%)      
  225     Aleris International, Inc., Global Company Guaranteed Notes (Callable 12/15/10 @ $104.50) ø   (D, NR)   12/15/14     9.000       1,508    
  1,100     Aleris International, Inc., Global Company Guaranteed Notes (Callable 12/15/11 @ $105.00) ø   (D, NR)   12/15/16     10.000       8,250    
  1,225     Consol Energy, Inc. Rule 144A, Senior Secured Notes (Callable 04/01/15 @ $104.13) ‡   (BB, B1)   04/01/20     8.250       1,310,750    
  1,507     Noranda Aluminium Acquisition Corp., Global Company Guaranteed Notes (Callable 05/15/10 @ $100.00) #   (CCC, Caa1)   05/15/15     5.274       1,307,750    
  525     Novelis, Inc., Global Company Guaranteed Notes (Callable 08/15/12 @ $108.62)   (B-, Caa1)   02/15/15     11.500       580,125    
                  3,208,383    
Oil Field Equipment & Services (3.9%)      
  550     Bristow Group, Inc., Global Company Guaranteed Notes (Callable 09/15/12 @ $103.75)   (BB, Ba2)   09/15/17     7.500       558,937    
  1,025     Calfrac Holdings LP, Rule 144A, Company Guaranteed Notes (Callable 02/15/11 @ $103.88) ‡   (NR, B2)   02/15/15     7.750       1,030,125    
  750     Edgen Murray Corp., Rule 144A, Senior Secured Notes (Callable 01/15/13 @ $106.13) ‡   (B, Caa1)   01/15/15     12.250       742,500    
  550     Helix Energy Solutions Group, Inc., Rule 144A, Company Guaranteed Notes (Callable 01/15/12 @ $104.75) ‡   (B, B3)   01/15/16     9.500       574,750    
  300     Hornbeck Offshore Services, Inc., Global Company Guaranteed Notes (Callable 09/01/13 @ $104.00)   (BB-, Ba3)   09/01/17     8.000       306,000    
  350     Hornbeck Offshore Services, Inc., Series B, Global Company Guaranteed Notes
(Callable 12/01/10 @ $102.04)
  (BB-, Ba3)   12/01/14     6.125       349,563    
  750     Key Energy Services, Inc., Global Company Guaranteed Notes (Callable 12/01/11 @ $104.19)   (BB-, B1)   12/01/14     8.375       768,750    
  800     McJunkin Red Man Corp., Rule 144A, Senior Secured Notes (Callable 12/15/12 @ $107.13) ‡   (B, B3)   12/15/16     9.500       837,000    
  1,000     Pioneer Drilling Co., Rule 144A, Senior Notes (Callable 03/15/14 @ $104.94) ‡   (B, B3)   03/15/18     9.875       1,035,000    
  200     Pride International, Inc., Senior Unsecured Notes   (BBB-, Ba1)   06/15/19     8.500       230,750    
                  6,433,375    
Oil Refining & Marketing (1.5%)      
  900     Coffeyville Resources LLC, Rule 144A, Senior Secured Notes (Callable 04/01/13 @ $108.16) ‡   (BB-, B3)   04/01/17     10.875       922,500    
  525     Tesoro Corp., Company Guaranteed Notes (Callable 06/01/14 @ $104.88)   (BB+, Ba1)   06/01/19     9.750       567,000    
  1,050     Western Refining, Inc., Rule 144A, Senior Secured Notes (Callable 12/15/11 @ $105.00) #‡   (BB-, B3)   06/15/14     10.750       992,250    
                  2,481,750    
Packaging (2.0%)      
  880     Berry Plastics Corp., Global Secured Notes (Callable 09/15/10 @ $104.44)   (CCC, Caa1)   09/15/14     8.875       869,000    
  725     GPC Capital Corp. I, Global Company Guaranteed Notes (Callable 10/15/10 @ $103.29)   (CCC+, Caa1)   10/15/14     9.875       759,438    
  1,000     GPC Capital Corp. I, Rule 144A, Senior Notes (Callable 01/01/14 @ $104.13) ‡   (CCC+, Caa1)   01/01/17     8.250       1,016,250    
  500     Pregis Corp., Global Senior Secured Notes #   (B+, B2)   04/15/13     5.644       621,611    
                  3,266,299    
Pharmaceuticals (0.7%)      
  550     PharmaNet Development Group, Inc., Rule 144A, Senior Secured Notes (Callable 04/15/14 @105.44) ‡   (B+, B3)   04/15/17     10.875       565,813    
  527     QHP Royalty Sub LLC, Rule 144A, Senior Secured Notes ‡   (NR, NR)   03/15/15     10.250       535,046    
                  1,100,859    
Printing & Publishing (2.5%)      
  950     Cengage Learning Acquisitions, Inc., Rule 144A, Senior Notes (Callable 07/15/11 @ $105.25) ‡   (CCC+, Caa2)   01/15/15     10.500       935,750    
  1,000     Cenveo Corp., Global Senior Subordinated Notes (Callable 12/01/10 @ $101.31)   (B-, Caa1)   12/01/13     7.875       1,005,000    

 

See Accompanying Notes to Financial Statements.
8



Credit Suisse High Yield Bond Fund

Schedule of Investments (continued)

April 30, 2010 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Printing & Publishing      
$ 1,800     The Reader's Digest Association, Inc., Global Company Guaranteed Notes (Callable 02/15/12 @ $104.50) ø^   (NR, NR)   02/15/17     9.000     $ 0    
  1,350     The Reader's Digest Association, Inc., Rule 144A, Senior Secured Notes (Callable 02/15/13 @ $104.00) #‡   (B, B1)   02/15/17     9.500       1,390,500    
  785     Valassis Communications, Inc., Global Company Guaranteed Notes (Callable 03/01/11 @ $104.13)   (BB-, B1)   03/01/15     8.250       833,081    
                  4,164,331    
Railroads (0.4%)      
  600     Kansas City Southern Railway, Company Guaranteed Notes (Callable 06/01/12 @ $104.00)   (B+, B2)   06/01/15     8.000       637,500    
Restaurants (0.3%)      
  525     Denny's Holdings, Inc., Global Company Guaranteed Notes (Callable 10/01/10 @ $100.00)   (B-, Caa1)   10/01/12     10.000       537,469    
Software/Services (2.6%)      
  1,000     SunGard Data Systems, Inc., Global Company Guaranteed Notes (Callable 08/15/10 @ $105.13)   (B-, Caa1)   08/15/15     10.250       1,058,750    
  525     Unisys Corp., Rule 144A, Senior Secured Notes (Callable 10/15/12 @ $106.38) ‡   (BB-, Ba3)   10/15/14     12.750       619,500    
  1,150     Unisys Corp., Senior Unsecured Notes (Callable 01/15/12 @ $106.25)   (B, Caa1)   01/15/16     12.500       1,290,875    
  1,475     Vangent, Inc., Global Company Guaranteed Notes (Callable 02/15/11 @ $104.81)   (CCC+, Caa2)   02/15/15     9.625       1,397,562    
                  4,366,687    
Specialty Retail (2.5%)      
  600     Asbury Automotive Group, Inc., Global Company Guaranteed Notes (Callable 03/15/12 @ $103.81)   (B-, Caa1)   03/15/17     7.625       579,000    
  1,350     Brookstone Co., Inc., Global Senior Secured Notes (Callable 10/15/10 @ $103.00)   (CCC-, Caa3)   10/15/12     12.000       1,147,500    
  300     QVC, Inc. Rule 144A, Senior Secured Notes ‡   (BB+, Ba2)   10/15/20     7.375       306,000    
  600     SGS International, Inc., Global Company Guaranteed Notes (Callable 12/15/10 @ $103.00)   (B-, B3)   12/15/13     12.000       631,500    
  520     Susser Finance Corp., Global Company Guaranteed Notes (Callable 12/15/10 @ $102.66)   (B+, B3)   12/15/13     10.625       552,500    
  500     Susser Finance Corp., Rule 144A, Senior Notes (Callable 05/15/13 @ $104.25) ‡   (B+, B2)   05/15/16     8.500       494,225    
  460     Yankee Acquisition Corp., Series B, Global Company Guaranteed Notes (Callable 02/15/11 @ $104.25)   (B-, B3)   02/15/15     8.500       479,550    
                  4,190,275    
Steel Producers/Products (1.3%)      
  800     California Steel Industries, Inc., Global Senior Notes (Callable 03/15/11 @ $101.02)   (BB-, B1)   03/15/14     6.125       772,000    
  700     Ryerson, Inc., Global Senior Secured Notes (Callable 11/01/11 @ $106.00)   (CCC+, Caa1)   11/01/15     12.000       760,375    
  525     Tube City IMS Corp., Global Company Guaranteed Notes (Callable 02/01/11 @ $104.88)   (B-, Caa1)   02/01/15     9.750       532,875    
                  2,065,250    
Support-Services (4.3%)      
  800     Ashtead Capital, Inc., Rule 144A, Secured Notes (Callable 08/15/11 @ $104.50) ‡   (B+, B2)   08/15/16     9.000       828,000    
  525     DynCorp International, Series B, Global Senior Subordinated Notes (Callable 02/15/11 @ $100.00)   (B+, B1)   02/15/13     9.500       542,719    
  425     Garda World Security Corp., Rule 144A, Senior Unsecured Notes (Callable 03/15/14 @ $104.88) (Canada) ‡   (B, B3)   03/15/17     9.750       442,531    
  500     Iron Mountain, Inc., Senior Subordinated Notes (Callable 08/15/14 @ $104.19)   (B+, B2)   08/15/21     8.375       530,625    
  250     JohnsonDiversey Holdings, Inc., Rule 144A, Senior Unsecured Notes (Callable 11/15/14 @ $104.13) ‡   (B-, B3)   11/15/19     8.250       263,750    
  525     Maxim Crane Works LP, Rule 144A, Senior Secured Notes (Callable 04/15/12 @ $109.19) ‡   (B, Caa1)   04/15/15     12.250       549,937    
  750     Mobile Mini, Inc., Global Company Guaranteed Notes (Callable 08/01/10 @ $104.88)   (B+, B2)   08/01/14     9.750       785,625    
  475     Sotheby's, Global Company Guaranteed Notes   (B, B1)   06/15/15     7.750       485,687    
  600     The Hertz Corp., Global Company Guaranteed Notes (Callable 01/01/11 @ $105.25) §   (CCC+, B3)   01/01/16     10.500       646,500    
  1,150     Travelport LLC, Global Company Guaranteed Notes (Callable 09/01/11 @ $105.94) §   (CCC, Caa1)   09/01/16     11.875       1,265,000    
  475     United Rentals North America, Inc., Global Company Guaranteed Notes (Callable 02/15/11 @ $101.17)   (CCC+, Caa1)   02/15/14     7.000       466,688    
  300     United Rentals North America, Inc., Global Company Guaranteed Notes (Callable 06/15/13 @ $105.44)   (BB, B3)   06/15/16     10.875       339,000    
                  7,146,062    
Telecom - Integrated/Services (5.0%)      
  525     Frontier Communications Corp., Senior Unsecured Notes   (BB, Ba2)   10/01/18     8.125       540,750    
  700     HNS Finance Corp., Global Company Guaranteed Notes (Callable 04/15/11 @ $102.38)   (B, B1)   04/15/14     9.500       724,500    
  2,075     Intelsat Corp., Global Senior Unsecured Notes (Callable 08/15/10 @ $103.13)   (BB-, B3)   08/15/14     9.250       2,158,000    
  175     Level 3 Financing, Inc., Global Company Guaranteed Notes (Callable 02/15/11 @ $100.00) #   (CCC, Caa1)   02/15/15     4.140       150,063    
  950     Level 3 Financing, Inc., Rule 144A, Company Guaranteed Notes (Callable 02/01/14 @ $105.00) ‡   (CCC, Caa1)   02/01/18     10.000       940,500    
  575     New Communications Holdings, Inc. Rule 144A, Senior Notes ‡   (BB, Ba2)   04/15/20     8.500       595,125    

 

See Accompanying Notes to Financial Statements.
9



Credit Suisse High Yield Bond Fund

Schedule of Investments (continued)

April 30, 2010 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Telecom - Integrated/Services      
$ 850     Paetec Holding Corp., Global Company Guaranteed Notes (Callable 07/15/11 @ $104.75)   (CCC+, Caa1)   07/15/15     9.500     $ 870,187    
  525     Qwest Communications International, Inc., Rule 144A, Company Guaranteed Notes
(Callable 10/01/12 @ $104.00) ‡
  (B+, Ba3)   10/01/15     8.000       565,687    
  1,250     Qwest Communications International, Inc., Series B, Global Company Guaranteed Notes
(Callable 02/15/11 @ $101.25)
  (B+, Ba3)   02/15/14     7.500       1,278,125    
  450     Windstream Corp., Global Company Guaranteed Notes (Callable 08/01/11 @ $104.31)   (B+, Ba3)   08/01/16     8.625       462,938    
                  8,285,875    
Telecom - Wireless (4.2%)      
  650     Cricket Communications, Inc., Global Company Guaranteed Notes (Callable 11/01/10 @ $104.69) §   (B-, B3)   11/01/14     9.375       675,188    
  250     Cricket Communications, Inc., Global Senior Secured Notes (Callable 05/15/12 @ $105.81)   (B+, Ba2)   05/15/16     7.750       260,625    
  1,300     GeoEye, Inc., Rule 144A, Senior Secured Notes (Callable 10/01/13 @ $104.81) ‡   (B, B1)   10/01/15     9.625       1,360,125    
  675     MetroPCS Wireless, Inc., Global Company Guaranteed Notes (Callable 11/01/10 @ $104.63) §   (B, B2)   11/01/14     9.250       703,687    
  2,648     Nextel Communications, Inc., Series F, Company Guaranteed Notes (Callable 03/15/11 @ $101.74)   (BB-, Ba2)   03/15/14     5.950       2,542,080    
  1,525     Sprint Nextel Corp., Senior Unsecured Notes   (BB-, Ba3)   12/01/16     6.000       1,414,437    
                  6,956,142    
Telecommunications Equipment (0.5%)      
  850     Avaya, Inc., Global Company Guaranteed Notes (Callable 11/01/11 @ $104.88)   (CCC+, Caa2)   11/01/15     9.750       860,625    
Theaters & Entertainment (1.2%)      
  1,125     AMC Entertainment, Inc., Global Company Guaranteed Notes (Callable 03/01/11 @ $101.33)   (CCC+, Caa1)   03/01/14     8.000       1,147,500    
  750     AMC Entertainment, Inc., Global Senior Unsecured Notes (Callable 06/01/14 @ $104.38)   (B-, B1)   06/01/19     8.750       798,750    
                  1,946,250    
Tobacco (0.3%)      
  500     Alliance One International, Inc., Rule 144A, Senior Unsecured Notes (Callable 07/15/13 @ $105.00) ‡   (B+, B2)   07/15/16     10.000       532,500    
TOTAL U.S. CORPORATE BONDS (Cost $194,024,614)                 194,394,194    
FOREIGN CORPORATE BONDS (11.4%)      
Chemicals (1.6%)      
  1,150     Cognis GmbH, Rule 144A, Senior Secured Notes (Germany) #‡   (B-, B2)   09/15/13     2.257       1,144,250    
  1,675     Ineos Group Holdings PLC, Rule 144A, Secured Notes (Callable 02/15/11 @ $104.25) (United Kingdom) ‡   (CCC-, Caa3)   02/15/16     8.500       1,499,125    
                  2,643,375    
Electronics (0.1%)      
  1,000     New Asat, Ltd., Global Company Guaranteed Notes (Cayman Islands) ø   (NR, NR)   02/01/11     9.250       182,500    
  50     NXP Funding LLC, Series EXCH, Global Senior Secured Notes (Callable 10/15/10 @ $103.94) (Netherlands)   (CCC+, C)   10/15/14     7.875       49,500    
                  232,000    
Energy - Exploration & Production (0.5%)      
  875     OPTI Canada, Inc., Global Senior Secured Notes (Callable 12/15/10 @ $104.13) (Canada)   (B, Caa3)   12/15/14     8.250       844,375    
Forestry & Paper (1.3%)      
  2,325     Abitibi-Consolidated Co. of Canada, Global Company Guaranteed Notes (Canada) ø   (NR, NR)   06/15/11     7.750       517,312    
  500     Smurfit Kappa Acquisitions, Rule 144A, Senior Secured Notes (Callable 11/15/13 @ $103.63) (Ireland) ‡   (BB, Ba2)   11/15/17     7.250       694,742    
  1,000     Smurfit Kappa Funding PLC, Global Senior Subordinated Notes (Callable 01/31/11 @ $102.58) (Ireland)   (B, B2)   04/01/15     7.750       981,250    
                  2,193,304    
Gaming (1.3%)      
  400     Cirsa Finance Luxembourg SA, Company Guaranteed Notes (Callable 05/15/10 @ 102.92) (Luxembourg)   (B+, B2)   05/15/14     8.750       549,810    
  600     Codere Finance Luxembourg SA, Rule 144A, Senior Secured Notes
(Callable 06/15/10 @ $104.13) (Luxembourg) ‡
  (B, B2)   06/15/15     8.250       806,765    
  600     Peermont Global Proprietary, Ltd., Rule 144A, Senior Secured Notes
(Callable 04/30/11 @ $103.88) (South Africa) ‡
  (B, B3)   04/30/14     7.750       765,878    
                  2,122,453    

 

See Accompanying Notes to Financial Statements.
10



Credit Suisse High Yield Bond Fund

Schedule of Investments (continued)

April 30, 2010 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
FOREIGN CORPORATE BONDS      
Media - Cable (1.0%)      
$ 200     UPC Germany GmbH, Rule 144A, Senior Secured Notes (Callable 12/01/12 @ $108.22) (Germany) ‡   (BB-, B1)   12/01/17     8.125     $ 276,567    
  86     Virgin Media Finance PLC, Global Company Guaranteed Notes
(Callable 04/15/11 @ $101.63) (United Kingdom)
  (B, NR)   04/15/14     9.750       136,966    
  150     Virgin Media Finance PLC, Global Company Guaranteed Notes
(Callable 08/15/11 @ $104.56) (United Kingdom)
  (B, B1)   08/15/16     9.125       160,875    
  1,000     Virgin Media Finance PLC, Global Company Guaranteed Notes
(Callable 10/15/14 @ $104.19) (United Kingdom)
  (B, B1)   10/15/19     8.375       1,052,500    
                  1,626,908    
Media - Diversified (0.4%)      
  600     Quebecor Media, Inc., Global Senior Unsecured Notes (Callable 03/15/11 @ $103.88) (Canada)   (B, B2)   03/15/16     7.750       604,500    
Metals & Mining - Excluding Steel (0.7%)      
  875     Teck Resources, Ltd., Global Senior Secured Notes (Callable 05/15/14 @ $105.38) (Canada)   (BBB, Baa3)   05/15/19     10.750       1,093,750    
Oil Field Equipment & Services (0.3%)      
  475     Cie Generale de Geophysique-Veritas, Global Company Guaranteed Notes
(Callable 05/15/10 @ $103.75) (France)
  (BB, Ba3)   05/15/15     7.500       483,312    
Packaging (0.2%)      
  275     Impress Holdings BV, Rule 144A, Company Guaranteed Notes
(Callable 09/15/10 @ $104.63) (Netherlands) ‡
  (NR, NR)   09/15/14     9.250       385,764    
Pharmaceuticals (0.4%)      
  625     Patheon, Inc., Rule 144A, Senior Secured Notes (Callable 04/15/13 @ $106.47) (Canada) ‡   (B+, B1)   04/15/17     8.625       634,375    
Telecom - Integrated/Services (1.2%)      
  1,507     Global Crossing UK Finance PLC, Global Senior Secured Notes
(Callable 12/15/10 @ $103.58) (United Kingdom)
  (B-, B3)   12/15/14     10.750       1,589,885    
  550     Hellas Telecommunications II SCA, Rule 144A, Subordinated Notes (Luxembourg) ø#‡   (NR, NR)   01/15/15     6.034       22,000    
  350     Intelsat Jackson Holdings Ltd. Rule 144A (Bermuda) ‡   (B+, B3)   11/01/19     8.500       370,125    
  25     Intelsat Subsidiary Holding Co., Ltd., Global Company Guaranteed Notes
(Callable 01/15/11 @ $102.96) (Bermuda)
  (B+, B3)   01/15/15     8.875       26,125    
                  2,008,135    
Telecom - Wireless (0.5%)      
  400     Wind Acquisition Finance SA, Rule 144A, Company Guaranteed Notes
(Callable 07/15/13 @ $105.88) (Luxembourg) ‡
  (B+, B2)   07/15/17     11.750       593,024    
  150     Wind Acquisition Finance SA, Rule 144A, Company Guaranteed Notes
(Callable 07/15/13 @ $105.88) (Luxembourg) ‡
  (B+, B2)   07/15/17     11.750       167,625    
                  760,649    
Textiles & Apparel (0.0%)      
  75     IT Holding Finance SA, Rule 144A, Company Guaranteed Notes (Luxembourg) ø‡   (NR, NR)   11/15/12     9.875       15,956    
Transportation - Excluding Air/Rail (1.9%)      
  1,250     Navios Maritime Holdings, Inc., Global Company Guaranteed Notes
(Callable 12/15/10 @ $104.75) (Marshall Islands)
  (B+, B3)   12/15/14     9.500       1,287,500    
  1,325     Ship Finance International, Ltd., Global Company Guaranteed Notes
(Callable 12/15/10 @ $102.83) (Bermuda)
  (B+, B1)   12/15/13     8.500       1,331,625    
  525     Teekay Corp., Global Senior Unsecured Notes (Canada)   (BB, B1)   01/15/20     8.500       556,500    
                  3,175,625    
TOTAL FOREIGN CORPORATE BONDS (Cost $19,919,977)                 18,824,481    

 

See Accompanying Notes to Financial Statements.
11



Credit Suisse High Yield Bond Fund

Schedule of Investments (continued)

April 30, 2010 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
BANK LOANS (1.1%)      
Electronics (0.6%)      
$ 1,067     AVAYA, Inc.   (NR, NR)   10/24/14     2.750     $ 976,515    
Gaming (0.3%)      
  485     CCM Merger, Inc.   (NR, NR)   07/21/12     8.500       478,946    
Pharmaceuticals (0.2%)      
  428     Nycomed Holdings Aps   (NR, NR)   12/29/13     2.750       401,528    
TOTAL BANK LOANS (Cost $1,459,609)                 1,856,989    
Number
of Shares
                     
COMMON STOCKS (0.7%)      
Banks (0.4%)      
  13,710     CIT Group, Inc. *                     556,626    
Chemicals (0.0%)      
  4,893     Huntsman Corp.                     55,829    
Leisure (0.3%)      
  17,809     Six Flags, Inc. *^                     523,948    
Media (0.0%)      
  1,321     SuperMedia, Inc. *                     59,313    
Pharmaceuticals (0.0%)      
  437     Nortek, Inc. *                     20,539    
TOTAL COMMON STOCKS (Cost $2,373,476)                 1,216,255    
PREFERRED STOCKS (0.2%)      
Banks (0.2%)      
  473     GMAC, Inc., Rule 144A (Callable 12/31/11 @ $1,000) ‡                     401,740    
Media - Broadcast (0.0%)      
  17,257     CMP Susquehanna Radio Holdings Corp., Rule 144A, Series A *‡                     17    
TOTAL PREFERRED STOCKS (Cost $98,537)                 401,757    
WARRANTS (0.0%)      
Construction Materials (0.0%)      
  1,152     Nortek, Inc., strike price $1.00, expires 12/07/14 *^                     1,152    
Diversified Financial Services (0.0%)      
  19,721     CNB Capital Trust I, Rule 144A, strike price $0.00, expires 03/23/19 *‡                     20    
Printing & Publishing (0.0%)      
  5,735     The Readers Digest Association, Inc., strike price $0.00, expires 02/15/17 *^                     0    
TOTAL WARRANTS (Cost $1,152)                 1,172    

 

See Accompanying Notes to Financial Statements.
12



Credit Suisse High Yield Bond Fund

Schedule of Investments (continued)

April 30, 2010 (unaudited)

Number
of Shares
 
 
 
 
  Value  
SHORT-TERM INVESTMENTS (9.7%)  
      9,117,493     State Street Navigator Prime Portfolio §§           $ 9,117,493    
Par
(000)
 
   
Maturity
 
Rate%
 
 
$ 6,847     State Street Bank and Trust Co. Euro Time Deposit       05/03/10     0.010       6,847,000    
TOTAL SHORT-TERM INVESTMENTS (Cost $15,964,493)     15,964,493    
TOTAL INVESTMENTS AT VALUE (140.7%) (Cost $233,841,858)     232,659,341    
LIABILITIES IN EXCESS OF OTHER ASSETS (-40.7%)     (67,354,135 )  
NET ASSETS (100.0%)   $ 165,305,206    

 

INVESTMENT ABBREVIATIONS

MTN = Medium Term Note

NR = Not Rated

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

‡  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2010, these securities amounted to a value of $74,093,977 or 44.8% of net assets.

+  Step Bond - The interest rate is as of April 30, 2010 and will reset at a future date.

#  Variable rate obligations - The interest rate is the rate as of April 30, 2010.

ø  Bond is currently in default.

*  Non-income producing security.

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

§  Security or portion thereof is out on loan.

§§  Represents security purchased with cash collateral received for securities on loan.

See Accompanying Notes to Financial Statements.
13




Credit Suisse High Yield Bond Fund

Statement of Assets and Liabilities

April 30, 2010 (unaudited)

Assets  
Investments at value, including collateral for securities on loan of $9,117,493 (Cost $233,841,858) (Note 2)   $ 232,659,341 1   
Cash     934    
Foreign currency at value (cost $87,312)     85,800    
Dividend and interest receivable     4,829,354    
Unrealized appreciation on forward currency contracts (Note 2)     115,617    
Prepaid expenses and other assets     49,805    
Total Assets     237,740,851    
Liabilities  
Advisory fee payable (Note 3)     152,299    
Administrative services fee payable (Note 3)     20,349    
Loan payable (Note 4)     58,500,000    
Payable upon return of securities loaned (Note 2)     9,117,493    
Payable for investments purchased     4,426,173    
Interest payable     128,786    
Trustees' fee payable     39,252    
Other accrued expenses payable     51,293    
Total Liabilities     72,435,645    
Net Assets  
Applicable to 56,088,844 shares outstanding   $ 165,305,206    
Net Assets  
Capital stock, $.001 par value (Note 6)   $ 56,089    
Paid-in capital (Note 6)     342,100,278    
Accumulated net investment loss     (2,235,041 )  
Accumulated net realized loss on investments and foreign currency transactions     (173,541,560 )  
Net unrealized depreciation from investments and foreign currency translations     (1,074,560 )  
Net Assets   $ 165,305,206    
Net Asset Value Per Share ($165,305,206/56,088,844)   $ 2.95    
Market Price Per Share   $ 3.03    

 

1  Including $8,984,901 of securities on loan.

See Accompanying Notes to Financial Statements.
14



Credit Suisse High Yield Bond Fund

Statement of Operations

For the Six Months Ended April 30, 2010 (unaudited)

Investment Income (Note 2)  
Interest   $ 9,742,802    
Dividends     17,628    
Securities lending     20,186    
Total investment income     9,780,616    
Expenses  
Investment advisory fees (Note 3)     1,014,781    
Administrative services fees (Note 3)     62,550    
Interest expense (Note 4)     377,120    
Commitment fees (Note 4)     99,920    
Trustees' fees     53,983    
Legal fees     42,270    
Printing fees (Note 3)     31,801    
Audit and tax fees     19,819    
Transfer agent fees     11,314    
Custodian fees     8,679    
Insurance expense     8,058    
Miscellaneous expense     4,118    
Total expenses     1,734,413    
Less: fees waived (Note 3)     (152,217 )  
Net expenses     1,582,196    
Net investment income     8,198,420    
Net Realized and Unrealized Gain (Loss) from Investments and Foreign Currency Related Items  
Net realized loss from investments     (3,071,533 )  
Net realized gain from foreign currency transactions     604,859    
Net change in unrealized appreciation (depreciation) from investments     16,448,145    
Net change in unrealized appreciation (depreciation) from foreign currency translations     85,387    
Net realized and unrealized gain from investments and foreign currency related items     14,066,858    
Net increase in net assets resulting from operations   $ 22,265,278    

 

See Accompanying Notes to Financial Statements.
15



Credit Suisse High Yield Bond Fund

Statements of Changes in Net Assets

    For the
Six Months Ended
April 30, 2010
(unaudited)
  For the Year
Ended
October 31, 2009
 
From Operations  
Net investment income   $ 8,198,420     $ 15,689,074    
Net realized loss from investments and foreign currency transactions     (2,466,674 )     (37,246,330 )  
Net change in unrealized appreciation (depreciation) from investments and foreign
currency translations
    16,533,532       74,989,487    
Net increase in net assets resulting from operations     22,265,278       53,432,231    
From Dividends and Distributions  
Dividends from net investment income     (8,905,476 )     (18,392,352 )  
Distributions from return of capital           (469,041 )  
Net decrease in net assets resulting from dividends and distributions     (8,905,476 )     (18,861,393 )  
From Capital Share Transactions (Note 6)  
Issuance of 29,979 shares and 21,476 shares through the directors
compensation plan (Note 3)
    84,388       42,889    
Reinvestment of dividends     315,195       440,039    
Net increase in net assets from capital share transactions     399,583       482,928    
Net increase in net assets     13,759,385       35,053,766    
Net Assets  
Beginning of period     151,545,821       116,492,055    
End of period   $ 165,305,206     $ 151,545,821    
Accumulated net investment loss   $ (2,235,041 )   $ (1,527,985 )  

 

See Accompanying Notes to Financial Statements.
16



Credit Suisse High Yield Bond Fund

Statement of Cash Flows

For the Six Months Ended April 30, 2010 (unaudited)

Cash flows from operating activities  
Investment income received   $ 8,584,426          
Operating expenses paid     (1,608,860 )        
Purchases of short-term securities, net     (3,281,000 )        
Purchases of long-term securities     (86,395,585 )        
Proceeds from sales of long-term securities     74,141,012          
Net cash used in operating activities         $ (8,560,007 )  
Cash flows from financing activities  
Increase in loan payable     16,500,000          
Proceeds from issuance of shares     84,388          
Cash dividends paid     (8,590,281 )        
Net cash provided by financing activities             7,994,107    
Effect of exchange rate on cash           593,645    
Net increase in cash             27,745    
Cash — beginning of period             58,989    
Cash — end of period           $ 86,734    
RECONCILIATION OF NET INCREASE IN NET ASSETS
FROM OPERATIONS TO NET CASH USED IN
OPERATING ACTIVITIES
 
Net increase in net assets resulting from operations           $ 22,265,278    
Adjustments to reconcile net increase in net assets from
operations to net cash used in operating activities
 
Increase in interest receivable   $ (324,701 )        
Decrease in accrued expenses     (38,690 )        
Increase in interest payable     17,449          
Increase in prepaid expenses and other assets     (19,171 )        
Increase in advisory fees payable     13,748          
Net amortization of discount on investments     (871,489 )        
Purchases of short-term securities, net     (3,281,000 )        
Purchases of long-term securities     (86,395,585 )        
Proceeds from sales of long-term securities     74,141,012          
Net change in unrealized appreciation from investments and foreign currencies     (16,533,532 )        
Net realized loss from investments and foreign currencies transactions     2,466,674          
Total adjustments           (30,825,285 )  
Net cash used in operating activities           $ (8,560,007 )  
Non-cash activity:  
Issuance of shares through dividend reinvestments           $ 315,195    

 

See Accompanying Notes to Financial Statements.
17



Credit Suisse High Yield Bond Fund

Financial Highlights

    For the
Six Months
Ended
4/30/10
 
Per share operating performance   (unaudited)  
Net asset value, beginning of period   $ 2.71    
INVESTMENT OPERATIONS  
Net investment income     0.15    
Net gain (loss) on investments, swap contracts
and foreign currency related items (both realized and unrealized)
    0.25    
Total from investment activities     0.40    
LESS DIVIDENDS AND DISTRIBUTIONS  
Dividends from net investment income     (0.16 )  
Return of capital        
Total dividends and distributions     (0.16 )  
Net asset value, end of period   $ 2.95    
Per share market value, end of period   $ 3.03    
TOTAL INVESTMENT RETURN2  
Net asset value     15.15 %  
Market value     22.02 %  
RATIOS AND SUPPLEMENTAL DATA  
Net assets, end of period (000s omitted)   $ 165,305    
Average debt per share   $ 0.82    
Ratio of expenses to average net assets     2.03 %4  
Ratio of expenses to average net assets excluding interest expense     1.54 %4  
Ratio of net investment income to average net assets     10.49 %4  
Decrease reflected in above operating expense ratios
due to waivers/reimbursements
    0.15 %4  
Portfolio turnover rate     27.00 %  

 

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

2  Total investment return at net asset value is based on changes in the net asset value of fund shares and assumes reinvestment of
dividends and distributions, if any. Total investment return at market value is based on changes in the market price at which the
fund's shares traded on the stock exchange during the period and assumes reinvestment of dividends and distributions, if any,
at actual prices pursuant to the fund's dividend reinvestment program. Because the fund's shares trade in the stock market based
on investor demand, the fund may trade at a price higher or lower than its NAV. Therefore, returns are calculated based on share
price and NAV. Total returns for periods less than one year are not annualized.

3  Unaudited.

4  Annualized.

See Accompanying Notes to Financial Statements.
18



    For the Year Ended  
Per share operating performance   10/31/09   10/31/08   10/31/07   10/31/06   10/31/05   10/31/04   10/31/03   10/31/02   10/31/01   10/31/00  
Net asset value, beginning of period   $ 2.09     $ 4.10     $ 4.18     $ 4.12     $ 4.53     $ 4.34     $ 3.53     $ 4.49     $ 6.16     $ 7.98    
INVESTMENT OPERATIONS  
Net investment income     0.28       0.401       0.401       0.40       0.47       0.53       0.55       0.651       0.84       0.961    
Net gain (loss) on investments, swap contracts
and foreign currency related items (both realized and unrealized)
    0.68       (2.00 )     (0.08 )     0.11       (0.35 )     0.24       0.87       (0.80 )     (1.63 )     (1.80 )  
Total from investment activities     0.96       (1.60 )     0.32       0.51       0.12       0.77       1.42       (0.15 )     (0.79 )     (0.84 )  
LESS DIVIDENDS AND DISTRIBUTIONS  
Dividends from net investment income     (0.33 )     (0.41 )     (0.40 )     (0.42 )     (0.51 )     (0.58 )     (0.61 )     (0.71 )     (0.86 )     (0.98 )  
Return of capital     (0.01 )                 (0.03 )     (0.02 )                 (0.10 )     (0.02 )        
Total dividends and distributions     (0.34 )     (0.41 )     (0.40 )     (0.45 )     (0.53 )     (0.58 )     (0.61 )     (0.81 )     (0.88 )     (0.98 )  
Net asset value, end of period   $ 2.71     $ 2.09     $ 4.10     $ 4.18     $ 4.12     $ 4.53     $ 4.34     $ 3.53     $ 4.49     $ 6.16    
Per share market value, end of period   $ 2.62     $ 1.97     $ 3.65     $ 4.50     $ 4.77     $ 5.24     $ 4.76     $ 4.10     $ 5.07     $ 6.19    
TOTAL INVESTMENT RETURN2  
Net asset value     53.12 %     (42.45 )%     7.65 %     13.13 %     2.62 %     18.98 %3     43.04 %3     (4.99 )%3     (13.90 )%3     (11.64 )%3  
Market value     59.92 %     (38.20 )%     (10.72 )%     5.23 %     2.71 %     25.49 %     35.07 %     (2.15 )%     (3.21 )%     (12.15 )%  
RATIOS AND SUPPLEMENTAL DATA  
Net assets, end of period (000s omitted)   $ 151,546     $ 116,492     $ 228,724     $ 231,765     $ 255,760     $ 244,523     $ 229,255     $ 180,889     $ 219,440     $ 286,838    
Average debt per share   $ 0.58     $ 1.69     $ 1.98     $ 1.96     $ 2.05     $ 2.05     $ 1.81     $ 1.99     $ 2.49     $ 3.47    
Ratio of expenses to average net assets     2.67 %     3.76 %     4.11 %     4.20 %     3.27 %     2.51 %     2.57 %     2.91 %     4.29 %     4.81 %  
Ratio of expenses to average net assets excluding interest expense     1.80 %     1.50 %     1.37 %     1.65 %     1.68 %     1.70 %     1.73 %     1.78 %     1.73 %     1.61 %  
Ratio of net investment income to average net assets     13.32 %     11.68 %     9.48 %     9.67 %     10.72 %     11.99 %     13.85 %     15.17 %     15.22 %     12.90 %  
Decrease reflected in above operating expense ratios
due to waivers/reimbursements
    0.15 %     0.15 %     0.15 %                                            
Portfolio turnover rate     49.00 %     32.01 %     49.18 %     61.91 %     31.05 %     12.10 %     15.96 %     33.22 %     46.11 %     31.29 %  

 

See Accompanying Notes to Financial Statements.
19




Credit Suisse High Yield Bond Fund

Notes to Financial Statements

April 30, 2010 (unaudited)

Note 1. Organization

Credit Suisse High Yield Bond Fund (the "Fund") is a business trust organized under the laws of the State of Delaware on April 30, 1998. The Fund is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended ("Investment Company Act"), as a non-diversified, closed-end management investment company. The Fund's primary objective is to seek high current income.

Note 2. Significant Accounting Policies

A) SECURITY VALUATION — The net asset value of the Fund is determined daily as of the close of regular trading on the New York Stock Exchange, Inc. (the "Exchange") on each day the Exchange is open for business. Debt securities with a remaining maturity greater than 60 days are valued in accordance with the price supplied by a pricing service, which may use a matrix, formula or other objective method that takes into consideration market indices, yield curves and other specific adjustments. Debt obligations that will mature in 60 days or less are valued on the basis of amortized cost, which approximates market value, unless it is determined that using this method would not represent fair value. Equity investments are valued at market value, which is generally determined using the closing price on the exchange or market on which the security is primarily traded at the time of valuation (the "Valuation Time"). If no sales are reported, equity investments are generally valued at the most recent bid quotation as of the Valuation Time or at the lowest asked quotation in the case of a short sale of securities. Investments in mutual funds are valued at the mutual fund's closing net asset value per share on the day of valuation. Securities and other assets for which market quotations are not readily available, or whose values have been materially affected by events occurring before the Fund's Valuation Time but after the close of the securities' primary markets, are valued at fair value as determined in good faith by, or under the direction of, the Board of Trustees under procedures established by the Board of Trustees. At April 30, 2010, the Fund held 0.32% of its net assets in securities valued at fair value as determined in good faith under procedures established by the Board of Trustees with an aggregate cost of $525,100 and fair value of $525,100. The Fund's estimate of fair value assumes a willing buyer and a willing seller neither acting under the compulsion to buy or sell. Although these securities may be resold in privately negotiated transactions, the prices realized on such sales could differ from the prices originally paid by the Fund or the current carrying values, and the difference could be material.

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America ("GAAP"), the Fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. In accordance with GAAP, fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best


20



Credit Suisse High Yield Bond Fund

Notes to Financial Statements (continued)

April 30, 2010 (unaudited)

information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of April 30, 2010 in valuing the Fund's investments carried at value:

    Level 1   Level 2   Level 3   Total  
Investments in Securities  
U.S. Corporate Bonds                          
Aerospace & Defense   $     $ 2,923,937     $     $ 2,923,937    
Auto Loans           4,309,111             4,309,111    
Auto Parts & Equipment           5,016,525             5,016,525    
Banks           7,900,705             7,900,705    
Beverages           802,594             802,594    
Building & Construction           1,870,510             1,870,510    
Building Materials           4,875,655             4,875,655    
Chemicals           4,413,378             4,413,378    
Computer Hardware           1,498,188             1,498,188    
Consumer Products           1,724,281             1,724,281    
Consumer/Commercial/Lease Financing           2,050,223             2,050,223    
Department Stores           635,250             635,250    
Diversified Capital Goods           6,120,531             6,120,531    
Electric - Generation           9,550,135             9,550,135    
Electric - Integrated           1,998,688             1,998,688    
Electronics           2,716,125             2,716,125    
Energy - Exploration & Production           11,074,742             11,074,742    
Environmental           1,199,000             1,199,000    
Food & Drug Retailers           1,627,719             1,627,719    
Food - Wholesale           2,526,250             2,526,250    
Forestry & Paper           6,058,102             6,058,102    
Gaming           10,605,048             10,605,048    
Gas Distribution           5,209,984             5,209,984    
Health Facilities           11,673,100             11,673,100    
Health Services           4,032,250             4,032,250    
Hotels           1,336,125             1,336,125    
Household & Leisure Products           455,625             455,625    
Investments & Misc. Financial Services           703,500             703,500    
Leisure           443,935             443,935    
Machinery           2,058,250             2,058,250    
Media - Broadcast           4,998,887             4,998,887    
Media - Cable           11,325,240             11,325,240    
Media - Diversified           976,219             976,219    
Media - Services           1,504,750             1,504,750    
Metals & Mining - Excluding Steel           3,208,383             3,208,383    
Oil Field Equipment & Services           6,433,375             6,433,375    
Oil Refining & Marketing           2,481,750             2,481,750    
Packaging           3,266,299             3,266,299    

 


21



Credit Suisse High Yield Bond Fund

Notes to Financial Statements (continued)

April 30, 2010 (unaudited)

    Level 1   Level 2   Level 3   Total  
Pharmaceuticals   $     $ 1,100,859     $     $ 1,100,859    
Printing & Publishing           4,164,331             4,164,331    
Railroads           637,500             637,500    
Restaurants           537,469             537,469    
Software/Services           4,366,687             4,366,687    
Specialty Retail           4,190,275             4,190,275    
Steel Producers/Products           2,065,250             2,065,250    
Support-Services           7,146,062             7,146,062    
Telecom - Integrated/Services           8,285,875             8,285,875    
Telecom - Wireless           6,956,142             6,956,142    
Telecommunications Equipment           860,625             860,625    
Theaters & Entertainment           1,946,250             1,946,250    
Tobacco           532,500             532,500    
Foreign Corporate Bonds                          
Chemicals           2,643,375             2,643,375    
Electronics           232,000             232,000    
Energy - Exploration & Production           844,375             844,375    
Forestry & Paper           2,193,304             2,193,304    
Gaming           2,122,453             2,122,453    
Media - Cable           1,626,908             1,626,908    
Media - Diversified           604,500             604,500    
Metals & Mining - Excluding Steel           1,093,750             1,093,750    
Oil Field Equipment & Services           483,312             483,312    
Packaging           385,764             385,764    
Pharmaceuticals           634,375             634,375    
Telecom - Integrated/Services           2,008,135             2,008,135    
Telecom - Wireless           760,649             760,649    
Textiles & Apparel           15,956             15,956    
Transportation - Excluding Air/Rail           3,175,625             3,175,625    
Bank Loans                          
Electronics           976,515             976,515    
Gaming           478,946             478,946    
Pharmaceuticals           401,528             401,528    
Common Stocks                          
Banks     556,626                   556,626    
Chemicals     55,829                   55,829    
Leisure                 523,948       523,948    
Media     59,313                   59,313    
Pharmaceuticals     20,539                   20,539    
Preferred Stocks                          
Banks     401,740                   401,740    
Media - Broadcast           17             17    
Warrants                          
Construction Materials                 1,152       1,152    
Diversified Financial Services           20             20    
Printing & Publishing                          
Short-Term Investments     9,117,493       6,847,000             15,964,493    
Other Financial Instruments*                          
Forward Foreign Currency Contracts           115,617             115,617    
    $ 10,211,540     $ 222,038,318     $ 525,100     $ 232,774,958    

 

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

As of April 30, 2010, the amounts shown by the Fund as being Level 3 securities that were measured at fair value amounted to 0.32% of net assets.


22



Credit Suisse High Yield Bond Fund

Notes to Financial Statements (continued)

April 30, 2010 (unaudited)

The Fund adopted FASB Accounting Standards Update 2010-06 "Fair Value Measurements and Disclosures (ASC 820)" which requires the Fund to disclose details of significant transfers in and out of Level 1 and Level 2 measurements and the reasons for the transfers. For the six months ended April 30, 2010, there were no significant transfers in and out of Level 1 and Level 2.

B) DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES — Effective October 31, 2009, the Fund adopted amendments to authoritative guidance on disclosures about derivative instruments and hedging activities which require that the Fund disclose (a) how and why an entity uses derivative instruments, (b) how derivative instruments and hedging activities are accounted for, and (c) how derivative instruments and related hedging activities affect a fund's financial position, financial performance, and cash flows.

Fair Values of Derivative Instruments as of April 30, 2010

    Asset Derivatives   Liability Derivatives  
    Balance Sheet
Location
 
Fair Value
  Balance Sheet
Location
 
Fair Value
 
  Net Assets –       Liabilities –  
 
Forward Foreign   Unrealized       Unrealized  
 
Currency Contracts   Appreciation   $ 115,617 *   Depreciation   $ 0    

 

*  Includes cumulative appreciation/depreciation of forward foreign currency contracts as reported in the Statement of Assets and Liabilities and Notes to Financial Statements.

Effect of Derivative Instruments on the Statement of Operations

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Forward Foreign Currency Contracts
  $ 480,477    
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Forward Foreign Currency Contracts
  $ 96,601    

 

The notional amount of forward foreign currency contracts at period end are reflected in the Notes to Financial Statements and the volume of these open positions relative to the net assets of the Fund is generally representative of open positions throughout the reporting period for the Fund.

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

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


23



Credit Suisse High Yield Bond Fund

Notes to Financial Statements (continued)

April 30, 2010 (unaudited)

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

The Fund's dividend policy is to distribute substantially all of its net investment income to its shareholders on a monthly basis. However, in order to provide shareholders with a more consistent yield to the current trading price of shares of beneficial interest of the Fund, the Fund may at times pay out less than the entire amount of net investment income earned in any particular month and may at times in any month pay out such accumulated but undistributed income in addition to net investment income earned in that month. As a result, the dividends paid by the Fund for any particular month may be more or less than the amount of net investment income earned by the Fund during such month.

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

The 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 tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

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

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

I) CASH FLOW INFORMATION — Cash, as used in the Statement of Cash Flows, is the amount reported in the Statement of Assets and Liabilities. The Fund invests in securities and distributes dividends from net investment income and net realized gains, if any (which are either paid in cash or reinvested at the discretion of shareholders). These activities are reported in the Statement of Changes in Net Assets. Information on cash payments is presented in the Statement of Cash Flows. Accounting practices that do not affect reporting activities on a cash basis include unrealized gain or loss on investment securities and accretion or amortization income recognized on investment securities.

J) FORWARD FOREIGN CURRENCY CONTRACTS — The Fund may enter into forward foreign currency contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their


24



Credit Suisse High Yield Bond Fund

Notes to Financial Statements (continued)

April 30, 2010 (unaudited)

contracts and from unanticipated movements in the value of a foreign currency. The Fund will enter into forward foreign currency contracts primarily for hedging purposes. Forward foreign currency contracts are adjusted by the daily forward exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized until the contract settlement date or an offsetting position is entered into. At April 30, 2010, the Fund had the following open forward foreign currency contracts:

Forward Foreign
Currency to be
Purchased (Local)
  Forward Foreign
Currency to be
Sold (Local)
  Expiration
Date
  Value on
Settlement Date
  Current
Value
  Unrealized
Appreciation
 
USD 5,181,874     EUR 3,810,000     7/15/10   $ (5,181,874 )   $ (5,066,852 )   $ 115,022    
USD 138,314     GBP 90,000     7/15/10     (138,314 )     (137,719 )     595    
Total   $ 115,617    

 

Currency Abbreviations:

EUR — Euro Currency

GBP — British Pound

USD — United States Dollar

K) CREDIT DEFAULT SWAPS — The Fund may enter into credit default swap agreements either as a buyer or seller. The Fund may buy a credit default swap to attempt to mitigate the risk of default or credit quality deterioration in one or more individual holdings or in a segment of the fixed income securities market. The Fund may sell a credit default swap in an attempt to gain exposure to an underlying issuer's credit quality characteristics without investing directly in that issuer.

The Fund bears the risk of loss of the amount expected to be received under a credit default swap agreement in the event of the default or bankruptcy of the counterparty. The Fund will enter into swap agreements only with counterparties that meet certain standards of creditworthiness (generally, such counterparties would have to be eligible counterparties under the terms of the Fund's repurchase agreement guidelines). Credit default swap agreements are generally valued at a price at which the counterparty to such agreement would terminate the agreement. At April 30, 2010, the Fund had no outstanding credit default swap contracts.

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

SSB has been engaged by the Fund to act as the Fund's securities lending agent. The Fund's securities lending arrangement provides that the Fund and SSB will share the net income earned from securities lending activities. During the six months ended April 30, 2010, total earnings from the Fund's investment in cash collateral received in connection with securities lending arrangements was $25,273. The Fund retained $20,186 in income from the cash collateral investment, and SSB, as lending agent, was paid $5,087. Securities lending income is accrued as earned.

M) OTHER — Lower-rated debt securities (commonly known as "junk bonds") possess speculative characteristics and are subject to greater market fluctuations and risk of lost income and principal than higher-rated debt securities for a variety of reasons. Also, during an economic downturn or substantial period of rising interest


25



Credit Suisse High Yield Bond Fund

Notes to Financial Statements (continued)

April 30, 2010 (unaudited)

rates, highly leveraged issuers may experience financial stress which would adversely affect their ability to service their principal and interest payment obligations, to meet projected business goals and to obtain additional financing.

In addition, periods of economic uncertainty and changes can be expected to result in increased volatility of market prices of lower-rated debt securities and (to the extent the Fund invests in junk bonds) the Fund's net asset value.

Note 3. Transactions with Affiliates and Related Parties

The Fund has entered into an Investment Advisory Agreement (the "Advisory Agreement") with Credit Suisse. The Advisory Agreement provides for a fee at the annual rate of 1.00% of the first $250 million of the average weekly value of the Fund's total assets minus the sum of liabilities (other than aggregate indebtedness constituting leverage) and 0.75% of the average weekly value of the Fund's total assets minus the sum of liabilities (other than aggregate indebtedness constituting leverage) greater than $250 million. Effective January 1, 2007, Credit Suisse agreed to waive 0.15% of the fees payable under the Advisory Agreement. For the six months ended April 30, 2010, investment advisory fees earned and voluntarily waived were $1,014,781 and $152,217, respectively. Fee waivers and expense reimbursements are voluntary and may be discontinued by Credit Suisse at any time.

SSB serves as Accounting and Administrative Agent for the Fund. For its administrative services, SSB receives a fee, exclusive of out-of-pocket expenses, calculated in total for all the Credit Suisse funds/portfolios co-administered by SSB and allocated based upon the relative average net assets of each fund/portfolio, subject to an annual minimum fee. For the six months ended April 30, 2010, administrative services fees earned by SSB (including out-of-pocket expenses) were $62,550.

The Independent Trustees receive fifty percent (50%) of their annual retainer in the form of shares. Beginning in 2008, the Independent Trustees can elect to receive up to 100% of their annual retainer in shares of the Fund. During the six months ended April 30, 2010, 29,979 shares were issued through the directors compensation plan. Trustees as a group own less than 1% of the Fund's outstanding shares.

Merrill Corporation ("Merrill"), an affiliate of Credit Suisse, has been engaged by the Fund to provide certain financial printing services. For the six months ended April 30, 2010, Merrill was paid $20,012 for its services by the Fund.

Note 4. Line of Credit

The Fund has a line of credit provided by SSB primarily to leverage its investment portfolio (the "SSB Agreement"). Under the SSB Agreement, the Fund may borrow the least of: a) $75,000,000; b) an amount that is no greater than 30% of the Fund's total assets minus the sum of liabilities (other than aggregate indebtedness constituting leverage); and c) the Borrowing Base as defined in the SSB Agreement. At April 30, 2010, the Fund had loans outstanding under the Agreement of $58,500,000. During the six months ended April 30, 2010, the Fund had borrowings under the agreements as follows:

Average Daily
Loan Balance
  Weighted Average
Interest Rate %
  Maximum Daily
Loan Outstanding
 
$ 46,082,873       1.514 %   $ 58,500,000    

 

The use of leverage by the Fund creates an opportunity for increased net income and capital appreciation for the Fund, but, at the same time, creates special risks, and there can be no assurance that a leveraging strategy will be successful during any period in which it is employed. The Fund intends to utilize leverage to provide the


26



Credit Suisse High Yield Bond Fund

Notes to Financial Statements (continued)

April 30, 2010 (unaudited)

shareholders with a potentially higher return. Leverage creates risks for shareholders including the likelihood of greater volatility of net asset value and market price of the Fund's shares and the risk that fluctuations in interest rates on borrowings and short-term debt may affect the return to shareholders. To the extent the income or capital appreciation derived from securities purchased with funds received from leverage exceeds the cost of leverage, the Fund's return will be greater than if leverage had not been used. Conversely, if the income or capital appreciation from the securities purchased with such funds is not sufficient to cover the cost of leverage, the return to the Fund will be less than if leverage had not been used, and therefore the amount available for distribution to shareholders as dividends and other distributions will be reduced. In the latter case, Credit Suisse in its best judgment nevertheless may determine to maintain the Fund's leveraged position if it deems such action to be appropriate under the circumstances. During periods in which the Fund is utilizing leverage, the management fee will be higher than if the Fund did not utilize a leveraged capital structure because the fee is calculated as a percentage of the managed assets including those purchased with leverage.

Certain types of borrowings by the Fund may result in the Fund's being subject to covenants in credit agreements, including those relating to asset coverage and portfolio composition requirements. The Fund's lenders may establish guidelines for borrowing which may impose asset coverage or portfolio composition requirements that are more stringent than those imposed by the Investment Company Act. There is no guarantee that the Fund's borrowing arrangements or other arrangements for obtaining leverage will continue to be available, or if available, will be available on terms and conditions acceptable to the Fund. Expiration or termination of available financing for leveraged positions, can result in adverse effects to its access to liquidity and its ability to maintain leverage positions, and may cause the Fund to incur losses. Unfavorable economic conditions also could increase funding costs, limit access to the capital markets or result in a decision by lenders not to extend credit to the Fund. In addition, a decline in market value of the Fund's assets may have particular adverse consequences in instances where they have borrowed money based on the market value of those assets. A decrease in market value of those assets may result in the lender requiring the Fund to sell assets at a time when it may not be in the Fund's best interest to do so.

Note 5. Purchases and Sales of Securities

For the six months ended April 30, 2010, purchases and sales of investment securities (excluding short-term investments) were $69,245,154 and $54,898,587, respectively.

At April 30, 2010, the identified cost for federal income tax purposes, as well as the gross unrealized appreciation from investments for those securities having an excess of value over cost, gross unrealized depreciation from investments for those securities having an excess of cost over value and the net unrealized depreciation from investments were $233,841,858, $15,585,990, $(16,768,507) and $(1,182,517), respectively.

Note 6. Fund Shares

The Fund has one class of shares of beneficial interest, par value $.001 per share; an unlimited number of shares are authorized. Transactions in shares of beneficial interest of the Fund were as follows:

    For the Six Months Ended
April 30, 2010 (unaudited)
  For the Year Ended
October 31, 2009
 
Shares issued through the directors compensation plan     29,979       21,476    
Shares issued through reinvestment of dividends     111,744       188,036    
Net increase     141,723       209,512    

 


27



Credit Suisse High Yield Bond Fund

Notes to Financial Statements (continued)

April 30, 2010 (unaudited)

Note 7. 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 8. Subsequent Events

Effective October 31, 2009, the Fund adopted the FASB amendments to general standards on accounting for and disclosures of subsequent events. Management has evaluated the possibility of subsequent events existing in the Fund's financial statements through June 23, 2010. Management has determined that there are no material events that would require disclosure in the Fund's financial statements through this date.


28



Credit Suisse High Yield Bond Fund

Results of Annual Meeting of Shareholders (unaudited)

On February 16, 2010, the Annual Meeting of Shareholders of the Credit Suisse High Yield Bond Fund (the "Fund") was held and the following matter was voted upon:

(1) To re-elect one trustee to the Board of Trustees of the Fund:

Name of Trustee   For   Withheld  
Lawrence J. Fox     49,626,701       1,074,063    

 

In addition to the trustee elected at the meeting, Enrique R. Arzac, Steven Rappaport, James Cattano, and Terry Fires Bovarnick continue to serve as Trustees of the Fund.


29



Credit Suisse High Yield Bond Fund

Board Consideration and Re-Approval of Investment Advisory Agreement (unaudited)

The Board of Trustees (the "Board") of the Credit Suisse High Yield Bond Fund (the "Fund"), including a majority of the Trustees who have no direct or indirect interest in the investment advisory agreement and are not "interested persons" of the Fund, as defined in the Investment Company Act of 1940 (the "Independent Trustees"), is required annually to review and re-approve the terms of the Fund's investment advisory agreement (the "Advisory Agreement") in light of the extent and quality of services provided by Credit Suisse Asset Management, LLC ("Credit Suisse").

At meetings held on November 16 and 17, 2009 and on December 17, 2009, the Board considered the factors and reached the conclusions described below.

Nature, Extent and Quality of Services

The Board received and considered various data and information regarding the nature, extent and quality of services provided to the Fund by Credit Suisse under the Advisory Agreement. The Board reviewed the background information about Credit Suisse, including its Form ADV. The Board reviewed and analyzed these materials, which included, among other things, information about the background and experience of senior management and investment personnel of Credit Suisse. In this regard, the Board specifically reviewed the qualifications, background and responsibilities of the individuals primarily responsible for day-to-day portfolio management services for the Fund.

In addition, the Board considered the investment and legal compliance programs of Credit Suisse, including their compliance policies and procedures and reports of the Fund's Chief Compliance Officer.

The Board also evaluated the ability of Credit Suisse, based on its resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

Based on the above factors, together with those referenced below, the Board concluded that it was satisfied with the nature, extent and quality of the investment advisory services provided to the Fund by Credit Suisse.

Fund Performance and Expenses

The Board considered the performance results of the Fund in comparison to the performance of a universe of leveraged, closed-end high current yield funds (the "Performance Universe"). Lipper Inc. ("Lipper"), an independent provider of investment company data, determined the Performance Universe for the Fund and provided the comparative data. The Board noted that the Fund had underperformed the median performance of the funds in its Performance Universe at August 31, 2009 for all periods and had outperformed the median performance of the funds in the Performance Universe at November 30, 2009 for all periods. The Board also considered the extraordinary market conditions for high yield securities during 2008 and other reasons for the difference in performance for the time periods.

The Board also considered information regarding the Fund's total expense ratio and its various components in comparison to expense information for a group of funds that was determined to be most similar to the Fund (the "Peer Group") and to the median expenses of a broader universe of relevant funds (the "Expense Universe"), which comparative data was provided by Lipper. The Board noted that the overall expense ratio of the Fund based on total assets (including leverage) was higher than the median overall expense ratios of the Fund's Peer Group and Expense Universe, including and excluding investment-related expenses and taxes. The Board also noted that the Fund's actual non-management expense ratio based on total assets (including leverage) was above the median actual non-management expense ratio of its Peer Group and Expense Universe.


30



Credit Suisse High Yield Bond Fund

Board Consideration and Re-Approval of Investment Advisory Agreement (unaudited) (continued)

Investment Advisory Fee Rate

The Board reviewed the contractual investment advisory fee rate of 1.00% of the average weekly value of the Fund's total assets less than or equal to $250 million and 0.75% of the average minus the sum of accrued liabilities (other than aggregate indebtedness constituting leverage) greater than $250 million (the "Advisory Agreement Rate") payable by the Fund to Credit Suisse for investment advisory services.

Additionally, the Board considered information comparing the Advisory Agreement Rate (both on a stand-alone basis and on a combined basis with the Fund's administration fee rate) with that of the other funds in its Peer Group and Expense Universe. The Board observed that the Advisory Agreement Rate and combined net investment advisory and administration fee rates were higher than the median rates of funds in the Fund's Peer Group. The Board also noted that Credit Suisse had voluntarily waived 15 basis points since January 1, 2007 of its advisory fee. The Board further noted that the Fund's administrator is not affiliated with Credit Suisse and that the Fund's administration agreement and corresponding fees were negotiated at arm's length.

Profitability

The Board received and considered an estimated profitability analysis of Credit Suisse based on the Advisory Agreement Rate. The Board concluded that, in light of the costs of providing investment management and other services to the Fund, which had increased due to additional resources Credit Suisse had made available, the profits and other ancillary benefits that Credit Suisse and its affiliates derived from providing these services to the Fund were not excessive.

Economies of Scale

The Board considered information regarding whether there have been economies of scale with respect to the management of the Fund, whether the Fund has appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Board concluded that any actual or potential economies of scale are shared fairly with Fund shareholders, including most particularly through Advisory Agreement Rate breakpoints and fee waiver currently in place.

Information about Services to Other Clients

The Board considered information about the nature and extent of services and fee rates offered by Credit Suisse to other clients, including other registered investment companies, separate accounts and institutional investors and investment companies to which Credit Suisse serves as an unaffiliated sub-adviser. The Board concluded that the Advisory Agreement Rate was not excessive in comparison with rates charged to other clients given the nature and extent of services provided to the Fund, which Credit Suisse reported are more extensive than services provided to other clients.

Other Benefits to Credit Suisse

The Board also considered information regarding potential "fall-out" or ancillary benefits received by Credit Suisse and its affiliates as a result of their relationship with the Fund. In particular, the Board considered that Credit Suisse may gain certain reputational benefits from managing the Fund.

Other Factors and Broader Review

As discussed above, the Board reviews detailed materials received from Credit Suisse as part of the annual re-approval process. The Board also reviews and assesses the quality of the services that the Fund receives


31



Credit Suisse High Yield Bond Fund

Board Consideration and Re-Approval of Investment Advisory Agreement (unaudited) (continued)

throughout the year. In this regard, the Board reviews reports of Credit Suisse at least quarterly, which include, among other things, detailed portfolio and market reviews and detailed fund performance reports.

After its consideration and evaluation of the matter, the Board re-approved the Advisory Agreement. The Independent Trustees were advised by separate independent legal counsel throughout the process.


32



Credit Suisse High Yield Bond Fund

Notice of Privacy and Information Practices (unaudited)

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

Categories of information we may collect:

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

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

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

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

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

• We want our investors to be informed about additional products or services. Whether you are an individual investor or an institutional investor, we may disclose information, including nonpublic personal information, regarding our transactions and experiences with you to our affiliates.

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


33



Credit Suisse High Yield Bond Fund

Notice of Privacy and Information Practices (unaudited) (continued)

Confidentiality and security

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

Other Disclosures

This notice is not intended to be incorporated in any offering materials, but is a statement of our current Notice of Privacy and Information Practices and may be amended from time to time. This notice is current as of May 3, 2010.


34



Credit Suisse High Yield Bond Fund

Proxy Voting and Portfolio Holdings Information (unaudited)

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

• By calling 1-800-293-1232

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

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

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

Other Funds Managed by Credit Suisse Asset Management, LLC

CLOSED-END FUNDS

Fixed Income

Credit Suisse Asset Management Income Fund, Inc. (NYSE Amex: CIK)

Credit Suisse High Yield Bond Fund (NYSE Amex: DHY)

Literature Request — Call today for free descriptive information on the closed-end funds listed above at 1-800-293-1232 or visit our website at www.credit-suisse.com/us.

OPEN-END FUNDS

Credit Suisse Commodity Return Strategy Fund

Credit Suisse High Income Fund

Credit Suisse Large Cap Blend Fund

Credit Suisse Large Cap Growth Fund

Credit Suisse Large Cap Value Fund

Credit Suisse Mid-Cap Core Fund

Credit Suisse Small Cap Core Fund

Fund shares are not deposits or other obligation of Credit Suisse Asset Management, LLC or any affiliate, are not FDIC-insured and are not guaranteed by Credit Suisse Asset Management, LLC or any affiliate. Fund investments are subject to investment risks, including loss of your investment. There are special risk considerations associated with international, global, emerging-markets, small-company, private equity, high-yield debt, single-industry, single-country and other special, aggressive or concentrated investment strategies. Past performance cannot guarantee future results.

More complete information about a fund, including charges and expenses, is provided in the Prospectus, which should be read carefully before investing. You may obtain copies by calling Credit Suisse Funds at 1-877-870-2874. Performance information current to the most recent month-end is available at www.credit-suisse.com/us.

Credit Suisse Asset Management Securities, Inc., Distributor.


35



Credit Suisse High Yield Bond Fund

Dividend Reinvestment and Cash Purchase Plan (unaudited)

Credit Suisse High Yield Bond Fund (the "Fund") offers a Dividend Reinvestment and Cash Purchase Plan (the "Plan") to its common stockholders. The Plan offers common stockholders a prompt and simple way to reinvest net investment income dividends and capital gains and other periodic distributions in shares of the Fund's common stock. Computershare Trust Company, N.A. ("Computershare") acts as Plan Agent for stockholders in administering the Plan.

Participation in the Plan is voluntary. In order to participate in the Plan, you must be a registered holder of at least one share of stock of the Fund. If you are a beneficial owner of the Fund having your shares registered in the name of a bank, broker or other nominee, you must first make arrangements with the organization in whose name your shares are registered to have the shares transferred into your own name. Registered shareholders can join the Plan via the Internet by going to www.computershare.com, authenticating your online account, agreeing to the Terms and Conditions of online "Account Access" and completing an online Plan Enrollment Form. Alternatively, you can complete the Plan Enrollment Form and return it to Computershare at the address below.

By participating in the Plan, your dividends and distributions will be promptly paid to you in additional shares of common stock of the Fund. The number of shares to be issued to you will be determined by dividing the total amount of the distribution payable to you by the greater of (i) the net asset value per share ("NAV") of the Fund's common stock on the payment date, or (ii) 95% of the market price per share of the Fund's common stock on the payment date. If the NAV of the Fund's common stock is greater than the market price (plus estimated brokerage commissions) on the payment date, then Computershare (or a broker-dealer selected by Computershare) shall endeavor to apply the amount of such distribution on your shares to purchase shares of Fund common stock in the open market.

You should be aware that all net investment income dividends and capital gain distributions are taxable to you as ordinary income and capital gain, respectively, whether received in cash or reinvested in additional shares of the Fund's common stock.

The Plan also permits participants to purchase shares of the Fund through Computershare. You may invest $100 or more monthly, with a maximum of $100,000 in any annual period. Computershare will purchase shares for you on the open market on the 25th of each month or the next trading day if the 25th is not a trading day.

There is no service fee payable by Plan participants for dividend reinvestment. For voluntary cash payments, Plan participants must pay a service fee of $5.00 per transaction. Plan participants will also be charged a pro rata share of the brokerage commissions for all open market purchases ($0.03 per share as of October 2006). Participants will also be charged a service fee of $5.00 for each sale and brokerage commissions of $0.03 per share (as of October 2006).

You may terminate your participation in the Plan at any time by requesting a certificate or a sale of your shares held in the Plan. Your withdrawal will be effective immediately if your notice is received by Computershare prior to any dividend or distribution record date; otherwise, such termination will be effective only with respect to any subsequent dividend or distribution. Your dividend participation option will remain the same unless you withdraw all of your whole and fractional Plan shares, in which case your participation in the Plan will be terminated and you will receive subsequent dividends and capital gains distributions in cash instead of shares.


36



Credit Suisse High Yield Bond Fund

Dividend Reinvestment and Cash Purchase Plan (unaudited) (continued)

If you want further information about the Plan, including a brochure describing the Plan in greater detail, please contact Computershare as follows:

By Internet:  www.computershare.com

By phone:  (800) 730-6001 (U.S. and Canada)
  (781) 575-3100 (Outside U.S. and Canada)

Customer service associates are available from 9:00 a.m. to 5:00 p.m. Eastern time, Monday through Friday

By mail:  Credit Suisse High Yield Bond Fund
  c/o Computershare
  P.O. Box 43078
  Providence, Rhode Island 02940-3078

All notices, correspondence, questions or other communications sent by mail should be sent by registered or certified mail, return receipt requested.

The Plan may be terminated by the Fund or Computershare upon notice in writing mailed to each participant at least 30 days prior to any record date for the payment of any dividend or distribution.


37



This page intentionally left blank




This report, including the financial statements herein, is sent to the shareholders of the Fund for their information. The financial information herein is taken from the records of the Fund without examination by independent registered public accountants who do not express an opinion thereon. It is not a prospectus, circular or representation intended for use in the purchase or sale of shares of the Fund or of any securities mentioned in this report.

DHY-SAR-0410




 

Item 2. Code of Ethics.

 

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

 

Item 3. Audit Committee Financial Expert.

 

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

 

Item 4. Principal Accountant Fees and Services.

 

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

 

Item 5. Audit Committee of Listed Registrants.

 

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

 

Item 6. Schedule of Investments.

 

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

 

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

 

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

 

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

 

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

 

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

 

None.

 

Item 10. 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 directors since the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(g) of Schedule 14A in its definitive proxy statement dated December 30, 2009.

 

Item 11. Controls and Procedures.

 

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

 

(b) There were no changes in registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant’s last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 



 

Item 12. Exhibits.

 

(a)(1)       Not applicable.

 

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

 

(a)(3)       Not applicable.

 

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

 



 

SIGNATURES

 

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

 

CREDIT SUISSE HIGH YIELD BOND FUND

 

/s/John G. Popp

 

Name:

John G. Popp

Title:

Chief Executive Officer

Date:

July 6, 2010

 

 

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

 

/s/John G. Popp

 

Name:

John G. Popp

Title:

Chief Executive Officer

Date:

July 6, 2010

 

 

/s/Michael A. Pignataro

 

Name:

Michael A. Pignataro

Title:

Chief Financial Officer

Date:

July 6, 2010