UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File No. 811-08777
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CREDIT SUISSE HIGH YIELD BOND FUND
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(Exact Name of Registrant as Specified in Charter)
466 Lexington Avenue, New York, New York 10017-3140
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(Address of Principal Executive Offices) (Zip Code)
J. Kevin Gao, Esq.
Credit Suisse High Yield Bond Fund
466 Lexington Avenue
New York, New York 10017-3140
Registrant's telephone number, including area code:(212) 875-3500
Date of fiscal year end: October 31
Date of reporting period: November 1, 2004 to April 30, 2005
ITEM 1. REPORTS TO STOCKHOLDERS.
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CREDIT SUISSE
HIGH YIELD BOND FUND
================================================================================
SEMIANNUAL REPORT
April 30, 2005
(unaudited)
CREDIT SUISSE HIGH YIELD BOND FUND
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Dear Shareholder:
PERFORMANCE SUMMARY
11/01/04 - 04/30/05
FUND & BENCHMARKS PERFORMANCE
Fund NAV (as of 4/30/05) $4.23
Total Return (based on NAV)1 (0.77)%
Total Return (based on
market value) (6.91)%
Citigroup High-Yield
Market Index2 (CHYMI) (0.31)%
MARKET OVERVIEW: A SHIFT IN THE CYCLE
In our view, increasing signs of a shift in the credit cycle appeared during the
Fund's fiscal half-year, creating a more difficult environment for high yield
than we have experienced in almost two years.
The first several months of the fiscal half-year were encouraging, as spreads on
high yield issues versus comparable maturity Treasuries continued to narrow,
reaching an all-time low on March 9, 2005. Then came a correction triggered by a
General Motors (GM) earnings warning, the ramifications of which went well
beyond the automotive sector, leading to heightened risk aversion and a broad
sell-off in the market. The possibility of downgrades to GM and, to a lesser
extent, Ford, with nearly $90 billion in outstanding debt, helped widen spreads
significantly from their historic lows.
Although the spread widening was painful, we believe the sell-off in high yield
was relatively logical and mild by historic standards. Logical in that more
defensive investors simply began to shun longer-dated and lower rated credits in
favor of shorter-dated, higher-quality exposures. Mild in that spreads backed up
just moderately, to a level last seen just six months ago, in November of 2004.
In our view, market participants have turned more defensive in response to
ratings downgrades and shareholder-friendly behavior by corporations, many of
which announced increased dividends and share buybacks in the period.
STRATEGIC REVIEW: POSITIONED FOR RECOVERY
The Fund came in just beneath its CHYMI benchmark primarily due to its relative
positioning in several key industry sectors.
Technology was the strongest contributor to performance through our overweight
and issue selection within the sector. Wireless also added due to a substantial
overweight. Also contributing to returns was to our overweight in chemicals.
The least favorable contributions to the Fund's overall return came primarily
from our overweight exposure to the automotive and to building products sectors,
both of which were among the weakest performers on both an absolute and relative
basis in the fiscal half-year period.
Going forward, although we cannot predict a robust rally from here, we believe
credit could regain some of its former stability. In the high yield market
generally, the risk of default remains relatively low and credit conditions have
improved considerably over the last several years. Strong underlying
fundamentals could redirect investor attention to the relative attractiveness of
high yield returns, providing a catalyst for spreads to stabilize.
We appreciate your interest in the Fund and would be pleased to respond to your
questions or comments. Any questions regarding net asset value, performance,
dividends, portfolio management or allocations should be directed to Credit
Suisse Asset Management, LLC at (800) 293-1232. All other inquiries regarding
account information, request for the latest financial information or other
reports should be directed to the Fund's Shareholder Servicing Agent at (800)
730-6001.
/s/ Michael E. Kenneally
Michael E. Kenneally
Chairman of the Fund, Chief Executive Officer
and President*
/s/ Dennis Schaney
Dennis Schaney
Chief Investment Officer**
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 markets,
industry and economic trends and developments and government regulation and
their potential impact on the Fund's investment portfolio. 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.
We wish to remind shareholders whose shares are registered in their own name
that they automatically participate in the Fund's dividend reinvestment program
known as the InvestlinkSM Program (the "Program"). The Program can be of value
to shareholders in maintaining their proportional ownership interest in the Fund
in an easy and convenient way. A shareholder whose shares are held in the name
of a broker/dealer or nominee should contact the Fund's Transfer Agent for
details about participating in the Program.
* Michael E. Kenneally is the Chairman and Global Chief Executive Officer of
CSAM. He has served in these capacities since April 2003. Previously, he
was Chairman and Chief Investment Officer of Banc of America Capital
Management from 1998 to March 2003. Mr. Kenneally is also Director and/or
Chairman of other investment companies advised by CSAM.
** Dennis Schaney is a Managing Director of CSAM and global head of fixed
income. He has served in these capacities since 2003. He is primarily
responsible for the management of the Fund's assets. From 1998 until 2003,
he was head of leveraged finance, co-head of credit research and a member
of the firm's investment strategy group at Blackrock Financial Management.
Prior to his tenure at Blackrock, Mr. Schaney spent nine years at Merrill
Lynch, where he was a Managing Director in the Global Fixed Income Research
and Economics Department. Mr. Schaney also is Chief Investment Officer of
Credit Suisse Asset Management Income Fund, Inc. (NYSE: CIK).
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1 Based on NAV and assuming reinvestment of dividends of $0.2773 per share.
2 The Citigroup High-Yield Market Index is a broad-based, unmanaged index of
high yield securities that is compiled by Citigroup Global Markets Inc.
Investors cannot invest directly in an index.
CREDIT SUISSE HIGH YIELD BOND FUND (unaudited)
TOP TEN HOLDINGS
(% of net assets as of 4/30/05)
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SECURITY DESCRIPTION
1. El Paso Production Holding Company 0.68%
7.750% 06/01/13
2. Allied Waste North America, Inc. 0.68%
7.375% 04/15/14
3. BGF Industries, Inc. 0.67%
10.250% 01/15/09
4. Adelphia Communications Corp. 0.63%
10.875% 10/01/10
5. Charter Communications
Holdings LLC 0.62%
9.920% 04/01/11
6. Chukchansi Economic
Development Authority 0.60%
14.500% 06/15/09
7. Mediacomm LLC Capital Corp. 0.58%
9.500% 01/15/13
8. Calpine Generating Company LLC 0.56%
8.610% 04/01/10
9. Hard Rock Hotel, Inc. 0.54%
8.875% 06/01/13
10. Charter Communications
Holdings LLC 0.53%
8.625% 04/01/09
CREDIT QUALITY BREAKDOWN
(% of total investments as of 4/30/05)
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S&P RATINGS
BBB 0.2%
BB 12.8
B 56.3
CCC 27.0
CC 1.1
D 0.5
NR 1.5
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Subtotal 99.4
Short Term Investment 0.6
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Total 100.0%
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1
CREDIT SUISSE HIGH YIELD BOND FUND--SCHEDULE OF INVESTMENTS
April 30, 2005 (unaudited)
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PRINCIPAL
AMOUNT VALUE
----------- -----------
U.S. CORPORATE BONDS--130.5%
AEROSPACE--1.6%
BE Aerospace, Inc., Series B,
Senior Subordinated Notes
8.000%, 03/01/08ss. ..................... $1,000,000 $1,000,000
L-3 Communications Corp., Global
Senior Subordinated Notes
(Callable 01/15/10 @ $102.94)
5.875%, 01/15/15 ........................ 2,000,000 1,915,000
Sequa Corp., Series B, Senior Notes
8.875%, 04/01/08 ........................ 850,000 879,750
-----------
3,794,750
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AIRLINES--0.5%
American Airlines, Inc., Series 01-2,
Pass Thru Certificates
7.800%, 04/01/08ss. ..................... 1,200,000 1,080,648
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AUTOMOBILE MANUFACTURING/VEHICLE PARTS--3.4%
Accuride Corp., Rule 144A,
Senior Subordinated Notes
(Callable 02/01/10 @ $104.25)
8.500%, 02/01/15++ ...................... 1,100,000 1,039,500
Autocam Corp., Global Senior
Subordinated Notes
(Callable 06/15/09 @ $105.44)
10.875%, 06/15/14 ....................... 1,000,000 810,000
Collins & Aikman Products Corp.,
Global Company Guaranteed Notes
(Callable 12/31/06 @ $105.38)
10.750%, 12/31/11ss. .................... 1,250,000 934,375
Dura Operating Corp, Series D,
Company Guaranteed Notes
(Callable 05/01/05 @ $103.00)
9.000%, 05/01/09ss. ..................... 1,000,000 707,500
Heafner Tire Group, Inc., Rule 144A,
Senior Notes
(Callable 04/01/09 @ $105.38)
10.750%, 04/01/13++ ..................... 1,700,000 1,615,000
Key Plastics Holdings, Inc., Series B,
Company Guaranteed Notes
10.250%, 03/15/07 0^ .................... 250,000 25,000
Metaldyne Corp., Global Company
Guaranteed Notes
(Callable 06/15/07 @ $105.50)
11.000%, 06/15/12ss. .................... 1,200,000 918,000
Motor Coach Industries International, Inc.,
Company Guaranteed Notes
(Callable 05/01/05 @ $103.75)
11.250%, 05/01/09 ....................... 150,000 90,750
Stanadyne Corp., Global Senior
Subordinated Notes
(Callable 08/15/09 @ $105.00)
10.000%, 08/15/14 ....................... 900,000 877,500
Tenneco Automotive, Inc., Rule 144A,
Senior Subordinated Notes
(Callable 11/15/09 @ $104.31)
8.625%, 11/15/14++ss. ................... 800,000 734,000
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7,751,625
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PRINCIPAL
AMOUNT VALUE
----------- -----------
BROADBAND--0.9%
Level 3 Communications, Inc.,
Senior Notes
(Callable 05/01/06 @ $100.00)
9.125%, 05/01/08ss. ..................... $ 750,000 $ 577,500
Level 3 Financing, Inc., Rule 144A, Senior Notes
(Callable 10/15/07 @ $105.38)
10.750%, 10/15/11++ ..................... 750,000 622,500
Primus Telecommunications Group, Inc.,
Global Senior Notes
(Callable 01/15/09 @ $104.00)
8.000%, 01/15/14 ........................ 1,500,000 892,500
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2,092,500
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BROADCAST/OUTDOOR--2.0%
Emmis Operating Co., Global
Senior Subordinated Notes
(Callable 05/15/08 @ $103.44)
6.875%, 05/15/12 ........................ 500,000 496,250
Gray Television, Inc., Global
Company Guaranteed Notes
(Callable 12/15/06 @ $104.62)
9.250%, 12/15/11ss. ..................... 1,000,000 1,087,500
Interep National Radio Sales, Inc.,
Series B, Company Guaranteed Notes
(Callable 07/01/05 @ $101.67)
10.000%, 07/01/08ss. .................... 800,000 653,000
Paxson Communications Corp.,
Global Company Guaranteed Notes
(Callable 01/15/06 @ $106.12)
0.000%, 01/15/09 + ...................... 2,000,000 1,870,000
Young Broadcasting, Inc., Global
Company Guaranteed Notes
(Callable 03/01/06 @ $105.00)
10.000%, 03/01/11ss. .................... 490,000 492,450
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4,599,200
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BUILDING PRODUCTS--4.3%
Building Materials Corp.,
Global Secured Notes
(Callable 08/01/09 @ $103.88)
7.750%, 08/01/14 ........................ 1,500,000 1,460,625
Building Materials Corp., Series B,
Senior Notes
8.000%, 10/15/07 ........................ 500,000 497,500
Dayton Superior Corp., Company Guaranteed Notes
(Callable 06/15/07 @ $102.17)
13.000%, 06/15/09ss. .................... 600,000 513,000
Dayton Superior Corp., Global
Secured Notes
(Callable 6/15/06 @ $105.62)
10.750%, 09/15/08 ....................... 500,000 492,500
Goodman Global Holdings Co., Inc., Rule 144A,
Senior Subordinated Notes (Callable
12/15/08 @ $103.94)
7.875%, 12/15/12++ss. ................... 1,000,000 885,000
Interface, Inc., Global Senior
Subordinated Notes
(Callable 02/01/09 @ $104.75)
9.500%, 02/01/14ss. ..................... 1,250,000 1,256,250
See notes to financial statements.
2
CREDIT SUISSE HIGH YIELD BOND FUND--SCHEDULE OF INVESTMENTS
April 30, 2005 (unaudited) (continued)
--------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
----------- -----------
BUILDING PRODUCTS
Norcraft Holdings L P, Rule 144A,
Senior Discount Notes
(Callable 09/01/08 @ $104.88)
0.000%, 09/01/12+++ ..................... $ 750,000 $ 517,500
NTK Holdings, Inc., Rule 144A,
Senior Discount Notes
(Callable 09/01/09 @ $105.38)
0.000%, 03/01/14+++ ..................... 1,000,000 505,000
Ply Gem Industries, Inc.,
Global Senior Subordinated Notes
(Callable 02/15/08 @ $104.50)
9.000%, 02/15/12 ........................ 1,000,000 870,000
RMCC Acquisition Co., Rule 144A,
Senior Subordinated Notes
(Callable 11/01/08 @ $104.75)
9.500%, 11/01/12++ ...................... 1,250,000 1,206,250
Texas Industries, Inc., Global
Senior Notes
(Callable 06/15/07 @ $105.12)
10.250%, 06/15/11 ....................... 750,000 845,625
Werner Holdings Co., Inc., Series A,
Company Guaranteed Notes
(Callable 11/15/05 @ $100)
10.000%, 11/15/07ss. .................... 1,350,000 945,000
-----------
9,994,250
-----------
CABLE--8.0%
Adelphia Communications Corp.,
Rule 144A, Secured Notes
(Callable 02/15/08 @ $105.38)
10.875%, 10/01/10++0 .................... 3,000,000 2,640,000
Atlantic Broadband Finance LLC,
Rule 144A, Senior Subordinated Notes
(Callable 01/15/09 @ $104.69)
9.375%, 01/15/14++ss. ................... 1,600,000 1,512,000
Cablevision Systems Corp., Rule 144A,
Senior Notes
8.000%, 04/15/12++ss. ................... 1,500,000 1,486,875
CCO Holdings LLC, Global Senior Notes
(Callable 11/15/08 @ 104.38)
8.750%, 11/15/13ss. ..................... 2,100,000 2,031,750
Charter Communications Holdings LLC,
Senior Discount Notes
(Callable 04/01/06 @ $101.44)
9.920%, 04/01/11 +ss. ................... 3,650,000 2,591,500
Charter Communications Holdings LLC,
Senior Notes
(Callable 04/01/06 @ $101.65)
8.625%, 04/01/09 ........................ 3,050,000 2,218,875
CSC Holdings, Inc., Senior Notes
7.250%, 07/15/08 ........................ 85,000 85,425
CSC Holdings, Inc., Series B, Senior Notes
7.625%, 04/01/11ss. ..................... 750,000 765,000
DIVA Systems Corp., Series B,
Senior Discount Notes
(Callable 03/01/06 @ $100.00)
1.000%, 03/01/08 0^ ..................... 1,750,000 4,375
Insight Communications Company, Inc.,
Senior Discount Notes
(Callable 02/15/06 @ $106.12)
0.000%, 02/15/10 + ...................... 2,000,000 1,980,000
Insight Midwest/Insight Capital,
Senior Notes (Callable 10/01/05 @ $103.25)
9.750%, 10/01/09ss. ..................... 200,000 209,500
PRINCIPAL
AMOUNT VALUE
----------- -----------
Insight Midwest/Insight Capital Corp.,
Global Senior Notes
(Callable 11/01/05 @ $105.25)
10.500%, 11/01/10 ....................... $ 500,000 $ 535,000
Mediacom LLC Capital Corp., Senior Notes
(Callable 01/15/06 @ $104.75)
9.500%, 01/15/13ss. ..................... 2,500,000 2,406,250
-----------
18,466,550
-----------
CAPITAL GOODS--1.8%
Blount, Inc., Senior Subordinated Notes
(Callable 08/01/08 @ $104.44)
8.875%, 08/01/12 ........................ 1,000,000 1,035,000
Case New Holland, Inc, Rule 144A,
Senior Notes
9.250%, 08/01/11++ ...................... 750,000 768,750
Case New Holland, Inc., Rule 144A,
Senior Notes
(Callable 08/01/07 @ 104.62)
9.250%, 08/01/11++ ...................... 100,000 102,500
JII Holdings LLC, Global Secured Notes
(Callable 01/01/06 @ $103.25)
13.000%, 04/01/07 ....................... 1,752,500 1,586,013
Terex Corp., Global Company
Guaranteed Notes
(Callable 01/15/09 @ $103.69)
7.375%, 01/15/14 ........................ 650,000 656,500
-----------
4,148,763
-----------
CHEMICALS--6.8%
BCP Crystal Holdings Corp.,
Global Senior Subordinated Notes
(Callable 06/15/09 @ $104.81)
9.625%, 06/15/14 ........................ 650,000 719,875
Crompton Corp., Global Senior Notes
(Callable 08/01/08 @ $104.94)
9.875%, 08/01/12 ........................ 1,000,000 1,150,000
Crystal US Holdings, Rule 144A,
Senior Discount Notes
(Callable 10/01/09 @ $105.25)
0.000%, 10/01/14+++ ..................... 876,000 573,780
Equistar Chemicals LP/ Equistar
Funding Corp., Global Company
Guaranteed Notes
10.125%, 09/01/08 ....................... 1,000,000 1,105,000
Huntsman Company LLC, Global
Company Guaranteed Notes
(Callable 10/15/07 @ $105.81)
11.625%, 10/15/10 ....................... 227,000 263,320
Huntsman Company LLC, Rule 144A,
Company Guaranteed Notes
(Callable 07/15/08 @ $105.75)
12.000%, 07/15/12++# .................... 773,000 892,815
IMC Global, Inc., Series B, Global
Company Guaranteed Notes
(Callable 06/01/06 @ $105.63)
11.250%, 06/01/11 ....................... 1,450,000 1,616,750
Invista, Rule 144A, Notes
(Callable 05/01/08 @ $104.63)
9.250%, 05/01/12++ ...................... 500,000 535,625
Koppers Industry, Inc., Rule 144A,
Senior Discount Notes
(Callable 11/15/09 @ $104.94)
0.000%, 11/15/14+++ ..................... 1,200,000 714,000
See notes to financial statements.
3
CREDIT SUISSE HIGH YIELD BOND FUND--SCHEDULE OF INVESTMENTS
April 30, 2005 (unaudited) (continued)
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PRINCIPAL
AMOUNT VALUE
----------- -----------
CHEMICALS
Lyondell Chemical Co., Global
Company Guaranteed Notes
(Callable 06/01/08 @ $105.25)
10.500%, 06/01/13ss. .................... $1,000,000 $ 1,157,500
Lyondell Chemical Co., Global
Company Guaranteed Notes
(Callable 12/15/05 @ $104.75)
9.500%, 12/15/08 ........................ 1,400,000 1,499,750
Millennium America, Inc., Global
Company Guaranteed Notes
9.250%, 06/15/08 ........................ 800,000 856,000
Nalco Co., Global Senior Subordinated Notes
(Callable 11/15/08 @ $104.44)
8.875%, 11/15/13ss. ..................... 900,000 927,000
PolyOne Corp., Global Company Guaranteed Notes
(Callable 05/15/07 @ $105.31)
10.625%, 05/15/10 ....................... 750,000 830,625
Radnor Holdings Corp., Global Senior Notes
(Callable 03/15/07 @ $105.50)
11.000%, 03/15/10ss. .................... 1,000,000 670,000
Resolution Performance Products LLC,
Global Senior Subordinated Notes
(Callable 11/15/05 @ $106.75)
13.500%, 11/15/10ss. .................... 1,000,000 1,087,500
Terra Capital, Inc., Global Secured Notes
(Callable 06/01/07 @ $105.75)
11.500%, 06/01/10 ....................... 832,000 952,640
-----------
15,552,180
-----------
COMPETITIVE LOCAL EXCHANGE CARRIER (CLEC)--0.5%
Time Warner Telecom Holdings, Inc.,
Rule 144A, Senior Notes
(Callable 02/15/09 @ $104.63)
9.250%, 02/15/14++ ...................... 1,250,000 1,143,750
-----------
CONSUMER PRODUCTS/TOBACCO--6.1%
AAC Group Holding Corp., Rule 144A,
Senior Discount Notes
(Callable 10/01/08 @ $105.13)
0.000%, 10/01/12+++ ..................... 850,000 599,250
Ames True Temper, Inc., Global
Senior Subordinated Notes
(Callable 07/15/08 @ $105.00)
10.000%, 07/15/12 ....................... 1,450,000 1,210,750
Ames True Temper, Inc., Rule 144A,
Notes (Callable 01/15/07 @ $103.00)
7.141%, 07/15/05++# ..................... 500,000 472,500
AMH Holdings, Inc, Global Senior
Discount Notes
(Callable 03/01/09 @ $105.62)
0.000%, 03/01/14 +ss. ................... 1,000,000 680,000
Amscan Holdings, Inc., Global
Senior Subordinated Notes
(Callable 05/01/09 @ $104.38)
8.750%, 05/01/14 ........................ 1,050,000 981,750
Del Laboratories, Inc., Rule 144A,
Senior Subordinated Notes
(Callable 02/01/08 @ $104.00)
8.000%, 02/01/12++ ...................... 1,000,000 950,000
Diamond Brands Operating Corp.,
Company Guaranteed Notes
(Callable 04/15/06 @ $100.00)
10.125%, 04/15/08 0 ..................... 3,097,000 61,940
PRINCIPAL
AMOUNT VALUE
----------- -----------
General Binding Corp., Company
Guaranteed Notes
(Callable 06/01/05 @ $101.56)
9.375%, 06/01/08 ........................ $1,050,000 $ 1,060,500
Johnsondiversey Holdings, Inc.,
Global Discount Notes
(Callable 05/15/07 @ $105.34)
0.000%, 05/15/13 + ...................... 1,500,000 1,192,500
PCA LLC/PCA Finance Corp.,
Global Senior Notes
11.875%, 08/01/09 ....................... 1,000,000 842,500
Playtex Products, Inc., Global
Company Guaranteed Notes
(Callable 06/01/06 @ $104.69)
9.375%, 06/01/11ss. ..................... 1,300,000 1,355,250
Prestige Brands, Inc., Global
Senior Subordinated Notes
(Callable 04/15/08 @ $104.63)
9.250%, 04/15/12 ........................ 600,000 621,000
Rayovac Corp., Global Senior
Subordinated Notes
(Callable 10/01/08 @ $104.25)
8.500%, 10/01/13 ........................ 500,000 516,250
Remington Arms Company, Inc.,
Global Company Guaranteed Notes
(Callable 02/01/07 @ $105.25)
10.500%, 02/01/11 ....................... 750,000 716,250
Revlon Consumer Products Corp.,
Rule 144A, Senior Notes
(Callable 04/01/08 @ $104.75)
9.500%, 04/01/11++ ...................... 500,000 483,750
Samsonite Corp., Global Senior
Subordinated Notes
(Callable 06/01/08 @ $104.44)
8.875%, 06/01/11 ........................ 1,000,000 1,035,000
Sealy Mattress Co., Global Senior
Subordinated Notes
(Callable 06/15/09 @ $104.13)
8.250%, 06/15/14ss. ..................... 1,250,000 1,268,750
-----------
14,047,940
-----------
CONTAINERS--3.8%
Berry Plastics Corp., Global
Company Guaranteed Notes
(Callable 07/15/07 @ $105.38)
10.750%, 07/15/12 ....................... 1,100,000 1,221,000
Constar International, Inc., Senior
Subordinated Notes
(Callable 12/01/07 @ $105.50)
11.000%, 12/01/12ss. .................... 1,200,000 1,068,000
Graham Packaging Company, Inc., Rule 144A,
Senior Subordinated Notes
(Callable 10/15/09 @ $104.94)
9.875%, 10/15/14++ss. ................... 650,000 624,000
Graphic Packaging Inernational, Corp.,
Global Senior Subordinated Notes
(Callable 08/15/08 @ 104.75)
9.500%, 08/15/13ss. ..................... 750,000 750,000
Intertape Polymer US, Inc., Global
Senior Subordinated Notes
(Callable 08/01/09 @ $104.25)
8.500%, 08/01/14 ........................ 1,000,000 1,003,328
Owens-Brockway Glass Containers,
Global Company Guaranteed Notes
(Callable 02/15/06 @ $104.44)
8.875%, 02/15/09 ........................ 1,000,000 1,070,000
See notes to financial statements.
4
CREDIT SUISSE HIGH YIELD BOND FUND--SCHEDULE OF INVESTMENTS
April 30, 2005 (unaudited) (continued)
--------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
----------- -----------
CONTAINERS
Owens-Brockway Glass Containers,
Global Company Guaranteed Notes
(Callable 05/15/08 @ $104.12)
8.250%, 05/15/13 ........................ $ 750,000 $ 798,750
Pliant Corp., Company Guaranteed Notes
(Callable 06/01/05 @ $106.50)
13.000%, 06/01/10ss. .................... 500,000 377,500
Pliant Corp., Global Secured Notes
(Callable 06/15/07 @ $105.56)
0.000%, 06/15/09 + ...................... 500,000 445,000
Tekni-Plex, Inc., Series B,
Company Guaranteed Notes
(Callable 06/15/05 @ $106.38)
12.750%, 06/15/10ss. .................... 500,000 415,000
U.S. Can Corporation, Global
Company Guaranteed Notes
(Callable 07/15/07 @ $105.44)
10.875%, 07/15/10 ....................... 1,000,000 1,015,000
-----------
8,787,578
-----------
DIVERSIFIED TELECOMMUNICATIONS--1.5%
Hawaiian Telcom Communications, Inc.,
Rule 144A, Notes
(Callable 05/01/09 @ $104.88)
9.750%, 05/01/13++ ...................... 1,000,000 998,750
Qwest Corp., Notes
5.625%, 11/15/08 ........................ 900,000 884,250
Qwest Corp., Rule 144A, Senior Notes
7.875%, 09/01/11++ss. ................... 900,000 918,000
Qwest Services Corp., Rule 144A, Notes
(Callable 12/15/06 @ $106.75)
14.000%, 12/15/10++# .................... 550,000 621,500
-----------
3,422,500
-----------
ENERGY - OTHER--5.1%
Amerigas Partners LP Eagle Finance Corp.,
Series B, Global Senior Notes
(Callable 05/20/06 @ $104.44)
8.875%, 05/20/11 ........................ 1,060,000 1,155,400
Dynegy Holdings, Inc., Rule 144A,
Secured Notes
(Callable 07/15/08 @ $105.06)
10.125%, 07/15/13++ ..................... 1,550,000 1,604,250
Dynegy Holdings, Inc., Senior Notes
6.875%, 04/01/11ss. ..................... 250,000 208,125
El Paso CGP Co., Notes
6.375%, 02/01/09 ........................ 450,000 430,875
El Paso CGP Co., Notes
7.750%, 06/15/10 ........................ 650,000 650,000
El Paso Corp., Senior Notes
7.000%, 05/15/11ss. ..................... 1,000,000 950,000
El Paso Natural Gas, Series A,
Global Senior Notes
(Callable 08/01/07 @ $103.81)
7.625%, 08/01/10 ........................ 1,000,000 1,049,828
El Paso Production Holding Company,
Global Company Guaranteed Notes
(Callable 06/01/08 @ $103.88)
7.750%, 06/01/13 ........................ 2,800,000 2,835,000
Giant Industries, Inc., Company
Guaranteed Notes
(Callable 05/15/09 @ $104.00)
8.000%, 05/15/14 ........................ 450,000 454,500
PRINCIPAL
AMOUNT VALUE
----------- -----------
Giant Industries, Inc., Global
Company Guaranteed Notes
(Callable 05/15/07 @ $105.50)
11.000%, 05/15/12 ....................... $ 850,000 $ 973,250
Reliant Energy, Inc., Secured Notes
(Callable 12/15/09 @ $103.38)
6.750%, 12/15/14 ........................ 500,000 445,000
Reliant Resources, Inc., Global
Secured Notes
(Callable 07/15/08 @ $104.75)
9.500%, 07/15/13 ........................ 1,050,000 1,094,625
-----------
11,850,853
-----------
ENVIRONMENTAL SERVICES--1.9%
Allied Waste North America, Inc.,
Rule 144A, Senior Notes
(Callable 03/15/10 @ $103.63)
7.250%, 03/15/15++ ...................... 600,000 549,000
Allied Waste North America, Inc.,
Series B, Global Senior Notes
(Callable 04/15/09 @ $103.69)
7.375%, 04/15/14ss. ..................... 3,200,000 2,816,000
Waste Services, Inc., Rule 144A,
Senior Subordinated Notes
(Callable 04/15/09 @ $104.75)
9.500%, 04/15/14++ss. ................... 1,000,000 997,500
-----------
4,362,500
-----------
FINANCE - OTHER--2.1%
Corrections Corporation of America,
Senior Notes,
(Callable 05/01/07 @ $103.75)
7.500%, 05/01/11 ........................ 500,000 518,125
E*TRADE Financial Corp.,
Global Senior Notes
(Callable 06/15/08 @ $104.00) ...........
8.000%, 06/15/11 1,150,000 1,184,500
IAAI Finance Corp., Rule 144A,
Senior Unsecured Notes
(Callable 04/01/09 @ $105.50)
11.000%, 04/01/13++ ..................... 1,250,000 1,273,277
Senior Housing Properties Trust,
Senior Notes
8.625%, 01/15/12 ........................ 800,000 872,000
Trustreet Properties, Inc., Rule 144A,
Senior Notes
(Callable 04/01/10 @ $103.75)
7.500%, 04/01/15++ ...................... 1,000,000 1,007,500
-----------
4,855,402
-----------
FOOD PROCESSORS/BEVERAGE/BOTTLING--2.1%
Bear Creek Corp., Rule 144A, Senior Notes
(Callable 03/01/09 @ $104.50)
9.000%, 03/01/13++ ...................... 500,000 492,500
Birds Eye Foods, Inc., Company
Guaranteed Notes
(Callable 11/01/05 @ $101.98)
11.875%, 11/01/08 ....................... 177,000 184,523
Land O' Lakes, Inc., Global Senior Notes
(Callable 11/15/06 @ $104.38)
8.750%, 11/15/11ss. ..................... 1,250,000 1,218,750
See notes to financial statements.
5
CREDIT SUISSE HIGH YIELD BOND FUND--SCHEDULE OF INVESTMENTS
April 30, 2005 (unaudited) (continued)
--------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
----------- -----------
FOOD PROCESSORS/BEVERAGE/BOTTLING
Le-Natures, Inc., Rule 144A,
Senior Subordinated Notes
(Callable 06/15/08 @ $104.50)
10.000%, 06/15/13++# .................... $ 600,000 $ 648,000
Pinnacle Foods Holding Corp., Global
Senior Subordinated Notes
(Callable 12/01/08 @ $104.13)
8.250%, 12/01/13ss. ..................... 500,000 417,500
Swift & Co., Global Senior
Subordinated Notes
(Callable 10/01/06 @ $106.25)
12.500%, 01/01/10 ....................... 850,000 941,375
Wornick Co., Global Secured Notes
(Callable 7/15/08 @ $105.44)
10.875%, 07/15/11 ....................... 800,000 820,000
-----------
4,722,648
-----------
GAMING--10.4%
155 East Tropicana LLC, Rule 144A,
Secured Notes
(Callable 04/01/09 @ $104.38)
8.750%, 04/01/12++ss. ................... 1,000,000 960,000
AK Steel Corp., Global Company
Guaranteed Notes
(Callable 06/15/07 @ $103.88)
7.750%, 06/15/12ss. ..................... 1,000,000 895,000
Ameristar Casinos, Inc., Global Company
Guaranteed Notes
(Callable 02/15/06 @ $105.38)
10.750%, 02/15/09 ....................... 1,350,000 1,474,875
Argosy Gaming Co., Global Senior
Subordinated Notes
(Callable 01/15/09 @ $103.50)
7.000%, 01/15/14 ........................ 1,500,000 1,646,250
Aztar Corp., Global Senior
Subordinated Notes
(Callable 08/15/06 @ $104.50)
9.000%, 08/15/11 ........................ 1,350,000 1,451,250
Boyd Gaming Corp., Global Company
Guaranteed Notes
(Callable 08/01/05 @ $104.63)
9.250%, 08/01/09 ........................ 1,200,000 1,272,000
Chukchansi Economic Development Authority,
Rule 144A, Senior Notes
(Callable 10/01/06 @ $113.00)
14.500%, 06/15/09++ ..................... 2,050,000 2,501,000
Circus Circus & Eldorado,
Global First Mortgage
(Callable 03/01/07 @ $105.06)
10.125%, 03/01/12ss. .................... 1,350,000 1,458,000
Hard Rock Hotel, Inc., Global Notes
(Callable 06/01/08 @ $104.44)
8.875%, 06/01/13 ........................ 2,100,000 2,265,375
Herbst Gaming, Inc., Global Senior
Subordinated Notes
(Callable 06/01/08 @ $104.06)
8.125%, 06/01/12ss. ..................... 1,000,000 1,047,500
Inn of The Mountain Gods, Global
Senior Notes
(Callable 11/15/07 @ $106.00)
12.000%, 11/15/10 ....................... 1,250,000 1,471,875
PRINCIPAL
AMOUNT VALUE
----------- -----------
Isle of Capri Casinos Inc., Global
Senior Subordinated Notes
(Callable 03/01/09 @ $103.50)
7.000%, 03/01/14 ........................ $ 900,000 $ 877,500
Majestic Star Casino LLC, Company
Guaranteed Notes
(Callable 10/15/07 @ $104.75)
9.500%, 10/15/10 ........................ 1,500,000 1,575,000
MGM Mirage, Global Senior Notes
6.750%, 09/01/12 ........................ 1,000,000 1,005,000
MTR Gaming Group, Inc., Series B,
Global Company Guaranteed Notes
(Callable 04/01/07 @ $104.88)
9.750%, 04/01/10 ........................ 250,000 273,750
OED Corp., Global Company
Guaranteed Notes
(Callable 04/15/08 @ $104.38)
8.750%, 04/15/12 ........................ 1,350,000 1,309,500
Riviera Holdings Corp., Global
Company Guaranteed Notes
(Callable 06/15/06 @ $105.50)
11.000%, 06/15/10 ....................... 1,110,000 1,226,550
Waterford Gaming LLC, Rule 144A,
Senior Notes
(Callable 09/15/08 @ $103.55)
8.625%, 09/15/12++ ...................... 350,000 372,750
Wheeling Island Gaming, Inc.,
Global Company Guaranteed Notes
(Callable 12/15/05 @ $105.06)
10.125%, 12/15/09 ....................... 250,000 267,500
Windsor Woodmont Black Hawk, Series B,
First Mortgage Notes
13.000%, 03/15/05 0^ .................... 451,904 34,740
Wynn Las Vegas LLC, Rule 144A,
First Mortgage Notes
(Callable 12/01/09 @ $103.31)
6.625%, 12/01/14++ ...................... 500,000 470,000
-----------
23,855,415
-----------
HEALTHCARE FACILITIES/SUPPLIES--5.9%
AMR/EmCare Holding, Co., Rule 144A,
Senior Subordinated Notes
(Callable 02/15/10 @ $105.00)
10.000%, 02/15/15++ ..................... 500,000 527,500
Ardent Health Services, Inc., Global
Senior Subordinated Notes
(Callable 08/15/08 @ $105.00)
10.000%, 08/15/13 ....................... 750,000 912,075
CDRV Investors, Inc., Rule 144A,
Senior Discount Notes
(Callable 01/01/10 @ $104.81)
0.000%, 01/01/15+++ ..................... 1,800,000 945,000
Concentra Operating Corp., Global
Company Guaranteed Notes
(Callable 08/15/07 @ $104.75)
9.500%, 08/15/10 ........................ 1,000,000 1,045,000
DaVita, Inc., Rule 144A, Senior
Subordinated Notes
(Callable 03/15/10 @ $103.63)
7.250%, 03/15/15++ss. ................... 250,000 244,375
Extendicare Health Services, Inc.,
Senior Subordinated Notes
(Callable 05/01/09 @ $103.44)
6.875%, 05/01/14 ........................ 1,000,000 962,500
See notes to financial statements.
6
CREDIT SUISSE HIGH YIELD BOND FUND--SCHEDULE OF INVESTMENTS
April 30, 2005 (unaudited) (continued)
--------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
----------- -----------
HEALTHCARE FACILITIES/SUPPLIES
Hanger Orthopedic Group, Inc.,
Company Guaranteed Global Notes
(Callable 02/15/06 @ $105.19)
10.375%, 02/15/09ss. .................... $ 500,000 $ 477,500
Magellan Health Services, Inc.,
Series A, Senior Notes
(Callable 11/15/05 @ $104.69)
9.375%, 11/15/08 ........................ 717,276 772,865
Medquest, Inc., Series B, Global
Company Guaranteed Notes
(Callable 08/15/07 @ $105.94)
11.875%, 08/15/12 ....................... 1,000,000 1,015,000
MQ Associates, Inc., Global Senior
Discount Notes
(Callable 08/15/08 @ $109.00)
0.000%, 08/15/12 + ...................... 1,500,000 862,500
Tenet Healthcare Corp., Global Senior Notes
9.875%, 07/01/14 750,000 774,375
Tenet Healthcare Corp., Rule 144A,
Senior Notes
9.250%, 02/01/15++ ...................... 500,000 502,500
Triad Hospitals, Inc., Senior Notes
(Callable 05/15/08 @ $103.50)
7.000%, 05/15/12 ........................ 1,740,000 1,792,200
Triad Hospitals, Inc., Senior
Subordinated Notes
(Callable 11/15/08 @ $103.50)
7.000%, 11/15/13ss. ..................... 1,000,000 1,002,500
Universal Hospital Services, Inc.,
Global Senior Notes
(Callable 11/01/07 @ $105.06)
10.125%, 11/01/11 ....................... 750,000 763,125
Vanguard Health Holding Company, LLC,
Global Senior Subordinated Notes
(Callable 10/01/09 @ $104.50)
9.000%, 10/01/14 ........................ 1,000,000 1,047,500
-----------
13,646,515
-----------
HOME BUILDERS--2.0%
KB Home, Senior Subordinated Notes
8.625%, 12/15/08 ........................ 1,650,000 1,805,910
Toll Corp., Senior Subordinated Notes
(Callable 12/01/06 @ $104.12)
8.250%, 12/01/11 ........................ 700,000 751,625
WCI Communities, Inc., Global
Company Guaranteed Notes
(Callable 05/01/07 @ $104.56)
9.125%, 05/01/12 ........................ 1,000,000 1,050,000
William Lyon Homes, Inc., Company
Guaranteed Notes
(Callable 04/01/08 @ $105.38)
10.750%, 04/01/13 ....................... 1,000,000 1,060,000
-----------
4,667,535
-----------
INDUSTRIAL--1.4%
Altra Industrial Motion, Inc., Rule 144A,
Secured Notes
(Callable 12/01/08 @ $104.50)
9.000%, 12/01/11++ ...................... 1,000,000 997,500
Amsted Industries, Inc., Rule 144A,
Senior Notes
(Callable 10/15/07 @ $105.12)
10.250%, 10/15/11++ ..................... 1,000,000 1,075,000
PRINCIPAL
AMOUNT VALUE
----------- -----------
Amtrol, Inc., Senior Subordinated Notes
10.625%, 12/31/06 ....................... $ 450,000 $ 391,500
Polypore, Inc., Global Senior
Subordinated Notes
(Callable 05/15/08 @ $104.38)
8.750%, 05/15/12 ........................ 1,000,000 850,000
-----------
3,314,000
-----------
LEISURE--3.9%
Affinity Group, Inc., Rule 144A,
Senior Notes (Callable 02/15/08 @ $105.44)
10.875%, 02/15/12++ ..................... 1,300,000 1,254,500
AMC Entertainment, Inc., Global Senior
Subordinated Notes
(Callable 03/01/09 @ $104.00)
8.000%, 03/01/14ss. ..................... 2,000,000 1,820,000
Bally Total Fitness Holding Corp.,
Global Senior Notes
(Callable 07/15/07 @ $105.25)
10.500%, 07/15/11 ....................... 250,000 244,375
Bluegreen Corp., Series B, Company
Guaranteed Notes
(Callable 04/01/06 @ $100.00)
10.500%, 04/01/08 ....................... 1,125,000 1,141,875
Booth Creek Ski Holdings, Inc., Series B,
Company Guaranteed Notes
12.500%, 03/15/07 ....................... 1,300,000 1,290,250
Cinemark, Inc., Senior Disocunt Notes
(Callable 03/15/09 @ $104.88)
0.000%, 03/15/14 + ...................... 1,150,000 796,375
Icon Health & Fitness, Inc., Global
Company Guaranteed Notes
(Callable 04/01/07 @ $105.62)
11.250%, 04/01/12ss. .................... 1,000,000 715,000
Six Flags, Inc., Global Senior Notes
(Callable 02/01/06 @ $104.44)
8.875%, 02/01/10ss. ..................... 950,000 838,375
Six Flags, Inc., Global Senior Notes
(Callable 06/01/09 @ $104.81)
9.625%, 06/01/14ss. ..................... 1,050,000 892,500
-----------
8,993,250
-----------
LODGING--0.6%
Host Marriott LP, Global Senior Notes
(Callable 11/01/08 @ 103.56)
7.125%, 11/01/13ss. ..................... 500,000 508,750
John Q. Hammons Hotels, Series B,
Global Notes, First Mortgage
(Callable 05/15/07 @ $104.44)
8.875%, 05/15/12 ........................ 890,000 952,300
-----------
1,461,050
-----------
METALS & MINING--3.2%
Alpha Natural Resources LLC,
Rule 144A, Senior Notes
(Callable 06/01/08 @ $105.00)
10.000%, 06/01/12++ ..................... 1,600,000 1,784,000
Edgen Acquisition Corp., Rule 144A,
Secured Notes
(Callable 02/01/08 @ $104.94)
9.875%, 02/01/11++ ...................... 1,000,000 980,000
See notes to financial statements.
7
CREDIT SUISSE HIGH YIELD BOND FUND--SCHEDULE OF INVESTMENTS
April 30, 2005 (unaudited) (continued)
--------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
----------- -----------
METALS & MINING
Imco Recycling Escrow, Inc., Rule 144A,
Senior Notes
(Callable 11/15/08 @ $104.50)
9.000%, 11/15/14++ ...................... $1,000,000 $ 1,025,000
International Steel Group, Inc., Global
Senior Notes
6.500%, 04/15/14 ........................ 500,000 498,750
Metallurg, Inc., Series B, Company
Guaranteed Notes
(Callable 12/01/05 @ $100.00)
11.000%, 12/01/07 ....................... 700,000 665,000
UCAR Finance, Inc., Global Company
Guaranteed Notes
(Callable 02/15/07 @ $105.12)
10.250%, 02/15/12ss. .................... 1,000,000 1,050,000
WCI Steel, Inc., Series B, Senior
Secured Notes
10.000%, 12/01/49 0 ..................... 750,000 528,750
Wise Metals Group LLC, Global
Secured Notes
(Callable 05/15/08 @ $105.13)
10.250%, 05/15/12ss. .................... 1,000,000 885,000
-----------
7,416,500
-----------
PAPER & FOREST PRODUCTS--3.7%
Appleton Papers, Inc., Series B,
Senior Subordinated Notes
(Callable 06/15/09 @ $104.88)
9.750%, 06/15/14ss. ..................... 1,000,000 1,025,000
Caraustar Industries, Inc., Global
Company Guaranteed Notes
(Callable 04/01/06 @ $105.25)
9.875%, 04/01/11 ........................ 1,000,000 985,000
Cellu Tissue Holdings, Secured Notes
(Callable 03/15/07 @ $107.31)
9.750%, 03/15/10 ........................ 1,000,000 1,030,000
Georgia-Pacific Corp., Global Company
Guaranteed Notes
8.875%, 02/01/10 ........................ 1,200,000 1,338,000
Georgia-Pacific Corp., Global Company
Guaranteed Notes
(Callable 02/01/08 @ $104.69)
9.375%, 02/01/13 ........................ 1,300,000 1,454,375
Georgia-Pacific Corp., Global Senior Notes
8.000%, 01/15/24 ........................ 750,000 802,500
Newark Group, Inc., Global Senior
Subordinated Notes
(Callable 03/15/09 @ $104.88)
9.750%, 03/15/14 ........................ 2,000,000 1,980,000
-----------
8,614,875
-----------
PUBLISHING--4.8%
CBD Media Holdings, Global Senior Notes
(Callable 07/15/08 @ $104.63)
9.250%, 07/15/12ss. ..................... 1,250,000 1,228,125
Dex Media West LLC, Global Senior Notes
(Callable 11/15/08 @ $102.94)
5.875%, 11/15/11ss. ..................... 800,000 776,000
Dex Media, Inc., Global Discount Notes
(Callable 11/15/08 @ $104.50)
0.000%, 11/15/13 + ...................... 1,500,000 1,132,500
PRINCIPAL
AMOUNT VALUE
----------- -----------
Dex Media, Inc., Global Discount Notes
(Callable 11/15/08 @ $104.50)
0.000%, 11/15/13 +ss. ................... $ 500,000 $ 377,500
Dex Media, Inc., Global Notes
(Callable 11/15/08 @ $104.00)
8.000%, 11/15/13ss. ..................... 400,000 414,000
Haights Cross Operating Co., Global
Company Guaranteed Notes
(Callable 08/15/08 @ $105.88)
11.750%, 08/15/11ss. .................... 1,200,000 1,338,000
Houghton Mifflin Co., Global
Senior Discount Notes
(Callable 10/15/13 @ $105.75)
0.000%, 10/15/13 +ss. ................... 1,000,000 670,000
Houghton Mifflin Co., Global Senior Notes
(Callable 02/01/07 @ $104.12)
8.250%, 02/01/11 ........................ 350,000 351,750
Morris Publishing Group LLC, Global
Company Guranteed Notes
(Callable 08/01/08 @ $103.50)
7.000%, 08/01/13 ........................ 500,000 487,500
Phoenix Color Corp., Company
Guaranteed Notes
(Callable 02/01/06 @ $101.729)
10.375%, 02/01/09 ....................... 2,222,000 2,058,127
Primedia, Inc., Global Senior Notes
(Callable 05/15/08 @ $104.00)
8.000%, 05/15/13 ........................ 500,000 505,000
Sheridan Acquisition Corp, Global
Secured Notes
(Callable 05/15/07 @ $105.12)
10.250%, 08/15/11 ....................... 1,000,000 1,062,500
WDAC Subsidiary Corp., Rule 144A,
Senior Notes
(Callable 12/01/09 @ $104.19)
8.375%, 12/01/14++ ...................... 800,000 730,000
-----------
11,131,002
-----------
RESTAURANTS--2.4%
Buffets, Inc., Global Senior
Subordinated Notes
(Callable 07/15/06 @ $105.62)
11.250%, 07/15/10ss. .................... 850,000 841,500
Denny's Corp., Rule 144A, Senior Notes
(Callable 10/01/08 @ $105.00)
10.000%, 10/01/12++ ..................... 1,350,000 1,390,500
El Pollo Loco, Inc., Global Secured Notes
(Callable 12/15/06 @ $104.63)
9.250%, 12/15/09 ........................ 750,000 759,375
O'Charleys, Inc., Global Senior
Subordinated Notes
(Callable 11/01/08 @ $104.50)
9.000%, 11/01/13ss. ..................... 1,000,000 1,075,000
Romacorp, Inc., Senior Notes
10.500%, 12/31/08 ^ ..................... 1,044,088 522,044
Uno Restaurant Corp., Rule 144A,
Senior Notes
(Callable 02/15/08 @ $110.00)
10.000%, 02/15/11++ss. .................. 1,000,000 995,000
-----------
5,583,419
-----------
See notes to financial statements.
8
CREDIT SUISSE HIGH YIELD BOND FUND--SCHEDULE OF INVESTMENTS
April 30, 2005 (unaudited) (continued)
--------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
----------- -----------
RETAIL-FOOD & DRUG--3.3%
Ameriqual Group LLC, Rule 144A,
Secured Notes
(Callable 04/01/09 @ $104.50)
9.000%, 04/01/12++ ...................... $ 500,000 $ 497,500
Duane Reade, Inc., Global Senior
Subordinated Notes
(Callable 08/01/08 @ $104.88)
9.750%, 08/01/11ss. ..................... 1,750,000 1,513,750
General Nutrition Center, Rule 144A,
Senior Notes
(Callable 01/15/08 @ $104.31)
8.625%, 01/15/11++ ...................... 600,000 537,000
Great Atlantic & Pacific Tea Co., Inc.,
Senior Notes
(Callable 12/15/06 @ $104.56)
9.125%, 12/15/11ss. ..................... 1,060,000 1,057,350
Gregg Appliances, Inc., Rule 144A,
Senior Notes
(Callable 02/01/09 @ $104.50)
9.000%, 02/01/13++ ...................... 1,000,000 905,000
Pathmark Stores, Inc., Global Company
Guaranteed Notes
(Callable 02/01/07 @ $104.38)
8.750%, 02/01/12ss. ..................... 1,000,000 957,500
Rite Aid Corp., Rule 144A, Secured Notes
(Callable 01/15/10 @ $103.75)
7.500%, 01/15/15++ ...................... 1,000,000 922,500
Roundy's, Inc., Series B, Global Company
Guaranteed Notes
(Callable 06/15/07 @ $104.44)
8.875%, 06/15/12ss. ..................... 500,000 520,000
Stater Brothers Holdings, Inc.,
Global Senior Notes
(Callable 06/15/08 @ $104.06)
8.125%, 06/15/12ss. ..................... 450,000 420,750
Winn-Dixie Stores, Inc., Company
Guaranteed Notes
(Callable 04/01/06 @ $102.22)
8.875%, 04/01/08ss. ..................... 450,000 227,250
-----------
7,558,600
-----------
RETAIL STORES--3.3%
Asbury Automotive Group Inc., Global
Company Guaranteed Notes
(Callable 06/15/07 @ $104.50)
9.000%, 06/15/12ss. ..................... 700,000 693,000
CSK Auto, Inc., Global Company
Guaranteed Notes
(Callable 01/15/09 @ $103.50)
7.000%, 01/15/14 ........................ 1,000,000 910,000
Finlay Fine Jewelry Corp., Global
Senior Notes
(Callable 06/01/08 @ $104.19)
8.375%, 06/01/12ss. ..................... 500,000 442,500
JC Penney Company, Inc.,
Series MTNA, Notes
6.875%, 10/15/15 ........................ 1,000,000 1,037,500
Michaels Stores, Inc., Senior Notes
(Callable 07/01/05 @ $104.62)
9.250%, 07/01/09 ........................ 900,000 951,750
Nebraska Book Company, Inc.,
Global Senior Subordinated Notes
(Callable 03/15/08 @ $104.31)
8.625%, 03/15/12 ........................ 500,000 477,500
PRINCIPAL
AMOUNT VALUE
----------- -----------
Pep Boys - Manny, Moe & Jack,
Series MTNB, Notes
6.920%, 07/07/06 ........................ $ 900,000 $ 909,000
Southern States Cooperative, Inc.,
Rule 144A, Senior Notes
(Callable 11/01/07 @ $108.00)
10.500%, 11/01/10++ ..................... 1,300,000 1,306,500
United Auto Group, Inc., Global Company
Guaranteed Notes
(Callable 03/15/07 @ $104.81)
9.625%, 03/15/12 ........................ 750,000 783,750
-----------
7,511,500
-----------
SATELLITE--0.9%
EchoStar DBS Corp., Rule 144A, Company
Guaranteed Notes
6.625%, 10/01/14++ ...................... 1,000,000 975,000
PanAmSat Corp., Global Company
Guaranteed Notes
(Callable 08/15/09 @ $104.50)
9.000%, 08/15/14ss. ..................... 1,000,000 1,045,000
-----------
2,020,000
-----------
SECONDARY OIL & GAS PRODUCERS--1.9%
Chesapeake Energy Corp., Global
Senior Notes
(Callable 08/15/09 @ $103.50)
7.000%, 08/15/14ss. ..................... 1,000,000 1,030,000
Chesapeake Energy Corp., Senior Notes
(Callable 01/15/09 @ $103.44)
6.875%, 01/15/16 ........................ 1,093,000 1,093,000
Kerr-McGee Corp, Company
Guaranteed Notes
6.875%, 09/15/11 ........................ 1,000,000 1,021,250
Magnum Hunter Resources, Inc., Global
Company Guaranteed Notes
(Callable 03/15/07 @ $104.80)
9.600%, 03/15/12 ........................ 423,000 471,645
Range Resources Corp., Rule 144A, Senior
Subordinated Notes
(Callable 03/15/10 @ $103.19)
6.375%, 03/15/15++ ...................... 200,000 194,000
Whiting Petroleum Corp., Global Senior
Subordinated Notes
(Callable 05/01/08 @ $103.63)
7.250%, 05/01/12 ........................ 600,000 600,000
-----------
4,409,895
-----------
SERVICES-OTHER--9.0%
Advanstar Communications, Inc.,
Global Secured Note
(Callable 02/15/08 @ $105.38)
10.750%, 08/15/10 ....................... 1,500,000 1,650,000
Allied Security Escrow, Global Senior
Subordinated Notes
(Callable 07/15/08 @ $105.69)
11.375%, 07/15/11 ....................... 1,250,000 1,281,250
American Color Graphics, Global Notes
(Callable 06/15/07 @ $105.00)
10.000%, 06/15/10ss. .................... 1,150,000 741,750
Diamond Triumph Auto Glass, Inc., Company
Guaranteed Notes
(Callable 04/01/06 @ $100.00)
9.250%, 04/01/08 ........................ 400,000 332,000
See notes to financial statements.
9
CREDIT SUISSE HIGH YIELD BOND FUND--SCHEDULE OF INVESTMENTS
April 30, 2005 (unaudited) (continued)
--------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
----------- -----------
SERVICES-OTHER
DynCorp International, Rule 144A,
Senior Subordinated Notes
(Callable 02/15/09 @ $104.75)
9.500%, 02/15/13++ ...................... $1,000,000 $ 965,000
Equinox Holdings, Inc., Senior Notes
(Callable 12/15/06 @ $104.50)
9.000%, 12/15/09 ........................ 450,000 462,375
Great Lakes Dredge & Dock Corp.,
Global Senior Subordinated Notes
(Callable 12/15/08 @ $103.88)
7.750%, 12/15/13ss. ..................... 1,250,000 990,625
HydroChem Industrial Services, Inc.,
Rule 144A, Senior Subordinated Notes
(Callable 02/15/09 @ $104.63)
9.250%, 02/15/13++ ...................... 1,000,000 1,005,000
Integrated Alarm Services Group, Inc.,
Rule 144A, Secured Notes
(Callable 11/15/08 @ $106.00)
12.000%, 11/15/11++ ..................... 1,000,000 985,000
Iron Mountain, Inc., Company
Guaranteed Notes
(Callable 04/01/06 @ $104.31)
8.625%, 04/01/13 ........................ 750,000 755,625
La Petite Academy, Inc., Series B,
Company Guaranteed Notes
(Callable 05/15/05 @ $101.67)
10.000%, 05/15/08ss. .................... 980,000 935,900
Language Line, Inc., Global Senior Notes
(Callable 06/15/08 @ $105.56)
11.125%, 06/15/12 ....................... 750,000 772,500
Mortons Restaurant Group, Inc.,
Global Secured Notes
(Callable 07/01/07 @ $105.30)
7.500%, 07/01/10 ........................ 1,000,000 970,000
Muzak LLC/Muzak Finance Corp.,
Global Senior Notes
(Callable 02/15/06 @ $105.00)
10.000%, 02/15/09ss. .................... 1,000,000 845,000
National Beef Packing Company LLC,
Global Senior Notes
(Callable 08/01/07 @ $105.25)
10.500%, 08/01/11 ....................... 1,000,000 962,500
Neff Corp., Company Guaranteed Notes
(Callable 06/01/05 @ $101.71)
10.250%, 06/01/08 ....................... 2,000,000 2,010,000
Rent-A-Center, Inc., Series B,
Global Company Guaranteed Notes
(Callable 05/01/06 @ $103.75)
7.500%, 05/01/10 ........................ 500,000 497,500
Salton, Inc., Global Senior
Subordinated Notes
(Callable 04/15/06 @ $103.42)
12.250%, 04/15/08 ....................... 1,500,000 720,000
United Rentals North America Inc.,
Global Senior Subordinated Notes
(Callable 11/15/08 @ $103.88)
7.750%, 11/15/13ss. ..................... 2,000,000 1,885,000
United Rentals North America, Inc.,
Global Senior Subordinated Notes
(Callable 02/15/09 @ $103.50)
7.000%, 02/15/14ss. ..................... 1,000,000 905,000
WMG Holdings Corp., Rule 144A,
Senior Discount Notes
(Callable 12/15/09 @ $104.75)
0.000%, 12/15/14+++ ..................... 1,500,000 1,005,000
-----------
20,677,025
-----------
PRINCIPAL
AMOUNT VALUE
----------- -----------
TECHNOLOGY--3.7%
Advanced Micro Devices, Inc.,
Global Senior Notes
(Callable 11/01/08 @ $103.88)
7.750%, 11/01/12,ss. .................... $1,000,000 $ 960,000
Amkor Technology, Inc., Global Senior Notes
(Callable 05/15/08 @ $103.88)
7.750%, 05/15/13ss. ..................... 1,400,000 1,104,250
Ampex Corp., Secured Notes
12.000%, 08/15/08 ^ 475,129 475,129
Itron, Inc., Global Senior Subordinated Notes
(Callable 05/15/08 @ $103.88)
7.750%, 05/15/12 ........................ 1,000,000 1,005,000
Lucent Technologies, Inc., Notes
7.250%, 07/15/06ss. ..................... 950,000 971,375
Lucent Technologies, Inc., Notes
5.500%, 11/15/08ss. ..................... 800,000 780,000
Sanmina-SCI Corp., Global Company
Guaranteed Notes
(Callable 01/15/07 @ $105.19)
10.375%, 01/15/10 ....................... 1,000,000 1,100,000
Viasystems, Inc., Global Senior
Subordinated Notes
(Callable 01/15/08 @ $105.25)
10.500%, 01/15/11 ....................... 1,000,000 965,000
Xerox Corp., Senior Notes
(Callable 06/15/08 @ $103.81)
7.625%, 06/15/13ss. ..................... 1,000,000 1,072,500
-----------
8,433,254
-----------
TEXTILE/APPAREL/SHOE MANUFACTURING--2.6%
BGF Industries, Inc., Series B,
Senior Subordinated Notes
(Callable 01/15/06 @ $101.75)
10.250%, 01/15/09 ....................... 2,797,000 2,797,000
Levi Strauss & Co., Global Senior Notes
(Callable 12/15/07 @ $106.12)
12.250%, 12/15/12ss. .................... 1,200,000 1,278,000
Levi Strauss & Co., Rule 144A, Senior Notes
(Callable 01/15/10 @ $104.88)
9.750%, 01/15/15++ ...................... 1,000,000 960,000
Propex Fabrics, Inc., Global Company
Guaranteed Notes
(Callable 12/01/08 @ $105.00)
10.000%, 12/01/12 ....................... 1,000,000 955,000
-----------
5,990,000
-----------
TOWER--0.9%
American Tower Corp., Class A,
Global Senior Notes
(Callable 10/15/08 @ $103.56)
7.125%, 10/15/12 ........................ 1,000,000 997,500
SBA Telecommunications, Inc.,
Global Senior Discount Notes
(Callable 12/15/07 @ $104.88)
0.000%, 12/15/11 + ...................... 1,300,000 1,137,500
-----------
2,135,000
-----------
TRANSPORTATION/OTHER--0.3%
H-Lines Finance Holding Corp.,
Rule 144A, Senior Discount Notes
(Callable 04/01/08 @ $105.50)
0.000%, 04/01/13+++ ..................... 1,000,000 777,500
-----------
See notes to financial statements.
10
CREDIT SUISSE HIGH YIELD BOND FUND--SCHEDULE OF INVESTMENTS
April 30, 2005 (unaudited) (continued)
--------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
----------- -----------
UTILITIES--6.6%
AES Corp., Rule 144A, Secured Notes
(Callable 05/15/08 @ $104.50)
9.000%, 05/15/15++ ...................... $1,000,000 $ 1,095,000
Allegheny Energy Supply Company LLC,
Global Notes
7.800%, 03/15/11ss. ..................... 1,000,000 1,045,000
Aquila, Inc., Senior Notes
7.625%, 11/15/09 ........................ 1,100,000 1,108,250
Calpine Corp., Rule 144A, Secured Notes
(Callable 07/15/08 @ $104.38)
8.750%, 07/15/13++ss. ................... 2,250,000 1,563,750
Calpine Corp., Senior Notes
8.500%, 02/15/11ss. ..................... 1,000,000 497,500
Calpine Generating Company LLC,
Global Secured Notes
(Callable 4/01/08 @ $103.50)
8.610%, 04/01/10 # ...................... 2,500,000 2,350,000
CMS Energy Corp., Global Senior Notes
8.900%, 07/15/08 ........................ 1,000,000 1,070,000
CMS Energy Corp., Global Senior Notes
7.750%, 08/01/10 ........................ 1,000,000 1,032,500
Edison Mission Energy, Global Senior Notes
10.000%, 08/15/08 ....................... 350,000 384,125
Edison Mission Energy, Senior Notes
7.730%, 06/15/09ss. ..................... 1,300,000 1,339,000
Midwest Generation LLC, Global
Secured Notes
(Callable 05/01/09 @ $104.38)
8.750%, 05/01/34 ........................ 1,000,000 1,095,000
Mirant Corp., Rule 144A, Senior Notes
7.400%, 07/15/49++0 ..................... 1,100,000 847,000
NRG Energy, Inc., Rule 144A, Secured Notes
(Callable 12/15/08 @ $104.00)
8.000%, 12/15/13++ ...................... 235,000 238,525
Sierra Pacific Resources, Global Senior Notes
(Callable 03/15/09 @ $104.31)
8.625%, 03/15/14 ........................ 500,000 532,500
TNP Enterprises, Inc., Series B, Senior
Subordinated Notes
(Callable 04/01/06 @ $103.42)
10.250%, 04/01/10 ....................... 850,000 898,875
-----------
15,097,025
-----------
WIRELESS--7.3%
Airgate PCS, Inc., Rule 144A, Secured Notes
(Callable 01/01/06 @ $104.69)
9.375%, 09/01/09++ss. ................... 449,900 480,268
AirGate PCS, Inc., Secured Note
(Callable 01/01/06 @ $104.69)
9.375%, 09/01/09ss. ..................... 600,000 640,500
Alamosa Delaware, Inc., Global Senior Notes
(Callable 01/31/08 @ $104.25)
8.500%, 01/31/12 ........................ 1,250,000 1,300,000
American Cellular Corp., Series B,
Global Senior Notes
(Callable 08/01/07 @ $105.00)
10.000%, 08/01/11 ....................... 1,100,000 1,034,000
Centennial Communications Corp., Global
Company Guaranteed Notes
(Callable 06/15/08 @ $105.06)
10.125%, 06/15/13 ....................... 650,000 713,375
PRINCIPAL
AMOUNT VALUE
----------- -----------
Centennial Communications Corp.,
Global Senior Notes
(Callable 02/01/09 @ $104.06)
8.125%, 02/01/14 # ...................... $1,950,000 $ 1,954,875
Dobson Communications Corp.,
Global Senior Notes
(Callable 10/01/08 @ $104.44)
8.875%, 10/01/13ss. ..................... 1,250,000 1,025,000
Horizon PCS, Inc., Rule 144A, Senior Notes
(Callable 07/15/08 @ $105.69)
11.375%, 07/15/12++ ..................... 750,000 832,500
iPCS, Inc., Global Senior Notes
(Callable 05/01/08 @ $105.75)
11.500%, 05/01/12ss. .................... 850,000 943,500
Nextel Communications, Inc., Senior Notes
(Callable 08/01/08 @ $103.69)
7.375%, 08/01/15 ........................ 250,000 267,500
Nextel Partners, Inc., Global Senior Notes
(Callable 07/01/07 @ $104.06)
8.125%, 07/01/11 ........................ 1,100,000 1,188,000
Rural Cellular Corp., Global Senior
Subordinated Notes
(Callable 01/15/06 @ $104.88)
9.750%, 01/15/10ss. ..................... 1,250,000 1,137,500
Triton PCS, Inc., Global Company
Guaranteed Notes
(Callable 06/01/08 @ $104.25)
8.500%, 06/01/13 ........................ 2,000,000 1,740,000
Ubiquitel Operating Co.,
Global Senior Notes
(Callable 03/01/07 @ $107.41)
9.875%, 03/01/11 ........................ 1,000,000 1,087,500
Ubiquitel Operating Co., Rule 144A,
Senior Notes
(Callable 03/01/07 @ $107.41)
9.875%, 03/01/11++ss. ................... 1,150,000 1,250,625
Western Wireless Corp., Global Senior Notes
(Callable 07/15/08 @ $104.62)
9.250%, 07/15/13ss. ..................... 1,000,000 1,147,500
-----------
16,742,643
-----------
TOTAL U.S. CORPORATE BONDS
(COST $305,577,818) 300,709,640
-----------
FOREIGN CORPORATE BONDS--11.6%
AUTOMOBILE MANUFACTURING/VEHICLE PARTS--0.4%
Bombardier Recreational Products,
Global Senior Subordinated Notes
(Callable 12/15/08 @ $104.19)
(Canada) 8.375%, 12/15/13 ............... 800,000 840,000
-----------
BROADBAND--0.7%
Call-Net Enterprises, Inc., Yankee
Company Guaranteed Notes
(Callable 01/01/06 @ $105.31)
(Canada)10.625%, 12/31/08 ............... 1,000,000 1,055,000
Global Crossing Finance, Rule 144A,
Company Guaranteed Global Notes
(Callable 12/15/06 @ 105.38)
(United Kingdom)
10.750%, 12/15/14++ss. .................. 650,000 594,750
-----------
1,649,750
-----------
See notes to financial statements.
11
CREDIT SUISSE HIGH YIELD BOND FUND--SCHEDULE OF INVESTMENTS
April 30, 2005 (unaudited) (continued)
--------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
----------- -----------
BUILDING PRODUCTS--0.3%
Maax Holdings, Inc., Rule 144A,
Senior Discount Notes
(Callable 12/15/08 @ $105.63)
(Canada) 0.000%, 12/15/12+++ ............ $1,250,000 $ 693,750
-----------
CABLE--0.9%
Kabel Deutschland Gmbh, Rule 144A,
Senior Notes
(Callable 07/01/09 @ $105.31)
(Germany) 10.625%, 07/01/14++ ........... 1,000,000 1,060,000
Telenet Group Holding NV, Rule 144A,
Senior Notes
(Callable 12/15/08 @ $105.75)
(Belgium) (0.000)%, 06/15/14+++ss. ...... 1,350,000 1,019,250
-----------
2,079,250
-----------
CHEMICALS--1.0%
Acetex Corp., Global Senior Notes
(Callable 08/01/05 @ $105.44)
(Canada) 10.875%, 08/01/09 .............. 1,000,000 1,060,000
Rhodia SA, Global Senior Notes
(France) 10.250%, 06/01/10 .............. 1,250,000 1,331,250
-----------
2,391,250
-----------
CONTAINERS--0.6%
Crown European Holdings SA,
Global Secured Notes
(Callable 03/01/07 @ $104.75)
(France) 9.500%, 03/01/11 ............... 1,250,000 1,356,250
-----------
FOOD PROCESSORS/BEVERAGE/BOTTLING--0.5%
Burns Philp Capital Property, Ltd.,
Global Company Guaranteed Notes
(Callable 07/15/07 @ $104.88)
(Australia) 9.750%, 07/15/12 ............ 1,000,000 1,095,000
-----------
GAMING--0.4%
Kerzner International, Ltd.,
Global Company Guaranteed Notes
(Callable 08/15/06 @ $104.44)
(Bahamas) 8.875%, 08/15/11 .............. 750,000 806,250
-----------
INDUSTRIAL--0.0%
International Utility Structures, Inc.,
Yankee Senior Subordinated Notes
(Callable 02/01/06 @ $100) (Canada)
10.750%, 02/01/08 0 ..................... 1,020,500 10,205
-----------
LEISURE--0.5%
NCL Corporation Ltd., Rule 144A,
Senior Notes
(Callable 07/15/09 @ $105.31)
(Bermuda) 11.625%, 07/15/14++# .......... 1,000,000 1,030,000
-----------
METALS & MINING--0.8%
Gerdau Ameristeel Corp., Global
Senior Notes (Callable 07/15/07 @ $105.38)
(Canada) 10.375%, 07/15/11 .............. 1,000,000 1,095,000
PRINCIPAL
AMOUNT VALUE
----------- -----------
Ispat Inland ULC, Global Secured Notes
(Callable 04/01/09 @ $104.88)
(Canada) 9.750%, 04/01/14 ............... $ 650,000 $ 745,875
-----------
1,840,875
-----------
PAPER & FOREST PRODUCTS--1.8%
Abitibi-Consolidated, Inc., Global Notes
(Canada) 7.750%, 06/15/11 ............... 600,000 558,000
Abitibi-Consolidated, Inc., Yankee
Senior Notes
(Canada) 8.375%, 04/01/15ss. ............ 400,000 367,000
Fraser Papers, Inc., Rule 144A, Senior Notes
(Callable 03/15/10 @ $104.38)
(Canada) 8.750%, 03/15/15++ ............. 750,000 701,250
JSG Funding PLC, Global Senior Notes
(Callable 10/01/07 @ $104.81)
(Ireland) 9.625%, 10/01/12 .............. 750,000 746,250
JSG Funding PLC, Rule 144A,
Senior Subordinated Notes
(Callable 01/31/10 @ $103.88)
(Ireland) 7.750%, 04/01/15++ss. ......... 1,000,000 835,000
Tembec Industries, Inc., Yankee Company
Guaranteed Notes
(Callable 06/30/05 @ $102.88)
(Canada) 8.625%, 06/30/09ss. ............ 1,200,000 972,000
-----------
4,179,500
-----------
RETAIL-FOOD & DRUG--0.4%
Jean Coutu Group (PJC), Inc.,
Global Senior Subordinated Notes
(Callable 08/01/09 @ $104.25)
(Canada) 8.500%, 08/01/14 ............... 1,000,000 947,500
-----------
SATELLITE--1.0%
Intelsat Bermuda, Ltd., Rule 144A,
Senior Notes (Callable 07/15/05 @ $102.00)
(Bermuda) 7.805%, 07/15/05++# ........... 1,000,000 1,007,500
New Asat, Ltd., Global Company
Guaranteed Notes
(Callable 02/01/08 @ $104.63)
(Cayman Islands)
9.250%, 02/01/11 ........................ 1,700,000 1,402,500
-----------
2,410,000
-----------
TECHNOLOGY--0.8%
Celestica, Inc., Senior Subordinated Notes
(Callable 07/01/08 @ $103.94)
(Canada) 7.875%, 07/01/11 ............... 250,000 250,000
Danka Business Systems, Senior Notes
(Callable 06/15/07 @ $105.50)
(United Kingdom)
11.000%, 06/15/10 ....................... 750,000 690,000
Flextronics International, Ltd., Global
Senior Subordinated Notes
(Callable 11/15/09 @ $103.13)
(Singapore) 6.250%, 11/15/14ss. ......... 1,000,000 930,000
-----------
1,870,000
-----------
See notes to financial statements.
12
CREDIT SUISSE HIGH YIELD BOND FUND--SCHEDULE OF INVESTMENTS
April 30, 2005 (unaudited) (continued)
--------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
----------- -----------
TRANSPORTATION--0.8%
Sea Containers, Ltd., Series B, Yankee
Senior Notes (Bermuda)
7.875%, 02/15/08 ........................ $ 445,000 $ 439,437
Ship Finance International Ltd.,
Global Senior Notes
(Callable 12/15/08 @ $104.25)
(Bermuda) 8.500%, 12/15/13 .............. 1,500,000 1,432,500
-----------
1,871,937
-----------
TRANSPORTATION/OTHER--0.2%
Titan Petrochemicals Group, Ltd.,
Rule 144A, Company Guaranteed Notes
(Bermuda) 8.500%, 03/18/12++ ............ 500,000 455,000
-----------
WIRELESS--0.5%
Millicom International Cellular SA,
Global Senior Notes
(Callable 12/01/08 @ $105.00) (Luxembourg)
10.000%, 12/01/13 # ..................... 750,000 733,125
Rogers Wireless Communications, Inc.,
Global Secured Notes
(Canada) 7.500%, 03/15/15 ............... 500,000 515,625
-----------
1,248,750
-----------
TOTAL FOREIGN CORPORATE BONDS
(COST $27,645,712) 26,775,267
-----------
SHARES
----------
COMMON STOCKS--0.8%
AUTOMOBILE MANUFACTURING/VEHICLE PARTS--0.0%
Cambridge Industries
Liquidating Trust * ..................... 774,557 7,746
-----------
CHEMICALS--0.0%
Huntsman Corp. * .......................... 4,893 102,949
-----------
DIVERSIFIED TELECOMMUNICATIONS--0.2%
Versatel Telecom International NV * ....... 233,772 531,147
-----------
FOOD PROCESSORS/BEVERAGE/BOTTLING--0.5%
Archibald Candy Corp. *^ .................. 1,291 0
Crunch Equity Holdings, Class A * ......... 845 1,098,458
-----------
1,098,458
-----------
WIRELESS--0.1%
Dobson Communications Corp.,
Class A * ............................... 99,764 199,528
-----------
TOTAL COMMON STOCKS
(COST $2,949,016) 1,939,828
-----------
SHARES VALUE
---------- -----------
PREFERRED STOCK--0.1%
WIRELESS--0.1%
Dobson Communications Corp., Rule 144A++
(Cost $265,050) ......................... 1,550 $ 129,081
-----------
WARRANTS--0.0%
BROADBAND--0.0%
GT Group Telecom, Inc., Rule 144A,
strike price $0.00,
(Callable 04/01/08 @ 105.50)
expires 02/01/10*++ ..................... 6,750 0
Ono Finance PLC,
expires 05/31/09 * ...................... 5,980 60
-----------
60
-----------
DIVERSIFIED TELECOMMUNICATIONS--0.0%
Versatel Telecom International NV,
strike price $2.81, expires 05/15/08*^ .. 3,000 37,177
-----------
GAMING--0.0%
Windsor Woodmont Black Hawk,
strike price $0.01, expires 03/15/10*^ .. 106 0
-----------
RESTAURANTS--0.0%
New World Restaurant Group, Inc.,
strike price $13.00, expires 06/20/06 * . 336 3
-----------
SATELLITE--0.0%
Asat Finance LLC, Rule 144A,
strike price $18.60, expires 11/01/06, *++ 5,000 625
-----------
TECHNOLOGY--0.0%
Viasystems, Inc., strike price $25.31,
expires 01/31/10 *^ ..................... 204,293 2,043
-----------
TOTAL WARRANTS
(COST $3,938,143) 39,908
-----------
PRINCIPAL
AMOUNT
----------
REPURCHASE AGREEMENTS--24.8%
Bear Stearns & Co., 2.25%,
Dated 04/30/05, due 05/01/05,
proceeds at maturity $3,642,205,
(fully collateralized by
U.S. Treasury Strips, due 05/15/16.,
Market Value of collateral is
$3,748,413)ss.ss. ....................... $3,641,523 3,641,523
Bear Stearns & Co., 2.85%,
Dated 04/30/05, due 05/01/05,
proceeds at maturity $7,646,251,
(fully collateralized by
U.S. Treasury Strips, due 05/15/16.,
Market Value of collateral is
$7,867,649)ss.ss. ....................... 7,644,435 7,644,435
See notes to financial statements.
13
CREDIT SUISSE HIGH YIELD BOND FUND--SCHEDULE OF INVESTMENTS
April 30, 2005 (unaudited) (continued)
--------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
----------- -----------
REPURCHASE AGREEMENTS
Bear Stearns & Co., 3.00%,
Dated 04/30/05, due 05/01/05,
proceeds at maturity $45,269,790,
(fully collateralized by
FHLMC, due 05/15/28,
FHLMC, due 06/15/31,
FHLMC, due 02/15/32,
FNMA, due 11/25/30,
FNMA, due 10/25/31,
FNMA, due 11/25/31,
FNMA, due 12/25/31,
FNMA, due 03/18/32,
GNMA, due 09/20/30,
GNMA, due 04/30/31,
GNMA, due 03/20/32,
U.S. Treasury Strips, due 05/15/16,
Market Value of collateral
is $46,442,930),ss.ss. .................. $45,258,475 $45,258,475
Bear Stearns & Co., 3.00%,
Dated 04/30/05, due 05/01/05,
proceeds at maturity $486,622,
(fully collateralized by
U.S. Treasury Strips, due 05/15/16.
Market Value of collateral
is $500,612),ss.ss. ..................... 486,500 486,500
-----------
TOTAL REPURCHASE AGREEMENTS
(COST $57,030,933) ...................... 57,030,933
-----------
SHARES VALUE
---------- -----------
SHORT-TERM INVESTMENTS--13.0%
Dreyfus Cash Management, Class A,
Institutional Shares,ss.ss. ............. 15,000,000 $15,000,000
Dreyfus Cash Management Plus, Inc.,
Institutional Shares,ss.ss. ............. 15,000,000 15,000,000
-----------
TOTAL SHORT-TERM INVESTMENTS
(COST $30,000,000) ...................... 30,000,000
-----------
TOTAL INVESTMENTS-180.8%
(COST $427,406,672) ..................... 416,624,657
LIABILITIES IN EXCESS OF
OTHER ASSETS--(80.8)% ................... (186,173,580)
-------------
NET ASSETS--(100.0%) ......................... $ 230,451,077
=============
Notes:
++ 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,
2005, these securities amounted to $70,840,622 or 30.74% of net assets.
+ Step Bond -- The interest stated is as of April 30, 2005 and will reset
at a future date.
0 Bond in default.
* Non-income producing security.
^ Not readily marketable; security is valued at fair value as determined in
good faith by, or under the direction of, the Board of Trustees.
ss. Security or portion thereof is out on loan.
ss.ss. Represents security purchased with cash collateral received for
securities on loan.
# Variable rate obligations - The interest rate shown is the rate as of
April 30, 2005.
See notes to financial statements.
14
CREDIT SUISSE HIGH YIELD BOND FUND--STATEMENT OF ASSETS AND LIABILITIES
April 30, 2005 (unaudited)
--------------------------------------------------------------------------------
ASSETS:
Investments in securities at value, including collateral for
securities on loan of $87,030,933 (Cost $427,406,672) (Note 2, 8) ............. $416,624,6571
Cash ............................................................................. 6,721,426
Interest receivable .............................................................. 8,209,760
Receivable for investments sold .................................................. 2,642,791
Prepaid expenses and other assets ................................................ 72,724
------------
Total Assets .................................................................. 434,271,358
------------
LIABILITIES:
Investment advisory fees (Note 3) ................................................ 268,299
Administrative fees (Note 3) ..................................................... 78,948
Loan payable (Note 6) ............................................................ 113,000,000
Payable upon return of securities loaned (Note 8) ................................ 87,030,933
Payable for investments purchased ................................................ 3,030,823
Interest payable ................................................................. 315,234
Trustees' fees (Note 3) .......................................................... 13,298
Other accrued expenses payable ................................................... 82,746
------------
Total Liabilities ............................................................. 203,820,281
============
NET ASSETS
Applicable to 54,432,061 shares outstanding ...................................... $230,451,077
============
NET ASSETS CONSIST OF:
Capital stock, $0.001 par value (Note 5) ......................................... $ 54,432
Paid-in capital (Note 5) ......................................................... 485,995,186
Distributions in excess of net investment income ................................. (4,401,113)
Accumulated net realized loss on investments ..................................... (240,415,413)
Net unrealized depreciation from investments ..................................... (10,782,015)
------------
Net Assets ....................................................................... $230,451,077
============
NET ASSET VALUE PER SHARE ($230,451,077 / 54,432,061) $ 4.23
======
MARKET PRICE PER SHARE $ 4.59
======
1 Including $73,846,955 of securities on loan.
See notes to financial statements.
15
CREDIT SUISSE HIGH YIELD BOND FUND--STATEMENT OF OPERATIONS
For the Six Months ended April 30, 2005 (unaudited)
--------------------------------------------------------------------------------
INVESTMENT INCOME: (Note 2)
Interest ......................................................................... $ 16,964,470
Securities lending ............................................................... 389,087
------------
Total investment income ....................................................... 17,353,557
------------
EXPENSES:
Investment advisory fees (Note 3) ................................................ 1,738,832
Administrative fees (Note 3) ..................................................... 100,598
Interest and leveraging fees (Note 6) ............................................ 1,661,857
Printing fees (Note 3) ........................................................... 34,621
Trustees' fees (Note 3) .......................................................... 25,624
Audit fees ....................................................................... 24,934
Legal fees ....................................................................... 24,619
Registration fees ................................................................ 19,806
Custodian fees ................................................................... 17,114
Transfer agent fees .............................................................. 11,743
Insurance expense ................................................................ 3,994
Miscellaneous expense ............................................................ 1,895
------------
Total expenses ................................................................ 3,665,637
------------
NET INVESTMENT INCOME ............................................................... 13,687,920
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments ................................................. 2,590,169
Net change in unrealized appreciation (depreciation) on investments .............. (17,391,564)
------------
Net realized and unrealized loss on investments .................................. (14,801,395)
------------
NET DECREASE IN NET ASSETS FROM OPERATIONS .......................................... $ (1,113,475)
============
See notes to financial statements.
16
CREDIT SUISSE HIGH YIELD BOND FUND--STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
FOR THE SIX MONTHS
ENDED
4/30/2005 YEAR ENDED
(UNAUDITED) 10/31/2004
------------- -------------
OPERATIONS:
Net investment income .......................................................... $ 13,687,920 $ 28,246,566
Net realized income (loss) on investments ...................................... 2,590,169 (4,053,958)
Net change in unrealized appreciation (depreciation)
on investments .............................................................. (17,391,564) 17,042,720
------------- -------------
Net increase (decrease) in net assets resulting from operations ................ (1,113,475) 41,235,328
------------- -------------
DIVIDENDS TO SHAREHOLDERS:
From net investment income ..................................................... (15,021,588) (30,957,053)
------------- -------------
Net decrease in net assets resulting from dividends ............................ (15,021,588) (30,957,053)
------------- -------------
CAPITAL SHARE TRANSACTIONS: (Note 5)
Reinvestment of dividends ...................................................... 2,063,114 4,990,024
------------- -------------
Net increase in net assets from capital share transactions ..................... 2,063,114 4,990,024
------------- -------------
Net increase (decrease) in net assets .......................................... (14,071,949) 15,268,299
NET ASSETS:
Beginning of period ............................................................ 244,523,026 229,254,727
------------- -------------
End of period .................................................................. $ 230,451,077 $ 244,523,026
============= =============
Distributions in excess of net investment income .................................. $ (4,401,113) $ (3,067,445)
============= =============
See notes to financial statements.
17
CREDIT SUISSE HIGH YIELD BOND FUND--STATEMENT OF CASH FLOWS
For the Six Months Ended April 30, 2005 (unaudited)
--------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Interest, dividends and securities lending income received ....................... $ 15,930,693
Operating expenses paid .......................................................... (3,626,081)
Purchases of long-term securities ................................................ (107,293,736)
Proceeds from sales of long-term securities ...................................... 109,308,021
-------------
Net cash provided by operating activities ........................................... $ 14,318,897
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings ......................................................... 113,000,000
Repayment of borrowings .......................................................... (111,338,143)
Cash dividends paid .............................................................. (12,958,474)
-------------
Net cash used in financing activities ............................................... (11,296,617)
-------------
Net increase in cash ................................................................ 3,022,280
Cash--beginning of period ........................................................... 3,699,146
-------------
Cash--end of period ................................................................. $ 6,721,426
=============
RECONCILIATION OF NET DECREASE IN NET ASSETS
FROM OPERATION TO NET CASH USED IN
OPERATING ACTIVITIES:
Net decrease in net assets resulting from operations ................................ $ (1,113,475)
ADJUSTMENTS TO RECONCILE NET DECREASE IN NET ASSETS FROM OPERATIONS TO NET
CASH PROVIDED BY OPERATING ACTIVITIES:
Decrease in dividends and interest receivable .................................... $ 231,814
Increase in accrued expenses ..................................................... 16,525
Increase in interest payable ..................................................... 100,053
Increase in prepaid expenses and other assets .................................... (47,043)
Decrease in advisory fees payable ................................................ (29,980)
Net amortization of discount on investments ...................................... (1,654,677)
Purchases of long-term securities ................................................ (107,293,736)
Proceeds from sales of long-term securities ...................................... 109,308,021
Net change in unrealized depreciation on investments ............................. 17,391,564
Net realized gain on investments ................................................. (2,590,169)
-------------
Total adjustments ........................................................... 15,432,372
-------------
Net cash provided by operating activities ........................................... $ 14,318,897
=============
NON-CASH ACTIVITY:
Dividend reinvestments ........................................................... $ 2,063,114
=============
See notes to financial statements.
18
CREDIT SUISSE HIGH YIELD BOND FUND--FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
The table below sets forth financial data for a share of beneficial interest
outstanding throughout the periods presented. This information has been
derived from the Fund's financial statements.
FOR THE SIX
MONTHS ENDED YEAR ENDED PERIOD
4/30/2005 ------------------------------------------------------------------ ENDED
(UNAUDITED) 10/31/04 10/31/03 10/31/02 10/31/01 10/31/00 10/31/99 10/31/981
----------- -------- -------- -------- -------- -------- -------- ---------
Net asset value,
beginning of period .... $ 4.53 $ 4.34 $ 3.53 $ 4.49 $ 6.16 $ 7.98 $ 8.36 $ 10.00
------- ------- ------- ------- ------- ------- ------- -------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment
income ................. 0.25 0.53 0.55 0.652 0.84 0.962 0.98 0.24
Net realized and
unrealized gain (loss)
on investments ......... (0.27) 0.24 0.87 (0.80) (1.63) (1.80) (0.38) (1.62)
------- ------- ------- ------- ------- ------- ------- -------
Total from investment
operations .......... (0.02) 0.77 1.42 (0.15) (0.79) (0.84) 0.60 (1.38)
------- ------- ------- ------- ------- ------- ------- -------
LESS DIVIDENDS:
From net investment
income .............. (0.28) (0.58) (0.61) (0.71) (0.86) (0.98) (0.98) (0.24)
Return of capital ...... -- -- -- (0.10) (0.02) -- -- --
------- ------- ------- ------- ------- ------- ------- -------
Total dividends to
shareholders ........ (0.28) (0.58) (0.61) (0.81) (0.88) (0.98) (0.98) (0.24)
------- ------- ------- ------- ------- ------- ------- -------
Offering costs charged
to paid-in-capital ..... -- -- -- -- -- -- 0.003 (0.02)
------- ------- ------- ------- ------- ------- ------- -------
Net asset value,
end of period .......... $ 4.23 $ 4.53 $ 4.34 $ 3.53 $ 4.49 $ 6.16 $ 7.98 $ 8.36
======= ======= ======= ======= ======= ======= ======= =======
Market value,
end of period .......... $ 4.59 $ 5.24 $ 4.76 $ 4.10 $ 5.07 $ 6.19 $ 8.06 $ 9.56
======= ======= ======= ======= ======= ======= ======= =======
Total return
(market value)4 ........ (6.91)% 25.49% 35.07% (2.15)% (3.21)% (12.15)% (5.71)% (1.74)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000s omitted) ...... $230,451 $244,523 $229,255 $180,889 $219,440 $286,838 $358,679 $359,956
Average debt
per share ........... $ 2.12 $ 2.05 $ 1.81 $ 1.99 $ 2.49 $ 3.47 $ 3.18 $ 1.02
Ratio of operating
expenses to average
net assets .......... 3.00%5 2.51% 2.57% 2.91% 4.29% 4.81% 3.62% 1.81%5
Ratio of operating expense
to average net assets,
excluding interest
and leveraging
expenses ............ 1.64%5 1.70% 1.73% 1.78% 1.73% 1.61% 1.53% 1.16%5
Ratio of net investment
income to average
net assets .......... 11.18%5 11.99% 13.85% 15.17% 15.22% 12.90% 11.24% 10.48%5
Portfolio turnover
rate ................ 6.08% 12.10% 15.96% 33.22% 46.11% 31.29% 60.23% 15.26%
1 The fund commenced operations on July 28, 1998.
2 Based on average shares outstanding.
3 Amount rounds to less than $0.01.
4 Total return is based on the change in market price of a share during the
period and assumes reinvestment of dividends and distributions at actual
prices pursuant to the Fund's Dividend Reinvestment Plan. Total return
based on market value, which can be significantly greater or lesser than
the net asset value, may result in substantially different returns. Total
returns for periods less than one year are not annualized.
5 Annualized.
See notes to financial statements.
19
CREDIT SUISSE HIGH YIELD BOND FUND--NOTES TO FINANCIAL STATEMENTS
April 30, 2005 (unaudited)
--------------------------------------------------------------------------------
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 shares
trade on the New York Stock Exchange under the ticker symbol DHY. The Fund's
primary objective is to seek high current income. The following is a summary of
significant accounting policies consistently followed by the Fund in its
operations and in connection with the preparation of its financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES
A) PORTFOLIO VALUATION: Fixed-income securities (other than short-term
obligations, but including listed issues) are valued based on prices obtained by
one or more independent pricing services approved by the Board of Trustees.
Pricing services use a matrix, formula or other objective method that takes into
consideration market indices, yield curves and other specific adjustments.
Securities (other than fixed-income securities) for which the principal
market is one or more securities exchanges 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. If a securities exchange is not the principal
market for a security, such security will, if market quotations are readily
available, be valued at the closing bid price in the over-the-counter market (or
the last sale price in the case of securities reported on the NASDAQ national
market system for which any sales occurred during the day). Securities and other
assets for which market quotations are not readily available 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. 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 reflect an investment's fair value.
B) SECURITY TRANSACTIONS AND INVESTMENT INCOME: Security transactions are
recorded as of the trade date. Realized gains and losses from security
transactions are recorded on the identified cost basis. Interest income is
earned on the accrual basis. Dividend income is recorded on the ex-dividend
date. Accretion of discount and amortization of premium is recognized using
effective interest method.
C) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: The Fund declares and pays
dividends on a monthly basis. Each dividend is recorded on the ex-dividend date.
Capital gains, if any, net of capital losses, are distributed annually. Income
dividends and capital gain distributions are determined in accordance with
income tax regulations, which may differ from accounting principles generally
accepted in the United States of America ("GAAP"). These differences are
primarily due to differing treatments of income and gains on various investment
securities held by the Fund, timing differences and differing characterization
of distributions made by the Fund.
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 Common Stock 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.
20
CREDIT SUISSE HIGH YIELD BOND FUND--NOTES TO FINANCIAL STATEMENTS
April 30, 2005 (unaudited) (continued)
--------------------------------------------------------------------------------
D) FEDERAL INCOME TAXES: No provision is made for federal taxes as it is the
Fund's intention to continue to qualify for and elect the tax treatment
applicable to regulated investment companies 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.
E) 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.
F) USE OF ESTIMATES: The preparation of financial statements in conformity with
GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported amounts
of income and expenses during the reporting period. Actual results could differ
from those estimates.
3. INVESTMENT ADVISORY FEE, ADMINISTRATION FEE AND OTHER RELATED PARTY
TRANSACTIONS
The Fund has entered into an Investment Advisory Agreement (the "Advisory
Agreement") with Credit Suisse Asset Management, LLC ("CSAM"). 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. Under the Advisory Agreement with the Fund, CSAM provides
investment advisory services and order placement facilities for the Fund and
pays all compensation of Trustees of the Fund who are affiliated persons of
CSAM. For the six months ended April 30, 2005, investment advisory fees earned
were $1,738,832.
State Street Bank and Trust Company ("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
relative average net assets of each fund/portfolio, subject to an annual minimum
fee. For the six months ended April 30, 2005, co-administrative services fees
earned by SSB (including out-of-pocket expenses) were $100,598.
The Fund pays each Trustee not affiliated with CSAM $1,000 per regular
quarterly board meeting attended and an annual retainer fee of $12,500. In
addition, the Fund reimburses each Trustee for travel and out-of-pocket expenses
relating to his attendance at such meetings.
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Fund to provide certain financial printing services. For the six months
ended April 30, 2005, Merrill was paid $20,425 for its services to the Fund.
4. INVESTMENTS
Cost of purchases and proceeds from sales of investment securities, excluding
short-term investments, during the six months ended April 30, 2005, amounted to
$57,923,668 and $21,105,848, respectively.
21
CREDIT SUISSE HIGH YIELD BOND FUND--NOTES TO FINANCIAL STATEMENTS
April 30, 2005 (unaudited) (continued)
--------------------------------------------------------------------------------
5. FUND SHARES
The Fund has one class of shares of beneficial interest, par value $0.001 per
share; an unlimited number of shares are authorized. Transactions in shares of
beneficial interest were as follows:
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2005 (UNAUDITED) OCTOBER 31, 2004
-------------------------- ------------------
Shares issued through reinvestment of dividends ................... 454,431 1,132,804
======= =========
6. NOTES PAYABLE
The Fund has a $150 million line of credit provided by Citibank North
America, Inc., under a Revolving Credit and Security Agreement (the "Agreement")
dated April 12, 2002, as amended from time to time, primarily to leverage its
investment portfolio. Under this Agreement, the Fund may borrow the lesser of
$150 million or 33 1 1/43% of its gross assets. Interest is payable at the
Bank's Base Rate plus a commission of 0.05%. The Fund pays a program fee of
0.20% of the average daily amount leveraged, an administration fee of 0.02% of
the average daily amount leveraged and a liquidity fee of 0.15% of the maximum
borrowing limit (currently $150 million). The Agreement requires, among other
provisions, that the percentage obtained by dividing total indebtedness for
money borrowed by total assets of the Fund shall not exceed 33 1 1/43%. At April
30, 2005 the Fund had loans outstanding under the Agreement. During the six
months ended April 30, 2005, the Fund had borrowings under the Agreement as
follows:
AVERAGE DAILY WEIGHTED AVERAGE MAXIMUM DAILY
LOAN BALANCE INTEREST RATE LOAN OUTSTANDING
------------- ---------------- ----------------
$115,232,044 2.453% $117,000,000
7. CONCENTRATION OF RISK
The Fund invests in securities offering high current income, which generally
will be in the lower rating categories of recognized ratings agencies (commonly
known as "junk bonds").
These securities generally involve more credit risk than securities in the
higher rating categories. In addition, the trading market for high yield
securities may be relatively less liquid than the market for higher-rated
securities. The Fund's use of leverage also increases exposure to capital risk.
8. SECURITIES LENDING
The Fund loaned securities during the six months ended April 30, 2005 to
certain brokers, with the Fund's custodian acting as lending agent. Upon such
loans, the Fund receives collateral, which is maintained by the custodian and
earns income, in the form of negotiated lender's fees. On a daily basis, the
Fund monitors the market value of securities loaned and maintains collateral
against the securities loaned in an amount not less than the value of the
securities loaned. The Fund may receive collateral in the form of cash or other
eligible securities. Risks may arise upon entering into securities lending to
the extent that the value of the collateral is less than the value of the
securities loaned due to changes in the value of the collateral or the loaned
securities. Cash collateral received by the Fund in connection with securities
lending activity is invested in repurchase agreements with Bear Stearns & Co. or
in the Dreyfus Cash Management Fund and Dreyfus Cash Management Plus, Inc. Fund.
22
CREDIT SUISSE HIGH YIELD BOND FUND--NOTES TO FINANCIAL STATEMENTS
April 30, 2005 (unaudited) (continued)
--------------------------------------------------------------------------------
9. 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.
23
CREDIT SUISSE HIGH YIELD BOND FUND--ADDITIONAL INFORMATION (unaudited)
--------------------------------------------------------------------------------
DIVIDEND REINVESTMENT PLAN
Referenced below are policies related to the Fund's Automatic Dividend
Reinvestment Plan (the "Plan"). These policies apply to shareholders whose
shares are registered directly with the Fund in their own name. Shareholders
whose shares are purchased through a broker-dealer or nominee should contact
such broker-dealer or nominee regarding questions related to the reinvestment of
the Fund's dividends.
Pursuant to the Fund's Plan, unless a shareholder otherwise elects, all
dividends and capital gain distributions will be automatically reinvested by
EquiServe as agent for Shareholders in administering the Plan (the "Plan
Agent"), in additional shares of the Fund. Shareholders who elect not to
participate in the Plan will receive all dividends and other distributions in
cash paid by check mailed directly to the shareholder of record (or, if the
shares are held in street or other nominee name, then to such nominee) by
EquiServe as the Dividend Disbursing Agent. Such participants may elect not to
participate in the Plan and to receive all dividends and capital gain
distributions in cash by sending written instructions to EquiServe as the
Dividend Disbursing Agent, at the address set forth below. Participation in the
Plan is completely voluntary and may be terminated or resumed at any time
without penalty by written notice if received by the Plan Agent not less than
ten days prior to any dividend record date; otherwise such termination will be
effective with respect to any subsequently declared dividend or other
distribution.
Whenever the Fund declares an income dividend or a capital gain distribution
(collectively referred to as "dividends") payable either in shares or in cash,
non-participants in the Plan will receive cash and participants in the Plan will
receive the equivalent in shares. The shares will be acquired by the Plan Agent
for the participants' accounts, depending upon the circumstances described
below, either (i) through receipt of additional unissued but authorized shares
from the Fund ("newly issued shares") or (ii) by purchase of outstanding shares
on the open market ("open-market purchases") on the NYSE or elsewhere. If on the
record date for the dividend, the net asset value per share is equal to or less
than the market price per share plus estimated brokerage commissions (such
condition being referred to herein as "market premium"), the Plan Agent will
invest the dividend amount in newly issued shares on behalf of the participants.
The number of newly issued shares to be credited to each participant's account
will be determined by dividing the dollar amount of the dividend by the net
asset value per share on the date the shares are issued. If on the dividend
record date the net asset value per share is greater than the market value (such
condition being referred to herein as "market-discount"), the Plan Agent will
invest the dividend amount in shares acquired on behalf of the participants in
open-market purchases.
In the event of a market discount on the dividend record date, the Plan Agent
will have until the last business day before the next date on which the shares
trade on an "ex-dividend" basis or in no event more than 30 days after the
dividend record date (the "last purchase date") to invest the dividend amount in
shares acquired in open-market purchases. It is contemplated that the Fund will
pay monthly income dividends. Therefore, the period during which open-market
purchases can be made will exist only from the record date of the dividend
through the date before the next "ex-dividend" date. If, before the Plan Agent
has completed its open-market purchases, the market price of a share exceeds the
net asset value per share, the average per share purchase price paid by the Plan
Agent may exceed the net asset value of the shares, resulting in the acquisition
of fewer shares than if the dividend had been paid in newly issued shares on the
dividend record date. Because of the foregoing difficulty with respect to open
market purchases, the Plan provides that if the Plan Agent is unable to invest
the full dividend amount in open market purchases during the purchase period or
if the market discount shifts to a market premium during the purchase period,
the Plan Agent may cease making open-market purchases and may invest the
uninvested portion of the dividend amount in newly issued shares at the net
asset value per share at the close of business on the last purchase date.
The Plan Agent maintains all shareholders' accounts in the Plan and furnishes
written confirmation of all transactions in the accounts,
24
CREDIT SUISSE HIGH YIELD BOND FUND--ADDITIONAL INFORMATION
(unaudited) (continued)
--------------------------------------------------------------------------------
including information needed by shareholders for tax records. Shares in the
account of each Plan participant will be held by the Plan Agent on behalf of the
Plan participant, and each shareholder proxy will include those shares purchased
or received pursuant to the Plan. The Plan Agent will forward all proxy
solicitation materials to participants and vote proxies for shares held pursuant
to the Plan in accordance with the instructions of the participants. In the case
of shareholders such as banks, brokers or nominees that hold shares for others
who are the beneficial owners, the Plan Agent will administer the Plan on the
basis of the number of shares certified from time to time by the record
shareholder and held for the account of beneficial owners who participate in the
Plan.
There will be no brokerage charges with respect to shares issued directly by
the Fund as a result of dividends or capital gains distributions payable either
in shares or in cash. However, each participant will pay a pro rata share of
brokerage commissions incurred with respect to the Plan Agent's open-market
purchases in connection with the reinvestment of dividends.
The automatic reinvestment of dividends will not relieve participants of any
Federal, state or local income tax that may be payable (or required to be
withheld) on such dividends.
Shareholders participating in the Plan may receive benefits not available to
shareholders not participating in the Plan. If the market price (plus
commissions) of the shares is above their net asset value, participants in the
Plan will receive shares of the Fund at less than they could otherwise purchase
them and will have shares with a cash value greater than the value of any cash
distribution they would have received on their shares. If the market price plus
commissions is below the net asset value, participants will receive
distributions in shares with a net asset value greater than the value of any
cash distribution they would have received on their shares. However, there may
be insufficient shares available in the market to make distributions in shares
at prices below the net asset value. Also, since the Fund does not redeem
shares, the price on resale may be more or less than the net asset value.
Experience under the Plan may indicate that changes are desirable.
Accordingly, the Fund reserves the right to amend or terminate the Plan. There
is no direct service charge to participants in the Plan; however, the Fund
reserves the right to amend the Plan to include a service charge payable by the
participants.
All correspondence concerning the Plan should be directed to the Plan Agent
at P.O. Box 43010, Providence, RI 02940-3010, 1-800-730-6001.
LEVERAGE--BENEFITS AND RISKS
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 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, CSAM 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
25
CREDIT SUISSE HIGH YIELD BOND FUND--ADDITIONAL INFORMATION
(unaudited) (continued)
--------------------------------------------------------------------------------
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. It is not anticipated that these covenants or
guidelines will impede CSAM in managing the Fund's portfolio in accordance with
the Fund's investment objectives and policies.
26
CREDIT SUISSE HIGH YIELD BOND FUND
BOARD CONSIDERATION AND RE-APPROVAL OF INVESTMENT ADVISORY AGREEMENT (UNAUDITED)
--------------------------------------------------------------------------------
Section 15(c) of the Investment Company Act of 1940 (the "1940 Act")
contemplates that the Board of Trustees (the "Board") of 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 1940 Act (the "Independent
Trustees"), will annually review and re-approve the terms of the Fund's existing
investment advisory agreement. In this regard, the Board reviewed and
re-approved, during the six months covered by this report an investment advisory
agreement (the "Advisory Agreement") with Credit Suisse Asset Management, LLC
("CSAM") for the Fund.
More specifically, at a meeting held on February 14, 2005, the Board,
including the Independent Trustees advised by their independent legal counsel,
considered the factors and reached the conclusions described below relating to
the selection of CSAM and the re-approval of the Advisory Agreement.
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 CSAM under the
Advisory Agreement. The most recent investment adviser registration form ("Form
ADV") for CSAM was provided to the Board, as were responses of CSAM to requests
submitted by the Independent Trustees' independent legal counsel on behalf of
such Trustees. The Board reviewed and analyzed these materials, which included,
among other things, information about the background and experience of the
senior management and the expertise of, and amount of attention devoted to the
Fund by investment personnel of CSAM. In this regard, the Board specifically
reviewed the qualifications, background and responsibilities of the chief
investment officer who is primarily responsible for day-to-day portfolio
management services for the Fund.
The Board considered the investment and legal compliance programs of the Fund
and CSAM, including their implementation of enhanced compliance policies and
procedures in response to Securities and Exchange Commission rule changes and
other regulatory initiatives.
The Board evaluated the ability of CSAM, based on its resources, reputation
and other attributes, to attract and retain highly qualified investment
professionals, including research, advisory, and supervisory personnel. In this
connection, the Board considered information regarding CSAM's compensation
arrangements for its personnel involved in the management of the Fund.
Based on the above factors, together with those referenced below, the Board
concluded that it was generally satisfied with the nature, extent and quality of
the investment advisory services provided to the Fund by CSAM.
Fund Performance and Expenses
-----------------------------
The Board considered the one-year, two-year, three-year, four-year and
five-year performance results for the Fund. It also considered these results in
comparison to the median performance results of the group of funds that was
determined to be the most similar to the Fund (the "Peer Group") and to the
median performance of a broader universe of relevant funds (the "Universe"), as
well as to the Fund's benchmark index, the Lipper Closed-End Leveraged High
Yield Bond Funds Index. Lipper Inc. ("Lipper"), an independent provider of
investment company data, determined the Peer Group and Universe for the Fund and
provided the comparative data. The Board was provided with a description of the
methodology used by Lipper to select the closed-end mutual funds in the Fund's
Peer Group and Universe. The Board noted that the Fund's performance was better
than the median performance of its Peer Group over the one-, two-, three-, four-
and five-year periods.
The Board received and considered statistical information regarding the
Fund's total expense ratio and its various components, including management
fees, non-management fees and actual total expenses of the Fund (including and
excluding investment-related expenses and taxes). It also considered comparisons
of these fees to the expense information for the Fund's Peer Group and Universe,
which comparative data was provided by Lipper.
27
CREDIT SUISSE HIGH YIELD BOND FUND
BOARD CONSIDERATION AND RE-APPROVAL OF INVESTMENT ADVISORY AGREEMENT
(UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
The Board noted that the overall expense ratio of the Fund was high relative
to the Peer Group's median overall ratio, both including and excluding
investment-related expenses and taxes. In addition, the Board observed that the
Fund's performance was better than the median performance of its Peer Group over
the one-, two-, three-, four- and five-year periods and ranked in the first
quintile against its Peer Group in the most recent fiscal year. However, the
Board considered that while the total expense ratio was high relative to its
Peer Group, the "other expenses" category includes interest expense on the bank
borrowings utilized by the Fund to leverage the portfolio, while certain funds
within the Peer Group do not engage in any leverage, or may borrow to a lesser
extent than the Fund. The Board noted that the Fund's total expense ratio was
much closer to that of its peers that also utilized leverage. However, in
response to the Board's concern regarding the Fund's expense levels, Management
proposed, and the Board approved, the inclusion of breakpoints in the advisory
fee rate, effectively lowering the Fund's advisory fees, the largest component
of the Fund's total expense ratio.
Management also discussed the Lipper data and rankings, and other relevant
information, for the Fund. Based on the above-referenced considerations and
other factors, the Board concluded that the overall performance and expense
results supported the re-approval of the Advisory Agreement for the Fund.
Investment Advisory Fee Rate
----------------------------
The Board reviewed and considered the proposed contractual investment
advisory fee rate (the "Advisory Agreement Rate") payable by the Fund to CSAM
for investment advisory services.
Additionally, the Board received and 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 those of the other funds in its
Peer Group. The Board noted that the Fund's administrator is not affiliated with
CSAM and that the Fund's administration agreement and corresponding fees were
negotiated at arm's-length. In this regard, the Board observed that the Advisory
Agreement Rate and the combined investment advisory/administration fee rate for
the Fund ranked the Fund in the 5th quintile for total management fees among
funds in its Peer Group. Additionally, the Board considered that the Fund ranked
in the 1st quintile for performance results over its one-year period. The Board
discussed the Advisory Agreement Rate and performance results with Management,
after which Management proposed the inclusion of breakpoints in the Advisory
Agreement Rate to effectively lower the Advisory Agreement Rate at the Fund's
current net asset level which the Board subsequently approved. The Board
concluded that these factors supported the Advisory Agreement Rate.
Profitability
-------------
The Board received and considered a detailed estimated profitability analysis
of CSAM based on the Advisory Agreement Rate, as well as on any other
relationships between the Fund and CSAM and its affiliates. The Board concluded
that, in light of the costs of providing investment management and other
services to the Fund, the profits and other ancillary benefits that CSAM and its
affiliates received with regard to providing these services to the Fund were not
unreasonable.
Economies of Scale
------------------
The Board received and 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, or will be,
shared fairly with Fund shareholders, including most particularly through
Advisory Agreement Rate breakpoints.
The Board observed that the Advisory Agreement did not initially offer
breakpoints. However, the Board noted that as part of its review and re-approval
of the Advisory Agreements it had approved the inclusion of breakpoints in the
Advisory Agreement Rate and, as a result, there would be potential for realizing
economies of scale.
28
CREDIT SUISSE HIGH YIELD BOND FUND
BOARD CONSIDERATION AND RE-APPROVAL OF INVESTMENT ADVISORY AGREEMENT
(UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
Information about Services to Other Clients
-------------------------------------------
The Board also received and considered information about the nature, extent
and quality of services and fee rates offered by CSAM to its other clients,
including other registered investment companies and institutional investors and
investment companies to which CSAM serves as an unaffiliated sub-adviser. The
Board concluded that the Advisory Agreement Rate was within a reasonable range
of the fee rates offered to other clients of CSAM. Where rates offered to other
clients were appreciably lower, the Board concluded, based on information
provided by CSAM, that the costs associated with managing and operating a
registered, closed-end, high yield bond fund, compared with an open-end,
domestic equity, commodity or fixed income fund, or a fund to which CSAM serves
as an unaffiliated sub-adviser, provided a justification for the higher fee
rates charged to the Fund.
Other Factors and Broader Review
--------------------------------
As discussed above, the Board reviews detailed materials received from CSAM
annually as part of the re-approval process under Section 15(c) of the 1940 Act.
The Board also regularly reviews and assesses the quality of the services that
the Fund receives throughout the year. In this regard, the Board reviews reports
of CSAM at least in each of its quarterly meetings, which include, among other
things, a detailed portfolio review, and detailed fund performance reports, and
confers with the chief investment officer of the Fund at least quarterly with
respect to the portfolio management of the Fund.
After considering the above-described factors and based on its deliberations
and its evaluation of the information provided to it, the Board concluded that
re-approval of the Advisory Agreement for the Fund was in the best interest of
the Fund and its remaining shareholders. Accordingly, the Board unanimously
re-approved the Advisory Agreement.
29
CREDIT SUISSE HIGH YIELD BOND FUND (UNAUDITED)
--------------------------------------------------------------------------------
PRIVACY POLICY NOTICE
Important Privacy Choices for Consumers
---------------------------------------
We are committed to maintaining the privacy of every current and prospective
customer. We recognize that you entrust important personal information to us,
and we wish to assure you that we take seriously our responsibilities in
protecting and safeguarding this information.
In connection with making available investment products and services to
current and potential customers, we may obtain nonpublic personal information
about you. This information may include your name, address, e-mail address,
social security number, account number, assets, income, financial situation,
transaction history and other personal information.
We may collect nonpublic information about you from the following sources:
o Information we receive on applications, forms, questionnaires, web sites,
agreements or in the course of establishing or maintaining a customer
relationship; and
o Information about your transactions with us, our affiliates, or others.
We do not disclose any nonpublic personal information about our customers or
former customers to anyone, except with your consent or as otherwise permitted
by law.
RESTRICT INFORMATION SHARING WITH AFFILIATES: In cases where we believe that
additional products and services may be of interest to you, we may share the
information described above with our affiliates unless you say "No."
[ ] No, please do not share personal and financial information with your
affiliated companies. [If you check this box, you must send this notice
back to us with your name, address and account number to Credit Suisse
Funds, 466 Lexington Avenue, New York, New York 10017.]
We may also disclose this information to firms that perform services on our
behalf. These agents and service providers are required to treat the information
confidentially and use it only for the purpose for which it is provided.
We restrict access to nonpublic personal information about you to those
employees, agents or other parties who need to know that information to provide
products or services to you or in connection with your investments with or
through us. We maintain physical, electronic and procedural safeguards that
comply with federal standards to guard your nonpublic personal information.
Note: This Notice is provided to clients and prospective clients of Credit
Suisse Asset Management, LLC ("CSAM"), and Credit Suisse Asset Management
Securities, Inc., and shareholders and prospective shareholders in
CSAM-sponsored and-advised investment companies, including Credit Suisse Funds,
and other consumers and customers, as applicable. This Notice is not intended to
be incorporated in any offering materials but is merely a statement of our
current Privacy Policy, and may be amended from time to time upon notice to you.
This Notice is dated as of May 16, 2005.
30
CREDIT SUISSE HIGH YIELD BOND FUND (UNAUDITED)
--------------------------------------------------------------------------------
PROXY VOTING AND PORTFOLIO HOLDINGS INFORMATION
Information regarding how the Credit Suisse High Yield Bond Fund, Inc. (the
"Fund") voted proxies related to its portfolio securities during the 12-month
period ended June 30, 2004, as well as the policies and procedures that the Fund
uses to determine how to vote proxies relating to its portfolio securities are
available:
o By calling 1-800-293-1232
o On the Fund's website, www.csam.com/us
o On the website of the Securities and Exchange Commission, http://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 http://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
1-800-SEC-0330.
31
CREDIT | ASSET
800-293-1232 o www.csam.com/us SUISSE | MANAGEMENT
DHY-SAR-0405
CREDIT SUISSE HIGH YIELD BOND FUND
466 LEXINGTON AVENUE
NEW YORK, NY 10017
================================================================================
TRUSTEES
Enrique R. Arzac
Lawrence J. Fox
James S. Pasman, Jr.
================================================================================
OFFICERS
Michael E. Kenneally
Chairman of the Fund, Chief Executive Officer
and President
Dennis M. Schaney
Chief Investment Officer
Michael E. Gray
Investment Officer
Michael A. Pignataro
Chief Financial Officer, Vice President and Secretary
Emidio Morizio
Chief Compliance Officer
Ajay Mehra
Chief Legal Officer
J. Kevin Gao
Senior Vice President
Robert M. Rizza
Treasurer
================================================================================
INVESTMENT ADVISER
Credit Suisse Asset Management, LLC
466 Lexington Avenue
New York, NY 10017
--------------------------------------------------------------------------------
ADMINISTRATOR
State Street Bank and Trust Co.
225 Franklin Street
Boston, MA 02110
--------------------------------------------------------------------------------
CUSTODIAN
Custodial Trust Company
101 Carnegie Center
Princeton, NJ 08540
--------------------------------------------------------------------------------
SHAREHOLDER SERVICING AGENT
EquiServe Trust Co., N.A.
P.O. Box 43010
Providence, RI 02940-3010
--------------------------------------------------------------------------------
LEGAL COUNSEL
Willkie Farr & Gallagher LLP
787 7th Avenue
New York, NY 10019
--------------------------------------------------------------------------------
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
PricewaterhouseCoopers LLP
Two Commerce Square
Philadelphia, Pennsylvania 19103
================================================================================
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.
Form N-CSR disclosure requirement not yet effective with respect to the
registrant.
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 January 11, 2005.
ITEM 11. CONTROLS AND PROCEDURES.
(a) As of a date within 90 days from the filing date of this report, the
principal executive officer and principal financial officer concluded that the
registrant's disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940 (the "Act")) were effective based on
their evaluation of the disclosure controls and procedures required by Rule
30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934.
(b) There were no changes in registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the
registrant's second fiscal 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, INC.
/s/Michael E. Kenneally
------------------------------
Name: Michael E. Kenneally
Title: Chief Executive Officer
Date: July 5, 2005
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/Michael E. Kenneally
--------------------------------
Name: Michael E. Kenneally
Title: Chief Executive Officer
Date: July 5, 2005
/s/Michael A. Pignataro
--------------------------------
Name: Michael A. Pignataro
Title: Chief Financial Officer
Date: July 5, 2005