UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED
SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number |
811-08777 |
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CREDIT SUISSE HIGH YIELD BOND FUND |
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(Exact name of registrant as specified in charter) |
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Eleven Madison Avenue, New York, New York |
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10010 |
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(Address of principal executive offices) |
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(Zip code) |
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J. Kevin Gao, Esq. Credit Suisse High Yield Bond Fund Eleven Madison Avenue New York, New York 10010 |
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(Name and address of agent for service) |
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Registrants telephone number, including area code: |
(212) 325-2000 |
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Date of fiscal year end: |
October 31 |
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Date of reporting period: |
November 1, 2009 to April 30, 2010 |
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Item 1. Reports to Stockholders.
Credit Suisse High Yield Bond Fund
Eleven Madison Avenue
New York, NY 10010
Trustees
Enrique R. Arzac
Chairman of the Board
Terry Fires Bovarnick
James Cattano
Lawrence J. Fox
Steven Rappaport
Officers
John Popp
Chief Executive Officer and President
Thomas J. Flannery
Chief Investment Officer
Emidio Morizio
Chief Compliance Officer
J. Kevin Gao
Chief Legal Officer, Senior Vice President
and Secretary
Michael A. Pignataro
Chief Financial Officer
Cecilia Chau
Treasurer
Investment Adviser
Credit Suisse Asset Management, LLC
Eleven Madison Avenue
New York, NY 10010
Administrator and Custodian
State Street Bank and Trust Co.
225 Franklin Street
Boston, MA 02110
Shareholder Servicing Agent
Computershare Trust Company, N.A.
P.O. Box 43078
Providence, RI 02940-3078
Legal Counsel
Willkie Farr & Gallagher LLP
787 7th Avenue
New York, NY 10019
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
125 High Street
Boston, MA 02110
Credit Suisse
High Yield Bond Fund
SEMIANNUAL REPORT
April 30, 2010
(unaudited)
Credit Suisse High Yield Bond Fund
Semiannual Investment Adviser's Report
April 30, 2010 (unaudited)
June 14, 2010
Dear Shareholder:
Performance Summary
11/1/09 4/30/10
Fund & Benchmark | Performance | ||||||
Total Return (based on NAV)1 | 15.15 | % | |||||
Total Return (based on market value)1 | 22.02 | % | |||||
Bank of America Merrill Lynch US High Yield Master II Constrained Index2 | 11.58 | % |
Market Review: Decreasing Defaults, Increasing Performance
For the semiannual period ended April 30, 2010, the high yield bond market posted double digit gains despite continued concerns regarding Eurozone sovereign risk and the potential for rising interest rates. The Bank of America Merrill Lynch US High Yield Master II Constrained Index, the Fund's benchmark, returned 11.58% for the period. Additionally, high yield spreads tightened by 184 basis points to end the period at 497 basis points over Treasuries, while yields for high yield bonds ended the period at 8.06%, a decrease of 1.89% for the period.
More specifically, CCC-rated securities outperformed the benchmark, returning 20.27%. Within the CCC ratings category, the best performance was gained from the lowest rated, most distressed category: C-rated securities returned 58.36% for the six-month period, while CC-rated securities returned 43.66%. In contrast, BB-rated and B-rated securities returned only 10.25% and 8.61%, respectively.
High yield default rates rose throughout much of last year, peaking at 13.48% in November 2009. Since then, the global default rate (as measured by Moody's) has declined steadily to 9%, and is expected to decline further over the coming year. Additionally, according to JPMorgan, the pace of corporate high yield defaults continued to slow, with only two companies defaulting or missing coupons in April. In contrast, three companies defaulted in March and five in February. The percentage of securities that are "distressed," defined as those trading at spreads of more than 1,000 basis points over Treasuries, has also been falling steadily, ending April 2010 at 9.2%, down from 17.9% in December 2009 (and an all-time high of 83.6% in November 2008).
High yield new issue activity has been robust. With approximately $111 billion issued year-to-date, 2010 could top the record high calendar year issuance of $181 billion set in 2009. According to JPMorgan, the $40.5 billion of new issues in March set a new record and was closely followed by April's $34 billion. Against this backdrop in significant new issue supply, demand for high yield product remained strong with high-yield mutual funds bringing in a total $3.8 billion on a year-to-date basis, as reported by Lipper.
Performance, Strategy and Outlook: Cautiously Optimistic Going Forward
For the semiannual period ended April 30, 2010, the Fund outperformed the benchmark on both a market price and NAV basis. Superior security selection in chemicals, specialty retail, building/construction, and forestry/paper sectors contributed positively to returns. In contrast, an underweight position in the more volatile financial services sector hurt relative returns. This, along with an overweight position and security selection in the media-cable sector, detracted from returns.
The reopening of both debt and equity capital markets has made capital available to a broad range of companies. This reopening has allowed many non-investment grade issuers to refinance and extend debt maturities. As a result of this improved liquidity, along with a stabilizing fundamental backdrop, the expectations for upcoming defaults have significantly decreased. Moody's is currently forecasting that the April 2011 global default rate will decline to 2.0% versus its current rate of 9.0%. In addition, recovery rates (the price at which a defaulted security is
Credit Suisse High Yield Bond Fund
Semiannual Investment Adviser's Report (continued)
April 30, 2010 (unaudited)
trading one month post default) have also begun to rise versus early 2009 figures. Given the environment of declining defaults and a stabilizing economy, the high yield market has rallied significantly, with current valuations reflecting default expectations in the 4-5% range. We remain cautious and believe that market valuations may have risen too far particularly given the overhang of sovereign default risk and likely regulatory change for the U.S financial services sector.
In particular, riskier CCC-rated securities are now trading at spreads below their historical averages both in absolute terms and relative to other ratings classes. While we still see value in the new issue market as well as in the BB and B ratings categories, security selection will become increasingly important going forward. We expect that fundamentals, rather than technical indicators, will drive credit markets going forward. This return to fundamentals will likely result in greater price dispersion among issuers. Consequently, we will remain prudent in our investment approach.
Given this backdrop and the market's recent rally, our portfolio construction has remained selective and we continue to opportunistically reduce the Fund's exposure to riskier issues. Additionally, we have taken advantage of opportunities in the new issue market, especially in bonds that are more senior in a company's capital structure and priced at attractive yields. Portfolio exposures reflect a positive view on the technology, cable and broadcast sectors as well as a growing comfort with some of the more cyclical chemical and paper companies. In contrast, we remain cautious with respect to consumer-driven industries, and have sought to limit exposures to those sectors.
Thomas J. Flannery Chief Investment Officer* |
John Popp Chief Executive Officer and President** |
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High yield bonds are lower-quality bonds that are also known as "junk bonds." Such bonds entail greater risks than those found in higher-rated securities.
In addition to historical information, this report contains forward-looking statements, which may concern, among other things, domestic and foreign market, industry and economic trends and developments and government regulation and their potential impact on the Fund's investments. These statements are subject to risks and uncertainties and actual trends, developments and regulations in the future, and their impact on the Fund could be materially different from those projected, anticipated or implied. The Fund has no obligation to update or revise forward-looking statements.
1 Assuming reinvestment of dividends of $0.16 per share.
2 The Bank of America Merrill Lynch US High Yield Master II Constrained Index is an unmanaged index that tracks the performance of below investment-grade U.S. dollar-denominated corporate bonds issued in the U.S. domestic market, where each issuer's allocation is limited to 2% of the index. Investors cannot invest directly in an index.
* Thomas J. Flannery is a Managing Director of Credit Suisse Asset Management, LLC ("Credit Suisse") and Head of the Credit Suisse US High Yield Management Team. Mr. Flannery joined Credit Suisse in June 2010. He is a portfolio manager for the Performing Credit Strategies Group ("PCS") within the Asset Management business of Credit Suisse Group AG with responsibility for originating and analyzing investment opportunities. Mr. Flannery is also a member of the PCS Investment Committee and is currently a high yield bond portfolio manager and trader for PCS. Mr. Flannery joined Credit Suisse Group AG in 2000 from First Dominion Capital, LLC where he was an Associate. Mr. Flannery began his career with Houlihan Lokey Howard & Zukin, Inc.
** John Popp is a Managing Director of Credit Suisse. He is the Group Manager and Senior Portfolio Manager for Performing Credit Strategies. Mr. Popp has been associated with Credit Suisse since 1997.
Credit Suisse High Yield Bond Fund
Semiannual Investment Adviser's Report (continued)
April 30, 2010 (unaudited)
Top Ten Holdings
(% of net assets as of 4/30/10)
Security Description
1. |
Texas Competitive Electric Holdings Co., LLC, Series A 10.25% 11/01/15 |
1.70% |
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2. |
HCA, Inc. 9.25% 11/15/16 |
1.54% |
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3. |
Nextel Communications, Inc., Series F 5.95% 03/15/14 |
1.54% |
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4. |
Ford Motor Credit Co., LLC 7.00% 10/01/13 |
1.40% |
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5. |
GMAC, Inc. 7.25% 03/02/11 |
1.36% |
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6. |
Intelsat Corp. 9.25% 08/15/14 |
1.31% |
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7. |
Ford Motor Credit Co., LLC 8.0% 12/15/16 |
1.21% |
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8. |
CCO Holdings Capital Corp. 8.13% 04/30/20 |
1.20% |
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9. |
DISH DBS Corp. 7.88% 09/01/19 |
1.05% |
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10. |
Chesapeake Energy Corp. 6.88% 01/15/16 |
1.02% |
Credit Quality Breakdown*
(% of total investments as of 4/30/10)
S&P Ratings |
BBB | 0.6 | % | |||||
BB | 20.7 | ||||||
B | 49.5 | ||||||
CCC | 19.3 | ||||||
CC | 0.4 | ||||||
D | 1.3 | ||||||
NR | 4.4 | ||||||
Subtotal | 96.2 | ||||||
Equity and Other | 3.8 | ||||||
Total | 100.0 | % |
* Expressed as a percentage of total investments (excluding securities lending collateral if applicable) and may vary over time.
1
Credit Suisse High Yield Bond Fund
Average Annual Returns
April 30, 2010 (unaudited)
1 Year | 3 Years | 5 Years | 10 Years | ||||||||||||||||
Net Asset Value (NAV) | 64.95 | % | (0.43 | )% | 5.04 | % | 4.65 | % | |||||||||||
Market Value | 90.62 | % | 0.79 | % | 4.56 | % | 4.81 | % |
Credit Suisse currently waives fees and/or reimburses expenses, without which performance would be lower. Waivers and/or reimbursements are subject to change and may be discontinued at any time. Returns represent past performance. Total investment return at net asset value is based on changes in the net asset value of fund shares and assumes reinvestment of dividends and distributions, if any. Total investment return at market value is based on changes in the market price at which the fund's shares traded on the stock exchange during the period and assumes reinvestment of dividends and distributions, if any, at actual prices pursuant to the fund's dividend reinvestment program. Because the fund's shares trade in the stock market based on investor demand, the fund may trade at a price higher or lower than its NAV. Therefore, returns are calculated based on share price and NAV. Past performance is no guarantee of future results. The current performance of the fund may be lower or higher than the figures shown. The fund's yield, return and market price and NAV will fluctuate. Performance information current to the most recent month-end is available by calling 1-800-293-1232.
2
Credit Suisse High Yield Bond Fund
Schedule of Investments
April 30, 2010 (unaudited)
Par (000) |
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Ratings† (S&P/Moody's) |
Maturity | Rate% | Value | ||||||||||||||||||
U.S. CORPORATE BONDS (117.6%) | |||||||||||||||||||||||
Aerospace & Defense (1.8%) | |||||||||||||||||||||||
$ | 575 | BE Aerospace, Inc., Senior Unsecured Notes (Callable 07/01/13 @ $104.25) | (BB, Ba3) | 07/01/18 | 8.500 | $ | 616,687 | ||||||||||||||||
1,100 | Bombardier, Inc., Rule 144A, Senior Notes (Canada) ‡ | (BB+, Ba2) | 03/15/20 | 7.750 | 1,174,250 | ||||||||||||||||||
550 | Hawker Beechcraft Notes Co., Global Company Guaranteed Notes (Callable 04/01/11 @ $104.25) § | (CCC-, Caa3) | 04/01/15 | 8.500 | 485,375 | ||||||||||||||||||
825 | Hawker Beechcraft Notes Co., Global Company Guaranteed Notes (Callable 04/01/12 @ $104.88) | (CCC-, Ca) | 04/01/17 | 9.750 | 647,625 | ||||||||||||||||||
2,923,937 | |||||||||||||||||||||||
Auto Loans (2.6%) | |||||||||||||||||||||||
2,235 | Ford Motor Credit Co., LLC, Global Senior Unsecured Notes | (B-, B1) | 10/01/13 | 7.000 | 2,307,991 | ||||||||||||||||||
1,875 | Ford Motor Credit Co., LLC, Senior Unsecured Notes | (B-, B1) | 12/15/16 | 8.000 | 2,001,120 | ||||||||||||||||||
4,309,111 | |||||||||||||||||||||||
Auto Parts & Equipment (3.0%) | |||||||||||||||||||||||
350 |
American Axle & Manufacturing Holdings, Inc., Rule 144A, Senior Secured Notes (Callable 01/15/14 @ $104.63) ‡ |
(B, B1) | 01/15/17 | 9.250 | 373,625 | ||||||||||||||||||
775 | American Axle & Manufacturing, Inc., Company Guaranteed Notes (Callable 03/01/12 @ $103.94) | (CCC, Caa2) | 03/01/17 | 7.875 | 742,062 | ||||||||||||||||||
1,200 | American Tire Distributors, Inc., Global Company Guarnteed Notes (Callable 04/01/11 @ $100.00) | (CCC+, Caa1) | 04/01/13 | 10.750 | 1,249,500 | ||||||||||||||||||
875 | ArvinMeritor, Inc., Company Guaranteed Notes (Callable 03/15/14 @ $105.31) | (CCC-, Caa2) | 03/15/18 | 10.625 | 945,000 | ||||||||||||||||||
800 | Stanadyne Corp., Series 1, Global Senior Subordinated Notes (Callable 08/15/10 @ $103.33) | (CCC, Caa1) | 08/15/14 | 10.000 | 760,000 | ||||||||||||||||||
848 | The Goodyear Tire & Rubber Co., Global Company Guaranteed Notes (Callable 07/01/10 @ $104.50) | (B+, B1) | 07/01/15 | 9.000 | 890,400 | ||||||||||||||||||
50 | The Goodyear Tire & Rubber Co., Senior Unsecured Notes (Callable 05/15/12 @ $107.88) | (B+, B1) | 05/15/16 | 10.500 | 55,938 | ||||||||||||||||||
5,016,525 | |||||||||||||||||||||||
Banks (4.8%) | |||||||||||||||||||||||
159 | CIT Group, Inc., Senior Secured Notes (Callable 01/01/11 @ $102.00) § | (B+, NR) | 05/01/13 | 7.000 | 157,888 | ||||||||||||||||||
239 | CIT Group, Inc., Senior Secured Notes (Callable 01/01/11 @ $102.00) | (B+, NR) | 05/01/14 | 7.000 | 231,158 | ||||||||||||||||||
839 | CIT Group, Inc., Senior Secured Notes (Callable 01/01/11 @ $102.00) | (B+, NR) | 05/01/15 | 7.000 | 802,220 | ||||||||||||||||||
398 | CIT Group, Inc., Senior Secured Notes (Callable 01/01/11 @ $102.00) | (B+, NR) | 05/01/16 | 7.000 | 379,788 | ||||||||||||||||||
557 | CIT Group, Inc., Senior Secured Notes (Callable 01/01/11 @ $102.00) | (B+, NR) | 05/01/17 | 7.000 | 531,704 | ||||||||||||||||||
2,190 | GMAC, Inc., Global Company Guaranteed Notes | (B, B3) | 03/02/11 | 7.250 | 2,242,013 | ||||||||||||||||||
744 | GMAC, Inc., Global Company Guaranteed Notes | (B, B3) | 04/01/11 | 6.000 | 751,440 | ||||||||||||||||||
119 | GMAC, Inc., Global Subordinated Notes | (CCC+, B3) | 12/31/18 | 8.000 | 119,744 | ||||||||||||||||||
1,500 | GMAC, Inc., Rule 144A, Company Guaranteed Notes ‡ | (B, B3) | 02/12/15 | 8.300 | 1,569,375 | ||||||||||||||||||
525 | GMAC, Inc., Rule 144A, Company Guaranteed Notes ‡ | (B, B3) | 03/15/20 | 8.000 | 543,375 | ||||||||||||||||||
550 | Provident Funding Associates Rule 144A, Senior Secured Notes ‡ | (B+, Ba3) | 04/15/17 | 10.250 | 572,000 | ||||||||||||||||||
7,900,705 | |||||||||||||||||||||||
Beverages (0.5%) | |||||||||||||||||||||||
100 | CEDC Finance Corp. International, Inc., Rule 144A, Senior Secured Notes (Callable 12/01/13 @ $104.56) ‡ | (B+, B1) | 12/01/16 | 9.125 | 106,500 | ||||||||||||||||||
675 | Constellation Brands, Inc., Company Guaranteed Notes | (BB, Ba3) | 09/01/16 | 7.250 | 696,094 | ||||||||||||||||||
802,594 | |||||||||||||||||||||||
Building & Construction (1.1%) | |||||||||||||||||||||||
741 | Ashton Woods Finance Co., Rule 144A, Company Guaranteed Notes (Callable 02/24/14 @ $105.50) +‡ | (NR, NR) | 06/30/15 | 0.000 | 452,010 | ||||||||||||||||||
600 | K Hovnanian Enterprises, Inc., Global Company Guaranteed Notes | (CCC-, Caa2) | 01/15/16 | 6.250 | 501,000 | ||||||||||||||||||
1,000 | William Lyon Homes, Inc., Company Guaranteed Notes (Callable 04/01/11 @ $101.79) | (CC, Caa3) | 04/01/13 | 10.750 | 917,500 | ||||||||||||||||||
1,870,510 | |||||||||||||||||||||||
Building Materials (3.0%) | |||||||||||||||||||||||
1,075 | AMH Holdings Inc., Global Senior Discount Notes (Callable 03/01/11 @ $101.88) | (CCC-, Caa2) | 03/01/14 | 11.250 | 1,115,312 | ||||||||||||||||||
1,285 | CPG International I, Inc., Global Company Guaranteed Notes (Callable 07/01/10 @ $102.63) | (B-, Caa1) | 07/01/13 | 10.500 | 1,304,275 | ||||||||||||||||||
500 | Dayton Superior Corp., Company Guaranteed Notes ø | (D, NR) | 06/15/09 | 13.000 | 112,500 | ||||||||||||||||||
1,325 | Headwaters, Inc., Global Senior Secured Notes (Callable 11/01/12 @ $105.69) | (B+, B2) | 11/01/14 | 11.375 | 1,407,812 | ||||||||||||||||||
114 | Norcraft Capital Corp., Global Senior Discount Notes (Callable 09/01/10 @ $100.00) | (CCC, Caa1) | 09/01/12 | 9.750 | 108,443 | ||||||||||||||||||
775 | Norcraft Finance Corp., Rule 144A, Senior Secured Notes (Callable 12/15/12 @ $105.25) ‡ | (B-, B2) | 12/15/15 | 10.500 | 827,313 | ||||||||||||||||||
4,875,655 |
See Accompanying Notes to Financial Statements.
3
Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
April 30, 2010 (unaudited)
Par (000) |
|
Ratings† (S&P/Moody's) |
Maturity | Rate% | Value | ||||||||||||||||||
U.S. CORPORATE BONDS | |||||||||||||||||||||||
Chemicals (2.7%) | |||||||||||||||||||||||
$ | 550 | CF Industries, Inc., Senior Unsecured Notes | (BB+, B1) | 05/01/20 | 7.125 | $ | 580,250 | ||||||||||||||||
300 | LBI Escrow Corp., Rule 144A, Senior Secured Notes (Callable 05/01/13 @ $106.00) ‡ | (BB, Ba3) | 11/01/17 | 8.000 | 311,625 | ||||||||||||||||||
250 |
Momentive Performance Materials, Inc., Global Company Guaranteed Notes (Callable 12/01/10 @ $104.88) § |
(CCC-, Caa2) | 12/01/14 | 9.750 | 255,625 | ||||||||||||||||||
701 |
Momentive Performance Materials, Inc., Rule 144A, Company Guaranteed Notes (Callable 12/15/11 @ $106.25) ‡ |
(CCC-, B3) | 06/15/14 | 12.500 | 792,130 | ||||||||||||||||||
350 | Nalco Co., Global Company Guaranteed Notes (Callable 11/15/10 @ $101.48) | (B, B2) | 11/15/13 | 8.875 | 362,250 | ||||||||||||||||||
275 | Nalco Co., Global Company Guaranteed Notes (Callable 11/15/10 @ $101.50) | (B, B2) | 11/15/13 | 9.000 | 376,623 | ||||||||||||||||||
575 | Nalco Finance Holdings, Inc., Global Senior Discount Notes (Callable 02/01/11 @ $101.50) | (B, B2) | 02/01/14 | 9.000 | 595,125 | ||||||||||||||||||
1,175 | Reichhold Industries, Inc., Rule 144A, Senior Notes (Callable 08/15/10 @ $104.50) ‡ | (CCC+, Caa2) | 08/15/14 | 9.000 | 1,139,750 | ||||||||||||||||||
4,413,378 | |||||||||||||||||||||||
Computer Hardware (0.9%) | |||||||||||||||||||||||
825 | Activant Solutions, Inc., Global Company Guaranteed Notes (Callable 05/01/11 @ $104.75) | (CCC, Caa1) | 05/01/16 | 9.500 | 798,188 | ||||||||||||||||||
700 | Seagate HDD Cayman, Rule 144A, Senior Unsecured Notes (Callable 05/01/15 @ $103.44) ‡ | (B+, Ba3) | 05/01/20 | 6.875 | 700,000 | ||||||||||||||||||
1,498,188 | |||||||||||||||||||||||
Consumer Products (1.0%) | |||||||||||||||||||||||
950 | AAC Group Holding Corp., Rule 144A, Senior Discount Notes (Callable 10/01/10 @ $100.00) ‡ | (CCC, Caa2) | 10/01/12 | 10.250 | 954,750 | ||||||||||||||||||
625 | Terra Capital, Inc., Global Company Guaranteed Notes (Callable 11/01/14 @ $103.88) | (BB+, B1) | 11/01/19 | 7.750 | 769,531 | ||||||||||||||||||
1,724,281 | |||||||||||||||||||||||
Consumer/Commercial/Lease Financing (1.2%) | |||||||||||||||||||||||
1,300 | International Lease Finance Corp., Rule 144A, Senior Unsecured Notes ‡ | (BB+, B1) | 09/15/15 | 8.625 | 1,287,000 | ||||||||||||||||||
675 | International Lease Finance Corp., Rule 144A, Senior Unsecured Notes ‡ | (BB+, B1) | 03/15/17 | 8.750 | 671,625 | ||||||||||||||||||
100 | International Lease Finance Corp., Series MTN, Senior Unsecured Notes | (BB+, B1) | 06/01/14 | 5.650 | 91,598 | ||||||||||||||||||
2,050,223 | |||||||||||||||||||||||
Department Stores (0.4%) | |||||||||||||||||||||||
600 | The Neiman Marcus Group, Inc., Global Company Guaranteed Notes (Callable 10/15/10 @ $105.19) § | (CCC+, Caa3) | 10/15/15 | 10.375 | 635,250 | ||||||||||||||||||
Diversified Capital Goods (3.7%) | |||||||||||||||||||||||
625 | Belden, Inc., Rule 144A, Company Guaranteed Notes (Callable 06/15/14 @ $104.62) ‡ | (B+, Ba2) | 06/15/19 | 9.250 | 675,000 | ||||||||||||||||||
800 | Coleman Cable, Inc., Rule 144A, Senior Notes (Callable 02/15/14 @ $104.50) ‡ | (B, B3) | 02/15/18 | 9.000 | 821,000 | ||||||||||||||||||
925 | Esco Corp., Rule 144A, Company Guaranteed Notes (Callable 12/15/10 @ $100.00) #‡ | (B, B2) | 12/15/13 | 4.132 | 862,562 | ||||||||||||||||||
100 | Esco Corp., Rule 144A, Company Guaranteed Notes (Callable 12/15/10 @ $104.31) ‡ | (B, B2) | 12/15/13 | 8.625 | 104,000 | ||||||||||||||||||
1,125 | International Wire Group, Inc., Rule 144A, Senior Secured Notes (Callable 10/15/12 @ $104.88) ‡ | (B, B3) | 04/15/15 | 9.750 | 1,125,000 | ||||||||||||||||||
950 | Mueller Water Products, Inc., Global Company Guaranteed Notes (Callable 06/01/12 @ $103.69) | (B-, B3) | 06/01/17 | 7.375 | 869,250 | ||||||||||||||||||
425 | Sensus USA Systems, Inc., Global Company Guaranteed Notes (Callable 12/15/10 @ $101.44) | (B-, B3) | 12/15/13 | 8.625 | 432,969 | ||||||||||||||||||
600 | Titan International, Inc., Global Company Guaranteed Notes | (B-, B2) | 01/15/12 | 8.000 | 609,000 | ||||||||||||||||||
600 | TriMas Corp., Rule 144A, Senior Secured Notes (Callable 12/15/13 @ $104.88) ‡ | (B-, Caa1) | 12/15/17 | 9.750 | 621,750 | ||||||||||||||||||
6,120,531 | |||||||||||||||||||||||
Electric - Generation (5.8%) | |||||||||||||||||||||||
1,275 | Dynegy Holdings, Inc., Global Senior Unsecured Notes | (B-, B3) | 05/01/16 | 8.375 | 1,128,375 | ||||||||||||||||||
1,475 | Edison Mission Energy, Global Senior Unsecured Notes | (B-, B2) | 05/15/17 | 7.000 | 1,082,281 | ||||||||||||||||||
675 | Edison Mission Energy, Global Senior Unsecured Notes | (B-, B2) | 05/15/19 | 7.200 | 486,000 | ||||||||||||||||||
1,175 | Mirant Americas Generation LLC, Senior Unsecured Notes § | (B-, B3) | 10/01/21 | 8.500 | 1,145,625 | ||||||||||||||||||
447 | Mirant Mid Atlantic Trust, Series B, Global Pass Thru Certificates | (BB, Ba1) | 06/30/17 | 9.125 | 478,573 | ||||||||||||||||||
350 | NRG Energy, Inc., Company Guaranteed Notes (Callable 01/15/12 @ $103.69) | (BB-, B1) | 01/15/17 | 7.375 | 345,625 | ||||||||||||||||||
550 | NRG Energy, Inc., Company Guaranteed Notes (Callable 02/01/11 @ $103.69) | (BB-, B1) | 02/01/16 | 7.375 | 545,875 | ||||||||||||||||||
625 | NRG Energy, Inc., Company Guaranteed Notes (Callable 06/15/14 @ $104.25) | (BB-, B1) | 06/15/19 | 8.500 | 638,281 | ||||||||||||||||||
3,725 |
Texas Competitive Electric Holdings Co., LLC, Series A, Global Company Guaranteed Notes (Callable 11/01/11 @ $105.13) § |
(CCC, Caa2) | 11/01/15 | 10.250 | 2,812,375 | ||||||||||||||||||
1,175 |
Texas Competitive Electric Holdings Co., LLC, Series B, Global Company Guaranteed Notes (Callable 11/01/11 @ $105.13) |
(CCC, Caa2) | 11/01/15 | 10.250 | 887,125 | ||||||||||||||||||
9,550,135 |
See Accompanying Notes to Financial Statements.
4
Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
April 30, 2010 (unaudited)
Par (000) |
|
Ratings† (S&P/Moody's) |
Maturity | Rate% | Value | ||||||||||||||||||
U.S. CORPORATE BONDS | |||||||||||||||||||||||
Electric - Integrated (1.2%) | |||||||||||||||||||||||
$ | 1,175 | The AES Corp., Global Senior Unsecured Notes | (BB-, B1) | 10/15/17 | 8.000 | $ | 1,216,125 | ||||||||||||||||
550 | The AES Corp., Rule 144A, Senior Unsecured Notes ‡ | (BB-, B1) | 04/15/16 | 9.750 | 603,625 | ||||||||||||||||||
175 | The AES Corp., Senior Unsecured Notes | (BB-, B1) | 03/01/14 | 7.750 | 178,938 | ||||||||||||||||||
1,998,688 | |||||||||||||||||||||||
Electronics (1.6%) | |||||||||||||||||||||||
1,075 | Freescale Semiconductor, Inc., Rule 144A, Senior Secured Notes (Callable 03/15/14 @ $105.06) ‡§ | (B-, B2) | 03/15/18 | 10.125 | 1,166,375 | ||||||||||||||||||
575 | Sanmina-SCI Corp., Company Guaranteed Notes (Callable 03/01/11 @ $104.06) § | (CCC, B2) | 03/01/16 | 8.125 | 585,063 | ||||||||||||||||||
875 | Viasystems, Inc., Rule 144A, Senior Secured Notes (Callable 07/15/12 @ $106.00) ‡ | (B+, B3) | 01/15/15 | 12.000 | 964,687 | ||||||||||||||||||
2,716,125 | |||||||||||||||||||||||
Energy - Exploration & Production (6.7%) | |||||||||||||||||||||||
1,550 | ATP Oil & Gas Corp., Rule 144A, Senior Secured Notes (Callable 05/01/13 @ $111.88) ‡ | (B, Caa2) | 05/01/15 | 11.875 | 1,553,875 | ||||||||||||||||||
500 | Berry Petroleum Co., Senior Subordinated Notes (Callable 11/01/11 @ $104.13) | (B, B3) | 11/01/16 | 8.250 | 511,250 | ||||||||||||||||||
300 | Chesapeake Energy Corp., Company Guaranteed Notes | (BB, Ba3) | 12/15/18 | 7.250 | 301,500 | ||||||||||||||||||
1,675 | Chesapeake Energy Corp., Global Company Guaranteed Notes (Callable 01/15/11 @ $101.15) | (BB, Ba3) | 01/15/16 | 6.875 | 1,679,187 | ||||||||||||||||||
575 | Denbury Resources, Inc., Company Guaranteed Notes (Callable 03/01/13 @ $104.88) | (BB, B1) | 03/01/16 | 9.750 | 638,250 | ||||||||||||||||||
450 | Forest Oil Corp., Global Company Guaranteed Notes (Callable 06/15/12 @ $103.63) | (BB-, B1) | 06/15/19 | 7.250 | 459,000 | ||||||||||||||||||
525 | Hilcorp Financial Co., Rule 144A, Senior Unsecured Notes (Callable 06/01/11 @ $104.50) ‡ | (BB-, B2) | 06/01/16 | 9.000 | 543,375 | ||||||||||||||||||
800 | Mariner Energy, Inc., Company Guaranteed Notes (Callable 05/15/12 @ $104.00) | (B+, B3) | 05/15/17 | 8.000 | 886,000 | ||||||||||||||||||
475 | Penn Virginia Corp., Senior Notes (Callable 06/15/13 @ $105.19) | (BB-, B2) | 06/15/16 | 10.375 | 522,500 | ||||||||||||||||||
950 | PetroHawk Energy Corp., Global Company Guaranteed Notes (Callable 06/01/12 @ $103.94) | (B, B3) | 06/01/15 | 7.875 | 985,625 | ||||||||||||||||||
475 | Pioneer Natural Resources Co., Senior Unsecured Notes | (BB+, Ba1) | 01/15/20 | 7.500 | 507,180 | ||||||||||||||||||
625 | Plains Exploration & Production Co., Company Guaranteed Notes (Callable 06/15/11 @ $103.88) | (BB-, B1) | 06/15/15 | 7.750 | 642,187 | ||||||||||||||||||
425 | Stone Energy Corp., Company Guaranteed Notes (Callable 02/01/14 @ $104.31) | (BB-, Caa1) | 02/01/17 | 8.625 | 421,813 | ||||||||||||||||||
525 | Stone Energy Corp., Global Senior Subordinated Notes (Callable 12/15/10 @ $102.25) | (CCC+, Caa2) | 12/15/14 | 6.750 | 488,250 | ||||||||||||||||||
475 | Swift Energy Co, Company Guaranteed Notes (Callable 06/01/12 @ $103.56) | (BB-, B3) | 06/01/17 | 7.125 | 467,875 | ||||||||||||||||||
450 | Whiting Petroleum Corp., Global Company Guaranteed Notes | (BB, B1) | 02/01/14 | 7.000 | 466,875 | ||||||||||||||||||
11,074,742 | |||||||||||||||||||||||
Environmental (0.7%) | |||||||||||||||||||||||
1,100 | Casella Waste Systems, Inc., Rule 144A, Senior Secured Notes (Callable 07/15/12 @ $105.50) ‡ | (B+, B2) | 07/15/14 | 11.000 | 1,199,000 | ||||||||||||||||||
Food & Drug Retailers (1.0%) | |||||||||||||||||||||||
425 | Ingles Markets, Inc., Global Senior Unsecured Notes (Callable 05/15/13 @ $104.44) | (BB-, B1) | 05/15/17 | 8.875 | 451,563 | ||||||||||||||||||
725 | Rite Aid Corp., Global Company Guaranteed Notes (Callable 06/15/11 @ $104.69) | (CCC, Caa3) | 12/15/15 | 9.375 | 650,687 | ||||||||||||||||||
475 | Rite Aid Corp., Global Senior Secured Notes (Callable 06/12/13 @ $104.88) | (B+, B3) | 06/12/16 | 9.750 | 525,469 | ||||||||||||||||||
1,627,719 | |||||||||||||||||||||||
Food - Wholesale (1.5%) | |||||||||||||||||||||||
650 | Pinnacle Foods Finance Corp., Rule 144A, Senior Unsecured Notes (Callable 04/01/11 @ $104.63) ‡ | (CCC+, Caa2) | 04/01/15 | 9.250 | 679,250 | ||||||||||||||||||
650 | Southern States Cooperative, Inc., Rule 144A, Senior Notes ‡ | (B+, B3) | 11/01/11 | 11.000 | 650,000 | ||||||||||||||||||
1,200 | Southern States Cooperative, Inc., Rule 144A, Senior Notes (Callable 05/15/13 @ $105.63) ‡ | (B+, B3) | 05/15/15 | 11.250 | 1,197,000 | ||||||||||||||||||
2,526,250 | |||||||||||||||||||||||
Forestry & Paper (3.7%) | |||||||||||||||||||||||
728 | Boise Cascade LLC, Global Company Guaranteed Notes (Callable 10/15/10 @ $102.38) | (B+, Caa1) | 10/15/14 | 7.125 | 722,540 | ||||||||||||||||||
750 | Georgia-Pacific Corp., Global Senior Notes | (BB, Ba3) | 01/15/24 | 8.000 | 813,750 | ||||||||||||||||||
300 | Georgia-Pacific LLC Rule 144A, Company Guaranteed Notes (Callable 01/15/12 @ $103.56) ‡ | (BB+, Ba2) | 01/15/17 | 7.125 | 318,000 | ||||||||||||||||||
300 | Georgia-Pacific LLC Rule 144A, Company Guaranteed Notes (Callable 05/01/13 @ $104.13) ‡ | (BB+, Ba2) | 05/01/16 | 8.250 | 330,000 | ||||||||||||||||||
550 | NewPage Corp., Global Secured Notes (Callable 05/01/10 @ $103.00) | (CCC-, Caa2) | 05/01/12 | 10.000 | 402,875 | ||||||||||||||||||
1,300 | NewPage Corp., Global Senior Secured Notes (Callable 03/31/12 @ $105.00) § | (CCC+, B2) | 12/31/14 | 11.375 | 1,342,250 | ||||||||||||||||||
950 |
Smurfit-Stone Container Enterprises, Inc., Global Senior Unsecured Notes (Callable 07/01/10 @ $100.00) ø§ |
(D, NR) | 07/01/12 | 8.375 | 969,000 | ||||||||||||||||||
1,125 | Verso Paper, Inc., Series B, Global Company Guaranteed Notes (Callable 08/01/11 @ $105.69) § | (CCC+, Caa1) | 08/01/16 | 11.375 | 1,082,812 | ||||||||||||||||||
75 | Verso Paper, Inc., Series B, Global Senior Secured Notes (Callable 08/01/10 @ $104.56) § | (B, B2) | 08/01/14 | 9.125 | 76,875 | ||||||||||||||||||
6,058,102 |
See Accompanying Notes to Financial Statements.
5
Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
April 30, 2010 (unaudited)
Par (000) |
|
Ratings† (S&P/Moody's) |
Maturity | Rate% | Value | ||||||||||||||||||
U.S. CORPORATE BONDS | |||||||||||||||||||||||
Gaming (6.4%) | |||||||||||||||||||||||
$ | 775 |
Buffalo Thunder Development Authority, Rule 144A, Senior Secured Notes (Callable 12/15/10 @ $104.69) ø‡ |
(NR, NR) | 12/15/14 | 9.375 | $ | 133,688 | ||||||||||||||||
1,000 | Caesars Entertainment, Inc., Global Company Guaranteed Notes | (CCC, Ca) | 05/15/11 | 8.125 | 996,250 | ||||||||||||||||||
1,225 | CCM Merger, Inc., Rule 144A, Notes (Callable 08/01/10 @ $102.00) ‡ | (CCC+, Caa3) | 08/01/13 | 8.000 | 1,134,656 | ||||||||||||||||||
280 | Choctaw Resort Development Enterprise, Rule 144A, Senior Notes (Callable 11/15/11 @ $103.63) ‡ | (B, B2) | 11/15/19 | 7.250 | 196,000 | ||||||||||||||||||
575 | FireKeepers Development Authority, Rule 144A, Senior Secured Notes (Callable 05/01/12 @ $110.50) ‡ | (B, B3) | 05/01/15 | 13.875 | 669,875 | ||||||||||||||||||
625 |
Fontainebleau Las Vegas Holdings LLC, Rule 144A, Second Mortgage Notes (Callable 06/15/11 @ $105.13) ø‡ |
(NR, NR) | 06/15/15 | 11.000 | 11,719 | ||||||||||||||||||
525 | Harrah's Operating Co., Inc., Global Senior Secured Notes (Callable 06/01/13 @ $105.63) | (B, Caa1) | 06/01/17 | 11.250 | 574,875 | ||||||||||||||||||
750 | Inn of the Mountain Gods Resort & Casino, Global Company Guaranteed Notes ø | (D, Ca) | 11/15/10 | 12.000 | 372,187 | ||||||||||||||||||
1,250 | Jacobs Entertainment, Inc., Global Company Guaranteed Notes (Callable 06/15/10 @ $104.88) | (B-, Caa1) | 06/15/14 | 9.750 | 1,201,562 | ||||||||||||||||||
950 | Majestic Star Casino Capital Corp., Senior Secured Notes ø | (NR, NR) | 10/15/10 | 9.500 | 616,312 | ||||||||||||||||||
1,275 | Mashantucket Western Pequot Tribe, Rule 144A, Bonds (Callable 11/15/11 @ $104.25) ø‡ | (D, NR) | 11/15/15 | 8.500 | 325,125 | ||||||||||||||||||
675 | MGM Mirage, Inc., Global Company Guaranteed Notes § | (CCC+, Caa1) | 04/01/16 | 6.875 | 583,875 | ||||||||||||||||||
675 | MGM Mirage, Inc., Rule 144A, Senior Secured Notes (Callable 05/15/13 @ $105.56) ‡ | (B, B1) | 11/15/17 | 11.125 | 770,344 | ||||||||||||||||||
1,200 | MTR Gaming Group, Inc., Global Secured Notes (Callable 07/15/11 @ $106.31) | (B, B2) | 07/15/14 | 12.625 | 1,266,000 | ||||||||||||||||||
950 | Peninsula Gaming LLC, Rule 144A, Senior Unsecured Notes (Callable 08/15/13 @ $105.38) ‡ | (B, B3) | 08/15/17 | 10.750 | 976,125 | ||||||||||||||||||
670 | Tropicana Finance Corp., Global Senior Subordinated Notes (Callable 12/15/10 @ $104.81) ø | (NR, NR) | 12/15/14 | 9.625 | 486 | ||||||||||||||||||
775 |
Turning Stone Resort Casino Enterprise, Rule 144A, Senior Unsecured Notes (Callable 09/15/10 @ $104.56) ‡ |
(B+, B1) | 09/15/14 | 9.125 | 775,969 | ||||||||||||||||||
10,605,048 | |||||||||||||||||||||||
Gas Distribution (3.2%) | |||||||||||||||||||||||
525 | Amerigas Partners LP, Global Senior Unsecured Notes (Callable 05/20/10 @ $103.63) | (NR, Ba3) | 05/20/15 | 7.250 | 538,125 | ||||||||||||||||||
375 | El Paso Corp., Senior Unsecured Notes | (BB-, Ba3) | 02/15/16 | 8.250 | 408,750 | ||||||||||||||||||
600 | El Paso Corp., Senior Unsecured Notes | (BB-, Ba3) | 06/01/18 | 7.250 | 626,644 | ||||||||||||||||||
900 | El Paso Performance-Linked Trust, Rule 144A, Senior Unsecured Notes ‡ | (NR, Ba3) | 07/15/11 | 7.750 | 939,367 | ||||||||||||||||||
425 | Inergy Finance Corp., Global Company Guaranteed Notes (Callable 03/01/11 @ $104.13) | (B+, B1) | 03/01/16 | 8.250 | 444,125 | ||||||||||||||||||
275 | Inergy Finance Corp., Global Company Guaranteed Notes (Callable 12/15/10 @ $102.29) | (B+, B1) | 12/15/14 | 6.875 | 276,375 | ||||||||||||||||||
550 |
MarkWest Energy Finance Corp., Series B, Global Company Guaranteed Notes (Callable 04/15/13 @ $104.38) |
(BB-, B1) | 04/15/18 | 8.750 | 572,688 | ||||||||||||||||||
625 |
Targa Resources Partners Finance Corp., Global Company Guaranteed Notes (Callable 07/01/12 @ $104.13) |
(B, B2) | 07/01/16 | 8.250 | 640,625 | ||||||||||||||||||
675 | The Williams Cos., Inc., Series A, Global Senior Unsecured Notes | (BB+, Baa3) | 01/15/31 | 7.500 | 763,285 | ||||||||||||||||||
5,209,984 | |||||||||||||||||||||||
Health Facilities (7.1%) | |||||||||||||||||||||||
275 | Alliance HealthCare Services, Inc., Rule 144A, Senior Notes (Callable 12/01/12 @ $104.00) ‡ | (B, B3) | 12/01/16 | 8.000 | 258,500 | ||||||||||||||||||
665 | Bausch & Lomb, Inc., Global Senior Unsecured Notes (Callable 11/01/11 @ $104.94) | (B, Caa1) | 11/01/15 | 9.875 | 705,731 | ||||||||||||||||||
300 | Biomet, Inc., Global Company Guaranteed Notes (Callable 10/15/12 @ $105.00) | (B-, B3) | 10/15/17 | 10.000 | 331,500 | ||||||||||||||||||
120 | Biomet, Inc., Global Company Guaranteed Notes (Callable 10/15/12 @ $105.81) | (B-, Caa1) | 10/15/17 | 11.625 | 135,000 | ||||||||||||||||||
650 | Community Health Systems, Inc., Global Company Guaranteed Notes (Callable 07/15/11 @ $104.44) | (B, B3) | 07/15/15 | 8.875 | 684,125 | ||||||||||||||||||
2,350 | HCA, Inc., Global Secured Notes (Callable 11/15/11 @ $104.63) | (BB-, B2) | 11/15/16 | 9.250 | 2,546,812 | ||||||||||||||||||
675 | HCA, Inc., Global Senior Unsecured Notes | (B-, Caa1) | 01/15/15 | 6.375 | 660,656 | ||||||||||||||||||
725 | HCA, Inc., Rule 144A, Senior Secured Notes (Callable 08/15/14 @ $103.94) ‡ | (BB, Ba3) | 02/15/20 | 7.875 | 782,094 | ||||||||||||||||||
1,025 | Inverness Medical Innovations, Inc., Company Guaranteed Notes (Callable 05/15/13 @ $104.50) | (B-, B3) | 05/15/16 | 9.000 | 1,048,063 | ||||||||||||||||||
525 | Omega Healthcare Investors, Inc., Global Company Guaranteed Notes (Callable 01/15/11 @ $103.50) | (BB+, Ba3) | 01/15/16 | 7.000 | 530,250 | ||||||||||||||||||
625 | Radiation Therapy Services, Inc., Rule 144A, Senior Subordinated Notes (Callable 04/15/14 @ $104.94) ‡ | (CCC+, Caa1) | 04/15/17 | 9.875 | 640,625 | ||||||||||||||||||
775 | Tenet Healthcare Corp., Global Senior Unsecured Notes | (CCC+, Caa2) | 02/01/15 | 9.250 | 833,125 | ||||||||||||||||||
925 | Tenet Healthcare Corp., Rule 144A, Senior Secured Notes (Callable 07/01/14 @ $104.44) ‡ | (BB-, B2) | 07/01/19 | 8.875 | 1,023,281 | ||||||||||||||||||
275 | Universal Hospital Services, Inc., Global Senior Secured Notes (Callable 06/01/11 @ $101.00) | (B+, B3) | 06/01/15 | 8.500 | 274,313 | ||||||||||||||||||
550 | Vanguard Holding Co. II, Inc., Rule 144A, Company Guaranteed Notes (Callable 02/01/14 @ $104.00) ‡ | (CCC+, B3) | 02/01/18 | 8.000 | 547,250 | ||||||||||||||||||
634 | VWR Funding, Inc., Series B, Global Company Guaranteed Notes (Callable 07/15/11 @ $105.13) | (B-, Caa1) | 07/15/15 | 10.250 | 671,775 | ||||||||||||||||||
11,673,100 |
See Accompanying Notes to Financial Statements.
6
Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
April 30, 2010 (unaudited)
Par (000) |
|
Ratings† (S&P/Moody's) |
Maturity | Rate% | Value | ||||||||||||||||||
U.S. CORPORATE BONDS | |||||||||||||||||||||||
Health Services (2.4%) | |||||||||||||||||||||||
$ | 1,000 | Quintiles Transnational Corp., Rule 144A, Senior Notes (Callable 12/30/11 @ $102.00) ‡ | (B, B3) | 12/30/14 | 9.500 | $ | 1,015,000 | ||||||||||||||||
1,375 | Rural/Metro Corp., Global Senior Discount Notes (Callable 03/15/11 @ $104.25) | (B, Caa1) | 03/15/16 | 12.750 | 1,464,375 | ||||||||||||||||||
400 | Service Corp. International, Global Senior Unsecured Notes | (BB-, B1) | 10/01/18 | 7.625 | 411,000 | ||||||||||||||||||
425 | Service Corp. International, Senior Unsecured Notes | (BB-, B1) | 11/15/21 | 8.000 | 444,125 | ||||||||||||||||||
550 | Stewart Enterprises, Inc., Global Company Guaranteed Notes (Callable 02/15/11 @ $100.00) | (BB-, Ba3) | 02/15/13 | 6.250 | 547,250 | ||||||||||||||||||
175 | Universal Hospital Services, Inc., Global Senior Secured Notes (Callable 06/01/10 @ $101.00) # | (B+, B3) | 06/01/15 | 3.859 | 150,500 | ||||||||||||||||||
4,032,250 | |||||||||||||||||||||||
Hotels (0.8%) | |||||||||||||||||||||||
725 | Felcor Lodging LP, Global Senior Secured Notes § | (B-, B2) | 10/01/14 | 10.000 | 761,250 | ||||||||||||||||||
525 | Host Hotels & Resorts LP, Rule 144A, Senior Unsecured Notes (Callable 05/15/13 @ $104.50) ‡ | (BB+, Ba1) | 05/15/17 | 9.000 | 574,875 | ||||||||||||||||||
1,336,125 | |||||||||||||||||||||||
Household & Leisure Products (0.3%) | |||||||||||||||||||||||
450 | ALH Finance Corp., Global Company Guaranteed Notes (Callable 01/15/11 @ $100.00) | (B-, Caa1) | 01/15/13 | 8.500 | 455,625 | ||||||||||||||||||
lnvestments & Misc. Financial Services (0.4%) | |||||||||||||||||||||||
700 | Nuveen Investments, Inc., Global Company Guaranteed Notes (Callable 11/15/11 @105.25) | (CCC, Caa3) | 11/15/15 | 10.500 | 703,500 | ||||||||||||||||||
Leisure (0.3%) | |||||||||||||||||||||||
122 | Six Flags Operations, Inc., Rule 144A, Company Guaranteed Notes (Callable 07/15/13 @ $106.12) ø‡ | (D, Ca) | 07/15/16 | 12.250 | 142,435 | ||||||||||||||||||
900 | Six Flags, Inc., Global Senior Unsecured Notes (Callable 06/01/10 @ $103.21) ø | (D, NR) | 06/01/14 | 9.625 | 301,500 | ||||||||||||||||||
443,935 | |||||||||||||||||||||||
Machinery (1.3%) | |||||||||||||||||||||||
650 | Baldor Electric Co., Company Guaranteed Notes (Callable 02/15/12 @ $104.31) | (B, B3) | 02/15/17 | 8.625 | 690,625 | ||||||||||||||||||
550 | Cleaver-Brooks, Inc., Rule 144A, Senior Secured Notes (Callable 05/01/13 @ $106.13) ‡ | (B, B2) | 05/01/16 | 12.250 | 558,250 | ||||||||||||||||||
525 | CPM Holdings, Inc., Rule 144A, Senior Secured Notes (Callable 09/01/12 @ $105.31) ‡ | (B+, B2) | 09/01/14 | 10.625 | 564,375 | ||||||||||||||||||
250 | Terex Corp., Senior Subordinated Notes (Callable 11/15/12 @ $104.00) | (B, Caa1) | 11/15/17 | 8.000 | 245,000 | ||||||||||||||||||
2,058,250 | |||||||||||||||||||||||
Media - Broadcast (3.0%) | |||||||||||||||||||||||
795 | Barrington Broadcasting Capital Corp., Global Company Guaranteed Notes (Callable 08/15/10 @ $105.25) | (CCC-, Caa3) | 08/15/14 | 10.500 | 783,075 | ||||||||||||||||||
1,175 | Clear Channel Communications, Inc., Senior Unsecured Notes | (CCC-, Ca) | 09/15/14 | 5.500 | 775,500 | ||||||||||||||||||
975 |
Clear Channel Worldwide Holdings, Inc., Rule 144A, Company Guaranteed Notes (Callable 12/15/12 @ $106.94) ‡ |
(B, B2) | 12/15/17 | 9.250 | 1,048,594 | ||||||||||||||||||
74 | CMP Susquehanna Corp., Global Company Guranteed Notes (Callable 05/15/10 @ $104.94) | (NR, NR) | 05/15/14 | 3.272 | 22,200 | ||||||||||||||||||
550 | Fisher Communications, Inc., Global Company Guaranteed Notes (Callable 09/15/10 @ $102.88) | (B-, B2) | 09/15/14 | 8.625 | 547,250 | ||||||||||||||||||
662 | Local TV Finance LLC, Rule 144A, Senior Unsecured Notes (Callable 06/15/11 @ $104.63) ‡ | (CCC, Caa3) | 06/15/15 | 9.250 | 492,818 | ||||||||||||||||||
925 | Mission Broadcasting, Inc., Rule 144A, Senior Secured Notes (Callable 04/15/14 @ $104.44) ‡ | (B-, B3) | 04/15/17 | 8.875 | 948,125 | ||||||||||||||||||
410 | Umbrella Acquisition, Inc., Rule 144A, Company Guaranteed Notes (Callable 03/15/11 @ $104.88) ‡ | (CCC, Caa2) | 03/15/15 | 9.750 | 374,005 | ||||||||||||||||||
1,525 | Young Broadcasting, Inc., Global Company Guaranteed Notes (Callable 01/15/11 @ $101.46) ø | (D, NR) | 01/15/14 | 8.750 | 7,320 | ||||||||||||||||||
4,998,887 | |||||||||||||||||||||||
Media - Cable (6.9%) | |||||||||||||||||||||||
1,375 | Atlantic Broadband Finance LLC, Global Company Guaranteed Notes (Callable 01/15/11 @ $101.56) | (B-, Caa1) | 01/15/14 | 9.375 | 1,409,375 | ||||||||||||||||||
200 | Cablevision Systems Corp., Senior Unsecured Notes | (B+, B1) | 04/15/18 | 7.750 | 204,000 | ||||||||||||||||||
1,150 | Cablevision Systems Corp., Senior Unsecured Notes | (B+, B1) | 04/15/20 | 8.000 | 1,175,875 | ||||||||||||||||||
731 | CCH II Capital Corp., Global Senior Notes (Callable 11/30/12 @ $106.75) | (B, B2) | 11/30/16 | 13.500 | 887,803 | ||||||||||||||||||
1,925 | CCO Holdings Capital Corp., Rule 144A, Company Guaranteed Notes (Callable 04/30/15 @ $104.06) ‡ | (B, B2) | 04/30/20 | 8.125 | 1,977,937 | ||||||||||||||||||
1,200 | Cequel Capital Corp., Rule 144A, Senior Unsecured Notes (Callable 11/15/12 @ $106.47) ‡ | (B-, B3) | 11/15/17 | 8.625 | 1,227,000 | ||||||||||||||||||
875 |
Cequel Communications Holdings I LLC and Cequel Capital Corp., Rule 144A, Senior Unsecured Notes (Callable 11/15/12 @ $106.47) ‡ |
(NR, NR) | 11/15/17 | 8.625 | 901,250 | ||||||||||||||||||
675 | CSC Holdings, Inc., Rule 144A, Senior Unsecured Notes ‡ | (BB, Ba3) | 02/15/19 | 8.625 | 740,812 |
See Accompanying Notes to Financial Statements.
7
Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
April 30, 2010 (unaudited)
Par (000) |
|
Ratings† (S&P/Moody's) |
Maturity | Rate% | Value | ||||||||||||||||||
U.S. CORPORATE BONDS | |||||||||||||||||||||||
Media - Cable | |||||||||||||||||||||||
$ | 1,650 | DISH DBS Corp., Global Company Guaranteed Notes | (BB-, Ba3) | 09/01/19 | 7.875 | $ | 1,740,750 | ||||||||||||||||
175 | Mediacom Broadband Corp., Global Senior Unsecured Notes (Callable 10/15/10 @ $104.25) | (B-, B3) | 10/15/15 | 8.500 | 180,688 | ||||||||||||||||||
850 | Mediacom Capital Corp., Rule 144A, Senior Notes (Callable 08/15/14 @ $104.56) ‡ | (B-, B3) | 08/15/19 | 9.125 | 879,750 | ||||||||||||||||||
11,325,240 | |||||||||||||||||||||||
Media - Diversified (0.6%) | |||||||||||||||||||||||
975 | Block Communications, Inc., Rule 144A, Senior Notes (Callable 12/15/10 @ $104.13) ‡ | (B, B1) | 12/15/15 | 8.250 | 976,219 | ||||||||||||||||||
Media - Services (0.9%) | |||||||||||||||||||||||
450 | Nielsen Finance Co., Global Company Guaranteed Notes (Callable 05/01/13 @ $105.75) | (B-, Caa1) | 05/01/16 | 11.500 | 513,000 | ||||||||||||||||||
575 | WMG Acquisition Corp., Global Company Guaranteed Notes (Callable 04/15/11 @ $101.23) | (B, B1) | 04/15/14 | 7.375 | 557,750 | ||||||||||||||||||
400 | WMG Acquisition Corp., Rule 144A, Senior Secured Notes (Callable 06/15/13 @ $104.75) ‡ | (BB, Ba2) | 06/15/16 | 9.500 | 434,000 | ||||||||||||||||||
1,504,750 | |||||||||||||||||||||||
Metals & Mining - Excluding Steel (1.9%) | |||||||||||||||||||||||
225 | Aleris International, Inc., Global Company Guaranteed Notes (Callable 12/15/10 @ $104.50) ø | (D, NR) | 12/15/14 | 9.000 | 1,508 | ||||||||||||||||||
1,100 | Aleris International, Inc., Global Company Guaranteed Notes (Callable 12/15/11 @ $105.00) ø | (D, NR) | 12/15/16 | 10.000 | 8,250 | ||||||||||||||||||
1,225 | Consol Energy, Inc. Rule 144A, Senior Secured Notes (Callable 04/01/15 @ $104.13) ‡ | (BB, B1) | 04/01/20 | 8.250 | 1,310,750 | ||||||||||||||||||
1,507 | Noranda Aluminium Acquisition Corp., Global Company Guaranteed Notes (Callable 05/15/10 @ $100.00) # | (CCC, Caa1) | 05/15/15 | 5.274 | 1,307,750 | ||||||||||||||||||
525 | Novelis, Inc., Global Company Guaranteed Notes (Callable 08/15/12 @ $108.62) | (B-, Caa1) | 02/15/15 | 11.500 | 580,125 | ||||||||||||||||||
3,208,383 | |||||||||||||||||||||||
Oil Field Equipment & Services (3.9%) | |||||||||||||||||||||||
550 | Bristow Group, Inc., Global Company Guaranteed Notes (Callable 09/15/12 @ $103.75) | (BB, Ba2) | 09/15/17 | 7.500 | 558,937 | ||||||||||||||||||
1,025 | Calfrac Holdings LP, Rule 144A, Company Guaranteed Notes (Callable 02/15/11 @ $103.88) ‡ | (NR, B2) | 02/15/15 | 7.750 | 1,030,125 | ||||||||||||||||||
750 | Edgen Murray Corp., Rule 144A, Senior Secured Notes (Callable 01/15/13 @ $106.13) ‡ | (B, Caa1) | 01/15/15 | 12.250 | 742,500 | ||||||||||||||||||
550 | Helix Energy Solutions Group, Inc., Rule 144A, Company Guaranteed Notes (Callable 01/15/12 @ $104.75) ‡ | (B, B3) | 01/15/16 | 9.500 | 574,750 | ||||||||||||||||||
300 | Hornbeck Offshore Services, Inc., Global Company Guaranteed Notes (Callable 09/01/13 @ $104.00) | (BB-, Ba3) | 09/01/17 | 8.000 | 306,000 | ||||||||||||||||||
350 |
Hornbeck Offshore Services, Inc., Series B, Global Company Guaranteed Notes (Callable 12/01/10 @ $102.04) |
(BB-, Ba3) | 12/01/14 | 6.125 | 349,563 | ||||||||||||||||||
750 | Key Energy Services, Inc., Global Company Guaranteed Notes (Callable 12/01/11 @ $104.19) | (BB-, B1) | 12/01/14 | 8.375 | 768,750 | ||||||||||||||||||
800 | McJunkin Red Man Corp., Rule 144A, Senior Secured Notes (Callable 12/15/12 @ $107.13) ‡ | (B, B3) | 12/15/16 | 9.500 | 837,000 | ||||||||||||||||||
1,000 | Pioneer Drilling Co., Rule 144A, Senior Notes (Callable 03/15/14 @ $104.94) ‡ | (B, B3) | 03/15/18 | 9.875 | 1,035,000 | ||||||||||||||||||
200 | Pride International, Inc., Senior Unsecured Notes | (BBB-, Ba1) | 06/15/19 | 8.500 | 230,750 | ||||||||||||||||||
6,433,375 | |||||||||||||||||||||||
Oil Refining & Marketing (1.5%) | |||||||||||||||||||||||
900 | Coffeyville Resources LLC, Rule 144A, Senior Secured Notes (Callable 04/01/13 @ $108.16) ‡ | (BB-, B3) | 04/01/17 | 10.875 | 922,500 | ||||||||||||||||||
525 | Tesoro Corp., Company Guaranteed Notes (Callable 06/01/14 @ $104.88) | (BB+, Ba1) | 06/01/19 | 9.750 | 567,000 | ||||||||||||||||||
1,050 | Western Refining, Inc., Rule 144A, Senior Secured Notes (Callable 12/15/11 @ $105.00) #‡ | (BB-, B3) | 06/15/14 | 10.750 | 992,250 | ||||||||||||||||||
2,481,750 | |||||||||||||||||||||||
Packaging (2.0%) | |||||||||||||||||||||||
880 | Berry Plastics Corp., Global Secured Notes (Callable 09/15/10 @ $104.44) | (CCC, Caa1) | 09/15/14 | 8.875 | 869,000 | ||||||||||||||||||
725 | GPC Capital Corp. I, Global Company Guaranteed Notes (Callable 10/15/10 @ $103.29) | (CCC+, Caa1) | 10/15/14 | 9.875 | 759,438 | ||||||||||||||||||
1,000 | GPC Capital Corp. I, Rule 144A, Senior Notes (Callable 01/01/14 @ $104.13) ‡ | (CCC+, Caa1) | 01/01/17 | 8.250 | 1,016,250 | ||||||||||||||||||
500 | Pregis Corp., Global Senior Secured Notes # | (B+, B2) | 04/15/13 | 5.644 | 621,611 | ||||||||||||||||||
3,266,299 | |||||||||||||||||||||||
Pharmaceuticals (0.7%) | |||||||||||||||||||||||
550 | PharmaNet Development Group, Inc., Rule 144A, Senior Secured Notes (Callable 04/15/14 @105.44) ‡ | (B+, B3) | 04/15/17 | 10.875 | 565,813 | ||||||||||||||||||
527 | QHP Royalty Sub LLC, Rule 144A, Senior Secured Notes ‡ | (NR, NR) | 03/15/15 | 10.250 | 535,046 | ||||||||||||||||||
1,100,859 | |||||||||||||||||||||||
Printing & Publishing (2.5%) | |||||||||||||||||||||||
950 | Cengage Learning Acquisitions, Inc., Rule 144A, Senior Notes (Callable 07/15/11 @ $105.25) ‡ | (CCC+, Caa2) | 01/15/15 | 10.500 | 935,750 | ||||||||||||||||||
1,000 | Cenveo Corp., Global Senior Subordinated Notes (Callable 12/01/10 @ $101.31) | (B-, Caa1) | 12/01/13 | 7.875 | 1,005,000 |
See Accompanying Notes to Financial Statements.
8
Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
April 30, 2010 (unaudited)
Par (000) |
|
Ratings† (S&P/Moody's) |
Maturity | Rate% | Value | ||||||||||||||||||
U.S. CORPORATE BONDS | |||||||||||||||||||||||
Printing & Publishing | |||||||||||||||||||||||
$ | 1,800 | The Reader's Digest Association, Inc., Global Company Guaranteed Notes (Callable 02/15/12 @ $104.50) ø^ | (NR, NR) | 02/15/17 | 9.000 | $ | 0 | ||||||||||||||||
1,350 | The Reader's Digest Association, Inc., Rule 144A, Senior Secured Notes (Callable 02/15/13 @ $104.00) #‡ | (B, B1) | 02/15/17 | 9.500 | 1,390,500 | ||||||||||||||||||
785 | Valassis Communications, Inc., Global Company Guaranteed Notes (Callable 03/01/11 @ $104.13) | (BB-, B1) | 03/01/15 | 8.250 | 833,081 | ||||||||||||||||||
4,164,331 | |||||||||||||||||||||||
Railroads (0.4%) | |||||||||||||||||||||||
600 | Kansas City Southern Railway, Company Guaranteed Notes (Callable 06/01/12 @ $104.00) | (B+, B2) | 06/01/15 | 8.000 | 637,500 | ||||||||||||||||||
Restaurants (0.3%) | |||||||||||||||||||||||
525 | Denny's Holdings, Inc., Global Company Guaranteed Notes (Callable 10/01/10 @ $100.00) | (B-, Caa1) | 10/01/12 | 10.000 | 537,469 | ||||||||||||||||||
Software/Services (2.6%) | |||||||||||||||||||||||
1,000 | SunGard Data Systems, Inc., Global Company Guaranteed Notes (Callable 08/15/10 @ $105.13) | (B-, Caa1) | 08/15/15 | 10.250 | 1,058,750 | ||||||||||||||||||
525 | Unisys Corp., Rule 144A, Senior Secured Notes (Callable 10/15/12 @ $106.38) ‡ | (BB-, Ba3) | 10/15/14 | 12.750 | 619,500 | ||||||||||||||||||
1,150 | Unisys Corp., Senior Unsecured Notes (Callable 01/15/12 @ $106.25) | (B, Caa1) | 01/15/16 | 12.500 | 1,290,875 | ||||||||||||||||||
1,475 | Vangent, Inc., Global Company Guaranteed Notes (Callable 02/15/11 @ $104.81) | (CCC+, Caa2) | 02/15/15 | 9.625 | 1,397,562 | ||||||||||||||||||
4,366,687 | |||||||||||||||||||||||
Specialty Retail (2.5%) | |||||||||||||||||||||||
600 | Asbury Automotive Group, Inc., Global Company Guaranteed Notes (Callable 03/15/12 @ $103.81) | (B-, Caa1) | 03/15/17 | 7.625 | 579,000 | ||||||||||||||||||
1,350 | Brookstone Co., Inc., Global Senior Secured Notes (Callable 10/15/10 @ $103.00) | (CCC-, Caa3) | 10/15/12 | 12.000 | 1,147,500 | ||||||||||||||||||
300 | QVC, Inc. Rule 144A, Senior Secured Notes ‡ | (BB+, Ba2) | 10/15/20 | 7.375 | 306,000 | ||||||||||||||||||
600 | SGS International, Inc., Global Company Guaranteed Notes (Callable 12/15/10 @ $103.00) | (B-, B3) | 12/15/13 | 12.000 | 631,500 | ||||||||||||||||||
520 | Susser Finance Corp., Global Company Guaranteed Notes (Callable 12/15/10 @ $102.66) | (B+, B3) | 12/15/13 | 10.625 | 552,500 | ||||||||||||||||||
500 | Susser Finance Corp., Rule 144A, Senior Notes (Callable 05/15/13 @ $104.25) ‡ | (B+, B2) | 05/15/16 | 8.500 | 494,225 | ||||||||||||||||||
460 | Yankee Acquisition Corp., Series B, Global Company Guaranteed Notes (Callable 02/15/11 @ $104.25) | (B-, B3) | 02/15/15 | 8.500 | 479,550 | ||||||||||||||||||
4,190,275 | |||||||||||||||||||||||
Steel Producers/Products (1.3%) | |||||||||||||||||||||||
800 | California Steel Industries, Inc., Global Senior Notes (Callable 03/15/11 @ $101.02) | (BB-, B1) | 03/15/14 | 6.125 | 772,000 | ||||||||||||||||||
700 | Ryerson, Inc., Global Senior Secured Notes (Callable 11/01/11 @ $106.00) | (CCC+, Caa1) | 11/01/15 | 12.000 | 760,375 | ||||||||||||||||||
525 | Tube City IMS Corp., Global Company Guaranteed Notes (Callable 02/01/11 @ $104.88) | (B-, Caa1) | 02/01/15 | 9.750 | 532,875 | ||||||||||||||||||
2,065,250 | |||||||||||||||||||||||
Support-Services (4.3%) | |||||||||||||||||||||||
800 | Ashtead Capital, Inc., Rule 144A, Secured Notes (Callable 08/15/11 @ $104.50) ‡ | (B+, B2) | 08/15/16 | 9.000 | 828,000 | ||||||||||||||||||
525 | DynCorp International, Series B, Global Senior Subordinated Notes (Callable 02/15/11 @ $100.00) | (B+, B1) | 02/15/13 | 9.500 | 542,719 | ||||||||||||||||||
425 | Garda World Security Corp., Rule 144A, Senior Unsecured Notes (Callable 03/15/14 @ $104.88) (Canada) ‡ | (B, B3) | 03/15/17 | 9.750 | 442,531 | ||||||||||||||||||
500 | Iron Mountain, Inc., Senior Subordinated Notes (Callable 08/15/14 @ $104.19) | (B+, B2) | 08/15/21 | 8.375 | 530,625 | ||||||||||||||||||
250 | JohnsonDiversey Holdings, Inc., Rule 144A, Senior Unsecured Notes (Callable 11/15/14 @ $104.13) ‡ | (B-, B3) | 11/15/19 | 8.250 | 263,750 | ||||||||||||||||||
525 | Maxim Crane Works LP, Rule 144A, Senior Secured Notes (Callable 04/15/12 @ $109.19) ‡ | (B, Caa1) | 04/15/15 | 12.250 | 549,937 | ||||||||||||||||||
750 | Mobile Mini, Inc., Global Company Guaranteed Notes (Callable 08/01/10 @ $104.88) | (B+, B2) | 08/01/14 | 9.750 | 785,625 | ||||||||||||||||||
475 | Sotheby's, Global Company Guaranteed Notes | (B, B1) | 06/15/15 | 7.750 | 485,687 | ||||||||||||||||||
600 | The Hertz Corp., Global Company Guaranteed Notes (Callable 01/01/11 @ $105.25) § | (CCC+, B3) | 01/01/16 | 10.500 | 646,500 | ||||||||||||||||||
1,150 | Travelport LLC, Global Company Guaranteed Notes (Callable 09/01/11 @ $105.94) § | (CCC, Caa1) | 09/01/16 | 11.875 | 1,265,000 | ||||||||||||||||||
475 | United Rentals North America, Inc., Global Company Guaranteed Notes (Callable 02/15/11 @ $101.17) | (CCC+, Caa1) | 02/15/14 | 7.000 | 466,688 | ||||||||||||||||||
300 | United Rentals North America, Inc., Global Company Guaranteed Notes (Callable 06/15/13 @ $105.44) | (BB, B3) | 06/15/16 | 10.875 | 339,000 | ||||||||||||||||||
7,146,062 | |||||||||||||||||||||||
Telecom - Integrated/Services (5.0%) | |||||||||||||||||||||||
525 | Frontier Communications Corp., Senior Unsecured Notes | (BB, Ba2) | 10/01/18 | 8.125 | 540,750 | ||||||||||||||||||
700 | HNS Finance Corp., Global Company Guaranteed Notes (Callable 04/15/11 @ $102.38) | (B, B1) | 04/15/14 | 9.500 | 724,500 | ||||||||||||||||||
2,075 | Intelsat Corp., Global Senior Unsecured Notes (Callable 08/15/10 @ $103.13) | (BB-, B3) | 08/15/14 | 9.250 | 2,158,000 | ||||||||||||||||||
175 | Level 3 Financing, Inc., Global Company Guaranteed Notes (Callable 02/15/11 @ $100.00) # | (CCC, Caa1) | 02/15/15 | 4.140 | 150,063 | ||||||||||||||||||
950 | Level 3 Financing, Inc., Rule 144A, Company Guaranteed Notes (Callable 02/01/14 @ $105.00) ‡ | (CCC, Caa1) | 02/01/18 | 10.000 | 940,500 | ||||||||||||||||||
575 | New Communications Holdings, Inc. Rule 144A, Senior Notes ‡ | (BB, Ba2) | 04/15/20 | 8.500 | 595,125 |
See Accompanying Notes to Financial Statements.
9
Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
April 30, 2010 (unaudited)
Par (000) |
|
Ratings† (S&P/Moody's) |
Maturity | Rate% | Value | ||||||||||||||||||
U.S. CORPORATE BONDS | |||||||||||||||||||||||
Telecom - Integrated/Services | |||||||||||||||||||||||
$ | 850 | Paetec Holding Corp., Global Company Guaranteed Notes (Callable 07/15/11 @ $104.75) | (CCC+, Caa1) | 07/15/15 | 9.500 | $ | 870,187 | ||||||||||||||||
525 |
Qwest Communications International, Inc., Rule 144A, Company Guaranteed Notes (Callable 10/01/12 @ $104.00) ‡ |
(B+, Ba3) | 10/01/15 | 8.000 | 565,687 | ||||||||||||||||||
1,250 |
Qwest Communications International, Inc., Series B, Global Company Guaranteed Notes (Callable 02/15/11 @ $101.25) |
(B+, Ba3) | 02/15/14 | 7.500 | 1,278,125 | ||||||||||||||||||
450 | Windstream Corp., Global Company Guaranteed Notes (Callable 08/01/11 @ $104.31) | (B+, Ba3) | 08/01/16 | 8.625 | 462,938 | ||||||||||||||||||
8,285,875 | |||||||||||||||||||||||
Telecom - Wireless (4.2%) | |||||||||||||||||||||||
650 | Cricket Communications, Inc., Global Company Guaranteed Notes (Callable 11/01/10 @ $104.69) § | (B-, B3) | 11/01/14 | 9.375 | 675,188 | ||||||||||||||||||
250 | Cricket Communications, Inc., Global Senior Secured Notes (Callable 05/15/12 @ $105.81) | (B+, Ba2) | 05/15/16 | 7.750 | 260,625 | ||||||||||||||||||
1,300 | GeoEye, Inc., Rule 144A, Senior Secured Notes (Callable 10/01/13 @ $104.81) ‡ | (B, B1) | 10/01/15 | 9.625 | 1,360,125 | ||||||||||||||||||
675 | MetroPCS Wireless, Inc., Global Company Guaranteed Notes (Callable 11/01/10 @ $104.63) § | (B, B2) | 11/01/14 | 9.250 | 703,687 | ||||||||||||||||||
2,648 | Nextel Communications, Inc., Series F, Company Guaranteed Notes (Callable 03/15/11 @ $101.74) | (BB-, Ba2) | 03/15/14 | 5.950 | 2,542,080 | ||||||||||||||||||
1,525 | Sprint Nextel Corp., Senior Unsecured Notes | (BB-, Ba3) | 12/01/16 | 6.000 | 1,414,437 | ||||||||||||||||||
6,956,142 | |||||||||||||||||||||||
Telecommunications Equipment (0.5%) | |||||||||||||||||||||||
850 | Avaya, Inc., Global Company Guaranteed Notes (Callable 11/01/11 @ $104.88) | (CCC+, Caa2) | 11/01/15 | 9.750 | 860,625 | ||||||||||||||||||
Theaters & Entertainment (1.2%) | |||||||||||||||||||||||
1,125 | AMC Entertainment, Inc., Global Company Guaranteed Notes (Callable 03/01/11 @ $101.33) | (CCC+, Caa1) | 03/01/14 | 8.000 | 1,147,500 | ||||||||||||||||||
750 | AMC Entertainment, Inc., Global Senior Unsecured Notes (Callable 06/01/14 @ $104.38) | (B-, B1) | 06/01/19 | 8.750 | 798,750 | ||||||||||||||||||
1,946,250 | |||||||||||||||||||||||
Tobacco (0.3%) | |||||||||||||||||||||||
500 | Alliance One International, Inc., Rule 144A, Senior Unsecured Notes (Callable 07/15/13 @ $105.00) ‡ | (B+, B2) | 07/15/16 | 10.000 | 532,500 | ||||||||||||||||||
TOTAL U.S. CORPORATE BONDS (Cost $194,024,614) | 194,394,194 | ||||||||||||||||||||||
FOREIGN CORPORATE BONDS (11.4%) | |||||||||||||||||||||||
Chemicals (1.6%) | |||||||||||||||||||||||
1,150 | Cognis GmbH, Rule 144A, Senior Secured Notes (Germany) #‡ | (B-, B2) | 09/15/13 | 2.257 | 1,144,250 | ||||||||||||||||||
1,675 | Ineos Group Holdings PLC, Rule 144A, Secured Notes (Callable 02/15/11 @ $104.25) (United Kingdom) ‡ | (CCC-, Caa3) | 02/15/16 | 8.500 | 1,499,125 | ||||||||||||||||||
2,643,375 | |||||||||||||||||||||||
Electronics (0.1%) | |||||||||||||||||||||||
1,000 | New Asat, Ltd., Global Company Guaranteed Notes (Cayman Islands) ø | (NR, NR) | 02/01/11 | 9.250 | 182,500 | ||||||||||||||||||
50 | NXP Funding LLC, Series EXCH, Global Senior Secured Notes (Callable 10/15/10 @ $103.94) (Netherlands) | (CCC+, C) | 10/15/14 | 7.875 | 49,500 | ||||||||||||||||||
232,000 | |||||||||||||||||||||||
Energy - Exploration & Production (0.5%) | |||||||||||||||||||||||
875 | OPTI Canada, Inc., Global Senior Secured Notes (Callable 12/15/10 @ $104.13) (Canada) | (B, Caa3) | 12/15/14 | 8.250 | 844,375 | ||||||||||||||||||
Forestry & Paper (1.3%) | |||||||||||||||||||||||
2,325 | Abitibi-Consolidated Co. of Canada, Global Company Guaranteed Notes (Canada) ø | (NR, NR) | 06/15/11 | 7.750 | 517,312 | ||||||||||||||||||
500 | Smurfit Kappa Acquisitions, Rule 144A, Senior Secured Notes (Callable 11/15/13 @ $103.63) (Ireland) ‡ | (BB, Ba2) | 11/15/17 | 7.250 | 694,742 | ||||||||||||||||||
1,000 | Smurfit Kappa Funding PLC, Global Senior Subordinated Notes (Callable 01/31/11 @ $102.58) (Ireland) | (B, B2) | 04/01/15 | 7.750 | 981,250 | ||||||||||||||||||
2,193,304 | |||||||||||||||||||||||
Gaming (1.3%) | |||||||||||||||||||||||
400 | Cirsa Finance Luxembourg SA, Company Guaranteed Notes (Callable 05/15/10 @ 102.92) (Luxembourg) | (B+, B2) | 05/15/14 | 8.750 | 549,810 | ||||||||||||||||||
600 |
Codere Finance Luxembourg SA, Rule 144A, Senior Secured Notes (Callable 06/15/10 @ $104.13) (Luxembourg) ‡ |
(B, B2) | 06/15/15 | 8.250 | 806,765 | ||||||||||||||||||
600 |
Peermont Global Proprietary, Ltd., Rule 144A, Senior Secured Notes (Callable 04/30/11 @ $103.88) (South Africa) ‡ |
(B, B3) | 04/30/14 | 7.750 | 765,878 | ||||||||||||||||||
2,122,453 |
See Accompanying Notes to Financial Statements.
10
Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
April 30, 2010 (unaudited)
Par (000) |
|
Ratings† (S&P/Moody's) |
Maturity | Rate% | Value | ||||||||||||||||||
FOREIGN CORPORATE BONDS | |||||||||||||||||||||||
Media - Cable (1.0%) | |||||||||||||||||||||||
$ | 200 | UPC Germany GmbH, Rule 144A, Senior Secured Notes (Callable 12/01/12 @ $108.22) (Germany) ‡ | (BB-, B1) | 12/01/17 | 8.125 | $ | 276,567 | ||||||||||||||||
86 |
Virgin Media Finance PLC, Global Company Guaranteed Notes (Callable 04/15/11 @ $101.63) (United Kingdom) |
(B, NR) | 04/15/14 | 9.750 | 136,966 | ||||||||||||||||||
150 |
Virgin Media Finance PLC, Global Company Guaranteed Notes (Callable 08/15/11 @ $104.56) (United Kingdom) |
(B, B1) | 08/15/16 | 9.125 | 160,875 | ||||||||||||||||||
1,000 |
Virgin Media Finance PLC, Global Company Guaranteed Notes (Callable 10/15/14 @ $104.19) (United Kingdom) |
(B, B1) | 10/15/19 | 8.375 | 1,052,500 | ||||||||||||||||||
1,626,908 | |||||||||||||||||||||||
Media - Diversified (0.4%) | |||||||||||||||||||||||
600 | Quebecor Media, Inc., Global Senior Unsecured Notes (Callable 03/15/11 @ $103.88) (Canada) | (B, B2) | 03/15/16 | 7.750 | 604,500 | ||||||||||||||||||
Metals & Mining - Excluding Steel (0.7%) | |||||||||||||||||||||||
875 | Teck Resources, Ltd., Global Senior Secured Notes (Callable 05/15/14 @ $105.38) (Canada) | (BBB, Baa3) | 05/15/19 | 10.750 | 1,093,750 | ||||||||||||||||||
Oil Field Equipment & Services (0.3%) | |||||||||||||||||||||||
475 |
Cie Generale de Geophysique-Veritas, Global Company Guaranteed Notes (Callable 05/15/10 @ $103.75) (France) |
(BB, Ba3) | 05/15/15 | 7.500 | 483,312 | ||||||||||||||||||
Packaging (0.2%) | |||||||||||||||||||||||
275 |
Impress Holdings BV, Rule 144A, Company Guaranteed Notes (Callable 09/15/10 @ $104.63) (Netherlands) ‡ |
(NR, NR) | 09/15/14 | 9.250 | 385,764 | ||||||||||||||||||
Pharmaceuticals (0.4%) | |||||||||||||||||||||||
625 | Patheon, Inc., Rule 144A, Senior Secured Notes (Callable 04/15/13 @ $106.47) (Canada) ‡ | (B+, B1) | 04/15/17 | 8.625 | 634,375 | ||||||||||||||||||
Telecom - Integrated/Services (1.2%) | |||||||||||||||||||||||
1,507 |
Global Crossing UK Finance PLC, Global Senior Secured Notes (Callable 12/15/10 @ $103.58) (United Kingdom) |
(B-, B3) | 12/15/14 | 10.750 | 1,589,885 | ||||||||||||||||||
550 | Hellas Telecommunications II SCA, Rule 144A, Subordinated Notes (Luxembourg) ø#‡ | (NR, NR) | 01/15/15 | 6.034 | 22,000 | ||||||||||||||||||
350 | Intelsat Jackson Holdings Ltd. Rule 144A (Bermuda) ‡ | (B+, B3) | 11/01/19 | 8.500 | 370,125 | ||||||||||||||||||
25 |
Intelsat Subsidiary Holding Co., Ltd., Global Company Guaranteed Notes (Callable 01/15/11 @ $102.96) (Bermuda) |
(B+, B3) | 01/15/15 | 8.875 | 26,125 | ||||||||||||||||||
2,008,135 | |||||||||||||||||||||||
Telecom - Wireless (0.5%) | |||||||||||||||||||||||
400 |
Wind Acquisition Finance SA, Rule 144A, Company Guaranteed Notes (Callable 07/15/13 @ $105.88) (Luxembourg) ‡ |
(B+, B2) | 07/15/17 | 11.750 | 593,024 | ||||||||||||||||||
150 |
Wind Acquisition Finance SA, Rule 144A, Company Guaranteed Notes (Callable 07/15/13 @ $105.88) (Luxembourg) ‡ |
(B+, B2) | 07/15/17 | 11.750 | 167,625 | ||||||||||||||||||
760,649 | |||||||||||||||||||||||
Textiles & Apparel (0.0%) | |||||||||||||||||||||||
75 | IT Holding Finance SA, Rule 144A, Company Guaranteed Notes (Luxembourg) ø‡ | (NR, NR) | 11/15/12 | 9.875 | 15,956 | ||||||||||||||||||
Transportation - Excluding Air/Rail (1.9%) | |||||||||||||||||||||||
1,250 |
Navios Maritime Holdings, Inc., Global Company Guaranteed Notes (Callable 12/15/10 @ $104.75) (Marshall Islands) |
(B+, B3) | 12/15/14 | 9.500 | 1,287,500 | ||||||||||||||||||
1,325 |
Ship Finance International, Ltd., Global Company Guaranteed Notes (Callable 12/15/10 @ $102.83) (Bermuda) |
(B+, B1) | 12/15/13 | 8.500 | 1,331,625 | ||||||||||||||||||
525 | Teekay Corp., Global Senior Unsecured Notes (Canada) | (BB, B1) | 01/15/20 | 8.500 | 556,500 | ||||||||||||||||||
3,175,625 | |||||||||||||||||||||||
TOTAL FOREIGN CORPORATE BONDS (Cost $19,919,977) | 18,824,481 |
See Accompanying Notes to Financial Statements.
11
Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
April 30, 2010 (unaudited)
Par (000) |
|
Ratings† (S&P/Moody's) |
Maturity | Rate% | Value | ||||||||||||||||||
BANK LOANS (1.1%) | |||||||||||||||||||||||
Electronics (0.6%) | |||||||||||||||||||||||
$ | 1,067 | AVAYA, Inc. | (NR, NR) | 10/24/14 | 2.750 | $ | 976,515 | ||||||||||||||||
Gaming (0.3%) | |||||||||||||||||||||||
485 | CCM Merger, Inc. | (NR, NR) | 07/21/12 | 8.500 | 478,946 | ||||||||||||||||||
Pharmaceuticals (0.2%) | |||||||||||||||||||||||
428 | Nycomed Holdings Aps | (NR, NR) | 12/29/13 | 2.750 | 401,528 | ||||||||||||||||||
TOTAL BANK LOANS (Cost $1,459,609) | 1,856,989 | ||||||||||||||||||||||
Number of Shares |
|||||||||||||||||||||||
COMMON STOCKS (0.7%) | |||||||||||||||||||||||
Banks (0.4%) | |||||||||||||||||||||||
13,710 | CIT Group, Inc. * | 556,626 | |||||||||||||||||||||
Chemicals (0.0%) | |||||||||||||||||||||||
4,893 | Huntsman Corp. | 55,829 | |||||||||||||||||||||
Leisure (0.3%) | |||||||||||||||||||||||
17,809 | Six Flags, Inc. *^ | 523,948 | |||||||||||||||||||||
Media (0.0%) | |||||||||||||||||||||||
1,321 | SuperMedia, Inc. * | 59,313 | |||||||||||||||||||||
Pharmaceuticals (0.0%) | |||||||||||||||||||||||
437 | Nortek, Inc. * | 20,539 | |||||||||||||||||||||
TOTAL COMMON STOCKS (Cost $2,373,476) | 1,216,255 | ||||||||||||||||||||||
PREFERRED STOCKS (0.2%) | |||||||||||||||||||||||
Banks (0.2%) | |||||||||||||||||||||||
473 | GMAC, Inc., Rule 144A (Callable 12/31/11 @ $1,000) ‡ | 401,740 | |||||||||||||||||||||
Media - Broadcast (0.0%) | |||||||||||||||||||||||
17,257 | CMP Susquehanna Radio Holdings Corp., Rule 144A, Series A *‡ | 17 | |||||||||||||||||||||
TOTAL PREFERRED STOCKS (Cost $98,537) | 401,757 | ||||||||||||||||||||||
WARRANTS (0.0%) | |||||||||||||||||||||||
Construction Materials (0.0%) | |||||||||||||||||||||||
1,152 | Nortek, Inc., strike price $1.00, expires 12/07/14 *^ | 1,152 | |||||||||||||||||||||
Diversified Financial Services (0.0%) | |||||||||||||||||||||||
19,721 | CNB Capital Trust I, Rule 144A, strike price $0.00, expires 03/23/19 *‡ | 20 | |||||||||||||||||||||
Printing & Publishing (0.0%) | |||||||||||||||||||||||
5,735 | The Readers Digest Association, Inc., strike price $0.00, expires 02/15/17 *^ | 0 | |||||||||||||||||||||
TOTAL WARRANTS (Cost $1,152) | 1,172 |
See Accompanying Notes to Financial Statements.
12
Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
April 30, 2010 (unaudited)
Number of Shares |
|
|
|
|
Value | ||||||||||||||||||
SHORT-TERM INVESTMENTS (9.7%) | |||||||||||||||||||||||
9,117,493 | State Street Navigator Prime Portfolio §§ | $ | 9,117,493 | ||||||||||||||||||||
Par (000) |
|
Maturity |
Rate% |
|
|||||||||||||||||||
$ | 6,847 | State Street Bank and Trust Co. Euro Time Deposit | 05/03/10 | 0.010 | 6,847,000 | ||||||||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $15,964,493) | 15,964,493 | ||||||||||||||||||||||
TOTAL INVESTMENTS AT VALUE (140.7%) (Cost $233,841,858) | 232,659,341 | ||||||||||||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS (-40.7%) | (67,354,135 | ) | |||||||||||||||||||||
NET ASSETS (100.0%) | $ | 165,305,206 |
INVESTMENT ABBREVIATIONS
MTN = Medium Term Note
NR = Not Rated
† Credit ratings given by the Standard & Poor's Division of The McGraw-Hill Companies, Inc. ("S&P") and Moody's Investors Service, Inc. ("Moody's") are unaudited.
‡ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2010, these securities amounted to a value of $74,093,977 or 44.8% of net assets.
+ Step Bond - The interest rate is as of April 30, 2010 and will reset at a future date.
# Variable rate obligations - The interest rate is the rate as of April 30, 2010.
ø Bond is currently in default.
* Non-income producing security.
^ Not readily marketable security; security is valued at fair value as determined in good faith by, or under the direction of, the Board of Trustees.
§ Security or portion thereof is out on loan.
§§ Represents security purchased with cash collateral received for securities on loan.
See Accompanying Notes to Financial Statements.
13
Credit Suisse High Yield Bond Fund
Statement of Assets and Liabilities
April 30, 2010 (unaudited)
Assets | |||||||
Investments at value, including collateral for securities on loan of $9,117,493 (Cost $233,841,858) (Note 2) | $ | 232,659,341 | 1 | ||||
Cash | 934 | ||||||
Foreign currency at value (cost $87,312) | 85,800 | ||||||
Dividend and interest receivable | 4,829,354 | ||||||
Unrealized appreciation on forward currency contracts (Note 2) | 115,617 | ||||||
Prepaid expenses and other assets | 49,805 | ||||||
Total Assets | 237,740,851 | ||||||
Liabilities | |||||||
Advisory fee payable (Note 3) | 152,299 | ||||||
Administrative services fee payable (Note 3) | 20,349 | ||||||
Loan payable (Note 4) | 58,500,000 | ||||||
Payable upon return of securities loaned (Note 2) | 9,117,493 | ||||||
Payable for investments purchased | 4,426,173 | ||||||
Interest payable | 128,786 | ||||||
Trustees' fee payable | 39,252 | ||||||
Other accrued expenses payable | 51,293 | ||||||
Total Liabilities | 72,435,645 | ||||||
Net Assets | |||||||
Applicable to 56,088,844 shares outstanding | $ | 165,305,206 | |||||
Net Assets | |||||||
Capital stock, $.001 par value (Note 6) | $ | 56,089 | |||||
Paid-in capital (Note 6) | 342,100,278 | ||||||
Accumulated net investment loss | (2,235,041 | ) | |||||
Accumulated net realized loss on investments and foreign currency transactions | (173,541,560 | ) | |||||
Net unrealized depreciation from investments and foreign currency translations | (1,074,560 | ) | |||||
Net Assets | $ | 165,305,206 | |||||
Net Asset Value Per Share ($165,305,206/56,088,844) | $ | 2.95 | |||||
Market Price Per Share | $ | 3.03 |
1 Including $8,984,901 of securities on loan.
See Accompanying Notes to Financial Statements.
14
Credit Suisse High Yield Bond Fund
Statement of Operations
For the Six Months Ended April 30, 2010 (unaudited)
Investment Income (Note 2) | |||||||
Interest | $ | 9,742,802 | |||||
Dividends | 17,628 | ||||||
Securities lending | 20,186 | ||||||
Total investment income | 9,780,616 | ||||||
Expenses | |||||||
Investment advisory fees (Note 3) | 1,014,781 | ||||||
Administrative services fees (Note 3) | 62,550 | ||||||
Interest expense (Note 4) | 377,120 | ||||||
Commitment fees (Note 4) | 99,920 | ||||||
Trustees' fees | 53,983 | ||||||
Legal fees | 42,270 | ||||||
Printing fees (Note 3) | 31,801 | ||||||
Audit and tax fees | 19,819 | ||||||
Transfer agent fees | 11,314 | ||||||
Custodian fees | 8,679 | ||||||
Insurance expense | 8,058 | ||||||
Miscellaneous expense | 4,118 | ||||||
Total expenses | 1,734,413 | ||||||
Less: fees waived (Note 3) | (152,217 | ) | |||||
Net expenses | 1,582,196 | ||||||
Net investment income | 8,198,420 | ||||||
Net Realized and Unrealized Gain (Loss) from Investments and Foreign Currency Related Items | |||||||
Net realized loss from investments | (3,071,533 | ) | |||||
Net realized gain from foreign currency transactions | 604,859 | ||||||
Net change in unrealized appreciation (depreciation) from investments | 16,448,145 | ||||||
Net change in unrealized appreciation (depreciation) from foreign currency translations | 85,387 | ||||||
Net realized and unrealized gain from investments and foreign currency related items | 14,066,858 | ||||||
Net increase in net assets resulting from operations | $ | 22,265,278 |
See Accompanying Notes to Financial Statements.
15
Credit Suisse High Yield Bond Fund
Statements of Changes in Net Assets
For the Six Months Ended April 30, 2010 (unaudited) |
For the Year Ended October 31, 2009 |
||||||||||
From Operations | |||||||||||
Net investment income | $ | 8,198,420 | $ | 15,689,074 | |||||||
Net realized loss from investments and foreign currency transactions | (2,466,674 | ) | (37,246,330 | ) | |||||||
Net change in unrealized appreciation (depreciation) from investments and foreign currency translations |
16,533,532 | 74,989,487 | |||||||||
Net increase in net assets resulting from operations | 22,265,278 | 53,432,231 | |||||||||
From Dividends and Distributions | |||||||||||
Dividends from net investment income | (8,905,476 | ) | (18,392,352 | ) | |||||||
Distributions from return of capital | | (469,041 | ) | ||||||||
Net decrease in net assets resulting from dividends and distributions | (8,905,476 | ) | (18,861,393 | ) | |||||||
From Capital Share Transactions (Note 6) | |||||||||||
Issuance of 29,979 shares and 21,476 shares through the directors compensation plan (Note 3) |
84,388 | 42,889 | |||||||||
Reinvestment of dividends | 315,195 | 440,039 | |||||||||
Net increase in net assets from capital share transactions | 399,583 | 482,928 | |||||||||
Net increase in net assets | 13,759,385 | 35,053,766 | |||||||||
Net Assets | |||||||||||
Beginning of period | 151,545,821 | 116,492,055 | |||||||||
End of period | $ | 165,305,206 | $ | 151,545,821 | |||||||
Accumulated net investment loss | $ | (2,235,041 | ) | $ | (1,527,985 | ) |
See Accompanying Notes to Financial Statements.
16
Credit Suisse High Yield Bond Fund
Statement of Cash Flows
For the Six Months Ended April 30, 2010 (unaudited)
Cash flows from operating activities | |||||||||||
Investment income received | $ | 8,584,426 | |||||||||
Operating expenses paid | (1,608,860 | ) | |||||||||
Purchases of short-term securities, net | (3,281,000 | ) | |||||||||
Purchases of long-term securities | (86,395,585 | ) | |||||||||
Proceeds from sales of long-term securities | 74,141,012 | ||||||||||
Net cash used in operating activities | $ | (8,560,007 | ) | ||||||||
Cash flows from financing activities | |||||||||||
Increase in loan payable | 16,500,000 | ||||||||||
Proceeds from issuance of shares | 84,388 | ||||||||||
Cash dividends paid | (8,590,281 | ) | |||||||||
Net cash provided by financing activities | 7,994,107 | ||||||||||
Effect of exchange rate on cash | 593,645 | ||||||||||
Net increase in cash | 27,745 | ||||||||||
Cash beginning of period | 58,989 | ||||||||||
Cash end of period | $ | 86,734 | |||||||||
RECONCILIATION OF NET INCREASE IN NET ASSETS FROM OPERATIONS TO NET CASH USED IN OPERATING ACTIVITIES |
|||||||||||
Net increase in net assets resulting from operations | $ | 22,265,278 | |||||||||
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities |
|||||||||||
Increase in interest receivable | $ | (324,701 | ) | ||||||||
Decrease in accrued expenses | (38,690 | ) | |||||||||
Increase in interest payable | 17,449 | ||||||||||
Increase in prepaid expenses and other assets | (19,171 | ) | |||||||||
Increase in advisory fees payable | 13,748 | ||||||||||
Net amortization of discount on investments | (871,489 | ) | |||||||||
Purchases of short-term securities, net | (3,281,000 | ) | |||||||||
Purchases of long-term securities | (86,395,585 | ) | |||||||||
Proceeds from sales of long-term securities | 74,141,012 | ||||||||||
Net change in unrealized appreciation from investments and foreign currencies | (16,533,532 | ) | |||||||||
Net realized loss from investments and foreign currencies transactions | 2,466,674 | ||||||||||
Total adjustments | (30,825,285 | ) | |||||||||
Net cash used in operating activities | $ | (8,560,007 | ) | ||||||||
Non-cash activity: | |||||||||||
Issuance of shares through dividend reinvestments | $ | 315,195 |
See Accompanying Notes to Financial Statements.
17
Credit Suisse High Yield Bond Fund
Financial Highlights
For the Six Months Ended 4/30/10 |
|||||||
Per share operating performance | (unaudited) | ||||||
Net asset value, beginning of period | $ | 2.71 | |||||
INVESTMENT OPERATIONS | |||||||
Net investment income | 0.15 | ||||||
Net gain (loss) on investments, swap contracts and foreign currency related items (both realized and unrealized) |
0.25 | ||||||
Total from investment activities | 0.40 | ||||||
LESS DIVIDENDS AND DISTRIBUTIONS | |||||||
Dividends from net investment income | (0.16 | ) | |||||
Return of capital | | ||||||
Total dividends and distributions | (0.16 | ) | |||||
Net asset value, end of period | $ | 2.95 | |||||
Per share market value, end of period | $ | 3.03 | |||||
TOTAL INVESTMENT RETURN2 | |||||||
Net asset value | 15.15 | % | |||||
Market value | 22.02 | % | |||||
RATIOS AND SUPPLEMENTAL DATA | |||||||
Net assets, end of period (000s omitted) | $ | 165,305 | |||||
Average debt per share | $ | 0.82 | |||||
Ratio of expenses to average net assets | 2.03 | %4 | |||||
Ratio of expenses to average net assets excluding interest expense | 1.54 | %4 | |||||
Ratio of net investment income to average net assets | 10.49 | %4 | |||||
Decrease reflected in above operating expense ratios due to waivers/reimbursements |
0.15 | %4 | |||||
Portfolio turnover rate | 27.00 | % |
1 Per share information is calculated using the average shares outstanding method.
2 Total investment return at net asset value is based on changes in the net asset value of fund shares and assumes reinvestment of
dividends and distributions, if any. Total investment return at market value is based on changes in the market price at which the
fund's shares traded on the stock exchange during the period and assumes reinvestment of dividends and distributions, if any,
at actual prices pursuant to the fund's dividend reinvestment program. Because the fund's shares trade in the stock market based
on investor demand, the fund may trade at a price higher or lower than its NAV. Therefore, returns are calculated based on share
price and NAV. Total returns for periods less than one year are not annualized.
3 Unaudited.
4 Annualized.
See Accompanying Notes to Financial Statements.
18
For the Year Ended | |||||||||||||||||||||||||||||||||||||||||||
Per share operating performance | 10/31/09 | 10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | 10/31/04 | 10/31/03 | 10/31/02 | 10/31/01 | 10/31/00 | |||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 2.09 | $ | 4.10 | $ | 4.18 | $ | 4.12 | $ | 4.53 | $ | 4.34 | $ | 3.53 | $ | 4.49 | $ | 6.16 | $ | 7.98 | |||||||||||||||||||||||
INVESTMENT OPERATIONS | |||||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.28 | 0.401 | 0.401 | 0.40 | 0.47 | 0.53 | 0.55 | 0.651 | 0.84 | 0.961 | |||||||||||||||||||||||||||||||||
Net gain (loss) on investments, swap contracts and foreign currency related items (both realized and unrealized) |
0.68 | (2.00 | ) | (0.08 | ) | 0.11 | (0.35 | ) | 0.24 | 0.87 | (0.80 | ) | (1.63 | ) | (1.80 | ) | |||||||||||||||||||||||||||
Total from investment activities | 0.96 | (1.60 | ) | 0.32 | 0.51 | 0.12 | 0.77 | 1.42 | (0.15 | ) | (0.79 | ) | (0.84 | ) | |||||||||||||||||||||||||||||
LESS DIVIDENDS AND DISTRIBUTIONS | |||||||||||||||||||||||||||||||||||||||||||
Dividends from net investment income | (0.33 | ) | (0.41 | ) | (0.40 | ) | (0.42 | ) | (0.51 | ) | (0.58 | ) | (0.61 | ) | (0.71 | ) | (0.86 | ) | (0.98 | ) | |||||||||||||||||||||||
Return of capital | (0.01 | ) | | | (0.03 | ) | (0.02 | ) | | | (0.10 | ) | (0.02 | ) | | ||||||||||||||||||||||||||||
Total dividends and distributions | (0.34 | ) | (0.41 | ) | (0.40 | ) | (0.45 | ) | (0.53 | ) | (0.58 | ) | (0.61 | ) | (0.81 | ) | (0.88 | ) | (0.98 | ) | |||||||||||||||||||||||
Net asset value, end of period | $ | 2.71 | $ | 2.09 | $ | 4.10 | $ | 4.18 | $ | 4.12 | $ | 4.53 | $ | 4.34 | $ | 3.53 | $ | 4.49 | $ | 6.16 | |||||||||||||||||||||||
Per share market value, end of period | $ | 2.62 | $ | 1.97 | $ | 3.65 | $ | 4.50 | $ | 4.77 | $ | 5.24 | $ | 4.76 | $ | 4.10 | $ | 5.07 | $ | 6.19 | |||||||||||||||||||||||
TOTAL INVESTMENT RETURN2 | |||||||||||||||||||||||||||||||||||||||||||
Net asset value | 53.12 | % | (42.45 | )% | 7.65 | % | 13.13 | % | 2.62 | % | 18.98 | %3 | 43.04 | %3 | (4.99 | )%3 | (13.90 | )%3 | (11.64 | )%3 | |||||||||||||||||||||||
Market value | 59.92 | % | (38.20 | )% | (10.72 | )% | 5.23 | % | 2.71 | % | 25.49 | % | 35.07 | % | (2.15 | )% | (3.21 | )% | (12.15 | )% | |||||||||||||||||||||||
RATIOS AND SUPPLEMENTAL DATA | |||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000s omitted) | $ | 151,546 | $ | 116,492 | $ | 228,724 | $ | 231,765 | $ | 255,760 | $ | 244,523 | $ | 229,255 | $ | 180,889 | $ | 219,440 | $ | 286,838 | |||||||||||||||||||||||
Average debt per share | $ | 0.58 | $ | 1.69 | $ | 1.98 | $ | 1.96 | $ | 2.05 | $ | 2.05 | $ | 1.81 | $ | 1.99 | $ | 2.49 | $ | 3.47 | |||||||||||||||||||||||
Ratio of expenses to average net assets | 2.67 | % | 3.76 | % | 4.11 | % | 4.20 | % | 3.27 | % | 2.51 | % | 2.57 | % | 2.91 | % | 4.29 | % | 4.81 | % | |||||||||||||||||||||||
Ratio of expenses to average net assets excluding interest expense | 1.80 | % | 1.50 | % | 1.37 | % | 1.65 | % | 1.68 | % | 1.70 | % | 1.73 | % | 1.78 | % | 1.73 | % | 1.61 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets | 13.32 | % | 11.68 | % | 9.48 | % | 9.67 | % | 10.72 | % | 11.99 | % | 13.85 | % | 15.17 | % | 15.22 | % | 12.90 | % | |||||||||||||||||||||||
Decrease reflected in above operating expense ratios due to waivers/reimbursements |
0.15 | % | 0.15 | % | 0.15 | % | | | | | | | | ||||||||||||||||||||||||||||||
Portfolio turnover rate | 49.00 | % | 32.01 | % | 49.18 | % | 61.91 | % | 31.05 | % | 12.10 | % | 15.96 | % | 33.22 | % | 46.11 | % | 31.29 | % |
See Accompanying Notes to Financial Statements.
19
Credit Suisse High Yield Bond Fund
Notes to Financial Statements
April 30, 2010 (unaudited)
Note 1. Organization
Credit Suisse High Yield Bond Fund (the "Fund") is a business trust organized under the laws of the State of Delaware on April 30, 1998. The Fund is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended ("Investment Company Act"), as a non-diversified, closed-end management investment company. The Fund's primary objective is to seek high current income.
Note 2. Significant Accounting Policies
A) SECURITY VALUATION The net asset value of the Fund is determined daily as of the close of regular trading on the New York Stock Exchange, Inc. (the "Exchange") on each day the Exchange is open for business. Debt securities with a remaining maturity greater than 60 days are valued in accordance with the price supplied by a pricing service, which may use a matrix, formula or other objective method that takes into consideration market indices, yield curves and other specific adjustments. Debt obligations that will mature in 60 days or less are valued on the basis of amortized cost, which approximates market value, unless it is determined that using this method would not represent fair value. Equity investments are valued at market value, which is generally determined using the closing price on the exchange or market on which the security is primarily traded at the time of valuation (the "Valuation Time"). If no sales are reported, equity investments are generally valued at the most recent bid quotation as of the Valuation Time or at the lowest asked quotation in the case of a short sale of securities. Investments in mutual funds are valued at the mutual fund's closing net asset value per share on the day of valuation. Securities and other assets for which market quotations are not readily available, or whose values have been materially affected by events occurring before the Fund's Valuation Time but after the close of the securities' primary markets, are valued at fair value as determined in good faith by, or under the direction of, the Board of Trustees under procedures established by the Board of Trustees. At April 30, 2010, the Fund held 0.32% of its net assets in securities valued at fair value as determined in good faith under procedures established by the Board of Trustees with an aggregate cost of $525,100 and fair value of $525,100. The Fund's estimate of fair value assumes a willing buyer and a willing seller neither acting under the compulsion to buy or sell. Although these securities may be resold in privately negotiated transactions, the prices realized on such sales could differ from the prices originally paid by the Fund or the current carrying values, and the difference could be material.
In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America ("GAAP"), the Fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. In accordance with GAAP, fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best
20
Credit Suisse High Yield Bond Fund
Notes to Financial Statements (continued)
April 30, 2010 (unaudited)
information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.
• Level 1 quoted prices in active markets for identical investments
• Level 2 other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used as of April 30, 2010 in valuing the Fund's investments carried at value:
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Investments in Securities | |||||||||||||||||||
U.S. Corporate Bonds | |||||||||||||||||||
Aerospace & Defense | $ | | $ | 2,923,937 | $ | | $ | 2,923,937 | |||||||||||
Auto Loans | | 4,309,111 | | 4,309,111 | |||||||||||||||
Auto Parts & Equipment | | 5,016,525 | | 5,016,525 | |||||||||||||||
Banks | | 7,900,705 | | 7,900,705 | |||||||||||||||
Beverages | | 802,594 | | 802,594 | |||||||||||||||
Building & Construction | | 1,870,510 | | 1,870,510 | |||||||||||||||
Building Materials | | 4,875,655 | | 4,875,655 | |||||||||||||||
Chemicals | | 4,413,378 | | 4,413,378 | |||||||||||||||
Computer Hardware | | 1,498,188 | | 1,498,188 | |||||||||||||||
Consumer Products | | 1,724,281 | | 1,724,281 | |||||||||||||||
Consumer/Commercial/Lease Financing | | 2,050,223 | | 2,050,223 | |||||||||||||||
Department Stores | | 635,250 | | 635,250 | |||||||||||||||
Diversified Capital Goods | | 6,120,531 | | 6,120,531 | |||||||||||||||
Electric - Generation | | 9,550,135 | | 9,550,135 | |||||||||||||||
Electric - Integrated | | 1,998,688 | | 1,998,688 | |||||||||||||||
Electronics | | 2,716,125 | | 2,716,125 | |||||||||||||||
Energy - Exploration & Production | | 11,074,742 | | 11,074,742 | |||||||||||||||
Environmental | | 1,199,000 | | 1,199,000 | |||||||||||||||
Food & Drug Retailers | | 1,627,719 | | 1,627,719 | |||||||||||||||
Food - Wholesale | | 2,526,250 | | 2,526,250 | |||||||||||||||
Forestry & Paper | | 6,058,102 | | 6,058,102 | |||||||||||||||
Gaming | | 10,605,048 | | 10,605,048 | |||||||||||||||
Gas Distribution | | 5,209,984 | | 5,209,984 | |||||||||||||||
Health Facilities | | 11,673,100 | | 11,673,100 | |||||||||||||||
Health Services | | 4,032,250 | | 4,032,250 | |||||||||||||||
Hotels | | 1,336,125 | | 1,336,125 | |||||||||||||||
Household & Leisure Products | | 455,625 | | 455,625 | |||||||||||||||
Investments & Misc. Financial Services | | 703,500 | | 703,500 | |||||||||||||||
Leisure | | 443,935 | | 443,935 | |||||||||||||||
Machinery | | 2,058,250 | | 2,058,250 | |||||||||||||||
Media - Broadcast | | 4,998,887 | | 4,998,887 | |||||||||||||||
Media - Cable | | 11,325,240 | | 11,325,240 | |||||||||||||||
Media - Diversified | | 976,219 | | 976,219 | |||||||||||||||
Media - Services | | 1,504,750 | | 1,504,750 | |||||||||||||||
Metals & Mining - Excluding Steel | | 3,208,383 | | 3,208,383 | |||||||||||||||
Oil Field Equipment & Services | | 6,433,375 | | 6,433,375 | |||||||||||||||
Oil Refining & Marketing | | 2,481,750 | | 2,481,750 | |||||||||||||||
Packaging | | 3,266,299 | | 3,266,299 |
21
Credit Suisse High Yield Bond Fund
Notes to Financial Statements (continued)
April 30, 2010 (unaudited)
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Pharmaceuticals | $ | | $ | 1,100,859 | $ | | $ | 1,100,859 | |||||||||||
Printing & Publishing | | 4,164,331 | | 4,164,331 | |||||||||||||||
Railroads | | 637,500 | | 637,500 | |||||||||||||||
Restaurants | | 537,469 | | 537,469 | |||||||||||||||
Software/Services | | 4,366,687 | | 4,366,687 | |||||||||||||||
Specialty Retail | | 4,190,275 | | 4,190,275 | |||||||||||||||
Steel Producers/Products | | 2,065,250 | | 2,065,250 | |||||||||||||||
Support-Services | | 7,146,062 | | 7,146,062 | |||||||||||||||
Telecom - Integrated/Services | | 8,285,875 | | 8,285,875 | |||||||||||||||
Telecom - Wireless | | 6,956,142 | | 6,956,142 | |||||||||||||||
Telecommunications Equipment | | 860,625 | | 860,625 | |||||||||||||||
Theaters & Entertainment | | 1,946,250 | | 1,946,250 | |||||||||||||||
Tobacco | | 532,500 | | 532,500 | |||||||||||||||
Foreign Corporate Bonds | |||||||||||||||||||
Chemicals | | 2,643,375 | | 2,643,375 | |||||||||||||||
Electronics | | 232,000 | | 232,000 | |||||||||||||||
Energy - Exploration & Production | | 844,375 | | 844,375 | |||||||||||||||
Forestry & Paper | | 2,193,304 | | 2,193,304 | |||||||||||||||
Gaming | | 2,122,453 | | 2,122,453 | |||||||||||||||
Media - Cable | | 1,626,908 | | 1,626,908 | |||||||||||||||
Media - Diversified | | 604,500 | | 604,500 | |||||||||||||||
Metals & Mining - Excluding Steel | | 1,093,750 | | 1,093,750 | |||||||||||||||
Oil Field Equipment & Services | | 483,312 | | 483,312 | |||||||||||||||
Packaging | | 385,764 | | 385,764 | |||||||||||||||
Pharmaceuticals | | 634,375 | | 634,375 | |||||||||||||||
Telecom - Integrated/Services | | 2,008,135 | | 2,008,135 | |||||||||||||||
Telecom - Wireless | | 760,649 | | 760,649 | |||||||||||||||
Textiles & Apparel | | 15,956 | | 15,956 | |||||||||||||||
Transportation - Excluding Air/Rail | | 3,175,625 | | 3,175,625 | |||||||||||||||
Bank Loans | |||||||||||||||||||
Electronics | | 976,515 | | 976,515 | |||||||||||||||
Gaming | | 478,946 | | 478,946 | |||||||||||||||
Pharmaceuticals | | 401,528 | | 401,528 | |||||||||||||||
Common Stocks | |||||||||||||||||||
Banks | 556,626 | | | 556,626 | |||||||||||||||
Chemicals | 55,829 | | | 55,829 | |||||||||||||||
Leisure | | | 523,948 | 523,948 | |||||||||||||||
Media | 59,313 | | | 59,313 | |||||||||||||||
Pharmaceuticals | 20,539 | | | 20,539 | |||||||||||||||
Preferred Stocks | |||||||||||||||||||
Banks | 401,740 | | | 401,740 | |||||||||||||||
Media - Broadcast | | 17 | | 17 | |||||||||||||||
Warrants | |||||||||||||||||||
Construction Materials | | | 1,152 | 1,152 | |||||||||||||||
Diversified Financial Services | | 20 | | 20 | |||||||||||||||
Printing & Publishing | | | | | |||||||||||||||
Short-Term Investments | 9,117,493 | 6,847,000 | | 15,964,493 | |||||||||||||||
Other Financial Instruments* | |||||||||||||||||||
Forward Foreign Currency Contracts | | 115,617 | | 115,617 | |||||||||||||||
$ | 10,211,540 | $ | 222,038,318 | $ | 525,100 | $ | 232,774,958 |
* Other financial instruments include futures, forwards and swap contracts.
As of April 30, 2010, the amounts shown by the Fund as being Level 3 securities that were measured at fair value amounted to 0.32% of net assets.
22
Credit Suisse High Yield Bond Fund
Notes to Financial Statements (continued)
April 30, 2010 (unaudited)
The Fund adopted FASB Accounting Standards Update 2010-06 "Fair Value Measurements and Disclosures (ASC 820)" which requires the Fund to disclose details of significant transfers in and out of Level 1 and Level 2 measurements and the reasons for the transfers. For the six months ended April 30, 2010, there were no significant transfers in and out of Level 1 and Level 2.
B) DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Effective October 31, 2009, the Fund adopted amendments to authoritative guidance on disclosures about derivative instruments and hedging activities which require that the Fund disclose (a) how and why an entity uses derivative instruments, (b) how derivative instruments and hedging activities are accounted for, and (c) how derivative instruments and related hedging activities affect a fund's financial position, financial performance, and cash flows.
Fair Values of Derivative Instruments as of April 30, 2010
Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Balance Sheet Location |
Fair Value |
Balance Sheet Location |
Fair Value |
||||||||||||||||
Net Assets | Liabilities |
|
|||||||||||||||||
Forward Foreign | Unrealized | Unrealized |
|
||||||||||||||||
Currency Contracts | Appreciation | $ | 115,617 | * | Depreciation | $ | 0 |
* Includes cumulative appreciation/depreciation of forward foreign currency contracts as reported in the Statement of Assets and Liabilities and Notes to Financial Statements.
Effect of Derivative Instruments on the Statement of Operations
Amount of Realized Gain (Loss) on Derivatives Recognized in Income Forward Foreign Currency Contracts |
$ | 480,477 | |||||
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income Forward Foreign Currency Contracts |
$ | 96,601 |
The notional amount of forward foreign currency contracts at period end are reflected in the Notes to Financial Statements and the volume of these open positions relative to the net assets of the Fund is generally representative of open positions throughout the reporting period for the Fund.
C) FOREIGN CURRENCY TRANSACTIONS The books and records of the Fund are maintained in U.S. dollars. Transactions denominated in foreign currencies are recorded at the current prevailing exchange rates. All assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the current exchange rate at the end of the period. Translation gains or losses resulting from changes in the exchange rate during the reporting period and realized gains and losses on the settlement of foreign currency transactions are reported in the results of operations for the current period. The Fund does not isolate that portion of realized gains and losses on investments in equity securities which is due to changes in the foreign exchange rate from that which is due to changes in market prices of equity securities. The Fund isolates that portion of realized gains and losses on investments in debt securities which is due to changes in the foreign exchange rate from that which is due to changes in market prices of debt securities.
D) SECURITY TRANSACTIONS AND INVESTMENT INCOME Security transactions are accounted for on a trade date basis. Interest income is recorded on the accrual basis. The Fund amortizes premiums and accretes discounts using the effective interest method. Dividends are recorded on the ex-dividend date. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes.
23
Credit Suisse High Yield Bond Fund
Notes to Financial Statements (continued)
April 30, 2010 (unaudited)
E) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS The Fund declares and pays dividends on a monthly basis. Distributions of net realized capital gains, if any, are declared and paid at least annually. However, to the extent that a net realized capital gain can be reduced by a capital loss carryforward, such gain will not be distributed. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
The Fund's dividend policy is to distribute substantially all of its net investment income to its shareholders on a monthly basis. However, in order to provide shareholders with a more consistent yield to the current trading price of shares of beneficial interest of the Fund, the Fund may at times pay out less than the entire amount of net investment income earned in any particular month and may at times in any month pay out such accumulated but undistributed income in addition to net investment income earned in that month. As a result, the dividends paid by the Fund for any particular month may be more or less than the amount of net investment income earned by the Fund during such month.
F) FEDERAL INCOME TAXES No provision is made for federal taxes as it is the Fund's intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under the Internal Revenue Code of 1986, as amended, and to make the requisite distributions to its shareholders, which will be sufficient to relieve it from federal income and excise taxes.
The Fund adopted the authoritative guidance for uncertainty in income taxes and recognizes a tax benefit or liability from an uncertain position only if it is more likely than not that the position is sustainable based solely on its technical merits and consideration of the relevant taxing authority's widely understood administrative practices and procedures. The Fund has reviewed its current tax positions and has determined that no provision for income tax is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
G) USE OF ESTIMATES The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates.
H) SHORT-TERM INVESTMENTS The Fund, together with other funds/portfolios advised by Credit Suisse Asset Management, LLC ("Credit Suisse"), an indirect, wholly-owned subsidiary of Credit Suisse Group AG, pools available cash into a short-term variable rate time deposit issued by State Street Bank and Trust Company ("SSB"), the Fund's custodian. The short-term time deposit issued by SSB is a variable rate account classified as a short-term investment.
I) CASH FLOW INFORMATION Cash, as used in the Statement of Cash Flows, is the amount reported in the Statement of Assets and Liabilities. The Fund invests in securities and distributes dividends from net investment income and net realized gains, if any (which are either paid in cash or reinvested at the discretion of shareholders). These activities are reported in the Statement of Changes in Net Assets. Information on cash payments is presented in the Statement of Cash Flows. Accounting practices that do not affect reporting activities on a cash basis include unrealized gain or loss on investment securities and accretion or amortization income recognized on investment securities.
J) FORWARD FOREIGN CURRENCY CONTRACTS The Fund may enter into forward foreign currency contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their
24
Credit Suisse High Yield Bond Fund
Notes to Financial Statements (continued)
April 30, 2010 (unaudited)
contracts and from unanticipated movements in the value of a foreign currency. The Fund will enter into forward foreign currency contracts primarily for hedging purposes. Forward foreign currency contracts are adjusted by the daily forward exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized until the contract settlement date or an offsetting position is entered into. At April 30, 2010, the Fund had the following open forward foreign currency contracts:
Forward Foreign Currency to be Purchased (Local) |
Forward Foreign Currency to be Sold (Local) |
Expiration Date |
Value on Settlement Date |
Current Value |
Unrealized Appreciation |
||||||||||||||||||
USD | 5,181,874 | EUR | 3,810,000 | 7/15/10 | $ | (5,181,874 | ) | $ | (5,066,852 | ) | $ | 115,022 | |||||||||||
USD | 138,314 | GBP | 90,000 | 7/15/10 | (138,314 | ) | (137,719 | ) | 595 | ||||||||||||||
Total | $ | 115,617 |
Currency Abbreviations:
EUR Euro Currency
GBP British Pound
USD United States Dollar
K) CREDIT DEFAULT SWAPS The Fund may enter into credit default swap agreements either as a buyer or seller. The Fund may buy a credit default swap to attempt to mitigate the risk of default or credit quality deterioration in one or more individual holdings or in a segment of the fixed income securities market. The Fund may sell a credit default swap in an attempt to gain exposure to an underlying issuer's credit quality characteristics without investing directly in that issuer.
The Fund bears the risk of loss of the amount expected to be received under a credit default swap agreement in the event of the default or bankruptcy of the counterparty. The Fund will enter into swap agreements only with counterparties that meet certain standards of creditworthiness (generally, such counterparties would have to be eligible counterparties under the terms of the Fund's repurchase agreement guidelines). Credit default swap agreements are generally valued at a price at which the counterparty to such agreement would terminate the agreement. At April 30, 2010, the Fund had no outstanding credit default swap contracts.
L) SECURITIES LENDING Loans of securities are required at all times to be secured by collateral at least equal to 102% of the market value of domestic securities on loan (including any accrued interest thereon) and 105% of the market value of foreign securities on loan (including any accrued interest thereon). Cash collateral received by the Fund in connection with securities lending activity may be pooled together with cash collateral for other funds/portfolios advised by Credit Suisse and may be invested in a variety of investments, including funds advised by SSB, the Fund's securities lending agent, or money market instruments. However, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings.
SSB has been engaged by the Fund to act as the Fund's securities lending agent. The Fund's securities lending arrangement provides that the Fund and SSB will share the net income earned from securities lending activities. During the six months ended April 30, 2010, total earnings from the Fund's investment in cash collateral received in connection with securities lending arrangements was $25,273. The Fund retained $20,186 in income from the cash collateral investment, and SSB, as lending agent, was paid $5,087. Securities lending income is accrued as earned.
M) OTHER Lower-rated debt securities (commonly known as "junk bonds") possess speculative characteristics and are subject to greater market fluctuations and risk of lost income and principal than higher-rated debt securities for a variety of reasons. Also, during an economic downturn or substantial period of rising interest
25
Credit Suisse High Yield Bond Fund
Notes to Financial Statements (continued)
April 30, 2010 (unaudited)
rates, highly leveraged issuers may experience financial stress which would adversely affect their ability to service their principal and interest payment obligations, to meet projected business goals and to obtain additional financing.
In addition, periods of economic uncertainty and changes can be expected to result in increased volatility of market prices of lower-rated debt securities and (to the extent the Fund invests in junk bonds) the Fund's net asset value.
Note 3. Transactions with Affiliates and Related Parties
The Fund has entered into an Investment Advisory Agreement (the "Advisory Agreement") with Credit Suisse. The Advisory Agreement provides for a fee at the annual rate of 1.00% of the first $250 million of the average weekly value of the Fund's total assets minus the sum of liabilities (other than aggregate indebtedness constituting leverage) and 0.75% of the average weekly value of the Fund's total assets minus the sum of liabilities (other than aggregate indebtedness constituting leverage) greater than $250 million. Effective January 1, 2007, Credit Suisse agreed to waive 0.15% of the fees payable under the Advisory Agreement. For the six months ended April 30, 2010, investment advisory fees earned and voluntarily waived were $1,014,781 and $152,217, respectively. Fee waivers and expense reimbursements are voluntary and may be discontinued by Credit Suisse at any time.
SSB serves as Accounting and Administrative Agent for the Fund. For its administrative services, SSB receives a fee, exclusive of out-of-pocket expenses, calculated in total for all the Credit Suisse funds/portfolios co-administered by SSB and allocated based upon the relative average net assets of each fund/portfolio, subject to an annual minimum fee. For the six months ended April 30, 2010, administrative services fees earned by SSB (including out-of-pocket expenses) were $62,550.
The Independent Trustees receive fifty percent (50%) of their annual retainer in the form of shares. Beginning in 2008, the Independent Trustees can elect to receive up to 100% of their annual retainer in shares of the Fund. During the six months ended April 30, 2010, 29,979 shares were issued through the directors compensation plan. Trustees as a group own less than 1% of the Fund's outstanding shares.
Merrill Corporation ("Merrill"), an affiliate of Credit Suisse, has been engaged by the Fund to provide certain financial printing services. For the six months ended April 30, 2010, Merrill was paid $20,012 for its services by the Fund.
Note 4. Line of Credit
The Fund has a line of credit provided by SSB primarily to leverage its investment portfolio (the "SSB Agreement"). Under the SSB Agreement, the Fund may borrow the least of: a) $75,000,000; b) an amount that is no greater than 30% of the Fund's total assets minus the sum of liabilities (other than aggregate indebtedness constituting leverage); and c) the Borrowing Base as defined in the SSB Agreement. At April 30, 2010, the Fund had loans outstanding under the Agreement of $58,500,000. During the six months ended April 30, 2010, the Fund had borrowings under the agreements as follows:
Average Daily Loan Balance |
Weighted Average Interest Rate % |
Maximum Daily Loan Outstanding |
|||||||||
$ | 46,082,873 | 1.514 | % | $ | 58,500,000 |
The use of leverage by the Fund creates an opportunity for increased net income and capital appreciation for the Fund, but, at the same time, creates special risks, and there can be no assurance that a leveraging strategy will be successful during any period in which it is employed. The Fund intends to utilize leverage to provide the
26
Credit Suisse High Yield Bond Fund
Notes to Financial Statements (continued)
April 30, 2010 (unaudited)
shareholders with a potentially higher return. Leverage creates risks for shareholders including the likelihood of greater volatility of net asset value and market price of the Fund's shares and the risk that fluctuations in interest rates on borrowings and short-term debt may affect the return to shareholders. To the extent the income or capital appreciation derived from securities purchased with funds received from leverage exceeds the cost of leverage, the Fund's return will be greater than if leverage had not been used. Conversely, if the income or capital appreciation from the securities purchased with such funds is not sufficient to cover the cost of leverage, the return to the Fund will be less than if leverage had not been used, and therefore the amount available for distribution to shareholders as dividends and other distributions will be reduced. In the latter case, Credit Suisse in its best judgment nevertheless may determine to maintain the Fund's leveraged position if it deems such action to be appropriate under the circumstances. During periods in which the Fund is utilizing leverage, the management fee will be higher than if the Fund did not utilize a leveraged capital structure because the fee is calculated as a percentage of the managed assets including those purchased with leverage.
Certain types of borrowings by the Fund may result in the Fund's being subject to covenants in credit agreements, including those relating to asset coverage and portfolio composition requirements. The Fund's lenders may establish guidelines for borrowing which may impose asset coverage or portfolio composition requirements that are more stringent than those imposed by the Investment Company Act. There is no guarantee that the Fund's borrowing arrangements or other arrangements for obtaining leverage will continue to be available, or if available, will be available on terms and conditions acceptable to the Fund. Expiration or termination of available financing for leveraged positions, can result in adverse effects to its access to liquidity and its ability to maintain leverage positions, and may cause the Fund to incur losses. Unfavorable economic conditions also could increase funding costs, limit access to the capital markets or result in a decision by lenders not to extend credit to the Fund. In addition, a decline in market value of the Fund's assets may have particular adverse consequences in instances where they have borrowed money based on the market value of those assets. A decrease in market value of those assets may result in the lender requiring the Fund to sell assets at a time when it may not be in the Fund's best interest to do so.
Note 5. Purchases and Sales of Securities
For the six months ended April 30, 2010, purchases and sales of investment securities (excluding short-term investments) were $69,245,154 and $54,898,587, respectively.
At April 30, 2010, the identified cost for federal income tax purposes, as well as the gross unrealized appreciation from investments for those securities having an excess of value over cost, gross unrealized depreciation from investments for those securities having an excess of cost over value and the net unrealized depreciation from investments were $233,841,858, $15,585,990, $(16,768,507) and $(1,182,517), respectively.
Note 6. Fund Shares
The Fund has one class of shares of beneficial interest, par value $.001 per share; an unlimited number of shares are authorized. Transactions in shares of beneficial interest of the Fund were as follows:
For the Six Months Ended April 30, 2010 (unaudited) |
For the Year Ended October 31, 2009 |
||||||||||
Shares issued through the directors compensation plan | 29,979 | 21,476 | |||||||||
Shares issued through reinvestment of dividends | 111,744 | 188,036 | |||||||||
Net increase | 141,723 | 209,512 |
27
Credit Suisse High Yield Bond Fund
Notes to Financial Statements (continued)
April 30, 2010 (unaudited)
Note 7. Contingencies
In the normal course of business, the Fund may provide general indemnifications pursuant to certain contracts and organizational documents. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.
Note 8. Subsequent Events
Effective October 31, 2009, the Fund adopted the FASB amendments to general standards on accounting for and disclosures of subsequent events. Management has evaluated the possibility of subsequent events existing in the Fund's financial statements through June 23, 2010. Management has determined that there are no material events that would require disclosure in the Fund's financial statements through this date.
28
Credit Suisse High Yield Bond Fund
Results of Annual Meeting of Shareholders (unaudited)
On February 16, 2010, the Annual Meeting of Shareholders of the Credit Suisse High Yield Bond Fund (the "Fund") was held and the following matter was voted upon:
(1) To re-elect one trustee to the Board of Trustees of the Fund:
Name of Trustee | For | Withheld | |||||||||
Lawrence J. Fox | 49,626,701 | 1,074,063 |
In addition to the trustee elected at the meeting, Enrique R. Arzac, Steven Rappaport, James Cattano, and Terry Fires Bovarnick continue to serve as Trustees of the Fund.
29
Credit Suisse High Yield Bond Fund
Board Consideration and Re-Approval of Investment Advisory Agreement (unaudited)
The Board of Trustees (the "Board") of the Credit Suisse High Yield Bond Fund (the "Fund"), including a majority of the Trustees who have no direct or indirect interest in the investment advisory agreement and are not "interested persons" of the Fund, as defined in the Investment Company Act of 1940 (the "Independent Trustees"), is required annually to review and re-approve the terms of the Fund's investment advisory agreement (the "Advisory Agreement") in light of the extent and quality of services provided by Credit Suisse Asset Management, LLC ("Credit Suisse").
At meetings held on November 16 and 17, 2009 and on December 17, 2009, the Board considered the factors and reached the conclusions described below.
Nature, Extent and Quality of Services
The Board received and considered various data and information regarding the nature, extent and quality of services provided to the Fund by Credit Suisse under the Advisory Agreement. The Board reviewed the background information about Credit Suisse, including its Form ADV. The Board reviewed and analyzed these materials, which included, among other things, information about the background and experience of senior management and investment personnel of Credit Suisse. In this regard, the Board specifically reviewed the qualifications, background and responsibilities of the individuals primarily responsible for day-to-day portfolio management services for the Fund.
In addition, the Board considered the investment and legal compliance programs of Credit Suisse, including their compliance policies and procedures and reports of the Fund's Chief Compliance Officer.
The Board also evaluated the ability of Credit Suisse, based on its resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.
Based on the above factors, together with those referenced below, the Board concluded that it was satisfied with the nature, extent and quality of the investment advisory services provided to the Fund by Credit Suisse.
Fund Performance and Expenses
The Board considered the performance results of the Fund in comparison to the performance of a universe of leveraged, closed-end high current yield funds (the "Performance Universe"). Lipper Inc. ("Lipper"), an independent provider of investment company data, determined the Performance Universe for the Fund and provided the comparative data. The Board noted that the Fund had underperformed the median performance of the funds in its Performance Universe at August 31, 2009 for all periods and had outperformed the median performance of the funds in the Performance Universe at November 30, 2009 for all periods. The Board also considered the extraordinary market conditions for high yield securities during 2008 and other reasons for the difference in performance for the time periods.
The Board also considered information regarding the Fund's total expense ratio and its various components in comparison to expense information for a group of funds that was determined to be most similar to the Fund (the "Peer Group") and to the median expenses of a broader universe of relevant funds (the "Expense Universe"), which comparative data was provided by Lipper. The Board noted that the overall expense ratio of the Fund based on total assets (including leverage) was higher than the median overall expense ratios of the Fund's Peer Group and Expense Universe, including and excluding investment-related expenses and taxes. The Board also noted that the Fund's actual non-management expense ratio based on total assets (including leverage) was above the median actual non-management expense ratio of its Peer Group and Expense Universe.
30
Credit Suisse High Yield Bond Fund
Board Consideration and Re-Approval of Investment Advisory Agreement (unaudited) (continued)
Investment Advisory Fee Rate
The Board reviewed the contractual investment advisory fee rate of 1.00% of the average weekly value of the Fund's total assets less than or equal to $250 million and 0.75% of the average minus the sum of accrued liabilities (other than aggregate indebtedness constituting leverage) greater than $250 million (the "Advisory Agreement Rate") payable by the Fund to Credit Suisse for investment advisory services.
Additionally, the Board considered information comparing the Advisory Agreement Rate (both on a stand-alone basis and on a combined basis with the Fund's administration fee rate) with that of the other funds in its Peer Group and Expense Universe. The Board observed that the Advisory Agreement Rate and combined net investment advisory and administration fee rates were higher than the median rates of funds in the Fund's Peer Group. The Board also noted that Credit Suisse had voluntarily waived 15 basis points since January 1, 2007 of its advisory fee. The Board further noted that the Fund's administrator is not affiliated with Credit Suisse and that the Fund's administration agreement and corresponding fees were negotiated at arm's length.
Profitability
The Board received and considered an estimated profitability analysis of Credit Suisse based on the Advisory Agreement Rate. The Board concluded that, in light of the costs of providing investment management and other services to the Fund, which had increased due to additional resources Credit Suisse had made available, the profits and other ancillary benefits that Credit Suisse and its affiliates derived from providing these services to the Fund were not excessive.
Economies of Scale
The Board considered information regarding whether there have been economies of scale with respect to the management of the Fund, whether the Fund has appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Board concluded that any actual or potential economies of scale are shared fairly with Fund shareholders, including most particularly through Advisory Agreement Rate breakpoints and fee waiver currently in place.
Information about Services to Other Clients
The Board considered information about the nature and extent of services and fee rates offered by Credit Suisse to other clients, including other registered investment companies, separate accounts and institutional investors and investment companies to which Credit Suisse serves as an unaffiliated sub-adviser. The Board concluded that the Advisory Agreement Rate was not excessive in comparison with rates charged to other clients given the nature and extent of services provided to the Fund, which Credit Suisse reported are more extensive than services provided to other clients.
Other Benefits to Credit Suisse
The Board also considered information regarding potential "fall-out" or ancillary benefits received by Credit Suisse and its affiliates as a result of their relationship with the Fund. In particular, the Board considered that Credit Suisse may gain certain reputational benefits from managing the Fund.
Other Factors and Broader Review
As discussed above, the Board reviews detailed materials received from Credit Suisse as part of the annual re-approval process. The Board also reviews and assesses the quality of the services that the Fund receives
31
Credit Suisse High Yield Bond Fund
Board Consideration and Re-Approval of Investment Advisory Agreement (unaudited) (continued)
throughout the year. In this regard, the Board reviews reports of Credit Suisse at least quarterly, which include, among other things, detailed portfolio and market reviews and detailed fund performance reports.
After its consideration and evaluation of the matter, the Board re-approved the Advisory Agreement. The Independent Trustees were advised by separate independent legal counsel throughout the process.
32
Credit Suisse High Yield Bond Fund
Notice of Privacy and Information Practices (unaudited)
At Credit Suisse, we know that you are concerned with how we protect and handle nonpublic personal information that identifies you. This notice is designed to help you understand what nonpublic personal information we collect from you and from other sources, and how we use that information in connection with your investments and investment choices that may be available to you. Except where otherwise noted, this notice is applicable only to consumers who are current or former investors, meaning individual persons whose investments are primarily for household, family or personal use ("individual investors"). Specified sections of this notice, however, also apply to other types of investors (called "institutional investors"). Where the notice applies to institutional investors, the notice expressly states so. This notice is being provided by Credit Suisse Funds and Credit Suisse Closed-End Funds. This notice applies solely to U.S. registered investment companies advised by Credit Suisse Asset Management, LLC.
Categories of information we may collect:
We may collect information about you, including nonpublic personal information, such as
• Information we receive from you on applications, forms, agreements, questionnaires, Credit Suisse websites and other websites that are part of our investment program, or in the course of establishing or maintaining a customer relationship, such as your name, address, e-mail address, Social Security number, assets, income, financial situation; and
• Information we obtain from your transactions and experiences with us, our affiliates, or others, such as your account balances or other investment information, assets purchased and sold, and other parties to a transaction, where applicable.
Categories of information we disclose and parties to whom we disclose it:
• We do not disclose nonpublic personal information about our individual investors, except as permitted or required by law or regulation. Whether you are an individual investor or institutional investor, we may share the information described above with our affiliates that perform services on our behalf, and with our asset management and private banking affiliates; as well as with unaffiliated third parties that perform services on our behalf, such as our accountants, auditors, attorneys, broker-dealers, fund administrators, and other service providers.
• We want our investors to be informed about additional products or services. Whether you are an individual investor or an institutional investor, we may disclose information, including nonpublic personal information, regarding our transactions and experiences with you to our affiliates.
• In addition, whether you are an individual investor or an institutional investor, we reserve the right to disclose information, including nonpublic personal information, about you to any person or entity, including without limitation any governmental agency, regulatory authority or self-regulatory organization having jurisdiction over us or our affiliates, if (i) we determine in our discretion that such disclosure is necessary or advisable pursuant to or in connection with any United States federal, state or local, or non-U.S., court order (or other legal process), law, rule, regulation, or executive order or policy, including without limitation any anti-money laundering law or the USA PATRIOT Act of 2001; and (ii) such disclosure is not otherwise prohibited by law, rule, regulation, or executive order or policy.
33
Credit Suisse High Yield Bond Fund
Notice of Privacy and Information Practices (unaudited) (continued)
Confidentiality and security
• To protect nonpublic personal information about individual investors, we restrict access to those employees and agents who need to know that information to provide products or services to us and to our investors. We maintain physical, electronic, and procedural safeguards to protect nonpublic personal information.
Other Disclosures
This notice is not intended to be incorporated in any offering materials, but is a statement of our current Notice of Privacy and Information Practices and may be amended from time to time. This notice is current as of May 3, 2010.
34
Credit Suisse High Yield Bond Fund
Proxy Voting and Portfolio Holdings Information (unaudited)
Information regarding how the Fund voted proxies related to its portfolio securities during the 12 month period ended June 30 of each year, as well as the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities are available:
• By calling 1-800-293-1232
• On the Fund's website, www.credit-suisse.com/us
• On the website of the Securities and Exchange Commission, www.sec.gov.
The Fund files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Fund's Forms N-Q are available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the SEC's Public Reference Room may be obtained by calling 1-202-551-8090.
Other Funds Managed by Credit Suisse Asset Management, LLC
CLOSED-END FUNDS
Fixed Income
Credit Suisse Asset Management Income Fund, Inc. (NYSE Amex: CIK)
Credit Suisse High Yield Bond Fund (NYSE Amex: DHY)
Literature Request Call today for free descriptive information on the closed-end funds listed above at 1-800-293-1232 or visit our website at www.credit-suisse.com/us.
OPEN-END FUNDS
Credit Suisse Commodity Return Strategy Fund
Credit Suisse High Income Fund
Credit Suisse Large Cap Blend Fund
Credit Suisse Large Cap Growth Fund
Credit Suisse Large Cap Value Fund
Credit Suisse Mid-Cap Core Fund
Credit Suisse Small Cap Core Fund
Fund shares are not deposits or other obligation of Credit Suisse Asset Management, LLC or any affiliate, are not FDIC-insured and are not guaranteed by Credit Suisse Asset Management, LLC or any affiliate. Fund investments are subject to investment risks, including loss of your investment. There are special risk considerations associated with international, global, emerging-markets, small-company, private equity, high-yield debt, single-industry, single-country and other special, aggressive or concentrated investment strategies. Past performance cannot guarantee future results.
More complete information about a fund, including charges and expenses, is provided in the Prospectus, which should be read carefully before investing. You may obtain copies by calling Credit Suisse Funds at 1-877-870-2874. Performance information current to the most recent month-end is available at www.credit-suisse.com/us.
Credit Suisse Asset Management Securities, Inc., Distributor.
35
Credit Suisse High Yield Bond Fund
Dividend Reinvestment and Cash Purchase Plan (unaudited)
Credit Suisse High Yield Bond Fund (the "Fund") offers a Dividend Reinvestment and Cash Purchase Plan (the "Plan") to its common stockholders. The Plan offers common stockholders a prompt and simple way to reinvest net investment income dividends and capital gains and other periodic distributions in shares of the Fund's common stock. Computershare Trust Company, N.A. ("Computershare") acts as Plan Agent for stockholders in administering the Plan.
Participation in the Plan is voluntary. In order to participate in the Plan, you must be a registered holder of at least one share of stock of the Fund. If you are a beneficial owner of the Fund having your shares registered in the name of a bank, broker or other nominee, you must first make arrangements with the organization in whose name your shares are registered to have the shares transferred into your own name. Registered shareholders can join the Plan via the Internet by going to www.computershare.com, authenticating your online account, agreeing to the Terms and Conditions of online "Account Access" and completing an online Plan Enrollment Form. Alternatively, you can complete the Plan Enrollment Form and return it to Computershare at the address below.
By participating in the Plan, your dividends and distributions will be promptly paid to you in additional shares of common stock of the Fund. The number of shares to be issued to you will be determined by dividing the total amount of the distribution payable to you by the greater of (i) the net asset value per share ("NAV") of the Fund's common stock on the payment date, or (ii) 95% of the market price per share of the Fund's common stock on the payment date. If the NAV of the Fund's common stock is greater than the market price (plus estimated brokerage commissions) on the payment date, then Computershare (or a broker-dealer selected by Computershare) shall endeavor to apply the amount of such distribution on your shares to purchase shares of Fund common stock in the open market.
You should be aware that all net investment income dividends and capital gain distributions are taxable to you as ordinary income and capital gain, respectively, whether received in cash or reinvested in additional shares of the Fund's common stock.
The Plan also permits participants to purchase shares of the Fund through Computershare. You may invest $100 or more monthly, with a maximum of $100,000 in any annual period. Computershare will purchase shares for you on the open market on the 25th of each month or the next trading day if the 25th is not a trading day.
There is no service fee payable by Plan participants for dividend reinvestment. For voluntary cash payments, Plan participants must pay a service fee of $5.00 per transaction. Plan participants will also be charged a pro rata share of the brokerage commissions for all open market purchases ($0.03 per share as of October 2006). Participants will also be charged a service fee of $5.00 for each sale and brokerage commissions of $0.03 per share (as of October 2006).
You may terminate your participation in the Plan at any time by requesting a certificate or a sale of your shares held in the Plan. Your withdrawal will be effective immediately if your notice is received by Computershare prior to any dividend or distribution record date; otherwise, such termination will be effective only with respect to any subsequent dividend or distribution. Your dividend participation option will remain the same unless you withdraw all of your whole and fractional Plan shares, in which case your participation in the Plan will be terminated and you will receive subsequent dividends and capital gains distributions in cash instead of shares.
36
Credit Suisse High Yield Bond Fund
Dividend Reinvestment and Cash Purchase Plan (unaudited) (continued)
If you want further information about the Plan, including a brochure describing the Plan in greater detail, please contact Computershare as follows:
By Internet: www.computershare.com
By phone: (800) 730-6001 (U.S. and Canada)
(781) 575-3100 (Outside U.S. and Canada)
Customer service associates are available from 9:00 a.m. to 5:00 p.m. Eastern time, Monday through Friday
By mail: Credit Suisse High Yield Bond Fund
c/o Computershare
P.O. Box 43078
Providence, Rhode Island 02940-3078
All notices, correspondence, questions or other communications sent by mail should be sent by registered or certified mail, return receipt requested.
The Plan may be terminated by the Fund or Computershare upon notice in writing mailed to each participant at least 30 days prior to any record date for the payment of any dividend or distribution.
37
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This report, including the financial statements herein, is sent to the shareholders of the Fund for their information. The financial information herein is taken from the records of the Fund without examination by independent registered public accountants who do not express an opinion thereon. It is not a prospectus, circular or representation intended for use in the purchase or sale of shares of the Fund or of any securities mentioned in this report.
DHY-SAR-0410
Item 2. Code of Ethics.
This item is inapplicable to a semi-annual report on Form N-CSR.
Item 3. Audit Committee Financial Expert.
This item is inapplicable to a semi-annual report on Form N-CSR.
Item 4. Principal Accountant Fees and Services.
This item is inapplicable to a semi-annual report on Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
This item is inapplicable to a semi-annual report on Form N-CSR.
Item 6. Schedule of Investments.
Included as part of the report to shareholders filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
This item is inapplicable to a semi-annual report on Form N-CSR.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
This item is inapplicable to a semi-annual report on Form N-CSR.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
None.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrants board of directors since the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(g) of Schedule 14A in its definitive proxy statement dated December 30, 2009.
Item 11. Controls and Procedures.
(a) As of a date within 90 days from the filing date of this report, the principal executive officer and principal financial officer concluded that the registrants 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 registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrants last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrants 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 |
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/s/John G. Popp |
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Name: |
John G. Popp |
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Title: |
Chief Executive Officer |
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Date: |
July 6, 2010 |
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
/s/John G. Popp |
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Name: |
John G. Popp |
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Title: |
Chief Executive Officer |
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Date: |
July 6, 2010 |
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/s/Michael A. Pignataro |
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Name: |
Michael A. Pignataro |
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Title: |
Chief Financial Officer |
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Date: |
July 6, 2010 |
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