-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HnMcX34iSWbNbEXDot0xoIPKb1S0FBmDPSAn6cpXs4Jm9ulBK5y4fKkSGaHv4n1W OJIoYrZMSqhJ4SLEDx/LiA== 0000891804-05-001983.txt : 20050706 0000891804-05-001983.hdr.sgml : 20050706 20050706100051 ACCESSION NUMBER: 0000891804-05-001983 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20050430 FILED AS OF DATE: 20050706 DATE AS OF CHANGE: 20050706 EFFECTIVENESS DATE: 20050706 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CREDIT SUISSE HIGH YIELD BOND FUND CENTRAL INDEX KEY: 0001061353 IRS NUMBER: 134009166 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-08777 FILM NUMBER: 05939111 BUSINESS ADDRESS: STREET 1: 277 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10172 BUSINESS PHONE: 2128926692 MAIL ADDRESS: STREET 1: 277 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10172 FORMER COMPANY: FORMER CONFORMED NAME: DLJ HIGH YIELD BOND FUND DATE OF NAME CHANGE: 19980508 N-CSRS 1 file001.txt CREDIT SUISSE HIGH YIELD BOND FUND UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act File No. 811-08777 --------------------------------------------------------------------- CREDIT SUISSE HIGH YIELD BOND FUND ------------------------------------------------------------------------ (Exact Name of Registrant as Specified in Charter) 466 Lexington Avenue, New York, New York 10017-3140 ------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) J. Kevin Gao, Esq. Credit Suisse High Yield Bond Fund 466 Lexington Avenue New York, New York 10017-3140 Registrant's telephone number, including area code:(212) 875-3500 Date of fiscal year end: October 31 Date of reporting period: November 1, 2004 to April 30, 2005 ITEM 1. REPORTS TO STOCKHOLDERS. ================================================================================ CREDIT SUISSE HIGH YIELD BOND FUND ================================================================================ SEMIANNUAL REPORT April 30, 2005 (unaudited) CREDIT SUISSE HIGH YIELD BOND FUND - -------------------------------------------------------------------------------- Dear Shareholder: PERFORMANCE SUMMARY 11/01/04 - 04/30/05 FUND & BENCHMARKS PERFORMANCE Fund NAV (as of 4/30/05) $4.23 Total Return (based on NAV)1 (0.77)% Total Return (based on market value) (6.91)% Citigroup High-Yield Market Index2 (CHYMI) (0.31)% MARKET OVERVIEW: A SHIFT IN THE CYCLE In our view, increasing signs of a shift in the credit cycle appeared during the Fund's fiscal half-year, creating a more difficult environment for high yield than we have experienced in almost two years. The first several months of the fiscal half-year were encouraging, as spreads on high yield issues versus comparable maturity Treasuries continued to narrow, reaching an all-time low on March 9, 2005. Then came a correction triggered by a General Motors (GM) earnings warning, the ramifications of which went well beyond the automotive sector, leading to heightened risk aversion and a broad sell-off in the market. The possibility of downgrades to GM and, to a lesser extent, Ford, with nearly $90 billion in outstanding debt, helped widen spreads significantly from their historic lows. Although the spread widening was painful, we believe the sell-off in high yield was relatively logical and mild by historic standards. Logical in that more defensive investors simply began to shun longer-dated and lower rated credits in favor of shorter-dated, higher-quality exposures. Mild in that spreads backed up just moderately, to a level last seen just six months ago, in November of 2004. In our view, market participants have turned more defensive in response to ratings downgrades and shareholder-friendly behavior by corporations, many of which announced increased dividends and share buybacks in the period. STRATEGIC REVIEW: POSITIONED FOR RECOVERY The Fund came in just beneath its CHYMI benchmark primarily due to its relative positioning in several key industry sectors. Technology was the strongest contributor to performance through our overweight and issue selection within the sector. Wireless also added due to a substantial overweight. Also contributing to returns was to our overweight in chemicals. The least favorable contributions to the Fund's overall return came primarily from our overweight exposure to the automotive and to building products sectors, both of which were among the weakest performers on both an absolute and relative basis in the fiscal half-year period. Going forward, although we cannot predict a robust rally from here, we believe credit could regain some of its former stability. In the high yield market generally, the risk of default remains relatively low and credit conditions have improved considerably over the last several years. Strong underlying fundamentals could redirect investor attention to the relative attractiveness of high yield returns, providing a catalyst for spreads to stabilize. We appreciate your interest in the Fund and would be pleased to respond to your questions or comments. Any questions regarding net asset value, performance, dividends, portfolio management or allocations should be directed to Credit Suisse Asset Management, LLC at (800) 293-1232. All other inquiries regarding account information, request for the latest financial information or other reports should be directed to the Fund's Shareholder Servicing Agent at (800) 730-6001. /s/ Michael E. Kenneally Michael E. Kenneally Chairman of the Fund, Chief Executive Officer and President* /s/ Dennis Schaney Dennis Schaney Chief Investment Officer** High yield bonds are lower-quality bonds that are also known as "junk bonds." Such bonds entail greater risks than those found in higher-rated securities. In addition to historical information, this report contains forward-looking statements, which may concern, among other things, domestic and foreign markets, industry and economic trends and developments and government regulation and their potential impact on the Fund's investment portfolio. These statements are subject to risks and uncertainties and actual trends, developments and regulations in the future and their impact on the Fund could be materially different from those projected, anticipated or implied. The Fund has no obligation to update or revise forward-looking statements. We wish to remind shareholders whose shares are registered in their own name that they automatically participate in the Fund's dividend reinvestment program known as the InvestlinkSM Program (the "Program"). The Program can be of value to shareholders in maintaining their proportional ownership interest in the Fund in an easy and convenient way. A shareholder whose shares are held in the name of a broker/dealer or nominee should contact the Fund's Transfer Agent for details about participating in the Program. * Michael E. Kenneally is the Chairman and Global Chief Executive Officer of CSAM. He has served in these capacities since April 2003. Previously, he was Chairman and Chief Investment Officer of Banc of America Capital Management from 1998 to March 2003. Mr. Kenneally is also Director and/or Chairman of other investment companies advised by CSAM. ** Dennis Schaney is a Managing Director of CSAM and global head of fixed income. He has served in these capacities since 2003. He is primarily responsible for the management of the Fund's assets. From 1998 until 2003, he was head of leveraged finance, co-head of credit research and a member of the firm's investment strategy group at Blackrock Financial Management. Prior to his tenure at Blackrock, Mr. Schaney spent nine years at Merrill Lynch, where he was a Managing Director in the Global Fixed Income Research and Economics Department. Mr. Schaney also is Chief Investment Officer of Credit Suisse Asset Management Income Fund, Inc. (NYSE: CIK). - ---------------------------- 1 Based on NAV and assuming reinvestment of dividends of $0.2773 per share. 2 The Citigroup High-Yield Market Index is a broad-based, unmanaged index of high yield securities that is compiled by Citigroup Global Markets Inc. Investors cannot invest directly in an index. CREDIT SUISSE HIGH YIELD BOND FUND (unaudited) TOP TEN HOLDINGS (% of net assets as of 4/30/05) --------------------------------------------------------------------------- SECURITY DESCRIPTION 1. El Paso Production Holding Company 0.68% 7.750% 06/01/13 2. Allied Waste North America, Inc. 0.68% 7.375% 04/15/14 3. BGF Industries, Inc. 0.67% 10.250% 01/15/09 4. Adelphia Communications Corp. 0.63% 10.875% 10/01/10 5. Charter Communications Holdings LLC 0.62% 9.920% 04/01/11 6. Chukchansi Economic Development Authority 0.60% 14.500% 06/15/09 7. Mediacomm LLC Capital Corp. 0.58% 9.500% 01/15/13 8. Calpine Generating Company LLC 0.56% 8.610% 04/01/10 9. Hard Rock Hotel, Inc. 0.54% 8.875% 06/01/13 10. Charter Communications Holdings LLC 0.53% 8.625% 04/01/09 CREDIT QUALITY BREAKDOWN (% of total investments as of 4/30/05) --------------------------------------------------------------------------- S&P RATINGS BBB 0.2% BB 12.8 B 56.3 CCC 27.0 CC 1.1 D 0.5 NR 1.5 ------ Subtotal 99.4 Short Term Investment 0.6 ------ Total 100.0% ====== 1 CREDIT SUISSE HIGH YIELD BOND FUND--SCHEDULE OF INVESTMENTS April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ----------- U.S. CORPORATE BONDS--130.5% AEROSPACE--1.6% BE Aerospace, Inc., Series B, Senior Subordinated Notes 8.000%, 03/01/08ss. ..................... $1,000,000 $1,000,000 L-3 Communications Corp., Global Senior Subordinated Notes (Callable 01/15/10 @ $102.94) 5.875%, 01/15/15 ........................ 2,000,000 1,915,000 Sequa Corp., Series B, Senior Notes 8.875%, 04/01/08 ........................ 850,000 879,750 ----------- 3,794,750 ----------- AIRLINES--0.5% American Airlines, Inc., Series 01-2, Pass Thru Certificates 7.800%, 04/01/08ss. ..................... 1,200,000 1,080,648 ----------- AUTOMOBILE MANUFACTURING/VEHICLE PARTS--3.4% Accuride Corp., Rule 144A, Senior Subordinated Notes (Callable 02/01/10 @ $104.25) 8.500%, 02/01/15++ ...................... 1,100,000 1,039,500 Autocam Corp., Global Senior Subordinated Notes (Callable 06/15/09 @ $105.44) 10.875%, 06/15/14 ....................... 1,000,000 810,000 Collins & Aikman Products Corp., Global Company Guaranteed Notes (Callable 12/31/06 @ $105.38) 10.750%, 12/31/11ss. .................... 1,250,000 934,375 Dura Operating Corp, Series D, Company Guaranteed Notes (Callable 05/01/05 @ $103.00) 9.000%, 05/01/09ss. ..................... 1,000,000 707,500 Heafner Tire Group, Inc., Rule 144A, Senior Notes (Callable 04/01/09 @ $105.38) 10.750%, 04/01/13++ ..................... 1,700,000 1,615,000 Key Plastics Holdings, Inc., Series B, Company Guaranteed Notes 10.250%, 03/15/07 0^ .................... 250,000 25,000 Metaldyne Corp., Global Company Guaranteed Notes (Callable 06/15/07 @ $105.50) 11.000%, 06/15/12ss. .................... 1,200,000 918,000 Motor Coach Industries International, Inc., Company Guaranteed Notes (Callable 05/01/05 @ $103.75) 11.250%, 05/01/09 ....................... 150,000 90,750 Stanadyne Corp., Global Senior Subordinated Notes (Callable 08/15/09 @ $105.00) 10.000%, 08/15/14 ....................... 900,000 877,500 Tenneco Automotive, Inc., Rule 144A, Senior Subordinated Notes (Callable 11/15/09 @ $104.31) 8.625%, 11/15/14++ss. ................... 800,000 734,000 ----------- 7,751,625 ----------- PRINCIPAL AMOUNT VALUE ----------- ----------- BROADBAND--0.9% Level 3 Communications, Inc., Senior Notes (Callable 05/01/06 @ $100.00) 9.125%, 05/01/08ss. ..................... $ 750,000 $ 577,500 Level 3 Financing, Inc., Rule 144A, Senior Notes (Callable 10/15/07 @ $105.38) 10.750%, 10/15/11++ ..................... 750,000 622,500 Primus Telecommunications Group, Inc., Global Senior Notes (Callable 01/15/09 @ $104.00) 8.000%, 01/15/14 ........................ 1,500,000 892,500 ----------- 2,092,500 ----------- BROADCAST/OUTDOOR--2.0% Emmis Operating Co., Global Senior Subordinated Notes (Callable 05/15/08 @ $103.44) 6.875%, 05/15/12 ........................ 500,000 496,250 Gray Television, Inc., Global Company Guaranteed Notes (Callable 12/15/06 @ $104.62) 9.250%, 12/15/11ss. ..................... 1,000,000 1,087,500 Interep National Radio Sales, Inc., Series B, Company Guaranteed Notes (Callable 07/01/05 @ $101.67) 10.000%, 07/01/08ss. .................... 800,000 653,000 Paxson Communications Corp., Global Company Guaranteed Notes (Callable 01/15/06 @ $106.12) 0.000%, 01/15/09 + ...................... 2,000,000 1,870,000 Young Broadcasting, Inc., Global Company Guaranteed Notes (Callable 03/01/06 @ $105.00) 10.000%, 03/01/11ss. .................... 490,000 492,450 ----------- 4,599,200 ----------- BUILDING PRODUCTS--4.3% Building Materials Corp., Global Secured Notes (Callable 08/01/09 @ $103.88) 7.750%, 08/01/14 ........................ 1,500,000 1,460,625 Building Materials Corp., Series B, Senior Notes 8.000%, 10/15/07 ........................ 500,000 497,500 Dayton Superior Corp., Company Guaranteed Notes (Callable 06/15/07 @ $102.17) 13.000%, 06/15/09ss. .................... 600,000 513,000 Dayton Superior Corp., Global Secured Notes (Callable 6/15/06 @ $105.62) 10.750%, 09/15/08 ....................... 500,000 492,500 Goodman Global Holdings Co., Inc., Rule 144A, Senior Subordinated Notes (Callable 12/15/08 @ $103.94) 7.875%, 12/15/12++ss. ................... 1,000,000 885,000 Interface, Inc., Global Senior Subordinated Notes (Callable 02/01/09 @ $104.75) 9.500%, 02/01/14ss. ..................... 1,250,000 1,256,250 See notes to financial statements. 2 CREDIT SUISSE HIGH YIELD BOND FUND--SCHEDULE OF INVESTMENTS April 30, 2005 (unaudited) (continued) - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ----------- BUILDING PRODUCTS Norcraft Holdings L P, Rule 144A, Senior Discount Notes (Callable 09/01/08 @ $104.88) 0.000%, 09/01/12+++ ..................... $ 750,000 $ 517,500 NTK Holdings, Inc., Rule 144A, Senior Discount Notes (Callable 09/01/09 @ $105.38) 0.000%, 03/01/14+++ ..................... 1,000,000 505,000 Ply Gem Industries, Inc., Global Senior Subordinated Notes (Callable 02/15/08 @ $104.50) 9.000%, 02/15/12 ........................ 1,000,000 870,000 RMCC Acquisition Co., Rule 144A, Senior Subordinated Notes (Callable 11/01/08 @ $104.75) 9.500%, 11/01/12++ ...................... 1,250,000 1,206,250 Texas Industries, Inc., Global Senior Notes (Callable 06/15/07 @ $105.12) 10.250%, 06/15/11 ....................... 750,000 845,625 Werner Holdings Co., Inc., Series A, Company Guaranteed Notes (Callable 11/15/05 @ $100) 10.000%, 11/15/07ss. .................... 1,350,000 945,000 ----------- 9,994,250 ----------- CABLE--8.0% Adelphia Communications Corp., Rule 144A, Secured Notes (Callable 02/15/08 @ $105.38) 10.875%, 10/01/10++0 .................... 3,000,000 2,640,000 Atlantic Broadband Finance LLC, Rule 144A, Senior Subordinated Notes (Callable 01/15/09 @ $104.69) 9.375%, 01/15/14++ss. ................... 1,600,000 1,512,000 Cablevision Systems Corp., Rule 144A, Senior Notes 8.000%, 04/15/12++ss. ................... 1,500,000 1,486,875 CCO Holdings LLC, Global Senior Notes (Callable 11/15/08 @ 104.38) 8.750%, 11/15/13ss. ..................... 2,100,000 2,031,750 Charter Communications Holdings LLC, Senior Discount Notes (Callable 04/01/06 @ $101.44) 9.920%, 04/01/11 +ss. ................... 3,650,000 2,591,500 Charter Communications Holdings LLC, Senior Notes (Callable 04/01/06 @ $101.65) 8.625%, 04/01/09 ........................ 3,050,000 2,218,875 CSC Holdings, Inc., Senior Notes 7.250%, 07/15/08 ........................ 85,000 85,425 CSC Holdings, Inc., Series B, Senior Notes 7.625%, 04/01/11ss. ..................... 750,000 765,000 DIVA Systems Corp., Series B, Senior Discount Notes (Callable 03/01/06 @ $100.00) 1.000%, 03/01/08 0^ ..................... 1,750,000 4,375 Insight Communications Company, Inc., Senior Discount Notes (Callable 02/15/06 @ $106.12) 0.000%, 02/15/10 + ...................... 2,000,000 1,980,000 Insight Midwest/Insight Capital, Senior Notes (Callable 10/01/05 @ $103.25) 9.750%, 10/01/09ss. ..................... 200,000 209,500 PRINCIPAL AMOUNT VALUE ----------- ----------- Insight Midwest/Insight Capital Corp., Global Senior Notes (Callable 11/01/05 @ $105.25) 10.500%, 11/01/10 ....................... $ 500,000 $ 535,000 Mediacom LLC Capital Corp., Senior Notes (Callable 01/15/06 @ $104.75) 9.500%, 01/15/13ss. ..................... 2,500,000 2,406,250 ----------- 18,466,550 ----------- CAPITAL GOODS--1.8% Blount, Inc., Senior Subordinated Notes (Callable 08/01/08 @ $104.44) 8.875%, 08/01/12 ........................ 1,000,000 1,035,000 Case New Holland, Inc, Rule 144A, Senior Notes 9.250%, 08/01/11++ ...................... 750,000 768,750 Case New Holland, Inc., Rule 144A, Senior Notes (Callable 08/01/07 @ 104.62) 9.250%, 08/01/11++ ...................... 100,000 102,500 JII Holdings LLC, Global Secured Notes (Callable 01/01/06 @ $103.25) 13.000%, 04/01/07 ....................... 1,752,500 1,586,013 Terex Corp., Global Company Guaranteed Notes (Callable 01/15/09 @ $103.69) 7.375%, 01/15/14 ........................ 650,000 656,500 ----------- 4,148,763 ----------- CHEMICALS--6.8% BCP Crystal Holdings Corp., Global Senior Subordinated Notes (Callable 06/15/09 @ $104.81) 9.625%, 06/15/14 ........................ 650,000 719,875 Crompton Corp., Global Senior Notes (Callable 08/01/08 @ $104.94) 9.875%, 08/01/12 ........................ 1,000,000 1,150,000 Crystal US Holdings, Rule 144A, Senior Discount Notes (Callable 10/01/09 @ $105.25) 0.000%, 10/01/14+++ ..................... 876,000 573,780 Equistar Chemicals LP/ Equistar Funding Corp., Global Company Guaranteed Notes 10.125%, 09/01/08 ....................... 1,000,000 1,105,000 Huntsman Company LLC, Global Company Guaranteed Notes (Callable 10/15/07 @ $105.81) 11.625%, 10/15/10 ....................... 227,000 263,320 Huntsman Company LLC, Rule 144A, Company Guaranteed Notes (Callable 07/15/08 @ $105.75) 12.000%, 07/15/12++# .................... 773,000 892,815 IMC Global, Inc., Series B, Global Company Guaranteed Notes (Callable 06/01/06 @ $105.63) 11.250%, 06/01/11 ....................... 1,450,000 1,616,750 Invista, Rule 144A, Notes (Callable 05/01/08 @ $104.63) 9.250%, 05/01/12++ ...................... 500,000 535,625 Koppers Industry, Inc., Rule 144A, Senior Discount Notes (Callable 11/15/09 @ $104.94) 0.000%, 11/15/14+++ ..................... 1,200,000 714,000 See notes to financial statements. 3 CREDIT SUISSE HIGH YIELD BOND FUND--SCHEDULE OF INVESTMENTS April 30, 2005 (unaudited) (continued) - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ----------- CHEMICALS Lyondell Chemical Co., Global Company Guaranteed Notes (Callable 06/01/08 @ $105.25) 10.500%, 06/01/13ss. .................... $1,000,000 $ 1,157,500 Lyondell Chemical Co., Global Company Guaranteed Notes (Callable 12/15/05 @ $104.75) 9.500%, 12/15/08 ........................ 1,400,000 1,499,750 Millennium America, Inc., Global Company Guaranteed Notes 9.250%, 06/15/08 ........................ 800,000 856,000 Nalco Co., Global Senior Subordinated Notes (Callable 11/15/08 @ $104.44) 8.875%, 11/15/13ss. ..................... 900,000 927,000 PolyOne Corp., Global Company Guaranteed Notes (Callable 05/15/07 @ $105.31) 10.625%, 05/15/10 ....................... 750,000 830,625 Radnor Holdings Corp., Global Senior Notes (Callable 03/15/07 @ $105.50) 11.000%, 03/15/10ss. .................... 1,000,000 670,000 Resolution Performance Products LLC, Global Senior Subordinated Notes (Callable 11/15/05 @ $106.75) 13.500%, 11/15/10ss. .................... 1,000,000 1,087,500 Terra Capital, Inc., Global Secured Notes (Callable 06/01/07 @ $105.75) 11.500%, 06/01/10 ....................... 832,000 952,640 ----------- 15,552,180 ----------- COMPETITIVE LOCAL EXCHANGE CARRIER (CLEC)--0.5% Time Warner Telecom Holdings, Inc., Rule 144A, Senior Notes (Callable 02/15/09 @ $104.63) 9.250%, 02/15/14++ ...................... 1,250,000 1,143,750 ----------- CONSUMER PRODUCTS/TOBACCO--6.1% AAC Group Holding Corp., Rule 144A, Senior Discount Notes (Callable 10/01/08 @ $105.13) 0.000%, 10/01/12+++ ..................... 850,000 599,250 Ames True Temper, Inc., Global Senior Subordinated Notes (Callable 07/15/08 @ $105.00) 10.000%, 07/15/12 ....................... 1,450,000 1,210,750 Ames True Temper, Inc., Rule 144A, Notes (Callable 01/15/07 @ $103.00) 7.141%, 07/15/05++# ..................... 500,000 472,500 AMH Holdings, Inc, Global Senior Discount Notes (Callable 03/01/09 @ $105.62) 0.000%, 03/01/14 +ss. ................... 1,000,000 680,000 Amscan Holdings, Inc., Global Senior Subordinated Notes (Callable 05/01/09 @ $104.38) 8.750%, 05/01/14 ........................ 1,050,000 981,750 Del Laboratories, Inc., Rule 144A, Senior Subordinated Notes (Callable 02/01/08 @ $104.00) 8.000%, 02/01/12++ ...................... 1,000,000 950,000 Diamond Brands Operating Corp., Company Guaranteed Notes (Callable 04/15/06 @ $100.00) 10.125%, 04/15/08 0 ..................... 3,097,000 61,940 PRINCIPAL AMOUNT VALUE ----------- ----------- General Binding Corp., Company Guaranteed Notes (Callable 06/01/05 @ $101.56) 9.375%, 06/01/08 ........................ $1,050,000 $ 1,060,500 Johnsondiversey Holdings, Inc., Global Discount Notes (Callable 05/15/07 @ $105.34) 0.000%, 05/15/13 + ...................... 1,500,000 1,192,500 PCA LLC/PCA Finance Corp., Global Senior Notes 11.875%, 08/01/09 ....................... 1,000,000 842,500 Playtex Products, Inc., Global Company Guaranteed Notes (Callable 06/01/06 @ $104.69) 9.375%, 06/01/11ss. ..................... 1,300,000 1,355,250 Prestige Brands, Inc., Global Senior Subordinated Notes (Callable 04/15/08 @ $104.63) 9.250%, 04/15/12 ........................ 600,000 621,000 Rayovac Corp., Global Senior Subordinated Notes (Callable 10/01/08 @ $104.25) 8.500%, 10/01/13 ........................ 500,000 516,250 Remington Arms Company, Inc., Global Company Guaranteed Notes (Callable 02/01/07 @ $105.25) 10.500%, 02/01/11 ....................... 750,000 716,250 Revlon Consumer Products Corp., Rule 144A, Senior Notes (Callable 04/01/08 @ $104.75) 9.500%, 04/01/11++ ...................... 500,000 483,750 Samsonite Corp., Global Senior Subordinated Notes (Callable 06/01/08 @ $104.44) 8.875%, 06/01/11 ........................ 1,000,000 1,035,000 Sealy Mattress Co., Global Senior Subordinated Notes (Callable 06/15/09 @ $104.13) 8.250%, 06/15/14ss. ..................... 1,250,000 1,268,750 ----------- 14,047,940 ----------- CONTAINERS--3.8% Berry Plastics Corp., Global Company Guaranteed Notes (Callable 07/15/07 @ $105.38) 10.750%, 07/15/12 ....................... 1,100,000 1,221,000 Constar International, Inc., Senior Subordinated Notes (Callable 12/01/07 @ $105.50) 11.000%, 12/01/12ss. .................... 1,200,000 1,068,000 Graham Packaging Company, Inc., Rule 144A, Senior Subordinated Notes (Callable 10/15/09 @ $104.94) 9.875%, 10/15/14++ss. ................... 650,000 624,000 Graphic Packaging Inernational, Corp., Global Senior Subordinated Notes (Callable 08/15/08 @ 104.75) 9.500%, 08/15/13ss. ..................... 750,000 750,000 Intertape Polymer US, Inc., Global Senior Subordinated Notes (Callable 08/01/09 @ $104.25) 8.500%, 08/01/14 ........................ 1,000,000 1,003,328 Owens-Brockway Glass Containers, Global Company Guaranteed Notes (Callable 02/15/06 @ $104.44) 8.875%, 02/15/09 ........................ 1,000,000 1,070,000 See notes to financial statements. 4 CREDIT SUISSE HIGH YIELD BOND FUND--SCHEDULE OF INVESTMENTS April 30, 2005 (unaudited) (continued) - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ----------- CONTAINERS Owens-Brockway Glass Containers, Global Company Guaranteed Notes (Callable 05/15/08 @ $104.12) 8.250%, 05/15/13 ........................ $ 750,000 $ 798,750 Pliant Corp., Company Guaranteed Notes (Callable 06/01/05 @ $106.50) 13.000%, 06/01/10ss. .................... 500,000 377,500 Pliant Corp., Global Secured Notes (Callable 06/15/07 @ $105.56) 0.000%, 06/15/09 + ...................... 500,000 445,000 Tekni-Plex, Inc., Series B, Company Guaranteed Notes (Callable 06/15/05 @ $106.38) 12.750%, 06/15/10ss. .................... 500,000 415,000 U.S. Can Corporation, Global Company Guaranteed Notes (Callable 07/15/07 @ $105.44) 10.875%, 07/15/10 ....................... 1,000,000 1,015,000 ----------- 8,787,578 ----------- DIVERSIFIED TELECOMMUNICATIONS--1.5% Hawaiian Telcom Communications, Inc., Rule 144A, Notes (Callable 05/01/09 @ $104.88) 9.750%, 05/01/13++ ...................... 1,000,000 998,750 Qwest Corp., Notes 5.625%, 11/15/08 ........................ 900,000 884,250 Qwest Corp., Rule 144A, Senior Notes 7.875%, 09/01/11++ss. ................... 900,000 918,000 Qwest Services Corp., Rule 144A, Notes (Callable 12/15/06 @ $106.75) 14.000%, 12/15/10++# .................... 550,000 621,500 ----------- 3,422,500 ----------- ENERGY - OTHER--5.1% Amerigas Partners LP Eagle Finance Corp., Series B, Global Senior Notes (Callable 05/20/06 @ $104.44) 8.875%, 05/20/11 ........................ 1,060,000 1,155,400 Dynegy Holdings, Inc., Rule 144A, Secured Notes (Callable 07/15/08 @ $105.06) 10.125%, 07/15/13++ ..................... 1,550,000 1,604,250 Dynegy Holdings, Inc., Senior Notes 6.875%, 04/01/11ss. ..................... 250,000 208,125 El Paso CGP Co., Notes 6.375%, 02/01/09 ........................ 450,000 430,875 El Paso CGP Co., Notes 7.750%, 06/15/10 ........................ 650,000 650,000 El Paso Corp., Senior Notes 7.000%, 05/15/11ss. ..................... 1,000,000 950,000 El Paso Natural Gas, Series A, Global Senior Notes (Callable 08/01/07 @ $103.81) 7.625%, 08/01/10 ........................ 1,000,000 1,049,828 El Paso Production Holding Company, Global Company Guaranteed Notes (Callable 06/01/08 @ $103.88) 7.750%, 06/01/13 ........................ 2,800,000 2,835,000 Giant Industries, Inc., Company Guaranteed Notes (Callable 05/15/09 @ $104.00) 8.000%, 05/15/14 ........................ 450,000 454,500 PRINCIPAL AMOUNT VALUE ----------- ----------- Giant Industries, Inc., Global Company Guaranteed Notes (Callable 05/15/07 @ $105.50) 11.000%, 05/15/12 ....................... $ 850,000 $ 973,250 Reliant Energy, Inc., Secured Notes (Callable 12/15/09 @ $103.38) 6.750%, 12/15/14 ........................ 500,000 445,000 Reliant Resources, Inc., Global Secured Notes (Callable 07/15/08 @ $104.75) 9.500%, 07/15/13 ........................ 1,050,000 1,094,625 ----------- 11,850,853 ----------- ENVIRONMENTAL SERVICES--1.9% Allied Waste North America, Inc., Rule 144A, Senior Notes (Callable 03/15/10 @ $103.63) 7.250%, 03/15/15++ ...................... 600,000 549,000 Allied Waste North America, Inc., Series B, Global Senior Notes (Callable 04/15/09 @ $103.69) 7.375%, 04/15/14ss. ..................... 3,200,000 2,816,000 Waste Services, Inc., Rule 144A, Senior Subordinated Notes (Callable 04/15/09 @ $104.75) 9.500%, 04/15/14++ss. ................... 1,000,000 997,500 ----------- 4,362,500 ----------- FINANCE - OTHER--2.1% Corrections Corporation of America, Senior Notes, (Callable 05/01/07 @ $103.75) 7.500%, 05/01/11 ........................ 500,000 518,125 E*TRADE Financial Corp., Global Senior Notes (Callable 06/15/08 @ $104.00) ........... 8.000%, 06/15/11 1,150,000 1,184,500 IAAI Finance Corp., Rule 144A, Senior Unsecured Notes (Callable 04/01/09 @ $105.50) 11.000%, 04/01/13++ ..................... 1,250,000 1,273,277 Senior Housing Properties Trust, Senior Notes 8.625%, 01/15/12 ........................ 800,000 872,000 Trustreet Properties, Inc., Rule 144A, Senior Notes (Callable 04/01/10 @ $103.75) 7.500%, 04/01/15++ ...................... 1,000,000 1,007,500 ----------- 4,855,402 ----------- FOOD PROCESSORS/BEVERAGE/BOTTLING--2.1% Bear Creek Corp., Rule 144A, Senior Notes (Callable 03/01/09 @ $104.50) 9.000%, 03/01/13++ ...................... 500,000 492,500 Birds Eye Foods, Inc., Company Guaranteed Notes (Callable 11/01/05 @ $101.98) 11.875%, 11/01/08 ....................... 177,000 184,523 Land O' Lakes, Inc., Global Senior Notes (Callable 11/15/06 @ $104.38) 8.750%, 11/15/11ss. ..................... 1,250,000 1,218,750 See notes to financial statements. 5 CREDIT SUISSE HIGH YIELD BOND FUND--SCHEDULE OF INVESTMENTS April 30, 2005 (unaudited) (continued) - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ----------- FOOD PROCESSORS/BEVERAGE/BOTTLING Le-Natures, Inc., Rule 144A, Senior Subordinated Notes (Callable 06/15/08 @ $104.50) 10.000%, 06/15/13++# .................... $ 600,000 $ 648,000 Pinnacle Foods Holding Corp., Global Senior Subordinated Notes (Callable 12/01/08 @ $104.13) 8.250%, 12/01/13ss. ..................... 500,000 417,500 Swift & Co., Global Senior Subordinated Notes (Callable 10/01/06 @ $106.25) 12.500%, 01/01/10 ....................... 850,000 941,375 Wornick Co., Global Secured Notes (Callable 7/15/08 @ $105.44) 10.875%, 07/15/11 ....................... 800,000 820,000 ----------- 4,722,648 ----------- GAMING--10.4% 155 East Tropicana LLC, Rule 144A, Secured Notes (Callable 04/01/09 @ $104.38) 8.750%, 04/01/12++ss. ................... 1,000,000 960,000 AK Steel Corp., Global Company Guaranteed Notes (Callable 06/15/07 @ $103.88) 7.750%, 06/15/12ss. ..................... 1,000,000 895,000 Ameristar Casinos, Inc., Global Company Guaranteed Notes (Callable 02/15/06 @ $105.38) 10.750%, 02/15/09 ....................... 1,350,000 1,474,875 Argosy Gaming Co., Global Senior Subordinated Notes (Callable 01/15/09 @ $103.50) 7.000%, 01/15/14 ........................ 1,500,000 1,646,250 Aztar Corp., Global Senior Subordinated Notes (Callable 08/15/06 @ $104.50) 9.000%, 08/15/11 ........................ 1,350,000 1,451,250 Boyd Gaming Corp., Global Company Guaranteed Notes (Callable 08/01/05 @ $104.63) 9.250%, 08/01/09 ........................ 1,200,000 1,272,000 Chukchansi Economic Development Authority, Rule 144A, Senior Notes (Callable 10/01/06 @ $113.00) 14.500%, 06/15/09++ ..................... 2,050,000 2,501,000 Circus Circus & Eldorado, Global First Mortgage (Callable 03/01/07 @ $105.06) 10.125%, 03/01/12ss. .................... 1,350,000 1,458,000 Hard Rock Hotel, Inc., Global Notes (Callable 06/01/08 @ $104.44) 8.875%, 06/01/13 ........................ 2,100,000 2,265,375 Herbst Gaming, Inc., Global Senior Subordinated Notes (Callable 06/01/08 @ $104.06) 8.125%, 06/01/12ss. ..................... 1,000,000 1,047,500 Inn of The Mountain Gods, Global Senior Notes (Callable 11/15/07 @ $106.00) 12.000%, 11/15/10 ....................... 1,250,000 1,471,875 PRINCIPAL AMOUNT VALUE ----------- ----------- Isle of Capri Casinos Inc., Global Senior Subordinated Notes (Callable 03/01/09 @ $103.50) 7.000%, 03/01/14 ........................ $ 900,000 $ 877,500 Majestic Star Casino LLC, Company Guaranteed Notes (Callable 10/15/07 @ $104.75) 9.500%, 10/15/10 ........................ 1,500,000 1,575,000 MGM Mirage, Global Senior Notes 6.750%, 09/01/12 ........................ 1,000,000 1,005,000 MTR Gaming Group, Inc., Series B, Global Company Guaranteed Notes (Callable 04/01/07 @ $104.88) 9.750%, 04/01/10 ........................ 250,000 273,750 OED Corp., Global Company Guaranteed Notes (Callable 04/15/08 @ $104.38) 8.750%, 04/15/12 ........................ 1,350,000 1,309,500 Riviera Holdings Corp., Global Company Guaranteed Notes (Callable 06/15/06 @ $105.50) 11.000%, 06/15/10 ....................... 1,110,000 1,226,550 Waterford Gaming LLC, Rule 144A, Senior Notes (Callable 09/15/08 @ $103.55) 8.625%, 09/15/12++ ...................... 350,000 372,750 Wheeling Island Gaming, Inc., Global Company Guaranteed Notes (Callable 12/15/05 @ $105.06) 10.125%, 12/15/09 ....................... 250,000 267,500 Windsor Woodmont Black Hawk, Series B, First Mortgage Notes 13.000%, 03/15/05 0^ .................... 451,904 34,740 Wynn Las Vegas LLC, Rule 144A, First Mortgage Notes (Callable 12/01/09 @ $103.31) 6.625%, 12/01/14++ ...................... 500,000 470,000 ----------- 23,855,415 ----------- HEALTHCARE FACILITIES/SUPPLIES--5.9% AMR/EmCare Holding, Co., Rule 144A, Senior Subordinated Notes (Callable 02/15/10 @ $105.00) 10.000%, 02/15/15++ ..................... 500,000 527,500 Ardent Health Services, Inc., Global Senior Subordinated Notes (Callable 08/15/08 @ $105.00) 10.000%, 08/15/13 ....................... 750,000 912,075 CDRV Investors, Inc., Rule 144A, Senior Discount Notes (Callable 01/01/10 @ $104.81) 0.000%, 01/01/15+++ ..................... 1,800,000 945,000 Concentra Operating Corp., Global Company Guaranteed Notes (Callable 08/15/07 @ $104.75) 9.500%, 08/15/10 ........................ 1,000,000 1,045,000 DaVita, Inc., Rule 144A, Senior Subordinated Notes (Callable 03/15/10 @ $103.63) 7.250%, 03/15/15++ss. ................... 250,000 244,375 Extendicare Health Services, Inc., Senior Subordinated Notes (Callable 05/01/09 @ $103.44) 6.875%, 05/01/14 ........................ 1,000,000 962,500 See notes to financial statements. 6 CREDIT SUISSE HIGH YIELD BOND FUND--SCHEDULE OF INVESTMENTS April 30, 2005 (unaudited) (continued) - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ----------- HEALTHCARE FACILITIES/SUPPLIES Hanger Orthopedic Group, Inc., Company Guaranteed Global Notes (Callable 02/15/06 @ $105.19) 10.375%, 02/15/09ss. .................... $ 500,000 $ 477,500 Magellan Health Services, Inc., Series A, Senior Notes (Callable 11/15/05 @ $104.69) 9.375%, 11/15/08 ........................ 717,276 772,865 Medquest, Inc., Series B, Global Company Guaranteed Notes (Callable 08/15/07 @ $105.94) 11.875%, 08/15/12 ....................... 1,000,000 1,015,000 MQ Associates, Inc., Global Senior Discount Notes (Callable 08/15/08 @ $109.00) 0.000%, 08/15/12 + ...................... 1,500,000 862,500 Tenet Healthcare Corp., Global Senior Notes 9.875%, 07/01/14 750,000 774,375 Tenet Healthcare Corp., Rule 144A, Senior Notes 9.250%, 02/01/15++ ...................... 500,000 502,500 Triad Hospitals, Inc., Senior Notes (Callable 05/15/08 @ $103.50) 7.000%, 05/15/12 ........................ 1,740,000 1,792,200 Triad Hospitals, Inc., Senior Subordinated Notes (Callable 11/15/08 @ $103.50) 7.000%, 11/15/13ss. ..................... 1,000,000 1,002,500 Universal Hospital Services, Inc., Global Senior Notes (Callable 11/01/07 @ $105.06) 10.125%, 11/01/11 ....................... 750,000 763,125 Vanguard Health Holding Company, LLC, Global Senior Subordinated Notes (Callable 10/01/09 @ $104.50) 9.000%, 10/01/14 ........................ 1,000,000 1,047,500 ----------- 13,646,515 ----------- HOME BUILDERS--2.0% KB Home, Senior Subordinated Notes 8.625%, 12/15/08 ........................ 1,650,000 1,805,910 Toll Corp., Senior Subordinated Notes (Callable 12/01/06 @ $104.12) 8.250%, 12/01/11 ........................ 700,000 751,625 WCI Communities, Inc., Global Company Guaranteed Notes (Callable 05/01/07 @ $104.56) 9.125%, 05/01/12 ........................ 1,000,000 1,050,000 William Lyon Homes, Inc., Company Guaranteed Notes (Callable 04/01/08 @ $105.38) 10.750%, 04/01/13 ....................... 1,000,000 1,060,000 ----------- 4,667,535 ----------- INDUSTRIAL--1.4% Altra Industrial Motion, Inc., Rule 144A, Secured Notes (Callable 12/01/08 @ $104.50) 9.000%, 12/01/11++ ...................... 1,000,000 997,500 Amsted Industries, Inc., Rule 144A, Senior Notes (Callable 10/15/07 @ $105.12) 10.250%, 10/15/11++ ..................... 1,000,000 1,075,000 PRINCIPAL AMOUNT VALUE ----------- ----------- Amtrol, Inc., Senior Subordinated Notes 10.625%, 12/31/06 ....................... $ 450,000 $ 391,500 Polypore, Inc., Global Senior Subordinated Notes (Callable 05/15/08 @ $104.38) 8.750%, 05/15/12 ........................ 1,000,000 850,000 ----------- 3,314,000 ----------- LEISURE--3.9% Affinity Group, Inc., Rule 144A, Senior Notes (Callable 02/15/08 @ $105.44) 10.875%, 02/15/12++ ..................... 1,300,000 1,254,500 AMC Entertainment, Inc., Global Senior Subordinated Notes (Callable 03/01/09 @ $104.00) 8.000%, 03/01/14ss. ..................... 2,000,000 1,820,000 Bally Total Fitness Holding Corp., Global Senior Notes (Callable 07/15/07 @ $105.25) 10.500%, 07/15/11 ....................... 250,000 244,375 Bluegreen Corp., Series B, Company Guaranteed Notes (Callable 04/01/06 @ $100.00) 10.500%, 04/01/08 ....................... 1,125,000 1,141,875 Booth Creek Ski Holdings, Inc., Series B, Company Guaranteed Notes 12.500%, 03/15/07 ....................... 1,300,000 1,290,250 Cinemark, Inc., Senior Disocunt Notes (Callable 03/15/09 @ $104.88) 0.000%, 03/15/14 + ...................... 1,150,000 796,375 Icon Health & Fitness, Inc., Global Company Guaranteed Notes (Callable 04/01/07 @ $105.62) 11.250%, 04/01/12ss. .................... 1,000,000 715,000 Six Flags, Inc., Global Senior Notes (Callable 02/01/06 @ $104.44) 8.875%, 02/01/10ss. ..................... 950,000 838,375 Six Flags, Inc., Global Senior Notes (Callable 06/01/09 @ $104.81) 9.625%, 06/01/14ss. ..................... 1,050,000 892,500 ----------- 8,993,250 ----------- LODGING--0.6% Host Marriott LP, Global Senior Notes (Callable 11/01/08 @ 103.56) 7.125%, 11/01/13ss. ..................... 500,000 508,750 John Q. Hammons Hotels, Series B, Global Notes, First Mortgage (Callable 05/15/07 @ $104.44) 8.875%, 05/15/12 ........................ 890,000 952,300 ----------- 1,461,050 ----------- METALS & MINING--3.2% Alpha Natural Resources LLC, Rule 144A, Senior Notes (Callable 06/01/08 @ $105.00) 10.000%, 06/01/12++ ..................... 1,600,000 1,784,000 Edgen Acquisition Corp., Rule 144A, Secured Notes (Callable 02/01/08 @ $104.94) 9.875%, 02/01/11++ ...................... 1,000,000 980,000 See notes to financial statements. 7 CREDIT SUISSE HIGH YIELD BOND FUND--SCHEDULE OF INVESTMENTS April 30, 2005 (unaudited) (continued) - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ----------- METALS & MINING Imco Recycling Escrow, Inc., Rule 144A, Senior Notes (Callable 11/15/08 @ $104.50) 9.000%, 11/15/14++ ...................... $1,000,000 $ 1,025,000 International Steel Group, Inc., Global Senior Notes 6.500%, 04/15/14 ........................ 500,000 498,750 Metallurg, Inc., Series B, Company Guaranteed Notes (Callable 12/01/05 @ $100.00) 11.000%, 12/01/07 ....................... 700,000 665,000 UCAR Finance, Inc., Global Company Guaranteed Notes (Callable 02/15/07 @ $105.12) 10.250%, 02/15/12ss. .................... 1,000,000 1,050,000 WCI Steel, Inc., Series B, Senior Secured Notes 10.000%, 12/01/49 0 ..................... 750,000 528,750 Wise Metals Group LLC, Global Secured Notes (Callable 05/15/08 @ $105.13) 10.250%, 05/15/12ss. .................... 1,000,000 885,000 ----------- 7,416,500 ----------- PAPER & FOREST PRODUCTS--3.7% Appleton Papers, Inc., Series B, Senior Subordinated Notes (Callable 06/15/09 @ $104.88) 9.750%, 06/15/14ss. ..................... 1,000,000 1,025,000 Caraustar Industries, Inc., Global Company Guaranteed Notes (Callable 04/01/06 @ $105.25) 9.875%, 04/01/11 ........................ 1,000,000 985,000 Cellu Tissue Holdings, Secured Notes (Callable 03/15/07 @ $107.31) 9.750%, 03/15/10 ........................ 1,000,000 1,030,000 Georgia-Pacific Corp., Global Company Guaranteed Notes 8.875%, 02/01/10 ........................ 1,200,000 1,338,000 Georgia-Pacific Corp., Global Company Guaranteed Notes (Callable 02/01/08 @ $104.69) 9.375%, 02/01/13 ........................ 1,300,000 1,454,375 Georgia-Pacific Corp., Global Senior Notes 8.000%, 01/15/24 ........................ 750,000 802,500 Newark Group, Inc., Global Senior Subordinated Notes (Callable 03/15/09 @ $104.88) 9.750%, 03/15/14 ........................ 2,000,000 1,980,000 ----------- 8,614,875 ----------- PUBLISHING--4.8% CBD Media Holdings, Global Senior Notes (Callable 07/15/08 @ $104.63) 9.250%, 07/15/12ss. ..................... 1,250,000 1,228,125 Dex Media West LLC, Global Senior Notes (Callable 11/15/08 @ $102.94) 5.875%, 11/15/11ss. ..................... 800,000 776,000 Dex Media, Inc., Global Discount Notes (Callable 11/15/08 @ $104.50) 0.000%, 11/15/13 + ...................... 1,500,000 1,132,500 PRINCIPAL AMOUNT VALUE ----------- ----------- Dex Media, Inc., Global Discount Notes (Callable 11/15/08 @ $104.50) 0.000%, 11/15/13 +ss. ................... $ 500,000 $ 377,500 Dex Media, Inc., Global Notes (Callable 11/15/08 @ $104.00) 8.000%, 11/15/13ss. ..................... 400,000 414,000 Haights Cross Operating Co., Global Company Guaranteed Notes (Callable 08/15/08 @ $105.88) 11.750%, 08/15/11ss. .................... 1,200,000 1,338,000 Houghton Mifflin Co., Global Senior Discount Notes (Callable 10/15/13 @ $105.75) 0.000%, 10/15/13 +ss. ................... 1,000,000 670,000 Houghton Mifflin Co., Global Senior Notes (Callable 02/01/07 @ $104.12) 8.250%, 02/01/11 ........................ 350,000 351,750 Morris Publishing Group LLC, Global Company Guranteed Notes (Callable 08/01/08 @ $103.50) 7.000%, 08/01/13 ........................ 500,000 487,500 Phoenix Color Corp., Company Guaranteed Notes (Callable 02/01/06 @ $101.729) 10.375%, 02/01/09 ....................... 2,222,000 2,058,127 Primedia, Inc., Global Senior Notes (Callable 05/15/08 @ $104.00) 8.000%, 05/15/13 ........................ 500,000 505,000 Sheridan Acquisition Corp, Global Secured Notes (Callable 05/15/07 @ $105.12) 10.250%, 08/15/11 ....................... 1,000,000 1,062,500 WDAC Subsidiary Corp., Rule 144A, Senior Notes (Callable 12/01/09 @ $104.19) 8.375%, 12/01/14++ ...................... 800,000 730,000 ----------- 11,131,002 ----------- RESTAURANTS--2.4% Buffets, Inc., Global Senior Subordinated Notes (Callable 07/15/06 @ $105.62) 11.250%, 07/15/10ss. .................... 850,000 841,500 Denny's Corp., Rule 144A, Senior Notes (Callable 10/01/08 @ $105.00) 10.000%, 10/01/12++ ..................... 1,350,000 1,390,500 El Pollo Loco, Inc., Global Secured Notes (Callable 12/15/06 @ $104.63) 9.250%, 12/15/09 ........................ 750,000 759,375 O'Charleys, Inc., Global Senior Subordinated Notes (Callable 11/01/08 @ $104.50) 9.000%, 11/01/13ss. ..................... 1,000,000 1,075,000 Romacorp, Inc., Senior Notes 10.500%, 12/31/08 ^ ..................... 1,044,088 522,044 Uno Restaurant Corp., Rule 144A, Senior Notes (Callable 02/15/08 @ $110.00) 10.000%, 02/15/11++ss. .................. 1,000,000 995,000 ----------- 5,583,419 ----------- See notes to financial statements. 8 CREDIT SUISSE HIGH YIELD BOND FUND--SCHEDULE OF INVESTMENTS April 30, 2005 (unaudited) (continued) - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ----------- RETAIL-FOOD & DRUG--3.3% Ameriqual Group LLC, Rule 144A, Secured Notes (Callable 04/01/09 @ $104.50) 9.000%, 04/01/12++ ...................... $ 500,000 $ 497,500 Duane Reade, Inc., Global Senior Subordinated Notes (Callable 08/01/08 @ $104.88) 9.750%, 08/01/11ss. ..................... 1,750,000 1,513,750 General Nutrition Center, Rule 144A, Senior Notes (Callable 01/15/08 @ $104.31) 8.625%, 01/15/11++ ...................... 600,000 537,000 Great Atlantic & Pacific Tea Co., Inc., Senior Notes (Callable 12/15/06 @ $104.56) 9.125%, 12/15/11ss. ..................... 1,060,000 1,057,350 Gregg Appliances, Inc., Rule 144A, Senior Notes (Callable 02/01/09 @ $104.50) 9.000%, 02/01/13++ ...................... 1,000,000 905,000 Pathmark Stores, Inc., Global Company Guaranteed Notes (Callable 02/01/07 @ $104.38) 8.750%, 02/01/12ss. ..................... 1,000,000 957,500 Rite Aid Corp., Rule 144A, Secured Notes (Callable 01/15/10 @ $103.75) 7.500%, 01/15/15++ ...................... 1,000,000 922,500 Roundy's, Inc., Series B, Global Company Guaranteed Notes (Callable 06/15/07 @ $104.44) 8.875%, 06/15/12ss. ..................... 500,000 520,000 Stater Brothers Holdings, Inc., Global Senior Notes (Callable 06/15/08 @ $104.06) 8.125%, 06/15/12ss. ..................... 450,000 420,750 Winn-Dixie Stores, Inc., Company Guaranteed Notes (Callable 04/01/06 @ $102.22) 8.875%, 04/01/08ss. ..................... 450,000 227,250 ----------- 7,558,600 ----------- RETAIL STORES--3.3% Asbury Automotive Group Inc., Global Company Guaranteed Notes (Callable 06/15/07 @ $104.50) 9.000%, 06/15/12ss. ..................... 700,000 693,000 CSK Auto, Inc., Global Company Guaranteed Notes (Callable 01/15/09 @ $103.50) 7.000%, 01/15/14 ........................ 1,000,000 910,000 Finlay Fine Jewelry Corp., Global Senior Notes (Callable 06/01/08 @ $104.19) 8.375%, 06/01/12ss. ..................... 500,000 442,500 JC Penney Company, Inc., Series MTNA, Notes 6.875%, 10/15/15 ........................ 1,000,000 1,037,500 Michaels Stores, Inc., Senior Notes (Callable 07/01/05 @ $104.62) 9.250%, 07/01/09 ........................ 900,000 951,750 Nebraska Book Company, Inc., Global Senior Subordinated Notes (Callable 03/15/08 @ $104.31) 8.625%, 03/15/12 ........................ 500,000 477,500 PRINCIPAL AMOUNT VALUE ----------- ----------- Pep Boys - Manny, Moe & Jack, Series MTNB, Notes 6.920%, 07/07/06 ........................ $ 900,000 $ 909,000 Southern States Cooperative, Inc., Rule 144A, Senior Notes (Callable 11/01/07 @ $108.00) 10.500%, 11/01/10++ ..................... 1,300,000 1,306,500 United Auto Group, Inc., Global Company Guaranteed Notes (Callable 03/15/07 @ $104.81) 9.625%, 03/15/12 ........................ 750,000 783,750 ----------- 7,511,500 ----------- SATELLITE--0.9% EchoStar DBS Corp., Rule 144A, Company Guaranteed Notes 6.625%, 10/01/14++ ...................... 1,000,000 975,000 PanAmSat Corp., Global Company Guaranteed Notes (Callable 08/15/09 @ $104.50) 9.000%, 08/15/14ss. ..................... 1,000,000 1,045,000 ----------- 2,020,000 ----------- SECONDARY OIL & GAS PRODUCERS--1.9% Chesapeake Energy Corp., Global Senior Notes (Callable 08/15/09 @ $103.50) 7.000%, 08/15/14ss. ..................... 1,000,000 1,030,000 Chesapeake Energy Corp., Senior Notes (Callable 01/15/09 @ $103.44) 6.875%, 01/15/16 ........................ 1,093,000 1,093,000 Kerr-McGee Corp, Company Guaranteed Notes 6.875%, 09/15/11 ........................ 1,000,000 1,021,250 Magnum Hunter Resources, Inc., Global Company Guaranteed Notes (Callable 03/15/07 @ $104.80) 9.600%, 03/15/12 ........................ 423,000 471,645 Range Resources Corp., Rule 144A, Senior Subordinated Notes (Callable 03/15/10 @ $103.19) 6.375%, 03/15/15++ ...................... 200,000 194,000 Whiting Petroleum Corp., Global Senior Subordinated Notes (Callable 05/01/08 @ $103.63) 7.250%, 05/01/12 ........................ 600,000 600,000 ----------- 4,409,895 ----------- SERVICES-OTHER--9.0% Advanstar Communications, Inc., Global Secured Note (Callable 02/15/08 @ $105.38) 10.750%, 08/15/10 ....................... 1,500,000 1,650,000 Allied Security Escrow, Global Senior Subordinated Notes (Callable 07/15/08 @ $105.69) 11.375%, 07/15/11 ....................... 1,250,000 1,281,250 American Color Graphics, Global Notes (Callable 06/15/07 @ $105.00) 10.000%, 06/15/10ss. .................... 1,150,000 741,750 Diamond Triumph Auto Glass, Inc., Company Guaranteed Notes (Callable 04/01/06 @ $100.00) 9.250%, 04/01/08 ........................ 400,000 332,000 See notes to financial statements. 9 CREDIT SUISSE HIGH YIELD BOND FUND--SCHEDULE OF INVESTMENTS April 30, 2005 (unaudited) (continued) - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ----------- SERVICES-OTHER DynCorp International, Rule 144A, Senior Subordinated Notes (Callable 02/15/09 @ $104.75) 9.500%, 02/15/13++ ...................... $1,000,000 $ 965,000 Equinox Holdings, Inc., Senior Notes (Callable 12/15/06 @ $104.50) 9.000%, 12/15/09 ........................ 450,000 462,375 Great Lakes Dredge & Dock Corp., Global Senior Subordinated Notes (Callable 12/15/08 @ $103.88) 7.750%, 12/15/13ss. ..................... 1,250,000 990,625 HydroChem Industrial Services, Inc., Rule 144A, Senior Subordinated Notes (Callable 02/15/09 @ $104.63) 9.250%, 02/15/13++ ...................... 1,000,000 1,005,000 Integrated Alarm Services Group, Inc., Rule 144A, Secured Notes (Callable 11/15/08 @ $106.00) 12.000%, 11/15/11++ ..................... 1,000,000 985,000 Iron Mountain, Inc., Company Guaranteed Notes (Callable 04/01/06 @ $104.31) 8.625%, 04/01/13 ........................ 750,000 755,625 La Petite Academy, Inc., Series B, Company Guaranteed Notes (Callable 05/15/05 @ $101.67) 10.000%, 05/15/08ss. .................... 980,000 935,900 Language Line, Inc., Global Senior Notes (Callable 06/15/08 @ $105.56) 11.125%, 06/15/12 ....................... 750,000 772,500 Mortons Restaurant Group, Inc., Global Secured Notes (Callable 07/01/07 @ $105.30) 7.500%, 07/01/10 ........................ 1,000,000 970,000 Muzak LLC/Muzak Finance Corp., Global Senior Notes (Callable 02/15/06 @ $105.00) 10.000%, 02/15/09ss. .................... 1,000,000 845,000 National Beef Packing Company LLC, Global Senior Notes (Callable 08/01/07 @ $105.25) 10.500%, 08/01/11 ....................... 1,000,000 962,500 Neff Corp., Company Guaranteed Notes (Callable 06/01/05 @ $101.71) 10.250%, 06/01/08 ....................... 2,000,000 2,010,000 Rent-A-Center, Inc., Series B, Global Company Guaranteed Notes (Callable 05/01/06 @ $103.75) 7.500%, 05/01/10 ........................ 500,000 497,500 Salton, Inc., Global Senior Subordinated Notes (Callable 04/15/06 @ $103.42) 12.250%, 04/15/08 ....................... 1,500,000 720,000 United Rentals North America Inc., Global Senior Subordinated Notes (Callable 11/15/08 @ $103.88) 7.750%, 11/15/13ss. ..................... 2,000,000 1,885,000 United Rentals North America, Inc., Global Senior Subordinated Notes (Callable 02/15/09 @ $103.50) 7.000%, 02/15/14ss. ..................... 1,000,000 905,000 WMG Holdings Corp., Rule 144A, Senior Discount Notes (Callable 12/15/09 @ $104.75) 0.000%, 12/15/14+++ ..................... 1,500,000 1,005,000 ----------- 20,677,025 ----------- PRINCIPAL AMOUNT VALUE ----------- ----------- TECHNOLOGY--3.7% Advanced Micro Devices, Inc., Global Senior Notes (Callable 11/01/08 @ $103.88) 7.750%, 11/01/12,ss. .................... $1,000,000 $ 960,000 Amkor Technology, Inc., Global Senior Notes (Callable 05/15/08 @ $103.88) 7.750%, 05/15/13ss. ..................... 1,400,000 1,104,250 Ampex Corp., Secured Notes 12.000%, 08/15/08 ^ 475,129 475,129 Itron, Inc., Global Senior Subordinated Notes (Callable 05/15/08 @ $103.88) 7.750%, 05/15/12 ........................ 1,000,000 1,005,000 Lucent Technologies, Inc., Notes 7.250%, 07/15/06ss. ..................... 950,000 971,375 Lucent Technologies, Inc., Notes 5.500%, 11/15/08ss. ..................... 800,000 780,000 Sanmina-SCI Corp., Global Company Guaranteed Notes (Callable 01/15/07 @ $105.19) 10.375%, 01/15/10 ....................... 1,000,000 1,100,000 Viasystems, Inc., Global Senior Subordinated Notes (Callable 01/15/08 @ $105.25) 10.500%, 01/15/11 ....................... 1,000,000 965,000 Xerox Corp., Senior Notes (Callable 06/15/08 @ $103.81) 7.625%, 06/15/13ss. ..................... 1,000,000 1,072,500 ----------- 8,433,254 ----------- TEXTILE/APPAREL/SHOE MANUFACTURING--2.6% BGF Industries, Inc., Series B, Senior Subordinated Notes (Callable 01/15/06 @ $101.75) 10.250%, 01/15/09 ....................... 2,797,000 2,797,000 Levi Strauss & Co., Global Senior Notes (Callable 12/15/07 @ $106.12) 12.250%, 12/15/12ss. .................... 1,200,000 1,278,000 Levi Strauss & Co., Rule 144A, Senior Notes (Callable 01/15/10 @ $104.88) 9.750%, 01/15/15++ ...................... 1,000,000 960,000 Propex Fabrics, Inc., Global Company Guaranteed Notes (Callable 12/01/08 @ $105.00) 10.000%, 12/01/12 ....................... 1,000,000 955,000 ----------- 5,990,000 ----------- TOWER--0.9% American Tower Corp., Class A, Global Senior Notes (Callable 10/15/08 @ $103.56) 7.125%, 10/15/12 ........................ 1,000,000 997,500 SBA Telecommunications, Inc., Global Senior Discount Notes (Callable 12/15/07 @ $104.88) 0.000%, 12/15/11 + ...................... 1,300,000 1,137,500 ----------- 2,135,000 ----------- TRANSPORTATION/OTHER--0.3% H-Lines Finance Holding Corp., Rule 144A, Senior Discount Notes (Callable 04/01/08 @ $105.50) 0.000%, 04/01/13+++ ..................... 1,000,000 777,500 ----------- See notes to financial statements. 10 CREDIT SUISSE HIGH YIELD BOND FUND--SCHEDULE OF INVESTMENTS April 30, 2005 (unaudited) (continued) - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ----------- UTILITIES--6.6% AES Corp., Rule 144A, Secured Notes (Callable 05/15/08 @ $104.50) 9.000%, 05/15/15++ ...................... $1,000,000 $ 1,095,000 Allegheny Energy Supply Company LLC, Global Notes 7.800%, 03/15/11ss. ..................... 1,000,000 1,045,000 Aquila, Inc., Senior Notes 7.625%, 11/15/09 ........................ 1,100,000 1,108,250 Calpine Corp., Rule 144A, Secured Notes (Callable 07/15/08 @ $104.38) 8.750%, 07/15/13++ss. ................... 2,250,000 1,563,750 Calpine Corp., Senior Notes 8.500%, 02/15/11ss. ..................... 1,000,000 497,500 Calpine Generating Company LLC, Global Secured Notes (Callable 4/01/08 @ $103.50) 8.610%, 04/01/10 # ...................... 2,500,000 2,350,000 CMS Energy Corp., Global Senior Notes 8.900%, 07/15/08 ........................ 1,000,000 1,070,000 CMS Energy Corp., Global Senior Notes 7.750%, 08/01/10 ........................ 1,000,000 1,032,500 Edison Mission Energy, Global Senior Notes 10.000%, 08/15/08 ....................... 350,000 384,125 Edison Mission Energy, Senior Notes 7.730%, 06/15/09ss. ..................... 1,300,000 1,339,000 Midwest Generation LLC, Global Secured Notes (Callable 05/01/09 @ $104.38) 8.750%, 05/01/34 ........................ 1,000,000 1,095,000 Mirant Corp., Rule 144A, Senior Notes 7.400%, 07/15/49++0 ..................... 1,100,000 847,000 NRG Energy, Inc., Rule 144A, Secured Notes (Callable 12/15/08 @ $104.00) 8.000%, 12/15/13++ ...................... 235,000 238,525 Sierra Pacific Resources, Global Senior Notes (Callable 03/15/09 @ $104.31) 8.625%, 03/15/14 ........................ 500,000 532,500 TNP Enterprises, Inc., Series B, Senior Subordinated Notes (Callable 04/01/06 @ $103.42) 10.250%, 04/01/10 ....................... 850,000 898,875 ----------- 15,097,025 ----------- WIRELESS--7.3% Airgate PCS, Inc., Rule 144A, Secured Notes (Callable 01/01/06 @ $104.69) 9.375%, 09/01/09++ss. ................... 449,900 480,268 AirGate PCS, Inc., Secured Note (Callable 01/01/06 @ $104.69) 9.375%, 09/01/09ss. ..................... 600,000 640,500 Alamosa Delaware, Inc., Global Senior Notes (Callable 01/31/08 @ $104.25) 8.500%, 01/31/12 ........................ 1,250,000 1,300,000 American Cellular Corp., Series B, Global Senior Notes (Callable 08/01/07 @ $105.00) 10.000%, 08/01/11 ....................... 1,100,000 1,034,000 Centennial Communications Corp., Global Company Guaranteed Notes (Callable 06/15/08 @ $105.06) 10.125%, 06/15/13 ....................... 650,000 713,375 PRINCIPAL AMOUNT VALUE ----------- ----------- Centennial Communications Corp., Global Senior Notes (Callable 02/01/09 @ $104.06) 8.125%, 02/01/14 # ...................... $1,950,000 $ 1,954,875 Dobson Communications Corp., Global Senior Notes (Callable 10/01/08 @ $104.44) 8.875%, 10/01/13ss. ..................... 1,250,000 1,025,000 Horizon PCS, Inc., Rule 144A, Senior Notes (Callable 07/15/08 @ $105.69) 11.375%, 07/15/12++ ..................... 750,000 832,500 iPCS, Inc., Global Senior Notes (Callable 05/01/08 @ $105.75) 11.500%, 05/01/12ss. .................... 850,000 943,500 Nextel Communications, Inc., Senior Notes (Callable 08/01/08 @ $103.69) 7.375%, 08/01/15 ........................ 250,000 267,500 Nextel Partners, Inc., Global Senior Notes (Callable 07/01/07 @ $104.06) 8.125%, 07/01/11 ........................ 1,100,000 1,188,000 Rural Cellular Corp., Global Senior Subordinated Notes (Callable 01/15/06 @ $104.88) 9.750%, 01/15/10ss. ..................... 1,250,000 1,137,500 Triton PCS, Inc., Global Company Guaranteed Notes (Callable 06/01/08 @ $104.25) 8.500%, 06/01/13 ........................ 2,000,000 1,740,000 Ubiquitel Operating Co., Global Senior Notes (Callable 03/01/07 @ $107.41) 9.875%, 03/01/11 ........................ 1,000,000 1,087,500 Ubiquitel Operating Co., Rule 144A, Senior Notes (Callable 03/01/07 @ $107.41) 9.875%, 03/01/11++ss. ................... 1,150,000 1,250,625 Western Wireless Corp., Global Senior Notes (Callable 07/15/08 @ $104.62) 9.250%, 07/15/13ss. ..................... 1,000,000 1,147,500 ----------- 16,742,643 ----------- TOTAL U.S. CORPORATE BONDS (COST $305,577,818) 300,709,640 ----------- FOREIGN CORPORATE BONDS--11.6% AUTOMOBILE MANUFACTURING/VEHICLE PARTS--0.4% Bombardier Recreational Products, Global Senior Subordinated Notes (Callable 12/15/08 @ $104.19) (Canada) 8.375%, 12/15/13 ............... 800,000 840,000 ----------- BROADBAND--0.7% Call-Net Enterprises, Inc., Yankee Company Guaranteed Notes (Callable 01/01/06 @ $105.31) (Canada)10.625%, 12/31/08 ............... 1,000,000 1,055,000 Global Crossing Finance, Rule 144A, Company Guaranteed Global Notes (Callable 12/15/06 @ 105.38) (United Kingdom) 10.750%, 12/15/14++ss. .................. 650,000 594,750 ----------- 1,649,750 ----------- See notes to financial statements. 11 CREDIT SUISSE HIGH YIELD BOND FUND--SCHEDULE OF INVESTMENTS April 30, 2005 (unaudited) (continued) - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ----------- BUILDING PRODUCTS--0.3% Maax Holdings, Inc., Rule 144A, Senior Discount Notes (Callable 12/15/08 @ $105.63) (Canada) 0.000%, 12/15/12+++ ............ $1,250,000 $ 693,750 ----------- CABLE--0.9% Kabel Deutschland Gmbh, Rule 144A, Senior Notes (Callable 07/01/09 @ $105.31) (Germany) 10.625%, 07/01/14++ ........... 1,000,000 1,060,000 Telenet Group Holding NV, Rule 144A, Senior Notes (Callable 12/15/08 @ $105.75) (Belgium) (0.000)%, 06/15/14+++ss. ...... 1,350,000 1,019,250 ----------- 2,079,250 ----------- CHEMICALS--1.0% Acetex Corp., Global Senior Notes (Callable 08/01/05 @ $105.44) (Canada) 10.875%, 08/01/09 .............. 1,000,000 1,060,000 Rhodia SA, Global Senior Notes (France) 10.250%, 06/01/10 .............. 1,250,000 1,331,250 ----------- 2,391,250 ----------- CONTAINERS--0.6% Crown European Holdings SA, Global Secured Notes (Callable 03/01/07 @ $104.75) (France) 9.500%, 03/01/11 ............... 1,250,000 1,356,250 ----------- FOOD PROCESSORS/BEVERAGE/BOTTLING--0.5% Burns Philp Capital Property, Ltd., Global Company Guaranteed Notes (Callable 07/15/07 @ $104.88) (Australia) 9.750%, 07/15/12 ............ 1,000,000 1,095,000 ----------- GAMING--0.4% Kerzner International, Ltd., Global Company Guaranteed Notes (Callable 08/15/06 @ $104.44) (Bahamas) 8.875%, 08/15/11 .............. 750,000 806,250 ----------- INDUSTRIAL--0.0% International Utility Structures, Inc., Yankee Senior Subordinated Notes (Callable 02/01/06 @ $100) (Canada) 10.750%, 02/01/08 0 ..................... 1,020,500 10,205 ----------- LEISURE--0.5% NCL Corporation Ltd., Rule 144A, Senior Notes (Callable 07/15/09 @ $105.31) (Bermuda) 11.625%, 07/15/14++# .......... 1,000,000 1,030,000 ----------- METALS & MINING--0.8% Gerdau Ameristeel Corp., Global Senior Notes (Callable 07/15/07 @ $105.38) (Canada) 10.375%, 07/15/11 .............. 1,000,000 1,095,000 PRINCIPAL AMOUNT VALUE ----------- ----------- Ispat Inland ULC, Global Secured Notes (Callable 04/01/09 @ $104.88) (Canada) 9.750%, 04/01/14 ............... $ 650,000 $ 745,875 ----------- 1,840,875 ----------- PAPER & FOREST PRODUCTS--1.8% Abitibi-Consolidated, Inc., Global Notes (Canada) 7.750%, 06/15/11 ............... 600,000 558,000 Abitibi-Consolidated, Inc., Yankee Senior Notes (Canada) 8.375%, 04/01/15ss. ............ 400,000 367,000 Fraser Papers, Inc., Rule 144A, Senior Notes (Callable 03/15/10 @ $104.38) (Canada) 8.750%, 03/15/15++ ............. 750,000 701,250 JSG Funding PLC, Global Senior Notes (Callable 10/01/07 @ $104.81) (Ireland) 9.625%, 10/01/12 .............. 750,000 746,250 JSG Funding PLC, Rule 144A, Senior Subordinated Notes (Callable 01/31/10 @ $103.88) (Ireland) 7.750%, 04/01/15++ss. ......... 1,000,000 835,000 Tembec Industries, Inc., Yankee Company Guaranteed Notes (Callable 06/30/05 @ $102.88) (Canada) 8.625%, 06/30/09ss. ............ 1,200,000 972,000 ----------- 4,179,500 ----------- RETAIL-FOOD & DRUG--0.4% Jean Coutu Group (PJC), Inc., Global Senior Subordinated Notes (Callable 08/01/09 @ $104.25) (Canada) 8.500%, 08/01/14 ............... 1,000,000 947,500 ----------- SATELLITE--1.0% Intelsat Bermuda, Ltd., Rule 144A, Senior Notes (Callable 07/15/05 @ $102.00) (Bermuda) 7.805%, 07/15/05++# ........... 1,000,000 1,007,500 New Asat, Ltd., Global Company Guaranteed Notes (Callable 02/01/08 @ $104.63) (Cayman Islands) 9.250%, 02/01/11 ........................ 1,700,000 1,402,500 ----------- 2,410,000 ----------- TECHNOLOGY--0.8% Celestica, Inc., Senior Subordinated Notes (Callable 07/01/08 @ $103.94) (Canada) 7.875%, 07/01/11 ............... 250,000 250,000 Danka Business Systems, Senior Notes (Callable 06/15/07 @ $105.50) (United Kingdom) 11.000%, 06/15/10 ....................... 750,000 690,000 Flextronics International, Ltd., Global Senior Subordinated Notes (Callable 11/15/09 @ $103.13) (Singapore) 6.250%, 11/15/14ss. ......... 1,000,000 930,000 ----------- 1,870,000 ----------- See notes to financial statements. 12 CREDIT SUISSE HIGH YIELD BOND FUND--SCHEDULE OF INVESTMENTS April 30, 2005 (unaudited) (continued) - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ----------- TRANSPORTATION--0.8% Sea Containers, Ltd., Series B, Yankee Senior Notes (Bermuda) 7.875%, 02/15/08 ........................ $ 445,000 $ 439,437 Ship Finance International Ltd., Global Senior Notes (Callable 12/15/08 @ $104.25) (Bermuda) 8.500%, 12/15/13 .............. 1,500,000 1,432,500 ----------- 1,871,937 ----------- TRANSPORTATION/OTHER--0.2% Titan Petrochemicals Group, Ltd., Rule 144A, Company Guaranteed Notes (Bermuda) 8.500%, 03/18/12++ ............ 500,000 455,000 ----------- WIRELESS--0.5% Millicom International Cellular SA, Global Senior Notes (Callable 12/01/08 @ $105.00) (Luxembourg) 10.000%, 12/01/13 # ..................... 750,000 733,125 Rogers Wireless Communications, Inc., Global Secured Notes (Canada) 7.500%, 03/15/15 ............... 500,000 515,625 ----------- 1,248,750 ----------- TOTAL FOREIGN CORPORATE BONDS (COST $27,645,712) 26,775,267 ----------- SHARES ---------- COMMON STOCKS--0.8% AUTOMOBILE MANUFACTURING/VEHICLE PARTS--0.0% Cambridge Industries Liquidating Trust * ..................... 774,557 7,746 ----------- CHEMICALS--0.0% Huntsman Corp. * .......................... 4,893 102,949 ----------- DIVERSIFIED TELECOMMUNICATIONS--0.2% Versatel Telecom International NV * ....... 233,772 531,147 ----------- FOOD PROCESSORS/BEVERAGE/BOTTLING--0.5% Archibald Candy Corp. *^ .................. 1,291 0 Crunch Equity Holdings, Class A * ......... 845 1,098,458 ----------- 1,098,458 ----------- WIRELESS--0.1% Dobson Communications Corp., Class A * ............................... 99,764 199,528 ----------- TOTAL COMMON STOCKS (COST $2,949,016) 1,939,828 ----------- SHARES VALUE ---------- ----------- PREFERRED STOCK--0.1% WIRELESS--0.1% Dobson Communications Corp., Rule 144A++ (Cost $265,050) ......................... 1,550 $ 129,081 ----------- WARRANTS--0.0% BROADBAND--0.0% GT Group Telecom, Inc., Rule 144A, strike price $0.00, (Callable 04/01/08 @ 105.50) expires 02/01/10*++ ..................... 6,750 0 Ono Finance PLC, expires 05/31/09 * ...................... 5,980 60 ----------- 60 ----------- DIVERSIFIED TELECOMMUNICATIONS--0.0% Versatel Telecom International NV, strike price $2.81, expires 05/15/08*^ .. 3,000 37,177 ----------- GAMING--0.0% Windsor Woodmont Black Hawk, strike price $0.01, expires 03/15/10*^ .. 106 0 ----------- RESTAURANTS--0.0% New World Restaurant Group, Inc., strike price $13.00, expires 06/20/06 * . 336 3 ----------- SATELLITE--0.0% Asat Finance LLC, Rule 144A, strike price $18.60, expires 11/01/06, *++ 5,000 625 ----------- TECHNOLOGY--0.0% Viasystems, Inc., strike price $25.31, expires 01/31/10 *^ ..................... 204,293 2,043 ----------- TOTAL WARRANTS (COST $3,938,143) 39,908 ----------- PRINCIPAL AMOUNT ---------- REPURCHASE AGREEMENTS--24.8% Bear Stearns & Co., 2.25%, Dated 04/30/05, due 05/01/05, proceeds at maturity $3,642,205, (fully collateralized by U.S. Treasury Strips, due 05/15/16., Market Value of collateral is $3,748,413)ss.ss. ....................... $3,641,523 3,641,523 Bear Stearns & Co., 2.85%, Dated 04/30/05, due 05/01/05, proceeds at maturity $7,646,251, (fully collateralized by U.S. Treasury Strips, due 05/15/16., Market Value of collateral is $7,867,649)ss.ss. ....................... 7,644,435 7,644,435 See notes to financial statements. 13 CREDIT SUISSE HIGH YIELD BOND FUND--SCHEDULE OF INVESTMENTS April 30, 2005 (unaudited) (continued) - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ----------- REPURCHASE AGREEMENTS Bear Stearns & Co., 3.00%, Dated 04/30/05, due 05/01/05, proceeds at maturity $45,269,790, (fully collateralized by FHLMC, due 05/15/28, FHLMC, due 06/15/31, FHLMC, due 02/15/32, FNMA, due 11/25/30, FNMA, due 10/25/31, FNMA, due 11/25/31, FNMA, due 12/25/31, FNMA, due 03/18/32, GNMA, due 09/20/30, GNMA, due 04/30/31, GNMA, due 03/20/32, U.S. Treasury Strips, due 05/15/16, Market Value of collateral is $46,442,930),ss.ss. .................. $45,258,475 $45,258,475 Bear Stearns & Co., 3.00%, Dated 04/30/05, due 05/01/05, proceeds at maturity $486,622, (fully collateralized by U.S. Treasury Strips, due 05/15/16. Market Value of collateral is $500,612),ss.ss. ..................... 486,500 486,500 ----------- TOTAL REPURCHASE AGREEMENTS (COST $57,030,933) ...................... 57,030,933 ----------- SHARES VALUE ---------- ----------- SHORT-TERM INVESTMENTS--13.0% Dreyfus Cash Management, Class A, Institutional Shares,ss.ss. ............. 15,000,000 $15,000,000 Dreyfus Cash Management Plus, Inc., Institutional Shares,ss.ss. ............. 15,000,000 15,000,000 ----------- TOTAL SHORT-TERM INVESTMENTS (COST $30,000,000) ...................... 30,000,000 ----------- TOTAL INVESTMENTS-180.8% (COST $427,406,672) ..................... 416,624,657 LIABILITIES IN EXCESS OF OTHER ASSETS--(80.8)% ................... (186,173,580) ------------- NET ASSETS--(100.0%) ......................... $ 230,451,077 ============= Notes: ++ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2005, these securities amounted to $70,840,622 or 30.74% of net assets. + Step Bond -- The interest stated is as of April 30, 2005 and will reset at a future date. 0 Bond in default. * Non-income producing security. ^ Not readily marketable; security is valued at fair value as determined in good faith by, or under the direction of, the Board of Trustees. ss. Security or portion thereof is out on loan. ss.ss. Represents security purchased with cash collateral received for securities on loan. # Variable rate obligations - The interest rate shown is the rate as of April 30, 2005. See notes to financial statements. 14 CREDIT SUISSE HIGH YIELD BOND FUND--STATEMENT OF ASSETS AND LIABILITIES April 30, 2005 (unaudited) - --------------------------------------------------------------------------------
ASSETS: Investments in securities at value, including collateral for securities on loan of $87,030,933 (Cost $427,406,672) (Note 2, 8) ............. $416,624,6571 Cash ............................................................................. 6,721,426 Interest receivable .............................................................. 8,209,760 Receivable for investments sold .................................................. 2,642,791 Prepaid expenses and other assets ................................................ 72,724 ------------ Total Assets .................................................................. 434,271,358 ------------ LIABILITIES: Investment advisory fees (Note 3) ................................................ 268,299 Administrative fees (Note 3) ..................................................... 78,948 Loan payable (Note 6) ............................................................ 113,000,000 Payable upon return of securities loaned (Note 8) ................................ 87,030,933 Payable for investments purchased ................................................ 3,030,823 Interest payable ................................................................. 315,234 Trustees' fees (Note 3) .......................................................... 13,298 Other accrued expenses payable ................................................... 82,746 ------------ Total Liabilities ............................................................. 203,820,281 ============ NET ASSETS Applicable to 54,432,061 shares outstanding ...................................... $230,451,077 ============ NET ASSETS CONSIST OF: Capital stock, $0.001 par value (Note 5) ......................................... $ 54,432 Paid-in capital (Note 5) ......................................................... 485,995,186 Distributions in excess of net investment income ................................. (4,401,113) Accumulated net realized loss on investments ..................................... (240,415,413) Net unrealized depreciation from investments ..................................... (10,782,015) ------------ Net Assets ....................................................................... $230,451,077 ============ NET ASSET VALUE PER SHARE ($230,451,077 / 54,432,061) $ 4.23 ====== MARKET PRICE PER SHARE $ 4.59 ======
1 Including $73,846,955 of securities on loan. See notes to financial statements. 15 CREDIT SUISSE HIGH YIELD BOND FUND--STATEMENT OF OPERATIONS For the Six Months ended April 30, 2005 (unaudited) - --------------------------------------------------------------------------------
INVESTMENT INCOME: (Note 2) Interest ......................................................................... $ 16,964,470 Securities lending ............................................................... 389,087 ------------ Total investment income ....................................................... 17,353,557 ------------ EXPENSES: Investment advisory fees (Note 3) ................................................ 1,738,832 Administrative fees (Note 3) ..................................................... 100,598 Interest and leveraging fees (Note 6) ............................................ 1,661,857 Printing fees (Note 3) ........................................................... 34,621 Trustees' fees (Note 3) .......................................................... 25,624 Audit fees ....................................................................... 24,934 Legal fees ....................................................................... 24,619 Registration fees ................................................................ 19,806 Custodian fees ................................................................... 17,114 Transfer agent fees .............................................................. 11,743 Insurance expense ................................................................ 3,994 Miscellaneous expense ............................................................ 1,895 ------------ Total expenses ................................................................ 3,665,637 ------------ NET INVESTMENT INCOME ............................................................... 13,687,920 ------------ REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain on investments ................................................. 2,590,169 Net change in unrealized appreciation (depreciation) on investments .............. (17,391,564) ------------ Net realized and unrealized loss on investments .................................. (14,801,395) ------------ NET DECREASE IN NET ASSETS FROM OPERATIONS .......................................... $ (1,113,475) ============
See notes to financial statements. 16 CREDIT SUISSE HIGH YIELD BOND FUND--STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED 4/30/2005 YEAR ENDED (UNAUDITED) 10/31/2004 ------------- ------------- OPERATIONS: Net investment income .......................................................... $ 13,687,920 $ 28,246,566 Net realized income (loss) on investments ...................................... 2,590,169 (4,053,958) Net change in unrealized appreciation (depreciation) on investments .............................................................. (17,391,564) 17,042,720 ------------- ------------- Net increase (decrease) in net assets resulting from operations ................ (1,113,475) 41,235,328 ------------- ------------- DIVIDENDS TO SHAREHOLDERS: From net investment income ..................................................... (15,021,588) (30,957,053) ------------- ------------- Net decrease in net assets resulting from dividends ............................ (15,021,588) (30,957,053) ------------- ------------- CAPITAL SHARE TRANSACTIONS: (Note 5) Reinvestment of dividends ...................................................... 2,063,114 4,990,024 ------------- ------------- Net increase in net assets from capital share transactions ..................... 2,063,114 4,990,024 ------------- ------------- Net increase (decrease) in net assets .......................................... (14,071,949) 15,268,299 NET ASSETS: Beginning of period ............................................................ 244,523,026 229,254,727 ------------- ------------- End of period .................................................................. $ 230,451,077 $ 244,523,026 ============= ============= Distributions in excess of net investment income .................................. $ (4,401,113) $ (3,067,445) ============= =============
See notes to financial statements. 17 CREDIT SUISSE HIGH YIELD BOND FUND--STATEMENT OF CASH FLOWS For the Six Months Ended April 30, 2005 (unaudited) - --------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES: Interest, dividends and securities lending income received ....................... $ 15,930,693 Operating expenses paid .......................................................... (3,626,081) Purchases of long-term securities ................................................ (107,293,736) Proceeds from sales of long-term securities ...................................... 109,308,021 ------------- Net cash provided by operating activities ........................................... $ 14,318,897 CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from borrowings ......................................................... 113,000,000 Repayment of borrowings .......................................................... (111,338,143) Cash dividends paid .............................................................. (12,958,474) ------------- Net cash used in financing activities ............................................... (11,296,617) ------------- Net increase in cash ................................................................ 3,022,280 Cash--beginning of period ........................................................... 3,699,146 ------------- Cash--end of period ................................................................. $ 6,721,426 ============= RECONCILIATION OF NET DECREASE IN NET ASSETS FROM OPERATION TO NET CASH USED IN OPERATING ACTIVITIES: Net decrease in net assets resulting from operations ................................ $ (1,113,475) ADJUSTMENTS TO RECONCILE NET DECREASE IN NET ASSETS FROM OPERATIONS TO NET CASH PROVIDED BY OPERATING ACTIVITIES: Decrease in dividends and interest receivable .................................... $ 231,814 Increase in accrued expenses ..................................................... 16,525 Increase in interest payable ..................................................... 100,053 Increase in prepaid expenses and other assets .................................... (47,043) Decrease in advisory fees payable ................................................ (29,980) Net amortization of discount on investments ...................................... (1,654,677) Purchases of long-term securities ................................................ (107,293,736) Proceeds from sales of long-term securities ...................................... 109,308,021 Net change in unrealized depreciation on investments ............................. 17,391,564 Net realized gain on investments ................................................. (2,590,169) ------------- Total adjustments ........................................................... 15,432,372 ------------- Net cash provided by operating activities ........................................... $ 14,318,897 ============= NON-CASH ACTIVITY: Dividend reinvestments ........................................................... $ 2,063,114 =============
See notes to financial statements. 18 CREDIT SUISSE HIGH YIELD BOND FUND--FINANCIAL HIGHLIGHTS - -------------------------------------------------------------------------------- The table below sets forth financial data for a share of beneficial interest outstanding throughout the periods presented. This information has been derived from the Fund's financial statements.
FOR THE SIX MONTHS ENDED YEAR ENDED PERIOD 4/30/2005 ------------------------------------------------------------------ ENDED (UNAUDITED) 10/31/04 10/31/03 10/31/02 10/31/01 10/31/00 10/31/99 10/31/981 ----------- -------- -------- -------- -------- -------- -------- --------- Net asset value, beginning of period .... $ 4.53 $ 4.34 $ 3.53 $ 4.49 $ 6.16 $ 7.98 $ 8.36 $ 10.00 ------- ------- ------- ------- ------- ------- ------- ------- INCOME FROM INVESTMENT OPERATIONS: Net investment income ................. 0.25 0.53 0.55 0.652 0.84 0.962 0.98 0.24 Net realized and unrealized gain (loss) on investments ......... (0.27) 0.24 0.87 (0.80) (1.63) (1.80) (0.38) (1.62) ------- ------- ------- ------- ------- ------- ------- ------- Total from investment operations .......... (0.02) 0.77 1.42 (0.15) (0.79) (0.84) 0.60 (1.38) ------- ------- ------- ------- ------- ------- ------- ------- LESS DIVIDENDS: From net investment income .............. (0.28) (0.58) (0.61) (0.71) (0.86) (0.98) (0.98) (0.24) Return of capital ...... -- -- -- (0.10) (0.02) -- -- -- ------- ------- ------- ------- ------- ------- ------- ------- Total dividends to shareholders ........ (0.28) (0.58) (0.61) (0.81) (0.88) (0.98) (0.98) (0.24) ------- ------- ------- ------- ------- ------- ------- ------- Offering costs charged to paid-in-capital ..... -- -- -- -- -- -- 0.003 (0.02) ------- ------- ------- ------- ------- ------- ------- ------- Net asset value, end of period .......... $ 4.23 $ 4.53 $ 4.34 $ 3.53 $ 4.49 $ 6.16 $ 7.98 $ 8.36 ======= ======= ======= ======= ======= ======= ======= ======= Market value, end of period .......... $ 4.59 $ 5.24 $ 4.76 $ 4.10 $ 5.07 $ 6.19 $ 8.06 $ 9.56 ======= ======= ======= ======= ======= ======= ======= ======= Total return (market value)4 ........ (6.91)% 25.49% 35.07% (2.15)% (3.21)% (12.15)% (5.71)% (1.74)% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (000s omitted) ...... $230,451 $244,523 $229,255 $180,889 $219,440 $286,838 $358,679 $359,956 Average debt per share ........... $ 2.12 $ 2.05 $ 1.81 $ 1.99 $ 2.49 $ 3.47 $ 3.18 $ 1.02 Ratio of operating expenses to average net assets .......... 3.00%5 2.51% 2.57% 2.91% 4.29% 4.81% 3.62% 1.81%5 Ratio of operating expense to average net assets, excluding interest and leveraging expenses ............ 1.64%5 1.70% 1.73% 1.78% 1.73% 1.61% 1.53% 1.16%5 Ratio of net investment income to average net assets .......... 11.18%5 11.99% 13.85% 15.17% 15.22% 12.90% 11.24% 10.48%5 Portfolio turnover rate ................ 6.08% 12.10% 15.96% 33.22% 46.11% 31.29% 60.23% 15.26%
1 The fund commenced operations on July 28, 1998. 2 Based on average shares outstanding. 3 Amount rounds to less than $0.01. 4 Total return is based on the change in market price of a share during the period and assumes reinvestment of dividends and distributions at actual prices pursuant to the Fund's Dividend Reinvestment Plan. Total return based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total returns for periods less than one year are not annualized. 5 Annualized. See notes to financial statements. 19 CREDIT SUISSE HIGH YIELD BOND FUND--NOTES TO FINANCIAL STATEMENTS April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- 1. ORGANIZATION Credit Suisse High Yield Bond Fund (the "Fund") is a business trust organized under the laws of the State of Delaware on April 30, 1998. The Fund is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended ("Investment Company Act"), as a non-diversified, closed-end management investment company. The Fund's shares trade on the New York Stock Exchange under the ticker symbol DHY. The Fund's primary objective is to seek high current income. The following is a summary of significant accounting policies consistently followed by the Fund in its operations and in connection with the preparation of its financial statements. 2. SIGNIFICANT ACCOUNTING POLICIES A) PORTFOLIO VALUATION: Fixed-income securities (other than short-term obligations, but including listed issues) are valued based on prices obtained by one or more independent pricing services approved by the Board of Trustees. Pricing services use a matrix, formula or other objective method that takes into consideration market indices, yield curves and other specific adjustments. Securities (other than fixed-income securities) for which the principal market is one or more securities exchanges are valued at market value, which is generally determined using the closing price on the exchange or market on which the security is primarily traded. If a securities exchange is not the principal market for a security, such security will, if market quotations are readily available, be valued at the closing bid price in the over-the-counter market (or the last sale price in the case of securities reported on the NASDAQ national market system for which any sales occurred during the day). Securities and other assets for which market quotations are not readily available are valued at fair value as determined in good faith by, or under the direction of, the Board of Trustees under procedures established by the Board of Trustees. Debt obligations that will mature in 60 days or less are valued on the basis of amortized cost, which approximates market value, unless it is determined that using this method would not reflect an investment's fair value. B) SECURITY TRANSACTIONS AND INVESTMENT INCOME: Security transactions are recorded as of the trade date. Realized gains and losses from security transactions are recorded on the identified cost basis. Interest income is earned on the accrual basis. Dividend income is recorded on the ex-dividend date. Accretion of discount and amortization of premium is recognized using effective interest method. C) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: The Fund declares and pays dividends on a monthly basis. Each dividend is recorded on the ex-dividend date. Capital gains, if any, net of capital losses, are distributed annually. Income dividends and capital gain distributions are determined in accordance with income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). These differences are primarily due to differing treatments of income and gains on various investment securities held by the Fund, timing differences and differing characterization of distributions made by the Fund. The Fund's dividend policy is to distribute substantially all of its net investment income to its shareholders on a monthly basis. However, in order to provide shareholders with a more consistent yield to the current trading price of shares of Common Stock of the Fund, the Fund may at times pay out less than the entire amount of net investment income earned in any particular month and may at times in any month pay out such accumulated but undistributed income in addition to net investment income earned in that month. As a result, the dividends paid by the Fund for any particular month may be more or less than the amount of net investment income earned by the Fund during such month. 20 CREDIT SUISSE HIGH YIELD BOND FUND--NOTES TO FINANCIAL STATEMENTS April 30, 2005 (unaudited) (continued) - -------------------------------------------------------------------------------- D) FEDERAL INCOME TAXES: No provision is made for federal taxes as it is the Fund's intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under the Internal Revenue Code of 1986, as amended, and to make the requisite distributions to its shareholders which will be sufficient to relieve it from federal income and excise taxes. E) CASH FLOW INFORMATION: Cash, as used in the Statement of Cash Flows, is the amount reported in the Statement of Assets and Liabilities. The Fund invests in securities and distributes dividends from net investment income and net realized gains, if any (which are either paid in cash or reinvested at the discretion of shareholders). These activities are reported in the Statement of Changes in Net Assets. Information on cash payments is presented in the Statement of Cash Flows. Accounting practices that do not affect reporting activities on a cash basis include unrealized gain or loss on investment securities and accretion or amortization income recognized on investment securities. F) USE OF ESTIMATES: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. 3. INVESTMENT ADVISORY FEE, ADMINISTRATION FEE AND OTHER RELATED PARTY TRANSACTIONS The Fund has entered into an Investment Advisory Agreement (the "Advisory Agreement") with Credit Suisse Asset Management, LLC ("CSAM"). The Advisory Agreement provides for a fee at the annual rate of 1.00% of the first $250 million of the average weekly value of the Fund's total assets minus the sum of liabilities (other than aggregate indebtedness constituting leverage) and 0.75% of the average weekly value of the Fund's total assets minus the sum of liabilities (other than aggregate indebtedness constituting leverage) greater than $250 million. Under the Advisory Agreement with the Fund, CSAM provides investment advisory services and order placement facilities for the Fund and pays all compensation of Trustees of the Fund who are affiliated persons of CSAM. For the six months ended April 30, 2005, investment advisory fees earned were $1,738,832. State Street Bank and Trust Company ("SSB") serves as Accounting and Administrative Agent for the Fund. For its administrative services, SSB receives a fee, exclusive of out-of-pocket expenses calculated in total for all the Credit Suisse funds/portfolios co-administered by SSB and allocated based upon relative average net assets of each fund/portfolio, subject to an annual minimum fee. For the six months ended April 30, 2005, co-administrative services fees earned by SSB (including out-of-pocket expenses) were $100,598. The Fund pays each Trustee not affiliated with CSAM $1,000 per regular quarterly board meeting attended and an annual retainer fee of $12,500. In addition, the Fund reimburses each Trustee for travel and out-of-pocket expenses relating to his attendance at such meetings. Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by the Fund to provide certain financial printing services. For the six months ended April 30, 2005, Merrill was paid $20,425 for its services to the Fund. 4. INVESTMENTS Cost of purchases and proceeds from sales of investment securities, excluding short-term investments, during the six months ended April 30, 2005, amounted to $57,923,668 and $21,105,848, respectively. 21 CREDIT SUISSE HIGH YIELD BOND FUND--NOTES TO FINANCIAL STATEMENTS April 30, 2005 (unaudited) (continued) - -------------------------------------------------------------------------------- 5. FUND SHARES The Fund has one class of shares of beneficial interest, par value $0.001 per share; an unlimited number of shares are authorized. Transactions in shares of beneficial interest were as follows:
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED APRIL 30, 2005 (UNAUDITED) OCTOBER 31, 2004 -------------------------- ------------------ Shares issued through reinvestment of dividends ................... 454,431 1,132,804 ======= =========
6. NOTES PAYABLE The Fund has a $150 million line of credit provided by Citibank North America, Inc., under a Revolving Credit and Security Agreement (the "Agreement") dated April 12, 2002, as amended from time to time, primarily to leverage its investment portfolio. Under this Agreement, the Fund may borrow the lesser of $150 million or 33 1 1/43% of its gross assets. Interest is payable at the Bank's Base Rate plus a commission of 0.05%. The Fund pays a program fee of 0.20% of the average daily amount leveraged, an administration fee of 0.02% of the average daily amount leveraged and a liquidity fee of 0.15% of the maximum borrowing limit (currently $150 million). The Agreement requires, among other provisions, that the percentage obtained by dividing total indebtedness for money borrowed by total assets of the Fund shall not exceed 33 1 1/43%. At April 30, 2005 the Fund had loans outstanding under the Agreement. During the six months ended April 30, 2005, the Fund had borrowings under the Agreement as follows: AVERAGE DAILY WEIGHTED AVERAGE MAXIMUM DAILY LOAN BALANCE INTEREST RATE LOAN OUTSTANDING ------------- ---------------- ---------------- $115,232,044 2.453% $117,000,000 7. CONCENTRATION OF RISK The Fund invests in securities offering high current income, which generally will be in the lower rating categories of recognized ratings agencies (commonly known as "junk bonds"). These securities generally involve more credit risk than securities in the higher rating categories. In addition, the trading market for high yield securities may be relatively less liquid than the market for higher-rated securities. The Fund's use of leverage also increases exposure to capital risk. 8. SECURITIES LENDING The Fund loaned securities during the six months ended April 30, 2005 to certain brokers, with the Fund's custodian acting as lending agent. Upon such loans, the Fund receives collateral, which is maintained by the custodian and earns income, in the form of negotiated lender's fees. On a daily basis, the Fund monitors the market value of securities loaned and maintains collateral against the securities loaned in an amount not less than the value of the securities loaned. The Fund may receive collateral in the form of cash or other eligible securities. Risks may arise upon entering into securities lending to the extent that the value of the collateral is less than the value of the securities loaned due to changes in the value of the collateral or the loaned securities. Cash collateral received by the Fund in connection with securities lending activity is invested in repurchase agreements with Bear Stearns & Co. or in the Dreyfus Cash Management Fund and Dreyfus Cash Management Plus, Inc. Fund. 22 CREDIT SUISSE HIGH YIELD BOND FUND--NOTES TO FINANCIAL STATEMENTS April 30, 2005 (unaudited) (continued) - -------------------------------------------------------------------------------- 9. CONTINGENCIES In the normal course of business, the Fund may provide general indemnifications pursuant to certain contracts and organizational documents. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote. 23 CREDIT SUISSE HIGH YIELD BOND FUND--ADDITIONAL INFORMATION (unaudited) - -------------------------------------------------------------------------------- DIVIDEND REINVESTMENT PLAN Referenced below are policies related to the Fund's Automatic Dividend Reinvestment Plan (the "Plan"). These policies apply to shareholders whose shares are registered directly with the Fund in their own name. Shareholders whose shares are purchased through a broker-dealer or nominee should contact such broker-dealer or nominee regarding questions related to the reinvestment of the Fund's dividends. Pursuant to the Fund's Plan, unless a shareholder otherwise elects, all dividends and capital gain distributions will be automatically reinvested by EquiServe as agent for Shareholders in administering the Plan (the "Plan Agent"), in additional shares of the Fund. Shareholders who elect not to participate in the Plan will receive all dividends and other distributions in cash paid by check mailed directly to the shareholder of record (or, if the shares are held in street or other nominee name, then to such nominee) by EquiServe as the Dividend Disbursing Agent. Such participants may elect not to participate in the Plan and to receive all dividends and capital gain distributions in cash by sending written instructions to EquiServe as the Dividend Disbursing Agent, at the address set forth below. Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by written notice if received by the Plan Agent not less than ten days prior to any dividend record date; otherwise such termination will be effective with respect to any subsequently declared dividend or other distribution. Whenever the Fund declares an income dividend or a capital gain distribution (collectively referred to as "dividends") payable either in shares or in cash, non-participants in the Plan will receive cash and participants in the Plan will receive the equivalent in shares. The shares will be acquired by the Plan Agent for the participants' accounts, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized shares from the Fund ("newly issued shares") or (ii) by purchase of outstanding shares on the open market ("open-market purchases") on the NYSE or elsewhere. If on the record date for the dividend, the net asset value per share is equal to or less than the market price per share plus estimated brokerage commissions (such condition being referred to herein as "market premium"), the Plan Agent will invest the dividend amount in newly issued shares on behalf of the participants. The number of newly issued shares to be credited to each participant's account will be determined by dividing the dollar amount of the dividend by the net asset value per share on the date the shares are issued. If on the dividend record date the net asset value per share is greater than the market value (such condition being referred to herein as "market-discount"), the Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open-market purchases. In the event of a market discount on the dividend record date, the Plan Agent will have until the last business day before the next date on which the shares trade on an "ex-dividend" basis or in no event more than 30 days after the dividend record date (the "last purchase date") to invest the dividend amount in shares acquired in open-market purchases. It is contemplated that the Fund will pay monthly income dividends. Therefore, the period during which open-market purchases can be made will exist only from the record date of the dividend through the date before the next "ex-dividend" date. If, before the Plan Agent has completed its open-market purchases, the market price of a share exceeds the net asset value per share, the average per share purchase price paid by the Plan Agent may exceed the net asset value of the shares, resulting in the acquisition of fewer shares than if the dividend had been paid in newly issued shares on the dividend record date. Because of the foregoing difficulty with respect to open market purchases, the Plan provides that if the Plan Agent is unable to invest the full dividend amount in open market purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Agent may cease making open-market purchases and may invest the uninvested portion of the dividend amount in newly issued shares at the net asset value per share at the close of business on the last purchase date. The Plan Agent maintains all shareholders' accounts in the Plan and furnishes written confirmation of all transactions in the accounts, 24 CREDIT SUISSE HIGH YIELD BOND FUND--ADDITIONAL INFORMATION (unaudited) (continued) - -------------------------------------------------------------------------------- including information needed by shareholders for tax records. Shares in the account of each Plan participant will be held by the Plan Agent on behalf of the Plan participant, and each shareholder proxy will include those shares purchased or received pursuant to the Plan. The Plan Agent will forward all proxy solicitation materials to participants and vote proxies for shares held pursuant to the Plan in accordance with the instructions of the participants. In the case of shareholders such as banks, brokers or nominees that hold shares for others who are the beneficial owners, the Plan Agent will administer the Plan on the basis of the number of shares certified from time to time by the record shareholder and held for the account of beneficial owners who participate in the Plan. There will be no brokerage charges with respect to shares issued directly by the Fund as a result of dividends or capital gains distributions payable either in shares or in cash. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent's open-market purchases in connection with the reinvestment of dividends. The automatic reinvestment of dividends will not relieve participants of any Federal, state or local income tax that may be payable (or required to be withheld) on such dividends. Shareholders participating in the Plan may receive benefits not available to shareholders not participating in the Plan. If the market price (plus commissions) of the shares is above their net asset value, participants in the Plan will receive shares of the Fund at less than they could otherwise purchase them and will have shares with a cash value greater than the value of any cash distribution they would have received on their shares. If the market price plus commissions is below the net asset value, participants will receive distributions in shares with a net asset value greater than the value of any cash distribution they would have received on their shares. However, there may be insufficient shares available in the market to make distributions in shares at prices below the net asset value. Also, since the Fund does not redeem shares, the price on resale may be more or less than the net asset value. Experience under the Plan may indicate that changes are desirable. Accordingly, the Fund reserves the right to amend or terminate the Plan. There is no direct service charge to participants in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants. All correspondence concerning the Plan should be directed to the Plan Agent at P.O. Box 43010, Providence, RI 02940-3010, 1-800-730-6001. LEVERAGE--BENEFITS AND RISKS The use of leverage by the Fund creates an opportunity for increased net income and capital appreciation for the Fund, but, at the same time, creates special risks, and there can be no assurance that a leveraging strategy will be successful during any period in which it is employed. The Fund intends to utilize leverage to provide the Shareholders with a potentially higher return. Leverage creates risks for Shareholders including the likelihood of greater volatility of net asset value and market price of the Fund's shares and the risk that fluctuations in interest rates on borrowings and short-term debt may affect the return to Shareholders. To the extent the income or capital appreciation derived from securities purchased with funds received from leverage exceeds the cost of leverage, the Fund's return will be greater than if leverage had not been used. Conversely, if the income or capital appreciation from the securities purchased with such funds is not sufficient to cover the cost of leverage, the return to the Fund will be less than if leverage had not been used, and therefore the amount available for distribution to Shareholders as dividends and other distributions will be reduced. In the latter case, CSAM in its best judgment nevertheless may determine to maintain the Fund's leveraged position if it deems such action to be appropriate under the circumstances. During periods in which the Fund is utilizing leverage, the Management Fee will be higher than if the Fund did not utilize a leveraged capital structure because the fee is calculated as a percentage of the Managed Assets including those purchased with leverage. Certain types of borrowings by the Fund may result in the Fund's being subject to covenants in credit agreements, including those 25 CREDIT SUISSE HIGH YIELD BOND FUND--ADDITIONAL INFORMATION (unaudited) (continued) - -------------------------------------------------------------------------------- relating to asset coverage and portfolio composition requirements. The Fund's lenders may establish guidelines for borrowing which may impose asset coverage or portfolio composition requirements that are more stringent than those imposed by the Investment Company Act. It is not anticipated that these covenants or guidelines will impede CSAM in managing the Fund's portfolio in accordance with the Fund's investment objectives and policies. 26 CREDIT SUISSE HIGH YIELD BOND FUND BOARD CONSIDERATION AND RE-APPROVAL OF INVESTMENT ADVISORY AGREEMENT (UNAUDITED) - -------------------------------------------------------------------------------- Section 15(c) of the Investment Company Act of 1940 (the "1940 Act") contemplates that the Board of Trustees (the "Board") of Credit Suisse High Yield Bond Fund (the "Fund"), including a majority of the Trustees who have no direct or indirect interest in the investment advisory agreement and are not "interested persons" of the Fund, as defined in the 1940 Act (the "Independent Trustees"), will annually review and re-approve the terms of the Fund's existing investment advisory agreement. In this regard, the Board reviewed and re-approved, during the six months covered by this report an investment advisory agreement (the "Advisory Agreement") with Credit Suisse Asset Management, LLC ("CSAM") for the Fund. More specifically, at a meeting held on February 14, 2005, the Board, including the Independent Trustees advised by their independent legal counsel, considered the factors and reached the conclusions described below relating to the selection of CSAM and the re-approval of the Advisory Agreement. Nature, Extent and Quality of Services - -------------------------------------- The Board received and considered various data and information regarding the nature, extent and quality of services provided to the Fund by CSAM under the Advisory Agreement. The most recent investment adviser registration form ("Form ADV") for CSAM was provided to the Board, as were responses of CSAM to requests submitted by the Independent Trustees' independent legal counsel on behalf of such Trustees. The Board reviewed and analyzed these materials, which included, among other things, information about the background and experience of the senior management and the expertise of, and amount of attention devoted to the Fund by investment personnel of CSAM. In this regard, the Board specifically reviewed the qualifications, background and responsibilities of the chief investment officer who is primarily responsible for day-to-day portfolio management services for the Fund. The Board considered the investment and legal compliance programs of the Fund and CSAM, including their implementation of enhanced compliance policies and procedures in response to Securities and Exchange Commission rule changes and other regulatory initiatives. The Board evaluated the ability of CSAM, based on its resources, reputation and other attributes, to attract and retain highly qualified investment professionals, including research, advisory, and supervisory personnel. In this connection, the Board considered information regarding CSAM's compensation arrangements for its personnel involved in the management of the Fund. Based on the above factors, together with those referenced below, the Board concluded that it was generally satisfied with the nature, extent and quality of the investment advisory services provided to the Fund by CSAM. Fund Performance and Expenses - ----------------------------- The Board considered the one-year, two-year, three-year, four-year and five-year performance results for the Fund. It also considered these results in comparison to the median performance results of the group of funds that was determined to be the most similar to the Fund (the "Peer Group") and to the median performance of a broader universe of relevant funds (the "Universe"), as well as to the Fund's benchmark index, the Lipper Closed-End Leveraged High Yield Bond Funds Index. Lipper Inc. ("Lipper"), an independent provider of investment company data, determined the Peer Group and Universe for the Fund and provided the comparative data. The Board was provided with a description of the methodology used by Lipper to select the closed-end mutual funds in the Fund's Peer Group and Universe. The Board noted that the Fund's performance was better than the median performance of its Peer Group over the one-, two-, three-, four- and five-year periods. The Board received and considered statistical information regarding the Fund's total expense ratio and its various components, including management fees, non-management fees and actual total expenses of the Fund (including and excluding investment-related expenses and taxes). It also considered comparisons of these fees to the expense information for the Fund's Peer Group and Universe, which comparative data was provided by Lipper. 27 CREDIT SUISSE HIGH YIELD BOND FUND BOARD CONSIDERATION AND RE-APPROVAL OF INVESTMENT ADVISORY AGREEMENT (UNAUDITED) (CONTINUED) - -------------------------------------------------------------------------------- The Board noted that the overall expense ratio of the Fund was high relative to the Peer Group's median overall ratio, both including and excluding investment-related expenses and taxes. In addition, the Board observed that the Fund's performance was better than the median performance of its Peer Group over the one-, two-, three-, four- and five-year periods and ranked in the first quintile against its Peer Group in the most recent fiscal year. However, the Board considered that while the total expense ratio was high relative to its Peer Group, the "other expenses" category includes interest expense on the bank borrowings utilized by the Fund to leverage the portfolio, while certain funds within the Peer Group do not engage in any leverage, or may borrow to a lesser extent than the Fund. The Board noted that the Fund's total expense ratio was much closer to that of its peers that also utilized leverage. However, in response to the Board's concern regarding the Fund's expense levels, Management proposed, and the Board approved, the inclusion of breakpoints in the advisory fee rate, effectively lowering the Fund's advisory fees, the largest component of the Fund's total expense ratio. Management also discussed the Lipper data and rankings, and other relevant information, for the Fund. Based on the above-referenced considerations and other factors, the Board concluded that the overall performance and expense results supported the re-approval of the Advisory Agreement for the Fund. Investment Advisory Fee Rate - ---------------------------- The Board reviewed and considered the proposed contractual investment advisory fee rate (the "Advisory Agreement Rate") payable by the Fund to CSAM for investment advisory services. Additionally, the Board received and considered information comparing the Advisory Agreement Rate (both on a stand-alone basis and on a combined basis with the Fund's administration fee rate) with those of the other funds in its Peer Group. The Board noted that the Fund's administrator is not affiliated with CSAM and that the Fund's administration agreement and corresponding fees were negotiated at arm's-length. In this regard, the Board observed that the Advisory Agreement Rate and the combined investment advisory/administration fee rate for the Fund ranked the Fund in the 5th quintile for total management fees among funds in its Peer Group. Additionally, the Board considered that the Fund ranked in the 1st quintile for performance results over its one-year period. The Board discussed the Advisory Agreement Rate and performance results with Management, after which Management proposed the inclusion of breakpoints in the Advisory Agreement Rate to effectively lower the Advisory Agreement Rate at the Fund's current net asset level which the Board subsequently approved. The Board concluded that these factors supported the Advisory Agreement Rate. Profitability - ------------- The Board received and considered a detailed estimated profitability analysis of CSAM based on the Advisory Agreement Rate, as well as on any other relationships between the Fund and CSAM and its affiliates. The Board concluded that, in light of the costs of providing investment management and other services to the Fund, the profits and other ancillary benefits that CSAM and its affiliates received with regard to providing these services to the Fund were not unreasonable. Economies of Scale - ------------------ The Board received and considered information regarding whether there have been economies of scale with respect to the management of the Fund, whether the Fund has appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Board concluded that any actual or potential economies of scale are, or will be, shared fairly with Fund shareholders, including most particularly through Advisory Agreement Rate breakpoints. The Board observed that the Advisory Agreement did not initially offer breakpoints. However, the Board noted that as part of its review and re-approval of the Advisory Agreements it had approved the inclusion of breakpoints in the Advisory Agreement Rate and, as a result, there would be potential for realizing economies of scale. 28 CREDIT SUISSE HIGH YIELD BOND FUND BOARD CONSIDERATION AND RE-APPROVAL OF INVESTMENT ADVISORY AGREEMENT (UNAUDITED) (CONTINUED) - -------------------------------------------------------------------------------- Information about Services to Other Clients - ------------------------------------------- The Board also received and considered information about the nature, extent and quality of services and fee rates offered by CSAM to its other clients, including other registered investment companies and institutional investors and investment companies to which CSAM serves as an unaffiliated sub-adviser. The Board concluded that the Advisory Agreement Rate was within a reasonable range of the fee rates offered to other clients of CSAM. Where rates offered to other clients were appreciably lower, the Board concluded, based on information provided by CSAM, that the costs associated with managing and operating a registered, closed-end, high yield bond fund, compared with an open-end, domestic equity, commodity or fixed income fund, or a fund to which CSAM serves as an unaffiliated sub-adviser, provided a justification for the higher fee rates charged to the Fund. Other Factors and Broader Review - -------------------------------- As discussed above, the Board reviews detailed materials received from CSAM annually as part of the re-approval process under Section 15(c) of the 1940 Act. The Board also regularly reviews and assesses the quality of the services that the Fund receives throughout the year. In this regard, the Board reviews reports of CSAM at least in each of its quarterly meetings, which include, among other things, a detailed portfolio review, and detailed fund performance reports, and confers with the chief investment officer of the Fund at least quarterly with respect to the portfolio management of the Fund. After considering the above-described factors and based on its deliberations and its evaluation of the information provided to it, the Board concluded that re-approval of the Advisory Agreement for the Fund was in the best interest of the Fund and its remaining shareholders. Accordingly, the Board unanimously re-approved the Advisory Agreement. 29 CREDIT SUISSE HIGH YIELD BOND FUND (UNAUDITED) - -------------------------------------------------------------------------------- PRIVACY POLICY NOTICE Important Privacy Choices for Consumers - --------------------------------------- We are committed to maintaining the privacy of every current and prospective customer. We recognize that you entrust important personal information to us, and we wish to assure you that we take seriously our responsibilities in protecting and safeguarding this information. In connection with making available investment products and services to current and potential customers, we may obtain nonpublic personal information about you. This information may include your name, address, e-mail address, social security number, account number, assets, income, financial situation, transaction history and other personal information. We may collect nonpublic information about you from the following sources: o Information we receive on applications, forms, questionnaires, web sites, agreements or in the course of establishing or maintaining a customer relationship; and o Information about your transactions with us, our affiliates, or others. We do not disclose any nonpublic personal information about our customers or former customers to anyone, except with your consent or as otherwise permitted by law. RESTRICT INFORMATION SHARING WITH AFFILIATES: In cases where we believe that additional products and services may be of interest to you, we may share the information described above with our affiliates unless you say "No." [ ] No, please do not share personal and financial information with your affiliated companies. [If you check this box, you must send this notice back to us with your name, address and account number to Credit Suisse Funds, 466 Lexington Avenue, New York, New York 10017.] We may also disclose this information to firms that perform services on our behalf. These agents and service providers are required to treat the information confidentially and use it only for the purpose for which it is provided. We restrict access to nonpublic personal information about you to those employees, agents or other parties who need to know that information to provide products or services to you or in connection with your investments with or through us. We maintain physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information. Note: This Notice is provided to clients and prospective clients of Credit Suisse Asset Management, LLC ("CSAM"), and Credit Suisse Asset Management Securities, Inc., and shareholders and prospective shareholders in CSAM-sponsored and-advised investment companies, including Credit Suisse Funds, and other consumers and customers, as applicable. This Notice is not intended to be incorporated in any offering materials but is merely a statement of our current Privacy Policy, and may be amended from time to time upon notice to you. This Notice is dated as of May 16, 2005. 30 CREDIT SUISSE HIGH YIELD BOND FUND (UNAUDITED) - -------------------------------------------------------------------------------- PROXY VOTING AND PORTFOLIO HOLDINGS INFORMATION Information regarding how the Credit Suisse High Yield Bond Fund, Inc. (the "Fund") voted proxies related to its portfolio securities during the 12-month period ended June 30, 2004, as well as the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities are available: o By calling 1-800-293-1232 o On the Fund's website, www.csam.com/us o On the website of the Securities and Exchange Commission, http://www.sec.gov. The Fund files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Fund's Forms N-Q are available on the SEC's website at http://www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. 31 CREDIT | ASSET 800-293-1232 o www.csam.com/us SUISSE | MANAGEMENT DHY-SAR-0405 CREDIT SUISSE HIGH YIELD BOND FUND 466 LEXINGTON AVENUE NEW YORK, NY 10017 ================================================================================ TRUSTEES Enrique R. Arzac Lawrence J. Fox James S. Pasman, Jr. ================================================================================ OFFICERS Michael E. Kenneally Chairman of the Fund, Chief Executive Officer and President Dennis M. Schaney Chief Investment Officer Michael E. Gray Investment Officer Michael A. Pignataro Chief Financial Officer, Vice President and Secretary Emidio Morizio Chief Compliance Officer Ajay Mehra Chief Legal Officer J. Kevin Gao Senior Vice President Robert M. Rizza Treasurer ================================================================================ INVESTMENT ADVISER Credit Suisse Asset Management, LLC 466 Lexington Avenue New York, NY 10017 - -------------------------------------------------------------------------------- ADMINISTRATOR State Street Bank and Trust Co. 225 Franklin Street Boston, MA 02110 - -------------------------------------------------------------------------------- CUSTODIAN Custodial Trust Company 101 Carnegie Center Princeton, NJ 08540 - -------------------------------------------------------------------------------- SHAREHOLDER SERVICING AGENT EquiServe Trust Co., N.A. P.O. Box 43010 Providence, RI 02940-3010 - -------------------------------------------------------------------------------- LEGAL COUNSEL Willkie Farr & Gallagher LLP 787 7th Avenue New York, NY 10019 - -------------------------------------------------------------------------------- INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM PricewaterhouseCoopers LLP Two Commerce Square Philadelphia, Pennsylvania 19103 ================================================================================ ITEM 2. CODE OF ETHICS. This item is inapplicable to a semi-annual report on Form N-CSR. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. This item is inapplicable to a semi-annual report on Form N-CSR. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. This item is inapplicable to a semi-annual report on Form N-CSR. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. This item is inapplicable to a semi-annual report on Form N-CSR. ITEM 6. SCHEDULE OF INVESTMENTS. Included as part of the report to shareholders filed under Item 1 of this Form. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. This item is inapplicable to a semi-annual report on Form N-CSR. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Form N-CSR disclosure requirement not yet effective with respect to the registrant. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. None. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors since the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(g) of Schedule 14A in its definitive proxy statement dated January 11, 2005. ITEM 11. CONTROLS AND PROCEDURES. (a) As of a date within 90 days from the filing date of this report, the principal executive officer and principal financial officer concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) were effective based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. (b) There were no changes in registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant's second fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 12. EXHIBITS. (a)(1) Not applicable. (a)(2) The certifications of the registrant as required by Rule 30a-2(a) under the Act are exhibits to this report. (a)(3) Not applicable. (b) The certifications of the registrant as required by Rule 30a-2(b) under the Act are an exhibit to this report. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. CREDIT SUISSE HIGH YIELD BOND FUND, INC. /s/Michael E. Kenneally ------------------------------ Name: Michael E. Kenneally Title: Chief Executive Officer Date: July 5, 2005 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. /s/Michael E. Kenneally -------------------------------- Name: Michael E. Kenneally Title: Chief Executive Officer Date: July 5, 2005 /s/Michael A. Pignataro -------------------------------- Name: Michael A. Pignataro Title: Chief Financial Officer Date: July 5, 2005 EX-99.CERT 2 file002.txt CERTIFICATIONS EXHIBIT 12(a)(2) CERTIFICATIONS I, Michael A. Pignataro, certify that: 1. I have reviewed this report on Form N-CSR of Credit Suisse High Yield Bond Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted account principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: July 5, 2005 /s/ Michael A. Pignataro - ------------------------ Michael A. Pignataro Chief Financial Officer I, Michael E. Kenneally, certify that: 1. I have reviewed this report on Form N-CSR of Credit Suisse High Yield Bond Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted account principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected. or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial data information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: July 5, 2005 /s/ Michael E. Kenneally - ------------------------ Michael E. Kenneally Chief Executive Officer EX-99.906CERT 3 file003.txt CERTIFICATIONS EXHIBIT 12(B) SECTION 906 CERTIFICATIONS SECTION 906 CERTIFICATION Michael E. Kenneally, Chief Executive Officer, and Michael A. Pignataro, Chief Financial Officer, of Credit Suisse High Yield Bond Fund (the "Fund"), each certify to his knowledge that: (1) The Fund's periodic report on Form N-CSR for the period ended April 30, 2005 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund. /s/ Michael E. Kenneally /s/ Michael A. Pignataro ----------------------- ----------------------------- Michael E. Kenneally Michael A. Pignataro Chief Executive Officer Chief Financial Officer July 5, 2005 July 5, 2005 A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request. -----END PRIVACY-ENHANCED MESSAGE-----